New Regulations for Merchandise Coupons

Merchandise coupons below 10,000 won can not be refunded for unused portions as of July. A merchandise coupon with a face value over 10,000 won can be redeemed for the remainder only after over 60 percent of the coupon is used.
Coupons also can be used in discount stores or department stores during bargain sales.
The companies that issue gift certificates must make a contract with financial agencies that guarantees the payment of 30 percent of any unredeemed portions of issued certificates at the end of every quarter.
On May 13, the Fair Trade Commission (FTC) decided to revise the standard provisions on using merchandise coupons.
An official at the FSC said that the number of disputes over gift certificates sent to the Korea Consumer Protection Board amounted to 500 as of the end of last year.
Jangsoo Seo:jsbee@joongang.co.kr