30 Going On Thrifty: Lessons I Learned About Saving Later

Hitting 30 is a big milestone. It means we have passed the age of playing about and it’s time to get serious about personal finances. Many websites will tell you that you should have it all sussed out by this age: that if you didn’t, you’re a monumental failure.

But that’s not true. It’s never too late to start – as this writer found out.

Getting Thrifty in Your 30s: A Financial Case Study

Jobs with good pay are hard to come by, money flows faster than water and with the ringgit going steadily downhill, one can’t help but to worry about the current financial situation in Malaysia.

It seems that a change of lifestyle is in order if one is to cope with the deteriorating state of finances in our beloved country.

I admit: I am a late bloomer when it comes to finances. Despite passing the 30 mark I didn’t have the rosiest of bank balances. I was a single woman with a decent salary but very little of it was saved and almost none invested.

When I heard my friends talking about upgrading their homes and cars; I realised I was missing out because I hadn’t been more prudent with my money.

The change was hard but I lived through many nights of crying over the fine dinner I was missing with my colleagues or the new handbag I couldn’t afford but the thrifty lifestyle soon became a norm and things got a lot easier.

If you’re a late bloomer just like me: here are some of the tips I held close to my heart when getting my financial house in order.

Lesson 1: It’s NEVER Too Late to Save

While it is ideal to start saving during your 20s, not everyone may have had the means or thoughts of the future on their mind at the time. In your 20s, you might not earn as much or are too busy paying off your PTPTN loan to find your financial groove.

Many people are discouraged by their age and think: if I haven’t got my head around all of this – I never will. That’s not true and your pessimism will be your biggest stumbling block.

It’s better late than never so don’t let negative Nellies get you down!

Lesson 2: You Can Save Without Sacrificing Pleasure

If your budget has been written right; there’s always a bit of cash for fun. While you might think this is not the thrifty way, it is certainly more realistic to make sure you have a healthy balance rather than suffer burnout midway through your goals.

Allocate a sum you can afford and stick to it. It will be difficult in the beginning but not nearly as bad as if you had cut out entertaining budgets completely.

Lesson 3: Keep to a Specific Budget

That said, having a budget that you keep to is imperative. But you probably already knew this. Keeping track of the ins and outs did wonders to my spending psychology.

Lesson 4: No Amount is Too Small to Save

Just like no age is too old; no sum is too small when you are looking to correct financial mismanagement. Even if you save RM5 everyday from foregoing your evening snack or tea – it will add up in the long run.

No amount is too small and every ringgit and sen counts!

Lesson 5: Online Banking is the Way to Do it

Missing payments or worse, getting mugged at ATMs is no way to be doing your banking when you could save so much time, effort and money by using online banking.

Pay your bills, loans and everything else this way and watch your fuel spend go down along with your late fees.

Lesson 6: Procrastinate When it Comes to Shopping

Impulse buys are a big no-no! Always deliberate carefully when you are about to buy something. You will often find that if you let the urge to shop pass – it will most likely not return.

Not only will pausing the purchase potentially save you money; you’ll avoid the uncomfortable feeling of buyer’s remorse. If you wait and still want the item – you can then think about how to finance it because you will know you really want it and it isn’t just a passing fancy.

Lesson 7: Secondhand is Not Second Best

Whether it’s clothes or household items, buying secondhand should always be considered. Not only can you score a bargain – you’re doing the environment a huge favour by not adding to a landfill!

You can find good quality items at bundle shops and cash converters or if you trawl the ‘want to sell’ pages online. Keep an eye out for people moving out as they are sure to want to discard something or the other to reduce their moving costs.

Lesson 8: Home, Single and Small

Being single allows one to adapt to smaller homes. There is no use in renting a big house with extra space, which you will only end up filling with more clutter.

Downsize your living arrangements
 and see just how much you can save from it all.

Lesson 9: Stop Being Air-Conned

It’s no secret how hot Malaysia can get and to have an air-conditioner seems more like a necessity rather than a luxury. But using an air-conditioner can run up your electricity bill like crazy.

Cut the bill in half by using fans or ‘natural’ coolants like the breeze if you live in a high-rise building. Many condo units on higher floors benefit from a really cool breeze so if you are lucky enough to find one – do make the most of it!

