What You Need to Know When Cancelling Your Credit Card

“It’s been a good run, my little plastic friend. But it’s time you and I said goodbye.”

Maybe your card has limited benefits, maybe its fees are too high; maybe you find its very existence will lead to more spending beyond your budget; or maybe it just doesn’t look cool when compared to newer, fancier cards in the market (hey, aesthetics mean more to some people than others!). Whatever your reasons may be, the thought of cancelling your credit card has crossed your mind and it may be time to do so. But don’t grab those scissors just yet; hear us out. Cancelling a credit card means a loss of business for the bank so you can be sure it’s not going to be as easy as a snip in two.

Before putting your plastic through the guillotine; be ready to consider some of these factors.

Consider your credit score

Credit scores can be complicated to calculate and understand, but it exists for a reason. Banks, insurers, lenders and more refer to your credit score to see if you are eligible for credit products, and they do this by referring to your previous repaid loans, any outstanding debt and your current salary which becomes part of your credit history. How you use and pay back your credit is also accounted for, so when you cancel your
credit card
, you can be sure your credit score will reflect this ‘grievous’ slur on a bank’s business.

Why is this? Think of it this way – a credit score enables banks to decide whether you are fit to be lent to. If you decide to cut up a credit card say; too soon after receiving it; banks are likely to think “This person isn’t serious about the banking product he applies for. He’ll take it for a while and run and is probably not worth the time or effort it takes processing another loan or card for him. He’s not the kind of business we want.”

If you aim to take on a loan or make major purchases like a house in the near future, you can bet this dim view will affect your chances. But the above is merely an example. There are many reasons why it would definitely be best to simply break ties with your card and reasons why you shouldn’t just yet. Let’s now take a look at what may constitute good and bad reasons to cancel.

Good and bad reasons to cancel a credit card

So what is a sufficiently good reason to cancel your card?

The credit card has high interest rates and miscellaneous fees. While your credit score is important, spending more to keep this card isn’t worth it.

You’ve opened a new credit card account for a balance transfer. The reason for this is that though it may not look good on your credit rating; the flipside is worse. If you had trouble controlling your spending to the extent that you needed a balance transfer – having an additional empty credit card may be more temptation than you’re able to manage. Don’t give in. Your credit rating will improve with time but your finances won’t if you end up piling more debt onto your empty credit card.• If you really cannot control your spending with it, then it truly is best to be rid of it. The same rationalisation as above applies.

You wish to reduce the risk of fraud. Perhaps your laptop has been stolen and saved passwords or online banking accounts have rendered your credit card details compromised. Maybe you’ve written the card number on a payment form that was badly handled by the merchant. There are many ways sensitive credit card details can be compromised. Instead of waiting for the axe to fall and be saddled with debt you didn’t accumulate; nip the problem in the bud by cutting the card before fraudulent charges are made.

Those are some of the good reasons but what about bad ones? Think twice about cancelling your credit card if any of the following apply to you.

It is your only credit source. If you have no other credit cards or loans, but you are planning to get one in the future, cancelling your credit card could affect your applications for loans or credit in the future. How will the bank know if you’re worthy of credit if you can’t show it on paper?

You have a good and long credit history with this card. Canceling would mean losing your credit history in the near future, and without it you could also lose out on getting lower interest rates for loans or credit especially if you were diligent and paid your bills on time. On the flipside; if you’ve been a long-time customer and found the bank only rewarded you with continuously high interest rates that aren’t on par with more competitive cards in the market – then give them the toss. If your loyalty isn’t appreciated; take it elsewhere.

Got some good reasons? Great, now we tell you how to go about properly handling your cancellation.

Cancel your credit card properly

Like a bad exorcism; not cancelling your credit card properly may have it haunt you again in future. Put it to sleep for good with these steps.

Check your credit score. It would be helpful to know what your credit score is before as well as after cancelling your credit card. Whilst there isn’t really anything to be done to change it – knowing what it is will help you calculate the risks of cancelling again in future. You can do so by checking out the
Credit Bureau
 website by
Bank Negara Malaysia
.

Pay off your balance on the card, and cancel any auto payments you make using the card.

Redeem all accumulated rewards points so you don’t lose out on your well-earned freebies.

Contact your bank to start processing your cancellation. You can consider possible lower rates and benefits for the card that they may offer if it helps, but if you’re really determined to cancel the credit card, insist on it. Be sure that you have stopped all auto payments on the card and that it will be no longer in use to ensure no further payments or fees from the card in the future.

Cutting that piece of plastic with scissors does not cancel a card. All it does is prevent you from using the card again in future. Although some may tell you that cancelling via phone with the bank suffices – it’s always better to have things in black and white. Write an official letter to your bank stating your intention to cancel. The letter should contain your full name, IC number, credit card number, credit card type and date of issuance as well as expiry. Include a line which clearly states when you wish the card terminated (usually the date of submission to the bank). More information is always better than less. Make a copy of this letter and take it to bank. Submit one copy to the bank and have them stamp your copy to acknowledge receipt with the date of receipt clearly stated. This is your proof should any dispute arise in future about the continuous validity of your card. It will also be helpful to append any payment receipt or statement to show that the card has been paid in full and carries no balance as at the date of effective cancellation. Some people prefer to also include the duly cut credit card to the bank when they’ve cancelled their account.

Be sure to follow up on the status of your credit card once you’ve requested for the cancellation.

Successfully cancelled your card? Awesome. If you cancelled because it wasn’t giving you enough goodies – check out our
credit card comparison tool
 to find a card that’ll treat you (and your money) right!

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Diana Chai

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Made In Malaysia, Tailored For Malaysians: Invest With Ease & Confidence Through M+ Global

In recent times, there is a noticeable increase in investment-related activities among Malaysians, especially among the youth. The pandemic years, in particular, ignited a new generation of Malaysians to learn the ropes of investing and wealth generation.

Thanks to the advancements in technology, you can invest with just a few taps of your smartphone. However, there are still some challenges to overcome. These days, there are various brokerages that offer online trading platforms that let you invest locally in Bursa Malaysia – but access to global markets, such as the New York Stock Exchange in particular, remains inaccessible. The main stumbling blocks are usually the high fees and restrictions imposed by the broker, limited trading facilities, or in the worst case, the platforms themselves are not regulated by any local governing bodies.

So how can a Malaysian investor access the global markets beyond Malaysia and diversify their investments meaningfully? Thankfully, Malacca Securities, the award-winning local brokerage, has taken up that challenge and
created M+ Global
, an investment platform designed by Malaysians, for Malaysians to win the world.

M+ Global is a brand new trading app by Malacca Securities that allows investors to invest in two of the largest stock markets in the world: the US and Hong Kong stock markets, which includes major markets such as the New York Stock Exchange (NYSE), NASDAQ,  and the Hong Kong Stock Exchange (HKEX). It also introduces new features available to Malaysian investors for the first time, catered both to new and seasoned investors alike.

Six Decades Of Expertise

Local investors will be familiar with the Malacca Securities name. This homegrown brokerage began its humble roots as a small broking firm in Malacca back in 1963, growing from strength to strength as one of the top brokerages in Malaysia mainly through word of mouth.

Its award-winning track record stems from the company’s willingness to embrace change and listening to the needs of its users. It was among the first in Malaysia to introduce an online trading platform in 2012, M+ Online, as well as launching a fully digital onboarding process. Along the way, Malacca Securities continued to build its physical presence across 17 physical branches and 200 dealer representatives to ensure while trading activities have shifted online, users still have access to a human touch.

Malacca Securities’ first office

Today, Malacca Securities boasts a strong client base of over 250,000 users, and its efforts in digital technology has resulted in pioneering products like a fully digital onboarding process for users which does not require them to physically visit a branch, as well as integrations with other digital services that improve user experience. It’s no surprise that the company has earned various awards from Bursa Malaysia and industry peers.

With the launch of M+ Global, Malacca Securities is taking the next leap in its forward-thinking pursuit, and answering the call of many local investors looking for a trusted and reliable platform to invest in the global markets. Blending a mix of new technologies and understanding its users needs, let’s find out how M+ Global sets itself apart.

Tailored For Malaysians

(i) Trusted and licensed platform

As a brokerage firm with a solid track record and over six decades of experience, Malacca Securities is a participating organisation under Bursa Malaysia, licensed by the Securities Commission of Malaysia, and a member of the Association of Stockbroking Companies Malaysia.

In an age when financial scams are rampant and the rise of unregulated exchanges that do not have the interests of its users at its core, M+ Global offers immediate peace of mind for users, safe in the knowledge that their investments are held in their name and their deposits not commingled with those of other users.

(ii) Designed for local users

In addition, M+ Global is also the currently the only broker in Malaysia that offers a shariah screening feature. This reflects a product that caters to the needs of its users – this feature is available front and centre on M+ Global for both the US and HK markets, allowing users to conveniently and confidently invest only in Shariah-compliant companies.

