Seems like now the talk of town is the RM50 service tax next year.

Assuming you are cutting all other cards and only able to keep ONE card, which card you'll keep?

Let's see which bank credit card is the least likely to be cut and which is most likely.



This post has been edited by barra: Dec 16 2009, 12:36 AM

Cut all.

So that 2011 budget, no more credit card tax because the banks sure make noise when their business is affected. Now they are sombong and proudly declare that it only affects the business marginally.

This post has been edited by sco: Dec 14 2009, 03:47 AM

WOW, can select one only ka. I want to keep Gold AMEX Credit Card & Standard Chartered JustOne because of good reward point & rebate. The other 6 cards that I have cut.

CIMB DA, because thru member get member program, they give rebate of RM50 (which can be used for the tax repayment later) and the rewards are cheap to earn but not as good as maybankard thou.

if its not because of the tax, the card i will still keep is maybankard petronas.

Cut CIMB DA
because only use for petrol

Still don't know keep AMEX or MBB Petronas
Some shop not accept AMEX yet... but AMEX petrol point can get up to 5x at all petrol station and MR is more better point collection...
Dont know how to choose.

WTH gov want to charge us .... else i will had Master + Visa + Amex which is perfect for me

keep he highest cash back 1..

This post has been edited by ETEAM TRADING: Dec 14 2009, 09:44 AM

i keep maybank and cut cimb direct access....bcos i have maybank savings account, easier to pay

Mod, can we put this up as sticky?

At least till next year June? This poll will be very useful to see which bank credit card that most people intend to keep.

Besides, I'm having a feeling that only International banks like Citibank or HSBC stand a chance to survive this, but we'll see.

The title is changed. But I do not see the need to be pinned/sticky as it's all going to pass soon. It's only a hype at the hour.

As for me, I never hold so many cards and I never also advocate ppl to hold many cards. I only have 1 HSBC master and 1 Citi visa; so nothing for me to cut.

AMEX Gold - stuck with the 15% rebate - so don't mind paying the RM50, if it is charge upon anni, then even better
SCB JustOne - best cash rebate - maintain forever unless tnc changes
PBB MU - die hard fan

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Added on December 14, 2009, 10:46 ami thk he wanted to change the POLL Topic, not the thread topic

This post has been edited by alexwsk: Dec 14 2009, 10:46 AM

I'll ask the bank to waive it off for me, or I'll cancel it.

Their sales are dropping. New card membership applications are dropping. Either they swallow the Rm50 for me, or I potong them.

musti potong!
plan to keep one master and one visa oni,

Plan to potong all,
then get debit card.. xD

public day2day is not credit card, is debit card.

I only have Visas. I screwed Master long ago

And credit cards are good for cashflow contigencies. Manage it well, and it can help you in the long run.

Cut - cimb islamic, because not more benefit
keep - maybank petronas, because major of the merchant accept for ezypay for installment

Will only be keeping free for life cards. Enough said.

Alright....poll reset as it might not be accurate because of the previous wrong poll topic.

Feel free to vote again

Why no SCB in the list? their platinum got free access to KLIA Premier Lounge

You're right, Oh well, too late for that now, I just got the MOD to change the topic for me and don't want to reset the poll again.

Anyway, I think the poll looks good and the title is accurate as you're only allowed to vote once and hence your vote here reflects only one credit card that you're keeping.

We shall see

only the infinite visa but not the debit card rite? can infinite visa be exempted from tax? else i'd like to own one too T_T

This post has been edited by elru: Dec 14 2009, 05:17 PM

You sure? Is this RM50 service tax confirm to be implemented by next year (2010)? I need to know this.

Well it looks certain. This is what I found from public bank and HSBC bank site:

From Public Bank
https://www.pbebank.com/en/en_content/perso...ards/index.html

Special Announcement

Persuant to the 2010 Budget announcement on the RM 50 and RM 25 service tax to be levied on each principal and supplementary credit card respectively, please be advised that:

1. Imposition of the service tax will only be effective 1 January 2010. Kindly retain your card while we await further guidelines from the relevant authorities.

