GrabPay Increases Minimum Top-Up Amount For Online Banking To RM50

(Image: Rnggt)

Grab is increasing the minimum amount required to top up the GrabPay e-wallet via online banking to RM50. Previously, GrabPay users could top up their e-wallets with a minimum top-up amount of RM10, before a recent change that raised it to RM20. The new change will come into effect on 31 July 2020 and was first reported by
Rnggt
.

According to
Grab on Twitter
, the move is aimed at supporting a better experience for daily usage with higher transaction values as users will need to make top-ups less frequently, thus ensuring that everyone has a faster experience when making cashless payments.

However, Grab gave assurance that the minimum top-up amount for other methods of payment such as debit cards, credit cards, and Maybank2u would remain unchanged at RM20.

Responding to some users who voiced their displeasure at the change on Twitter,
Grab
 said that it would take their input and sentiment into account accordingly.

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Jacie Tan

Jacie Tan

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    Sang Kancil Guru (@sangkancilguru)

    3 years ago

Grab is going down the drain. When will Daddy Masa Bucks come and bail them out of perpetual unprofitability?

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How To Get More From Your Workout Budget

Keeping fit has somewhat launched itself into the hearts and lifestyles of many Malaysians, proving that a healthy body does indeed lead to a happy mind.

Some might have different opinions on what exactly encompasses a ‘workout’ per se, as an evening jog around the neighbourhood park might suffice, while others believe in targeted exercises – which are most effective in gyms.

We won’t deny the fact that a gym membership is indeed a pretty big monthly (or annual) investment, but fret not fitness fans – we’ll show you how you can get more from your workout allocation!

Read Also:
 *
Hit Your Fitness Goals Without Hurting Your Finances
*

Group Sign-Ups

Having a tag-along can be a great way to save up on sign-up fees along with other perks. Some gyms offer discounts for family packages as well as group sign-ups. Family packages include supervised workout membership for kids, regular access to adolescents and lifestyle centres for the parents.

Group sign-ups, however, are a little different – some gyms offer waivers of administrations fees or upfront fees and deposits. Others offer you discounts on your membership fees, provided your friend or family member signs up under the same account.

Other than being able to slash a little cost through collective booking, gyms typically offer memberships on a monthly, tri-monthly, semi-annual and annual basis – which you are at liberty to pick from.

Membership Length

Once you’ve rallied your workout troops, the next thing to consider is the term of your gym membership – as we’ve mentioned before, it can cost a lot, and if you continue paying but lose interest half-way, that’s another arrow to your financial limb.

In any case, one should always capitalise on rebates where available – which conveniently exist in the term of membership that you pick to suit your lifestyle best. A monthly basis membership can cost anything between RM100 and RM250 compared to the annual membership, which would warrant a monthly installment of 20% less than that of the aforementioned.

Often you’ll find that gym membership monthly commitments become a lot cheaper as the corresponding term length increases – this could ultimately be the difference in slashing close to thousands of ringgit in a single year. You could even get it for cheaper if you paid in full, cash!

Should you take up an annual contract with the gym, you would be committed to its monthly payment even if you decide to take a month hiatus. On one hand, it’s a good way to commit wholeheartedly to a healthier lifestyle. On the other, if you think you won’t be staying the year out (due to change in home or office location, looking out for the best gym, or are simply the commitment phobic kind); then stay clear of the annual deal!

Tip: When opting for an annual contract, also consider the staying power of the gym. Lots of new gyms come up and close down sometimes before your package is through and there’s not much you can do about it. Opt for annual packages only with big established gyms or those with sufficient redress should they shut their doors.

In-House Perks

Once you’ve made the first instalment payment to your gym membership, the next step is to perform a little reconnaissance to confirm its limitations.

You could drop a question at the counter asking about in-house activities other than just the regular gym. Most gyms offer a wide range of services like sauna, swimming pool, free personal training, spa or wellness center, and even contemporary fitness classes.

These contemporary fitness classes include zumba, pilates, and even pole dancing. Be sure to check if your membership allows you to participate or utilise any of these added amenities and activities.

Membership Rewards

While
lifestyle credit cards
 do offer attractive discounts on gym memberships, the membership itself offers just as exciting rewards outside the workout premises.

You can use your membership card to attain waivers off various health and wellness related products like protein shakes, safety gloves, knee pads, pharmaceutical products, skin enhancement treatments and even energy juices!

The best part is, all of these products can be used in your pursuit of a better and healthier body – this even includes handsome discounts off blood pressure meters and pulse massagers which you can put to use once you’re home after a good day’s workout to monitor progress.

On Your Marks!

No matter your workout budget, it is of utmost importance to understand that gym costs are not something we can sweep under the rug upon check and balance at the end of the month.

Its benefits however are unparalleled, and it takes our own initiative to get more from gym memberships because at the end of the day, a healthy body and pocket both dictate a peaceful mind. Any thoughts on this subject? Don’t be shy to share them with us via the comment section below!

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Diana Chai

Diana Chai

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AIA Updates Its My AIA Mobile App For A More Effortless Experience

AIA Malaysia has upgraded its My AIA mobile app to offer a seamless and more personalised user experience to its customers. The latest update now enables AIA members to access various functions – including managing their insurance plans and payments, getting exclusive rewards, and accessing their AIA Vitality accounts – from just one app.

Through the new app, AIA members can easily check the details of their insurance plans, make payments, and manage their e-Medical cards. It also keeps you updated with AIA’s latest promotions and events, allowing you to win exclusive rewards.

Aside from that, members who are entitled to employee benefits through employer-sponsored insurance plans can also access their medical benefits via the new My AIA app. You’ll be able to keep track of and utilise your benefits, view your medical cards, as well as locate AIA panel clinics and hospitals. Your medical claims, too, can be submitted and managed through the app.

Not only that, the new My AIA app has also been upgraded to incorporate access to your AIA Vitality membership. This means that you can now check your points and status, track your health goals and weekly challenge progress, as well as carry out other AIA Vitality functions through the My AIA app without switching over to the separate AIA Vitality app.

AIA also indicated that it will introduce several other healthcare services in the new app in the near future. These include the option to pre-register for a medical appointment, getting an online consultation with a doctor, and medication delivery.

You can download and register for the updated My AIA app as long as you have an active policy, employee benefit plan, or mortgage account with AIA Malaysia. It is available for free on
Google Play
, the
App Store
, and the
Huawei AppGallery
. Alternatively, you can head on over to
AIA’s website
 to find out more.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Govt To Introduce Bantuan Keluarga Malaysia, Offers Up To RM2,500 Cash Assistance

(Image: Reuters)

Finance Ministry Datuk Seri Tengku Zafrul Abdul Aziz has announced during the tabling of Budget 2022 today that the government will introduce a new direct cash assistance programme by the name of Bantuan Keluarga Malaysia (BKM), offering . It is an improvement from the Bantuan Prihatin Rakyat (BPR) programme and other previous direct cash aid initiatives, seeking to assist those who are truly in need of help.

Under the enhanced BKM, households that are earning less than RM2,500 per month and have three children or more will receive a cash assistance of RM2,000. This is an increase from the highest amount of
RM1,800 that was provided under the BPR programme
, which was introduced under the previous national Budget to replace the Bantuan Sara Hidup (BSH) initiative.

On top of the RM2,000, single parents earning less than RM5,000 per month will receive an additional RM500, whereas old folks will be provided with an extra cash aid of RM300. This means that a single mother or father with three or more children is technically eligible to receive a maximum BKM of RM2,500. Here’s a quick summary of the BKM programme:

Households/Recipients
No. of Children
Total BKM Cash Aid (RM)
Households with monthly income of <RM2,500
3+
Up to 2
0
RM2,000
RM1,500
RM1,000
Single parents with dependents and household income of <RM5,000
N/A
Additional RM500
Households with senior citizens
N/A
Additional RM300

In total, the government will allocate RM8.2 billion for the BKM programme, and it is expected to benefit more than 9.6 million recipients. In comparison, BPR had an allocation of RM7 million, benefitting only 8.6 million recipients.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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GST To SST: Understanding The Facts And Figures

Yesterday, Finance Minister Lim Guan Eng
confirmed the rates for the Services and Sales Tax (SST)
 which will officially go into effect from 1 September 2018, pending the necessary passing in Parliament. Because the announcement was made during his keynote speech at the National Tax Conference, it left most Malaysians with more questions than answers.

The keynote speech provides plenty of facts that goes beyond the new rates for SST, which is set at 10% for sales and 6% for services. Here’s a closer look at what Guan Eng did – and did not – mention during the speech.

SST Rate Is Same As Previous Implementation

(Image:
New Straits Times
)

The 6% and 10% rates may sound foreign to some – especially now that it is in greater focus – but this is the exact same rate that the government had been using before it moved to the Goods and Services Tax (GST) in 2015. In fact, the
SST has been around since the 1970s
, where the rate was originally set at 5% before being amended to 6% – which has stayed ever since.

