Budget 2020 Malaysia: Bantuan Sara Hidup (BSH) To Cover More Malaysians

Finance Minister Lim Guan Eng has announced that as part of Budget 2020, the Bantuan Sara Hidup (BSH) scheme will be expanded to cover at least 1.1 million more Malaysians.

At the Parliament today, Guan Eng stated that Budget 2020 will see a RM5 billion allocation for BSH cash assistance to eligible Malaysians. From next year, BSH will be extended to cover the 1.1 million single individuals in Malaysia who earn less than RM2,000 a month. In addition, all disabled persons aged 18 and above with a monthly income of less than RM2,000 will also be covered by BSH.

Both new groups will receive a BSH assistance of RM300. On top of that, these two groups will also automatically be eligible for the free MySalam Takaful scheme with the same coverage as other BSH recipients.

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Pang Tun Yau

Pang Tun Yau

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

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    LVTanabalan LVBalan

    3 years ago

How i can check my bantuan Sara hidup OKU bujang saya?

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    Teh Kim Huat

    3 years ago

Can unemploy senior citizen get the BSH monthly financial help ?

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OCBC Singapore Rolls Out Instant Digital Account Opening Service

OCBC Bank has become the first bank in Singapore to unveil an
instant online bank account opening service
 for all Singaporeans and permanent residents, including those without an existing relationship with the bank. This online service leverages on the Singapore National Data Repository (MyInfo) and OCBC’s digitised Know-Your-Customer process (e-KYC) to enable customers to open an
OCBC 360 account
 in just five minutes.

All customers need to do is to log into their MyInfo accounts with Singpass and allow OCBC Bank to use their MyInfo profile to set up a new account. An OCBC 360 Account application form is then pre-filled with their personal information, thus removing the need to key in the details or provide documents. As a result, customers just need to review their details and upload a picture of their signature to complete the process.

While Singaporeans can now open a bank account effortlessly, no bank in Malaysia currently offers a similar service. The main reason for this is the fact that the country’s national data repository is not accessible online, which necessitates the need to visit a bank branch for verification purposes. That said, the banks that do offer instant account opening services require the customers to have an existing relationship with the bank. In other words, the customers must have a banking product (like a savings account) from the bank in order to open an account instantly.

Two examples of this service are the
M2U Savers Account
 and the
CIMB AirAsia Savers Account
. Existing customers can open and close the accounts online, as well as do all banking transactions via the banks’ respective online banking sites.

OCBC Bank Singapore’s instant account opening service is another example of how banks leverage technology to improve their services. By utilising the national data repository and OCBC’s e-KYC process, OCBC Bank Singapore offers convenience and speed to all its customers regardless whether they have an existing relationship or not.

(Image: OCBC)

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Brian Chung

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Maybank To Migrate Permanently From Classic Maybank2u Website To Current Website

Maybank has announced that it will be discontinuing the Classic Maybank2u website in January 2022, migrating permanently to the current Maybank2u website from then on.

“We will be soon making a permanent move to the current Maybank2u website. As a result, the Classic Maybank2u website will be unavailable from January 2022 onwards. This change only applies to individual customers; Maybank2u Biz will remain unchanged,” the bank clarified in its announcement.

Maybank also emphasised that the current Maybank2u website offers a range of new services that provides a better and more convenient online banking experience. “This includes having a clear and consolidated view of your wealth, viewing your ASNB holdings, creating multiple saving goals to help you save up, and more. Rest assured that you’ll be provided with the utmost security when banking with the current Maybank2u website, just like the Classic Maybank2u,” it said.

(Image: Lowyat Forum)

Additionally, the bank clarified that there will be no change to customers’ Maybank2u login details; they can log in using the same username and password as usual. Their online banking details – including favourite billers and payees saved in the past, as well as recurring transfers and payments – will also be automatically made available in the current Maybank2u. There is no need to set up such information again.

Maybank further advised customers to always remain cautious when assessing its website to perform transactions. “Always be safe and visit the website directly by typing
www.maybank2u.com.my
 into your browser,” it reminded.

The current Maybank2u website was
launched back in 2018
 with the aim of providing a more simplified online banking experience, offering a cleaner and more streamlined design. It existed alongside the Classic Maybank2u website, and customers could choose to log in via either versions of the website.

If you have any enquiries regarding this permanent migration from the Classic Maybank2u website, you can contact the bank’s Customer Care Hotline at 1300 88 6688 (Malaysia) or +603 7844 3696 (overseas). Alternatively, you can send them an email at
[email protected]
.

(Source: Maybank [
1
,
2
])

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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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MOF Invites Public To Share Feedback, Input On Country’s Economic Growth

(Image: MOF)

The Ministry of Finance (MOF) has invited the public to share their feedback and input on ways to grow the country’s economy, enabling them to play an active role in shaping Malaysia’s economic health.

Members of the public will be able to share their thoughts on multiple issues, including the economy, the ongoing subsidies, and social protection. MOF also stressed that the views shared represent important touchpoints for the government in formulating key policies and priorities that will steer Malaysia’s economy forward.

“These [views] will be articulated in the upcoming Industrial MasterPlan (August 2023), 12
th
 Malaysia Plan Mid-Term Review (September 2023), and Belanjawan 2024 (October 2023),” MOF further noted in its statement.

Those who are interested in providing their feedback to MOF can do so by accessing the
Suarakan Pendapat Anda (Voice Your Views) online feedback channel
 found on the official MOF website.

(Source:
Ministry of Finance
)

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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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New Unified Payment Terminals At All Sunway Malls Allows Multiple E-Wallet Support

(
Image: LiveAtPC.com Malaysia
)

Shoppers visiting Sunway malls will no longer have to worry about specific e-wallets or cards not being accepted at certain merchants, as Sunway Malls and Theme Parks have adopted a Unified Payment Terminal. The terminal essentially lets retail tenants accept cashless payment from major e-wallets, debit cards, and credit cards via an all-in-one payment terminal.

Singaporean customers, too, will benefit from this feature thanks to the
partnership that was recently struck between PayNet and NETS
. The partnership allows cross-border debit card payments, which means that Singaporeans will have a more secure and convenient payment option to shop at Sunway malls.

As of today, more than 750 retailers operating in the Sunway malls accept cashless payments. Current e-wallet partners include Alipay, Boost, GrabPay, GoodKredit, Maybank QRPay, MCash, Touch ‘n Go eWallet, and WeChat Pay.

With the UPT in place, merchants can also eliminate the need to invest in multiple terminals to accept payments from different e-wallets and cards, thereby reducing terminal rental costs.

(
Image: LiveAtPC.com Malaysia
)

“The introduction of the Unified Payment Terminal is one of the many ways we want to improve our shoppers’ as well as retailers’ experience in Sunway Pyramid. We look forward to creating more convenient, efficient and safer environments for all who choose us as their preferred shopping destination now and in the future,” said Chief Executive Officer of Sunway Malls & Theme Parks, HC Chan.

In a bid to encourage the use of this new feature, Sunway Pyramid is offering shoppers the chance to earn 10x Sunway Pals points when they use participating cashless payments (Boost, GrabPay, Maybank QRPay, and Touch ‘n Go) in its mall until 31 December 2019. Shoppers who spend more than RM200 using NETS will also receive RM15 worth of Sunway Pals points until the end of June 2020.

Sunway Malls has been rolling out this initiative in several other malls since October, namely Sunway Velocity Mall, Sunway Putra Mall, Sunway Carnival Mall, and Sunway Citrine Hub.

(Source:
Fintech News Malaysia
,
Focus Malaysia
)

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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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Employees In Malaysia Expected To See 2.2% Real Salary Increase In 2023

(Image: Malay Mail/Shafwan Zaidon)

Employees in Malaysia are expected to see a real salary increase of 2.2% in 2023, in comparison to a growth of 1.6% this year. Revealed in the latest Salary Trends Report by employee management data and software provider ECA International, Malaysia is also listed as one of the top ten countries expected to see the most increase in real salaries in 2023.

In a statement, ECA International said that its list of predicted real salary increase for 2023 is headed by the following 10 countries, with a majority of them being Asian nations:

India (4.6%)

Vietnam (4.0%)

China (3.8%)

Brazil (3.4%)

Saudi Arabia (2.3%)

Malaysia (2.2%)

Cambodia (2.2%)

Thailand (2.2%)

Oman (2.0%)

Russia (1.9%)

To note, real salary – or actual income – is defined as the actual amount that you earn after accounting for inflation. In other words, it’s the nominal wage growth minus the rate of inflation.

