With the proposal to charge a service fee of RM50 per principal card and RM25 per supplementary card for credit and charge cards in Budget 2010, many of my friends, who own a multitude of credit cards, are in a dilemma.
Obviously, most of us are not able to own as many cards as we used to and would have to make the difficult decision to only own one or two cards, canceling the rest before this service fee is imposed on 1st January, 2010.
I feel that it is unfair to impose such fee when many of our credit cards are "free for life" and there are a third of us credit card users who are responsible in our spending and the way we use credit cards. These cards, when used wisely, actually help us to save money but now that we have to give up some of our cards, we are also forgoing the benefits and rewards that come with different cards.
It is OK to impose such service fee on the second and subsequent credit and charge cards but on all cards? That's pretty ridiculous and a step backwards, me thinks. A friend also pointed out that now that we are not carrying as many credit cards, we would be carrying more cash around and that would only make us the target of snatch thieves, as if this problem isn't chronic enough already.
Obviously, most of us are not able to own as many cards as we used to and would have to make the difficult decision to only own one or two cards, canceling the rest before this service fee is imposed on 1st January, 2010.
I feel that it is unfair to impose such fee when many of our credit cards are "free for life" and there are a third of us credit card users who are responsible in our spending and the way we use credit cards. These cards, when used wisely, actually help us to save money but now that we have to give up some of our cards, we are also forgoing the benefits and rewards that come with different cards.
It is OK to impose such service fee on the second and subsequent credit and charge cards but on all cards? That's pretty ridiculous and a step backwards, me thinks. A friend also pointed out that now that we are not carrying as many credit cards, we would be carrying more cash around and that would only make us the target of snatch thieves, as if this problem isn't chronic enough already.
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