Monday, December 21, 2009

To Keep Or To Cancel

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?

20 comments:

Anggie's Journal said...

i'm not sure about the info u provide here... as for me, i had canceled TWO CC .... but some how i still need CC, so i keep TWO with me now ...

Irene said...

i have 2 CCs with me now :(
one i used it for petrol, all the necessity, so its kinda a must for me to retain, another one for shopping, so im thinking to cxl tat shopping card. cus i tried not to abuse it (hehehehe!) shucks kan, they charging the tax, ask bank to rebate off to us la, gertak them a bit. haha! i wonder if tat works? hmmm...

eugene said...

your information gathered at the time of this comment is thus far correct, however as you know,here in Malaysia,policies can change faster than you catch your next breath,hahahahah.

hey,just to share this with you, i heard Bank Rakyat cc is good in the sense that they will give you a cash rebate up to 3 %, have not confirmed its validity yet,will check it out and let you know ya?

take care now

chanelwong said...

it is correct..it is as your renewal month...
Citibank n Maybank also confirmed with me...

Citibank is trying to ask me to keep but cannot waive RM50...so i am redeeming the points then going to cancel liau...

Priscilla said...

ya I better look into this.. good also I guess not to have too many cc

wenn said...

i only hv one n i used it to order stuff fr kl.

Wyson said...

but from what i understand, next year they definitely going to charge the RM50 Govt tax, but it depends on ur anniversary month, not the year ( coz the year is the validity of ur cr card) eg: if ur card printed 06/13, that means ur card valid till 2013 without the need for u to change ur cr card. But the Govt tax will start charge on June 2010.

2ma said...

i haven't done anything yet. will probably cancel some cards soon :(

Cynthia said...

thanks for the info... I don't think the bank will absorb the fees.. I am getting my scissor ready too!

reanaclaire said...

just today i was discussing with my colleague..she told me to cancel before year end this month.. but i dont think we will be charged in jan.. i think your info is more practical...

Mummy Gwen said...

I'm cancelling my cc too. I have 2. My Hubby's friend who is working in the CC dept says the Parliament hasn't approved yet so not sure they will charge or not.

NomadicMom said...

Come to think of it...I also must go sort out some cards lah.
Maybank sent me two extra cards, which I told them i didn't want, then proceeded to cut the cards, and sent to them...but when I logged online, I can see those cards on display. Means they haven't cancelled, right???

Health Freak Mommy said...

Thanks for the info. I still haven't made up my mind if I shd cancel one of my cards and just retain one card.

Rose said...

I applied 2 more cards earlier this year, and would not expired that soon. So if I cancel it before end of this month, then I would be charged the RM50 per card right??? I am thinking of cancelling both cards once I settled the credit cards.....

BoeyJoey said...

Hi Hi... first time commenting :-)I enjoyed reading about your holidays in HK... so many croc shoes and thanks for the food guide!

As for the CC, hubby and I have cancelled all cards except with one bank. Supplimentary card is cheaper by half, so try to have less principal cards.

karenyiau said...

I think I might still keep 2 visa and 1 mastercard the maximum.....

Mummy to QiQi said...

i was told the same too, for my ikea card. thus, i m keeping it until just before it expire :)

slavemom said...

Eugene & BoeyJoey, thx for dropping by!

Wyson's mommy, sorry I din make it very clear. Thx for clarifying it with example. ;)

NomadicMom, better sort it out. Doesn't look as tho they've been cancelled.

michelle@mybabybay said...

Yeap, I was told the same for CIMB card. I got a RM50 waiver for my UOB card.

Angeline said...

Wow!
That's daylight robbery!