What is the procedure of credit card cancellation in Malaysia? Below are 5 simple steps to cancel credit card:
- Step 1: Redeem the credit card reward points
- Step 2: Write in to instruct merchant (e.g. Celcom, Digi, Maxis, Syabas, TNB, Astro, Prudential, Great Eastern, and etc.) to cancel all the auto debit instructions, if any
- Step 3: Clear outstanding balance / full settlement for flexi installment plan, if any
- Step 4: Write-in / Walk-in / Call-in each credit card center to cancel your card
- Step 5: Follow-up on the cancellation
My Point of View:
Thanks for the Budget 2010 Credit Card Service Tax announced by our new Prime Minister recently! Although it is an additional burden for Rakyat, but I believe with the implementation, it helps to reduce the number of credit cards hold by individual and minimize the credit card default payment.
Hopefully, card holders will be more caution in using future money and spend their money wisely. Think twice before go for your new credit card application!
{ 4 comments… read them below or add one }
thanks ur sharing
i agreed with u
“reduce the number of credit cards hold by individual and minimize the credit card default payment”
Not a good idea. Not fair for a good paymaster and discourage the cashless transaction as the crime rate had increase. This is the only & easiest way for small business owner to use bank monies for rolling. May be lower or thighten the credit limit might help to overcome the bad depts instead of putting burdden on all the creditcard holder. Creditcard are suppose to ease finicial burdden and help to promote a cashless society. It is not fair for all the card holder to get the hit.
TQ.
Banks have adjusted the strategy to overcome this service tax issue.
Any one have fact that the implementation actually reduces default payment? Yes, it reduces number of card in issued, but it only means less card.
I am holding 2 UOB credit card – Visa & Lady card. By paying current balance due & I would like to cancel the UOB Visa Card. My current limit
is RM3000 for each card. Upon payment & cancellation of my UOB Visa Card, can I transfer the Credit Limit @ RM3000 into my UOB Lady’s Card?