How to Tell the Difference Between A Current Account and Savings Account

In Malaysia, there are many, and we mean many, types of deposit accounts offered by the banking sector. For example,

Maybank has more than 10 types of savings accounts
 to choose from, and that is only one bank! So where do we start? Usually, a person would have a basic savings account or basic current account or both (some might refer to these as checking accounts). But what is the difference between current and savings account?

The similarities

Before we delve into current account vs savings account, let’s look at what both accounts have in common. Any one individual can open one basic savings and current account per bank, while Small and Medium Enterprises (SME) are allowed to open only one current account per bank. Other than functioning as a means to store your money, with these accounts, you will have the convenience of:

over-the-counter transactions

Automatic Teller Machines (ATM) using your ATM/debit card

Interbank-GIRO transfers

internet banking for bill payments

Current Account

What is current account?

Essentially, a current account is a deposit account that allows you to make payments in the form of cheques which is a major factor that helps distinguish between savings bank account and current account. For businesses, there needs to be someone authorised to sign these cheques – if there are any changes in signatories, the bank has be notified right away. Any withdrawals from your account can be made either with an ATM card, debit card, and even the aforementioned cheque.

Many banks offer attractive interest rates for current accounts, but only with very high levels of deposits (usually RM100,000 and above). Naturally, this is designed for those who need large sums of money readily available at any time, as the interest rates for fixed deposits are usually higher than current account interest rates.

But beyond that, current accounts are actually very similar to savings accounts, with the exception of allowing you to write cheques, and earning you higher interest rates.

A good example of a current account is the
Alliance Bank SavePlus current accoun
t. It offers a tiered interest rate that offers higher interest when you have a higher account balance. For balance amounts from RM20,001 to RM100,000, you earn 1.8% interest per annum, while any amount above RM100,001 will net you a whopping 3.5% interest per annum. That’s almost as high as some banks’ 12-month fixed deposit rates, with the flexibility of being able to use the money.

How to apply

You will need to be at least 18 years old to apply. Remember to bring along your identification card (MyKad) and an initial deposit of at least RM500 (dependent on banks) before stepping into your favourite bank. There are two ways you can open an account:

Personal account, where you are the sole account holder or;

Joint account, where an account is shared by you and other parties

Savings Account

What is it ?

A savings account will enable you to receive interest on your deposits every month, with no maturity date such as a fixed deposit investment. Like a current account, you will be able to withdraw cash whenever you need it using your ATM, debit, or charge card, but with the absence of a cheque book. To keep track of your account transactions and interest earnings, you can review them via your passbook or online bank account statement.

The difference between savings account and current account is in the interest rates offered for savings accounts. Most basic savings account offer a nominal interest rate, usually in the region of 0.2% per annum, which is almost insignificant – nonetheless, it is still better to keep your money here as it is covered by Perbadanan Insurans Deposit MalaysiaPIDM. However, there are unique types of savings accounts that offer high interest rates, but have some restrictions. The most common ones are savings accounts for children and senior citizens (which have an age requirement), or online-only (or passbook-less) savings accounts (which may charge you for over-the-counter transactions that are otherwise free on normal savings accounts).

How to apply

The mechanics of applying for a savings account is not too different. As before, you will need your identification documents along with an initial deposit. One of the upsides when applying for a savings accounts is that an introducer normally isn’t required, and the minimum deposit need not be in the RM100s, but usually only RM20, or even as low as RM1!

Savings Account VS Current Account Malaysia

Fees

Maintenance

Account Closing

   ATM withdrawal from other banks

ATM/Bankcard replacement

Cheque

Current Account

up to RM10

N/A

RM1 within MEPS network

RM8 – RM12 if not within network

 up to RM12

RM0.15* stamp duty

Savings Account

N/A

N/A

RM1 within MEPS network

RM8 – RM12 if not within network

 up to RM12

N/A

*Starting 1st January 2015, there will be an additional RM0.50 cheque processing fee (in addition to the RM0.15 stamp duty) as set out by Bank Negara Malaysia.

Which to get?

Both accounts have different uses, and are often times best used together. To sum it up, savings accounts will have accompanying ATM or Debit cards for easy

access to cash for any withdrawals and easy bill payments.

However, if you absolutely must use cheques, a current

account will be the only option to provide you with such a service.

photos courtesy of freedigitalphotos.net

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SPRINT, LDP Enable Support For Credit, Debit Card Payments At Toll Booths

(Image: Berita Harian)

Motorists travelling along the Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT Expressway) and Lebuhraya Damansara Puchong (LDP) will now be able to use their credit and debit cards to pay for their toll fares. This comes as both highways – both of which are owned by Litrak – begin testing their implementation of the open payment system.

The test lanes that allow credit and debit card payments will be indicated with a clear signage, and motorists who go through these lanes can tap their debit cards, as well as Visa and Mastercard credit cards against a designated card terminal to pay their fees. As with the typical card terminal, the screen will also display the toll fee that you need to pay and your payment status.

The SPRINT Expressway and LDP are both the second highways to test the open payment system. Earlier this month,
Maju Expressway (MEX) became the first to do so
, with its Putrajaya Toll Plaza enabled to accept credit and debit card payments at six selected toll booths. MEX further said that it will eventually enable these payment options at its other toll plazas as well, namely the Salak Selatan Toll Plaza and Seri Kembangan Toll Plaza.

As has been reported before, the Works Ministry aims to eventually implement the open payment system – which supports credit and debit card payments, in addition to the usual Touch ‘n Go (TNG) payment options – at
a total of 12 highways
 by September 2023. Other highways that are also set to trial the system soon include the Duta-Ulu Klang Expressway (DUKE), Shah Alam Expressway (KESAS), and New Pantai Expressway (NPE).

The full implementation of the open payment system on all 12 highways will ultimately involve 31 toll plazas and 81 lanes in total.

(Sources:
Litrak
,
SoyaCincau
)

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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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CIMB To Discontinue Enrich Credit Cards, No Longer Accepting Applications

CIMB Bank has announced that it will be discontinuing its line-up of CIMB Enrich credit cards starting from 1 January 2023. As such, it will also stop accepting applications for the affected credit cards, effective immediately.

In its notice, CIMB explained that the cards are being discontinued due to the expiry of the collaboration between the bank and Malaysia Airlines (MAS). It will affect the following three cards:

CIMB Enrich Platinum credit card
CIMB Enrich World credit card
CIMB Enrich World Elite credit card

Existing cardholders of these Enrich credit cards can continue to use them without interruption until the effective date of discontinuation on 1 January 2023. You can also still earn Bonus Miles using the existing CIMB Enrich credit cards during this transition period and convert them to Enrich Points, as per usual.

Additionally, those with Malaysia Airlines (MAS) Golden Lounge e-vouchers can continue using them until 31 December 2022. CIMB Enrich World Elite credit cardholders, too, are allowed to enjoy unlimited lounge access until 31 December 2022.

