Consumer Coupons for Economic Recovery: Additional Benefits Available if Used by End of August

With the government's "Consumer Coupons for Economic Recovery" program officially starting, consumers now have the opportunity to receive greater benefits.

If the first round of consumer coupons is used fully by August 31, an additional benefit of up to 50,000 KRW will be automatically applied through a credit card company event. This means that consumers can enjoy more economic advantages if they hurry to use their coupons.

This event is organized by credit card companies to stimulate consumption, with a total budget of 2.5 billion KRW. Citizens who apply for the first round of consumer coupons through credit card companies and use the full amount by the end of August will automatically enter a draw without any additional application process. The prize distribution includes 10,000 people receiving 50,000 KRW, 100,000 people receiving 10,000 KRW, and 200,000 people receiving 5,000 KRW, providing a total of 310,000 chances to benefit.

Opportunity for a total of 310,000 beneficiaries

The Credit Finance Association stated, “Additional coupons will also have usage restrictions similar to those of consumer coupons to continuously maintain the effectiveness of the policy.” Coupons won from card companies can only be used at small business franchise stores, just like the consumer coupons.

How to Apply for and Use Consumer Coupons

Currently, applications for the first round of the "Consumer Coupons for Economic Recovery" are underway. Applications can be made from July 21 to September 12 via credit card company websites, apps, ARS, or offline methods.

During the first week of applications from July 21 to 25, a day-of-the-week system based on the last digit of birth years will be applied, and from the 26th onwards, anyone can freely apply without restrictions.

Interestingly, credit card companies are not actively marketing this event. Analysis suggests that the government’s request to "avoid excessive competition" may have influenced this.

In fact, the government recently officially requested credit card companies to refrain from excessive competition during a business agreement meeting regarding the consumer coupons for economic recovery.

Consumer coupons will support individuals with a minimum of 150,000 KRW and a maximum of 400,000 KRW, depending on income levels, and will be provided in the form of credit/check cards or local love gift certificates.

Usage is restricted to small business franchise stores with annual sales of 3 billion KRW or less and local love gift certificate franchise stores.

In contrast, they cannot be used at large supermarkets, department stores, online shopping malls, franchise direct stores, entertainment venues, duty-free shops, or for tax and insurance payments.

The second round of consumer coupons is scheduled to be distributed from September 22 to October 31. Unlike the first round, which is distributed to all citizens, the second round will provide an additional 100,000 KRW to individuals belonging to the lower 90% income bracket based on health insurance premiums.

Consumer coupons must be used by November 30 of this year, and any unused balance beyond that date will be automatically retrieved.

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