KB Kookmin Card, Industry First to Pay Card Fees to Small Merchants Without Commission Fees

Card Slip Purchase on the Same Day
Quick Payment to Merchants with 'Getback Points' Without Deducting Merchant Fees

[Asia Economy Reporter Ki Ha-young] KB Kookmin Card is launching the 'Getback (Get100) Service,' the first in the card industry to provide card sales proceeds to small merchants with annual sales of 300 million KRW or less in points without deducting merchant fees.

Designated as an innovative financial service by the Financial Services Commission in November last year, this service allows card sales amounts to be accumulated as points for small merchants without deducting the 0.5% to 0.8% merchant fees applied to small merchants. Merchants receive a dedicated card and can use the accumulated points to pay for goods, withdraw cash, or transfer funds to their accounts. The payment timing for card sales proceeds has also been accelerated from the usual two business days after the sales date to the same day as the slip purchase date.

This service is provided to individual business merchants classified as small merchants under relevant laws such as the Specialized Credit Finance Business Act, with annual sales of 300 million KRW or less.

For merchants who apply for the service, card sales proceeds are accumulated as 'Getback Points' up to a maximum of 2 million points without deducting merchant fees, and the accumulated points have no separate expiration date. If the maximum point accumulation limit is exceeded, the proceeds are deposited into the merchant's payment account after deducting merchant fees according to the current merchant credit sales payment procedure.

Merchants can freely use the accumulated points for ▲payment of goods purchase costs ▲cash withdrawal ▲account transfer. Payments for goods purchased using the dedicated 'KB Kookmin Getback Credit Card' or 'KB Kookmin Getback Check Card' are automatically settled with Getback Points, and if the points are insufficient, the shortfall is charged to the card payment.

The KB Kookmin Getback Credit Card accumulates 0.5% of the payment amount at all domestic and international merchants within a monthly maximum of 50,000 points if the previous month's usage exceeds 500,000 KRW. The annual fee is 15,000 KRW, and if issued as a mobile-only card without a physical card, the annual fee is 9,000 KRW.

The KB Kookmin Getback Check Card has no annual fee and accumulates 2% of the payment amount as Getback Points up to a monthly maximum of 2,000 points for purchases of 30,000 KRW or more per transaction at large marts (E-mart, Lotte Mart, Homeplus) and gas stations if the previous month's usage exceeds 300,000 KRW. At GS25, 2% of the payment amount is accumulated up to 2,000 points monthly for transactions of 10,000 KRW or more.

Cash withdrawals can be made in units of 10,000 KRW at KB Kookmin Bank ATMs, and account transfers can be made daily from 8 a.m. to 11 p.m., including holidays, via the KB Kookmin Card website or mobile application to the desired account. When points are withdrawn as cash or transferred to an account, the merchant fee of 0.5% or 0.8% applied to small merchants is charged as a withdrawal fee.

A KB Kookmin Card official said, "This service quickly provides card sales proceeds to small merchants without deducting merchant fees, enabling small merchants to manage their business funds more smoothly," adding, "We expect that merchants will also benefit from reduced merchant fees."

This content was produced with the assistance of AI translation services.