Dormant card points to be convertible to local currency starting next May

Starting next May, consumers will be able to use credit card reward points accumulated over time to shop at neighborhood supermarkets and traditional markets. Points scattered across different card issuers can be checked all at once, and any desired amount converted into local currency will be available for use the following day.

The government presented the plan — titled "Measures to Convert Unused Points into Local Currency" — at the 17th National Policy Coordination Meeting, chaired by the prime minister on Friday. The Office for Government Policy Coordination, the Ministry of Interior and Safety, the Financial Services Commission and the Financial Settlement Institute jointly developed the measures following a presidential directive issued at a Cabinet meeting on June 30, 2026 to expand the use of reward points.

Credit card reward points will be the first eligible for conversion. The government determined that card points are easier to bring into the service than other types, as a cash-conversion system is already in place. After completing the IT integration work needed to link card points to local currency systems, the government plans to launch the service in May 2027.

Once the service is live, consumers will be able to check their card point balances through the Financial Settlement Institute's Accountinfo platform — an integrated account information management system — or through local currency apps. They can then apply to convert any amount into local currency, which will be available for use the following day. The system is designed so that points from multiple cards can be checked and converted in one step, without having to apply separately to each card issuer.

To make this possible, the government plans to use Accountinfo as an intermediary system connecting the networks of multiple card companies and local currency operators. The initiative effectively extends the existing card-point cash-conversion service to cover local currency.

The scope of eligible points will also expand in stages. Starting with card points, the government said it will consult with relevant agencies to allow points operated by public institutions — including KTX mileage and carbon neutrality points — to be converted into local currency as well. It also plans to encourage voluntary participation from private-sector companies in the retail and aviation industries.

The government expects the new system to ease household financial burdens and boost local economies. By converting previously unused points into local currency, consumers can spend at local currency-affiliated merchants without any additional out-of-pocket cost, while small business owners stand to benefit from a new stream of consumer spending.

Im Gi-geun, head of the Office for Government Policy Coordination, said the government would continue consultations to raise the utilization of dormant points of all kinds, reduce household financial burdens and channel funds into traditional markets and neighborhood commercial districts to inject new vitality into local economies.

Meanwhile, financial authorities are also pushing to build an alternative credit scoring system that incorporates the work history and skill levels of construction workers, platform workers, freelancers and other non-traditional workers into credit assessments. Based on this framework, the government plans to launch tailored financial products for workers with irregular incomes next year.