Starting next year, the card preferential fee rate for small and micro-franchises will drop from 0.05 percentage points to 0.10 percentage points. More than 3 million franchises will benefit from reduced fees, with the projected reduction in fee burden estimated at around 300 billion won annually.
The Financial Services Commission noted on the 17th that it held a meeting with CEOs of card companies at 2 p.m. chaired by Chairman Kim Byeong-hwan to discuss the card fee reform plan for 2025, which includes these details. The commission revised the preferential fee rate this time, considering the increasing difficulties faced by small business owners and self-employed individuals.
For credit card fee rates, franchises with annual sales of 300 million won or less will see a decrease from the current 0.50% to 0.40%, a reduction of 0.10 percentage points. Credit card fee rates for franchises with annual sales of 300 million to 500 million won will decrease from 1.10% to 1.00%, and those with sales of 500 million to 1 billion won will drop from 1.25% to 1.15%, each by 0.10 percentage points. Franchises with annual sales of 1 billion to 3 billion won will see a decrease from 1.50% to 1.45%, a reduction of 0.05 percentage points.
The preferential fee rate for debit cards will decrease by 0.10 percentage points. As a result, franchises with annual sales of 300 million won or less will drop from the current 0.25% to 0.15%, those with sales of 300 million to 500 million won from 0.85% to 0.75%, franchises with sales of 500 million to 1 billion won from 1.00% to 0.90%, and those with sales of 1 billion to 3 billion won from 1.25% to 1.15%.
The Financial Services Commission estimates that approximately 3,046,000 franchises will see an average fee burden reduction of 8.7%, and about 1,786,000 small and micro electronic payment service providers will experience an average reduction of 9.3%.
For general franchises with annual sales exceeding 3 billion won but under 100 billion won, the card fee rates for both credit and debit cards will remain at the current level.
This card fee reform plan is expected to take effect from February 14 of next year, after revising supervisory regulations.
Additionally, through this meeting, it was decided to adjust the period for recalculating eligible costs for card fees from the current 3 years to 6 years. However, it was agreed that if it is determined necessary to reassess eligible costs due to domestic and international economic conditions or the financial situation of self-employed individuals, a reassessment will be conducted every 3 years.