Lesson 10: Find Cheap Alternatives

When you’ve got a budget to work in – you’ll find yourself keeping your eyes peeled for better buys and bargains. There are always cheaper alternatives if you care to look for them.

Could you buy generic store brand detergent instead or branded? Perhaps you can carpool with a colleague instead of driving to work everyday. Maybe you could give up your hefty gym membership and take on housework and stair climbing as a means to keep fit.

However, do note your limits. Don’t find alternatives for things that could detrimentally affect your health and safety. The money saved is not worth that!

Lesson 11: Invest!

It doesn’t matter how averse to risk you may be – there is an investment type/account for everyone. Once your savings are at an impressive level, it’s not enough to simply let it sit.

Inflation is eroding your money value every day so you need to make sure it can at least hold a portion of it’s value as time passes. This means investing your savings.

If you aren’t comfortable with high risk investments; a
good fixed deposit
 is all you need. You can find one with up to 4% interest per year, which is not to shabby considering Malaysia’s
rate of inflation stands at 2.5% (as at June 2015) and was at 3.2% for 2014
.

Check out our
fixed deposit page for the best fixed deposit rates and promotions available
.

No matter what age you are at and whether you want to lead your life being thrifty or already are, remember it is never too late to start working towards a better future.

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Ilyah Jamalludin

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BIMB Investment Aims For RM50 Million Assets Under Makmur myWakaf Fund In 2021

(Image: The Star)

BIMB Investment Management Berhad, a subsidiary of Bank Islam, has revealed that it aims to achieve RM50 million worth of asset under management (AUM) for its Makmur myWakaf Fund in 2021. The fund, which was introduced early last month, has already managed to raise RM11 million as of March 2021.

The Makmur myWakaf Fund is a multi-currency, Shariah-compliant global mixed asset fund which supports the Malaysian International Islamic Financial Centre (MIFC) initiative. The fund seeks to generate income through Shariah-compliant investments in various asset classes – both locally and globally. It is able to distribute monthly income and channel 50% of the income distribution as Wakaf Asset for wakaf purposes through the myWakaf AIBIM (Association of Islamic Banking and Financial Institutions Malaysia) initiative.

Additionally, the Makmur myWakaf Fund is also the first wakaf unit trust fund to be rolled out under the Securities Commission (SC) Waqf-Featured Fund Framework – a fairly new framework that was introduced in November 2020. On top of that, the fund is recognised as a qualified sustainable and responsible investment (SRI) fund under the SC’s guidelines on sustainable and responsible investment funds. It also incorporates the principles of the United Nations Global Compact (UNGC) and Environmental, Social, and Governance (ESG).

The chairman of BIMB Investment, Ridza Mohamed Abdulla further explained that the Makmur myWakaf Fund will have investments in the sukuk market, shariah-compliant equities, and low-risk assets. This includes Islamic money market instruments to maintain potential income opportunities.

“The fund enables investors to participate in the revenue prospects of the Malaysian, Asia Pacific, and global markets with tactical asset allocation. This innovative fund is suitable for corporate investors as well as individuals who want to channel part of their investment returns for wakaf purposes to help the underprivileged community, especially in the areas of healthcare, education, and community empowerment,” said Ridza, adding that BIMB Investment is targeting a minimum profit distribution of 5% p.a..

Ridza also noted wakaf’s significant role in the economic development and wellbeing of a country. “With this in mind, the Makmur myWakaf Fund was created as an effort to strengthen and further expand the efforts related to wakaf, in line with the changes of the times and current technology to ensure that the benefits can be channelled to those in need,” he said.

(Image: New Straits Times)

Meanwhile, Minister in the Prime Minister’s Department (Religious Affairs) Datuk Seri Dr Zulkifli Mohamad Al-Bakri said that wakaf is an important instrument in Islam that can spur the development and economy of the ummah. He further commented that BIMB Investment had taken a unique and innovative step with the Makmur myWakaf Fund.

“It provides an easy and convenient platform for Malaysians to contribute towards the greater good. The result can be realised in this world and in the hereafter,” said Datuk Seri Zulkifli.

