Najib, I am canceling my card at your brother's bank (CIMB) and I am keeping the Maybank card.

PS. I have cards at 5 banks. I pay my CC bills promptly. If I go abroad for work, I may need RM10k to RM15k. I don't want to use cash so that is why I need a few credit cards at least so that I can spend first and pay when my employer reimburse me.

Now Najib comes up with a plan to rob me RM50/card. Najib is a crook and no better than a snatch thief.

Most likely the banks knew it. Sure they have heard something before the official announcement yesterday.


Switch to debit card then. It can be verified by PayPal too. Two hottest debit cards in town are Maybank Cherry VISA debit card and Public Bank Day2Day VISA debit card.


Agreed. All the banks credit card department will be so busy that they might have to work OT for the coming months



Yes. RM100 it is.


No.


You can cancel over the phone. Just call them up.


As Hye said yesterday. This credit card service fee is nothing new. Did the banks waive the service fee back in 1997 - 2001 ? If they didn't, are they going to waive it this time around ? If they waive it for everyone it is going to cost a bomb to the bank.


LOL ! That's a good one but don't count on it though. You know how efficient BN is

dude NO more no annual fee CC... must pay RM50... new budget 2010

still have credit cards without annual fees... but there is service tax RM50 from Govt

but but but i cal ask to cancel my credit card the lady say i hav to go to any rhb branch and bring my card to cancel it.. i call this number 03-9206 8118.

Digi autobilling has a RM5 cashback per line, including supplementary lines (if separately maintained from the principal)

thanks

Some quick questions:

1. I have 2 cards issued by the same bank (1 visa 1 master), combine credit limit, should i pay RM 100. RM 50 or RM 75 (50+25)?

2. I have another 2 cards issued by another bank but I never used it before, is it considered inactive and can be waived from annual fees? ps not service charge

Thanks

The Government's using this extra money to do one of the 4 things. Buy another submarine. Pay for pension, you know la, now retired govt servants live longer, the govt need to find money to keep paying these people. Pay for civil servants bonus. Pay for MACC & policeman increment (even though they may not deserve it.)

just verified my scb cc verification..dono should cancel anot..already got 3 principal + 1 supp..

Good idea. I second that! I'm probably going to do the same too!

When I got my 2 new DA cards last month, i have at first intended to switch my primary card to DA and cancel my Citibank (to take advantage of DA's petrol and hypermkt rebates). Good thing I haven't cancelled my Citibank yet, I think I'll revert to my Citibank now and cancel DA. With the RM50 fee now, I think it's easier to maintain 1 Citibank than 2 DA cards.

This post has been edited by starglazer: Oct 24 2009, 06:56 PM

Man ! I feel old coz suddenly everyone is asking me as reference to this era.
I'm actually amused by everyone's assumption on the service fee - the golden question ... did or did not the banks waive this fee?

The answer is NO with the exception of only 1 bank. (And it was not one of the local banks)
Here's the cc landscape back then .... no FFL cards, product range was limited (remember the problem with customers not wanting multiple cards?), crappy cc products were shunned by the public and I remember Citibank CS was very polite and attentive to your needs. And AMBank CS (remember they were nowhere on the cc map in Malaysia) ... were extra attentive, heck I remembered they spent 1 hour just attending and providing with all sort of advice!

To the notion that everyone thinks that banks will waive the service fee .... I'm neutral on that.
Probably they'll do it to their good customers and the rest they are better off cutting them. What will happen in this period is that not only consumers will hold less cards but will also spend less "credit" facility thus indirectly affecting the retailers who all this while enjoyed the consumers "credit" spending as well. I don't think banks will go against this directive on the service fee coz it's a political suicide if they don't but the option to waive (more like pay on behalf of the consumer to the govt) is always open. Then again ... waiving it for a lot of customers will cost a bomb coz they have to recoup this from the customer somehow and they have to give it like every year to the customer. Let's see, assuming the banks waive this off then the banks would need to make sure the customer spends at least RM2k before breaking even on the service fee waiver.

