Card cashback up to KRW 100,000 per month Apply from today, regardless of birth

Starting today, regardless of the year of birth, you can apply for the credit card cashback (win-win consumption subsidy) system that returns 10% of the increased credit card usage in cash.

According to the Ministry of Strategy and Finance on the 9th, according to the year of birth, the five-part system of applying for card cashback will be lifted.

This means that anyone who wants to apply can apply.

Card Cash Back is a system that refunds 10% of excess amount as cash back (cash-like charge) when monthly card usage increases by 3% or more from the average monthly usage amount in the second quarter.

For example, if the monthly average usage amount in the second quarter is 1 million won and the card usage amount in October is 1.53 million won, 10% of the 500,000 won (3%) excluding 30,000 won (3%) of the 530,000 won increase is returned as cash back.

When the government started accepting card cashback on the 1st, it applied a five-part system, applying according to the last digit of the year of birth.

Those born in year 1 and 6 end on 1 day, those born in years 2 and 7 on 5 days, those born in years 3 or 8 on 6 days, those born in 4 or 9 on 7 days, and those born in 5 or 0 on 8 days. application was received

It was a measure to prevent accidents, such as the application website of the credit card company being down due to a flood of applications.

However, considering that the application for the first five days has been largely completed, the five sub-system will be lifted from that day.

In fact, only 8.37 million people have completed the application until the last 7 days. That’s an average of over 200,000 applications per day.

Those who wish to support card cashback can designate one of the nine credit card companies as a dedicated card company and apply to the card company.

Regardless of the application date, it will be recognized from October 1st. A dedicated card company provides one-stop service, such as summing up usage performance and calculating and paying cashback.

The card usage performance in the second quarter, which is the basis for calculating cash back, can be checked within two days of the application for designation of a dedicated card company. The monthly card usage performance (cumulative) and the amount of cash back (cumulative) are updated daily.

The implementation period of the system is two months from next month. Refunds up to 10,000 won per person per month.

The amount of credit/debit card used by individuals is the amount of credit/debit card used in Korea. However, some industries and items that do not meet the purpose of the business are not recognized.

As it is the amount of credit/debit card used in Korea, overseas card use, cash payment such as account transfer, and simple payment (bank account linkage) are excluded.

Large marts, large department stores (including outlets and complex malls), large general online malls (Coupang, Gmarket, Auction, etc.), and large electronic stores are also excluded. Non-consumable expenses such as annual fees, taxes, and insurance are not included.

Instead, the amount used is recognized at specialized online malls such as travel, tourism, exhibitions, performances, culture, and sports. It was decided to include corporate supermarkets such as GS Supermarket and E-Mart Everyday, considering the high proportion of small business owners and the self-employed.

The government estimates that about 80% of card usage, excluding non-consumer spending, is for card cashback.

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