Card Point Cashing Service Reaches 80 Billion KRW in Consumer Spending Within 7 Days

"Beware of Voice Phishing Demanding Card PINs and More"

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 15th that approximately 6.81 million cases and 77.8 billion KRW worth of cash conversions have been made in the week following the introduction of the card point cash conversion service until the 12th. This averages about 10.3 billion KRW per day.

The FSC explained that when combined with 2.54 billion KRW from long-unused and dormant account closures, about 80.3 billion KRW has been returned to financial consumers.

Since the 5th of this month, the FSC has implemented a service that allows users to simultaneously check card points scattered across multiple card companies and convert them into cash to be deposited into a specific account.

Through the Credit Finance Association’s integrated card point inquiry and transfer mobile application (app) and website, as well as the Korea Financial Telecommunications & Clearings Institute’s Account Info app, all card points can be checked at once and transferred to a desired account for withdrawal.

Previously, users had to install each card company’s app individually and go through complicated authentication procedures one by one.

It is also possible to change or cancel automatic card payment methods for telecommunications fees and other bills via the KFTC Account Info app and the Pay Info website.

Currently, changes and cancellations are only available for telecommunications fees, but the scope will be expanded within this year to include electricity bills, school banking, the four major social insurances, and maintenance fees.

The FSC advised that if users have or wish to obtain a financial sector certificate (including biometric authentication), it is more convenient to use the KFTC Account Info app; otherwise, the Credit Finance Association’s integrated card point inquiry and account deposit service is recommended.

In particular, when using the Account Info app, consumers are encouraged to actively exercise their property rights by finding “leftover deposits” through the closure of long-unused accounts (accounts with no transactions for over a year and balances under 500,000 KRW) and searching for dormant deposits.

The FSC also warned consumers to be cautious of voice phishing scams that may request fees or card passwords and CVC information under the pretext of card point deposits.

The FSC explained, “The card point cash conversion services provided by the KFTC and the Credit Finance Association are free of charge and under no circumstances will they request card passwords or CVC information.”

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