K bank is expanding cashback benefits on its flagship debit card, the ONE Check Card. On top of returning 1.1% of online payments, the card now offers up to 5,000 won in additional cashback for customers who meet certain conditions.
K bank launched "Benefit Promotion Season 6" for the ONE Check Card this month, according to financial industry sources on the 16th. The revamp raises existing cashback rates and adds a new event that rewards customers based on their usage.
The bank first raised the rate on "Cashback on Everything," one of three basic benefit options. Cashback on offline payments rose to 0.6% from 0.5%, while online payments rose to 1.1% from 1.0%, each up 0.1 percentage point. The ONE Check Card lets users pick one of the three cashback options to match their spending patterns, with no requirement for prior-month spending or annual fees.
The bank is also introducing "Check-in Cashback," which gives extra cashback to customers who meet a set condition each month. Those who hit a monthly transfer or attendance target receive part of their first card payment the following month.
This month, customers qualify for a day's credit by transferring at least 10,000 won to an account under someone else's name or by checking in on the event page. Meeting the condition on 15 or more days in a month returns 5% of the first payment the next month, up to 2,000 won. Participating on 20 or more days raises the rate to 10%, capped at 5,000 won.
Customers who use other K bank financial products can take advantage of "Unlimited Cashback for Close Friends." Those signed up for at least one of four designated deposit or loan products or services receive up to 10% cashback at about 400 partner merchants. There is no limit on the number or value of payments.
Eligible merchants include food and coffee brands such as Compose Coffee and Paul Bassett, and fashion and beauty brands such as Musinsa and Nike. Customers must be signed up for a qualifying product or service as of the last day of the previous month, and because benefits at franchises can vary by location, customers should check before paying. Eligibility can be confirmed on K bank's event page after 11 a.m. on the first day of the following month.
The ONE Check Card has held the top spot in the debit card popularity rankings compiled by card comparison platform Card Gorilla this year, as it did last year. It has drawn users by letting them choose cashback benefits without prior-month spending requirements. K bank overhauls the promotion periodically and is currently offering a limited-edition card design created with the popular character Bonobono.
