The Malaysian Insider

Good try and may aid liquidity in our economy rather than arrogant spending by youngster nowadays which they claimed to be bad financial management. However, bank is not being stupid by letting this on-going. Alternative packages may absorb the charges, and soon, things are back to square one. So what is the point of Malaysia government doing this?

It will be interesting to see how many people will cancel their cards and how many continues to keep. As for me I am turning in both my cards by their anniversary date even if it means a little more inconvenience. Not going to let them steal my RM100 to feed their greed and end up in their pockets.

najib,

you want my RM50?

wait, i just have my cards renewed. anniversary date is dec 2010. when it comes, i will cancel all the cards except for one. thats all for you and your cronies. hope you wont call me a second class citizen after the free 50 bucks given to your UMNO comrades.

It is better to cancel extra credit cards even though the tax can be offset by bonus points. If not, in the end we are still contributing the tax indirectly to the government (BN!) as the banks are absorbing the costs. Secondly the banks can pay less to the government.

Sad move.With the govt going for this miserly sum to increase revenue base instead of combating corruptions and leakages as evidenced by recent AG report year in and year out, it will cause users to spend less on cards and the major promotions of cuti cuti malaysia and malaysia-on-mega sale will be sadly curtailed because not all rakyats have so much ready cash to splash. Many will cancel their cards, and eventually, the problem of ah longs will again become a problem. Frankly, it is better to owe money if needs be to a bank rather than an ah long.

This is not a friendly business practice and it's going to hurt the economy in the long run. The government is having a misguided perception of gaining from taxes but actually it's imposing much hardship to the people. A credit card is not a luxury, it's a convenience and at times a necessity especially with online purchases and bill payments.

Are 18% pa financial charges, 3% for cash disbursment, RM10 for late charges, 2-3% charges to the merchant and RM150/RM300 Annual Fee not enough for the Credit Company and the Government?

I wonder where are all the the yearly profit taxes from the Bank and Credit Card Company gone to?

Perhaps this is what "Rakyat Didahulukan" is all about!!!!

After people are trapped with the credit they keep on introducing new fees and taxes. Further to that they keep on stationing their sales agent every corner of the city to trapped the people with all the promises and magics of the card.

For those who are still with credit by the card, surely they can't just simply canceled unless the full amount are paid. Are the burden of taxes already on the people are not enough? Is not 18% pa financial charges already services fee?

What a world? Perhaps why not they just shoot dead all the people!!!! so that they are no longer been overburdened... What is really happening to this country?

its all just steps to take $ from the rakyat to put in so-called govt coffers but end up in individual ones. wont be the first time, and definitely wont be the last.

I got a card because of the convenience of paying without bringing out overt amounts of cash to pay for things like petrol and to avoid bank costs of charging 50 cents for each transactions past the first four for accounts with less than RM5000 only to find that they want to charge me for mt card. Really a sad day to sacrifice convenience since I've always been fiscally sound and paying my bills monthly. Rather the extra burden for students and young working adults will be a bigger impact than those with cash and spending multiple cards to pay for their extravagant lifestyles. The people that will suffer will be those least likely to be financially unsound and defeats the purpose of their so called noble government's reasoning of teaching consumer to spend wisely. So take your RM50, I hope the banks will realise that charging small time users will not benefit their services and end up bigger losers as people cancel their cards. Rather if it is really the government's purpose to teach wise spending, charge higher premiums for any cards above the first and set an incremental increase for all subsequent cards.

I have only 2 in my wallet now and have cancelled my other 3 credit cards last month. I will not let the government get the RM150 easily. You want my money? Work a little harder for it!

me am cancelling 3 of my cards, keep 1 only.

I think it is the best time to change the present government for sure. Let us tax them with something that they can never forget. Tax them by not voting BN anymore, and they will regret for their whole lives.

I am equally outraged that the govt do this to ALL credit cardholders just because they were too lax with the banks and allow them to unilaterally promote credit cards to the extent that now there problems with some credit card holders. Why penalise people like me who only possess one card to make payment for utitlies an...d make bulk purchases during sales promotion to save costs. Even the one card that I own, I make sure it is one with an annual fee waiver. This is not the way to resovle problems. If it is the service tax revenue the government is aiming, what is a few million ringgit when thousands of millions of ringgit leaks away due to negligence and corruption?? Think of the 2 stolen jet fighters costing RM50m each right under the eyes of the bastion of the country's security unit, the Defence Ministry!
I say, people, go join the Facebook Group, Say No to RM50 Credit Card Service Tax and let the govt find out how many people oppose this tax. We demand the govt withdraw this RM50 service tax and increase their revenue by being more efficient and professional. We demand the govt walk their talk of People First, Performance Now. Not People First, Tax Them Now!

A simple conclusion! BN voters are all poor and ineligible to apply a credit card, thus, BN leaders decided to "grab" fund in the indirectly way aka the Budget 2010 from the people, as a result to show their envy and jealousy and of course revenge for losing votes, credit card is personal and only for individual, i personally do not need government to budget for my money and neither do you...