2. Further communication will be made to our credit cardmembers accordingly once guidelines from the relevant authorities is made available

3. Meanwhile, do continue to enjoy the benefits, privileges and peace of mind that PB Credit Card has to offer:
* Attractive discounts and unlimited cash rebates and reward points for retail purchase
* Flexible installment payment plan
* Balance transfer at low rates from 1.5%
* Exciting year-round promotions and contests with attractive prizes and much more!


From HSBC Bank
http://www.hsbc.com.my/1/2/personal-banking/credit-cards

The recent 2010 Budget announcement on the imposition of a service tax of RM50 and RM25 for each principal and a supplementary credit card respectively has caused much uncertainty amongst credit cardholders in Malaysia. This has led to certain credit cardholders deciding to cancel their credit cards.

Before you decide on your next course of action, you may wish to retain your HSBC credit card for the following reasons:

a) the service tax is only effective from 1 January 2010, hence, there is no need to rush into a decision now;
b) we are currently awaiting further clarification and guidance from the relevant authorities. Once we have a better understanding on the impact of the service tax, we will send a communication to advise all our valued credit cardholders accordingly; and
c) you can continue to enjoy our year-round SmartPrivileges, attractive rewards and conveniences as a HSBC credit cardholder :
- Exciting offers & privileges at more than 5000 merchant outlets from dining, shopping, travels, health & beauty
- Balance Transfer with low rates
- Flexible zero-interest payment plan
- Upto 50% discounts from the best restaurants in Malaysia
- 3X Reward Points when shop at Mid Valley Megamall, Gardens and Gurney Plaza

How it would be implemented is not announced yet. But the government is definitely not moving over with the pleas from the consumer and from the banks. They are serious this time.

It might be charged only upon card renewal. Not sure yet. Waiting for the banks to announce after they have sorted out on how the billing process works.

Already cancelled my few cards now left 2 only, the goverment is damn smart they already check with Bank Negara many of card holder owe bank lot of money can not cancel their cards so hv to pay the RM50.00 no choice.

actually i really dont think the RM50 tax on each card is a bad thing.

= =" indeed, cards increase spending power and thus improves the economy.

but then.... nowadays, credit card is really getting out of hand for many consumers. so... i guess everyone having 1-2 or 3 cards would be enuf.

if 2-3 cards is not enuf, i really dont understand, what'cha wanna buy/use with your cards....

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Added on December 14, 2009, 9:42 pmp/s: from the vote. ermm.... i know ther's a CIMB petronas card. but dint know ther's a Maybank petronas card.
i might be wrong though

This post has been edited by ahnien: Dec 14 2009, 09:42 PM

Keep Mbb Amex gold and Alliance Younique,due to reward and cash rebate. Other all cancel it.

Surprisingly Maybank got more than 50% (Maybank + AMEX), tomorrow go add some MBB

i think the best is tax should be imposed from the 2nd card onwards, if it really was meant for the well being of us citizens. but if the only one card also kena, means the government seriously squeezing $$ from us.

Yes, there is a Maybank Petronas card. CIMB and Maybank working together with Petronas. CIMB is Petronas MasterCard and Maybank is Petronas Visa card. It was launched together back in Jan 2008.

Recently they have both launched the Petronas Card Islamic version. Both CIMB and Maybank launch together as well.

Anyway, when I was compiling the poll, for some reason I left out Standard Charted bank. Somehow it just slipped my mind.....or EON bank for that matter.

For those who wish to vote EON bank, Standard Chartered or other bank (Mualamat, anyone?) please vote "OTHERS".

I'm not very sure but I have platinum mastercard and visa which both have access to the lounge. As for the exemption from the service tax I was told by the CS that they will absorbed it

Agreed. Well there are rumours about supp cards service taxes being cancelled but so far no news

You think you can get away with the RM50 govt tax? I know one bank will absorb this tax for their staff only.

Meanwhile Hong Leong bank has given me a pre-approved 5-yr repayment loan of RMxx,000 at 1% per mth (12% pa) in order to retain her customer. Still expensive compare to Overdraft. Talking about curbing prudent spending pulak!

This post has been edited by sco: Dec 15 2009, 07:24 AM

Since the CC tax not clear yet, I decide to cancel it first. Once clear or no tax, than apply again. Nothing to loose.

