Would like to share with you this information, if you haven't already known. :-)
I have called up CIMB card centre and I was told that the RM50 service tax will be charged only when your credit card expires in year 2010. For example, if your card's expiring in June 2010, as long as you cancel before June 2010, you will not be charged the service tax.
The lady told me that this applies to all banks. I hope I'm given the correct information. Please let me know if you've heard otherwise. I wouldn't want to be surprised with a RM50 charge for each of my cardS next month. Have you sorted out all your credit cards yet?