I read in the newspaper that government is introducing RM50 service tax yearly per credit card, starting Jan 1. They cannot make up their minds, they stopped, they introduced, they stopped and introduce again. It is a never ending story. Make us do work only. I really hope they pull back this decision.
Poor me, I have to start cancelling all my credit cards again. It was not my fault to have so many, the credit card company just give me free of charge with no fees. I applied 1, they give me 2 both Masters and Visa. Some of them are just discount cards like the Ikea credit card I just applied.
Poor Credit Card’s sales staff, they will not get many people applying for credit cards next year. Everyone will want to save RM50. It will reduce credit cards sales job and it is not good for the country.
Poor people who had installments tie to their credit cards, they cannot do anything but to pay RM50 for nothing.
As for me, I have to start canceling my credit cards now….2 more months to go. Now which one should I keep? That’s the hard part.
What our government think is how to get more money. It was never about the citizen.
I wonder if we make enough noise to the bank, they will waive it like they do for the annual fees.
Are you a professional journalist? You write very well.
Will cancel my credit cards as well
RM50 is per card or per person?
Easily now most of us have more than 5 cards just for some of the benefit, ie. enter the airport lounge for free, get more discount, rebate and point from certain store.
Tony: Per card, 5 cards = RM250. Supplimentary card is RM25 per card.
I also need to crack my head to see which to terminate…
There are mainly 3 categories of people:
1. THE RICH – Those who are rich will not bother about RM50 tax for each card. These people normally only hold 1-2 cards, i.e. “real” platinum cards. They will continue to use the cards without any pain.
2. THE NEUTRAL – Those who are always paying in full will not be affected even though they hold 4-5 cards. They can even choose to cancel all cards without having to pay a single sen.
3. THE INDEBTEDNESS – Those who are suffering will be those who are unable to settle their outstanding in full. These people already deeply in debt. To add burden onto them, these people will have no choice but to pay the RM50 taxes each for all the cards (or they opt for Ah Long for suicide). They might hold 5 cards which turn out to be RM250 per year on top of their bank charges, interest and now they need to pay the government this amount.
Albert: How true. Maybe the RICH will even get the RM50 waiver, if they provide a lot of benefit to the bank.
By the way, I heard banks are making it difficult for us to cancel the cards.
I really like your blog and i respect your work. I’ll be a frequent visitor.