Aside from that, CIMB also clarified that cardholders will be provided with a new replacement credit card after their Enrich cards are effectively discontinued, although it is not revealed which card yet; cardmembers will be notified in due course. Under the new card, your existing outstanding balance, autopay, instalments, or Zing cards – currently under your Enrich cards – will not be impacted as the bank will maintain the same credit card number.

Meanwhile, if your existing CIMB Enrich credit card is set to expire before 1 January 2023 (prior to you receiving your new replacement card), CIMB will send you your renewal card ahead of time to avoid disruptions to your payments.

For context, CIMB’s line-up of Enrich cards are targeted primarily for individuals who are frequent travellers. Specifically, the CIMB Enrich Platinum card lets you earn 1 Bonus Miles for every RM4 spent locally and overseas (unlimited Bonus Miles), whereas CIMB Enrich World credit cardholders can earn 1 Bonus Miles for every RM1.50 spent overseas or every RM3 spent locally. Meanwhile, CIMB Enrich World Elite credit cardholders earn 1 Bonus Miles for every RM1 spent overseas or every RM2 spent locally (capped at 150,000 Bonus Miles; after that, 1 Bonus Miles for every RM4 spent locally and overseas).

These cards also come with perks such as access to MAS’ Golden Lounge, as well as travel insurance coverage.

(Source:
CIMB
)

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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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Maxis Rolls Out New 5G Postpaid, Prepaid, And Home WiFi Plans

Maxis has rolled out a range of upgraded postpaid, prepaid, and home Wifi plans today, which will allow its users access to 5G connectivity. This comes as the telco finally signed the 5G access agreement with Digital Nasional Berhad (DNB).

In a press release, Maxis said that the new plans will enable users to enjoy more than double the data for both 4G and 5G, in addition to extra allocations of bonus 5G data. Specifically, the new plans will be offered under five categories, namely Maxis Postpaid and Business Postpaid, Hotlink Postpaid and Prepaid, as well as Home WiFi.

Focusing solely on consumer (non-business) products, here are what the upgraded plans under Maxis Postpaid, Hotlink Postpaid and Prepaid, as well as Home WiFi have to offer:

Maxis Postpaid

There are a total of five plans under Maxis Postpaid that you can tap into, each aimed at meeting the needs of different categories of users. Depending on your preferred plan, the prices of these plans range from RM79 to RM199 per month, offering up to 200GB of 4G/5G data and up to 100GB of bonus 5G data.

Category
Details
Price
Maxis Postpaid 79
– 80GB of 4G/5G data
– 40GB of bonus 5G data
– Unlimited calls and SMS
RM79 per month
Maxis Postpaid 109
– 100GB of 4G/5G data
– 50GB of bonus 5G data
– Unlimited calls and SMS
– Up to 1 share line
– RM109 per month
– Share line at RM48 per month
Maxis Postpaid 139
– 120GB of 4G/5G data
– 60GB of bonus 5G data
– Unlimited calls and SMS
– Up to 2 share lines
– RM139 per month
– Share lines at RM48 per month
Maxis Postpaid 169
– 150GB of 4G/5G data
– 75GB of bonus 5G data
– Unlimited calls and SMS
– Up to 3 share lines
– RM169 per month
– Share lines at RM48 per month
Maxis Postpaid 199
– 200GB of 4G/5G data
– 100GB of bonus 5G data
– Unlimited calls and SMS
– Up to 4 share lines
– RM199 per month
– Share lines at RM48 per month

Maxis will also be updating its Zerolution device plans (which allows users to bundle subscription plans with devices) to include a wide range of smartphones, made available via instalment plans of up to 36 months with 0% interest.

 Hotlink Postpaid and Prepaid

The upgraded Hotlink Postpaid with 5G is available at RM70 per month, where you’ll get 70GB of 4G/5G data, and 35GB of bonus 5G data. You’ll also be entitled to unlimited calls and SMSes, and can tap into zero rate plan advance payments as well.

Meanwhile, Maxis customers who prefer prepaid options can subscribe to the new Pentas Passes for 5G connectivity, available as daily, weekly, and monthly passes – as you can see below:

Category
Details
Price
3GB Daily Pentas Pass
– 3GB of 4G/5G data
– Hotspot
– Unlimited calls
RM3 per day
25GB Weekly Pentas Pass
– 15GB of 4G/5G data
– 10GB of bonus 5G data
– Hotspot
– Unlimited calls
RM15 per week
75GB Monthly Pentas Pass
– 50GB of 4G/5G data
– 25GB of bonus 5G data
– Hotspot
– Unlimited calls
RM45 per month
100GB Monthly Pentas Pass
– 70GB of 4G/5G data
– 30GB of bonus 5G data
– Internet quota can be used in Malaysia, Singapore, Indonesia, and Thailand
– Hotspot
– Unlimited calls
RM60 per month

There is also a 20% cashback offer for Pakej Belia for the monthly Pentas Passes, made available specifically to youths below the age of 24 years old. This essentially means that this group of users will be able to purchase the 75GB and 100GB Monthly Pentas Passes at RM36 and RM48, respectively, instead of the original prices of RM45 and RM60.

Home WiFi

As for Home Wifi, there is currently only one plan that comes equipped with unlimited 4G/5G connectivity, namely the Maxis Home WiFi 158. It also comes with a premium 5G router that you only need to plug in to use – no installation or drilling required. This plan is priced at RM158 per month.

There is also the option to customise your Maxis Home WiFi 158 plan with Zerolution offers and add-ons. Under Zerolution, you can purchase home devices like Samsung Galaxy Tab A7 Lite LTE and Samsung UHD TVs with instalment plans of up to 36 months. Add-ons, meanwhile, let you subscribe to streaming service sooka to watch live sports and entertainment titles, or unlimited mobile data with any postpaid plans.

***

(Image: The Star)

Now that Maxis has also signed the 5G access agreement with DNB, all major telcos in Malaysia are equipped to provide 5G services, including CelcomDigi, YES, and U Mobile. Maxis is the last of Malaysia’s major telcos to sign the agreement; all telcos had previously had some qualms about the service implementation that was based on a single wholesale network (with only DNB managing the network). In May 2023, however, the government agreed to eventually switch the 5G implementation model to a dual network model (with DNB and another body to manage the network) once the current roll out has reached 80% coverage in populated areas.

It is hoped that the successful implementation of the 5G service will allow Malaysians to enjoy improved connectivity, which in turn, will lead to benefits like better job and business opportunities. This will also have other positive outcomes for the country, such as being able to attract more foreign direct investments.

(Sources:
Maxis
,
The Star
)

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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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Economic Stimulus Package 2020: Government To Assist Businesses Affected By Covid-19

(Image: The Malaysian Reserve)

As acknowledged by the government, the most immediate economic impact of the Covid-19 disease has been the sharp decline in tourism. To assist businesses that have been adversely affected by the epidemic, the government has proposed several initiatives under the Economic Stimulus Package 2020.

