Card points can be converted to cash and automatic transfer method at one place

Input 2021.01.05 12:00

In the future, card points scattered across multiple card companies can be inquired at once and converted into cash for account transfer. It is also easier to cancel regular card payments such as communication charges or change payment card companies.

The Financial Services Commission announced on the 5th that such a service will be possible with one integrated credit association point inquiry/transfer application (app) or the KFTC account info app.

First of all, it becomes possible to cash out the card points accumulated on various cards. In the meantime, in order to cash out points, there has been an inconvenience of having to install all the apps of individual card companies and go through a complicated authentication process one by one. Now, you can check the credit association’s card point integrated inquiry and transfer mobile app, the website, or the KFTC’s account info app, and then transfer money to the desired account at once.

Credit and debit card individual members are eligible for use, and it is converted into 1 won per point and withdrawal and transfer. The integrated point inquiry/transfer app and homepage can be used at any time except for the service maintenance time of 11:30 pm to 0:30 am, and the account info app is available from 1 am to 11 pm. In principle, deposits are made immediately upon application, but applications after 8 pm may be processed on the next business day.

It is also possible to change or cancel the payment method of the automatic credit card transfer to another card in one place, such as the KFTC’s Account Info mobile app and the PayInfo website. In the meantime, in order to change the automatic payment of the card, such as communication charges, to another card, each billing agency had to cancel the existing automatic transfer and apply for a new one, which is an improvement.

You can check the details of the automatic transfer every day from 8 am to midnight, and from 9 am to 10 pm on weekdays, which are the business days of the card company that are changed or canceled. Changes and cancellations are reflected after about 3 business days from the date of application. For the change/cancellation service, only communication charges are currently available, but by the end of this year, electricity rates, school banking, four major insurance, management fees, and rental fees are also expected to be available.