All banks will have meeting on Monday for sure. Then if I get no waiver, by November will potong all the cards.

Where do you get this news ?

This is the quote from thestar.com.my at the time of writing

"* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010."

It stated all cards ... no mention about FFL cards only. Anyone doubting me can check out thestar.com.my.

is it? maybe I receive wrong information....correct me if i'm wrong

will truly be interesting to see how the banks respond. Especially the main ones Citibank, HSBC, Maybank, CIMB...

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

Najib's speech said nothing about it is only on Free for life cards.

@lee9171,
The Service Fee is applicable to ALL Credit & Charge cards issued in MY.

@hye,
Ah well.. perhaps I should go get a SG based Amex LOL Yeah you're not *that* old. Looks like i'm going to haf to give up the SCB VI and sooner than I thought; damn I didn't even get to use the PP

hopefully najib's bro will has a good talk with him to revise the stupid idea!

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

Najib dint tell his bro before announcing this ka?

Won't happen. I bet his bro knew since last month.

actually it said all credit and charge cards (including FFL)

I'm not Najib's suppoter, but the thing is, the govt officer suggest this and that, and the politician will decide. It is not Najib's word. Najib just conveyor of all the things what is written on the paper.

btw, just check the text http://www.treasury.gov.my/data/ucapan/ub10.pdf para 89. It stated clearly that the govt does not forced bank to imposed but govt suggested. And if it happens, it will take place in jan 2010

hopefully, banks did not accepted the suggestion. BTW, i'm still thinking to cancel the cards and left it to 2 is enough oledi

This post has been edited by hackqym: Oct 23 2009, 08:43 PM

@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

which bank will benefit most if everyone starts to cut down on their CC?

that's why i'm thinking to keep 2 cards are enough

Taken from Najib speech. Attachment 16


Attached thumbnail(s)

Yea. That is the language style, to be polite, because during the presentation, he is actually presenting to the Yang Dipertua Dewan. Hence the term, "mencadangkan". Rest assured, that it will be implemented.

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

To be approved by Parliament not the banks, which 100% will happen.

This post has been edited by automan5891: Oct 23 2009, 09:03 PM