In our conversation with Malacca Securities, it was revealed that the company went above and beyond to introduce this feature, thanks to feedback from its user base. It built a partnership with IdealRatings Inc, a leading provider of Shariah-compliant investment solutions. By leveraging on the expertise of IdealRatings’ team of experienced Shariah scholars and finance professionals, the integration of IdealRatings’ Assets-Market Cap Rulebook on M+ Global ensures that the Shariah Screening feature accurately identifies Shariah-compliant stocks.

(iii) Access real-time data

Most brokers normally provide investors with market data that’s usually delayed by 15 minutes. This gap in information may not be as crucial for beginner investors and those who prefer to hold for the long term, but it definitely makes a difference to seasoned investors and full-time traders.

With real-time data or live quotes of the market, short-term investors like day traders and swing/momentum traders can make quick and informed decisions, giving them an edge over those who do not have this facility at hand.

Because of that, M+ Global provides access to real-time market data for NASDAQ and HKEX, as well as up to 10-level market depth of orders, providing even more information for investors to stay ahead of the game.

(iv) Access IPOs in HKEX

As an upcoming feature, M+ Global will soon offer its users access to upcoming IPOs in the Hong Kong market. IPOs, short for Initial Public Offering, is the process of listing a company into the stock market where members of the public are given a chance to purchase shares of the company at the IPO price before they are listed. For private companies with strong earnings performance and growth potential, the ability to purchase shares at their IPO prices can be highly rewarding for investors.

Just take a look at some of the global companies today and their IPO prices: Amazon’s IPO price was just US$18, today its share price is over US$120; Tencent’s IPO price for the HKEX in 2004 was HK3.70, which would have netted initial investors over 200x returns at its peak price in early 2021!

In fact, we don’t even need to look so far;
Malaysia also has a healthy IPO market
, sometimes with hugely successful returns even on their first day of trading. Just a few months ago, Oppstar Bhd shocked the market on its first day of trading, reaching an intraday high of RM2.95 –
almost five times higher than its RM0.65 IPO price
.

Look out for this feature later this month.

(v) Comprehensive features for all users

Lastly, M+ Global offers more features and perks that cater to the needs of all users, from the new users as well as full-time traders. Take your pick from over 7,000 stocks listed in the US and over 3,000 listings in HKEX through M+ Global – the widest coverage available among local brokerages today. Experienced investors can also access derivatives such as warrants, callable bull/bear contracts (CBBCs), as well as more structured products including real estate investment trusts (REITs) and exchange-traded funds (ETFs).

In addition, users enjoy low trading fees from just 0.1%, access to margin trading, real-time funds deposit in MYR via FPX, and another first: 24-hour customer service across multiple channels. We’re told that users can engage with M+ Global customer support via the app as well as other channels like WhatsApp chat and even live streaming!

A Modern Trading App For The Global Investor

The evolving needs of today’s investors mean that local brokerages need to continue to evolve with their users. By having its ear close to the ground and developing an understanding of its clients’ needs, Malacca Securities has developed M+ Global to offer features that empower its users with local nuances in mind.
If you’ve been looking to invest in the global markets such as the US and HK markets, do check out M+ Global. Not to forget, RinggitPlus has partnered with Malacca Securities to offer an exclusive launch promo!

Simply open an M+ Global Hong Kong and United States Stock Market Trading account by
 registering through this link

and
 make a minimum net deposit of RM1,000 from now until 31 July 2023 to be eligible for the following exclusive rewards:

One (1) chance to unbox a guaranteed mystery stock which includes some of the biggest stocks – including Tesla, AMD, and Uber – or a trading voucher of up to US$50!

30 days of real-time live quotes for the US and Hong Kong market

Ready to trade in the global markets? Find out more about
M+ Global here
.

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About THE AUTHOR

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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HR Minister: National Wage Policy Does Not Allow WFH Pay Cuts

(Image: Bernama)

Human Resources Minister, Datuk Seri M Saravanan has clarified that the national wage policy does not permit pay cuts or deductions in allowances for employees who work from home (WFH).

“No party can work from home without the consent of the employer. If an employer allows it, then they should not want to cut their salaries later. If the employer does not agree with the employee working from home, they can ask the employee to come to office. Not give permission, (and then) we cut the salary,” said the minister, adding that such cuts cannot be allowed.

Datuk Seri Saravanan was weighing in on an earlier comment made by the executive director of the Malaysian Employers Federation (MEF), Shamsuddin Bardan, who proposed that
employees who work from home should take a pay cut
 or deduction in travel allowance. It was suggested that this pay cut may range between 10% to 12% if enforced, as some companies offer allowances for employees to commute to work.

(Image: Malay Mail/Miera Zulyana)

Additionally, Shamsuddin claimed that some employees agreed with this rationale as working from home will save travel costs. He admitted, however, that there are parties that will also argue that those who work from home are performing as usual too, and as such, should not suffer a pay cut.

Aside from Datuk Seri Saravanan, the National Union of Bank Employees (NUBE) and the Malaysian Trades Union Congress (MTUC), too, objected to Shamsuddin’s comments. Both parties said that most companies did not suffer reduced productivity or profit as a result of the work-from-home practice. In fact, employees who work from home have helped companies to save on operational costs, including utilities, and office space rental.

(Sources:
Malay Mail
,
Free Malaysia Today
)

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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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Spring Clean Your Home and Make Money This Weekend

The Christmas tree has barely been in storage a week but it’s already time to start bringing out the mandarin oranges and pussy willows.

Yes, Chinese New Year is just a month away and those who celebrate are going to start preparations for scrumptious cookies, gorgeous decorations and home items as well as new clothes for the family.

But in order to fund and make space for all the new items, you’re going to be looking for ways to get rid of the old! Don’t just throw things out; consider making money from your unwanted stuff.

Sell Online

There are countless ways you can sell online. All you need to do is take some half decent photos an upload them on the various selling portals available.

Some of our favourite buying/selling sites include:

1)
Mudah
. Everyone’s favourite local marketplace,
Mudah
 is free to advertise on and allows you to sell all your unwanted items from household bits and bobs to clothing and shoes. Listings require approval before it goes public but other than that, there is no verification or feedback feature on Mudah so be ready to deal mostly with Cash on Delivery type sales.

2)
Carousell
. More widely used in app form,
Carousell
 is taking off as the preferred way to sell just about anything since we all use our phones as cameras anyway. From clothes, toys and home items to cars and houses there really isn’t anything you can’t plug on Carousell! However, thanks to the sheer number of items on the site, we’ve found things move a little slower on Carousell unless it is priced super cheaply or is high in demand. Carousell is free (for now!) to sell on.

3)
eBay Malaysia
. Although, eBay worldwide is famously known as the online garage sale of the world;
eBay Malaysia
 sells more new items rather than used but that doesn’t mean you can’t give it a try. eBay Malaysia is
free to post an item for sale in Malaysia
 (won’t appear in international listings) but they
still ask you for your credit card details
 as a safety measure so if this makes you uncomfortable, you might want to give this a skip.

4)
Facebook Group Selling Pages
. Selling pages on Facebook have become popular ways to reach out to a niche group of sellers looking for a particular thing. It’s easy and free to post your item on Facebook but do take note of each individual group’s posting rules and regulations. The downside to selling on closed Facebook groups is the limited audience and the possibility of being crowded out by the barrage of sale postings that may come out at ‘peak’ times. If you’re cleaning house for CNY, check out others doing so on the
Preloved Household Goods Group
 or
Malaysia 2nd Hand Market
. These are just two we’ve found, but heaps more exist. Just give it a search on Facebook.

Other than these avenues, there is
Lelong
 as well but we noticed people rarely post secondhand items there anymore so we’ve only given it a passing mention.

Other Ways to Sell

If the online method makes you uncomfortable or you just don’t have time to list every single thing one-by-one; you could try the bulk selling route in one of 3 ways.

1)
Garage sales
. Super popular in the 90s, though not so much today, garage sales can be one way to sell all your items in one go. The reason for it’s reduced popularity is the security factor but you can take measures to safeguard this. You could bring all your sale items outside and lock your home during the time you expect customers. Just be sure to advertise your sale well or you won’t get the footfall you hope.

2)
Flea market stalls
. The Amcorp Flea Market is known for it’s old and quirky range of household items and antiques so why not try to sell some there? You will need to contact the management of the flea market for a booth. Though booth prices are reasonable, you’d best contact them right now for a spot as spaces are bound to be limited at a time when everyone is wanting to sell!

3)
Thrift-on-Wheels
. If you’re looking to unload fashion items, shoes and books – give the
Thrift on Wheels’
 girls a call. Thrift on Wheels is a mobile thrift store that sells secondhand fashion items and books but be informed that the prices at which they buy are quite low. This method is great if you just want the easy way to unload your stuff and don’t mind only making a token sum. The girls even do house calls to pick up your items at a charge of RM5. You will need to make a booking for house calls.

Happy Cleaning

If you really don’t feel the need to sell, donating is the next awesome thing you can do with your unwanted items. Please of course, only donate items that are in usable, good condition. For large items such as torn sofas or broken furniture, you will need to contact your local town council for a pick-up. Most town councils will do this either free or for a nominal fee which is much cheaper than getting a private lorry to do it for you.