I disagree that Najib wants to make the service as one of the major revenues for the govt - I reiterate ... it is to discourage excessive credit to the consumer. It's the beginning of the long re-education drive to educate the public on respecting credit facility. Look at the recent economic crisis - it is a form of abuse on excessive credit but on a larger scale. I know some people will be upset about the service fee and thinks Najib wants money for BN/govt - grow up guys! (in 1997 ... google to see who was the Finance Minister who announced this move) Just to note - I'm neutral on politics, I'm just stating my personal opinion over what makes perfect sense. I can accept it if someone disagree with me and please accept my apologies as I have stated it without any malice to anyone.

What I think could happen in the time to come is that banks will refocus on growing the debit cards segment instead coz the merchant infrastructure is already there (i'm sure everyone will agree in 1997 there were less merchants in Malaysia accepting cc compared to now) - just capitalise on it lah. (There was no debit cards offerings back in 1997)

BTW ... there's 1 bank which currently rewards you for using their debit/ATM cards. (No prize for guessing who it is)

This post has been edited by hye: Oct 24 2009, 07:30 PM

times are changing dude. The possibility is there...CCs have changed a lot since 1997.

so u're buying the idea of "to promote prudent spending" is effective by charging this rm50/card/year ? For me its unnecessary burden to rakyat... who are use to have cc debts will always have cc debts plus together with the charges....who are collecting cc for hobby and can afford to pay high annual fees & service tax will always collecting and never stop collecting...

at the end of the day, the idea of "to promote prudent spending" never been effective anyway.... plus "to promote prudent spending" also i think less related to charge card user & supplimentry card becoz its publicly known as for convenience rather than credit tools...the G simply want to make easy money here...

the economy will start worsen in malaysia start from 2010 january. many companies will bankrupt and close down. super market will end up quiet. ppl will getting less hardwoking, means no more fight for OT. factory productivity will slow down. and jobless ppl will increase, crime will increase too.
why? bkoz i can see most of the hardworking ppl are try to earn more to settle their depth especially credit card. so they swap more and earn more to pay back.
the major victim/losers is not cc users, but bank!
economy will turn double worse than 1997!
those who pay all the amount b4 the due date will not affected, like me. bkoz i can cancel my cc anytime.
but for those who only pay minimum amount b4 the due date will affected. koz most of them cant afford to settle all amount and close the account.

Hmm ... credit card termination can be done over the phone with CIMB Bank, Maybank and AMEX. Else you can write in to RHB Bank, whichever is more convenient to you.


Since both are principal cards, you will need to pay RM100.


As well as to fund some public projects such as new highway, new airport and such. Then they will award the projects to the businessmen that are closely connected to government and the government will get some commission from the total value of the project. The commission will then be swift out of Malaysia to the corrupted ministers offshore banking accounts


For the record, i did not say there is zero chance of bank waiving the service fee. You might have misinterpreted my reply.

not sure about the date of implementation. since it stated that from January 2010, I assume for those who already renewed the card this year (until december), the fees will start the following year (2010) the month when you suppose to renew the card. so I think it is not necessary to cancel your card now unless your card anniversary is January 2010

nothing can be done with this policy. for me the first step to do is to cancel unused and credit card with less benefit. not necessary to retain just 1, if the card that you would like to retain has bunch of advantages, why not retain it. however maybe it is better to retain those which is FFL

This post has been edited by cenkudu: Oct 24 2009, 08:17 PM

i guess the bank will pay the 50 for their customers otherwise will lose huge business. cc help bank earn much $$$$$$$!! could say their biggest income recently.
i dunno y the bagan pinang ppl still vote for barang naik govt.

If the bank has around 600,000 primary cardholders.. Rm50 X 600,000=30 million. I don't think banks will subsidize it because this 30 million goes to the Government's pocket out from the bank's pocket . If the banks waive it for you, means they pay that to the gov.

Walaue, did they make this decision on their own without consulting BNM and the banks ar??

I expect lots of issues arising from this shizz decision!