Of the 15.09 million people who participated in the win-win consumption subsidy (card cashback) project, 8.1 million people receive an average of 48,000 won in cash back depending on the amount of card used in October.
The Ministry of Strategy and Finance said, "In October, 8.1 million people, or 55% of all participants, were eligible for cash back, and each person receives an average of 48,000 won." It was announced today (15th).
Of the 8.1 million people who were eligible for cash back, 1.69 million were counted to receive their monthly payment limit of 100,000 won back.
The total amount of cash back payment for October is KRW 387.5 billion.
About 55.4% of the total budget (700 billion won) was consumed in the first month.
So far, 15.09 million people have applied for the win-win consumption subsidy.
Card Cash Back is a policy project that returns 10% of the excess amount as cash equivalents (points) if you spend 3% or more of your credit/debit card in the second quarter (April to June) more than the average monthly usage in October and November.
The government pushed ahead with this project by investing 700 billion won in the budget to revitalize consumption, which has shrunk after the COVID-19 outbreak.
Performance is calculated by adding up the total amount of credit and debit card used in your name, and you can receive up to 100,000 won per month per person.
For example, if the monthly average usage amount in the second quarter is 1 million won and the card usage amount in October is 2.03 million won, 100,000 won, 10% of 1 million won, excluding 30,000 won (3%) of the 1.03 million won increase, is returned.
The cash back for October will be paid out today to the dedicated card company designated by the individual when applying.
Times vary by credit card company.
Cashback can be used like cash at all domestic card merchants without any restrictions on where it can be used.
This means that it can be used in department stores and hypermarkets that are not subject to performance recognition.
It can be used immediately upon receipt and will be deducted first when paying by card.
If there is any subsidy received from the government or local governments, such as all national subsidies, the subsidy whose expiration date arrives first will be deducted sequentially.
Cashback must be used by June 30 of next year, after which the unused balance will expire.
The expected amount of cash back for November was KRW 51 billion until the 12th.
The November cashback will be paid on the 15th of next month.
The Ministry of Strategy and Finance said, "You can apply for participation in November."