Card Cashback Applied by 8.37 Million People... Anyone Can Apply Starting Tomorrow

A Seoul citizen purchasing a product using a card on the 1st. The government is implementing a win-win consumption support fund (card cashback) policy that returns a portion of the increased usage amount when credit and debit cards are used more than before. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance announced on the 8th that 8.37 million people have completed their applications for the card cashback (Win-Win Consumption Support Fund), which returns 10% of the increased credit card usage amount as cash-equivalent recharge funds.

Card cashback is a system that refunds 10% of the excess amount when the monthly card usage increases by 3% or more compared to the average monthly usage in the second quarter. For example, if the average monthly usage in the second quarter is 1,000,000 KRW and the card usage in October is 1,530,000 KRW, 50,000 KRW, which is 10% of the increase amount of 530,000 KRW minus 30,000 KRW (3%), is returned as cashback. The implementation period is two months starting next month. The monthly limit per person is 100,000 KRW.

The 5-day rotation system for applications based on the last digit of the birth year is valid only until today (the 8th), and from tomorrow (the 9th), the system will change to allow applications regardless of the birth year.

The government accepted applications on the 1st for those born in years ending with 1 or 6, on the 5th for those ending with 2 or 7, on the 6th for those ending with 3 or 8, and on the 7th for those ending with 4 or 9. Today is the application day for those born in years ending with 5 or 0.

Those who wish to receive card cashback support can designate one of the nine card companies as their dedicated card company and apply. Regardless of the application date, usage from October 1st will be recognized. The dedicated card company provides all services including usage performance aggregation, cashback calculation, and payment in a one-stop manner.

The second quarter card usage performance, which is the basis for cashback calculation, can be confirmed within two days after designating the dedicated card company. The monthly card usage performance (cumulative) and cashback amount generated (cumulative) are updated daily.

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