With the recently budget announcement by the Malaysia Government for year 2010, credit card user needs to pay service tax on credit cards and charge card for RM50 per year for principal card and RM25 per year for supplementary card. I think many people have decided to cancel their credit cards so that they can pay less money for the service tax.
It is normal for most people to have more than two cards. I know some of my friends even have more than 10 including co-brand cards between banks and retailers, airlines (e.g. AirAsia and MAS) and hypermarkets (e.g. those with cash back features). Although most of the time we do not use all of the cards but it does help us, the consumers, to save some money.
Have you canceled yours? I think I will remain my cards first until clearer guidelines (before 1st January 2010) is given by Bank Negara to the credit card banks. Some of the credit card banks (e.g. Maybank) also advice their customers to stay with cards first until Bank Negara give them further information on service tax. Will there be a chance the service tax will be waived by the bank or government? We still not know yet.