Firstly, the government will allow the deferment of monthly income tax instalment payments for businesses in the tourism sector. In addition to this, companies who are affected by Covid-19 will be allowed to revise their profit estimates for 2020 – with respect to monthly income tax instalment payments – without any penalties.

Hotels, travel agencies, airlines, shopping malls, and convention and exhibition centres will be provided with a 15% discount in electricity bills to help cut down on monthly overhead costs. Hotels and travel-related companies will also be exempted from Human Resource Development Fund (HRDF) levies.

The above initiatives will take place for a period of 6 months starting from April to September 2020. However, the government will also be exempting hotels from the 6% service tax, and this particular initiative will kick in earlier than the rest from March to August 2020.

(Image: The Star)

The assistance provided by the government is not limited just to the tourism industry. The government is also providing financing facilities for other affected companies, with the following moves:

A special relief facility worth RM2 billion provided by Bank Negara Malaysia (BNM). This relief facility will be in the form of working capital for SMEs at an interest rate of 3.75%.

An allocation of RM200 million in microcredit facility by Bank Simpanan Nasionala (BSN), offering a 4% interest rate to affected businesses. The approval process for existing loan funds will be further streamlined, eg Bank Pembangunan’s Tourism Infrastructure Fund of RM1.5 billion.

Furthermore, all banks are required to provide financial relief in the form of a payment moratorium that allows restructuring and rescheduling of loans for affected businesses and individuals. BNM has been tasked to ensure that all financial institutions will assist all companies in need with no exceptions.

Finally, the government is calling on industry players to play their part in sharing the responsibility to overcome current challenges. According the government, hotels could offer discounts and shopping malls could reduce rental rates for their tenants. For example, Malaysia Airport Holdings Berhad (MAHB) will be providing rebates on rental for premises at the airport as well as landing and parking charges.

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Digi And Celcom Offer Covid-19 Insurance Protection For Customers

(Image: TheSkop)

Malaysian telcos, Celcom and Digi, have partnered with insurance providers to offer Covid-19 insurance protection for their customers amidst the spread of the Covid-19 pandemic. These digital healthcare initiatives will provide short-term coverage for those who may require hospitalisation and treatment during this time.

Digi: Covid-19 Cover Insurance Plan

Campaign period until 30 April 2020

Digi is collaborating with Gibraltar BSN to offer free Covid Cover insurance plans for the first month to the earliest 200,000 customers to sign up for the coverage.

The plan will provide 30 days of free coverage upon approval, during which you will be entitled to a hospital cash benefit of RM60 per day for hospitalisations due to Covid-19. It also offers a death benefit of RM20,000.

The fully digital-enabled insurance plan is open to Malaysians aged between 18 and 60. Those who wish to apply for it will not need to undergo any form of medical examinations. Note, though, that you will need to sign up for this offer through your MyDigi app as it is an exclusive app-only deal. You will also be prompted to re-subscribe to the
Covid Cover plan
 for a fee when your free coverage for the first month is about to end.

The telco further added that Digi customers who have missed this free offer can subscribe to any of the various coverage packages that they offer, with fees ranging between RM5 to RM20 per month for 30 days of coverage.

“All the plans offer full coverage, including hospital cash benefits, death and total permanent disability (TPD) benefits including additional benefits in the event a patient suffers from dengue or zika,” said the telco. It also clarified that postpaid customers will be able to pay for the monthly premiums via their phone bills, whereas prepaid customers will have the amount deducted from their prepaid credit.

The Covid Cover insurance plan is available to non-Digi users through a
separate channel
 as well, and they can pay for the plan via debit and credit cards.

(
Source:
Bernama
)

Celcom: Aspirasi C-Protect Insurance Covid 19 Assist Campaign

Campaign period until 31 December 2020

The Aspirasi C-Protect insurance coverage offered by Celcom is essentially a 24-hour worldwide group personal accident (PA) insurance, with additional Covid-19 Assist protection. It is underwritten by Great Eastern, and costs RM1 each month to maintain.

The Aspirasi C-Protect PA insurance offers benefits of RM2,000 sum insured for accidental deaths, as well as RM1,000 for accidental permanent disablement benefit. It also allows up to RM1,000 of reimbursement for the last bill of your Celcom services in the event of your accidental death, accidental permanent disablement, or hospitalisation for more than 4 days due to an accident.

Under the additional Covid-19 Assist coverage, you will be entitled to RM200 per day, up to 60 days, if you are hospitalised and quarantined at any Ministry of Health-designated hospitals when diagnosed with Covid-19. You can also claim a death benefit of RM20,000 upon death due to the coronavirus.

Celcom’s insurance protection plan is open to both new and existing Celcom postpaid and prepaid customers aged between 16 to 80 years of age, encompassing both Malaysians and foreigners legally residing in Malaysia. It also does not require you to go through medical examinations to purchase. You will, however, need to maintain an active Celcom line until the campaign ends on 31 December 2020.

To sign up for the campaign, you will need to dial *365*6#, and subscribe through the USSD. Alternatively, you can also subscribe through the
Celcom Life App
, or by responding to the SMS notification or USSD invitation from Celcom.

For more information, you can check out the full
FAQ
 from
Celcom’s website
.

***

These deals by
Digi
 and
Celcom
 are one of the initiatives taken by the telcos to help their customers through this period of Covid-19 pandemic and movement control order (MCO). They are also offering
free internet access daily
 for its customers via the
Prihatin Economic Stimulus Package
.

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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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Grab Ride Cover Protection Offers Additional PA Insurance For Grab Passengers At RM0.35 Per Trip

Grab Malaysia has introduced a new insurance package that GrabCar passengers can opt in for just RM0.35 per ride. Named Ride Cover, it not only provides passengers with an additional personal accident (PA) coverage during your Grab rides, but also offers compensation for late rides.

Grab Ride Cover will provide a RM100,000 personal accident (PA) coverage in the event of your death or permanent disability if you get into an accident during your Grab rides within the country. Additionally, you can get up to RM2,000 for medical expenses. The coverage also applies to any immediate family members sharing the ride.

This PA coverage is underwritten by Chubb Insurance Malaysia Berhad, and the benefits are on top of the free basic coverage already offered to all GrabCar users. The basic coverage lets you claim up to RM40,000 in the event of an accidental death or permanent disability, and up to RM2,000 for medical expenses.

In addition to the PA coverage, you will also qualify for the 100% No Delay Guarantee, which entitles you to a RM5 Grab ride voucher if your ride is delayed for more than 15 minutes after the estimated time of arrival. You will get the voucher once your journey has been completed, and it will be valid for six months. That said, you will not get the voucher if either you or the driver cancel the affected ride.

Signing up for Ride Cover is nothing more than a simple three-step process. You only need to do it once, and all your rides will be covered by Ride Cover from then on until you opt out:

Tap on “Insurance” in the homepage of your Grab app.

Select to “View” the Ride Cover plan.