The government has been at pains to address this fact since it went into power.

SST Revenue Will Be Significantly Less Than GST Revenue

Since its inception, the GST collection amount has consistently increased. In 2015, GST collections stood at RM27 billion, while the following two years brought in RM41.2 billion and RM44 billion respectively. At the World Customs Day celebration in January this year, then Prime Minister Datuk Seri Najib Razak claimed that
GST collections may have even hit RM45 billion for 2017
. Najib commented that the high amount was useful for income redistribution.

In contrast, SST revenue is startlingly lower. According to the Economic Report 2017/2018 released in October 2017, SST contributions for 2014 amounted to RM17.17 billion. Moving forward, Guan Eng shared that the government is projecting SST revenue at RM21 billion a year, with an expected RM4 billion to be collected in 2018 when SST is implemented on 1 September 2018.

On the one hand, a higher tax revenue would be good for the country, as it increases the amount of money to work on projects and development that benefits the people. But because GST is a multi-stage consumption tax that’s imposed at every level in the supply chain, it also increases the cost of living for everyone – even after income redistribution exercises such as Bantuan Rakyat 1Malaysia (BR1M) is taken into account.

What The Government Is Doing To Offset Lower SST Income

Lim Guan Eng (Image: Business Insider)

Because of this huge difference in revenue, the government naturally must tighten its belt. “To fill up the gap left by the GST, the Ministry of Finance has identified RM10bil worth of expenditure savings,”
Guan Eng said
. “This is where we need to do a little bit of belt-tightening by cutting down on expenditures, inefficiencies and of course through savings.”

These measures can already be seen in the
recent revision of the LRT3 project
, which had at first been put on ice before a massive 57% cut in expenditure saw the project brought back to life. Other high-profile projects, like the East Coast Rail Link (ECRL) and the KL-Singapore High Speed Rail (HSR), will likely see a similar renegotiation or even a deferment.

Besides that, external factors – such as the rising crude oil prices as well as dividend payouts from government-linked companies (GLCs) – and the projected RM4 billion SST revenue will bring in around RM15 billion to the country’s coffers as a temporary respite for this year.

The Government Will Lose Billions Of Ringgit During This “Tax Holiday”

(Image: homefinder Malaysia)

Malaysians are currently enjoying a three-month tax break between the zero-rating of GST and the re-introduction of SST. It’s the first time since the Seventies when the Service Tax Acts 1975 that there isn’t any kind of consumption tax imposed, but as the government has been saying from the start, it will end on 1 September.

Considering that Guan Eng has announced an estimated annual revenue of RM21 billion for SST, simple maths will show that this three-month tax-free break will cost the government some RM5.25 billion. Of course, tax collections vary throughout the course of the year, but it should give an idea of how much revenue is lost.

6% + 10% = 16%?!

Dr Ong Kian Ming (Image: Malay Mail)

One of the biggest misconceptions about SST is in the split between sales tax (6%) and service tax (10%). Thanks to some misguided posts on social media, there has been growing outcries that the SST is actually 16%.

At face value, the sales tax of 10% is very obviously more than the 6% for GST, so it’s easy for those who do not understand how SST and GST work to be misled. Add the other 6% service tax and you’ve got a recipe for a disaster. It doesn’t help either that this is being politicised, resulting in more confusion for the rakyat.

At the Dewan Rakyat today, Deputy International Trade and Industry Minister
Ong Kian Ming said that this poor understanding of the tax system
 extends even to some Members of Parliament (MP).

“Sales tax will be applied at the manufacturing point while the services tax is only applicable for service providers,” he said. “It is wrong to combine the rates and assume that it would be 16 per cent collectively… There are also a lot of items that are affected by the Goods and Services Tax (GST) but exempted from SST. I think there is a little confusion of the scopes of these two taxes at the moment.” He also added that the ministry will have a briefing for MPs to better understand SST.

In all honesty, a lot of the confusion and misconceptions can easily be avoided with some clearer communications from the Ministry of Finance. This may be partly due to the fact that the changes aren’t yet passed into law, but with everyone on Twitter and Facebook suddenly being overnight tax experts, it will be in the government’s best interests to address this issue. Perhaps the MP briefing can be extended into a PR strategy to include the rakyat? After all, we are also the ones who will be affected by the change from GST to SST.

An example of GST vs SST calculation circulating online whose calculations may or may not be correct.

This sentiment is
echoed by the Consumers Association of Subang and Shah Alam, Selanagor President, Datuk Jacob George
. “So far, there has been no conversation about the new SST and not much is known about it. All we know for now is that it is going to replace the Goods and Services Tax but its scope and impact has yet to be defined,” he said.

Even economists appear to be having a hard time agreeing on whether SST will reduce prices of goods. While Socio-Economic Research Centre executive director Lee Heng Guie thinks that the new implementation of SST will see a wider scope of coverage, Alliance Bank Malaysia Bhd chief economist Manokaran Mottain does not. Nor could the economists agree on whether prices of goods will increase post-SST. When experts aren’t certain, what does that say about us common people?

Thankfully, it appears that information is slowly trickling in. In a statement,
Guan Eng briefly addressed the confusion
 regarding the different tax rates in SST, and reiterating that it will benefit the low-income group in the long run.

“The 6% service tax applies to selected services and not all services, unlike the GST. The sales tax is imposed on manufacturers’ and importers’ price, while the GST is imposed on the final consumer price. Hence it is wrong to claim that a 10% sales tax is higher than a 6% GST,” he said.

Guan Eng concluded the statement with a promise to share more on the SST implementations when it is tabled in Parliament. “Unlike the GST, which burdens the poor proportionately more, the new SST will also be tweaked and designed to ensure that the impact on the lower-income groups would be proportionately less. The details of the improvements would be announced when the new SST Bill is tabled in Parliament during the current sitting.”

Will SST Be Cheaper Than GST?

Khairy Jamaluddin

This is easily the most important question for Malaysians, but unfortunately at this point in time, it is impossible to assertively say that prices of goods will go down when SST comes into play on 1 September.

Both tax systems have their pros and cons. GST’s broad tax base not only results in higher collection, it also increases transparency and mitigates leakage thanks to its fixed standard rate – after all,
GST is widely implemented in many countries
 around the world and is lauded as a modern consumption tax compared to SST. On the other hand, SST is a single-stage consumption tax that in theory, means that prices of goods should be lower.

Because of this, there have been suggestions to reduce the rate of GST, instead of reverting to SST. Opposition
MP Khairy Jamaluddin suggested that
 it makes more sense to revise the GST rate instead of reverting to SST, as it is more inefficient than GST. Khairy’s suggestion certainly does not sound as complicated as changing the country’s taxation system, and the reduction in GST rate to match the revenue of SST would, in turn, reduce the impact on cost of living.

Of course, it’s not as black and white. Many practices look good in theory, but fail in reality for various external reasons. Political motivation and poor enforcement are just two reasons that can taint even the most effective of systems.

The country’s Members of Parliament will debate on the implementation of SST next month.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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PTPTN Increases Minimum Salary Threshold For Mandatory Deductions To RM2,000 A Month

PTPTN has announced that it is increasing the salary threshold for its mandatory salary deduction for borrowers from RM1,000 to RM2,000 a month. The deductions will start at 2% and increase progressively as the borrower’s salary increases.

In addition, students from the middle 40% income group (M40) who achieved first class honours will be excused from PTPTN loan repayments just like the B40, and will apply to both public and private higher education institution students. However, the top 20 (T20) group who manage to achieve first-class honours will still be required to repay their loans.

During the tabling of Budget 2019 on 2 November, Finance Minister Lim Guan Eng announced a new mandatory salary deduction plan for PTPTN borrowers. The salary deductions will increase progressively to 15%, depending on the borrower’s income, and will apply to PTPTN borrowers earning RM1,000 and above. The decision to increase the minimum salary threshold and include the M40 to the exemption list are both seen as helpful for borrowers from low-income backgrounds.

As of September 2018, the total amount of unpaid PTPTN loan is RM39 billion, which
has been compared to the RM42b debts accrued by 1MDB
 by Prime Minister Tun Dr Mahathir.

(Source:
The Star
)

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Olivia Song

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What Is The Best Air Miles Credit Card In Malaysia?

An “air miles credit card” is a credit card that offers you the chance to earn air miles as one of its main benefits. Frequent travellers who accumulate enough air miles can use them to claim free flights, offset part of a flight’s price, or even upgrade your seat up to a higher class.

There are several factors that would make an air miles credit card a “good” one. Of course, most obviously, you would want a credit card with the best air miles conversion rate so you earn the most air miles for every Ringgit that  you spend. However, you also have to take into account things like eligibility requirements, type of spending required, and points expiry – what good is a good air miles conversion if you can’t unlock the benefits?

