South Korea kicks off cash-back rewards program to boost card use

Card users can receive up to $85 in cashback rewards per month.

South Korea has kick-started its cash-back reward program to boost card use as part of its efforts to boost private spending, reported Yonhap, based on an announcement from the Ministry of Economy and Finance.

The two-month scheme, which began this October, will allow people to receive up to $85 or KRW100,000 per month if their card spending exceeds 3% of their monthly average use in the second quarter.

The government has set aside KRW700b in its budget to fund the scheme.

People can receive the benefit when they use cards at supermarkets, restaurants, accommodations, hospitals, and other offline stores run by small merchants, as well as through delivery apps.

Spending at large discount stores, department stores, large online shopping malls, luxury goods shops, and entertainment establishments will not count toward the cash-back rewards.