Tap on “Opt In Now”, followed by “Got It”, and you’re done!

Note, though, that you must pay for your rides with GrabPay to tap into the benefits of Ride Cover. If you’re paying with cash or through corporate billing, then the ride will not be eligible for Ride Cover, and you will not be charged even if you’ve opted in on the plan. Also, Ride Cover does not cover GrabShare, GrabRent, and GrabBike rides.

If you wish to opt out after signing up, all you need to do is to go back to “Insurance”, and tap on “Ride Cover” under the “My Plans” tab. You will be able to opt out from there. As of now, though,
Ride Cover
 is only available to selected active Grab users as it is still in its pilot phase.

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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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No More Cashback And Rewards Points For E-Wallet Reloads For Maybank Cardholders

Maybank has announced that effective 8 July, all reloads to third-party e-wallets in Malaysia using Maybank credit cards will no longer be eligible for cashback and rewards points.

In an announcement posted on its website today, Maybank has removed all card benefits for reloading e-wallets using its credit cards, effectively ending the “double-dipping” of credit card and e-wallet perks that cardholders have been enjoying.

This move will affect every Maybank cardholder using e-wallet apps, especially GrabPay and Boost, both of which accept American Express cards. The popular
Maybank 2 Gold
/
Platinum
 Amex, for example, offered 5% weekend cashback and 5x TreatsPoints for every RM1 spent before its
June 2019 revision
, which made it exceptionally beneficial to use with GrabPay and Boost.

Of course, this won’t just affect Maybank 2 Gold/Platinum cardholders. Cashback cards such as the
FC Barcelona Visa Signature
 will not yield cashback for e-wallet top-ups, while premium cards such as the
Maybank Amex Reserve
,
World Mastercard
, and
Visa Infinite
 will not earn TreatsPoints with favourable frequent flyer conversion rates as well.

This announcement does not affect Maybank’s own e-wallet,
MAE
, since it does not have a top-up feature; funds are deducted directly from the user’s bank account or credit card (using QRPay).

(Source:
Maybank
)

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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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    karman

    3 years ago

what about big pay?

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    Pang Tun Yau

    3 years ago

    Reply to

        karman

Nope, not eligible also :/

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The Government Is In The Final Stages Of Targeted RON95 Petrol Subsidy Implementation

(Image: Utusan)

The Domestic Trade and Consumer Affairs Ministry is in the final stages of implementing the new
targeted RON95 fuel subsidy
 for the B40.

According to Domestic Trade and Consumer Affairs Minister, Datuk Seri Saifuddin Nasution Ismail, the ministry is close to finalising the mechanism and is waiting for the “right moment” to implement it.

“So we are looking to pick the right moment that would bring relief not just regarding the financial impact on the government but also on other stakeholders, such as petrol companies, the petrol dealers and, most importantly, the people,” he said.

(Image: Kosmo
)

The Minister of Finance, Lim Guan Eng, had previously announced this fuel subsidy in Budget 2019. Approximately RM2 billion is allocated for the initiative that is expected to benefit more than four million car owners and 2.6 million motorcycle owners in the low-income group.

Cars with engines below 1,500cc and motorcycles with engines below 125cc are eligible for the fuel subsidy. This group could purchase the fuel at only RM0.30 per litre. Eligible car owners can refuel for up to 100 litres per month while motorcycle owners get to buy maximum 40 litres of fuel per month.

RON95 fuel is
currently capped at RM2.08 per litre
 while the government works on the mechanism of the targeted fuel subsidy.

(Source:
The Star
,
NST
)

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How Your Credit Card Can Save You Money While Travelling

There are many reasons to use a credit card while you travel – convenience, security features, and purchase protection come to mind, but that’s not all! Your card can also help you spend less and save more while you set off on your next adventure. Here are eleven ways a credit card can help whittle your travel costs:

1. Get Better Exchange Rates

Your credit card often offers more competitive exchange rates than that of money changers even after considering foreign transaction fees.

Lower rates can significantly save you a chunk of cash when you shop, dine, and pay for accommodation in the destination currency.

2. Redeem Reward Points For Flight Tickets And Hotel Stays

Most credit card reward systems allow you to earn points for everyday spending, which can later be converted for flight tickets and hotel stays. For example, swiping with a
Maybank World MasterCard
 for anything from dining to shopping will earn you
TreatsAirmiles
, which can be used to redeem complimentary flights and discounts on flight tickets. Check also if you can use your reward points for in-flight shopping or extra baggage fees.

Some credit cards offer extra reward points when you swipe for overseas purchases, sometimes double or more!

3. Major Discounts At Participating Merchants

Take advantage of the airline, hotel, recreational and retail co-brand cards for substantial discounts on your travel expenses. With
CIMB Enrich World MasterCard
, cardholders enjoy major flight deals from Malaysia Airlines as well as bonus Enrich Miles – which can be converted for free or discounted flight tickets.

Be sure to check with your credit card provider for the latest promotions, especially the ones that apply to your travel destination. You can also bookmark our
travel promotions page
 to stay in the loop for the best travel discounts and offers.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
 credit card”>

4. Complimentary Travel Insurance

This is probably one of the biggest benefits having a travel credit card. Most cards will cover you for a host of travel inconveniences, such as missing connecting flights and accommodation due to delays, as well as medical benefits. You can also claim for reimbursements when purchasing essentials if your luggage is lost or delayed.

5. In-Flight Perks

Flights can be a lot more comfortable with good-time inducements like in-flight meals, entertainment, as well as having a preferred seat. Unfortunately, some airlines (especially budget airlines) will charge you extra for these little comforts.

With an
AirAsia-Citi Gold Visa
 card, you can enjoy in-flight meals and Pick-a-Seat vouchers to enhance your flight experience. You can also use your points to pay for checked baggage.

6. Free Premium Loyalty Memberships

Your credit card can actually “buy” you premium hotel memberships – a rewarding experience, especially if they offer discounts on room rates and dining.

Maybank World MasterCard
 for instance, gets you a free Hilton Premium Club Membership that has huge savings perks. Depending on your tier, you can enjoy discounts of up to 50% for dining and room service plus lower rates or even complimentary accommodations at participating hotels.

7. Free or Discounted Airport Ride Transfers

Airport transfers do not come cheap; taxis, private cars, and airport limousines can cost a bundle. However, under the ‘Complimentary Ride Home’ campaign, those holding a
Citibank PremierMiles Visa Credit Card
 are entitled to free limousine airport transfers!

Standard Chartered WorldMiles World MasterCard
 has a similar perk, where cardholders can enjoy up to RM80 cash back on airport limousine rides from KLIA.

8. Complimentary Airport Lounge Access

Some cards offer complimentary access to the Plaza Premium Lounge at participating branches to cardholders, and perhaps even for the supplementary cardholder. Admittedly, this benefit is usually offered by the higher-end credit cards (which could cost you quite a bit on the annual fee department), but most other cards offer access to Plaza Premium Lounges at discounted rates.

