I believe many people including myself had decided to cancel some of our credit cards when the government announced that the credit card tax will be imposed starting early this year. The RM50 tax on each principle card and RM25 on supplementary card are going to bring huge tax income for the government but it becomes a burden for most of the card holders just like me as it going to cost me RM500 for nothing since I own about 10 credit cards from different banks. Out of these 10 cards only 2 of those cards are frequently swiped and I keep the rest of the cards simply because there are no annual fees imposed on them.

The bank officer did inform me that even though I submitted the cancellation form but the head office is very likely going to re-issue another card for me. Obviously he did not cheat me; I received another upgraded card with increased credit limit from them shortly after my cancellation. I was shocked and can’t believe it when I saw the credit limit. It is 7X of my previous limit and even exceeding my annual income.

May be they just simply push the credit limit to retain their customer but is it going to create another financial problem in the future? Pushing the financial limit is totally different from pushing the camera’s ISO. It is far too risky for me to push my credit to that limit.