Here are five of the best air miles credit cards in Malaysia. Most of the cards we’ve selected offer air miles benefits through their rewards points catalogue, so to figure out the best conversion rate you’ll have to take into account how quickly you earn points from your expenditure as well as how many points it will take to redeem a set amount of air miles. To make it easy for you, we’ve calculated the amount of expenditure needed per air mile earned on each credit card.

Air miles Credit Card

Malaysia Airlines Enrich Miles

Singapore Airlines KrisFlyer Miles

Cathay Pacific Asia Miles

Maybank 2 Cards Premier

RM1 per 1 Enrich Mile for all local and overseas spend on American Express

RM1 per 1 KrisFlyer Mile for all local and overseas spend on American Express

RM1 per 1 Asia Mile for all local and overseas spend on American Express

Maybank 2 Gold Cards

RM2 per 1 Enrich Mile for all local and overseas spend on American Express

RM1.60 per 1 KrisFlyer Mile for all local and overseas spend on American Express

RM1.40 per 1 Asia Mile for all local and overseas spend on American Express

Alliance Bank Visa Infinite

RM3 per 1 Enrich Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend

–

–

HSBC Visa Signature

RM1.31 per 1 Enrich Mile on overseas and foreign online spend

RM2.10/Mile for local malls and online spend

RM1.86 per 1 KrisFlyer Mile on overseas and foreign online spend

RM3/Mile for local malls and online spend

RM1.86 per 1 Asia Mile on overseas and foreign online spend

RM3/Mile for local malls and online spend

Singapore Airlines KrisFlyer American Express Gold

–

RM2 per 1 Krisflyer mile on normal spend

RM2 per 2 Krisflyler miles for Singapore

–

Maybank 2 Cards Premier
 – Best Conversion Rate

Conversion rate:
RM1 per 1 Enrich Mile for all local and overseas spend on American Express

Other air miles claimable:
KrisFlyer, Asia Mile, AirAsia BIG Points

Reward points validity
: 3 years

Minimum income requirement:
 RM100,000 per annum

Annual fee:
RM800 (free for the first year and with minimum spend of RM80,000 per year subsequently)

The Maybank 2 Cards Premier comes in a pair consisting of the Maybank2 Cards Reserve American Express and the Maybank Visa Infinite; the American Express card gives you higher TreatsPoints returns at 5TP with every RM1 spent locally or overseas, whereas the Visa offers 2TP for every RM1 spent locally and 5TP on every RM1 spent overseas. Maybank 2 Premier cardholders enjoy the best rate of TP-to-air miles conversion out of all of Maybank’s credit cards, allowing you to redeem twice as many air miles compared to an ordinary Maybank Visa or Mastercard.

Good things come at high prices, however – at a minimum income requirement of RM100,000 per annum, the Maybank 2 Cards Premier aren’t for moderate-income earners, and neither is the high annual fee of RM800. However, this is offset by the fact that the American Express card has one of the best air miles conversion rates you’ll see in Malaysia. 1,000 Enrich Miles can be redeemed with just RM1,000 expenditure on the card on all local and international spend (excluding utilities, education, EzyPay, and insurance, which earn a lower TP rate).

Maybank 2 Gold Cards
 – Best For The Masses

Conversion rate:
RM2 per 1 Enrich Mile for all local and overseas spend on American Express

Other air miles claimable:
KrisFlyer, Asia Mile, AirAsia BIG Points

Reward points validity:
3 years TreatsPoints validity

Minimum income requirement:
RM30,000 per annum

Annual fee:
Free for life

With a low minimum income requirement and annual fees that are free for life, the Maybank 2 Gold Cards are easily the most accessible cards on this list. Despite that, the Maybank 2 Gold American Express still offers one of the best air miles conversion rates on the market – and you can access this for zero annual fees and from a monthly income as low as RM2,500.

Like its Premier counterpart, the Maybank 2 Gold American Express card grants 5TP on local and overseas expenditure. However, the Gold’s 5TP is only applicable for weekdays, and overall you’ll need to accumulate more TP on the Gold cards compared to the Premier to redeem the same amount of Enrich Miles. Still, RM2 per Enrich Mile for both local and overseas spend is still a favourable conversion rate – it’s even better than some credit cards with higher annual fees and eligibility requirements.

Alliance Bank Visa Infinite
 – Good Overseas Spend Conversion Rate

Conversion rate:
RM3 per 1 Enrich Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend

Other air miles claimable:
AirAsia BIG

Reward points validity:
No expiry

Minimum income requirement:
RM150,000 per annum

Annual fee:
RM800 (waived with minimum spend of RM30,000 per year)

The Alliance Bank Visa Infinite’s air miles conversion rate for local spend isn’t particularly outstanding, but it does have a better rate for overseas expenditure. You can redeem 1,000 Enrich Miles for RM1,200 spent overseas, making this a good credit card for those who travel and spend abroad frequently. The Alliance Bank Visa Infinite also gives its cardholders unlimited complimentary access to over 850 Priority Pass airport lounges worldwide.

However, how does the Alliance Bank Visa Infinite compare to the Maybank 2 Cards Premier? The Maybank 2 Cards Premier have a better conversion rate, but the Alliance’s Timeless Bonus Points have the advantage of no expiry date whereas Maybank TreatsPoints are only valid for three years. Moreover, you have a higher likelihood of having the RM800 annual fee waived with the Alliance Bank Visa Infinite as the minimum spend required for the waiver is only RM30,000 per year.

HSBC Visa Signature
 – For The Local Shoppers

Conversion rate:
RM1.31 per 1 Enrich Mile on overseas and foreign online spend, RM2.10/Mile for local malls and online spend

Other air miles claimable:
KrisFlyer, Asia Miles

Reward points validity:
3 years

Minimum income requirement:
RM72,000

Annual fee:
RM600

The HSBC Visa Signature has different multiplier points for different categories of expenditure. You get 8x Reward Points on all overseas and online spend in foreign currencies, 5x Reward Points on local malls and online spend, and 1x Reward Points on any other spend. You can then redeem 1,000 Enrich Miles with 10,500 HSBC Reward Points. Sounds complicated? Put simply, you earn 1,000 Enrich Miles with RM1,310 spend on the 8x categories, RM2,100 on the 5x categories, and RM10,500 on any other spend.

If you know you’ll spend a lot on the categories that garner higher rewards points, then this card will be able to deliver you the air miles – but if you don’t, you’re better off claiming your reward points for something other than air miles. HSBC Visa Signature cardholders also get 6 times access to Plaza Premium Lounges in Malaysia, Singapore, and Hong Kong. As for the eligibility requirements, this card requires you to earn at least RM6,000 a month and pay a RM600 annual fee– which isn’t too demanding for an air miles credit card.

Singapore Airlines KrisFlyer American Express Gold
 – For Changi Frequenters

Conversion rate:
RM2 per 1 KrisFlyer mile on normal spend, RM2 per 2 KrisFlyer miles for Singapore Airlines online ticket purchase

Other air miles claimable:
None

Reward points validity:
3 years

Minimum income requirement:
RM48,000

Annual fee:
RM250 (free for first year)

Although its conversion rate is good, the KrisFlyer American Express Gold is designed so it exclusively favours those who fly Singapore Airlines. Yes, you can earn air miles even when using your KrisFlyer credit card for normal spend, but you earn at a higher rate when you purchase Singapore Airlines tickets online (for flights originating from Malaysia only). And of course, the air miles earned from this credit card are KrisFlyer miles, which can only be used on Singapore Airlines flights.

This is the only credit card on this list through which you earn air miles directly instead of redeeming them from a rewards catalogue. One big bonus is that you immediately get 3,000 KrisFlyer miles when you use your KrisFlyer American Express Gold credit card for the first time. Cardholders also enjoy five times complimentary access to most Plaza Premium Lounges in Malaysia – but unfortunately, not at Changi Airport.

Choosing The Best Air Miles Credit Card For You

As you can see, the best air miles credit card isn’t just about the best conversion rate you can get. Sure, some cards give you more air miles for what you spend, but you have to see for yourself if the credit card is suited to your expenditure, lifestyle, and most importantly, income. Air miles also aren’t the only travel-related benefits credit cards have to offer. For instance, you may opt for one credit card even though it gives you lesser air miles because it offers you
free airport lounge access
 or better overseas cashback.

To make your credit card search a lot easier, you can use our
RinggitPlus credit card comparison tool
 to find and apply for your next air miles credit card.

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This Just in! Father's Day Contest Winners

However extravagant all super heroes in movies are made, none can ever come close to the one living right under our roof!

Unlike those blockbusters where a billionaire philanthropist takes the leading role, we’ve decided to twist the plot a little this Father’s Day and ask you what would you do for your dad if you had
Lebih Ringgit
.

Accompanying your answers, we asked that you also send us ‘wefies’ with your dad. Thank you for being the sporting bunch you are. We’ve received a busload of entries, all equally impressive in their own right.

