On 5 January 2012 Reserve Bank of Fiji confirmed the implementation of the Credit Card Levy (CCL) as announced in the 2012 Budget. The Credit Card Levy will be implemented with effect from 1 January 2012 by all commercial banks issuing credit cards.
Key features of the Credit Card Levy
• A charge to customers at the rate of 2 percent on the outstanding balance at the end of each month (commencing January 2012).
• The imposition of the CCL is based on the month end balance (i.e. debt), irrespective of the statement date or due date for payment of the balance. Hence you have to pay an extra 2% on all your purchases.
• The month end balance is inclusive of any interest and other bank charges. So you pay an additional 2% on all bank charges.
NOTE: This only applies to credit cards issued by Fiji Banks so the Government is deliberately penalising Fiji Citizens.
Save this expense by giving up your Credit Cards and take out a Debit Card, or pay cash.
The Muppets who dreamed up this levy clearly do not appreciate it will increase the use of cash, which will increase the sale of Brown Paper Bags, which in turn will result in Black Money Cash on which taxes will be avoided, end result… We all lose… Corruption is not Dead…….. Neither is Bureaucratic Stupidity and Greed