HSBC did not say if they were going to absorb the credit card tax for any of their credit card holders. However, they did inform me that i will need to redeem 9,500 Rewards Points in exchange for the RM50 service tax. Not too sure how much Rewards Points is needed for supplementary card holder RM25 tax.

I was also informed that the credit card tax will only be charged along with the annual fee (if applicable).

I call arab-malaysian, they say the RM50 will be charge on the anniversary (next year).

I call citibank, they say they have not yet been notified by bank negara, so they're charging yet.

I call cimb, they said they will start charging on 1st Jan 2010. I'm going to cancel that card.

can anyone help me to clarify about BT programme (CIMB 0% BT is so interesting). Can the amount to be transferred more than the statement balance considering that we might have future transaction on going. would like to utilize this but normally I don't have any outstanding balance as payment was made full every month

If you don't have outstanding balance, how to do transfer?! That is the basic requirement.

seems like most bank wait until anniversary to charge RM50
so want to ask whether if cancelled each year b4 anniversary to avoid the RM50 will work or not?

can anyone help me to clarify about BT programme (CIMB 0% BT is so interesting). Can the amount to be transferred more than the statement balance considering that we might have future transaction on going. would like to utilize this but normally I don't have any outstanding balance as payment was made full every month

the answer is cannot since its clearly stated u need to submit ur current statement...maybe the trick will be u don't pay for that month loh

still can since public bank bt doesn't need statement for application

The Star Front Page - existing card holders RM50 tax imposed on anniversary date of card. New card pay up front. Confirmed by Second Finanace Minister.

KUALA LUMPUR: Applicants issued with new cre­dit and charge cards next year will have to pay the RM50 service tax upfront.

For existing card holders, the charge will be im­­posed on the anniversary date of cards.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, who confirmed this with The Star yesterday, said the Government would impose the service tax for credit and charge cards from next year.

“Existing cardholders will only be charged the ser­vice tax through their issuing banks upon the aniversary date of the card.

“For example, if the card’s anniversary date is in January, then you pay the tax in January. But if the date is in April, then you only pay the tax in April,” he added.

The minister’s clarification puts to rest nagging doubts among the millions of credit card holders in the country who have been raising queries since Prime Minister Datuk Seri Najib Tun Razak an­­nounced the new tax when he unveiled Budget 2010 in October.

Najib, who is also the Finance Minister, had said that a RM50 service tax for principal credit and charge cards and a RM25 for supplementary cards would be imposed from January.

This has led to card holders asking if the charges will be imposed from Jan 1 or on the anniversary dates of the cards, which are usually issued for a three-year period.

Those holding a string of cards were most eager to know before deciding to cancel some of their ac­­counts.

A check with the customer service departments of several commercial banks showed that they had yet to receive any definite confirmation.

Some banks said they were still awaiting for a directive from Bank Negara, while others think the tax would be imposed on the anniversary dates.

A third group of banks has also offered to absorb the tax for the cardholders, on condition a certain amount of money was spent within a certain timeframe.

Cardholder Y.L. Sim, who called up the bank to cancel his credit card, said the bank advised him “not to be hasty.”

“The officer said that they had yet to receive a formal directive from Bank Negara (on when to impose the tax). But I was worried as the New Year was nearing,” he said.

Deputy Finance Minister Datuk Chor Chee Heung, when contacted, advised cardholders to plan accordingly, saying holding two credit cards was enough.

““Even I intend to hold only two credit cards,” he added.

He urged those who had large outstanding credit card debts to stop using the cards and meet the issuing banks to work out a repayment mechanism.

There are some 11 million credit cards circulating in the country.

any1 know when will my 600 quota being replenish, yearly means every 1st jan will replenish or hav to wait for a year..??!

seems like most bank wait until anniversary to charge RM50

so want to ask whether if cancelled each year b4 anniversary to avoid the RM50 will work or not?

1st Jan? I hope so! A fresh RM600 rebate will be calculated according to your card anniversary date.

I have to wait till May/June next year only can reactivate and use the card. Next time I will use it slowly and not too aggressively, in order to enjoy the rebates throughout the year.

guidelines are finally out!

no need slowly la, the max still RM600
if i can finish it in a day, i will

I actually applied for the card in May and received the card in Jun, but my card expiry date is 03/11, so when will they give me fresh rebate

1st Jan? I hope so! A fresh RM600 rebate will be calculated according to your card anniversary date.

I have to wait till May/June next year only can reactivate and use the card. Next time I will use it slowly and not too aggressively, in order to enjoy the rebates throughout the year.

where?

I call arab-malaysian, they say the RM50 will be charge on the anniversary (next year).

I call citibank, they say they have not yet been notified by bank negara, so they're charging yet.

I call cimb, they said they will start charging on 1st Jan 2010. I'm going to cancel that card.

This is interesting because I called Direct Access, the CS say that they are still waiting for bank negara instructions. They advised me to cancel the cards if I'm not using them actively, and reapply back when things are more "assured".  No persuasion what-so-ever to ask me not to cancel my card

erm eh what happen to the credit card cancellation template here??