However, in the true spirit of competition, we had to pick out only 3 winners. Nonetheless, we’d like to thank every one of you who submitted entries and of course, a fat congratulations to the following winners!

No. 3: The #1 Man

It was all kisses from Facebook user
YinKuang Ang
 and her sister who has pledged that her dad will remain the number one man in her life, no matter where she is or who she is with. She wrote:

Dear Daddy, If I had more money I will keep and save for you spend after you retirement. It is to reduce your burden and enjoy your life for no worries about money. No matter where I go in life; who I get married to; how much time I spend with guys; how much I love my boyfriends, You will always be my NO. 1 Man! I will take care of you forever. <3 #lebihringgit

We wish you many more awesome daddy-daughter years ahead, and do have
a pair of movie tickets to TGV
 on us!

No. 2: The Wanderlust Dad

What better way to reward your dad than to send him and the woman he loves most (his wife) on a fully paid vacation like FB user
Miki Lee
 intends to do? She has so much in store for her dad when she steps into the working world. Her response was:

If I had more money I will tell my dad no need work anymore and give money to him go travel with my mom. This is a dream of my dad. Dad, I promise you, when I finished my student journey I will work hard and bring you and mom go travel <3 Love you daddy mummy <3

We’ll get you started on your paternal treats by sending you
a pair of movie tickets to TGV
.

No. 1: Forever in Her Heart

You can’t read what FB user
Shis Somali
 wrote in her late father’s honour and not feel a tear about to jerk. It was a note of love, reminiscing the great man’s take on life and kindness, which continues to live on in his daughter. she said:

If I had Lebih Ringgit, I’d hire a pilgrimage to my late father as my father passed away last year. Perform Hajj is his primary wish but it turn to unfulfilled dreams. In addition, I will make feasts and prayers for him. Moreover, I will also donate to the needy because he always advised me to help the poor and needy. I will do anything for him. Miss him a lot. Happy Father’s Day, AYAH <3 <3 <3 #lebihringgit

We feel for your loss and would have loved for the man himself to receive our grand prize of a
Blackberry Q5
, but we are sure you are no less deserving of it after that excellent tribute. Thank you for the reminder that love does indeed conquer all. Congratulations, Shis.

Winners, Listen Up!

Congratulations to our three winners! All that’s left to do is drop us a PM or email
[email protected]
 with the following details:

Your full name

Your phone number

Your mailing address

Thank you very much for your participation!

For the rest of you, don’t worry. If you weren’t lucky this time around, be sure to look out for more contests on our
FB page
 and on
the website
. Good luck!

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Should You Re-Mortgage Your Home?

If you need more money, and a large sum at that, what is your best option to help you get your hands on those funds? You may have considered re-mortgaging your home – it’s a reasonable option especially if you are not quite satisfied with your current mortgage.

Still, the route is not for everyone, but could it be right for you? Read our guide on re-mortgaging to help you decide.

Re-Mortgaging 101: What Does it Mean to Re-Mortgage?

Assume that you have a pre-existing property mortgage but intend to switch lender and loan, in essence, you are asking another lender to pay off your previous borrowings and give you a fresh a loan under different terms.

Now, you are indebted with a whole NEW loan under a NEW lender.

Do note that you can remortgage with the same bank as your pre-existing mortgage but some (not all) tend to offer less attractive interest rates to existing customers than they would new ones, so do shop around for the best rate.

When is it a Good Idea?

Although, we always tell you that decisions on large money matters should ultimately be your own; we’ve put together some compelling reasons for opting to re-mortgage your home.

If you are having any of these concerns, then you might want to consider a re-mortgage.

1. You need cash in hand

When emergencies arise and big sums are needed, rather than take up a personal loan or use a credit card, which carries high interest rates, a re-mortgage can make large amounts of cash available to you.

The upside is that you would enjoy lower interest rates that can be spread out over a longer period. In addition, the equity built up if the home’s value has appreciated would yield a nice positive balance to help you borrow more money.

Practice caution though – be sure that your reason for taking out the cash is worth extending your loan and the interests incurred.

2. You want better interest rates to reduce total interest costs

Things change, especially interest rates, so if you believe there is another lender who can improve your current rates; why not take advantage of that?

Lower interest rates could mean a reduction of total interest costs over the tenure of your loan and lesser monthly repayments as well. Before you take the plunge however, consider any additional costs that could offset your perceived savings.

For instance, take into account your current loan’s lock-in period penalty fee or other bank charges applied for taking on a fresh mortgage.

3. You want to consolidate your debt

Remortgaging can help you pay off numerous creditors and gather your debt into one loan under one lender. You could also benefit from better interest rates if you are paying off credit card or personal loans, and regrouping the borrowings under a home mortgage, typically carrying a lower rate.

In addition, your new lender may also provide you flexibility that your other loans did not, such as giving you the option to pay more in monthly instalments and reducing the tenure of the loan.

That said, re-mortgages are serious business and should not be undertaken on a whim just because more money is needed especially for frivolous reasons (we are not judging). The point is, there are some situations in which, a re-mortgage might not be beneficial

When it Might NOT Be a Good Idea

1. Your income has changed (for the worst)

It’s not a good idea to re-mortgage you home if you are making less money and simply need more cash to float. This is because first-off, you’d have a tough time even finding a lender and secondly, interest rates would not be attractive if lenders are taking on a high-risk borrower.

You’ll end up owing more, paying instalments for a longer tenure and lose out in the long run; your aim should be to remain profitable for as long as possible. Look out for other ways to bring in more cash, such as a second job, or downsizing your lifestyle where feasible; getting another mortgage should be a last resort option.

2. You don’t really understand the concept

You think you know, but you’re really not so sure that you really understand what you think you know. If your grasp of your impending re-mortgage is as convoluted as the above sentence then you probably need to ask more questions.

Do not be afraid to keep digging and examining until you get your answer – it’s next to impossible to make the right decision if you don’t have enough information. Worse yet, if the information you do have, does not make sense.

3. Peer Pressure

Don’t be surprised at the number of people who will jump into major financial whirlpools just because someone they knew thought it was a good idea. Amateur financial advisors abound and you would be wise to steer clear of those telling you to take advantage of the property you have just sitting there, earning you nothing.

Unsolicited advice as such should only be considered with the help of a professional consultant. Better yet visit The Credit Counselling and Debt Management Agency for a free evaluation of your personal financial situation and to further avoid undertaking unnecessary loans.

If you’re still on the fence about remortgaging, we’ve drawn up a quick list of pros and cons to help you on your way:

Pros

Frees up funds to invest and buy property;

Gain greater flexibility in repayments;

Reduce monthly instalments.

Cons

Incur penalty charges for early repayment;

Extending the tenure of your loan and increasing total interest costs;

Risk of defaulting or losing the value of previous payments made especially if close to settling the loan.

If the question of re-mortgaging has been on your mind, then you are most likely in the market for another major life decision. Nevertheless, don’t be scared to try and improve your finances, just be diligent and keep an eye open for dud deals in banking (they do exist) that will end up in you losing much more than you bargained.

Finally, if you do decide to re-mortgage your property, do:

1) Find a bank that is offering exactly what you are looking for (or as close as possible) in terms of interest rates, flexibility and absorbing penalty fees (Psst!
Our home loan comparator
 should be quite useful in this area);

2) Commit to a rate that you can comfortably repay; and

3) Be prepared to decline any deal with which you are not 100% satisfied!

Happy Hunting!

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Desiree Nair

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Public Bank To Establish Sustainability Roadmap, Explore More Green Banking Solutions

(Image: The Edge Markets)

Public Bank revealed that it has plans to develop a sustainability roadmap in the near future, which is set to focus on multiple core business segments. These include domestic consumer banking, small and medium-sized enterprises (SMEs) lending, wealth management, transactional services, capital market operations, and international operations.

“(We are) focusing on synergistic growth (and we plan to) explore the development of more green and sustainable banking solutions,” the bank shared at a conference, adding that it is committed to the
Task Force on Climate-Related Financial Disclosures (TCFD)
. Briefly, the TCFD is a framework developed in 2015 that organisations can tap into when providing climate-related disclosures and information to their stakeholders.

To date, Public Bank has already established several key commitments with regard to sustainability, including achieving carbon neutrality in greenhouse gas emission by 2030 and net zero greenhouse gas emission by 2050. Additionally, it aims to mobilise RM40 billion in ESG (environmental, social, and governance) financing by 2025, of which RM25 billion will be allocated for energy efficient vehicles. By the end of June 2022, about RM20 billion has been approved for energy efficient vehicles financing, while more than RM1 billion was mobilised for affordable home financing.

