It is a reminder to me. I have only 45 days left to terminate my credit cards before 1 January 2009.
Starting January next year the government will imposed RM50 credit card service tax on all principal credit card users and RM25 for every supplementary(Budget 2010). The reason cited is to discourage people from unwise spending.
Some people suggest that the RM50 service tax on principal credit cards to be absorbed by the banks that issue them. But Banks are still awaiting further guidelines from authorities before commenting on this. Read here for announcement by Maybank on RM 50 service Tax
So the best option for me is to terminate all the credit cards and leave only one card (for emergency cases: what if car broke down?). For those who want to terminate their cards, don't forget to claim your reward points before doing so.Starting January next year the government will imposed RM50 credit card service tax on all principal credit card users and RM25 for every supplementary(Budget 2010). The reason cited is to discourage people from unwise spending.
Some people suggest that the RM50 service tax on principal credit cards to be absorbed by the banks that issue them. But Banks are still awaiting further guidelines from authorities before commenting on this. Read here for announcement by Maybank on RM 50 service Tax
In case the banks are willing to absorb the tax, then it is no harm to apply it again. Usually banks are giving goodies for new credit card application!
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