Those who are interested in investing in the Makmur myWakaf Fund will be able to do so via three asset classes – RM, USD, and AUD – with the minimum initial investment amount set at RM200, USD200, and AUD200, respectively. The fund is also accessible through BIMB Investment’s robo-intelligence investment app,
BEST Invest
.

(Sources: BIMB Investment,
Bernama
)

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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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4 Things We Hope Will Be Free in Malaysia Soon

Malaysians love free stuff. Who can deny that? But whilst freebies are a nice treat for already tired wallets every now and again; we’ve thought up a list of top things that we hope will soon be free in Malaysia not just for the good of freebie-loving Malaysians everywhere but, which just may help us get a little bit closer to hitting
developed nation status
.

Of course, the
classification for ‘developed country’ varies across organisations
 (namely UNDP, World Bank and the IMF) so we’re going to fall back on the goals from
Vision 2020
: a plan presented by former Malaysian premier Mahathir Mohamad in 1991. Listing these goals as ‘challenges to be overcome’; we’re going to link back our list of free things to the Vision 2020 challenge it will help achieve.

Free Water

The Right to Clean Water
 is a non-negotiable and many developed countries are given access to free water supply. Water isn’t just important for sanitation which then prevents diseases; it’s also important to facilitate advances in industry including agriculture, mining and manufacturing.

Whilst we’re grateful that water is pretty cheap for the average home user; it isn’t so for heavy users in industry. Also, to supply to rural areas and sometimes even to urban areas (re: increasing
water rationing
) are in need of much improvement. So, essentially maybe water shouldn’t just be free; it should be in dependable supply.

This aids Goal
: 1. Establishing a scientific and progressive society. 2) Ensuring an economically just society, in which there is a fair and equitable distribution of the wealth of the nation.

Free Internet

Although free internet is great to simply update your Facebook status or post an Instagram picture of your lunch – it’s useful for far more important things like knowledge distribution and learning. The internet can be an amazing resource for people to learn new skills; do business and disseminate information. Many start-ups (hey, like us!) use the internet as a way to not only do business but spread awareness and enhance knowledge.

Whilst internet connections aren’t exactly at luxury prices; there are many low income households and those in rural areas who would balk at the thought of spending RM80 on internet connection a month. Giving people the access to free internet would enable everyone from every level of society no matter their income to access the abundant knowledge contained in the world wide web. It also makes the world a much smaller place with many more being able to communicate and take advantage of the job opportunities and education options available online.

This aids Goal
: 1) Ensuring an economically just society, in which there is a fair and equitable distribution of the wealth of the nation. 2) Establishing a prosperous society with an economy that is fully competitive, dynamic, robust and resilient.

Free Education

The benefits of this is a no-brainer (excuse the pun). And whilst many can argue that education is free for primary and secondary national school students; it’s tertiary education that is sending many students into debt before they can even get jobs. We’re probably light years away from being able to afford to give
everyone
 free tertiary education but perhaps a system based on
merit
 could be formed. What will more college graduates help us achieve?

We reckon the sky’s the limit. There could be a budding inventor or doctor hidden in the woodwork because he/she is unable to afford the hundreds of thousands required to get through college.

And we’ve seen that it isn’t an impossible feat as
Germany announced this year that they were giving free tertiary education
 as well as some
other countries who’ve dabbled with the idea
 in previous years. It’s definitely much more difficult to provide than free water or internet but it would be the kind of move that would immensely benefit the country and solve any brain drain issue we encounter in future.

This aids Goal
: 1) Ensuring an economically just society, in which there is a fair and equitable distribution of the wealth of the nation. 2) Establishing a prosperous society with an economy that is fully competitive, dynamic, robust and resilient. 3) Establishing a scientific and progressive society. 4) Fostering and developing a mature democratic society.

Free Public Transportation

Mobility and connectivity are one of the advantages the modern age affords us over our ancestors which have aided in bridging gaps and increasing efficiency. The ability for each person to commute to work everyday enables us to take jobs much farther than we would have been able to had we been restricted to only our immediate vicinity. But mobility has it’s fair share of problems.

Increased fuel emissions, time wasting traffic jams and resource depleting petrol consumption isn’t helping our world, our economy (high car loans), efficient use of time (4 hours per day in a traffic snarl?) nor our spending power (increased petrol prices hurt everyone) so why not find a better way to do it?