There are also cards that extend the privilege to your travel companions. For example,
Standard Chartered WorldMiles World MasterCard
 offers 20% off Plaza Premium Lounges’ published rates for your guests.

9. Discounted or Complimentary Golf Privileges

Fancy a round of golf during your trip? Well, you might have to consult your wallet first because green fees range from RM90 to RM200 or more (for exclusive clubs) for an 18-hole round.

If you have a credit card like the
Maybank Visa Infinite
, complimentary golfing sessions as well as discounts for accompanying guests.

10. Discounts On Credit Card Payments

It doesn’t always “pay” to pay with cash for travel expenses. Credit card payments are often the preferred method by many merchants across the globe, with various deals and special discounts attached. For instance, AirAsia is offering discounts of up to 50% on selected flights for those who pay for tickets via MasterCard, whereas paying with an AmBank credit card gets you 70% off hotel bookings on Expedia.

Another current promotion offers discounts on accommodation and dining at selected Starwood Hotels and Resorts (e.g. The Westin and Sheraton) for those who pay with Citibank cards.

Read also:

How To Quit Your Job And Travel The World

11. Concierge Service

It’s a service that many aren’t aware of about, although it’s offered by most credit card providers in Malaysia. Concierge service acts as your personal assistant, and you can ask them to assist you on things like making reservations at restaurants or arranging your flights and overseas transportation.

While it may not directly save you cash, you can ask your concierge to help you find accommodation or flight tickets within an affordable price range, thereby saving you time and effort!

If you are itching for a vacation, don’t forget to use your credit card when paying for your travel expenses to benefit from all these privileges. If you don’t already have a travel credit card or looking to make a switch, just head to our
comparison page
 to compare the available credit cards in the market, and choose the best one to suit your spending lifestyle!

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Retailers And Stores In Malaysia Revise Operating Hours Due To Movement Control Order

Several retailers, grocery outlets, and convenience stores across the country have revised their store business hours in response to the movement restriction order announced by Prime Minister Tan Sri Muhyiddin Yassin last week.

Here is a list of outlets that have changed their operation hours from now until 31 March 2020 to accommodate the country’s fight against the spread of the Covid-19 pandemic.

Grocery outlets

(Image: Time Out)

Most
Village Grocer outlets
 are operating between 10am to 9pm/10pm, except for the following outlets, which will start earlier at 8.30am and end at 9pm/10pm:

1 Mont Kiara

Bangsar Village

Desa ParkCity Arcadia

Sunway Giza

Tropicana Avenue

Jaya Grocer outlets
 are open to all customers from 10am to 9pm. However,
the elderly and disabled
 can begin visiting 30 minutes earlier, at 9.30am.

Econsave
 Jerantut, Jengka, Batu Berendam, Malim, and Sungai Udang will be open from 8am to 7pm. Econsave Muar and Bakri, on the other hand, will be open from 8am to 6pm.

NSK
 has revised its business hours from 7am to 7pm.

Supermarkets/Hypermarkets

(Image: Property Guru)

Aeon supermarkets
 will be open from 8am to 8pm, except for the following outlets:

Kota Bharu, Melaka, and Bandaraya Melaka (8am – 7pm)

Queensbay, Bandar Sunway, and Bandar Utama (10am – 8pm)

Aeon BIG outlets
 will be open from 8am to 7pm/8pm, except for:

3 Damansara and Sutera Utama (10am – 8pm)

Kuantan (11am – 7pm)

Tesco stores
 across the nation will open from 8am to 8pm, except for the following few:

Tesco Paradigm (11am – 8pm)

Tesco Wangsa Walk, KSL City, and IOI City Mall (10am – 8pm)

Tesco in Kota Bahru and Melaka (7am – 7pm)

Mydin outlets
 across the country have revised their opening time to 7.30am, 8am, 8.30am, or 9am to accommodate the needs of senior citizens and the disabled. Closing hours will be either 10pm, 10.30pm, or 11pm.

Most
Giant hypermarkets
 across the country will operate between 8am to 8pm, except for a few that will start at 9.30am, 10am, or 11am. Outlets in the east coast, on the other hand, will close earlier at 5.30pm/6.30pm.

Convenience stores

Family Mart
 has revised its operation hours from 6am to 12am (midnight).

7-Eleven
, on the other hand, will be operating from 7am to 11pm daily.

99 Speedmart
 will be open from 8am to 8pm, although some outlets may see an earlier closure time due to guidelines from local authorities.

*************

With the Movement Control Order in full force, Malaysians can still go out to purchase daily essentials including groceries. However, do take note of the changes in operating hours.

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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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Never Co-sign a Loan Unless You Can Pay it in Full Yourself

We know what you’re thinking: If you can already afford to pay in full why would you want to co-sign in the first place? This is an important question to keep in mind as we explain to you the potential pitfalls of co-signing.

Why Do People Co-sign in the First Place?

In general, if somebody asks you to co-sign for them, it’s either because:

They can’t get approved on their own, or

They’ve been approved at a high interest rate and would like to get it lowered by getting a co-signer.

Remember, co-signing isn’t just helping somebody out with their loan. It’s also asking you to cover their debt in case they don’t or can’t. Banks generally know how to assess risk, so when you co-sign with someone who really needs one, you’re taking a financial risk that professional lenders refused to.

If that friend, family member or coworker you co-signed falls behind in their payments (or just chooses not to pay their bills for whatever reason), you’ll get harassing calls demanding payment. It’s a no-win situation: lose a close loved one or lose your money.

Is Co-Signing Always a Bad Idea?

Of course not. In plenty of cases, we would be the ones who can’t get a loan unless we co-sign. But just as it’s a liability for us to accept when someone asks us to co-sign, understand that we become a risk for the other person when we ask them to co-sign. We shouldn’t feel too comfortable putting another person a risk that way.

Which is why it’s better to have enough funds to pay off the loan yourself in full before considering a co-sign situation. It can still help lower interest rates and make it easier on the monthly payments, but it also protects both signees against losses in the event that one of them cannot keep their end of the bargain for whatever reason.

But They’re My Spouse / Best Friend / Family! I Can Always Count on Them!

Can you, really? We’re not trying to cast doubt on the strength of your relationship to those close to you, but in reality, we can never know what would happen in future. They might get into an unfortunate financial situation, an expensive medical emergency, or any number of possible circumstances that can lead to them not being able to fulfill their role.

Yes, in some cases it’s perfectly okay to co-sign on a loan if you’re a parent helping out a child, or other situations where you’re actually the one paying off the full thing anyway. But even in these cases, our advice remains useful: do not co-sign a loan unless you’re prepared to pay for the whole thing yourself.

While you’re thinking about loans, check out our
personal loan comparison tool
 to know which loans has the best interest rates and offers that suit your needs. Do you have something to add to the conversation? Do let us know in the comments section down below!

