Credit Card Tax for 2010 is to stay no doubt about it. Credit card industry as a whole has come to a consensus that this tax will be borne by the cardholders and not the banks. Association of banks also confirmed on the tax payment date.
Now, banks in Malaysia are strategising to help customers pay the credit card tax by hoping that they can retain their customers.
Most banks are willing to allow customers to utilise their reward points collected to pay the tax charge. However, some banks said that consumers could easily offset the tax with the many cash rebates offered with their credit cards.
For banks that agree to use points, how much are needed?
The table below shows how much points that you need for different banks
| Banks | Strategy | Points Needed | |
|---|---|---|---|
| Principle | Supplementary | ||
|
Alliance Bank
|
Redemption of points
|
10,000 | 5,000 |
|
Bank Islam
|
Customer to pay
|
– | – |
|
CIMB Bank
|
Redemption of points
|
10,000 | 5,000 |
|
Citibank
|
Redemption of points
|
10,000 | 5,000 |
|
Citibank AirAsia Card
|
Redemption of points
|
13,000 | 6,500 |
|
EON Bank
|
Redemption of points
|
10,000 | 5,000 |
|
Hong Leong Bank
|
Redemption of points
|
10,000 | 5,000 |
|
HSBC
|
Redemption of points
|
10,000 | 5,000 |
|
Maybank
|
Redemption of points
|
10,000 | 5,000 |
|
OCBC
|
Offset from Cash Back
|
– | – |
|
Public Bank
|
Offset from Cash Back
|
– | – |
|
RHB Bank
|
Customer to pay
|
– | – |
|
Standard Chartered
|
Redemption of points
|
10,000 | 5,000 |
If you interested to use points to pay the tax you have to contact your bank’s Customer Services.