wth man, the government assumed that people using cc were rich or ppl likes to spend more than they earned ? imposing rm50 a year for a card doesn't helps spending less loh. higher burden for them is what i can say.

wtf, is just like robbing people's money legally. bank deserves to get the rm50 but not the government. anyway banks, merchants, shopping malls and so on will start crying next year. In addition to this, i think ah long is much happier than ever after they heard the budget 2010 announced. personally, i will cut all my cards and keep one for payment purposes =) gl to you all man.

guys, i think there is a bit confusion here. i was told by one of my manager that we shouldn't cancel off all the cards first before reading or finding out the terms and condition applied on this rm50 issues.

He said he was listening to 9.88 myfm after the budget was announced. One of the tax exemption expert said that rm50 tax commence on January 1st of 2010, so whoever "apply" or "renew" their credit card starting next year will be charged rm50 per card.

So lets say i got 4 existing cards and the expiry date is on 2014. Because i did not apply or renew my card on next year,2011,2012,2013, so i do not need to pay the tax for the 4 existing cards which are going to expire on 2014. Let say it is 2014 now, 4 of my existing cards are expiring and i made my decision to renew all the 4 card so at that time i will be charged rm200 for the 4 cards.

Hmm, this is the explanation given by him to me not sure correct or wrong. I do not have any source on this and You guys should go and find out the truth based on real facts. gl man.