ECA International also noted that the soaring global inflation that is currently happening is set to negatively affect salary increases in many countries for the second year running. “Our survey indicates another tough year for workers globally in 2023. Only around a third of the countries surveyed (37%) are forecasted to see real-terms salary increase, though this is better than the 22% that experienced increases this year,” said the regional director of Asia for ECA International, Lee Quane, who added that average salaries also fell by 3.8% in 2022.

(Image: The Epoch Times/Sung Pi-Lung)

Additionally, ECA International forecasted that Europe will likely be hit worst by the effects of stagnated salary growth next year, with real salaries driven down by an average of 1.5%. Employees in the UK, too, have already suffered a massive hit in 2022; despite a 3.5% average nominal pay increase, the 9.1% average inflation caused real salaries to fall 5.6%. In 2023, they may dip by another 4%.

Meanwhile, the United States is expected to recover slightly in 2023. Employees in the country saw a 4.5% drop in real salaries in 2022, but this is expected to be reversed by falling inflation next year. This, in effect, translates to an expected 1% real salary increase.

ECA International’s latest Salary Trends Report is compiled based on information collected from more than 360 multinational companies in 68 countries and cities, between August to September 2022. It has been carried out since 2000.

(Sources:
ECA International
,
The Edge Markets
)

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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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Borrowing Money vs Taking a Loan

You are probably wondering to yourself, doesn’t borrowing and taking a loan mean the same thing? Well, it is two different things and we’ll discuss how it differs in the rest of the article.

Borrowing in this sense means you are not taking it from a financial institution and going to your friends and family to start up a business, pay off a credit card debt, car down payment or any other suitable reason that may be.

Let’s go through some process and criteria differences between the two and let you decide for yourself which is the better option for you.

Borrowing Money

What do we mean by borrowing money? Borrowing money in this sense, is an informal arrangement between the borrower and lender where there are no legal obligations between the two parties. Should the borrower default on his or her payments, the money could be non-recoverable. Here are some other areas to consider when borrowing money.

Contracts
 – When borrowing from friends or family, the process will be less formal and almost all cases are not bound to any contractual terms and conditions. It is understood between both parties that there will be a selected time period that they will have to return the money in full, which the borrower will abide by.

Late Payment
 – Unlike banks, the borrower is not going to charge additional fees to the lender should the payment be a few days or a week late. Any longer than a week, could incur some level of hostility in the relationship at stake. Also, if there are reasons for a delay in payment, you may be able to renegotiate and extend the deadline if you are upfront about it rather than hideaway and hope they forget about it.

Interest Rates
 – Borrowing from friends and family almost always does not have any type of interest rates imposed on the borrower. However, there are future favors or obligations that may come along with such borrowing and lending arrangements. We don’t mean this in the mafia hitman sort of way, but if the roles ever get reversed, it may be morally wrong not to return the favor.

Probability of Approval
 – There is no clear cut way to determine the approval rate. It could depend on the relationship and reason for borrowing. The lender also has to determine their availability of additional funds at hand which could lead to the “approval” or not.

Taking a Loan (From the Bank)

Taking a loan from a bank always has a formal contract that determines the terms of the entire loan which include legal consequences should one default. It includes interest rates and returns for the banks and does not have the flexibility of making changes along the way as borrowing from a friend. Here are some other factors that you should be aware of when considering taking a loan from the bank as compared to borrowing money as stated above.

Contracts
 – Clear cut and precise. Tenure, amount borrowed, amount received, types of insurance covering the loan and other terms are all listed within the contract.

Late Payment
 – Should there be a late payment, the bank will charge a late payment fee on top of the interest and principal amount being paid back. In some rare scenarios, the lender may request to reverse late payment fees if it was their first offense (subject to bank’s approval).

Interest Rates
 – All personal loans from the banks come with some form of an interest or profit rate. It varies from bank to bank – as an example, an Agro Bank personal loan has a profit rate of 6.7% while an Alliance Bank personal loan charges 5.99%. On average, the rates are approximately 7% – 8% (depending on bank and tenure).

Probability of Approval
 – When applying through a bank, the lender’s credit history would be the first point of reference along with commitment levels and amount being requested for consideration. Every bank has different policies and would be based on their internal assessment for approval.

Which Should You Choose?

Before considering what source you should borrow from, try to reassess your situation and ensure you really need these additional funds. Remember, if you do not have enough this month, the next month is going to be tougher with the added debt repayment.

Bear in mind, when borrowing from someone, that means they have to sacrifice their funds for your convenience. Therefore, it would be common courtesy to ensure you prioritise repayment to them before using your money to spend on non-necessities like watching a movie, having a few drinks at the pub or going on holiday.

Of course the importance of having money for certain emergency situations are vital and would be best to consider your options before borrowing from a friend or taking a loan from the bank.

If you would like to explore some personal loan options, check out our
comparison tool on our website
 to assist you with your decision making process.

Have any other considerations you put forward when borrowing? Tell us in the comments below.

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Gavin Pereira

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Hong Leong Bank will take you on your dream vacation

If you’re feeling stressed out with city life, and you also happen to be a Hong Leong Bank credit card holder, we recommend that you check out
the bank’s 0% Extended Payment Plan tour package deals.

Conducted in partnership with Amigo.my, this is the perfect chance for you to fly off to Taiwan, Europe, Northern Africa and more for an enjoyable holiday!

The best part is you don’t even need to swipe for the full amount right away for most packages. You only have to make an initial down payment of RM300.

This promotion will go on till 30 June. Do look through its
terms and conditions.

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5 Things You Didn't Know Your Medical Card Can Cover You For

You may think that you know all there is when it comes to a medical card’s benefit in terms of hospitalisation and treatment, but do you know that there a number of other external benefits that comes bundled with it? To find out more, read on as we will be exploring the things you did not know can be covered by your medical card.

Disablement Relief

We begin our list with the one benefit that is central to the breadwinners of the family. As the sole provider for the family, your health is always a concern to yourselves and your family members. While we may try our best to avoid any form of accidents and major illnesses whenever possible, it doesn’t hurt to have yourself and your family financially-prepared for such incidents.

Some medical cards offer some forms of disablement relief in the event of an injury caused by accident or a major illness.
Tokio Marine
 and Kurnia offer cash benefits or compensation to the policy holder’s family in case of a total disablement due to major illness like cancer, heart attacks or accidental injuries. The aim of the relief is so that it would help ease the financial burden of those with loss of income due to disability so yes, it is important to understand how your policy works and ask the insurance companies that you wish to apply with regarding this feature.

Read Also :
 5 Things Not Covered By Medical Insurance

Mental Illness

This area is often less explored by many people when it comes to searching for medical insurance or policy as most would assume that a medical card will only cover for physical injuries and not mental health.
The Star
 reported in 2017 that 40% of Malaysians will suffer some form of mental illness in their lifetime and the figure could rise further. If you find yourself nodding in agreement to the findings of the research, then this is definitely something that you would want to add on your list.

One of Berjaya Sompo’s medical cards provides coverage for in-hospital treatment for mental illness to the insured on an annual basis. However, it is important to know that the
policy
 does not cover any attempted suicide or self-inflicted injuries by the insurer regardless of the insurer’s mental state.

Therefore, we encourage you to explore and inquire about the scope of the mental illness coverage from each insurance company.

AIDS Compensation

There are a few ways a person can contract AIDS, with blood transfusion being one of them. So for those who want a little extra protection from the potential carelessness of a medical professional or those who just want to be as safe as they possibly can, the AIDS compensation is there for them.

The
AIDS compensation
 clause provides the insured/ policyholder with both financial protection and peace of mind during the event of a blood transfusion. Of course, this means that those who contract HIV by other means like the sharing of needles, inherited from family members are not covered.

Accidental Death

While many would do all they could to avoid an accidental death, it is better to prepare yourself and your family financially for such incidents as mentioned in the total disablement benefit which we have discussed earlier. Fortunately, some medical cards do provide coverage to the policyholder’s family in the event of a death by accident. With this said, you can say that the additional coverage helps ease the burden of the other breadwinners in the family.

Funeral benefit

It does not matter which race or religion that you identify with, as funerals and burial practices are something that you will definitely think about when the time comes. For some, funerals can be the expensive and costly part of death and if you are worried about leaving your dependents and family the responsibility of covering hefty funeral-related expenses, then you may want to look for this benefit in a medical card.

