Although policies in a budget are supposedly just proposals, in Malaysia, it's like they are already set in stone, so credit and charge card holders are already prepared to pay service fee this coming 1st January, 2010. Service fee on credit and charge card is not something new as it was imposed on 1997, but abolished in 2001 but will now be implemented again to "promote prudent spending." Isn't this a load of crap?
Many of my friends who hold multiple credit cards have told me that this new service fee will force them to cancel some of their cards. I do agree that it's excessive to own too many cards since most of us will only use a couple of them regularly.
That's why I think that it makes more sense to impose a service fee on only the second or third card onwards. I think we should have the first principal and the first supplementary card free. After all, most of us aren't even paying any annual fee on our cards!
Do you think issuing banks and other credit card issuers will absorb the service fee? It makes business sense as they will then be able to keep their card holders and even expand their user base.
Many of my friends who hold multiple credit cards have told me that this new service fee will force them to cancel some of their cards. I do agree that it's excessive to own too many cards since most of us will only use a couple of them regularly.
That's why I think that it makes more sense to impose a service fee on only the second or third card onwards. I think we should have the first principal and the first supplementary card free. After all, most of us aren't even paying any annual fee on our cards!
Do you think issuing banks and other credit card issuers will absorb the service fee? It makes business sense as they will then be able to keep their card holders and even expand their user base.
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