My husband and I have collected a lot of credit cards overtime. Mostly due to too much pushing by the credit card salesman, hearing sob stories asking us to apply for the cards so that they can earn some commission... after all, they are free for life or a good few years, with conditions attached or not. So we applied, got their free gift upon application .. esp when they are toys.. and then kept the cards in a drawer when we received them. Dormant!
Lately, we heard that government may charge a RM50 PER CARD upon the anniversary of each card. When I called the banks to cancel the cards, they told me that decision is not final yet. Nevertheless, it's better terminate them before the tax requirement kicked in (supposedly in Jan) and we get stuck paying tax for unused cards. All added up, quite a bit of unnecessary tax. It is not as if it only RM10 per card but RM50 per card!!
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