Keeping MBB Visa Petronas for petrol and DA Mastercard for just in case the merchant need Mastercard ... also both of them free for life no need to call every year to have the annual fee waived

others potong potong potong

Cancelling every card I have
No point I want to save a few bucks per year just to use the money and pay the corrupted gov.

bro citibank and hsbc has the largest CC consumer in msia...you think if 30% cancel their cards will their business effected ?? if they absorb the 50rm charges will it effect them oso ???

Yeah actually now that you mentioned it, it didn't register at first.

What I'm surprised is Citibank not doing well here. I thought Citibank has the largest credit card base in Malaysia?

Come on, no Citibank user here ah?

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Added on December 15, 2009, 4:27 pmThat's a valid point. I didn't look at it from your point of view.

Previously, waive annual fee is easy to do cause it's "paper money" being waived, as in, they don't actually have to pay any one the annual fee.

But if they absorb the Service Tax, then it's no longer paper money now cause they actually have to pay something to the government.

The funny part is when they don't waive/absorb the RM50 service tax, then these banks now become a tax-collecting arm for the government, free service summore... ha!

This post has been edited by barra: Dec 15 2009, 04:27 PM

Yes citibank does have the largest issuer of CC in Malaysia. It's strange that even with the least amount of branches they can still manage haha.

News from The Star: http://thestar.com.my/news/story.asp?file=...&sec=budget2010 11,000,000 credit card x RM50 = RM550,000,000 is a very huge amount of money for the government to swallow. I totally agreed with what you said above, our government now is a bloody hell money sucker this days, everything raise and tax on every credit card including principal card are not acceptable!

BN is nothing more but money sucker! To those who vote for BN earlier and proud of themself, can have a taste of them for sucking your hard earn money now!

I am a Citibank user, contacted them today and they told me that the RM50 gov. tax will start on Jan 1, 2010. They ask me to redeem 11,000 of my points to cover the gov. tax and promise to waive my 2010 annual fee. Well for me, I dont use my Citibank credit card that much so I guess I'll cancel it by this week, the sooner the better for me. RM50 is not a big money but still in this economy recession period, be smart, I prefer to save it for other higher priority expenses than paying the government for nothing loh.. Betul kah?

This post has been edited by buysell: Dec 15 2009, 07:40 PM

Government wouldn't doesn't allow the banks to "absorb" the tax.

This post has been edited by b00n: Dec 15 2009, 07:20 PM

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.

If you owe them money but refuse to pay up they deduct your saving/FD money straight, I dont see wrong about that.

Haven't seen them do that before but maybe because I never tried defaulting before

Anyway unless you pledged FD to get a card they don't normally do this right?

I see citibank is catching up in this poll. Why people keep citibank card is beyond my comprehension.

My experience with citibank is this :

Went oversea, due to strong US dollar at that time, I blew my limit (RM4000) and as soon as i landed in Malaysia, seriously, the first person to greet me while the plane was taxi-ing, was citibank calling me demanding me to pay the minimum payment and excess credit I used up. I was only oversea for 4 days!

Even my mum don't call me that soon. The best part is they called me the second time while I was queueing at the immagration! Even after I told them I just landed at KLIA barely an hour! Persistent, legalized loan shark!

Nuff said. Immediately cancalled the damn card and got another card with double the limit, till today, still holding this card. Limit increased multiple times too of course.

This post has been edited by barra: Dec 18 2009, 04:13 AM

For me, I'll retain my Maybank credit cards - least VISA and AMEX.
However, retention of credit cards depends solely on individual's preferences. For instance, some cards will give you high rebates on Starbucks/Coffee Bean or petrol rebates. So it depends

keeping Maybank Petrol card and amex gold. the rest :

POTONG !!

belum POTONG lagi??

Cancel all my credit card no eyes see..

Government confirm tax your credit card on your card's anniversary date for existing users and charge upfront for new applicants.

http://www.thestar.com.my/news/story.asp?f...3737&sec=nation

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Added on December 21, 2009, 1:03 pmWhy cancelled all? Keep one mah at least for emergency use.

