"To Lower Gas Prices, Card Company Fees Must Be Adjusted" Card Industry Says "Regulation Not Allowed" (Comprehensive)

So Su-jin "No noticeable effect from government's maximum fuel tax cut"
Card industry "Gas stations classified as special franchise stores, receiving preferential fees"

So Su-jin, Supreme Council Member of the People Power Party [Photo by Yonhap News]

[Asia Economy reporters Hyunju Lee and Jehun Yoo] On the 4th, the People Power Party requested credit card companies to "consider a flexible adjustment of the card fees borne by gas stations." The credit card industry opposed this, stating that it is unacceptable.

Cho Su-jin, a Supreme Council member of the People Power Party, said at the Supreme Council meeting held at the National Assembly on the same day, "The effect of the fuel tax reduction, which the government raised to the maximum level, is not being felt." She urged credit card companies to share their roles, saying, "Gasoline prices lead overall inflation, including various raw material costs, living expenses, and wages." She also emphasized, "This is an emergency situation that requires urgent and extraordinary countermeasures, learning from past experiences such as the oil price refund system."

The current card fee rate borne by gas stations is 1.5%. An official from a lawmaker's office explained, "The fee rate has not changed even once in 30 years," adding, "This is a proposal presented as one option to operate flexibly only during difficult times."

However, the credit card industry opposed the additional reduction of the fee rate, saying it is difficult. An industry official said, "Currently, the gas station sector is classified as a special franchise and receives preferential merchant fees, so the overall credit card industry is in a difficult situation," and added, "A market-driven adjustment rather than regulation is a desirable long-term approach."