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Apple Card Is A Cashback Credit Card, E-Wallet, And Financial Management App Rolled In One

Late last night, Apple announced Apple Card, its first-ever credit card. Confirming rumours some months ago that it is working with Goldman Sachs, Apple is looking to leverage on its platform to flesh out the credit card experience.

In essence, Apple Card is the tech giant’s attempt at revolutionising the financial space – just as how it did in consumer electronics. Apple Card, according to the company, is “designed to help customers lead a healthier financial life”. To achieve this, Apple Card was developed with several pillars in mind: simple application, no hidden fees, lower interest rates, clear rewards programmes, and be private and secure.

Improving the credit card experience

Apple Card consists of a number of distinct features. Apple Card can be applied digitally via the Wallet app on iOS, and can then be used “within minutes” after application. You’ll receive a unique card number and CVV code, which can then be used to purchase items online, or be linked with Apple Pay, the company’s mobile payments app.

The Wallet app itself has expanded in functionality thanks to Apple Card. It is now almost a full-fledged financial management app, giving at-a-glance insights on purchase history, patterns, and other useful data based on your use of the card. Each purchase you make is not only categorised accordingly, but Wallet also saves the location of where you made the transaction, making it easy to track if there is potential fraud.

Zero fees, Practical Payment Schedules, Lower Interest Rates

Apple says that the Apple Card has zero fees. There is no annual fee, no cash advance fees, no international fees, no late payment fees, and absolutely no hidden fees.

In addition, Apple also simplifies the payment schedule for Apple Card – payment is always due on the last day of each month, making it exceptionally easy to remember. You’ll also get a reminder on your device when your due date is coming – giving you no excuses for late payments.

If you can’t make full payment, Apple says its interest charges are lower than other credit cards (though it did not specify by how much). What it does instead is offer a visual calculation of estimated interest charges for the amount you wish to pay. Colour cues further encourage users to pay in full whenever possible (red when you repay a small amount, green when you pay the full amount).

Transparent rewards programme

Like other credit cards, Apple Card rewards users for transactions made with the card. This comes in the form of cashback called Daily Cash, which is credited immediately after the transaction. The cashback rate isn’t high, but it applies to all transactions: 3% for anything you buy from Apple (including Apple Store, App Store, and iTunes – including in-app purchases and subscriptions like iCloud), 2% for every transactions made with Apple Pay (with the Apple Card linked), and 1% for transactions made with the physical Apple Card. There is no monthly cap on cashback, since it is credited daily.

This cashback from Daily Cash is credited into the Apple Cash card in the Wallet app. Essentially, this is the e-wallet portion, where funds in the Apple Cash card can be used to buy things, make payment to Apple Card, send to friends via Messages, or transfer it out to a bank account.

Titanium credit card, because why not?

Now, about that physical card. Being Apple, this credit card naturally has to look good. And it does: Apple Card is made from titanium, and its card face is free from embellishments. Your name and the Apple logo are laser-etched to the card, and the EMV chip are all there is on the front. At the back, there are the Goldman Sachs and the Mastercard logos. There is no card number nor a CVV code to be found, because they are in the Wallet app – besides looking distinctive and seriously cool, it’s also a layer of security against card theft.

Security and privacy

Thanks to the digital element of Apple Card, there are multiple layers of security for users. With Apply Pay, every transaction must be confirmed via Face ID or Touch ID authentication. Also, each transaction will prompt a notification on the Wallet app, so you’ll know when your card is used without your knowledge. You’ll also receive a notification for any unusual activity tied to your card.

And as mentioned earlier, the physical Apple Card has no card number, minimising the risk of theft.

As a big advocate of user privacy, Apple reiterated that it will not know the spending behaviour for transactions used with Apple Card. The unique card number is also stored locally in the device’s Secure Element, a security chip used by Apple Pay. Data stored in the Secure Element cannot be accessed anywhere outside the device, and is not sent to Apple.

Apple also confirmed that Goldman Sachs will never share or sell Apple Card data to third parties for marketing and advertising.

Availability

Apple Card will be rolling out to qualified customers sometime in the middle of this year, and will be limited to the US only. This limited release is similar to how Apple released Apple Pay four years ago. Given that
Apple Pay is only supported in 35 countries worldwide
, it is unlikely that Apple Card will be a very common sight around the world.

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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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    Wong Chee Seng

    2 years ago

In Malacca town where can I apply or buy an Apple card

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    Pang Tun Yau

    2 years ago

    Reply to

        Wong Chee Seng

It’s not available in Malaysia yet.

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US SEC Charges Wahed Invest For Multiple Violations; Wahed Malaysia Not Implicated

The Securities And Exchange Commission of the United States (US SEC) has charged robo advisor Wahed Invest for multiple violations. These include making misleading statements, breaching its fiduciary duty, and failing to comply with written policies and procedures related to its shariah advisory business.

In detailing its charges, the US SEC said that the New York-based Wahed Invest had advertised the existence of its own proprietary funds when such funds do not exist. According to the litigation document, it clarified that the robo advisor had posted about the existence of two non-existent funds – the Wahed S&P Shariah Fund and the Wahed S&P Dividend Growth Fund – in its social media sometime between 2018 to 2019.

Additionally, the US SEC said that although Wahed Invest had promised investors to periodically rebalance their advisory accounts, it did not do so.

(Image: Saul Loeb/AFP/Getty Images)

“The SEC’s order further finds that when Wahed Invest ultimately launched a proprietary exchange-traded fund (ETF) in July 2019, it used its clients’ advisory asset to seed the ETF without prior disclosure to clients of any conflicts of interest,” the commission noted. The ETF in reference is the
Wahed FTSE USA Shariah ETF (HLAL)
, which is also offered to its Malaysian investors.

On top of these charges, the US SEC remarked that the robo advisor also failed to adopt and implement written policies and procedures that would assure shariah compliance on an ongoing basis. In its marketing materials and website, Wahed Invest had projected itself as an investment company that is compliant with Islamic laws, placing emphasis on its income purification process.

The co-chief of the SEC Enforcement Division’s Asset Management Unit, Adam S. Aderton stressed that robo advisors – like any other advisors – must ensure the accuracy of their marketing materials, and disclose conflicts to their investors. “Registered investment advisors like Wahed Invest must also adopt and implement written policies and procedures reasonably designed to prevent the advisor from deviating from its claimed investment process,” he said.

Adam S. Aderton

In response, Wahed Invest agreed to a cease-and-desist order, to pay a penalty of US$300,000, and to retain an independent compliance consultant among other undertakings.

Locally, the senior vice president of the Business Operations team for Wahed Malaysia, Syakir Hashim responded to the incident by stressing that the charges were only relevant to Wahed Invest in the US. Other Wahed branches operating in other countries – such as in Malaysia – are not implicated. He also explained that Wahed Malaysia has its own shariah advisor that ensures its compliance to shariah laws.

Wahed Malaysia is one of the eight digital investment managers that have been approved by Securities Commission Malaysia (SC), obtaining its licence in 2019. It is the first shariah-compliant robo advisor in Malaysia.

