Conversion of credit card points to cash vouchers to be allowed starting May
Credit card users will be able to convert their dormant reward points into regional cash vouchers starting May next year, officials said Friday, as part of efforts to boost consumption and breathe vitality into local economies, The government announced the measure after President Lee Jae Myung instructed officials in late June to allow the conversion of "various hidden or dormant points into…
Starting next May, credit card users will have the ability to convert their inactive reward points into regional cash vouchers, according to officials. This new measure aims to stimulate consumption and inject vitality into local economies, a decision made by President Lee Jae Myung's office in late June. The government, in collaboration with the interior ministry, the Financial Services Commission, and the Korea Financial Telecommunications and Clearings Institute, has been working on the implementation details.
Credit card points will be the initial category eligible for conversion. These points amount to a staggering 2.1 trillion won, or approximately $1.57 billion, and already possess well-established conversion systems into cash. With the conversion service set to launch in May, cardholders can utilize their account information or regional cash in exchange for the converted vouchers.
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