There a couple of medical cards that provide the same benefit as SOCSO: providing cash compensation for the funeral expenses in the event the policyholder dies during the cover period. Tokio Marine provides this service for policyholders who die in an accident and those who die naturally within the coverage period.

As such, it is important to read the terms and conditions of the policy to know if the funeral benefit comes with specific clauses, for instance, will the policy still cover a policyholder who has succumbed to his injuries that he had received at a high-risk workplace. This is because this feature is generally excluded for certain personal accident insurances but covered for some medical insurance policies but with higher premiums so this is something you want to look into.

Be Prepared

If you don’t have a medical card yet or are interested in a change of policy, don’t forget to do
research
 on your options before committing to
one
. Need help reviewing medical cards with comprehensive benefits package at an affordable premium? Then head on over to our
comparison page
 to research and find the right plan for your needs!

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Principal Launches RetireEasy Funds, First-Of-Its-Kind Private Retirement Scheme Solution

Principal Malaysia has launched its Principal RetireEasy funds, described as a first-of-its-kind, end-to-end private retirement scheme (PRS) solution in Malaysia that helps investors conveniently plan for their retirement from the start of their career until their old age.

In a statement, Principal Malaysia explained that the RetireEasy funds are managed towards a particular target date year based on when the investor is expected to start withdrawing money from the portfolio to support their retirement needs. As such, they are designed in a way that caters for an accumulation and decumulation phase, based on the investor’s expected year of retirement.

During the accumulation phase, investors can tap into one of the many RetireEasy Target Date Funds (TDF) available, which invest in different types of investments to accumulate an expected sum by a particular target date, namely the investor’s year of retirement. Using the target retirement date as a guidepost, the investment manager in charge will then periodically adjust the diversification and risk profile to ensure that the investments are helping to meet the investor’s long-term needs. On top of that, the manager will also rebalance the portfolio as necessary to maintain the preferred asset allocation.

Once your RetireEasy TDF matures during your year of retirement, you’ll then be moved into one of the RetireEasy Income Funds instead. This marks the start of the decumulation phase, where you may make scheduled withdrawals based on your needs, while continuing to grow the remaining fund balances to increase the sustainability of your savings.

Chief executive officer and country head of Principal Malaysia, Munirah Khairuddin explained that the RetireEasy funds are devised to help Malaysians invest wisely and conveniently, without incurring excessive risk based on their age range.

“TDF [for instance] are managed toward a particular target date – becoming more conservative near retirement. Generally, the further you are from retirement, the more risk you may be comfortable taking. The RetireEasy TDF investments reflect that, with generally a greater proportion of more conservative investments and fewer aggressive investments over time. As investors age, the RetireEasy TDF progresses with them, without investors having to make adjustments, making them a good option for helping to navigate volatile market environments,” Khairuddin said.

To note, the new Principal RetireEasy funds are available in both conventional and
shariah
-compliant options. Investments made into these funds also qualify for the RM3,000 tax incentive enabled for private retirement schemes (PRS) investments.

You can find out more about the new
Principal RetireEasy funds here
.

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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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MAS Introduces EnrichMoney, Comes With A Visa Prepaid Card And Money App

Malaysia Airlines (MAS) has launched its new product called EnrichMoney, which comes with a Visa prepaid card and a digital money app. Rolled out in collaboration with Merchantrade and Visa, these new offerings are expected to provide various benefits for frequent travellers, including a multi-currency wallet and the ability to earn EnrichMoney Points when they perform eligible transactions using their Visa prepaid card, which can then be used to redeem cashback.

Those who sign up for EnrichMoney will be able to use the prepaid card to pay for their purchases as they travel both locally or abroad, at a competitive currency exchange rate with zero fees on overseas transactions. Its multi-currency wallet will also enable you to buy and sell up to 20 foreign currencies, including US dollar (USD), Singapore dollar (SGD), Japanese yen (YEN), Chinese renminbi (RMB), and Swiss franc (CHF).

With a default wallet size of RM10,000, the EnrichMoney app also comes with a tracking function that allows you to easily track and categorise your expenses. The wallet size can be increased to RM20,000, but you’ll need to fulfill two criteria: have a minimum history transaction of six months, and an average e-wallet balance of RM500. Additionally, those who are in need of immediate cash can make instant withdrawals at ATMs that accept Visa prepaid cards (limited to 5 transactions per day, with a daily limit of RM5,000).

As you spend, you’ll earn EnrichMoney Points at the following rate for qualifying retail spend (in-store and offline) made with Visa merchants and other selected merchant partners:

Transactions
Earning rate
Qualifying retail spend
Local retail transactions
Every RM20 = 1 EnrichMoney Point
– Dining & food deliver
– Cinema, theatrical producers, ticketing agencies
– Grocery
– Commuter & other transports (including carwash and towing services)
– Retail fashion & household
– Departmental & retail stores
– Hotels & travel agencies
– Duty-free stores
Overseas retail transactions
Every RM25 = 1 EnrichMoney Point
– Dining & food deliver
– Cinema, theatrical producers, ticketing agencies
– Grocery
– Commuter & other transports (including carwash and towing services)
– Retail fashion & household
– Departmental & retail stores
– Hotels & travel agencies
– Duty-free stores
Local and overseas retail transactions
Every RM30 = 1 EnrichMoney Point
– Health & beauty
– Parking & petrol
– Telecommunications & utilities
– Insurance
– Education & books/reading materials
– Other airlines except for MAS
MAS products and services (local and overseas)
Every RM20 = 1 EnrichMoney Point
Products/services with merchant name MAS

Note that transactions such as balance transfers, cash advances, as well as payments for charity organisations and government-related transactions are excluded from earning EnrichMoney Points.

Upon successful transaction, you will be given a period of 14 days where you can decide whether you’d like to collect those EnrichMoney Points (which then goes into your EnrichMoney app), or use accumulated Points to redeem cashback for your past transaction. If you decide to collect your EnrichMoney Points, then it’ll be credited automatically to your e-wallet. Meanwhile, if you decide to redeem cashback using your accumulated Points, then the corresponding number of Points will be deducted, after which you’ll receive your cashback in your EnrichMoney app (equivalent to the total amount paid for your purchase, redemption rate to be determined by MAS).

Additionally, existing Enrich members who sign up for EnrichMoney are allowed to top up their EnrichMoney Points using their Enrich Points (you will first need to link your Enrich membership to your EnrichMoney app). Each Enrich Point will give you one EnrichMoney Points, and there is a daily transfer limit of 100,000 Enrich Points (capped at 50,000 Enrich Points per transaction). Note, though, that this transfer feature will be disabled when your EnrichMoney wallet meets the cap balance of 800,000 EnrichMoney Points.

Do also be aware that all EnrichMoney Points have a validity period of one year, so make sure to take this into account when making your transfers. Remember, too, to check and utilise your Points before they expire!

The EnrichMoney offering also comes with a Savings Box feature, where users can transfer funds from the available balance in their prepaid card into Savings Boxes for later use (under five categories, namely Travel, Emergency, Family, Shopping, and Others). The transferred amount will be locked away, and cannot be used unless you withdraw it and transfer it back to your available balance. However, MAS stressed that despite its name, Savings Box is
not
 a savings account, and will not earn you any interest on the funds maintained in it.

You are allowed to create up to five active Saving Boxes at any one time, and can opt to save either on a weekly or monthly basis. You may also automate the process, where funds will be transferred automatically and regularly from your available balance to the Savings Box in accordance to the frequency that you set.

If you’re interested to try out the features of MAS’ EnrichMoney, you can download the app for free from
Google Play
 or the
App Store
, and apply for the EnrichMoney Visa Prepaid card via the app. Note, though, that you must make a minimum reload of RM100 during the registration process, where a fee of RM10 will be charged for the issuance of your prepaid card, and RM20 deducted as deposit for the card (this amount will be maintained at all times, and will only be refunded when you cancel your EnrichMoney prepaid card). Here are other transaction limits that you should also be aware of when using the EnrichMoney app and its prepaid card:

Meanwhile, the Visa prepaid card itself will be delivered to you within five to seven days.

In terms of fees, there is an annual fee of RM8 to use the Visa prepaid card (waived for the first year), as well as top-up charges of RM0.50 for selected reload channels, such as internet banking (Maybank2u and CIMB Clicks). There are also cash withdrawal charges of up to RM10, depending on where you make your withdrawal. Local bank transfers are exempted from any fees until further notice. Meanwhile, overseas transactions will be subjected to its conversion rate, with a service fee of 1% of the amount transacted. Other charges that you may also want to take note of include the card-to-card transfer fee (RM0.11 per transaction) and sales draft retrieval fee (RM15 per copy).

