Credit Cards. Am I getting charged gvmt tax for all cards?
Hi fellow redditors,
This year, I have been offered multiple credit cards from multiple banks which I accepted at first due to their benefits, but then I realise for some of them, I cant get the full benefit out of em, so I am thinking to unregister some of them so I dont pay dozens of govt tax at the end of the year.
Current cards I have:
- Affin Duo Visa Cashback (One cashback, One point)
I am using the cashback card only, atm I can consistently get RM30 out of RM50 through ewallet reloads, sometimes can max out if i do online purchase
>First 3 years fee is waived but then RM75 starting 4th year.
- UOB One Platinum Card
At first this card is quite good, RM88 cashback, RM60 cashback every month. But heres the twist, I need a 1.5k min spend with the card to get the most cashback, which I dont. Furthermore, the cashbacks are categorized into 4 categories and the maximum cashback for each category is RM15 (which adds up to 60). Hence until now I still have not been able to get the max cashback but I heard from others that this card is good so I’m hesitant to let go.
>Not lifetime fee waiver
- Maybank 2 Platinum Cards (Visa and AMEX)
These were recently offered to me. AMEX card has 5x points on weekdays and 5% cashback on weekends, Visa has 1x points any day. But shops that accept AMEX are nit as many as I thought.
>Lifetime fee waiver
At first, there are agents who told me that govt tax will be charged if I have the card activated, if it stays inactive, I am good. But apparently thats not the case as the agent from Maybank says that as long as I am registered under the cards, I am charged for each card I own.
Meaning if govt tax is 25, I will be charged a total of 25*5=RM125 every year.
If you are here, thank you for taking your time and reading through my post, I appreciate it. So I would love to hear your opinion on this, which card should I cancel and which should I keep.