(Image: Bernama)

Furthermore, Public Bank also identified 72 ESG-friendly sectors and 12 social agenda loan purposes in the first half of 2022 (1H22). This is in a bid to encourage its branches to promote ESG lending. The bank also upgraded an internal credit system based on Bank Negara Malaysia’s (BNM)
Climate Change and Principle-based Taxonomy
, allowing the bank to better classify new loans that contribute to climate change mitigation and adaptation.

Other notable efforts include launching green financing facilities to provide preferential rates for loans with environmental-friendly objectives, as well as offering BNM’s Low Carbon Transition Facility to encourage the adoption of sustainable and low carbon practices among SMEs. Internally, Public Bank also launched sustainable financing for its staff members, offering lower interest rates for the financing of electric vehicles (EV), hybrid vehicles, and solar panels.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Finance Minister: Ringgit Depreciation Caused By Temporary Factors, Currency Expected To Strengthen

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has reassured the public that the ringgit’s current depreciation is caused only by temporary factors. It is expected to be strengthened eventually by Malaysia’s strong economic fundamentals and prudent management of the currency.

According to the minister, one of these temporary factors is the international community’s expectations for the global monetary situation. There has been a continued tightening of global liquidity, which in effect, has caused investors to begin speculating and taking precautions. “As a result, they have reallocated funds to higher-yielding assets denominated in US dollars. This has led to the depreciation of various global currencies, including the ringgit,” he explained.

The ringgit is also affected by expectations that China’s growth prospects will deteriorate this year, due to the republic’s strict implementation of movement restrictions in major cities, stemming from a zero-Covid policy. This is as China is a major consumer of Malaysian goods and services; exports to China accounts for a significant 10.7% of Malaysia’s gross domestic product (GDP), in comparison to other countries, such as Indonesia (2.1%) and Thailand (1.3%).

(Image: Malay Mail)

Additionally, volatile global geopolitical tensions have impacted global economies, which indirectly led to the weakening of several currencies as well. “This is reflected in the value of the VIX, or the investor ‘fear index’, which has increased to 25.7 points (as of 28 May) from the previous average of 18 points. This has also caused investors to flock to safe-haven assets – such as gold and the US dollar – putting downward pressure on various currencies, including the ringgit,” Tengku Zafrul further elaborated.

Despite all the pressures mentioned above, however, Tengku Zafrul is confident that the ringgit’s value will remain stable, and then recover in the near future. This is as Bank Negara Malaysia (BNM) actively manages the local currency to ensure that the local note’s fluctuation does not overwhelm the local economic sector.

“What is more important are our economy’s strong fundamentals, such as the country’s continued economic growth prospects. The ringgit will continue to strengthen after the economy expanded by 3.6% in the fourth quarter of 2021 and 5% in the first quarter of 2022,” said Tengku Zafrul, adding that this recovery is also reflected in the most recent analysis by the International Monetary Fund (IMF).

(Image: Samsul Said/Bloomberg)

For context, the
IMF projected a 5.75% GDP growth for Malaysia
 in 2022, propelled by both domestic demand and strong external demand.

Finally, Tengku Zafrul also said that the demand for ringgit will continue to remain strong, given expectations of a current account surplus.

To note, the Malaysian ringgit hit an all-time low against the Singapore dollar last week,
weakening past 3.20
 for the first time. On 19 May, the local currency also
weakened past 4.4 against the US dollar
 for the first time since the onset of the pandemic.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Fresh Graduate Money Myths Debunked

University, final presentation, results, convocation, and then we are free! But not quite. After education, most graduates will enter into that wonderful next dimension: WORK.

Welcome to the working world freshies: The ultimate destination after you graduate. Being independent and handling your own money can be a “fun” thing to do, but it can also be a great time to build your wealth for the future. Of course to do so, you will need to let go of these common fresh graduate myths.

I Graduated So I Should Be Paid a Lot

Here is the sad truth, fresh grads: your first salary isn’t going to be stellar and it possibly will continue to not be stellar unless you seriously up your game. There are no free lunches in this world and having a degree from an international university no longer guarantees the employers will be lining up at your door. But we can say from collective experience that if you work hard – it should increase with the right employer.

What makes you employable is much more than a scroll of paper and employers want to see that you are really worth the while before they pay you the usual industry wage.

Fresh grads also need to be trained and it will take time before they can be of optimal use to employers, hence the limited payscale but don’t let this discourage you – it’s not a sign of your worth just yet!

Sometimes, it doesn’t hurt to accept a modest wage if the job is a learning experience for you. Don’t be quick to dismiss an opportunity based on what may be your own disproportionate view of the ‘right salary’. Think about it: 6 months of a low salary still gives you more money (and experience!) than unemployment does (duh!).

Commitment Can Wait, Let Me Enjoy First!

We don’t mean the marrying kind but the financial kind. Many young grads want to enjoy their newfound financial freedom by buying new stuff or taking holidays with their first salaries but if you want to build a good empire – starting early is the best you can do for yourself.

Buying your first home; taking out your first fixed deposit or investing in your first unit trust can all give you much more benefits if you start early. Imagine the interest you would have accumulated at the young age of 35; or how much sooner you’ll pay off your home loan if you bought early.

You can use your savings and combine your
EPF savings from Account 2
 to invest in property. Owning a house is a crucial step to build a bright future for your family and yourself. There are also many first home owener schemes such as
PR1MA
 and
Skim Rumah Pertamaku
 to get you started.

As the Malay saying goes, “Bersakit-sakit dahulu, bersenang-senang kemudian”. Try allocating a specific sum of money every month for building your wealth; be it in repaying a home loan or investing in your fixed deposit. Drop by drop creates an ocean, so why not take the aim to start building early?

There is Still Ample Time to Save

Living from paycheque to paycheque is unfortunately the norm for most of us, but it can get harmful if you start adapting to this lifestyle in your early years and find yourself unable to quit it later.

Sure, you may have the luxury of blowing a couple of paycheques on a stereo system or the latest gadget now – but keep doing it every month and you risk damaging your potential for future wealth.

Having a budget which will slowly and steadily help you maintain a good savings account will give you the peace of mind that comes with having an emergency fund as well as seed money for whatever you wish to do in future.

I am Young, I Don’t Need Insurance

One never knows then the bolt of thunder will hit him/her. Getting a health insurance will be indeed be beneficial as you will realise it’s

immense need when you are ill.

A health insurance will not only give you peace of mind, but applying early reduces the risk of you getting a policy that doesn’t cover all your medical exigencies. Pre-existing illnesses are a big red flag to insurance companies and this will not only drive up your premiums; it will reduce your cover.
Insurance myths like this one
 abound as well, so do take note of them to ensure your policy is there for you when you need it.

Besides that, depending on how good your insurance coverage is, you will be able to get good health treatment such as treatment at your hospital of choice or full repayment for room and board.
Check for the best medical cards that best suit you and your lifestyle
.

I Don’t Need to Manage My EPF

Whilst the above statement is both true and false; it’s important to remember that you do need to pay some attention to what is happening in your EPF account. Your EPF will be able to help you budget and know where you financially stand in your retirement days but that doesn’t mean you ignore it until then.

Here are some things you can do to keep your EPF in tip-top shape to enable it to help you when it is supposed to.

1) Make sure your
EPF account has a nominee
 in the event of your demise. Whilst you may not think you will pass on so early – even if the possibility is at 0.01%, is it not worth securing your money?

2) Check that your employer has diligently paid the sum stated in your pay slip. Although rare, some employers have been known to either accidentally or purposefully deny you your EPF payments. Sometimes a mistake may see you getting less. Checking your account once in a 6 months isn’t hard to do but you will be able to spot discrepancies faster.

3) Get to know your withdrawal rights. Whilst we are all for you keeping your EPF monies safe and sound until retirement; some withdrawals can be lifesavers such as the withdrawal for
medical
. You can also use your Account 2 to purchase property as mentioned above so take a good look at
your withdrawal options
.

Entering the world of work can be a nerve wracking experience but it also can be a super fun time depending on what you make of it. With the right moves; you’ll be sitting pretty in your well-earned wealth before you know it.

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Heeral Bhatt

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Win An iPad Air M1, iPhone SE, Or Get JBL Pro Tour Two, And More!

It’s time for another round of amazing prizes on Unbox This Week! Stand a chance to take home Apple products such as an iPad Air M1 along with the iPhone SE, a selection of audio gear for music lovers, cash prizes, and more when you apply for a credit card from RinggitPlus this week.

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 21 August to 28 August, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, UOB, RHB, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Standard Chartered – RM800 Touch ‘n Go eWallet Credit

A guaranteed cash gift awaits! It’s always useful having extra cash at your disposal – use it for driving through tolls, going on a shopping spree, paying for utilities, or even treating yourself to a nice meal.

Apply for a Standard Chartered credit card this week and submit your latest EPF statement to get RM800 in TNG eWallet Credit. If you submit income documents other than your EPF statement, you can get RM700 in TNG eWallet Credit, guaranteed.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

HSBC Bank – JBL Tour Pro 2

Get a guaranteed pair of JBL Tour Pro 2 True Wireless Noise Cancelling Earbuds when you apply for an HSBC credit card this month!