There is currently an ongoing promotion in conjunction with the launch of the EnrichMoney e-wallet, which rewards early adopters with perks like 1,000 Enrich Points, complimentary Golden Lounge access, and an MHgiftcard worth RM50. You can find out more about
the campaign on MAS’ website here
.

(Sources:
MAS
,
Merchantrade
)

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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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Budget 2019: Malaysians Travelling Abroad Will Have To Pay Departure Levy

Malaysians will have to pay a new “departure levy” when they are travelling abroad starting 1 June 2019.

The proposed rate is broken into two tiers: RM20 for outbound travellers to ASEAN countries, and RM40 to countries other than ASEAN. The government is imposing this tax as a means to encourage domestic tourism. A secondary measure for this is also to declare Pangkor island as a duty-free island, and also expand Langkawi’s duty-free status. Finally, Port Swettenham in Penang will also feature duty-free shops.

According to Finance Minister Lim Guan Eng, this departure levy is similar to other countries, and the proposed rate is consistent or not more than what many other countries are charging. For example, Thailand’s departure levy is US$20 (around RM83), while the taxes for Hong Kong and Japan are US$15 (around RM62) and US$10 (around RM42) respectively.

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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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Win Auspicious Gifts Like Apple Watch Series 8, RM1,000 TNG eWallet Credit, & Xiaomi Redmi A1

Looking to apply for a credit card? The Unbox This Week credit card campaign is back with amazing gifts!

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

From 25 to 30 January 2023, our featured bank partners are

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

Citibank – Apple Watch Series 8

Think the Year of Rabbit luck is rubbing off on you? Win the Apple Watch Series 8 when you apply for a Citibank Credit Card!

Stay healthy with the ultimate fitness companion that is always ready with an always-on Retina display and nifty features like advanced health sensors, safety functions, and more.

For those who are not selected, you will still walk away with a guaranteed pair of Apple Airpods.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM1,000 TNG eWallet Credit

Prosperity comes knocking – take home RM1,000 TNG eWallet Credit guaranteed to you when you apply for a HSBC Credit Card!

This practical gift can make a real difference to your bank account balance whether you want to spend it on essentials or treat your loved ones to a meaningful experience.

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

Public Bank – Xiaomi Redmi A1

Fortune is calling you into the new year with a new gift, the Xiaomi Redmi A1 smartphone. Apply for a Public Bank Credit Card to win!

Enjoy video streaming on a 6.52″ full-screen display with high definition, capture favourite moments with an 8MP dual camera, and more with the Xiaomi Redmi A1.

For those who are not selected, you will still walk away with a guaranteed Russell Taylors Vacuum VC-20. This handheld vacuum comes equipped with a HEPA filtration system that can lock in small particles instead of releasing them back out and a powerful 600W motor.

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

Standard Chartered Bank – RM1,000 TNG eWallet Credit

Yes, another chance to win not RM500, RM800, but RM1,000 TNG eWallet Credit when you apply for a Standard Chartered Credit Card!

A four-figure sum lets you do a lot from shopping for groceries, to ordering meals and taking your family and friends out.

Don’t worry if you’re not selected, as you will still get a guaranteed URBANLite Ledge 24″ Luggage.

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

Alliance Bank – Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage Bag

The more options, the merrier – take home a guaranteed Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage Bag when you apply for a new Alliance Bank Credit Card.

The Realme Watch 2 Pro has a 1.75’’ display for your easy viewing, comes with 90 varied sports modes, high-precision dual-satellite GPS, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the sleek URBANLite Ledge 24″ Luggage that comes with multi-stage telescopic trolley handle, 360-degree spinner wheels, and more when you apply for an Alliance Credit Card.

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

RHB – RM300 TNG eWallet Credit

Pocket RM300 TNG eWallet Credit, guaranteed to you, when you apply for a RHB Credit Card.

Offset your expenses on groceries, meals, and essentials with this practical gift that lets you pay for what you want.

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

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 30 January 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Chee Jo-Ey

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MBF credit card and charge card BonusLink Cash Credit redemption

MBF credit card and charge card holders are in for a real bonus!
Every 5,700 BonusLink points you’ve accumulated can now be redeemed for RM50 Cash Credit.

You may use your Cash Credit to either offset your outstanding balance or make XtremeDeals purchases.

Redemption period ends on 31 March. Do browse through the
T&Cs
 as well as
FAQs
.

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Sign Up For A Credit Card To Enjoy An Apple Watch Series 8, iPad Air M1 & Guaranteed Gifts

Searching for better deals? Look no further and check out our weekly Unbox This Week flash deals!

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

From 31 July to 7 August 2023, our featured bank partners are none other than
UOB, HSBC Bank, Standard Chartered Bank, Alliance Bank, Public Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

UOB – Apple Watch Series 8

If you plan to take your fitness to a whole new level, this week’s prize for signing up for a UOB Credit Card can definitely help you in your journey.

Stand to win the Apple Watch Series 8! Equipped with a temperature sensor, you can access Cycle Tracking for more insightful family planning. Not only that, you can take an ECG at any time and track your sleep more accurately with Sleep Stages. Like its previous models, it’s also equipped with Apple Pay so you can make cashless transactions on the go.

You’ll still take home a guaranteed prize of RM250 Touch ‘n Go eWallet Credit if you don’t win the Apple Watch.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

Standard Chartered Bank – iPad Air M1

Stand a chance to score an Apple iPad Air M1 when you apply for a Standard Chartered Credit Card.
With an immersive Liquid Retina display and a breakthrough M1 chip, the iPad Air delivers blazing-fast performance, making it a creative and mobile gaming powerhouse. With Touch ID, advanced cameras, and USB-C support, this iPad is a versatile device you can take to work, school, or on vacation.

For those who don’t win, don’t fret as you’ll still be taking home a guaranteed prize of RM600 Touch ‘n Go eWallet Credit.

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

HSBC Bank – RM800 Touch ‘n Go eWallet Credit

Commuting in the city can quickly get expensive especially if you often pass through tolls. You could offset your Touch ‘n Go spending with this week’s reward – a guaranteed gift of RM800 TNG eWallet Credit when you sign up for a Standard Chartered Credit Card!

Use it to fund your meals, save a portion for emergencies, or pay off your utility bills with this guaranteed gift. The choice is yours.

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

Public Bank – Xiaomi 70mai 1S Dash Cam

Having a dash cam can greatly keep you protected when you’re driving out and about, especially if you find yourself in an unfortunate situation while on the road. Take home the Xiaomi 70mai 1S Dash Cam when you apply for a Public Bank Credit Card this week!

It records in 1080p Full HD, with a 130° wide-angle coverage. Not only is it easy to install, it also automatically records in an emergency situation and saves the video for you.

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

Alliance Bank – Tribit FlyBuds C2 or URBANLite Ledge 24″ Luggage Bag

This week, those who apply for an Alliance Bank Credit Card will get a guaranteed Tribit FlyBuds C2 or URBANLite Ledge 24″ Luggage Bag.

The Tribit FlyBuds C2 features a comfortable half in-ear design, powerful stereo sound, fast and stable Bluetooth connection, 4 Qualcomm microphones for high-quality calls and, best of all, is guaranteed when you apply for an Alliance Credit Card with Balance Transfer.

Have plans to travel soon? The sleek URBANLite Ledge 24″ Luggage comes with a multi-stage telescopic trolley handle, 360-degree spinner wheels, and its shell is made from strong ABS material. This guaranteed gift is yours when you apply for an Alliance Credit Card without Balance Transfer.

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

RHB – JBL Tune 710BT

This week, you’re guaranteed to take home the JBL Tune 710BT when you sign up for an RHB Credit Card!
Enjoy the signature JBL pure bass sound that’s both deep and powerful, high-quality Bluetooth streaming of your favourite content or tracks, as well as a 50-hour battery life that ensures you’ll be kept company on even the longest days.

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

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 7 August 2023 (11am), do follow us on
our Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

Lisa Ameera Azman

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Is it Time to Refinance Your Personal Loan?

You have probably heard of refinancing a home – but few have heard of refinancing a personal loan. If you have an outstanding personal loan to settle – you might be wondering why anyone would ask you to take another loan to pay this off… why would you indeed?