Although all the above are ways to sell your unwanted items; consider it also ways to purchase secondhand items for yourself. If you’re looking to save money, you just might find a really good bargain this way.

Of course, if you’re looking to replace your items for the coming festivities with shiny new things, check out our guide on using your
credit card benefits for shopping
 as well as the
best cashback credit cards
 for the purpose.

Whichever you choose, happy cleaning for the coming festivities!

Did we miss a page, site or Facebook group that’s great for secondhand selling/buying? Let us know in the comments.

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Diana Chai

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EPF To Remove Eligibility Conditions For i-Sinar Withdrawal

The Employees Provident Fund (EPF) is working towards removing its eligibility conditions for the i-Sinar withdrawal facility. This was confirmed by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.

Currently, EPF members will need to fulfil certain eligibility criteria before they can make i-Sinar applications. You either need to have not contributed to the EPF for at least 2 months or suffered a reduction of your base salary by at least 30% (Category 1); or your total income must have been reduced by at least 30% (Category 2). Category 1 application approvals are automatic with no need for supporting documents, whereas proof of reduction of income is required for Category 2.

The change will see all EPF members below the age of 55 able to make withdrawals from their Akaun 1, subject to their remaining account balance. “Members who have applied for i-Sinar based on the current criteria will have their applications automatically approved shortly,” the finance minister’s statement read.

(Image: The Edge Markets)

However, the maximum withdrawal amount and the six-month payment schedule announced previously will remain in place with no changes. Members with RM100,000 and below in Akaun 1 can withdraw up to RM10,000 with a first-month payment of up to RM5,000, whereas those with more than RM100,000 can withdraw up to 10% of their savings capped at RM60,000 with a first-month payment up to RM10,000.

According to Datuk Seri Tengku Zafrul, the decision to remove the eligibility conditions was made following the advice of Prime Minister Tan Sri Muhyiddin Yassin to improve the i-Sinar initiative in accordance with public feedback. It is hoped that the removal of the withdrawal conditions will help EPF members with their financial challenges this ongoing pandemic.

(Source:
Ministry of Finance
)

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Jacie Tan

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    Zaida

    2 years ago

What about those who are in between 55 and 60 years old, who still has some money in their EPF? No doubt it’s in the Akaun Emas but these age group are still actively working and they are affected too.

Please look into this.

Besides, what’s the difference below 55 or above? Everybody is in dire straits.

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    Vivienne Wong

    2 years ago

Support i-sinar account 1 withdraw for emergency purposes.

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Radium Development Launches R Suites Chancery Residences In Ampang

Radium Development Bhd has officially launched the R Suites Chancery Residences, its latest project that is located in Ampang, Kuala Lumpur. Offering a range of facilities and amenities on top of a strategic location, the new residence is expected to be a good opportunity for those who are currently looking to invest in Malaysia’s property market.

In a statement, Radium Development shared that the 2.18-acre freehold project – which features 51 storeys – has a gross development value of RM521 million. Comprising of 944 residential suites, commercial spaces, exclusive facilities, and a 145-room hotel (to be managed by an independent KL-based hotel brand), it was also awarded the GreenRe Gold Certificate under the residential category by the Real Estate and Housing Developers Association Malaysia (REHDA).

Size-wise, Chancery Residences offers residential suites that range from 452 square feet to 861 square feet, in the form of studio units and luxury suites (two bedrooms and baths). Priced between RM455,000 to RM867,000, the project also comes with a state-of-the-art co-working space and other amenities that support new hybrid work, as well as business and leisure travel trends. These facilities are spread across two floors that span 33,615 square feet.

Another selling point for the project lies in its location; Chancery Residences is only 5km away from KLCC and Kuala Lumpur’s Golden Triangle, putting it in close reach to various popular commercial establishments and medical facilities. It also offers easy access to public transportation and major roads and highways, including the Ampang-Kuala Lumpur Elevated Highway (AKLEH) and the Kuala Lumpur Middle Ring Road 2 (MRR2).

Managing director of Radium Development, Gary Gan acknowledged that Malaysia’s property sector had seen some challenges during the pandemic years, but said that things have gradually begun to pick up again. “In 2023 and beyond, as we move into the new normal recovery, we expect people to be looking to diversify and build their investment portfolios to better secure their future. Chancery, with its strategic location and exclusive facilities, is an ideal opportunity for investors looking to upgrade their property portfolios or to expand them, as well as to consider long-term gains through rental income,” Gan further shared.

R Suites Chancery Residentials is slated for completion in the fourth quarter of 2027; you can check out the
project’s website for more information
.

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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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Special CitiCyberSale One-Day Deals Offer Rewards For Boost, GrabPay, & TNG eWallet Top-Ups

Citi Bank is about to kick off its monthly CitiCyberSale event for September 2021 soon, and one of the promotions worth tapping into this time round is the special One-Day Deals for e-wallet top-ups. Taking place between 16 to 18 September 2021, Citi’s credit and debit cardholders will be able to earn generous cashback and points when they reload the required minimum amount into participating e-wallets on a specific day.

Featuring three e-wallets in total – Boost, Touch ‘n Go (TNG) eWallet, and GrabPay – the conditions of each offer are as follows:

Boost: Bonus 1,000 Boost Coins (minimum top-up RM300)

Date: 16 September 2021

Citi credit and debit cardholders who top up a minimum of RM300 into Boost in a single transaction on this day will earn themselves a reward of 1,000 Boost Coins. However, there are only 650 units of this reward, offered on a first-come first-served basis, so you’ll have to be quick if you want to win it.

Each customer is only entitled to one redemption, and if you do get it, the bonus Boost Coins will be added into your BoostUP account by 25 September 2021.

Based on the standard redemption rate for Boost Coins (1 Coin = RM0.0625), the potential returns you can get from this deal is equivalent to 2.08%.

TNG eWallet: RM25 cashback (minimum top-up RM500)

Date: 17 September 2021

Perform a reload of RM500 or more into your TNG eWallet in one transaction using any Citi credit or debit cards, and you will get a cashback reward of RM25. Note that all cardholders are limited to one cashback redemption per card, with the reward being offered on a first-come first-served basis.

Citi has allocated a total of RM50,000 for this particular deal, and the cashback won will be credited into your TNG eWallet account within 10 working days from the qualifying transaction date.

As for potential returns, this is a straightforward cashback deal – the RM25 cashback is equivalent to 5% returns.

GrabPay: Up to 4,000 GrabRewards Points (minimum top-up RM250 or RM400)

Date: 9 – 18 September 2021

Unlike Boost and TNG eWallet, GrabPay has two e-wallet reload deals that you can tap into, namely a long nine-day promo that takes place between 9-17 September 2021, and a special one-day offer on 18 September only. Take note that GrabPay’s promotions are only available to selected Grab users who have saved their Citi credit card details in their Grab app.

Under the nine-day promo (9-17 September), eligible credit cardholders will be entitled to win 1,500 GrabRewards Points when they top up a minimum of RM250 into their GrabPay e-wallet. This reward is limited only to the first 870 users.

Meanwhile, the special one-day offer (18 September only) will allow you to earn 4,000 GrabRewards Points for the minimum reload of RM400 into your GrabPay e-wallet. This is capped at the first 1,000 users.

In both cases, the rewards will be provided on a first-come first-served basis, and the Points will be automatically awarded to your Grab account within 5 working days from the date of the successful transaction. Additionally, the Points earned from this campaign will not contribute towards tier upgrades.

As for potential returns, the nine-day promo offers up to  6.24% returns while the one-day offer is much more attractive at 10.4% based on our calculations (best-case assumption – Premium tier & redemptions using Pointsback campaigns),making these offers the best value of the three e-wallet top-ups. Not to forget, the
Citi Cash Back Mastercard
 and
 Citi Cash Back Platinum Mastercard
 offers 10% cashback for Grab reloads as well, potentially allowing you to double dip just by performing these reloads.

***

Given that there’s still some time before these deals kick off, remember to mark them into your calendars and set up a reminder so that you don’t forget!

 (Source:
Citi
)

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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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Construction For The LRT 3 Project Continues After 47% Cut In Cost

The construction of the LRT 3 project will continue with significant changes, as the government has decided to go ahead with the project after a cut of 47% in total project costs.

In a press statement, the Ministry of Finance announced that the final total project cost of the 37 km LRT3 project was reduced from RM31.65 billion to RM16.63 billion. The expenditure included in the total project cost will comprise the Work Package Contracts (WPC), land acquisition, project management, consultancy fees, operational and overhead costs, as well as interest during construction.

Besides that, Finance Minister Lim Guan Eng also disclosed in the press statement the steps taken to reduce the project cost. These include:

Reducing the order of 42 sets of 6-car trains to 22 sets of 3-car trains,

Reducing the construction size of the LRT depot,

Modelling the design of the LRT station after the Kelana Jaya Line LRT standards,

Shelving the construction of five LRT stations with low ridership,

Extending the deadline to complete the LRT project from 2020 to 2024, and

Restructuring the construction of the project from the PDP model to a fixed price model.

