Deputy Minister Lee Eokwon: "Credit Card Cashback Applied from October Spending"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The government has decided to apply the Win-Win Consumption Support Fund (credit card cashback) policy starting from October consumption.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, said at the regular briefing of the Emergency Economic Central Disaster and Safety Countermeasure Headquarters on the 26th, "We will steadily carry out preparatory work so that the Win-Win Consumption Support Fund can be applied from October consumption."

The credit card cashback policy aims to refund 10% of the increased consumption amount as cashback to promote a win-win recovery of domestic demand. It refunds 10% cashback on the monthly card usage amount that exceeds 3% compared to the average monthly card usage in the second quarter. Although the government secured the related budget for consumption stimulation through the second supplementary budget, the government has been weighing the implementation schedule as the quarantine situation worsened last month.

Regarding the Chuseok livelihood stabilization measures announced on the same day, Vice Minister Lee emphasized, "To maximize the effect of livelihood stabilization, it was confirmed earlier than usual through consultations between the ruling party and the government," and added, "We will prioritize stabilizing prices for the common people and focus on promoting this as the top priority."

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