Well, savings is still savings. Plus it allows you to queue at the gold lanes at bigger GSCs, which I find rather handy (saved me the massive queue for transformers, since I didn't make reservations. did I mention MASSIVE queue? =p)

So yea, it does have it's uses, and it's free for the first year or so? One could cancel it if they don't wanna waive after that, don't see why one needs to avoid the card

Well not everyone is tech savvy, so it can be a valid reason. I would know, I've seen ppl write in to request for interest waiver with the excuse of statements always arriving late

Yea, I suppose it makes more sense to say statement did not arrived rather than saying it was late. Still, I've seen someone successfully waiver his interest with that excuse. Probably cause he was a big shot and an important client to the bank

Call up cs, see if they can transfer your points to the Petronas card before terminating the Classic.

Interbank Giro. Basically interbank transfer, which will cost you anywhere from RM0.50 to RM2.00, depending on which bank account you have

Just read the news about this. I do get where they're coming from, a service fee will ensure people don't subscribe to a million cards and spread out their debts all over.

But still, most of us have multiple cards as different cards serve different purposes. I don't think imposing such charges is the best way of mitigating problem above, but probably it's the easiest to implement at the moment.

Rather upset with this particular announcement, gonna wait and see, and start cancelling cards in December if banks don't respond

Wow this thread is buzzing

Well I'm gonna hold onto my cards for now, and see if the banks respond. If they don't I'll compile the cards to be cancelled and mass fax cancellation notices in December. Probably the most I'll keep is 3 cards

@hackqym:

Document above is the budget presentation. Although it says "mencadangkan", it does not mean "suggest". It means propose. i.e. once approved, it's enforceable

Yeah, at most 3. Can't afford to keep more than that man

It's already approved. Obviously banks are not the approving authority to government budgets

You could probably just do with either or, I don't think there're actually places that accept on Visa or MC anymore, not that I've come across anyways

Don't think they're really doing this to collect money. They just want to prevent ppl from having to much exposure.

Well yea, I am using my brain, and it can help. I've seen the kinda debt ppl get into when having multiple cards.

in reference to the above, tinker meant 2010 btw

@hye, gotta agree with you. Will take some getting used to of not having the number of cards I have now, but it'll be interesting to see how banks respond

This post has been edited by ellimist: Oct 23 2009, 10:36 PM

@tinker
That's what I was thinking too. Banks would want to shift their focus to the Debit cards, since it's not subject to the service fee, and banks being banks, would obviously look to give out loans. Overdraft on your debit card seems plausible, lol

Yes, it obviously is not targetted at ppl who are in crap load of debt. For ppl like that, there's legal actions.

It's more for upcoming users, trying to prevent ppl from falling into the trap of having multiple card debts in the first place.

Yes, and I was saying it is not targetted at such ppl. Alot of ppl don't intend to borrow in the first place, but take on alot of CC due to advertising,sales agents,etc, and THEN fall into the trap of starting to accumulate debt.

Learn to read before passing judgment of failure upon one person.

And as I've mentioned before, it's obviously not the most effective way to curb debt, but one of the simplest to implement

Figure, I never said it'll be a huge success. I was saying it has it's validity, and will work to certain extents. READ : Not most effective method

Yes, it won't stop the 2nd category of ppl. It however will stop the first category from falling into the trap of accumulating debt. Yes, such ppl initially subscribe to cards for convenience and rebates and benefits and what nots, but there are numerous of such ppl who fall into the trap of delaying payment.

Such ppl start out harmlessly claiming they just want convenience. Which at that point was all they needed. But since cards rewards more the more you spend, they start shifting all expenditure to the card. To top that up, they start spending more than usual because what they purchase in this month, they can worry about it with next month's income. Then something pops up next month, messes with their cashflow, and they realise they're paying ridiculous interest. So, they apply another card to balance transfer. And while they can't make purchases with the card with transferred balance, they could always apply another one, and then the vicious cycle repeats itself.

You're looking at it from 2 extremes, that ppl either spend wisely on cards or start off looking for credit. I'm saying that there're ppl who start of being the former, but gradually shift to the latter, and thus fall into the trap of accumulating debt. Once they're there, they get used to the luxurious lifestyle, that they don't want to stop.

@andrekua

Neither do I want to drag it anymore. I get where you're coming from, just say I've seen alot of ppl go all wrong due to the number of cards they're trying to service. The service charge is suppose to prevent this in the first place.

Yes, there're obviously more effective ways, but the government obviously chose the one easiest to implement, and well, beneficial to them at the same time.

Yeah, as hye mentioend previously, like the 97 days, banks will have to buck up again and start being really competitive, since hardly anyone would want to hold multiple cards from different banks.

But I do think some will shift focus to the debit cards. Maybank seemed to launch their new one (master card debit) at just about the right time

@yiivei,

It just has to be a written notice with your signature confirming you want to cancel the card. You can fax it to the bank, drop it off at the branch, etc.

As per previous thread, you could probably do somethin like this: