🔍Limited Use of Points

Most stores operate a points accrual system that only allows points to be used once a certain threshold is reached, often requiring additional steps such as app installation or identity verification. Furthermore, points typically have an expiration date, and consumers often lose their accumulated points if they do not use them within the given period.

<Figure2. Status of points that are lost every year, approximately 100 billion won>

As card usage increases, the total amount of accumulated points has also steadily risen, but a significant amount of points expire each year. According to the Financial Supervisory Service, the annual average of expired points from eight major credit card companies between 2017 and 2022 was approximately 104.2 billion won. Most card points have a validity period of five years, and unused points often expire.

In response to this issue, a ‘Unified Card Point Inquiry’ service has been introduced, allowing users to check their accumulated points across various card companies. However, since points are still accumulated separately by each card company, the process of consolidating and converting points into cash remains cumbersome, leaving room for further improvement.