It is the largest credit card issuer by sales. Maybank has the most cards in circulation.


Is there a press release stating banks are not allowed to "absorb" the tax on their customers' behalf ? There are many conflicting reports on this.

Immediately after the budget was announced. There was an article about it. The problem is how are they going to regulate it?

Huh ?? How come? Don't the blood sucker just want the RM50.00 why they care who will pay either the bank or the card holder right?

Already cut CIMB, going to chop Standard Chartered once i finish the installment.

Keep:
HSBC - discounts and promos everywhere, plus very responsive customer service.

Banks will just throw more promos and freebies to get customers to retain their cards, as cards are one of their main source to generate fast income from the heavy interest they charge.

Well well well, look what I found.... already MBF is stepping forward and claim to negate what the gvt trying to do. Let's see if BNM take action against MBF, declaring subsidy for the RM50 service tax even before the government came out with a concrete policy.

Please read their TnC before commenting.

The other banks had already lodged a complain against MBF (few weeks back). Let's just wait and see....
EON bank also follow suit on their BT promotion although didn't "published" the RM50 publicly like MBF, they have such clause in the small print implying that also.

But as far as I know, the government rejected a few proposals by association of banks which is:
1) RM50 to be charged upon card holder and not number of cards with the reason one may hold 2 cards but it's a combined limit, so why charged twice.
2) Supp card shouldn't be charged as it is taking on the main credit line and mostly used for emergency spending i.e. kids, spouse etc..

Also, the government is thinking of charging commercial cards which is ridiculous.

I think i wont cancel even one card.

how many cards do u have?

i found the voting highest result goes to mbb. can i know y mbb? is there any so good benefit for this bank? i hardly can redeem any goodies besides than enrich

i guess we will know whats going to happen in 2 more weeks....alot of clients keeps canceling their cards...wonder how the banks wan to counter dis problem...cant those big banks complain to bnm ?

got nothing to do with bnm bcoz this is gov policy.

they can only to reverse this burden on card holders like us or they absorb this fee.

They can always come out with ways to keep their customers. There is nothing to complain actually as there will be some who would still use credit cards like the person few posts earlier. Not everyone will cancel all their cards

wanto cut citibank.. so left with maybank... maybank coz easier to pay online.. citibank have to go odd hour to deposit machine to pay.. and everytime kenot pay exact amount.. must pay in multiple 10 ringgit... more swey when don have 10 dollar notes have to deposit in multiple rm50...

Because majority people in Malaysia use MBB credit card, that's why.

I think mbb cards are strong because of 2 cards

PETRONAS and Amex Gold. 5x Points for Petronas and 9% p.a. for Amex Gold.
Both cards are targeted at day to day usage market (PETRONAS for obvious reason, Amex gold cos of 5x MR points on petrol, groceries, phone bills...etc.).

Yes, CIMB got PETRONAS too but for some reason, I think it's no where near MBB. my 2 cents.

Citibank Shell and Giant Card is similar but I think the poll shows that people are not keeping it mainly due to lack of repayment branches/facilities, due to government restrictions on foreign bank expansion and what not.

RHB Tesco Card is clearly targeted to same segment, the day to day usage market, but come on, how many Tesco outlets are there compare to PETRONAS kiosks. Plus, the fact remains that RHB was and never is a strong player in the c.c. market.

What is surprising is HSBC, even with the lack of co-brand card (petronas, shell, MTV, Man U,...etc) they are still doing strong. As seen by the poll people actually want to keep the HSBC card....

Actually people should cut credit cards with banks where they keep their savings/FD in. Some banks will just use your savings/FD to pay off bad debt.

Any problem with this? It is a business arrangement between the depositor and the bank. They pay interest on savings/fd and the depositor has no right to direct them how to use the fund.

You forget to add that RHB service is very bad. The waiting time is too long

The latest news/rumours I heard is BNM had give the go ahead for banks to absorb. Not sure whether or not it's legit news yet because it's still not announced.

So just treat this piece of news as rumours for now.