Free public transportation that is also reliable, safe and efficient (yup; didn’t think
just
 being free would help did you?) will spur the country to greater heights of productivity. Another way to aid our quest for
‘city of the future’
.

This aids Goal
: 1) Establishing a fully caring society. 2)Ensuring an economically just society, in which there is a fair and equitable distribution of the wealth of the nation.

And that’s our list of the four things we hope to see become ‘free’ in Malaysia. What free services or items do you think will help us develop as a nation?

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When Should You Get A Personal Loan?

Similar to any other loan, a personal loan is money that you borrow from the bank that you pay back in fixed monthly payments over a set period of time. The loan period can be as short as 12 months or last up to 10 years, and the interest rates differ accordingly. Unlike car loans and housing loans, personal loans aren’t limited to use for any specific purpose nor tied to any asset for collateral.

Since personal loans can be used for any number of personal reasons that don’t have to be pre-approved by the bank, you may be uncertain about when it’s a good idea to take out that personal loan, and when it would be considered a bad financial decision to get one. Here are a few situations in which getting a personal loan will likely help you out financially.

To consolidate your outstanding credit card debts

One common reason people take out personal loans is to consolidate their multiple credit card debts. Getting a personal loan to consolidate your credit card payments will not only allow you to combine all your credit card bills into one single payment, it may also work out cheaper for you. Although it may seem counter-intuitive to pay off your debts by taking on more debt, the key factor that makes all the difference here are the interest rates.

Credit card interest rates typically range from 15%–18% per annum, which is significantly higher than personal loan rates which are much lower. This means you would be better off taking out a loan to pay off your outstanding credit card bills rather than raking up high interest payments on your credit cards. Standard Chartered has a personal loan that designed just for this purpose of debt consolidation, the
Standard Chartered CashOne Debt Consolidation Plan
 and offers a rate as low as 6.99%. Of course, don’t use this as an excuse to purchase beyond your means with your credit cards!

One thing to note is that some credit cards offer a 0% balance transfer facility, which allows you to move our credit card debt from one card to another with an interest-free period of around 6–12 months. Most banks use this as an offer to move that balance from one bank’s credit card to another. If you can pay off your credit card debt within this short period, balance transfer loans are a much better option for credit card debt consolidation than taking out a personal loan. While personal loans do remain an option for debt consolidation, bear in mind it shouldn’t be the first one that you turn to.

For emergencies, repairs, and replacements

One of the main reasons we’ve been taught to keep aside some money from a young age is to “save for a rainy day”. Of course, as children this might mean that we threw a ball through our neighbour’s window and had to pay for it, but as adults we stand to incur costs that even our emergency funds can’t cover. Your aging car may need some spare parts replaced or the roof of your house may desperately need repairing. Those who don’t have extensive insurance policies stand to be at even higher risk of having to pay for one of these emergencies at some point or another.

In short, it’s best to prepare for the unexpected, but when the worst happens and you just don’t have the funds to cover the cost of these unwanted expenses, this is the right time to look into personal financing.
KFH Murabahah Personal Financing-i
 offers personal financing for up to 10 years if you’re looking for a loan that allows you to make smaller, more affordable payments each month. Just remember that the longer your financing duration, the higher you end up paying in interest.

For once-in-a-lifetime expenses

So, while repairs and replacements are necessary expenses that crop up and require almost immediate attention, what about big expenditure on something that you have spent a long time planning for? One example of this footing the down payment on a house – obtaining a personal loan to cover the down payment in addition to getting a housing loan for the rest of the amount is quite common these days, even when developers design schemes that significantly reduce the initial down payment figure.

Another hot topic is whether or not to take out a personal loan for your wedding. Although this is an easy way to assure your dream wedding becomes possible, you should take on a loan amount that’s just enough to cover the necessities of the ceremony, and that you’re certain can be repaid from any expected contributions from guests and family. Remember, just because you’re taking a loan out for your wedding, it doesn’t mean you have to go all out and make it a big one – loans have to repaid!

