Say No if you don’t need a credit card

PUTRAJAYA: The Government cannot stop banks from issuing credit cards although the easy access to cards has raised concerns of overspending.

Deputy Finance Minister Datuk Dr Ng Yen Yen stressed that the Government could not restrict banks from issuing the cards as the process was legal.

She said, however, that the ministry would monitor the situation.

“Although the financial institutions are seen as desperate and eager to offer credit cards to the public, it does not mean one must take it,” she said adding that those with many credit cards must be disciplined and not spend more than they could afford.

“The public must be disciplined and reject offers of credit cards if they do not need one.

“It is difficult for the Government to intervene and stop banks from offering credit cards because it is legal and part of a bank's activities.”

Dr Ng, who met Pahang Federation of Chinese Associations members here, advised parents to teach their children about financial planning at an early stage.

Led by their chairman Tan Sri Pheng Yin Huah, the group raised concerns that banks were offering credit cards with very lenient conditions and that many Malaysians were having too many cards.

They hoped the Government would reintroduce micro credit for small businesses and offer tax exemptions for non-governmental organisations to build their premises.