The JBL Tour Pro 2’s True Adaptive Noise Cancelling technology tunes out distractions and its battery lasts up to 40 hours on a single charge so you can enjoy your favourite audio on the go. Need to take a call when you’re out and about? With the 6-mic technology and Personal Amplication feature, your voice will sound crystal clear even in noisy environments.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

UOB – Apple iPad Air M1

Stand a chance to win the Apple iPad Air M1 when you apply for a UOB credit card.

The iPad Air M1 features an immersive 10.9-inch Liquid Retina display and a breakthrough Apple M1 chip, making it a creative and mobile gaming powerhouse. With Touch ID, 12MP front and back cameras, and a USB-C charging port, the iPad Air M1 is the go-to device for both work and play.

If you don’t win the iPad Air M1, you’ll still get a guaranteed RM250 in TNG eWallet Credit as a gift. To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – Apple iPhone SE

You could be taking home an iPhone! Win an iPhone SE when you apply for an RHB credit card this week.

The iPhone SE features a lightning-fast A15 Bionic chip and a long battery life, so you’ll be able to perform tasks efficiently on your smartphone throughout the day. Plus, it packs a 12MP wide camera along with an advanced camera system which allows you to take stunning photos.

You’ll still get guaranteed RM300 cash via DuitNow if you don’t win the iPhone SE.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Alliance Bank – Xiaomi Mijia Water Dispenser C1 OR Xiaomi 70mai 1s Dash Cam

Bring home a guaranteed Xiaomi Mijia Water Dispenser C1 or Xiaomi 70 Mai 1s Dashcam when you apply for a new Alliance Bank Credit Card!

Apply for an Alliance Bank Credit Card with Balance Transfer and you’ll be guaranteed to receive the Xiaomi Mijia Water Dispenser C1. The perfect addition to your household – the Xiaomi Mijia Water Dispenser C1 features 3 different modes for water temperature, a quick one-button start feature, and 2.5L of tank capacity, meeting your daily hydration needs.

On the other hand, take home the guaranteed Xiaomi 70 Mai 1s Dashcam when you apply for an Alliance Bank Credit Card without Balance Transfer. The dash cam comes in handy when you need to record crystal-clear footage in case you witness any unfortunate incidents on the road, thanks to its 1080p resolution.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

Public Bank – JBL Wave 100TWS True Wireless Earbuds

Applying for a Public Bank credit card this week? You’ll receive the JBL Wave 100TWS True Wireless Earbuds. The earbuds are the perfect accessory for listening to music thanks to their powerful JBL Deep Bass sound and long-life battery – allowing you to listen to music comfortably for up to 20 hours.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us. While this week’s flash deal ends on 28 August 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Eloise Lau

Eloise Lau

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YouTube Channels That Make You Financially Smart

YouTube has no shortage of passionate people who love sharing their knowledge and experience on various topics under the sun. You can find extensively thorough reviews, lectures, discussions, and examinations of various subjects in multiple languages.

In fact, YouTube can be an excellent source for learning and keeping up with our favourite subject matter: finances. If you’re all out of adorable
Korean toddlers
 or happy meal
toy reviewers
 to subscribe to, check out these insightful and entertaining YouTubers who talk about money.

Crash Course: Economics

As the name implies,
Crash Course
 is a channel that seeks to inform viewers in various scholarly topics in a fun and engaging way. With wise-cracking hosts and animated sections, their videos are designed to pull you in while simplifying complex ideas at the same time.

We recommend checking out their playlist on Economics where you can learn about
supply versus demand
, why
inflation
 happens, and why we use
money
. Understanding the basics of economics (which is more about managing resources than it is about money) can help you look at your finances more clearly and aid you in making better decisions about them.

Ramit Sethi

Ramit Sethi is a personal finance advisor, he runs a highly successful blog, and is author of the the New York Times Bestselling book on the subject, “I Will Teach You to Be Rich”. Far from being an aspirational motivational speaker,
Ramit’s videos
 talk about strategies to get to where you want to be as an entrepreneur, with actionable steps at the end of each video.

He even includes stories and lessons from others who have succeeded under his tutelage. Ramit’s videos range from quick answers to questions like when you should make the leap and start
working for yourself
, to 15-minute lessons on how to
negotiate your salary
, to soft skill advice like how to be
confident
 or how to answer difficult
interview questions
. Even if you don’t yet wish to be an entrepreneur yourself, you will still find useful insight and applicable steps you can use in your regular life.

The Cheap Life

Jeff Yeager, the “Ultimate Cheapskate”, hosts this
series of videos
 aimed at providing tips for frugal living. Each video is liberally sprinkled with humour and Jeff’s goofball delivery making it plenty of fun to watch. The content mostly consists of quirky tips on how to save money in your everyday life.

The tips include how to use up slivers of
old soap
, save money on the
web
, or how to drive more
efficiently
. Even if you’re just watching his antics for entertainment, the tips and advice he provides can be genuinely useful for squeezing out every last sen from your expenses.

Entrepreneur Magazine

Entrepreneur is a North American publication that carries news stories about small business management, business opportunities and the trends related to them. Their
YouTube channel
 is laid out much like a magazine with multiple different things going on at once. You can find
business news
,
predictions
, along with
practical advice
 and
growth strategies
 for your business.

Professionally produced with a high frequency of uploads, it is a good channel to subscribe to if you’re looking to fill up your news feed with a plethora of different styles of finance-related content.

Do you think you are financially ready to start investing? Maybe try doing so, with something safe like fixed deposits. Head on over and check out our
comparison tool
 to start your investment journey.

Now that we’ve shared our favourite YouTube material for saving and making money, it’s your turn tell us yours! Do you think we missed any hidden gems in the depths of YouTube? Do you agree with our list? Let us know in the comments section below!

Images via
Crash Course
,
I Will Teach You To Be Rich
,
AARP’s The Cheap Life
, and
Entrepreneur Magazine
!

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EPF Holds Online Consultation Survey To Seek Public Feedback

(Image: The Edge Markets)

The Employees Provident Fund (EPF) is currently running the online EPF 2020 public consultation survey, which aims to seek public feedback so that EPF can improve and potentially redesign its scheme for the future. Ongoing until 30 November 2020, the survey is open to all Malaysians as well as non-Malaysians who are working in the country.

In a statement, EPF said that the survey is in line with its vision to help members achieve a better future while safeguarding their savings and delivering excellent services at the same time.

“We are cognisant that our members’ needs change depending on their circumstances in life, their age, or career progression. On top of members’ needs, the job landscape and work culture has changed with the adoption of technology and economic conditions. Hence the time is ripe for us to relook the EPF scheme and to do this well, we have to solicit the public’s opinion,” said the chief strategy officer of EPF, Nurhisham Hussein.

Nurhisham also clarified that the survey will focus on matters that members themselves have raised to EPF. The questions will cover areas such as:

Contributions

Withdrawals

Dividends

EPF account structure

Additionally, Nurhisham emphasised that the survey is for the public, whether they are EPF contributors or not. He said that the EPF wants to hear from everyone in order to design an EPF scheme that is both inclusive and sustainable.

(Image: The Star)

According to Nurhisham, the last survey carried out by EPF was in 2015, and it was the largest ever public consultation to be done in Malaysia then. “We cannot stress enough how important the public’s feedback is as the responses were the basis of subsequent changes and improvements we made,” he said.

To share your opinions and feedback with EPF, head on over to the
EPF 2020 survey consultation survey
 here.

(Source:
EPF
,
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Want To Lodge An SST-Related Complaint? Just WhatsApp It

(Image: Berita Harian)

Malaysians can now file their complaints relating to the Sales and Service Tax (SST) directly to the Ministry of Domestic Trade and Consumer Affairs (KPDNKK) through a more user-friendly channel: WhatsApp. Minister of Domestic Trade and Consumer Affairs Datuk Saifuddin Nasution Ismail said the ministry set up an official WhatsApp account to enable consumers to lodge a complaint more conveniently and instantly.

Consumers can lodge their SST-related complaints to the official number on WhatsApp at 019-2794317. The ministry also encourages the public to include the following information in their complaints: their full name, the image of the receipts and the name of the business that they wish to report as it would help speed investigations. Datuk Saifuddin Nasution Ismail said the ministry will act within 24 hours after the complaint has been received.

The use of WhatsApp as an alternative channel to lodge complaints has certainly gained traction among Malaysians. According to Datuk Saifuddin Nasution Ismail, the ministry has received 642 complaints via the instant messaging app since the implementation of SST on 1 September, with most of them about the prices of food and beverages in restaurants.

Besides WhatsApp, consumers can also file their complaints either via the
eAduan portal
 or the ezADU app, which is available on the
Apple App Store
 and the
Google Play Store
.

