Wednesday, November 4, 2009

Its NOT just a finance game ... unfortunately


A short while ago, I wrote that charging MYR50 to credit card users is an ineffective way to reduce credit card debt. I even predicted that government would soon realize this mistake and relax in execution later on. Quite a few large finance institutions thinks the same too. But of course they have their own agenda.

But I was wrong. Life is never monotonous. Personal Finance is NOT just about personal and finance. If you live on a land that has a country name, there are politics. And Politics matter, especially in this case.

This is my Right !
I can DO THIS and
I AM DOING IT !!

Perhaps we push too fast, too strong and making our finance ministry looks like a fool. Hence, our TOP decision maker has now publicly declared that HE is going to charge the MYR 50 NO MATTER WHAT !

Rumors or insider news, bankers are warn NOT to absorb the MYR 50 or else they will face indirect penalty withdrawing other facilities have been given to them. HE is very determined to collect this MYR 556 millions !!

You have a Problem ?
You Come Talk to me !


Ok, ok I will pay you MYR 50 ....

10 comments:

alan tan said...

I hope the bank will waive it

Michael Tsen said...

ditto

AntiNajib said...

Let's vote NAJIS down for his greed to suck 50MYR from each and every of the already poor RAKYAT !

Anonymous said...

plz tell me the 'rumours' or this 'insider news' is not true...else it is a very **** ** country that I'm living in!!!!!!

Michael Tsen said...

alan n I are praying, u can pray in your own way :)

as for voting, there are many bigger reasons why one should vote one way or another, this RM50 is relatively insignificant ...

alan tan said...

Just got a call from a Top foreigner bank.

She claimed the bank will give complimentary credit card’s Reward Points value RM50 once the RM50 is charged in the statement.

So indirectly, the Bank is absorbing the RM50 Service Tax on credit cards ! :D

We shall wait for official update then

Michael Tsen said...

Thanks for the message Alan, yes bankers did call everyone mentioning they WILL absorb the fee seeing people are cutting cards like crazy ... the method you mentioned is one of the latest ideas they think off where bank negara really has no control on. So it will most likely to pass on. However, it isn't really that attractive neither. RM50 worth of points to be redeem 'later' after I pay 'first' ... somehow I am not that favor to that yet.

Another interesting evolvement is banks are demanding BNM to allow them to increase credit limit and lowering interests as to promote one card for all concept.

ChampDog said...

I hope the bank can put the RM50 as the cash reward bonus. :) Hahaha... Everyone around me is canceling the card. :)

Michael Tsen said...

its been a while now, do you think this RM50 has 'REDUCED' number of credit card debt problems NOW ?

ChampDog said...

Do we have the data? There are no changes to the people around me. People with bad credit still remain the same.