At this time of writing, we still do not have any news yet if the proposal to impose an annual service fee on all credit cards and charge cards will be approved. We were told that if it was approved, this would take effect on 1st January, 2010.
The purpose of this service fee, we were told, was to help create prudent spending among credit and charge card holders. While I think this is a noble effort, if you work in the Debt Collection industry, you would know what a high percentage of people default on credit card repayments, I don't think this will work when so many credit card issuers are currently trying to entice us with unbeatable deals that are screaming out to us to spend, spend and spend!
A credit card is no longer a luxury but a basic necessity these days. Besides providing us with a line of credit, we need it for online shopping too. However, if the government thinks that this service fee is revenue that they cannot pass up, then it’s only fair to us that this service fee be imposed on the second or third credit or charge card onwards.
Well, whether the government will listen to the voices of the people, we will only know next year.
The purpose of this service fee, we were told, was to help create prudent spending among credit and charge card holders. While I think this is a noble effort, if you work in the Debt Collection industry, you would know what a high percentage of people default on credit card repayments, I don't think this will work when so many credit card issuers are currently trying to entice us with unbeatable deals that are screaming out to us to spend, spend and spend!
A credit card is no longer a luxury but a basic necessity these days. Besides providing us with a line of credit, we need it for online shopping too. However, if the government thinks that this service fee is revenue that they cannot pass up, then it’s only fair to us that this service fee be imposed on the second or third credit or charge card onwards.
Well, whether the government will listen to the voices of the people, we will only know next year.
*** This post has been sponsored.
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