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Credit cards bonus points to be used as cash

All News 10:53 August 05, 2018

SEOUL, Aug. 5 (Yonhap) -- Customers will be allowed to use their credit card bonus points as cash as the government pushes to improve users' convenience, a trade association said Sunday.

The Credit Finance Association (CREFIA) said it will revise the standard provisions for card firms that enable consumers to use the mileage points to pay their credit card bills or receive cash rewards in their bank accounts.

The revised rules will take effect in October, it added.

Credit card firms in South Korea offer various kinds of bonus points to customers, including discounts or airline mileage, but many customers often do not use the points due to a lack of information.

In 2016, the value of unused bonus points stood at 2.6 trillion won (US$2.43 billion).

Earlier this year, the financial authorities revised the guidelines to have card firms return their points to customers and help them spend the rewards easily.

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