Park Jong-seo’s financial success in applauding the public officials for converting scrap card points into cash

Korea is a credit card paradise. Each economically active population has 3.9 credit cards. Domestic card companies also boast the best service so that they have nothing to learn from other countries. The scale of card points is also huge. As of the end of 2019, the points earned and used by card members amounted to 3,543 trillion won.

The amount of dissipation is also difficult. Each year, more than 100 billion won points are almost re-entered into the pockets of card companies. Although the extinction rate is on the decline, it was 3.3% in 2019. Mainly,’scatter points’ are disappearing. According to the card membership agreement, the expiration date of points is 5 years.

The Financial Services Commission has been working hard to return these lapsed points to members for a long time, and it has come to fruition. There is a system that allows you to check various card points at once, convert them into cash, and deposit them into your bankbook. With just a few clicks of a button, you can deposit 8400 My Points from Shinhan Card, 3900 Points from KB Kookmin Card, and 7200 Bonus Points from Samsung Card to deposit KRW 19,500 from either Shinhan Bank account or Kookmin Bank account. There is.

I have been interested in credit card access for a long time in the past. It was also introduced in the Korea Economic Daily. However, the service stopped around 2pm on the 5th, 3 hours after the start of the service. It was because there were too many subscribers at once. The credit finance association’s card point integrated inquiry homepage has become a’memory’. It means that there were so many card points of an ambiguous size to go out to use them.

According to the Credit Finance Association, the number of accesses has exploded to the extent that 180,000 card members used the monetization service during the three hours after the service was launched. The same was true for the Financial Clearings and Clearings Office, which provides the same service. KFTC needs to receive data from the Credit Finance Association because there is a problem with the Credit Finance Association.

Service disruption is without excuses and is wrong. Thousands of cardholders have wasted their time because of their stale homepages and apps. Some of the FSC employees said that they were upset when they failed to try the service. I also wrote an article pointing to this.

But I also feel sorry for it. Is it a heap of curse for promoting to do a good job? I started the service because I had a hard time at the most, but it couldn’t last for a few hours and the server was down, so I’m all sorry. Of course, I understand the circumstances. It would have been difficult to prepare a server based on the maximum number of users because it would be obvious that a large number of people would gather at the same time. The Financial Services Commission has announced its intention to apologize, but few people will blame the Financial Services Commission or the Credit Finance Association for this. Still, I feel sorry for it, but I expect it to stabilize in a few days.

Using the Credit Finance Association’s integrated card point inquiry service, you can find out the estimated expiration amount and expiration date along with the points for each card you have. All card companies participate. Post office Nonghyup City Card is also available. 1 point is 1 won.

However, for Hyundai M points, 1 point is not 1 won. You need to convert M points to H coins, but the exchange ratio is 1.5 to 1. There is a reason why Hyundai M Point is not 1 won immediately. Unlike other card companies, Hyundai Card operates a point system uniquely. The point of delivery of points to members is also different from that of other card companies, and the method of dividing the marketing cost burden related to affiliates and points is also different. That’s why you need a medium called H coin.

In fact, one of the reasons why card point integration was not working properly was Hyundai Card’s M points. I do not intend to criticize Hyundai Card’s M-point system in the sense that each credit card company should guarantee free and creative business. If you don’t like it, I think that if you don’t use it, you can stop. The problem was solved when Hyundai Card introduced H coin to integrate points in the card industry.

After twists and turns, the card point monetization system came to light. We expect this system to greatly increase the rights of card members. I would like to say to the officials of the Financial Services Commission who promoted this work that I suffered.

Reporter Park Jong-seo [email protected]