However, there are very good reasons to trade in your current personal loan for a new one. Before we get into the reasons, let us explain a little what refinancing a personal loan means.

What Does it Mean to Refinance a Personal Loan?

Refinancing simply means, trading one debt obligation onto another debt, most of the time to a different bank or financing company and under new terms.

This move allows you to change the nitty-gritty details about your loan to something better suited for your financial situation.

Refinancing
 is a term often used when referring to swapping the mortgage on your home. Sometimes called remortgaging; it is the most common loan subjected to refinancing because of it’s extended tenure and how much can change from the time you take the loan to the time you complete payments.

But in truth, you can refinance any loan you have if the move proves favourable to you. This is often done for credit cards but is commonly known as a
balance transfer
 because of the nature of the debt.

Now that you have an idea what the term means – we get into the situations where a refinancing of a personal loan could do you good.

Your Current Personal Loan Interest Rate is Too High

As with mortgages, it is possible for your personal loan interest rate to be higher than other loans in the market. This ends up costing you more money in the long run.

Swapping for a
low interest personal loan
 will certainly do your financial health a world of good and you will find yourself paying the loan off faster too.

To find a personal loan with a lower interest rate than what you currently have; pull out your loan contract and look up the rate. You can then compare it to the other loans in the market – all easily listed for you on our
personal loan calculator page
.

Before you swap, however, do check that your current loan does not have any early settlement penalties. You would not want to be subjected to more fees and risk losing the benefit of the swap.

You Cannot Afford the Repayments

Sometimes, we may find ourselves in a difficult financial predicament. Perhaps you were forced to take a lower paying job or have another big bill to contend with monthly.

Whatever the reason; you are no longer able to afford the amount you used to pay without issues. Whilst you can’t completely wipe out your obligation to pay; you can take another loan for a longer period, lower interest rate and hence, smaller monthly instalments.

You Need Another Sum of Money ASAP

Life doesn’t always happen the way we want it to and you may find yourself in need of emergency money. But what if you are still in the midst of paying off another loan from the past?

Whilst we don’t condone taking on more debt than you can chew – if you are confident you can repay the sum back; refinancing your personal loan could give you the additional cash you need whilst consolidating this with your current loan so you won’t have two payments to make.

This situation would require you to take a loan big enough to cover the sum of cash you need as well as the remaining balance of your old loan. Only then, will this work for you. To somewhat gauge if you will be allowed such a sum – calculate your current
debt service ratio
.

Pointers and Precautions

Now that you know why you may need to refinance your personal loan – there are still a few things you will have to factor into your plans before taking the leap.

It is universally advised that you:

1)
Check for early settlement penalties
. Ask your bank if this fee can be waived or if there is a time bar that you need to pass.

2)
Do not take more loans than you can repay
. More on point for the third situation – consider how much you can afford to pay and if you really need to take another loan before you commit to more debt.

3)
Time your new application
. When do you usually pay your bills? Take note of processing times and ask the bank if you can pay your new loan instalment around the time you make all your other payments. This helps you remember all the loans you need to repay.

If you’ve decided that a new personal loan is for you; check out our personal loan comparison page for the best personal loans in Malaysia. You can also apply for
fast approval loans
 in Malaysia if you need money ASAP.

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What Is Education Insurance and How Does it Work?

The Cost of Education

It’s no secret that higher education is expensive and it’s certainly not getting any cheaper what with inflation and general cost increases.

At present, even a basic business degree course in Malaysia can cost over RM50,000 in a private university. If we estimate our inflation rate to be 4%, you will need approximately RM109,000 to match that figure in 20 years – that’s a big number! And we haven’t even considered an education abroad yet!

Higher Education Financing Options

So how do people pay for their children’s education with it being so expensive? There are many options to be sure, but each financing pathway comes with its own set of costs. For instance, parents can opt to pay for their children’s education by withdrawing from their EPF account but this would lead to a depleted retirement fund and a loss of a dividend earnings.

Others may consider taking out a personal loan or re-mortgaging to fund their children’s education but this too would incur interest costs. Moreover, some may not even be eligible to get financing for the exorbitant sums they would need, especially if they were to pay for the tertiary education of more than one child.

Of course there’s always a PTPTN loan option to consider. But that would essentially saddle a young adult (if they even qualify in the first place) with long-term debt before they’ve even earned their first paycheque.

What Is An Education Policy?

There are two basic types of education plans – endowment and investment-linked policies. Endowment policies resemble a savings account with insurance benefits whereas investment-linked policies let you invest and still retain coverage.

For both policy types, a lump sum benefit is typically released upon maturity plus bonuses on the accumulated premium.

Now with investment-linked education plans, well-performing funds could earn special
dividends and bonuses
 to be paid when the policy reaches maturity. However, it can also be more expensive to maintain whereas endowment policies typically costs less overall.

The Benefits of Buying an Education policy

Here are six reasons why you should seriously consider buying an education policy:

Earn bonuses and top-ups

The biggest benefit to buying such a policy is the potential bonus payments that get added to your child’s education fund as you continue to pay the premium. The bonus levels vary with providers and plans, for instance,
AIA EduAchieve
 offers a bonus of 15 times the payable premium when you child enters university.
AXA
 on the other hand offers a 2% bonus on an account’s value for the last 60 months of the policy.

You can start saving for your child early on

Most of these policies can commence as soon as your child turns 14 days old and if you keep up your premium payments, your child will have a significant financial boost that has been cultivated over the course of 18 to 23 years.

Payor Riders

These riders help cover basic premiums in case one or both parents die or suffer total permanent disability. This way, no matter what happens to you, at the very least you’ll have peace of mind knowing that your child has the financial means to pursue his or education.

Enjoy Tax Reliefs

Education insurance purchased for your children can be claimed up to RM3, 000 per year (combined with medical insurance). This way you are paying less in tax and still providing for your child’s education. Win-win!

Access to Small Withdrawals

In case you are having money difficulties, certain education policies allow withdrawing a small portion without charging a withdrawal fee. Here you can still maintain your saved amount while having free access to the cash you need.

Complimentary Assistance

Education policies may also offer added benefits such as a
concierge service
 to help your child settle into university or college with as little hassle as possible. The concierge can help with accommodation bookings, flights, student visas, etc.

What Else You Need To Know About Education Insurance

When it comes to education insurance, consider that this is a long-term policy. Your financial commitment typically lasts 18 to 23 years. This means that you would need to financially keep up with payments over an extensive time frame or potentially lose your premium contributions.

Moreover, the policy is only applicable to those below the age of fourteen. Thus, education insurance isn’t exactly an option suited for all parents and children.

If your child is already fourteen years or older, there’s still something you can do to help pay for their education – just save as much as possible for them! Consider opening a
high-interest savings account
 or
Fixed Deposit
 account to maximise the saving potential for your child’s education!

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Standard Chartered Year-End Campaign Offers Daily And Weekly Cashback, BMW X3 Grand Prize

Standard Chartered will be running its Year-End Spend & Win 2022 campaign starting from 1 December 2022 until 5 March 2023. Open to all eligible credit cardholders, you can earn daily cashback rewards of up to RM100, as well as RM1,000 weekly cashback and a grand prize in the form of a BMW X3.

To participate in this campaign, simply spend a minimum of RM100 in a single retail transaction (local and overseas) with your Standard Chartered credit card. This will give you the chance to earn a daily cashback reward of either RM5 or RM100, as well as obtain entries that put you in the running to win weekly cashback and the grand prize.

The details of the prizes that are offered via this campaign are as follows:

Prizes
Details
Prize cap per cardholder
Total allocation by bank during campaign
Grand prize
BMW X3 xDrive30e
1x whole campaign period
1 unit
Weekly cashback
RM1,000
1x per campaign month
65 units (5x per campaign week)
Daily cashback
– RM5
– RM100
2x per campaign day
– 197,400 units (RM5 cashback)
– 91 units (RM100 cashback)

Meanwhile, the number of entries that you can earn to win the weekly cashback rewards and grand prize will depend on the types of transactions that you perform:

Transactions
Number of entries earned for weekly cashback (up to RM1,000)
Number of entries earned for grand prize (BMW X3 Hybrid)
Every RM100 local spend for selected categories (dining, travel, and department stores)
1x
1x
Every RM100 local retail spend for other categories
N/A
1x
Every RM100 overseas retail spend
10x
10x

Note that only retail expenses are considered as eligible transactions to win the daily and weekly cashback prizes, including dining and travel. As always, payments such as utilities, insurance, petrol, cash advances, and balance transfers do not qualify. Meanwhile, all expenses are accepted as qualifying transactions to earn entries for the grand prize.

