Holder of 70 cards may cut most up if banks won't play ball

PUBLISHED : Saturday, 26 September, 2009, 12:00am
UPDATED : Saturday, 26 September, 2009, 12:00am

Leo Kong, who holds about 70 credit cards, has some decisions to make.

As banks start to enforce their policies on annual fees more strictly, Kong will be forced to consider how many cards he will keep.

The Hong Kong media worker said he had collected the cards over the years, mainly because he found the designs beautiful. He only uses those that offer certain value, such as bigger discounts on purchases, or more bonus points leading to gifts or cash rebates.

Kong has held a Manhattan Titanium card for many years and was charged an annual fee several months ago by the bank. The bank refused to waive the full annual fee as it had in the past, so he decided to cut up the card. He also holds a credit card issued by Standard Chartered Bank, where his company deposits his monthly salary. It charged him an annual fee recently, but the bank was willing to waive it.

Kong said if he was asked to pay annual fees he would consider consolidating all his banking activity with one card issuer to secure the annual fee waiver. But it would depend on the bank's services. 'Otherwise, I will just cut the card up,' he said.