How to Receive Up to 200,000 Won from the Win-Win Consumption Support Fund [Gihayeong's Everyday Card]

Up to 200,000 KRW Paid Over October and November
Dedicated Card Company Designated Among 9 Card Companies
Cashback Paid on the 15th of the Following Month
Market Kurly, Baemin, GS Supermarket, and Others Also Recognized for Performance

Is there anyone these days without at least one credit card? In modern society, anyone who wants can have a card. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. Accordingly, Asia Economy delivers various stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, from introducing new cards to industry behind-the-scenes and guides for card beginners.

From the 1st of this month, the application process began for the 'Mutual Growth Consumption Support Fund,' which refunds up to 200,000 KRW over two months (October-November). On the first day, out of 43.17 million eligible people, about 1.36 million (3%) applied. As the application for the Mutual Growth Consumption Support Fund has started, we have organized related information such as how to apply and payment schedules.

10% of the amount exceeding Q2 card usage, up to 200,000 KRW paid

The Mutual Growth Consumption Support Fund, a card cashback system, is a government consumption promotion policy that refunds 10% of the amount exceeding 3% more than the average monthly credit/check card usage in Q2 (April-June) as card points on the 15th of the following month.

Anyone aged 19 or older (born on or before December 31, 2002) who used their own credit or check card at least once in Q2 (excluding non-consumption expenses such as taxes and insurance) can apply. Foreigners with a foreign registration number who have card usage records in Q2 can also apply.

This system, temporarily implemented for two months (October-November), allows a maximum refund of 100,000 KRW per month, up to 200,000 KRW per person. For example, if the average monthly usage in Q2 was 1,000,000 KRW and the card usage in October was 1,530,000 KRW, the cashback is 10% of the excess amount after excluding 3% of the base amount: 10% of (530,000 KRW - 30,000 KRW) = 50,000 KRW. To receive the full 100,000 KRW cashback in October, one must spend 2,030,000 KRW. However, the program will end early once the 700 billion KRW budget is exhausted.

Apply through designated card company... Cashback paid on the 15th of the following month

To apply for the Mutual Growth Consumption Support Fund, you must designate one of the nine participating card companies (Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Woori, Hana, BC, NH Nonghyup) as your dedicated card company. After choosing your preferred card company, you can apply via the card company’s website, application (app), call center, or branch. Within two days, they will inform you of your average monthly card usage in Q2. Afterwards, they will update and provide daily information on your card usage for the current month (total and by card company) and the amount of cashback earned.

The dedicated card company aggregates the card usage data scattered across multiple card companies and calculates and pays the cashback. For example, if a customer uses Shinhan, Hyundai, and Hana cards and designates Hyundai Card as the dedicated card company, Hyundai Card will collect usage data from Shinhan and Hana cards as well, allowing the customer to check all card usage at once. You do not have to use only the dedicated card company’s card to be eligible for cashback. The dedicated card company only verifies the card usage, so you can continue to use your cards freely as before. However, the cashback paid later will be refunded as cash-equivalent card points usable only with the dedicated card company. In the previous example, since Hyundai Card is the dedicated card company, the cashback will be received as Hyundai Card points.

Once you designate a dedicated card company and apply, cashback applies retroactively from card usage on October 1, regardless of the application date. Cashback for October card usage will be paid on November 15, and for November usage on December 15. The points received can be used freely like cash without restrictions on usage sectors.

Eligible usage for cashback includes Market Kurly and Baemin

As a consumption promotion policy, the cashback covers a wider range of usage than the 'National Support Fund.' Excluded categories are omitted both when calculating the baseline average monthly card usage in Q2 and when calculating cashback usage.

Specifically excluded sectors are ▲large discount stores (such as E-Mart, Homeplus, Lotte Mart, Costco warehouse stores) ▲large department stores ▲large comprehensive online malls (Coupang, Gmarket, Auction, G9, 11st, Wemakeprice, Tmon, Interpark, SSG, Lotte On) ▲large electronics specialty stores (Hi-Mart, Electron Land, Samsung Digital Plaza, LG Best Shop, Apple specialty stores, Electromart), etc.

Also excluded are luxury specialty stores, duty-free shops, home shopping, entertainment sectors (karaoke bars, nightclubs, room salons), gambling sectors (casinos, lottery shops, arcades), outdoor golf courses, new car purchases (imported and domestic), and overseas direct purchases.

Most other sectors are recognized for cashback usage, including local restaurants, marts, delivery apps like Baedal Minjok, specialized and small-to-medium internet shopping malls like Market Kurly, franchise direct stores like Starbucks, corporate supermarkets (SSM) like GS Supermarket, furniture stores like Hanssem and IKEA, and large hospitals.

If you make installment payments, the entire principal amount is counted as usage for that month. However, if you cancel the card payment after receiving cashback, you must return the points.

First week applications by 5-day rotation... On the 5th, those born in years ending with 2 or 7 can apply

During the first week, applications for the Mutual Growth Consumption Support Fund are accepted according to a 5-day rotation linked to the last digit of the birth year. People whose birth year ends with 1 or 6 can apply on the 1st, those ending with 2 or 7 on the 5th, those ending with 3 or 8 on the 6th, those ending with 4 or 9 on the 7th, and those ending with 5 or 0 on the 8th. For example, on the upcoming 5th, people born in years ending with 2 or 7, such as 1962, 1977, and 1982, can apply.