Pulling scattered credit card points into one screen and cashing them out is well documented by now. But where does “points expire after five years” actually come from? We went looking for the provision and could not find one. What we did find are the limits the law places on the terms themselves.
This article was rewritten in August 2026 from Articles 3, 6 and 11 of Korea’s Act on the Regulation of Terms and Conditions and Article 64 of the Commercial Act, read directly on the National Law Information Center.
Four lines — (1) ⚠ we found no statute setting a point expiry — it appears to be contractual; (2) but an unfair clause is void (Terms Act art. 6); (3) ⭐⭐ a clause that was not explained cannot be relied on as part of the contract (same Act art. 3(4)); (4) for reference, commercial claims prescribe in five years (Commercial Act art. 64).
⚠⚠ We could not find “five years” in any provision
Commercial Act, Article 64 (Commercial Prescription) A claim arising from a commercial activity shall be extinguished by prescription if not exercised for five years, unless otherwise provided in this Act. However, where another statute provides a shorter period, that provision shall apply.
⚠⚠ The number matches, but we could not confirm that this provision applies to card points. Article 64 covers “a claim arising from a commercial activity,” and whether a point balance is such a claim cannot be settled from the text alone. So this article does not say the law sets five years.
⭐ The closing sentence is worth noting too — “where another statute provides a shorter period, that provision shall apply.” Five is not always the final answer.
⚠ Actual expiry depends on each issuer’s terms and the type of point. The “expiring soon” figure on the enquiry screen is the reliable information.
⭐⭐⭐ Contractual does not mean unconstrained
If points live in the terms, then the law that governs terms applies to them.
Act on the Regulation of Terms and Conditions, Article 6 (General Principles) (1) A clause that loses fairness in violation of the principle of good faith shall be void.
(2) A clause providing any of the following shall be presumed to have lost fairness:
1. a clause unreasonably disadvantageous to the customer
2. a clause the customer could hardly have expected …
3. a clause restricting essential rights under the contract to the extent that its purpose cannot be achieved
Article 11 (Protection of Customer Interests) … a clause providing any of the following shall be void:
1. a clause excluding or restricting, without reasonable grounds, the customer’s statutory rights of defence or set-off
2. a clause depriving the customer, without reasonable grounds, of the benefit of a time limit …
| If a clause is | Result | Basis |
|---|---|---|
| Unfair, contrary to good faith | Void | Terms Act art. 6 |
| Unreasonably disadvantageous, unexpected, or restricting essential rights | Presumed unfair | |
| Depriving the customer of the benefit of a time limit without reasonable grounds | Void | Same Act art. 11(2) |
⭐⭐ The word “presumed” in Article 6(2) does real work — fall into one of the three categories and you start from unfair. It reads as putting the burden on the business to show otherwise.
⭐ The “benefit of a time limit” in Article 11(2) means the advantage of having until a set date. A clause pulling that date forward without reasonable grounds is void, the provision says directly.
⚠ That said, whether a particular points clause falls within these is not something the text decides. We did not check case law or regulatory decisions.
⭐⭐⭐ A clause that was never explained cannot be relied on
Act on the Regulation of Terms and Conditions, Article 3 (Drafting and Duty to Explain) (1) A business shall draft the terms so that customers can understand them easily … and shall clearly mark important content using symbols, colour, bold and large type and the like.
(2) On concluding a contract the business shall state the content of the terms clearly … and, if the customer requests, provide a copy of the terms.
(3) The business shall explain the important content of the terms so that the customer can understand it. Provided, that this shall not apply where explanation is markedly difficult owing to the nature of the contract.
(4) Where a business concludes a contract in violation of paragraphs (2) and (3), it may not rely on those terms as part of the contract.
- ⭐⭐⭐ Paragraph (4) is the strongest sentence here — terms not stated and not explained “may not be relied on as part of the contract.” Not void — unenforceable.
- ⭐ Paragraph (1) even prescribes how — “symbols, colour, bold and large type.” Burying something in small print sits awkwardly with that requirement.
- ⚠ But “important content” is not defined in the provision. Whether a points expiry clause qualifies is something we do not assert.
- ⚠ The proviso to paragraph (3) — “markedly difficult” — is an exception.
| What the Terms Act requires | If not done | Basis |
|---|---|---|
| Mark important content in symbols, colour, bold and large type | — | Art. 3(1) |
| State the terms clearly at signing and provide a copy on request | ⭐⭐ Cannot be relied on as part of the contract | Art. 3(2) |
| Explain important content so the customer understands | Art. 3(3) (proviso: unless markedly difficult) |
⭐ What to actually do
- Use the card association’s joint points enquiry to see every issuer’s remaining and soon-to-expire balances at once. ⚠ Its process and screens are operational rather than statutory, so this article does not describe them.