(Source:
The Star
,
SoyaCincau
)

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Should Financial Literacy Be A Compulsory Subject In SPM?

In a nutshell, Sijil Pelajaran Malaysia (SPM) is the Malaysian education system’s equivalent to O-levels. It’s the final obstacle that a high-school student must overcome before they choose what field to further their studies in, where they’d want to continue their studies, and in short, what they want to be when they enter the much dreaded workforce where mom and dad will no longer support them – financially.

The exam consist of five compulsory subjects (languages, maths, science, religion and morals) which are deemed as fundamental to develop a well-rounded and productive citizen. But what is a productive citizen? How would a young adult know how to manage their finances to effectively contribute to the society and pay their dues without first learning about it?

With so many millennials struggling with
debts and financial commitments
, shouldn’t we teach financial literacy to our future generation from a young age, and make it a part of SPM to fortify its importance to them?

What is Financial Literacy?

No, it’s not knowing how to read the serial numbers on your banknotes to tell someone’s fortune. Financial literacy is the ability to understand how money works in the world. More specifically, it refers to the set of skills and knowledge that allows someone to make informed and effective decisions with their financial resources.

Considering the
cases of money mismanagement happening amongst Malaysian youth today
; could a syllabus on the topic have helped them prepare a little better?

We think it just may have and here are three reasons why.

Everybody Deals With Money

Even if you’re on this site by mistake, or you feel like there are people who think way too much about money, it cannot be denied that money affects us in many ways. Spending, investing, donating, and saving money are things we all do daily even though not all of us are aware of the little mechanics that are involved in them.

It’s typical for us to suddenly be bombarded by plenty of insurance options, credit card offers, and loans just as we enter the working world. Wouldn’t it be best if we are gently introduced bit by bit to all of these different concepts and financial instruments earlier on in life? Not only will this make us better at managing our money and making financial decisions, it also helps us avoid getting duped by complicated financial scams.

On a wider level, it’s also important to understand how our country handles her money, how other countries deal with theirs, and why economies fall or rise. At the very least, it helps us understand the news better.

The argument that “you need to get good grades so you can get a good job” is also given more depth if we introduce financial literacy as a core subject. Students can determine what makes a good job in the future, what kind of industries contribute best to the economy, and consequently where to direct their interests and skills to choose an optimal career for themselves.

Financial Illiteracy Is a Real Problem

A recent
study by the Asian Institute of Finance
 shows that Malaysia’s youth is ill-equipped to deal with the increasingly complex and varied financial services and products that they themselves are already using.

Combine this with how well the local economy is projected to be doing in the coming decades ahead and you get a recipe for monetary disaster down the road. Early education in financial literacy can help mitigate this problem and prepare future Malaysians with the know-how they need to manage their resources wisely.

This isn’t a problem endemic to Malaysians, by the way. Countries like
Canada
,
Japan
,
Singapore
,
Australia
, and
the United Kingdom
 are all aware of the lack of financial literacy in their populace. They’ve all developed government bodies, foundations and agencies in efforts to ameliorate the situation. These efforts include initiatives to add financial literacy into the school curriculum, just like we’re proposing.

It Makes Us Better People

Part of why our education system makes it compulsory to study religion and morals has to do with the particularities of being Malaysian. In a country where people of all kinds of different religions, race, and customs mix around every day, it’s important to know how best to treat one another. While religious and moral studies help us become close to each other regardless of race or religion, one subtle way that people might see each other very differently is socioeconomically.

Being more financially literate means understanding that money is a resource that anybody can obtain and lose. It also means having the tools to deal with their financial situation in the best way. This can help empower people of financially underprivileged backgrounds while making those in positions of financial privilege become more aware of their status.

Knowing that it’s not the money you have but what you do with it, can bridge gaps between students and foster more tolerance and understanding among our nation’s youth.

In helping our readers get the most out of their ringgit and exposing them to new and interesting ideas about money, it’s worth thinking about the future generation of money-savers as well.

Hopefully, financial literacy would be taken more seriously as a subject of classroom study in the decades to come. What do you think about this proposal? Would you rather include some other subject in SPM instead? Let us know in the comment section below, and good luck to those taking SPM this year!

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Ahmad Mudhakkir

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EPF Dividends For 2020 Could Be On Par With 2019 Or Just Slightly Less

(Image: Focus Malaysia)

Despite the negative impacts of Covid-19 on the economy since last March, the dividends for the Employees Provident Fund (EPF) could be higher than expected for the year 2020.

Sources close to the EPF have told Free Malaysia Today that the 2020 EPF dividends could be as much as that
declared for 2019
, or just slightly less. For 2019, the EPF declared a 5.45% dividend for conventional savings and 5% for shariah accounts with a total dividend payout of RM45.82 billion.

The dividends are expected to please contributors as it would be against the general expectation that the payout would be lower due to the Covid-19 pandemic. Although the performance of Bursa Malaysia took a dip as a result of the various movement control orders imposed during 2020, a source stated that the fund’s overall performance made up for this.

“The higher-than-expected dividends were a result of its investments abroad which brought in some good returns,” he said.

All the same, a source highlighted that the dividend had not been finalised yet as the EPF has to take into account the special withdrawals under the
i-Lestari
 and
i-Sinar
 programmes, which were introduced as part of Covid-19 stimulus packages. Usually, the EPF
announces its annual dividends
 after the first week of February each year. However, it is expected that the announcement this year will be delayed a little due to this reason.

(Source:
Free Malaysia Today
)

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Bouncing Back From Overspending After the Holidays

The holiday season just came and went: the vacation has been had; the feast eaten and the malls cleared out in one shopping spree (well, not quite but it might look that way when you count your shopping spends).

But what the festivities left you isn’t merry and bright – it’s rather scary when you look at your bank account.

If your finances are in a bit of state thanks to the holidays – let us help with our Get-Your-Finances-Fit-Again list of easy steps. We promise, we won’t ask you to get two jobs.

Attack All the Debt

Ok, breathe. It’s time to look at those credit card bills. Holiday spending can really sneak up on you especially in the form of credit card debt as you rush to pay all the utility bills, buy presents and book holidays.

Here are some ways you can help get your credit card back in it’s old fit form:

1)
Opt for a balance transfer
: if you have an empty credit card; a balance transfer can help you trim the fat off your credit card balance by reducing or removing completely, the interest incurred. Even if you don’t have an empty card, check out our list of the
best balance transfers in Malaysia
 so you can apply for the best one. Why do you need an empty credit card? Our handy
guide on balance transfers
 should explain that!

2)
Ask Your Bank if Conversion to a term loan is possible
: Some banks offer the option of converting your balance to a term loan with lower interest. The lower interest isn’t the only selling point – the fixed repayments mean you have to be diligent in repaying until your debt is down.

3)
Employ the Snowball method
: The snowball method is simply this – throw every sen you have at your debt. Leftover change from the fast food joint? Use it to pay your debt. Did your friend finally repay the RM50 he owes you – yup, use it to pay your credit card!

Don’t Neglect the Emergency Fund

If you came out on the other side of the holidays with your emergency fund intact – we would like to congratulate you. It’s no easy feat! But if you haven’t don’t worry. Missteps happen and it’s never too late to fix!

We understand that this can be a tall order to achieve especially when you’re trying to pay down debt too! Like, where is all this spare change going to come from anyway? We hear you. It doesn’t have to be a monumental amoun really. Every little bit helps.

If you don’t like carrying coins with you, make the habit of putting them into a dedicated emergency coin box everyday. Or if you think you have spare pocket change from grocery shopping, dump them in there too.

You’ll be glad you did. Should an emergency like a car break down or traffic summon that is on the verge of an arrest warrant take place; your little box of petty cash would certainly be there for you to ‘Break in Case of Emergency!’.

Strap on That Tight Belt

This one is hard; we won’t lie but try as we might – we can’t avoid it. Unless you’ve received a super bonus or salary hike for 2016 (which you will still need to save, invest and grow!); a little belt tightening is in order.

We don’t mean starve (although some of you might because of your diet resolutions), you could employ other methods of trimming the excess. Opt for generic brand groceries, cutting out dining out and shopping just for a month could help you repay the load you spent in December.

Depending on your debt load, it may take a few more months but it’s still doable.

Extreme Measures

Should the above fail because you’ve gotten just a wee bit in over your head; it’s time for more drastic measures.

Take a look at your expenses and liabilities for the coming months. Can you manage? Is there a way you can consolidate your debt through a
consolidation loan
 or
balance transfer
 ?

Should none of the financial institution alternatives work – consider roping in the help of professionals. You can either consult a personal finance advisor who can whip your finances back in shape (yes, it will cost you but the cost repays itself through cleaner financials after the ordeal!) or get in touch with
AKPK for credit counselling services
.