Standard Chartered also explained that all daily and weekly cashback winners, as well as the grand prize winner will be determined using a special sequential system or a randomiser programme. If you are selected as a daily cashback winner, you will receive a notification immediately after your eligible transaction is successfully processed, and the reward will be credited into your account 60 days after the end of each campaign month.

(Image: Global Business Outlook)

Meanwhile, weekly cashback prize winners will be notified four weeks after their eligible transactions. The cashback reward earned will also be credited into their accounts within 60 days after the end of each campaign month. As for the grand prize winner, they will be contacted within 90 days from the end of the campaign period.

If you’d like to join this campaign, you’ll need to register your participation by sending an SMS (“
SCX3
”) to 66399. Once done, you’ll receive a confirmation SMS; each cardholder is only required to register once regardless of how many types of cards you hold with Standard Chartered.

(Source:
Standard Chartered
)

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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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    Hew wai hong

    5 months ago

When announces the winner of bmw x3

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    Anonymous

    3 months ago

    Reply to

        Hew wai hong

Still waiting the announcement

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AmBank To Charge Customers For Using Cash And Cheques For Card And Loan Payments

(Image: Allen International)

AmBank will begin imposing transaction fees on credit card and loan payments made using cash and cheques starting 1 October 2019.

Customers who make their credit card and loan repayments using cash and cheques via Cash Deposit Machine, Cheque Deposit Machine, or over-the-counter will be charged between RM0.50 and RM2.

Channel

Fee per Transaction

Over-the-Counter (OTC)

RM2.00

Cash Deposit Machine (CDM)

RM0.50

Cheque Deposit Machine (CQM)

Customers can choose to make transactions online via AmBank’s internet banking platforms to keep transactions free of charge. Payments made using interbank GIRO, instant transfer, and auto-debit will also not be charged any fees.

Similar to the move by
Maybank
 and
Public Bank
, fees for payments made over-the-counter will be waived for senior citizens aged 65 years old and above, the disabled, and customers without access to their current and savings account (such as customers who are bankrupt or whose accounts are frozen).

(Image: Allen International
)

Following Bank Negara Malaysia’s directive to encourage online banking and transactions, it is likely that more banks will follow suit.

(Source:
AmBank
)

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Hayatun Razak

Hayatun Razak

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    Xu

    3 years ago

Already there is so much scam on line, accounts been hacked and the banks can’t even do a thing about protecting our monies, and now even charging for banking facilities, is way too much. Banks make money from us, keeps the vast portion and give us peanuts. We, as customers, must have a proportionate share of the profits rather than paid pittance!

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Grab Challenges Now Live In Malaysia; Rewards Users With Vouchers And GrabRewards Points

Grab users in Malaysia can look forward to a new feature on the app that makes doing everyday tasks with Grab rewarding. Called Grab Challenges, users can earn rewards for completing a set of tasks that involve the use of Grab’s services. The feature has been rolling out throughout Southeast Asia since the beginning of the month
alongside its rewards revamp
 and is now live for all users in Malaysia.

To find the Challenges feature on your Grab app, just scroll through the main page until you see the “Challenges” header – its placement on the page may differ between different users (some will find it close to the top, while others will need to scroll all the way down). From there, you will be able to see which Challenges are available for you to accept. Each Challenge has its own terms and conditions, so check the fine print before starting one.

Grab Challenges all involve performing activities using the Grab app, including rides, GrabFood orders, and quite possibly a lot more. Completed challenges will be rewarded with Grab vouchers or GrabRewards points – a win-win scenario if you already use Grab services extensively. According to Grab, the Challenges are specially designed for each user, so different users may see different Challenges pop up on their app. Each Challenge is limited to the user who has access to it on their app; users cannot share Challenges with friends or complete one with the help of multiple accounts.

Once a challenge is accepted, you’ll have to complete it within the given timeframe to earn the reward. There is also a quota for the number of rewards sets available to be given out for each Challenge. You can check your progress as well as the time and rewards left for each ongoing Challenge.

You can accept multiple Challenges at a time and fulfil them concurrently, but you can’t end or restart them before the Challenge time runs out. You also are not allowed to take on a Challenge more than once. The Grab app will give you notifications on your progress for ongoing Challenges, but it won’t notify you when new Challenges are available, so be sure to check the Challenges page regularly to avoid missing out on the chance to earn more rewards.

This gamification feature is designed to encourage users to do more within the Grab platform, but Grab isn’t the first e-wallet in Malaysia to offer such a feature. Boost has been running its Boost Missions for some months now, rewarding users with cashback and Boost Coins for completing tasks on the app. Similarly, Fave also has its own fixed set of challenges that rewards cashback for using FavePay and purchasing Fave Deals.

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Storewide Discount Privileges at Polliwalks with your HSBC Credit Card

Enjoy a storewide 10% discount at Polliwalks when you pay with your HSBC Credit Card. Famous for their Sesame Street character sandals, Polliwalks has a wide range of fun options for Kid’s feet at their flagship store in Paradigm Mall.

Offer valid from 1 October 2012 to 30 September 2013.

Check out the
flyer
 for more information.

If you don't have a HSBC Credit Card yet,
check our site
 for HSBC's range of credit cards and apply online.

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Diana Chai

Diana Chai

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5 Reasons Why a Bank May Consider You a Risky Customer

Many people who have been rejected in a loan or credit card application may assume it is due to some ominous ‘Bank Negara Blacklist’ (that doesn’t really exist by the way) or because the bank has been unfair in working out how creditworthy they are.

The truth is, before a bank decides to offer you credit (be it a card or a loan) where there is no collateral or guarantor the credit officers will assess how risky you may turn out to be as a customer. They want to know whether you’ll be able to pay your loan back.

Although the exact algorithm/calculation will differ from bank to bank the factors considered remain roughly the same. If you are wondering why your loan was not approved,or why you didn’t get that new credit card, the following 5 reasons may have played a part.

1. You Have a Sketchy Credit History

The first and most commonly known factor is, of course, your credit history. However, you may have assumed that there is a scary ‘black list’ somewhere in Bank Negara that has your name on it in bold and marked “Do Not Lend”. That is not true.

What Bank Negara does have is your credit history and that includes all the loans for which you have applied, been rejected or approved as well as the monthly repayments you have been making toward your debts.

This plays a role because a bank will be able to see just how good a paymaster you have been (or not been!). It may seem unfair; but some banks penalise you for being late with payment even if you haven’t missed any per se.

For this reason, it is super important to pay your instalments on time. Set up a standing instruction if you think it may help you be more diligent with payment.

Some people ask: what if I’ve never borrowed money before and have no credit history at all – will that work against me when I want a loan approved? Truth to tell, we don’t know. We can say that if you have a record of borrowing with an excellent payment history it will work in your favour (provided you don’t have any current loans).

2. Your Income is Not Stable or Too Low

You may be raking in tens of thousands and storing this in your bank but if you only get this payout say once every six months; it may raise some concern with the bank processing your application.

Many banks have turned down applicants on the basis that their incomes were too sporadic even if they were earning healthy amounts. This is usually the case with those who run their own businesses. However, some banks do not discriminate so it may be necessary to try a few before deciding to give up.

If you are in fixed employment, your income may still be in an issue if it is considered by the bank to be too low or if you earn on a commission basis. Banks do have minimum income thresholds but even if you meet these, you may be turned away if your income is exactly on the minimum threshold and other factors are clouding your application. There are
specific loans for low income earners
 but if you earn a good commission, it’s best to provide all details and evidence of commission earnings to the bank.

Although, banks ask for 3 months salary details; commission earners or those self-employed could ideally provide 6 months of bank statements/commission slips to show they are credit worthy. Essentially, the more evidence you can provide, the better your chances.

3. You Have Too Many Payments and Loans

There are times when you could have a decent salary, good credit history but still be rejected for a loan. It could be because your commitment level is too high. Called a Debt Service Ratio, it is the calculation used to see if you can comfortably make your repayments monthly. The general ratio is 60% of your monthly salary. This means that your total amount of repayments per month cannot exceed 60% of your salary.

However, the bank is at liberty to adjust this ratio internally so even if you’ve calculated your repayments to be well within 60%; take note that the bank in question could set their calculations differently.