Lim Guan Eng maintained these steps were carefully studied in order to maintain the integrity and quality of the project. According to the finance minister, the steps above were the results of a comprehensive renegotiation and rationalization exercise undertaken with all the key stakeholders including the Land Public Transportation Commission (SPAD), Prasarana Malaysia Berhad (Prasarana) and MRCB-George Kent (M) Berhad Joint Venture (MRCB-GK JV).

(Image:
Paul Tan
)

The continuation of the project was also welcome news for the Ministry of Transportation, which also lauded these steps as beneficial in lowering ticket prices. In addition, the ministry said in a statement the 22 sets of 3-car trains is sufficient to meet the project, with more trains to be purchased for demands beyond 2050. The ministry added the 22 train-sets also align with international standards, which include:

Having six to eight passengers per square meter, and

The provision of having two train-sets and one train-set on standby.

(Image:
Paul Tan
)

Besides that, the ministry of transportation assures the changes to the train station design will not have any negative impact. According to the ministry, the facilities and design of the LRT 3 train stations are all modelled after the Kelana Jaya line LRT stations, which the ministry deems more than capable to meet ridership demand.

(Source:
The Edge
,
The Malay Mail
 and
MOF
)

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Nyonya Delicacies and Discounts From UOB Credit Cards

Ah Tuan Ee’s Place, famous for Nyonya delicacies in SS2, Petaling Jaya has opened a new branch at The Curve and thanks to its partnership with UOB, credit cardholders will be able to receive up to 10% off their bill when they dine in.

This offer is only valid at Ah Tuan Ee’s Place at The Curve shopping mall and does not apply to alcoholic drinks. Promotion period is from 2 May till 31 December 2013. This promotion is not valid with other offers, promotions, discounts, set menu, functions, special events and loyalty programmes.

You can get your very own UOB credit card too, find the right one for you at
RinggitPlus.com

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Matrix HomeMade Plan, Specially Curated To Help You Own Your Dream Home

Strategic location, ample space, attractive design with access to essential amenities – the checklist of what makes an ideal home can go on. The idea of purchasing a property, especially if it is your first home is an exciting experience. But it could also prove to be daunting when it comes to finally selecting “the one” and of course, the financial ability to purchase it.

These are some of the considerations that a homebuyer needs to factor in when doing their research before purchasing a property. However, in light of the recent Covid-19 pandemic situation, the
Malaysian economic downturn
 has also become one of the challenges faced by Malaysians who are looking to purchase properties.

Besides experiencing the immediate effects of economic downturn such as getting retrenched from their jobs, being put on unpaid leaves, and steep salary cuts, many found themselves utilising their savings to manage their financial wellbeing during these unprecedented times. Suddenly, the idea of owning a dream home seems hard to achieve,
even with the decline of property prices due to Covid-19 situation.

However, on a brighter note,
Malaysian economy is predicted to rise again, this time stronger come 2021
. As the economy is expected to recover, so does Malaysia’s
property value post Covid-19
. For those who are financially flexible, this could be time to consider purchasing your dream properties at affordable prices with many added benefits – but not before doing a proper research and planning, just as you would before Covid-19.

Matrix HomeMade Plan Lets You Own A Landed Property In An Easier Way

In an effort to stimulate the Malaysian economy during these challenging times, the government has once again introduced its
House Ownership Campaign (HOC)
 under the Penjana Economic Package initiative which offers attractive financial incentives such as stamp duty exemption and discounts up to 10%, with certain terms and conditions.

In support of this initiative – together with its aim to help Malaysians realise their dreams of purchasing their ideal homes – Matrix Concepts comes into the picture with its
Matrix HomeMade Plan
, a home ownership plan specially curated with a package of added benefits which offers you an easier path to
own amazing landed properties in Negeri Sembilan, with less hassle.

The Easier Way To Fulfil Your Dream With More Savings

Matrix Concepts understands your dream for the perfect abode, that is why they’ve got just the right plan to make it come true. You will be eligible for stamp duty exemption (under the HOC) and instalment subsidy for up to 18 months* with RM1,000 booking fees* only. This means that you will get to save the extra money for other purposes such as home renovation, honeymoon for the newlyweds or even setting it aside for emergency savings.

*for selected projects only

Experience A Wholesome Living For Your Family In Negeri Sembilan

Having recently gained its status as a city in January 2020
, Negeri Sembilan is showing a growing potential in its development, especially since it’s also
touted to become the country’s sixth economic corridor through Malaysian Vision Valley (MVV) 2.0
that aims to develop Negeri Sembilan in the industrial, education, tourism and special services sectors. This makes it more enticing for those who have been eyeing a potential project in Negeri Sembilan to call home, and even for those who are still exploring their options for long-term planning.

Besides living in a city-status location with complete facilities and amenities nearby, Matrix HomeMade Plan will also help ease you and your family’s transition into the new surroundings, not just your new home.

You will get to enjoy complimentary 1-year broadband internet service and d’Tempat Country Club Membership
 for selected projects, so you can get right into your new life as soon as you move in. For families with kids, you will be delighted to know that your kids too will get to enjoy a special benefit of
5% enrolment discount for Matrix Global Schools
 comprising preschool, international school, private national school, and Cambridge A Levels.

On top of these exciting benefits,
enjoy 1% Referral Rewards
 when you refer Matrix’s properties to your family and friends, besides reaping the benefits of Matrix HomeMade Plan’s
Loyalty Programme
.

Find Your Exclusive Freehold, Landed Home In Seremban & Start Living The Dream

Depending on which home you choose among Matrix’s exclusive line of projects, each and every one stands out in its own elegance. Modern and contemporary, all Matrix’s projects embody its philosophy to nurture the environment and enrich lives. It is no wonder you will find these projects being surrounded by an amazing view of nature while still being easily accessible to essential facilities and amenities.

As Matrix’s projects are located in developed township areas, you will be connected to seamless access to several major roads and highways such as North-South Expressway (PLUS), Seremban-Port Dickson Highway and KLIA Linkage. Matrix also has some of its selected projects conveniently located within the promising Malaysian Vision Valley 2.0.

Moreover, with a variety of property types from terrace link to semi-D homes, there is bound to be one that checks you and your family’s needs and lifestyle.

So, make your dream of owning an exclusive landed home a reality with Matrix HomeMade Plan. If you’d like to know more about these specially curated offers and its line-up of amazing projects, visit the
Matrix HomeMade Plan website
 or contact 1800 88 2688 today to register your interest before the offers end.

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EPF Rolls Out New KWSP i-Akaun App With More Features

The Employees Provident Fund (EPF) has quietly rolled out a new KWSP i-Akaun app, which is set to eventually replace the existing i-Akaun app (classic version). The new app offers a range of new features and improved user interface that allow members to manage their EPF accounts with better ease and efficiency.

Some new features that members can find in the new KWSP i-Akaun app – which are not available in the classic i-Akaun app – include:

Retirement calculator that lets you estimate the required retirement savings that you need

Application for Age 50 Withdrawal (with some conditions)

Application to purchase insurance/takaful coverage through i-Lindung

Registration and cancellation of Simpanan Shariah

Mobile binding security feature to bind mobile devices to member’s profile

Online registration to become an EPF member and a KWSP i-Akaun app user (for new EPF members only)

Locate EPF Mobile Team

Meanwhile, existing features that you can continue to use in the new app include the ability to monitor and view contribution records, view and download account statements, as well as update member’s profile. Additionally, you can make voluntary contributions to boost your EPF savings and register for i-Saraan (for informal sectors).

Note, though, that the i-Invest feature has not been ported over from the classic i-Akaun app to the new app. Members who wish to use this feature will still need to access it via the older app or through the i-Akaun (member) portal.

The EPF has also clarified that members do not need to uninstall the classic i-Akaun app after downloading the new app on their device; they can even use both at the same time. However, the older app can only be used “until a certain date in the future before it is discontinued” – although the EPF has not revealed an exact date as of yet. As such, members are encouraged to switch over to the KWSP i-Akaun app “for a more personalised and user-friendly experience” whenever possible.

(Classic i-Akaun app)

Members who already have an account on the classic i-Akaun app will not be required to register for a new account, and can go ahead and log in to the KWSP i-Akaun app using the same user ID and password. All your existing information from the classic i-Akaun app will be synced automatically to the new app.

If you’re an existing EPF member without i-Akaun login details, however, you’ll need to register for an account on the KWSP i-Akaun app via specified channels: EPF offices, EPF self-service terminals/kiosks, or through the classic i-Akaun app or i-Akaun (member) portal (view mode access). Once done, you can then log in to the KWSP i-Akaun app with your details.

If you’d like to give the new KWSP i-Akaun app a try, go ahead and download the app for free from
Google Play
, the
App Store
, or
Huawei AppGallery
. Do be aware that your device must run on Android 5.0 or iOS 12.4 (minimum operating system (OS) requirement) in order to install and use the app.

(Source:
EPF
)

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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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Report: More Than One-Quarter Of Malaysians Have Poor Credit Scores

(Image: Malay Mail/Choo Choy May)

A joint report released by CTOS and Monash University School of Business has found that 28.3% of Malaysian credit consumers have poor credit scores, falling below the “Fair” rating, which means that they do not qualify for credit facilities from banks. In turn, this could force them to turn to illegal lenders, who often provide loans at exorbitant interest rates.