Once Bitten, Twice Shy

Once you’ve cleared the holiday spending aftermath, you’d like to take a breather and maybe treat yourself once again. Absolutely no problem! Just remember not to end up in this financial pit again.

Some of the ways you can do that is to start saving for your festivities and holidays way ahead of time. You can even do your Christmas shopping earlier to avoid the last minute barrage of gift bills. Stake out warehouse sales that happen all year round to get even more bang for your buck.

Do you have your own tips on how to bounce back after holiday overspending? Let us know in the comments.

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Bantuan Prihatin Rakyat First Phase Has Begun, With 8.45 Million Recipients To Receive Aid

Phase one of the Bantuan Prihatin Rakyat (BPR) assistance package has commenced, and will be rolled out in stages with 8.45 million recipients slated to receive their first payout soon. This will amount to a total of RM1.93 billion in disbursement, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

According to the minister, 4.4 million recipients (from households earning up to RM5,000 per month) will receive RM300 each, whereas 4.05 million unmarried individuals (earning up to RM2,000) will be provided with RM150. He also added that this first-phase payment is made to Bantuan Sara Hidup (BSH) 2020 and Bantuan Prihatin Nasional (BPN) B40 recipients who had been approved earlier.

(Image: The Edge Markets)

Accordingly, these payments will be credited directly into the eligible individuals’ bank accounts, with the process having already begun since yesterday (24 February). Meanwhile, those who do not have a bank account can collect their payments in cash at Bank Simpanan Nasional (BSN) branches starting from today (25 February).

“Aid recipients in Sabah and Sarawak who do not have bank accounts would be receiving payment from 1 March to 1 April at locations to be announced later, together with Bantuan Prihatin Nasional (BPN 2.0),” Tengku Zafrul further said.

(Image: Business Today)

Separately,
Bank Simpanan Nasional (BSN)
 encouraged recipients to check their status for the BPR assistance package through the
Lembaga Hasil Dalam Negeri (LHDN) website
. They can also contact LHDN via the BPR hotline at 1-800-88-2747 to do so.

The
BPR aid
 was first announced during the tabling of Budget 2021, intended as a replacement for the BSH assistance package to assist B40 households. It featured a more specific set of eligibility criteria, and is also more targeted in its reach. Furthermore, the first instalment of this aid was originally scheduled for disbursement in May 2021, but was brought forward to assist individuals who are paid daily wages.

(Source:
Bernama
,
New Straits Times
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Standard Chartered Extends 15% Cashback Campaign For Smart Credit Card To December 2022

Standard Chartered has extended its Smart Credit Card 15% Cashback campaign, which allows its Smart credit cardholders to enjoy 15% cashback on their purchases with four selected online merchants. The campaign – originally slated to end on 30 September 2022 – will now run until 31 December 2022.

Similar to the previous round, cardholders who wish to participate in this campaign will still be required to first meet a minimum spend requirement of RM1,500. Upon meeting the requirement, they’ll then be eligible to 15% cashback on payments made to any of the following online merchants (capped at RM15 per campaign month):

Lazada (including Lazada Wallet)

Shopee (including ShopeePay)

Taobao

Zalora

To further note, Smart credit cardholders can actually reap a total of RM35 cashback on the back of this campaign and their Smart credit card benefits. This is because aside from the RM15 cashback from this campaign, you can also earn another RM20 cashback via the card’s
6% cashback benefit for payments made to  selected digital lifestyle merchants
, including Netflix, Spotify, and Astro.

Do be aware as well that only retail payments are accepted as qualifying transactions for this campaign. Transactions such as easy payment schemes (EPS), FlexiPay or FlexiPay Plus, and balance transfers are not eligible.

Finally, HSBC noted that a total of RM150,000 has been allocated for the entire campaign period, with RM50,000 earmarked for each month. Those who win will receive their cashback rewards within 12 weeks after the end of the campaign period, provided on a first-come first-served basis.

(Source:
Standard Chartered
)

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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New Year New You: Get Body Beautiful in 2016

Articles in our New Year, New You series will help you harness the optimistic powers that only a new year can bring. In this four part series, we’ll be bringing you budget-friendly tips to truly make this the year of Y-O-U!

If you feel like you’ve been neglecting your physical self – from health and fitness to wardrobe and grooming – you’re not alone. So many of us put ourselves last and make excuses for not paying enough attention to our bodies till we reach a burnout.

Before it gets to that, just spare a little attention to these three parts of your life to give your body the TLC it deserves.

1. Health

A healthy body is a happy body! There’s nothing better than a clean bill of health to motivate and keep you on a positive path. A great place to start would be with getting a thorough medical check-up.

Health screenings at private hospitals and clinics come in various packages and prices, ranging from as little as RM100 to as much as RM2, 000. Note that up to RM500 of your complete health exam is even tax deductible (yippee!).

Alternatively, if you just can’t afford a medical check-up at a private healthcare provider, do look into basic screening services at a government hospital.

More importantly, think about getting medical insurance to continue protecting your body and to cover your medical bills should you require hospitalisation.

Consider buying basic medical insurance if you don’t have any (check out our
comparison page for medical cards to help with the research
) or upgrade your existing policy for more comprehensive coverage if you can afford it.

2. Fitness

As an extension to getting healthy, start an exercise programme to empower your body with the energy it needs to achieve your goals in the New Year. It’s also the perfect remedy to de-stress and prepare your mind for the challenges that lie ahead.

While gyms are a fantastic way to stay in shape and even meet new people, it can cost a bundle, especially if you’re looking at more trendy establishments. Moreover, if you aren’t 100% committed to hitting the gym as much as possible, you might not get your money’s worth from a standard membership. Instead, try these tips to enjoy the benefits of a gym for less money:

• Join a community gym, it comes with less frills but can be just as effective.

• Buy a limited or short-term membership that is sold by month as opposed to annually if you are unsure of your workout frequency.

• Get a guest pass or free-trial to review the services and likelihood of your commitment to continue working out there in the long run.

Alternative you can opt to do away with a gym membership altogether and try free exercise videos on YouTube, head to a nearby jogging trail or park or simply sign up for a community exercise programme, if one exists in your neighbourhood. See those ladies doing
tai chi
 in the park every morning? They might be kind enough to let you join them!

3. Wardrobe and Grooming

No matter what your goals are, it does not hurt to look and feel your best, so go ahead and give yourself a polished, new front.

Here’s how to revamp your style or simply upkeep your already awesome appearance in the most value-for-money way

1) Update your wardrobe – While new clothes can certainly freshen up your look, it can be rather expensive, so do look for discounts when you shop. Here’s one you can try, get a 15% discount voucher through
H&M garment collecting
; the programme basically ‘pays’ you in discounts when you send them your old clothes to be recycled and reused.

2) If you’re partial to a certain brand, try signing up for a loyalty card to earn rewards while you shop. The
Trium Card
 is one worth mentioning because it lets you accumulate points from spending at three participating brands (Nichii, Kitschen and dressingpaula), making it much easier to rack up points. Once you’ve collected 500 points (for RM500 spent, you’ll automatically receive a RM50 voucher redeemable on your next purchase). The
Fashion Fast Forward)
 card similarly works for British brands Topshop, Dorothy Perkins, Warehouse, Karen Millen, Ben Sherman, Miss Selfridge and heaps more.

3) If you prefer to shop for your new wardrobe with credit cards, do check up on which stores offer
extra discounts when you swipe
. Some credit cards even offer better cash back rebates for online spending, so do find out if your card has such benefits or switch to one that can give you more rewards. Need a research companion? Check out our
credit card comparison page
 to help you find the best credit cards for shopping.

4) Be well-groomed to refine your appearance – It can cost a lot of money to stay professionally groomed, so why not DIY instead? Personal care stores like Watsons offer grooming tools that you can use to improve your skin, hair and nails in the comfort of your home. And best of all, if you have the
Watsons VIP Card
, you can offset your next purchase with points earned (get 1 point for every RM1 spent; every 200 points equals RM1).

Of course, there are some things you may never be able to DIY, like getting a hair cut for example. But fret not, group buying sites are constantly offering big discounts from top hair salons – for caution’s sake however, do read the fine print before buying.

A Chance to Start Fresh

This is pretty much why people love the New Year; it brings a clean slate and an opportunity to try once again to be our best selves. But as always, so many of us falter halfway through – and the same cycle repeats in the following year.

To avoid going through the same thing this time around, let ‘manageable’ be the key word for any of your plans. There’s no shame in starting small, in fact, you might just be increasing your chances of success if you do.

More importantly, always keep your budget in mind when setting your sights on ‘self-improvement’ in the New Year. We suggest reading our
recent article about money-sucking New Year’s resolutions
 and how to work through them.

So while you think about what you want for the ‘new you’, reflect on what the ‘old you’ accomplished in the past year. Now go ahead and give yourself a pat on the back, you’ve earned it! Happy New Year!

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