Card Firms Boost Automatic Points for Elderly Users

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Expansion of Automatic Point Usage Service

Starting this year, all card companies will offer a service that automatically uses points up to a certain amount. Currently, only three out of eight full-service card companies—Woori, Hyundai, and KB Kookmin Cards—operate this service, but the remaining five have agreed to introduce it by the end of this year. In particular, the automatic point usage service will be applied by default to senior citizens aged 65 and older starting in February next year.

On the 17th, the Financial Supervisory Service and the Credit Finance Association announced the full expansion of the automatic point usage service to all card companies. Card members who join this service can specify how many points they want to use each time they make a card payment. For example, if they set the automatic usage to 1,000 points, 1,000 points will be used first during each card payment. Once the points are exhausted, the service will automatically resume using points once the specified amount accumulates again.

Addressing Points Expiration Issues

Card members have long complained about points expiring unknowingly. This issue was especially prevalent among senior citizens, who were often unaware of accumulating points due to their unfamiliarity with mobile apps. The amount of expired points among senior citizens increased from 10.8 billion Korean won in 2020 to 15 billion Korean won last year.

Financial authorities decided to apply the automatic point usage service by default for senior citizens aged 65 and older. This will apply not only to new cardholders but also retroactively to existing cards used by seniors. A source from the FSS stated, “Card companies plan to guide seniors to automatically use points every 1,000 or 5,000 points.”

Implementation Timeline

The automatic point usage service will be implemented sequentially starting from card companies that complete system development by the end of this year. For senior citizens, the authorities plan to begin guiding the system in January next year and apply it by default from February.

Key Features of the Service

  • Customizable Point Usage: Members can set a specific number of points to be used during each transaction.
  • Automatic Reapplication: Once the selected points are used up, the system will automatically start using points again once the specified amount is accumulated.
  • Default Application for Seniors: Starting in February next year, the service will be automatically applied to all cardholders aged 65 and older.
  • Retroactive Implementation: Existing cardholders over 65 will also benefit from the service without needing to take additional steps.

Benefits for Senior Citizens

This initiative aims to reduce the number of expired points, particularly among senior citizens. By automating the point usage process, card companies hope to ensure that members do not lose out on rewards they have earned. The service also provides a more convenient way for seniors to manage their points, reducing the need for them to manually track and use their rewards.

Future Steps

As the service rolls out across all card companies, financial authorities will continue to monitor its impact and make necessary adjustments. The goal is to create a more user-friendly and equitable system for all cardholders, with a special focus on those who may struggle with digital tools.

Card companies are expected to provide clear instructions and support to help seniors understand and use the automatic point usage service effectively. This includes offering assistance through customer service channels and educational materials.

With this expansion, the financial sector is taking a significant step toward improving customer experience and ensuring that all users, regardless of age or technological proficiency, can fully benefit from their rewards.

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