Revealed in the CTOS State of Consumers Credit Report for Malaysia 2022, the credit reporting agency stressed that this means over one quarter of consumers in Malaysia is in crucial need of comprehensive financial education to help them boost their credit scores and financial literacy. Meanwhile, the remaining population – who have credit scores above the “Fair” rating – must learn to maintain their financial health.

Briefly, the credit scores provided by CTOS (known as CTOS Score) is a three-digit number that represents individuals’ creditworthiness, based on their payment history, background, and financial management. It ranges from 300 to 850, rated and tiered as below:

That said, it is not all gloom and doom in the latest study as it also found that there has been a positive increase in the average CTOS Scores of Malaysians over the past three years, from 663 to 678 (+15 points). Additionally, Malaysians overall managed to maintain a “Fair” credit range despite the Covid-19 pandemic.

Furthermore, average credit card utilisation for Malaysia held steady at 23.7%, indicating that consumers in general did not have to rely on unsecured credit spending to survive the difficult period – although some consumer segments did record a slightly higher use. For instance, the B40 group had a credit card utilisation rate of 34.2%, mainly to sustain their finances.

“Besides income groups, the trends also show that the younger generation (Gen Y & Z) used credit cards more than before possibly due to social preferences, which resulted in increased spending behaviour,” said the head of Monash School of Business, Professor Dr Nafis Alam.

CTOS further acknowledged that while there were improvements, Malaysia also still has some work to do to catch up to the average credit score of other countries on the global stage; credit consumers in the United States, for instance, have an average credit score of 716, in comparison to Malaysia’s 678. This lower average score also means that while most of Malaysians may qualify for a majority of financial products by lenders, they may not get the best credit deals on the market, as compared to those with “Good” or “Excellent” scores.

In light of this, group chief executive officer of CTOS Digital, Erick Hamburger said that CTOS is committed to empowering Malaysians with the tools and resources required to manage their credit health effectively.

“We have also carried out around 150 financial education programmes in the last three years together with various organisations, including the Ministry of Finance, Bank Negara Malaysia, AKPK, EPF, KPKT, and other NGOs. Through these initiatives, we provide consumers with the opportunity to learn, engage, and strengthen their financial management skills, empowering them to improve their credit health and personal finances,” Hamburger further said.

The CTOS State of Consumers Credit Report for Malaysia 2022 had a sample of over 1.4 million individual CTOS users, and also included other statistics such as comparisons of generational creditworthiness, average outstanding loan balances by income groups, and types of credit facilities.

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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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AmBank, DBKL Roll Out Recycling Machine That Pays Rewards Via DuitNow

AmBank has partnered with Dewan Bandaraya Kuala Lumpur (DBKL) to roll out an innovative recycling reverse vending machine (RRVM) that is equipped with DuitNow QR Scan & Pay function. Said to be the first RRVM with such a capability, it enables users who recycle items through the machine to receive cash rewards directly into their bank accounts or e-wallets via DuitNow.

The RRVM was originally launched back in June 2022 by DBKL as a proof of concept, but this earlier version of the machine did not come with any cash incentives for recyclers. This time round, the RRVM is enhanced to offer cash rewards to members of the public who recycle using the machine, paid by scanning their DuitNow QR codes. The public can currently find this RRVM at the lobby of Menara DBKL 1 (Jalan Raja Laut), with several more expected to be rolled out soon, placed in high footfall areas.

Group chief executive officer of AmBank Group, Dato’ Sulaiman Mohd Tahir said that this initiative to expand access to recycling programmes is in line with its ambition to promote sustainability. “As a financial institution which embraces sustainability, we look forward to working with organisations towards goals that are aligned to give positive impact to our communities,” he further said.

Meanwhile, the mayor of Kuala Lumpur, Datuk Seri Mahadi Bin Che Ngah stated that as one of the fastest growing metropolitan areas in Southeast Asia, Kuala Lumpur has seen an increase in waste generation. In fact, DBKL spends an average of RM220 million for waste management within the city alone. Worse, uncontrolled dumping of waste has also become one of the contributing factors to flash floods in Kuala Lumpur, besides climate change.

Given this situation, Datuk Seri Mahadi said that DBKL is committed to reducing waste generation through various recycling programmes, with the introduction of RRVM being one of them. He also hopes to see more cooperation between DBKL and entities from the private sector to promote this agenda, thereby encouraging the public to dispose their waste more effectively and responsibly.

(Source:
AmBank
)

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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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Malaysia Income Tax: An A-Z Glossary

March 2020 has arrived and income tax filing for YA 2019 is now officially open. However, filing your taxes when you’re not sure what all the various terms mean can be quite confusing, especially if you’re doing it for the first time.

What’s the difference between chargeable income and taxable income? What is gross income? What are perquisites and benefits-in-kind? And for goodness’ sake, what is the difference between a tax exemption, tax relief, and tax rebate? If you have any of these questions running through your head, go through our Malaysia Income Tax Glossary before you do any filing!

Aggregate income

The sum of all your taxable income that will be automatically totalled for you on your online tax return form. It includes income from employment, rent, royalties, and so on, but does not include non-taxable income.

Benefits-in-kind

Benefits received by employees which are not included in their salary. There are a few tax exemptions for benefits-in-kind, but benefits like cars, furniture, and personal drivers are subjected to income tax. Each benefit-in-kind must be prescribed a monetary value in order to be taxed, and this can be done through the formula method or the prescribed method.

Chargeable Income

Chargeable income = Gross income – tax exemptions – tax deductions – tax relief
. The tax rate you will be charged with increases as your chargeable income does, which is why you should take full advantage of the various tax reliefs and so on to bring down your chargeable income amount.

EA Form

Officially called the Yearly Remuneration Statement, the EA form is a statement of your annual income, monthly tax deductions, EPF contributions, etc. It is issued by your employer at the beginning of each year; your employer has a legal obligation to provide you with it by the last day of February.

EC Form

Just like the EA Form for private employees, the EC Form is the Yearly Remuneration Statement for government employees.

e-Daftar

The section of the ezHasil website where you can register yourself as a new taxpayer for the first time. It’s also where you can obtain or check for your income tax number online.

ezHASIL

LHDN’s main website for all things income-tax related. It’s divided into sections where you can register as a taxpayer (e-Daftar), file your taxes (e-Filing), pay your taxes (ByrHASiL), and so on.

Gross Income

The amount of income you earn before any deductions are made, eg EPF, SOCSO, etc. This includes your basic salary, commission, bonuses, etc. So, if your basic monthly salary is RM4,000 with RM100 travel allowance, your gross annual income is RM49,200.

Income Tax Number

The unique reference number assigned to you by LHDN. To obtain your income tax number, you should register online through e-Daftar or in person. If you’ve ever been employed, you may already have a tax number – you can check online or by calling LHDN.

Inland Revenue Board Malaysia (IRBM)

The government agency in charge of administering, assessing, collecting, and enforcing payment of direct taxes in Malaysia. It is under the Ministry of Finance and also known as Lembaga Hasil Dalam Negeri (LHDN).

Lembaga Hasil Dalam Negeri (LHDN)

Also known as Inland Revenue Board Malaysia (IRBM), this is the government agency responsible for administering, assessing, collecting, and enforcing payment of direct taxes in Malaysia.

Monthly Tax Deductions (MTD)

The compulsory mechanism where employers deduct monthly tax payments from a taxable employee’s salary. Your MTD does not necessarily represent your final tax sum; it doesn’t take into account the tax reliefs you are eligible for. Also known as Potongan Cukai Bulan (PCB).

Perquisites

A perk or benefit given to you by your employer. You need to be aware of the perquisites you are receiving because they can either be taxable or tax exempt, thus affecting your total chargeable income. Some examples are travel allowances (exempt up to RM6,000), childcare (exempt up to RM2,400), and parking allowances (fully exempted).

PIN Number

Required for first-time logins into e-Filing on ezHASIL. You have to go to your nearest LHDN branch to obtain it.

Tax Bracket

The range of incomes being taxed at a given rate. In a progressive tax system, you’re taxed a higher rate depending on what tax bracket you fall under. So, if your annual income is RM43,000, you will fall under the RM35,000–50,000 tax bracket.

Tax Deductions

Granted for the contribution of “Gifts and Donations” to the government or a government-approved charitable organisation. You can deduct up to 7% of your aggregate income.

Tax Exemptions

Income that you don’t need to pay taxes for. This type of income is excluded from counting as your taxable income. For example, the interest you earn off a fixed deposit or certain dividend payments are fully exempted from income tax. Things like parking and childcare allowances (which fall under
Perquisites
above
)
can also be exempted from tax.

Tax Rate

The percentage at which you will be taxed. Tax rates are applied to your chargeable income amount and vary according to your income bracket.

Tax Rebate

A reduction in your chargeable tax amount. Unlike tax reliefs and tax deductions, tax rebates come into play
after
you’ve determined your chargeable income. An example is a tax rebate for zakat/fitrah, which is subject only to the maximum of tax charged.