Of course, you should be aware that this “once-in-a-lifetime” reasoning shouldn’t be extended to other unnecessary “luxury” expenses just because it’s always been your dream or on your bucket list. It may be an advantage for you to take out a personal loan for your wedding, property down payment, or even home renovation as the
Citibank Personal Loan
 suggests, but for things like going off on an expensive holiday, you’re probably better off saving up instead.

For your business

Yes, you could get a business loan if you wish to use the money for business purposes, but you could also take out a personal instead. The process of getting a personal loan is comparatively simpler and faster than getting a business loan. For example,
RHB’s Easy-Pinjaman Ekspres
 boasts on-the-spot approvals if you meet all the requirements and have brought all the prerequisite documents. If you’re in a business that may require you to have fast cash on hand, the speed and ease of applying for a personal loan is very valuable.

Another factor that may sway you into getting a personal loan for your business are the requirements surrounding the application for a business loan. Although a business loan may have lower interest rates and larger financing amounts available, some banks only give out business loans to established companies who have been running for a couple of years, or even require some collateral for the loan. This makes obtaining a business loan not too friendly to people who are just starting out their business or want to do a simple side hustle to earn extra income on the side.

Personal loans are personal considerations

The financial wisdom of taking out a personal loan not only depends on a variety of factors such as the loan period, your credit score, and the interest rates offered to you by the bank. You should also take into account things like your income, spending habits, and long-term plans as well. Just like any other financial instrument, personal loans can be genuinely useful in certain situations. If you have decided to apply for a personal loan, take a look at the
personal loans you can apply for on RinggitPlus
 and make an informed decision.

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Jacie Tan

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All You Need to Know About the Youth Housing Scheme i(YHS) by BSN

Affordable housing has been the debate that has been circling the news for awhile. An article by
The Malaysian Insider
 mentioned how middle income wage earners are stuck as they are not able to afford the high prices of housing and they do not qualify for low housing schemes either.

Buying a RM250,000 house alone requires a 10% (RM25,000) down payment. That RM25,000 down payment has yet to include the lawyer fees, stamp duties, loan agreements, insurance, moving in fees, furniture and all the other expenses needed to buy a new home. How are middle income wage earners going to afford their first home?

People have been talking about how more should be done to help middle income earners afford homes. To this end, the Youth Housing Scheme was created.

Introduction to the Youth Housing Scheme

Initiated by the Malaysian government, the
Youth Housing Scheme
 (YHS) was born: a collaboration between BSN, EPF (Employees Provident Fund) and CAGAMAS (National Mortgage Corporation of Malaysia). The aim of this initiative is to ease the financial burden of newly-weds who would like to own their first home.

Eligibility

The YHS is designed to assist the middle income group who do not own any property yet. To be eligible for the YHS program, the applicants must be married.

Their combined household income must also not exceed RM10,000 a month. As the programme is tailor-made for those who would like to own their first home, only applicants who do not already own homes would be considered.

Let’s Talk Numbers

The YHS by BSN is exclusively designed for married couples in the age group of 25 to 40 years old. The loan tenure would range from 5 years to 35 years, or up to the age 65 of the applicants; whichever comes first.

If you think this is like any other housing loan, you could not be more wrong.

The programme finances up to 100% of the loan amount, for homes ranging from RM100,000 to a maximum of RM500,000. That means you can own your property immediately without worrying about having enough for the down payment.

On top of that, you may opt to take an additional 5% loan on the purchase price, to insure yourself and your partner under the MRTA (Mortgage Reducing Term Assurance) / MRTT (Mortgage Reducing Term Takaful) insurance offered. If you’re wondering what these insurance plans are about, check our
previous article on the topic
 for a detailed explanation.

The interest / profit rate starts from as low as BR (Base Rate)+0.45%. The highest interest/ profit rate that could be levied on to the loan is up to BR + 2.85%, depending on the bank’s evaluation of the property location and customer’s profile.

Property Type

Just like all loan schemes, its purpose would be to drive certain segment of the market toward a particular goal. With the YHS by BSN, young couples can choose their dream home without the worry of hefty downpayments.

Options include properties that are currently being developed, completed or a sub-sale house that you have been eyeing since you were 10 years old. It is definitely a breath of fresh air, in terms of housing loan packages.

