Credit Finance Industry Eases High Oil Price Burden with Fuel Discounts and Installment Payment Deferrals

Additional Discounts on Fuel and Transportation Costs for Fuel and K-Pass Card Users
Capital Finance: "Principal Repayment Deferral for Commercial Truck Installment Loans"

The credit finance industry is implementing measures such as fuel and transportation cost discounts, as well as deferred installment payments for commercial trucks, to ease the burden of high oil prices resulting from the prolonged crisis in the Middle East.

Yonhap News

The Credit Finance Association announced on April 6 that it has prepared a set of financial support measures containing these initiatives, which will soon be implemented.

First, the credit card industry will launch additional discount promotions in April and May, in addition to the existing fuel-specialized card benefits. As a result, new members or members who have been dormant for over six months and issue a fuel-specialized card will receive a 100% cashback on the annual fee. Furthermore, when using these cards for fuel purchases, customers will receive an additional cashback of up to 50 won per liter or 5% of the fuel payment on top of the existing discounts. This is expected to provide a maximum cashback equivalent to 15% of the fuel payment or a discount of up to 200 won per liter.

In addition, some card companies will offer additional cashback through a lottery to customers using K-Pass cards, and will also run events where customers who purchase a certain amount of fuel or use public transportation receive fuel vouchers.

In the capital finance sector, in order to support cargo transport operators facing increased business burdens due to surging oil prices, installment payment users of trucks weighing 2.5 tons or more will be eligible for a principal repayment deferral of up to three months. This measure will be implemented by each financial company in stages starting after the 10th of this month.

The credit finance industry stated that it will swiftly implement these support measures, aiming to roll them out as early as mid-April, and will continue to actively cooperate in inclusive finance to stabilize livelihoods and support the real economy.

This content was produced with the assistance of AI translation services.