Tax Refund/Return

If you’re subject to monthly tax deductions, you may find once you’ve filed your taxes that you’ve paid more than you actually owe. Usually, this is because MTDs don’t take into account tax reliefs and so on. In this case, you’re entitled to a tax refund from the government, which you can get by providing your bank details.

Tax Relief

Claiming for tax relief when you file taxes allows you to reduce your chargeable income up to a certain amount. You can get tax relief for lifestyle purchases such as books and smartphones (up to RM2,500), for having children below the age of 18 (RM2,000 per child), and many more. Remember, you claim for tax relief a year later after the YA in question – and make sure to keep all your receipts for the next 7 years as proof!

Taxable Income

Gross income – tax exemptions
. Take the total amount of income you are earning and minus off the types of income that isn’t taxable. Let’s say Ahmad has a gross annual income of RM50,000 which consists of RM48,000 in salary and RM2,000 in parking allowance. Because parking allowance is tax exempted, his taxable income is only RM48,000.

Year of Assessment (YA)

The year in which the income tax is calculated and charged, starting from 1 January and ending 31 December. When you file your taxes in 2019, you are basing it on your income earned during YA 2018.

***

Now that you know what each of these income tax terms mean, we hope that you’re a bit more prepared to face filing your taxes in 2019. But if you’re still not too confident about the processes, check out our guides below:

How To File Your Taxes For The First Time

Everything You Should Claim As Income Tax Relief Malaysia 2020 (YA 2019)

Malaysia Personal Income Tax Guide 2020 (YA 2019)

Understanding Income Tax Reliefs, Rebates, Deductions, And Exemptions In Malaysia

Find more income tax related content in our
Income Tax
 page.

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    Chia Tio Huat

    3 years ago

I would like to seek your advice on my tax filing for YA2019. I was given a redundancy package in Mar 2019 by my previous employer. The redundancy amount was paid after the deduction of tax (with the department given a tax exemption of RM10000 per year. I am now working with another company. How do i fill in e-B form i.e. which column / item that i can fill in for that tax exemption?

thank you

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    Jacie Tan

    3 years ago

    Reply to

        Chia Tio Huat

Generally, exemptions don’t appear in any columns in your ITRF. However, if it’s specialised tax advice you’re after, you can always refer to a qualified tax expert or contact LHDN directly.

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Why The RHB Shell Visa Credit Card Is Your Everyday Spend Card

Studies have shown that sticking to a daily routine can help relieve stress, improve sleep, and give ourselves a sense of accomplishment. A simple routine of having a cuppa coffee in the morning or making sure the children are fed before their nightly cartoon show, can help to promote both our physical and mental health through structure and organisation throughout our day.

The RHB Shell Visa credit card is a card that could readily complement your daily routine. It is a credit card that offers cashback not only for your refuel trips at Shell but also on your everyday essentials, utility bills, e-wallets top-ups, online shopping and more.

Furthermore, RHB has just extended their launch offer which gives RHB Shell Visa credit cardholders up to 30% cashback of up to RM1,450 from now till 31 December 2021. In addition to that, new cardholders can get an extra activation and spend cashback of up to RM175 during this offer period.

Wondering how it works? Here’s a summary of how the RHB Shell Visa credit card can easily blend into your day.

Fill Up On Cashback At Shell

One of the main things to do for the week is to refuel the car. For some of us who commute to work or constantly have errands to run, getting the car refuelled is an essential part of our lives.

Depending on how much you spend a month on petrol, you can definitely earn some much-deserved cashback at your nearest Shell station. Cardholders who spend up to RM2,500 and above can earn 12% cashback, 8% cashback for those who spend RM1,500 and above, and 5% for expenditures of more than RM800.

For a limited time only, cardholders can enjoy an additional 18% cashback on top of the evergreen cashback reward of up to 12% with a minimum spend of only RM50. This means RHB Shell Visa cardholders can enjoy up to 30% cashback whenever they fuel up at Shell till 31 December 2021! On top of that, during the campaign period, cardholders can also get to enjoy a complimentary RM5 Shell e-voucher on a first-come-first-served basis.

Enjoy Cashback Of Up To RM50 For e-Wallet Top Ups

The pandemic has accelerated the adoption of digital finance, and today, our phones are now our wallets. We have become accustomed to paying for almost everything and anything with an e-wallet because of its convenience, besides it being a contactless payment method that is safer during this pandemic.

By linking your RHB Shell Visa credit card to your mostly used e-wallet(s) for regular top-ups, you’d get to earn up to 5% cashback, capped at RM50 every month.

Typically for e-wallets, there is the option to automatically top-up your credit balance once it goes below a certain threshold. Some e-wallet(s) reward users with points or vouchers for doing so.

With your RHB Shell Visa credit card linked for automatic top-ups, you’d always get to enjoy reward points, vouchers, and cash back! The best part is that you won’t have to worry about having enough balance to have your favourite takeaway meal during lunch.

Essential Evening Grocery Runs

With most of us at home nowadays, weekly grocery runs are a must. Stocking up on fresh ingredients, household items, and toiletries for the family may take up an hour or two, especially if you are looking out for the best deals and discounts.

With up to 5% cashback with the RHB Shell Visa credit card, you could potentially save more every month. Your monthly grocery cashback is valid for most grocery stores, supermarkets, bakeries, and even convenience stores.

E
asy Cashback For Utility Bills & E-Commerce Plus Other Features

Last but not least, why not opt for paying your utility bills with the RHB Shell Visa credit card and earn up to RM50 every month on cashback?

You could use it to pay for monthly bills such as Astro, Celcom, Maxis, Tenaga Nasional Berhad, and more. Accumulated bill payments of more than RM800 are entitled to 1% cashback, 2% for more than RM1,500, and 5% for RM2,500 and above.

If you’re looking to indulge in some online retail therapy, the RHB Shell Visa credit card also offers cardholders up to 5% cashback, capped at RM50 every month.

It doesn’t end there, RHB Shell Visa credit cardholders also get to enjoy 0.2% cashback with an unlimited cap for all other retail spends.

Additionally, you’ll also get to enjoy 0% p.a. CashXcess or Smart Move Balance Transfer, exclusively to new RHB Credit Card applicants. Other features include an automatically activated VISA Ecommerce Purchase Protection, RHB Smart Instalment and an annual fee waiver for the first year.

***

Earning cash back rewards throughout your day could be easier with the RHB Shell Visa Credit Card. It’s a credit card that fits right into your essential spendings such as groceries, e-wallet top-ups, petrol, utilities, and even shopping.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Boost To Roll Out BNPL Solution, Mastercard Prepaid Card This Year

(Image: Harian Metro)

Boost has shared its ambition to become a full-spectrum fintech player in the upcoming year, with various initiatives in the pipeline to drive it towards its goal. Among other things, the financial service provider will be launching a buy-now-pay-later (BNPL) payment solution, a prepaid card via its partnership with Mastercard, as well as a premium loyalty tier in its BoostUP programme.

With regard to the upcoming BNPL solution, the chief executive officer of Boost, Sheyantha Abeykoon noted that this flexible and interest-free payment option has seen a huge growth over the past year, and Boost has the right “components” to offer it as well. This is especially following the
recent rebranding of its fintech holding arm
 to build itself as a regional financial services powerhouse with four key pillars (Boost Life, Boost Biz, Boost Credit, and Boost Connect).

Specifically, Boost’s BNPL service will tap into the fintech company’s consumer base via Boost Life, and connect them to its merchant base via Boost Biz and Boost Connect. Underwriting capability, meanwhile, will be performed via Boost Credit.

Aside from that, Boost also urged its users to look forward to the launch of a
physical and virtual Mastercard prepaid card, thanks to its partnership with the payment service provider
. Boost had actually already announced this back in early December 2021, saying that the introduction of the prepaid card is one of several solutions that it hopes to roll out with the help of Mastercard. It also noted that there is a huge opportunity to tap into as approximately 65% of cash in transaction on Boost occurs via online banking.

Additionally, Boost is hoping to further improve its recently refreshed
BoostUP programme
 with a premium loyalty tier that offers exclusive benefits. This is on top of other efforts, such as allowing more flexible redemptions where users can redeem rewards with a combination of Boost Stars and cash.

Sheyantha also spoke briefly on Boost’s journey in becoming a digital bank, especially since it is
one of the many applicants who are currently vying for the five digital banking licences
 offered by Bank Negara Malaysia (BNM). He said that Boost already has a strong record in lending and catering to the needs of the unserved or underserved segments through its payments, financing, and insurance services. In fact, it has already disbursed more than RM550 million in loans to local MSMEs. As such, he believes that Boost has the right ecosystem to serve the financial needs of the people as a digital bank.

Outside of these, Boost also highlighted its goal to become a “champion” of small and medium enterprises (SMEs). They aim to achieve this via initiatives such as
Boost Makan
 as well as an e-commerce platform where SMEs can source raw materials at competitive rates.