4. Your Job is Not in a ‘Preferred’ Industry

For lack of a better word, we use ‘preferred’ because it seems the closest way to describe this criteria. Many banks will have an internal list of industries/companies they deem to be ‘preferred’. If you work in these industries, the chances of you getting a loan is higher.

Although, we do not have access to what this list of industries/companies really look like for each bank; in our experience it is usually a case of a Sdn Bhd looking quite good but an Multinational Corporation (MNC) looking much, much better.

5. Your Bank Account Looks Sketchy

Beyond the unattractiveness of your credit history; the other history that may play a role in your application is your banking history. Along with your application, banks will ask you for your saving or current account statement wherein your salary is credited.

Though for the most part, this will be mainly to see that you really earn the salary you claim (and it is credited every month); some banks will also pay close attention to comings and goings of cash in your account. This is to see how attractive your cash flow is. Can you manage your money? Is your account in overdraft more often than not? Although, having little in the way of cash will not alone cause a bank to dismiss your application – it could look a lot more serious when coupled with other factors in this list.

You’ve Been Rejected, So What Now?

If your application has been rejected, you might be wondering what to do next. Banks won’t usually tell you why your application was not approved.

The best way to find out is to use the method of elimination. Go through the following steps.

1) Check out your own
credit history
. Even if you’re sure you’ve paid all your commitments well and on time – you might have unwittingly stood guarantor or something else might be up for dispute. If your history is clean as a whistle, it’s on to the next step.

2) Calculate your commitment level. Did you fall foul of the 60% rule or perhaps it’s not quite there but is very high. A
consolidation loan
 may help reduce your monthly commitments.

3) If your credit history looks good; you aren’t saddled with too many loans but still did not have your loan approved, then it might be time to simply try another bank. The remaining criteria varies in importance from bank to bank so you just might find one willing to offer you a loan.

If you are looking for a personal loan, use our
personal loan calculator
 to find the one best one for you. Need a new credit card? We have list of the best credit cards in our
credit card comparison page
 too.

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New Targeted Petrol Subsidy Scheme Postponed Until Further Notice

(Image: The Star)

The government’s new targeted Petropetrol subsidy scheme, which was slated to commence on 1 January, has been postponed until further notice. The postponement of the new scheme was announced in a statement by Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail.

According to the minister, the government requires more time to inform and prepare the public for the targeted subsidy scheme. Saifuddin also added that more time was needed for the M40 group to register as subsidy recipients, a process that is being handled by the Ministry of Finance.

The postponement comes as yet another hiccup in the long-awaited implementation of the Pakatan Harapan government’s targeted petrol subsidy scheme. The fuel subsidy, aimed at assisting low-income B40 Malaysians, was first announced by Lim Guan Eng in November 2018 during the
tabling of Budget 2019
.

Nearly a year afterwards, the Domestic Trade and Consumer Affairs Ministry announced that the targeted subsidy was finally ready to be
implemented on 1 January 2020
. It was also revealed during the tabling of Budget 2020 about a week later that M40 Malaysians would get their own petrol subsidy under the
new Kad95 programme
, alongside the B40’s targeted petrol subsidy scheme.

For now, all Malaysians will continue to enjoy the bulk petrol subsidy that is keeping the RON95 fuel price capped at RM2.08 per litre – until the government is ready to start its new petrol subsidy scheme.

(Source:
Domestic Trade and Consumer Affairs Ministry
)

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    Foo

    3 years ago

ok

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U Mobile Launches New U Postpaid Plans With Up To 1TB 5G Data Quota

U Mobile has introduced two new U Postpaid plans, the U Postpaid 68 and U Postpaid 98 plans, with both offering generous 5G-ready data quotas at highly affordable monthly rates, as well as free global roaming in 63 countries.

The more affordable plan, the U Postpaid 68 offers 100GB of high-speed mobile data for RM68 per month, while the U Postpaid 98 plan provides 1TB (1,000GB) of data for only RM98 a month. These plans also offer free unlimited calls to all local networks, similar to the earlier launched U Postpaid 38 plan. But on top of that, these two new plans provide free global roaming and free incoming calls in 63 countries, including Singapore, Thailand, Australia, and the United Kingdom.

U Postpaid 98 plan subscribers are also able to share their mobile data with up to six family members, for RM38 per line via the
U FamilyShare
 feature. This will allow member lines to share the 1TB data quota and also enjoy unlimited calls to all local networks. Subscribers can also tap into a flexible payment option,
U PayLater
, which allows them to buy selected 5G smartphones in monthly installments, with 0% interest.

Meanwhile, U Postpaid 68 plan subscribers are not eligible for either U FamilyShare or U PayLater. They are, however, able to tap into
U SaveMore
, which enables them to purchase selected 5G smartphones at a discounted price.

For better clarity, the table below highlights the features of the U Postpaid 68 and U Postpaid 98 plans:

Features
U Postpaid 68 plan
U Postpaid 98 plan
Subscription price
RM68/month
RM98/month
High-speed data quota
(4G & 5G internet)
100GB
1,000GB (1TB)
Calls to all local networks
Free (unlimited)
Free (unlimited)
Global roaming
Free (15GB)
Free (15GB)
Incoming calls when abroad
(selected countries)
Free (unlimited)
Free (unlimited)
U FamilyShare
Not available
Available
U PayLater
Not available
Available
U SaveMore
Available
Available

According to U Mobile’s FAQ page, there is no speed cap for the internet quota; however, the speed will be throttled to 64kbps once your data is fully utilised. Another important thing to note is that you will not be able to use your monthly data for hotspot; instead, you will be provided with a separate 5GB data for hotspot usage. Once the quota is used up, you may purchase additional data of 5GB or 10GB for RM5 and RM10, respectively.

With the launch of the new postpaid plans, U Mobile is discontinuing its previous postpaid plans; existing Postpaid P38 plan subscribers will see their plan automatically upgraded to the new U Postpaid 38, while existing Giler Unlimited GX68 plan subscribers can continue to use it with no issue. Meanwhile, new users will only be able to subscribe to the U Postpaid 38, U Postpaid 68, or U Postpaid 98 plan.

You may sign up for the U Postpaid Plans via the MyUMobile app,
U Mobile’s online store
, or at any of the telco’s physical stores.

(Sources:
Lowyat.NET
, U Mobile [
1
,
2
,
3
,
4
])

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CIMB Launches OctoTravel, Malaysia’s First Bank-Linked Travel Platform

CIMB Bank has launched CIMB OctoTravel, which is said to be Malaysia’s first bank-linked travel site and mobile app. Rolled out in collaboration with travel management company, Corporate Information Travel (CIT), it offers attractive deals that are specially curated for CIMB credit, debit, and prepaid card customers – catering to their travel needs in a single platform.

According to the bank, CIMB cardholders will be able to tap into competitive flight and hotel fares for both domestic and international travel when they purchase tickets on OctoTravel. There are also tour packages and travel vouchers that you can check out as well. If you book using CIMB credit cards, you may even convert your travel expenses into instalment payments, via zero-interest instalment plans of up to twelve months (minimum spend RM300).

Additionally, you will be provided with complimentary travel insurance and Covid-19 coverage, protecting you from unfortunate situations including missed flights and lost baggage. Other benefits that are also available on OctoTravel include live support from digital travel consultants and the ability to conveniently convert your CIMB Bonus Points for your travels.

“The launch of OctoTravel is timely as many Malaysians are eager to explore and restart travel activities given the recent easing of travel restrictions within the country and abroad. We are excited to be the first bank in Malaysia to offer customers the convenience of a one-stop travel site paired with attractive travel deals that comes with a range of value-added benefits such as Covid-19 insurance coverage to ensure our customers can travel with confidence,” said the chief executive officer of group consumer banking for CIMB, Samir Gupta.

Samir also stressed that OctoTravel is a testament to the bank’s commitment in providing innovative solutions to meet the needs of its customers’ ever-changing lifestyle. This is also to complement conventional financial offerings that are already available.

In conjunction with the launch of OctoTravel, CIMB has made various exclusive deals available on the platform, including 10% discount on international flights and 3-day-2-night hotel stay packages. There is also a promo where customers can earn 50% cashback on all purchases for flights, hotels, and tour bookings (capped at RM100 per month for each cardholder).

If you prefer to check out
OctoTravel
 via its app instead of the website, you can download the app for free on
Google Play
 or the
App Store
.

(Source:
CIMB OctoTravel
)

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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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Bursa: 67% Increase In New CDS Accounts Opened In 1H2021

(Image: The Malaysian Reserve/Razak Ghazali)

A total of 147,091 new individual Central Depository System (CDS) accounts were opened in the first half of 2021 – an increase of 67% compared with the 88,080 CDS accounts that were opened during the same period last year.

