Wednesday, November 18, 2009
Credit Card Woes
When the Malaysian government announces in the Budget 2010 that they are going to charge each principal credit card RM50 and supplement card RM25 annually by 1st Jan, everyone cry red. This is to discourage people from owing credit card companies and encourage them to pay up, so as they say-lah. It's affecting all credit card holders regardless whether your payments are non-owing.
Imagine that you have 4 principal cards which means the total will be RM200. It's going to dig a whole in your pocket for sure!
Now, I only have 2 cards and I needed them, one is for my insurance payments and the other is for shopping and dining. I'm truly proud to say that my payments to the credit card companies are non-owing. I'm really afraid of some extra financial charges I have to incur if I don't settle the full payment.
Gone were the days when credit card companies approach and even bank calls to offer free cards with no surcharge.
Which means the banks and government encourages us Malaysian to spent more to cover the cost of the said RM50 and RM25.
More swiping = more spending = more owing. (For those who have huge amount of debts).
It's certainly not fair, like me and for those whom every month faithfully settled the full outstanding be charged.
Ps. I hope that I won't be charged the RM50 each for my 2 cards. If not, maybe I will have to cancel one card.
Do Malaysians out there agreed that the government should absorb these charges?