“We have come a long way from starting our business as an e-wallet, then setting up a lending business with Boost Credit. Today, we have presented a strong proposition as a fintech provider coupled with extensive experience as a scale lender with an e-wallet business and a profitable cross-border payments business. If our digital bank licence bid is successful, it will take our fintech business to the next level, completing our ambition of becoming a full-spectrum fintech player to create an inclusive digital ecosystem for consumers and merchants across the region,” said Sheyantha.

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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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RinggitPlus Survey Finds That Malaysians Are On The Brink Of Financial Disaster

 RinggitPlus Co-fouder & Director Hann Liew with RMFLS 2022 partners (from L-R) Khadijah Amir (Visa), Syafiq Kamarudin (FEN), Daphne Lourdes (Atome), Mohd Azlan Masood (ASNB), Gareth Koh (OCBC), & Zuraidah Ahmad (Experian)

As the world braces itself for a recession and continued inflation in 2023, Malaysians are in their worst-ever financial position to prepare for it. Data from the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2022 revealed various painful truths on the current financial state of the
rakyat
, including depleted savings, cashflow issues, and other worrying trends.

Malaysians are still struggling from the financial impacts of the pandemic

Malaysians from all walks of life are now facing severe financial challenges that leave them vulnerable to financial shocks, as various financial aids reduced the impact in 2020 and 2021. 70% of respondents indicated that they save less than RM500/month or do not manage to save at all. This is the worst-ever result tracked by the RMFLS in 5 years.

At the other end of the spectrum, the amount of Malaysians who manage to save more than RM1,500 per month has also dropped significantly. From 20% in 2020, the figure has dropped four times lower to just 5% in 2022.

The RMFLS 2022 results also indicate that more Malaysians are struggling with less savings in hand, as 63% of respondents stated that they can survive for 3 months or less with only their savings (52% last year). A similar pattern is also seen where 55% of Malaysians spent exactly or more than what they earned each month (44% last year), essentially living paycheck-to-paycheck.

With depleted savings and higher cost of goods, the survey also highlighted a worrying trend where more credit cardholders are not paying off their bills in full – just 55% in 2022 compared to 70% last year.

Forgoing long-term security and wealth generation for short-term relief

With the challenges in cashflow and savings, the survey results show that Malaysians are choosing short-term monetary relief over long-term financial stability. A staggering 65% of respondents above 21 stated that they will consider applying for more Employees’ Provident Fund (EPF) withdrawals if the government allows it.

In addition, the survey also found that 52% of Malaysians above the age of 18 have not started investing. Meanwhile, a majority of those who are investing have low-risk appetites but medium-term investment horizons which is not optimal – though these may be influenced by current financial challenges and global economic outlooks.

Current trends a wake-up call to all parties to take action

“The financial effects of the pandemic have been devastating and our survey findings this year reaffirm that Malaysians have real financial challenges to address. It is a harsh reality not only for the
rakyat
, but also for policymakers and industry players – this is a generational issue that requires long-term solutions with sustained and concerted support from all parties. We cannot leave anyone behind,” said Hann Liew, Co-Founder and Director of RinggitPlus.

In line with this, RinggitPlus recently introduced a new section to its Savings vertical on RinggitPlus.com that highlights the various cash management solutions in the market as it aims to encourage Malaysians to save and earn best-in-class returns. More products will be listed throughout 2023, and the section already includes an easy registration process through the RinggitPlus WhatsApp chatbot.

Finally, as part of its commitment towards enabling better access to financial literacy initiatives and education to more Malaysians, RinggitPlus will begin offering its content in Bahasa Malaysia in 2023.

Hann Liew, Co-Founder and Director of RinggitPlus

“The new section on the Savings vertical at RinggitPlus.com is timely as it highlights a relatively new product line in the industry, and will help those looking to research and compare for the best savings products in the market. Meanwhile, offering our content in Bahasa Malaysia is part of our mission to extend our range of services to other languages and thus reach out to more Malaysians,” said Hann.

Financial literacy continues to be a major step towards helping Malaysians overcome financial challenges and take control of their financial health. As RMFLS celebrated its 5th anniversary, the annual survey continues to highlight the importance of financial literacy among Malaysians and provides data points that have been used by various organizations, education bodies, and governmental sectors towards guiding Malaysians to take control of their financial health.

Click here to download the
full RMFLS 2022 report
.

The RinggitPlus Malaysian Financial Literacy Survey 2022 was made possible by our strategic partners, including our main partner Amanah Saham Nasional Berhad (ASNB) and other partners Visa International, OCBC Bank, Experian Malaysia, and Atome Malaysia.

***

RMFLS 2022: Key Findings

The nationwide survey was conducted in 3 languages using a self-administered online questionnaire through a third-party analytics platform, based on a statistically-accurate sampling of 3,144 Malaysians aged 18 and above.

Savings and Spendings

70% of respondents save less than RM500 per month – the highest year-on-year increase since RMFLS began in 2018.

Only 5% of Malaysians save more than RM1,500 per month, down from 15% in 2021 and 20% in 2020.

63% of respondents can survive 3 months or less with only their savings (vs 51% in 2021).

55% of Malaysians spend exactly or more than what they earn each month (vs 44% in 2021).

71% of respondents believe that they are in control of their money. However, 43% of them spend exactly or more than what they earn each month.

Retirement

82% of Malaysians believe EPF savings is not enough for retirement.

Among those who think that their EPF savings are not enough for retirement, 41% have yet to start financially planning for their retirement.

66% of respondents would still consider applying for more EPF withdrawals if the government allows it.

28% of respondents aged 35 and above have not started planning for their retirement.

Investments

52% of Malaysians above 18 have not yet started investing.

Of those who have started investing, 52% of respondents have low risk appetites preferring capital preservation. On a related note, 50% of the same group prefer medium-term investments of 5-10 years.

Youth investors (age 18-35) have the same low risk appetite (54%) for investments.

The top 3 investment products preferred by Malaysian investors are: unit trusts, stocks and cryptocurrencies.

The three most important factors when choosing to invest with a robo-advisor are trusted brand (59%), Shariah-compliant (41%), and an established track record & historical performance (38%).

Other observations and trends

45% admitted to having shared information about their personal finances online.

59% of respondents do not know or are completely unaware of what a credit score is.

32% of Malaysians do not know the benefits of a good credit score.

Only 55% of credit card holders pay their bills in full every month. The remaining 45% either pay only the minimum amount (18%) or whatever that they can afford that month (27%).

Cashless payments are now the preferred choice among Malaysians: QR payment (66%), contactless card (63%) and cash (56%).

41% of Malaysians have used a BNPL service.

4 out 10 respondents do not have a medical card.

43% of respondents with dependents (married, married with children, divorced/widowed with children) do not own a life insurance policy.

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    Anonymous

    9 months ago

Don’t be fooled. Malaysians are very good at hiding their wealth.

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    NoName

    9 months ago

Wait, people actually saves RM500 per month on average? I need to rethink my finances now…

Maybe this is because I’m in my early 20’s and just started working, but I thought saving more thank RM300 is pretty good.

How do I even start getting my stuff in order? I’m overwhelmed by all of… this and honestly I don’t know what half of the acronym means.

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2018 Financial Predictions for Every Chinese Zodiac

As the year of the rooster ends, we welcome the year of the dog this coming Lunar New Year. As such, it is time to look through some financial predictions to each of the Chinese zodiac signs for the year of the earth dog.

Experts like
 Joey Yap
,
Sunsigns
,
 the Chinese Zodiac
 and
Feng Shui Beginner
 stated this coming lunar year is the year of the earth dog, a year marked by security, profit, perseverance and success. In fact, some even speculate that real estate will be among the top priority of this year either for investment or living purposes.

Rat

For anyone born in the year of the rat, this year will be the year of exploration and opportunities. People of this zodiac sign are encouraged to explore cautiously for career opportunities, progressions and investment.

However, the key word here is “caution”. The year of the dog call for rats to be careful with their health in their midst of taking up new skills and financial opportunities. After all, what can you do with all the investments and skills if you are not physically well.

As such,
Joey Yap
 said one need to keep their budget in check and take any necessary steps to be healthy, perhaps even having a medical insurance to have a peace of mind.

Birth Years: 1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008

Ox

From a year of exploration to a year of prosperity, people born in the year of the ox will be call this year one of abundance. Experts have stated that all the ox’s hard work and effort will easily be paid off, so long as the ox remains level headed and hit the right target.

In fact, the year of the dog urges the ox to make some investments as
Joey Yap
 and
 Phang
 say that any investments made in this year will gain significant yield. Thus, the ox is encouraged to not only make their efforts count but also have some confidence without being arrogant.

Like the rat, the year of the dog calls the ox to be mindful of their health. It is advisable to make full use of their sick leave and have medical insurance to avoid any trouble.

Birth Years: 1925, 1937, 1949, 1961, 1973, 1985, 1997, 2009

Tiger

If there is one word to describe the tiger during this year, it will be “surprise”. The year of the dog presents the tiger with plenty of surprises, both welcome and unwelcome.

Although this is set to be the year where the tigers shine for their efforts and have a significant windfall, the tigers are advised not to be in a rush to expand their businesses. Should they rushed to expand their businesses, the year of the dog will not treat them kindly with a possible huge loss of capital investment.