According to Bursa Malaysia CEO Datuk Muhammad Umar Swift, 64% of those who opened new accounts this year are aged between 25 and 44. “The increase in millennial investors is positive for long-term sustainability of the capital market,” he said. He added that investors aged between 45 and 64 years old are the largest contributors to total retail trading value, representing 45% or RM176.4 million in 1H21.

“Retailers remain as net buyers in our domestic market as of 1H21 with a net buy position of RM8.2 billion,” Umar also revealed. Since the beginning of the year, retailers continued to show strong momentum with the average daily trading value (ADV) rising to RM4.4 billion in 1H21, up 41.4% from RM3.1 billion in 1H20.

Bursa Malaysia had reported its best-ever six-month performance since its listing in 2005. It recorded a 39.4% jump in its profit to RM210.36 million from RM150.96 million for 1H21. For the second quarter of 2021, there was a marginal increase of 3.18% in net profit to RM88.97 million while quarterly revenue increased 9.08% to RM196.1 million.

With regards to initial public offerings (IPO), Bursa Malaysia remained upbeat on its target of seeing 31 new listings this year. “I have said earlier that our target for this year is to have 31 new listings and it remains 31 at this point in time as we move into 2H21,” said Umar.

(Source:
The Edge Markets
)

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Luno Unveils Upcoming Initiatives To Enhance User Experience, Including Localising App In BM

(Image: The Malaysian Reserve/Razak Ghazali)

Luno Malaysia has shared that it will be rolling out several new initiatives in 2022 to provide a better user experience and to better educate its investors, including localising its app in Bahasa Malaysia. This is on top of ongoing plans to
introduce new cryptocurrencies for trading on the platform next year
.

Speaking in a virtual press conference today, country manager of Luno, Aaron Tang said that aside from launching new coins, the cryptocurrency exchange is also looking to enable its app in Bahasa Malaysia and introduce new financial literacy initiatives via partnerships.

“Moving forward in 2022, we will further democratise access to the cryptocurrency market by localising our application and educational resources to Bahasa Malaysia, and enhancing our financial literacy initiatives to reach a wider audience. We hope that further innovation within the industry, enhanced democratisation efforts from regulated digital asset exchanges, as well as continued governmental support for the cryptocurrency space will continue to promote a conducive environment where Malaysians can invest into digital assets efficiently and responsibly,” said Tang.

On top of that, Tang revealed that Luno is also working to make business accounts available for interested customers. This is expected to be rolled out within the first quarter of 2022.

Aside from sharing details on Luno’s upcoming initiatives, Tang also highlighted several milestones that the cryptocurrency exchange has achieved in 2021. Chief of all is the fact that Luno has seen a 233% year-on-year growth in terms of the number of onboarded customers. Specifically, the company has more than 600,000 customers as of the end of November 2021, as compared to the approximate 180,000 customers recorded at the end of November 2020.

Meanwhile, the total active customers in Malaysia grew by 518% from just over 60,000 individuals in 2020 to 371,000 persons in 2021. It was also revealed that Luno has processed over RM12 billion worth of payments in 2021 – a 4.3x increase from the previous year.

“Interest in digital assets among Malaysians continued to grow in 2021, with many investors looking to cryptocurrencies as an alternative store of value or a start to their investing journey. The increased public awareness of cryptocurrency has encouraged more people to explore cryptocurrency’s other use cases, such as a payment system and purchasing unique digital assets such as non-fungible tokens (NFT),” Tang commented, adding that he is optimistic that Luno investors can achieve their financial goals and preserve wealth via digital asset investments.

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OCBC Malaysia Unveils Refreshed Logo In Region-Wide Brand Initiative To Unify Brand

Unveiling of the refreshed OCBC logo at Menara OCBC (L-R): Tuan Syed Abdull Aziz Syed Kechik, CEO of OCBC Al-Amin Bank Berhad; Mr Tan Chor Sen, CEO of OCBC Bank (Malaysia) Berhad; and Mr Tan Ngiap Joo, Chairman of OCBC Bank (Malaysia) Berhad (far right).

OCBC Malaysia has unveiled a refreshed logo for its entities, OCBC Bank (Malaysia) Berhad (OCBC Bank) and OCBC Al-Amin Bank Berhad (OCBC Al-Amin), as part of an OCBC Group-wide initiative to unify the brand across its core markets.

OCBC’s new logo will continue to feature its iconic sailing ship as its key element, but it has been upgraded with a modern touch, as you can see below:

For context, the sailing ship logo expresses OCBC’s founding fathers’ entrepreneurial spirit as they ventured into ASEAN to build homes and businesses that have benefited generations. This iconic symbol has been featured in every iteration of the logo since the bank was founded in 1932. The logo was last refreshed back in 1998.

Members of the OCBC Malaysia Management Committee gathered at headquarters Menara OCBC for the unveiling of the refreshed OCBC logo with Mr Tan Ngiap Joo, Chairman of OCBC Bank (Malaysia) Berhad (standing, right of logo); Mr Tan Chor Sen, CEO of OCBC Bank (Malaysia) Berhad (standing, left of the logo), and Tuan Syed Abdull Aziz Syed Kechik, CEO of OCBC Al-Amin Bank Berhad (left of Mr Tan Chor Sen).

In addition to the refreshed logo, OCBC also introduced a new tagline – “For now, and beyond” – to better convey its ambitions moving forward. It reflects OCBC’s intent to always take a long-term view in its dealings and investments, as well as to create long-lasting positive impact for the world, both in the present and the future.

“The move solidifies the OCBC Group’s ‘One Group’ approach to capitalise on the sizable ASEAN-Greater China opportunity. With this sharpened ASEAN-Greater China focus, Singapore-based OCBC Group expects to accelerate its growth and deliver SG$3 million in incremental revenue by 2025, which is on top of its current growth trajectory,” OCBC further shared in a statement.

OCBC Malaysia staff gathered at headquarters Menara OCBC in front of the refreshed OCBC logo with Mr Tan Ngiap Joo, Chairman of OCBC Bank (Malaysia) Berhad (centre, front row six from left), Tuan Syed Abdull Aziz Syed Kechik, CEO of OCBC Al-Amin Bank Berhad (front row, left of the Chairman) and Mr Tan Chor Sen, CEO of OCBC Bank (Malaysia) Berhad (front row fourth from right, right of the Chairman).

Group Chief Executive Officer of OCBC, Helen Wong echoed the sentiment, adding that the unified brand also represents the bank’s promise to better serve the customers. “It also furthers our commitment to customers: that when they bank with us, they have the collective strength of OCBC Group supporting them seamlessly across markets. With this One Group approach, our comprehensive ASEAN-Greater China franchise and twin hub proposition of Singapore and Hong Kong becomes even more compelling,” she said.

Meanwhile, Chief Executive Officer of OCBC Bank (Malaysia), Tan Chor Sen said that the move underlines the seamlessness of OCBC Group’s operations across all markets, including Malaysia. OCBC Bank has been in operation in Malaysia since 1917.

(Source:
OCBC
)

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    Siak Khoon Chew

    1 month ago

I hope OCBC BANK MALAYSIA PROCEEDING TO SUPPORTED THE CREDIT CARD

THANKS

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Maybank’s Lucky 7 Holiday Contest

Hey, wanna win a free trip to Tokyo or Paris? Join Maybank’s 7 Swipe, 7 Winners, 7 Cities and you could be one of the lucky seven to win a free trip for two to either of these destinations:

Dubai

Rome

Paris

Tokyo

New York

Sydney

Hong Kong

All you need to do to be eligible for this contest is to swipe your Maybankard credit at least seven times at local retails or once at overseas retails. Every 7
th
 transaction you spend on valid local merchants will entitle you to one entry while every transaction spent overseas will entitle you to one contest entry. There is no limit to how many entries each participant is allowed.

Selection of winners and prizes are at the sole discretion of Maybank. Shortlisted cardmembers will be required to answer 5 questions correctly. Prizes will be given out periodically from 15 March till 15 July 2013. Please note that accommodation and tour packages may differ and does not include cost of visa and permit(s).

For full Terms & Conditions please refer to the promotion page
here
.

Would you like to apply for a Maybankard credit card? Find the right card for you on RinggitPlus.com’s
credit card aggregator
.

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Brendon Lee

Brendon Lee

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