3.025 Billion Won Generated for October Sangsaeng Consumption Support Fund... Payment on 15th

14.88 Million People Applied... Applications Accepted Until Project Completion

The streets of Myeongdong, Seoul, bustling with citizens looking to have lunch on the 26th of last month, ahead of the transition to the phased daily recovery (With Corona) quarantine system. Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance announced on the 1st that the amount scheduled to be paid for last month's Win-Win Consumption Support Fund (card cashback) project reached 302.5 billion KRW as of the 29th of last month. This amount may change later due to payment cancellations, delays in card company settlements, and accounting verification results. As of last month, 14.88 million people have applied to participate in the cashback project.

The cashback generated last month is scheduled to be automatically credited as cash-equivalent points to each designated dedicated card company's card on the 15th of this month. The support fund can be used immediately upon receipt and is deducted first when making card payments. If there are government or local government support funds such as the National Support Fund, the funds with the earliest expiration date will be deducted first in order.

Cashback can be used virtually like cash without separate restrictions even in sectors excluded from performance calculations. The validity period is until June 30 of next year. This month, the project will proceed in the same manner as last month.

Existing applicants can continue to participate in the project without additional applications. Those who have not yet applied can apply by the project deadline on the 30th.

The card cashback project returns 10% of the amount exceeding 3% more than the average monthly credit/check card usage in the second quarter (April to June) as cash-equivalent points. Individuals can receive up to 100,000 KRW per month. The budget is 700 billion KRW, and the project may end early before the deadline on the 30th if the budget is exhausted.

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