Similarly, the tigers may achieve great progress in their careers, but they will be met with spite and jealousy in their workplace. Although a tiger can be a proud and excelling animal, it will need to maintain a balanced, modest, and prudent attitude towards finance and career to go through this year.

Birth Years: 1926, 1938, 1950, 1962, 1974, 1986, 1998, 2010

Rabbit

The year of the dog will mean at least two things for those who are born in the year of the rabbit: happenings and changes. The rabbit will be presented with many changes during this year in both finance and personal growth, with opportunities to gain new friends and connection to boost your prospects.

While these opportunities are hard to come by, it is important that the rabbits managed their budget to avoid extravagant spending. The year of the dog urges the rabbit to set aside a portion of money into savings or investments.

Birth Years: 1927, 1939, 1951, 1963, 1975, 1987, 1999, 2011

Dragon

The common consensus between
 Joey Yap
,
Sunsigns
,
 the Chinese Zodiac
 and
Feng Shui Beginner
 is the dragon will find plenty of opportunity to expand their horizon, with equal amount of obstacles along the way.

While the amount of opportunities and obstacles may scare you, experts agree that the dragon should work with what is in front of them. Financially, this advice would mean that you are to first settle any debt or immediate financial plans before you chart the next move. From here, you can see that the most important thing to do is to be prudent with your spending.

However,
 the Chinese Zodiac
 and
Feng Shui Beginner
 also warned that these people to be careful of their health and well-being, being wary of any physical threat that will affect your health.

Birth Years: 1928, 1940, 1952, 1964, 1976, 1988, 2000, 2012

Snake

The lunar new year foretold a promising year for the people born in the year of the snake. New career and investment opportunities are present in this coming lunar new year. The year of the dog could be a suitable year for the snake to change their job to not only boost their financial prospects but also their personal and career growth.

Yet, the snake needs to have some extra money at hand should they decide to make career switches or taking up new challenges. The snake also needs to be mindful of their health and retirement should they decide to budget their money or explore investment opportunities.

Birth Years: 1929, 1941, 1953, 1965, 1977, 1989, 2001, 2013

Horse

If there is one word that those who are born in the year of the horse would mark this year, it will be the word: progress. The year of the dog will start off a little slow for the horse’s career and finances, but they will find opportunities to present their potentials and make investments.

In fact,
 Joey Yap
,
Sunsigns
 and
Feng Shui Beginner
 advise the horse to make full use of the slow time at their careers to make some investments in either their hobbies or properties. The horse should also make full use of this year to not only impress the bosses but also improve their relationship with their colleagues.

The horse should be prepared for the slow beginning of the year and avoid gambling at all cost.

Birth Years: 1930, 1942, 1954, 1966, 1978, 1990, 2002

Goat

Like the horse, people born in the year of the goat will experience progress in their careers. The goat will start the year with a light workload, but it will increase as the year progress. This gradual increase of workload will present the goat with opportunities to prove their worth in their workplace.

The year of the earth dog also foretold the goat will have strong financial prospects, with the goat having an early windfall in the form of their salary or returns on investment. Thus, it is advisable for the goat to use the money first to settle their debts, followed by using some of the money on investments and savings.

As the windfall starts, the goat not only needs to spend wisely but also present themselves properly to their colleagues and bosses.

Birth Years: 1931, 1943, 1955, 1967, 1979, 1991, 2003

Monkey

Perseverance and growth will be the hallmark of the year of the earth dog for those born in the year of the monkey. The monkey is advised not only to be steadfast in every aspect, but also to present their creativity at their workplace to get noticed by the bosses and colleagues.

However, the monkey needs to manage their money properly in their quest to impress their superiors, so as not incurring more debt. The monkey needs to settle any outstanding debt and get a proper diet to avoid any medical complication.

Lastly, the monkey needs to have an equal balance of creativity and planning to make this year a successful year.

Birth Years: 1932, 1944, 1956, 1968, 1980, 1992, 2004

Rooster

This coming lunar new year is going to be a confusing year for the rooster. Experts have called the year of the earth dog as a year of contemplation and stagnation, as some aspect of the rooster’s life will be slow and repetitive.

The rooster’s career progression may be a long road to follow filled with repetitive tasks, it could be a blessing in disguise by providing them a chance to improve and energy to focus on harder tasks. The rooster can also use this time to maintain their health through exercise and diet.

However, the rooster must be realistic with the wealth by settling their debts and prioritise spending on necessities and savings.

Birth Years: 1933, 1945, 1957, 1969, 1981, 1993, 2005

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Dog

The year of the dog is marked by perseverance and reward. Accordingly, this year will be a challenging year filled with disruption, obstacles, and optimism.

Therefore, the dog should not be discouraged by the number of tasks and obstacles, but rather view them as new opportunities to impress fellow workers and bosses. Financially, you may start out a little tight but gradually as your career advances or business grows, you will gain more than enough not only to compensate for your earlier struggles but also to settle your debts and make some investments.

That said, the dog needs to be mindful of their health and not overwork themselves in their quest of impressing the workplace.

Birth Years: 1934, 1946, 1958, 1970, 1982, 1994, 2006

Pig

Lastly, we reached to the people who are born in the year of the pig. The year of the earth dog predicts a prosperous and significant year ahead for these people, including chances to be influential in your respective field. As opportunities come and go, the pig must be ready to seize them to make a strong impression among loved ones and superiors.

The pig is also advised to expand their network to improve their career and financial prospects, searching for opportunities make some savings with the early profits from this year. However, they need to do the above with moderation and caution to ensure they do not drain themselves emotionally and financially.

Birth Years: 1935, 1947, 1959, 1970, 1983, 1995, 2007, 2019

Time to Celebrate

Chinese zodiac predictions can be both interesting and disheartening, depending which animal sign you are. However, there are a few things that can be understood from these predictions:

1) Be prepared to put in the hard work to find investment opportunities and career advancements,

2) Take care of your
health
 in your endeavors, make the necessary arrangements to avoid any unpleasant surprises and exhaustion

3) Budgeting is key to surviving and thriving in this year of the earth dog.

With that, we wish you a Happy Chinese New Year/ Xing Nian Kuai Le!

The astrology predictions above are for entertainment purposes only. It is not meant to constitute sound financial advice. RinggitPlus and its’ affiliates, are not responsible for any loss or detriment suffered through the use of the information contained herein.

This article uses resources and information from
 Joey Yap
,
Sunsigns
,
 the Chinese Zodiac
 and
Feng Shui Beginner
.

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Grab Offers Pek Senang Raya At Only RM2, Offers Discounts Worth RM600 On Rides, Food, Shopping, And Travel

Grab Malaysia’s latest festive discount pack, Pek Senang Raya, offers various promo codes and rebates for rides, food, shopping, and parcel delivery worth up to RM600. Get the discount pack at just RM2 from 7 May to 17 June 2019 via the Grab app and you will be able to use the promo codes and rebates until 30 June this year.

You can get
RM3 off for 1 Grab ride
 and
20% off for parcel delivery
 via GrabExpress when you pay with GrabPay credits. However, note that these promo codes are not valid from 31 May to 9 June 2019. In addition, the GrabExpress discount is capped at RM8 and will not be valid from 6pm to 8pm.

In the food category, you can get
20% off

for GrabFood
orders from places like Buttermilk Kitchen, Hayaki, McDonald’s, and Secret Recipe. Besides that, you also enjoy
20% off on GrabFood
 as well as
 20% rebate

in-store
 when you pay with GrabPay Credits at locations such as The Alley, Baskin Robbins, Ben’s, Boat Noodle, The Coffee Bean and Tea Leaf, Chill Chill, Domino’s, and Salad Atelier. Meanwhile, dining at Dave’s Deli, KGB, Chizu, Honzu, Nene Chicken, La Juiceria, and Little Penang Café qualifies you for a
20% rebate

in-store
.

Do note that the GrabFood promo codes are not applicable between 6pm and 8pm. Similar to the Grab ride and GrabExpress discounts, you will also not be able to use the GrabFood discounts between 31 May and 9 June 2019.

For shopping, you can get a
20% discount
at all The Body Shop outlets, participating Laneige outlets, and in Lazada. Moreover, enjoy a
20% rebate
 when paying with your GrabPay Credits in-store at FashionValet, Healthland, Poplook, and Bubble Gum Wax.

Under Cuti-Cuti Raya, get a
20% rebate
 when you buy your KLIA Express train ticket, reserve your accommodation with OYO, or book any activities for your trip with Klook.

As the 20% rebate is not automatically credited back to your GrabPay wallet, find it in
My Rewards
 in the Grab app, and tap on
Use Now
 to get it back into your GrabPay wallet. Finally, one important thing to note: the maximum discount you can get from each Pek Senang Raya offer (besides for Grab and GrabExpress) is capped at RM15.

To purchase Pek Senang Raya, find it in your Grab app homepage, and pay using your GrabPay Credits. After the transaction is completed, you will find the vouchers in the
My Rewards
 section of the app.

For more information, head to
Pek Senang Raya campaign page
.

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