MBF Cards offers RM50 tax waiver for balance transfer

PETALING JAYA: MBF card holders stand to receive immediate interest savings upon approval of their balance transfer with a waiver of the RM50 Government Service Tax under MBF Cards’ Power Balance Transfer programme, subject to terms and conditions.
The offer promotes savings and long-term benefits for principal credit card holders who transfer their credit balance to an MBF card, MBF Cards (M) Sdn Bhd said in a statement.
The offer is valid until end February next year.
Under the offer, card members can now transfer their outstanding balance from other credit cards to MBF Cards and enjoy 0% interest for 12 months by maintaining the approved balance transfer amount for a full year.
But MBF card holders can only enjoy the benefits of the revolving credit amount, capped at RM7,500, with a minimum monthly transaction of RM300.
In addition, “if the approved balance transfer amount is more than RM7,500, MBF Cards’ prevailing interest rate will apply to the amount in excess of RM7,500,” the company said.
Meanwhile, Maybank is also providing its cardholders an option with regard to the RM50 card service tax.
Maybank said its cardholders had been informed via letters as well as on the bank’s website that cardholders could redeem their reward points to pay for the credit card service tax.

Adapted from: http://biz.thestar.com.my/news/story.asp?file=/2009/12/30/business/5382573&sec=business