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 local currency to boost consumer vitality and revitalize traditional markets and neighborhood shops," officials said. The Office for Government Policy Coordination under the prime minister's office has since worked with the interior ministry, the Financial Services Commission and the Korea Financial Telecommunications and Clearings Institute to come up with details, officials said. Credit card points will be the first to be allowed for the conversion. Accumulated card points amount to 2.1 trillion won ($1.57 billion) and such points already have well-established systems for conversion into cash, officials said. Once the conversion service begins in May, card users can use "account info" or "regional c
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