This post has been edited by techmania: Dec 21 2009, 01:03 PM

PBB DEFINATELY...

terminated all except DA master - anniversary date in Sept...if no more petrol 2% rebate, will cancel it too next year before they charge me RM50

Ah, I see you prefer Rebate card

Anyway, true to prediction, the International bank is catching up (read: HSBC)

PBB cards only got cash mega bonus and now even less already

What attract me in the ad is the 0% for 12 mths and no rm50 service charge but after reading the TnC:

Should the CardMember’s monthly spending on his/her MBF card be less than RM300 in any month during the 12 month period, a service charge of RM20 will be levied to his/her MBF card account for that particular month.

i will keep my citi clear card...

They also did mention about balance transfer right? 300/month is nothing compared to that

i'll keep citibank, branded mar...

just cut my clear card today through phone, they say it will take 3 working days to deactivate it

Less problems when you're at overseas?

I believe it's more like he thinks the Citibank brand is prestigious.

I'll choose Maybank VISA coz my salary goes in Maybank. Easy to pay and login m2u to see account.

what if it is branded? That's just marketing talking to you.

I had the Clear card too. Went to States tried to rent a car but didn't go through, had to call the CS and they told me I shouldve informed Citibank in Malaysia first before using it in the states.

You need to understand that it's the "payment facility/gateway" that is recognized worldwide, in this case, Visa/Mastercard. Not the bank! Banks are just piggy-backing on the payment mechanics.

BTW Citibank just shot from oblivion to number 2 in our poll results. And I was just wondering where were all the citibank card members' vote.

Keep Maybank Petronas Card!!!!!! Tax here, tax there, by the end of the year Malaysians will be burdened by taxes...at least get rebate in petrol also good enough...and 5X points!!!!!!!! get to redeem redeem redeem and save money to pay unnecessary yet compulsory taxes...

I know which card you'll be keeping then?

Wanted to cancel DA but decided to keep after they came out with 6 months 0% BT. Will save more than RM50 in the long run

that's what all the bank are desperately doing right now. BT here, BT there, BT every where, all 0% for 6 to 12 months, they want to tie you in. They're strategy seems to be tying you up for the next 6 months so by the time your RM50 is due, you can't be bothered anymore.

Either BT or they're offering mouth-watering I.T. Gadgets or LCD TV deals via 0% easy payment plan.

Maybank even running a contest where they give away 50 iPhone. RM50 per entry into the contest. <<--- I'm so definitely going to fall for that ! I'm keeping my maybank card. Wait, I don't have a maybank card.



This post has been edited by barra: Dec 26 2009, 12:44 AM

actually i've been using citibank for the past 12yrs, so far so good with their service... got gift vouchers on birthdays to have a good treat, banking also easy as got citigold banking hall...

For EON Bank & RHB Bank, anyone tried cancelling the cards on-phone? It's too much hassle to walk-in.

Thanks.

Been using UOB & Citibank cards since 12 years ago. Until today have not entertain cards from other banks. Anyway plan to keep UOB Visa & Citibank Master.

Only EON and Citibank.

EON is free for life.

And I really think Citibank has the best phone customer service.

Agree, Citiphone

Citibank and HSBC.

@leyley@
i've had cancelled mine twice(once by walk-in) but EON Bank keep sending a new replacement

I dont like to pay Tax to retarded politician. I will try my best not to pay tax. The bank who pays for me is where I will keep their cards.

I'll keep only Maybank & cut all the other but due to credit limit i'll keep one more CIMB one...

I'll remain Maybank Amex & Standard chartered Master...

Call up Citibank today to confirm when exactly the gov. tax will be charge on my credit card bill and they told me; "It will be charge on credit card annual renewal". I will cancel my card once I redeem all my rewards..

I get to keep SCB Business Platinum, Alliance Younique and RHB Tesco (Forced to keep somehow).

Main - Amex, Spare - CIMB, Other - Cut

i cut off my cimb cc, den few days later got a letter written that they wan increase my CL.. izzit tis d tactic that cimb use to prevent ppl cut their cc??

Yes.

actually a few banks did increase CL cos they prolly want u to spend more to get the rm50 rebate