Credit card users have cancelled off their credit card after the government imposed RM50 tax for its principal card and RM25 for a supplementary card this year.
According to data from the Finance Ministry, as of Sept 30, there were 8.7 million credit cards, comprising 7.7 million principal cards and one million supplementary cards in circulation.
It is a huge drop from the 10.8 million credit cards at the end of last year. Due to the drastic dropped, banks are now busy offering rewards and giving out cash to win back their prospective clients.
For example, Maybank offered a customer, who cancelled his credit card in June, 10,000 reward points to reactivate his card last month. Thus the 10,000 reward points then will be used to offset the RM50 tax.
As for Standard Chartered, it is said they offering a cashback scheme to successful applicants to their gold and platinum credit cards. The promotion is believed to run until Jan 31 next year. Based on this scheme, Gold card holders would have RM88 credited into their account, while platinum card holders would get RM188 credited.
Citibank’s PremierMiles credit card members would get an extra 15% Enrich Miles points when they redeem their reward points for frequent flyer miles in a promotion until Dec 31.
Whereas,other banks also have increased the amount of cash rebates, or devised a usage bonus scheme to offset the RM50.
(Source: The Star Online)
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