'100,000 Won Refund' Cashback Attracts 1.36 Million People on First Day

[Asia Economy Reporter Jang Sehee] On the first day of the implementation of the Win-Win Consumption Support Fund (card cashback) system, which refunds up to 100,000 KRW per month for heavy use of credit and debit cards, 1.36 million people applied.

According to the Ministry of Economy and Finance, as of 3:30 PM on the 1st, 1.36 million people, or 3% of the 43.17 million eligible applicants, had applied.

During the first week, applications are accepted on a 5-day rotation system linked to the last digit of the birth year. Therefore, on this day, only those whose birth year ends in 1 or 6 could apply. People born in years ending with 2 or 7 can apply on the 5th, those ending with 3 or 8 on the 6th, those ending with 4 or 9 on the 7th, and those ending with 5 or 0 on the 8th.

Meanwhile, the card cashback is a consumption promotion measure that refunds 10% of the amount exceeding 3% more than the average monthly usage in the second quarter, in the form of cash-equivalent card points on the 15th of the following month. It is temporarily implemented for two months, October and November. Each person can receive up to 100,000 KRW per month, with a maximum refund of 200,000 KRW. However, the program will end early once the budget of 700 billion KRW is exhausted.

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