Easy payment Settlement next month… some return
8.1 million people received an average of 48,000 won each in October’s win-win consumption subsidy (card cashback). However, since some simple payment results such as Naver Pay and Kakao Pay are excluded, users may have to return their cash back in the next month’s settlement.
The Ministry of Strategy and Finance announced on the 15th that it paid a total of 387.5 billion won in cash back for October to 8.1 million card cashback participants, who returned 10% of the increase if their monthly credit card payments were higher than the monthly average in the second quarter (April to June). The average cost is 48,000 won per person. 1.69 million people received the maximum limit of 100,000 won. The received amount is automatically used when making a card payment. Payments made by card at large marts or department stores are not eligible for card cashback. However, cashback can also be used at large supermarkets and department stores.
The government announced that it will exclude the amount of purchases made at large supermarkets, department stores, and luxury brands using Naver Pay and Kakao Pay, etc. from the performance. However, it took some time for card companies to exclude simple payment results, so this month, the amount of simple payment was added to the performance and cash back was paid. The cashback will be finalized by reflecting this next month. Depending on the settlement result, some users may have their November cashback deducted or have to pay a refund to the card company.
Sejong = Reporter Joo Ae-jin jaj@donga.com
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