First Day of 'Sangsaeng Consumption Support Fund' Applications... "No Confusion"

Designated Dedicated Card Company Among 9 Card Companies
Cashback on Amount Exceeding Q2 Monthly Average from October and November Card Usage
Cashback Paid on 15th of Following Month, Monthly Maximum Limit 100,000 KRW per Person

[Asia Economy Reporter Ki Ha-young] The 'Win-Win Consumption Support Fund,' which refunds a portion of the increased spending if credit or debit card usage exceeds the average monthly amount in the second quarter, has begun accepting applications. Applicants must designate a dedicated card company to apply, and unlike the 국민지원금 (National Support Fund) which experienced access delays on its first day, there appears to be no confusion this time.

According to the Ministry of Economy and Finance and the card industry on the 1st, from 9 a.m. today, applications for the card cashback system called Win-Win Consumption Support Fund began through nine card companies (Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Woori, Hana, BC, NH Nonghyup). During the first week of implementation, applications are accepted based on a five-day rotation system, and today, people whose birth year ends in 1 or 6 can apply.

Unlike the 국민지원금 distributed last month, there were no delays in accessing card company websites or applications due to a surge in applicants. Since the cashback is not provided immediately after application like the 국민지원금, and the cashback amount varies depending on card usage, there was no urgent incentive to apply.

The Win-Win Consumption Support Fund refunds 10% of the amount spent exceeding 3% more than the average monthly credit or debit card usage in the second quarter, for two months?October and November?on the 15th of the following month as cash-equivalent card points. Individuals can receive up to 100,000 KRW per month, with a maximum refund of 200,000 KRW. However, the program may end early if the 700 billion KRW budget is exhausted. Cashback is recognized in most industries except large supermarkets, department stores, large online malls, large electronics specialty stores, and luxury brand stores. Car purchases and overseas direct purchases are also excluded, but delivery apps, Market Kurly, Starbucks, and corporate supermarkets (SSM) are included.

To apply for the Win-Win Consumption Support Fund, applicants must designate one of the nine participating card companies as their dedicated card company. The dedicated card company aggregates the card usage data scattered across multiple card companies and issues the cashback. After selecting the desired card company and applying through the card company’s website, app, or call center, applicants will be informed of their average monthly card usage for the second quarter within two days. Subsequently, daily updates on the monthly card usage (total and by card company) and cashback amounts will be provided.

It is not necessary to use only the designated card company’s cards to qualify for cashback, but the cashback will be paid as points from the designated card company. For this reason, card companies do not conduct separate marketing but encourage applicants to select them as the dedicated card company through notifications via text messages or KakaoTalk.

An industry official said, "To receive the full 100,000 KRW cashback limit, one must spend over 1 million KRW, so how customers utilize it will vary. Like the 국민지원금, the card companies do not gain significant profits from the consumption support fund."

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