- ⭐ Deal with the “expiring soon” balances first — because expiry varies by the terms.
- Receive it into an account in your own name.
- ⚠ A text or call demanding a fee is not part of the official process. If identity misuse worries you, see our identity theft check guide.
- ⭐ Other kinds of unclaimed money do have statutory periods — see our unclaimed government money guide and unclaimed insurance guide.
⚠ What is fixed by law and what is not
| Item | Confirmed in legislation? | Note |
|---|---|---|
| Point expiry period | ⚠ Not found | Appears to be contractual |
| Cash-out availability and conditions | ⚠ Not found | Varies by issuer and point type |
| Treatment of partner points (miles etc.) | ⚠ Not found | Partner’s own terms |
| The limits on those terms | ⭐ Confirmed | Terms Act arts. 3, 6, 11 |
| General commercial prescription | ⭐ Confirmed (5 years) | ⚠ Application to points unverified — Commercial Act art. 64 |
⚠⚠ The top three rows are the honest conclusion of this article. The widely quoted five years and the issuer-specific conditions are not confirmed in legislation, so we state no figures. What is reliable is the “expiring soon” figure on the enquiry screen and each issuer’s terms.
Questions that keep splitting opinion
Are points “my money”?
⚠ We could not settle this from the text. It turns on whether they are “a claim arising from a commercial activity” under Commercial Act Article 64, and we found no provision defining the legal nature of points. We do not assert an answer.
My points vanished and I never saw the terms
⭐⭐ Terms Act Article 3(4) says a business that breached paragraphs (2) and (3) “may not rely on those terms as part of the contract.” ⚠ Whether those conditions were actually met is a case-by-case question — if it is contested, take it up with the issuer and the supervisor.
Is there a fee?
⚠ We did not open any provision on fees. What is certain is to use the official channel, and that a text or call demanding a fee is not part of the official process.
Do simple-pay points show up too?
⚠ Which points the joint enquiry captures is not fixed by legislation. It is a matter of service scope, so this article lists none. Phone bill savings are covered in our MVNO guide.
How long before unused points disappear?
⚠⚠ Not confirmed in legislation. The “expiring soon” figure on the enquiry screen and each issuer’s terms are the real standard. Checking twice a year is a safe habit.
With card points, what the law fixes is not the expiry but the limits on the terms. Unfair clauses are void, and clauses never explained cannot be relied on.
Sources
- ⭐⭐⭐ Ministry of Government Legislation, National Law Information Center — statutory text — Act on the Regulation of Terms and Conditions, Article 3 (Drafting and Duty to Explain). Source of “symbols, colour, bold and large type,” the duty to explain in paragraph (3), and paragraph (4), “may not rely on those terms.”
- ⭐⭐⭐ Ministry of Government Legislation, National Law Information Center — statutory text — Same Act, Article 6 (General Principles). Source of “a clause that loses fairness … shall be void” and the three presumption categories.
- ⭐⭐ Ministry of Government Legislation, National Law Information Center — statutory text — Same Act, Article 11 (Protection of Customer Interests). Basis for voiding clauses that deprive the customer of the benefit of a time limit without reasonable grounds.
- ⭐⭐ Ministry of Government Legislation, National Law Information Center — statutory text — Commercial Act, Article 64 (Commercial Prescription). Source of “five years” and “where another statute provides a shorter period, that provision shall apply.” ⚠ Application to points is unverified.
What we could not confirm
- ⚠⚠ Any statute setting a card point expiry. We did not find one. The widely quoted five years is not stated here as law.
- ⚠⚠ The legal nature of points. Whether they are a “claim arising from a commercial activity” is unverified.
- ⚠ Cash-out availability, limits and fees. Apparently contractual; not found in the statutes.
- ⚠ Which points the joint enquiry covers. Operational, not statutory.
- ⚠ Which points clauses count as unfair. Not decided by the text; case law and decisions not checked.
- Whether the Credit-Specialised Financial Business Act addresses points. We could not identify a relevant provision.
- Changes such as automatic point usage schemes. Source unverified, so no dates or scope are stated.
Written as of August 2026. ⭐ All quotations are the statutory text as published by the National Law Information Center, and what we could not confirm is listed separately above. ⚠ Expiry and cash-out conditions vary by issuer’s terms — treat the “expiring soon” figure on the enquiry screen as your standard, and take disputes to the issuer or the Financial Supervisory Service (1332). This article is general information, not legal advice.