(Sources: US Securities And Exchange Commission [
1
,
2
],
Wahed Malaysia
)

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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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Visa: Contactless Card Payments Gaining Momentum In Malaysia

Contactless card payments are gaining momentum in the country, with 65% of Malaysians having used contactless payments. The Visa Consumer Payments Study found that Malaysia is one of the fastest-growing countries in Asia-Pacific in terms of contactless penetration.

According to the study, 85% of Malaysian respondents make contactless payments at least once a week, with 82% using contactless payments more frequently compared to two years ago. Data also showed that close to half of all Visa face-to-face payments are contactless payments. Malaysians believe that contactless payments are a faster payment method compared to other solutions and allow them to not carry cash around.

With regard to cashless payments in general, more than 70% of Malaysians are supportive of the country becoming a cashless society – with 62% believing that that this can be achieved within the next five years. Consumers cited the ease of tracking financial records, not needing to queue up at banks, and increased efficiency for the country as the top three benefits of opting for a cashless society.

Nearly 2 in 5 respondents said that they were carrying less cash compared to two years ago; 69% said this was because more merchants are adopting cashless payments and 65% said it was due to the safety concerns over carrying cash. When asked whether they were planning to use cashless payment methods more often and move away from cash, 69% of Malaysians responded in the affirmative. This trend was more apparent in the affluent segment, where 77% of respondents showed an interest to do so.

“It is heartening to see the increase in digital payments usage by Malaysians in the country, especially contactless payments,” said Visa Country Manager For Malaysia Ng Kong Boon. However, Ng pointed out that despite the growth in digital payment usage by Malaysians, there are still “tremendous opportunities” for cash displacement in the country.

“We are seeing a proliferation of various payment solutions being introduced to Malaysia, which may accelerate the use of digital payments,” said Ng. “However, it may also cause the payment industry to be more fragmented so it is crucial for us to work closely with the banks, merchants and fintech community to ensure the solutions we’re creating are interoperable so it can drive greater adoption amongst Malaysians.”

(Source:
The Edge Markets
,
New Straits Times
)

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Public Bank’s Stay-Home-Shop-Online Campaign Offers Up To RM25 Monthly Cashback

Public Bank
 is currently running its Stay Home, Shop Online & Be Rewarded With PB Visa Credit Card campaign, allowing Visa credit cardholders to earn up to RM25 monthly cashback when they perform a specified number of online transactions each month. Valid until 7 August 2021, the campaign requires you to spend a minimum of RM100 on each transaction.

Open to both new and existing Visa and Visa co-branded principal credit cardholders, you can earn the following monthly cashback by carrying out at least two online transactions via your credit card every campaign month:

Monthly spending criteria
Monthly cashback per month
≥2 online transactions per month
RM10
≥5 online transactions per month
RM25

Note that the transactions that qualify for this campaign include all local and overseas online spend, as well as new zero interest instalment plans (full purchase amount). Expenses such as e-wallet spend, flexipay, balance transfers, utilities, and insurance premiums are not accepted. Qualified online transactions that are split into several payments are not considered valid for the promotion either.

Each cardholder is entitled to a maximum of RM25 cashback per month, to be awarded on a first-come first-served basis. If earned, it will be credited into your bank account within 4 to 8 weeks after each campaign month, and will be reflected in your credit card statement. Public Bank has allocated a total of RM100,000 for the entire campaign, to be divided equally over two months.

If you’d like to join this campaign, you can go ahead and register your participation by sending an SMS (
PBCB<space>16-digit principal Visa credit card number
) to 66300. Those with multiple credit cards will only need to sign up once; upon registering one principal Public Bank credit card number, the amounts charged on all your other credit cards and supplementary cards will also be tracked for this campaign. Do also note that cardholders who join this promotion will not be eligible for other credit card offers.

You can find out more about
Public Bank’s Stay Home, Shop Online & Be Rewarded With PB Visa Credit Card campaign
 on the bank’s official website.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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FOMCA: Most Insurance Policyholders Do Not Fully Understand Their Policies

(Image: New Straits Times)

A survey by the Federation of Malaysian Consumers Associations (FOMCA) has revealed that a majority of insurance policyholders lack complete understanding of their insurance policies.

The president of FOMCA, Datuk Marimuthu Nadason, said that FOMCA’s recent survey indicated that 73% of the policyholders polled do not fully comprehend the content of their policies, including the coverage offered. “Many of them only realised that they have been short-changed when they filed for claims. It is high time the authorities intervene to ensure greater transparency in the sector,” he further said.

In light of this, FOMCA said that it will be submitting a memorandum to Bank Negara Malaysia (BNM) in the following week to address the issue. Datuk Marimuthu explained that the document will request for the central bank to check for ambiguity in insurance schemes that go against the interest of policyholders.

Prior to this, FOMCA had also released a recent statement urging BNM to
avoid approving any proposed increase in medical insurance premiums
. The organisation further claimed that increases to insurance premiums during this challenging period would show that insurance companies are not truly portraying the cause that they are championing: healthcare protection at a time of need.

Meanwhile, the chief executive officer of the Life Insurance Association of Malaysia (LIAM), Mark O’Dell had commented that medical insurance premiums in Malaysia have been growing at
an unsustainable rate in recent years
. He noted that the premiums have been increasing between an annual rate of 6% to 8% over the past few years, which could soon make the plans unaffordable for many people, including consumers in the middle-income group.

(Image: The Star)

O’Dell also added that LIAM is making active effort to investigate the situation, such as setting up the Medical Cost Containment Task Force (MCCTF) to suss out the key drivers of the increasing premiums.

Separately, a LIAM representative has confirmed that LIAM will not be increasing premiums in 2020.

(Source:
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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6 Smart Grocery Shopping Tips To Save Money and Reduce Wastage

Every day, Malaysians throw out 16,688 tonnes of food
, with households producing the largest amount of food wastage at 38% according to Solid Waste and Public Cleansing Corporation (SWCorp) data.

Furthermore, a Malaysian household of 5 people spends an average of nearly RM900 per month on groceries with nearly a quarter of that food getting wasted – this means every month, RM220 of your grocery budget goes straight into the bin.

In light of these figures, being conscientious of your grocery shopping habits may help you save money in the long run and help reduce food wastage. If you’re not sure how to start, try these 6 tips to be smarter at grocery shopping.

1. Create a weekly meal plan

Before you go grocery shopping, take 30 minutes out of your day and carve out a meal plan for the week. Decide on your breakfast, lunch, and dinner choices while also planning for the days you are most likely to eat out. Since you already know what you’re going to eat throughout the week, you’ll be more likely to eat home-cooked meals as you’ll spend less mental energy trying to figure out what to make for your meals. Creating a meal plan also allows you to build a more efficient grocery list, thus saving you money.

