Comments on: Credit Cards and Malaysia’s recent budget 2010

By: CK

CK — Tue, 10 Nov 2009 04:29:43 +0000

Gosh!!!!! Totally support what you say. We are “blind” sometimes, but not FOOL. However, friend, please forgive them, because they use their butt to think, not brain. Pity on them……….

By: LiewCF

LiewCF — Wed, 04 Nov 2009 10:08:21 +0000

thanks for using my photo :)

I believe banks will sort out a way to absorb the charge..

By: tomdupuy

tomdupuy — Thu, 29 Oct 2009 22:53:01 +0000

You may want to check out these sites also

http://www.PrintsMadeEasy.com <---they are currently offering 100 FREE business cards that you can custom design on their interactive website and they will ship right to you.

You may also want to check out http://www.Postcards.com <--- same deal, custom printing, any size, high-gloss, excellent quality and service

By: msabuwala

msabuwala — Thu, 29 Oct 2009 06:16:17 +0000

Colin,
Let me play the devil's advocate and say that even though this seems to hurt the consumers in the short run, in the longer run this is a better approach. Consumption fueled by credit is neither healthy nor growth oriented. Look what it did to the US. Yes credit cards are convenient but you don't really need more than 2 (a Visa and Mastercard possibly an Amex if you are frequent business traveler which can be charged to business)
This is not targeted to consumers like you but to lower income groups who end up getting snared in the debt and these are usually the people least able to afford the high interest and fees.
As for the cashbacks and freebies, please remember you are implicitly paying for it in the retail price. Banks charge anywhere from 2-3% of the retail price as merchant chargeback fees. Go and buy anything in Plaza Low Yat and try paying by Card and they will immediately ask for 3% extra. This happens in Sim Lin Square also despite the fact that it is illegal in Singapore to discriminate between cards and cash. You are paying for the convenience it's just hidden from you.
The banks extract a lot from us especially from less savvy, or financially constrained consumers and even though this is a blunt instrument by the Govt., it is better than nothing.