2. Write a list before you go grocery shopping

Write down your grocery list before you head into the supermarket. At the supermarket, the sheer variety and quantity of items available make it easy to forget your mental list. So, do it the old fashioned way and write down (or type into your smartphone) the items you need to pick up — this will keep you focused on the items you actually need, rather than spending money on things you don’t really need.

3. Avoid shopping when you’re hungry

A study conducted by the University of Minnesota’s Carlson School of Management showed that hungry shoppers spent 64% more money than their less hungry counterparts. Additionally, hungry shoppers are more likely to pick up unhealthy high-calorie foods items such as potato chips, chocolates, bread, cakes, and more. So do your wallet and your body a favour by grabbing your lunch or munching into an apple before you head out to do your shopping.

4. Look out for special deals

This might seem like a no-brainer, but keeping a lookout for deals when doing your grocery shopping can save you quite a bit of money! Of course, this doesn’t translate to buying something just because it’s on sale. For example, shopping in bulk often saves you money as you pay less per unit of item. But in order to truly enjoy these special savings, make sure the items you purchase in bulk are frequently used. After all, if you’re looking to save money by buying a 10-piece pack of tuna cans only to throw out 8 cans, it might be better to spend a little more per piece but purchase only what you will use.

5. Purchase your groceries online

Skip the queues and impulse buys by choosing to shop for your groceries online. Be it on fresh food items from HappyFresh and Lazada (yes, you can even buy fresh vegetables from Lazada now), or other food essentials from Shopee, online grocers frequently carry out flash sales or provide free delivery. So save yourself a trip to the store (and the added temptation) by simply carrying out your grocery shopping online and having it delivered to your doorstep.

6. Use a credit card that gives you generous reward points multipliers for grocery shopping

Lastly, consider paying for your grocery bills with a credit card that allows you to earn reward points every time you shop.

One such credit card is the HSBC Platinum Mastercard Credit Card® that allows you to earn 8x Reward Points
1
 on every RM1 spent when you use your contactless-enabled HSBC Platinum Mastercard Credit Card®. So make sure you just Tap & Go® the next time you pay for your grocery shop!

Meanwhile, if you prefer not to make purchases by tapping your contactless-enabled HSBC Platinum Mastercard Credit Card®, you can still get 5x Reward Points
1
 on your grocery shop by keying in your PIN. Or better yet, enjoy online shopping from e-commerce sites such as HappyFresh, Lazada, and Shopee, to get 5x Reward Points
1
for every RM1 spent on online purchases.

These Reward Points can be exchanged for a variety of gifts from the
HSBC Rewards Catalogue
. So, you can use Reward Points gained from weekly grocery shopping trips to exchange for cashback, or you may also pick up exclusive gifts such as PlayStation 4, RM100 Zalora gift card, Philips SmartPro Robot Vacuum, and more.

Keep these tips in mind for more wallet-friendly and less wasteful purchases the next time you head out to do your grocery runs. And, if you liked the idea of being rewarded for your grocery shopping,
you can sign up for the HSBC Platinum Mastercard® Credit Card right here.

What’s more, when you apply for a new HSBC Platinum Mastercard® Credit Card and spend a minimum of RM2,000 within 60 days from the date of your Welcome Letter, you will receive an RM500 Lazada e-Voucher
2
.

1
Terms
 and Conditions for HSBC Platinum Credit Card Programme apply. Effective 15 July 2019. The Additional Reward Points are awarded up to a maximum of 3,000. Additional Reward Points each for Contactless Purchases, Online shopping spend and Groceries spend and 6,000 Additional Reward Points for Overseas Transactions as defined in Clause 16, per Eligible Cardholder, per Month (“Additional Reward Points Cap”). 1x Reward Points will be awarded for every RM1.00 transaction charged after the Additional Reward Points Cap is met and all other retail transactions that falls under Eligible Spend. The terms used herein are as defined in the Programme Terms and Conditions.

2
HSBC
 Lazada eVoucher November 2020 Acquisition Campaign Terms & Conditions apply. Sign-Up Period runs from 1 November 2020 to 31 January 2021, both dates inclusive. To participate, customer must apply for a primary HSBC credit card(s)/-i and complete the application, including submitting the necessary income documents through Our website. “Gift” refer to one (1) unit of RM500 Lazada eVoucher for approved applicant of HSBC Platinum Mastercard® Credit Card or one (1) unit of RM350 Lazada eVoucher for approved applicant of HSBC Visa Signature Credit Card or HSBC Amanah MPower Platinum Credit Card-i. You stand a chance to receive maximum one (1) unit of the Gift upon fulfilment of the Participation Criteria, on a first come first served basis, subject to maximum total of 750 units Lazada eVoucher (both RM500 and RM350 eVoucher combined) throughout Campaign Period and the terms and conditions of this Campaign.

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EPF: Savings Of Bumiputera, Indian Members Significantly Depleted By Pandemic-Era Withdrawals

(Image: Utusan Malaysia)

The Employees Provident Fund (EPF) revealed that the median savings of its bumiputera and Indian members have dipped significantly. This is following the multiple special withdrawals that was allowed during the Covid-19 pandemic in the past two years, which came up to a total of RM145 billion.

Specifically, bumiputera EPF members saw a 70% plunge in their median savings, from RM15,500 as of April 2020 to RM4,900 as of December 2022. Meanwhile, the median savings of Indian EPF members fell by 40%, from RM25,700 to RM14,900 during the same period. EPF members in the Chinese community, on the other hand, were less impacted; their median savings dipped 1% from RM45,800 as of April 2020 to RM45,200 as of December 2022.

In terms of income groups, the median savings of EPF members in the B40 income group saw the worst impact; it fell 70% from RM2,434 as of April 2020 to RM577 as of December 2022. This was followed by the M40 group, whose median savings dropped from RM30,113 to RM19,926 during the same period (34%). The T20 group, on the other hand, grew their median savings by 9%, from RM140,440 to RM152,964.

It was also noted that B40 and M40 individuals made up 5.2 million EPF members, while T20 individuals only made up 2.3 million EPF members.

(Image: The Star)

In light of these statistics, chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan reiterated that another special withdrawal just is not feasible. “For us, we cannot allow more withdrawals, because the base has now gotten too low for some groups,” he stressed.

Aside from that, Datuk Seri Amir Hamzah also highlighted that the
low wage structure in Malaysia
 is one of the several factors that contributed to the inadequacy of retirement savings among Malaysians. As such, more initiatives need to be undertaken to boost the existing salary level to the living wage of RM2,700.

Other factors that also contributed to low retirement savings among Malaysians include inconsistent EPF contributions from members and low financial literacy. “From the survey we have been running for years, we have seen that financial literacy among Malaysians remains very low,” said Datuk Seri Amir Hamzah, adding that EPF members’ financial literacy rate is recorded at 29%.

In comparison, the financial literacy rate of Malaysians in general stood at 36%, while Singapore citizens had a financial literacy rate of 78%.

(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.

See all articles

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    Anonymous

    5 months ago

PN still favour withd?rawals

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