Assistance and Benefits

The scheme itself is a substantial form of assistance for middle income, young families in the country. But there are more benefits to signing on. The government will be assisting by providing financial assistance of RM200 for the first 24 months of the loan.

The YHS scheme also exempts 50% of the stamp duty for the financing agreement. That could be a big help in terms of financing, especially for adjusting one’s monthly finances when first coping with all the mortgage repayments.

Happy House Hunting

The YHS by BSN is limited to the first 20,000 applicants. If you have been eyeing a property, it is time you weigh your finances and jump at this opportunity. With the 100% financing, government assistance of RM200 for the first 24 months, along with the low interest rate starting from BR +0.45%, it is safe to say you are going to feel like Charlie Sheen when you opt for the Youth Housing Scheme by BSN. You will be “Winning!!!”.

For more information visit BSN’s website on the
Youth Housing Scheme
 or call 1300-88-5465.

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Gavin Pereira

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5 Tips To Consistently Maximise Cashback Benefits From Your Credit Card

When used well, credit cards help you save money even while you are spending money with them. Benefits such as rewards points may take time to bear fruit, but cashback perks are tangible and deduct from your outstanding balance at the end of the billing cycle. For that reason, cashback credit cards are usually one of the most popular types of credit cards in the market. If you already have one, how do you maximise the cashback benefits of the card?

1. Read the fine print

First things first, you must know what your credit card’s cashback terms are before you can maximise its benefits. Usually, cashback will only be given out when you fulfil conditions like spending on certain categories, or at specific locations, or at specific times. While this may sound complicated, hitting that maximum monthly cashback cap is a satisfying feeling – especially if you’re just spending on the necessities.

Let’s take an example of a cashback credit card: the
HSBC Amanah MPower Platinum Credit Card-i
. It’s one of the most popular credit cards in Malaysia, thanks to its promise of offering up to 8% cashback in two essential categories: petrol and groceries. Here’s how the cashback works:

Cashback Category

Monthly Spend Amount

Cashback Rate

Monthly Cap

Petrol & Groceries

Below RM2,000

2%

RM50

Petrol & Groceries

Above RM2,001

8%

RM50

All Other Spend

No minimum spend

0.2%

Unlimited

Essentially, the HSBC Amanah MPower Platinum Credit Card-i offers 8% cashback when you spend above RM2,000, and the cashback is reserved to two categories which is capped at RM50 a month. Note that you do not actually need to spend the entire RM2,000 in these two categories alone, and we’ve done the math for you: to hit the RM50 cashback cap at an 8% rate, you’d need to only spend RM625. Granted, RM625 is a large amount to spend on petrol and groceries, so how do you maximise that? We’ll explore that in the following tips.

2. Pay your bills with your credit card

Using the
HSBC Amanah MPower Platinum Credit Card-i
 example as above, you’d need to spend RM2,000 to unlock the 8% cashback rate – and from our calculations, only RM625 spend in petrol and groceries would be entitled for cashback. So, where should you spend the remaining RM1,375 on?

A good place to start would be to pay for the essentials with your credit card – splurging on unnecessary items just to hit the cashback criteria is not only financially irresponsible, but also defeats the purpose of earning money while spending it. Therefore, look to pay for essentials and recurring payments such as bills and subscriptions – utilities, insurance premiums, and even your monthly Netflix subscription add up to quite a bit, and this total easily takes a chunk off that minimum spend requirement.

3. Apply for a supplementary card and give it to your parents

As we grow older and earn our own income, it’s important to give back to our parents who brought us to where we are today. The Asian practice of giving our parents some pocket money every month can be given a twist by giving them a supplementary credit card that they can use.

By teaching them the benefits of the card and how it helps us save money, we’re sure parents would be more than happy to help us hit the minimum spend amount. Just be mindful that some supplementary cards have annual fees, so be sure to choose a card that has zero annual fees or has an annual fee waiver policy that’s easily. The
HSBC Amanah MPower Platinum Credit Card-i
 – and its supplementary cards – waives the annual fee when you use at least once a month.

4. Offer to pay for meals and groceries, then split the bill

If you regularly eat out with friends, this is a surefire way to help you hit the minimum monthly spend amount

without actually spending it.
 Offer to pay for group meals and split the bill after to make it easier for everyone. It’s also less embarrassing to be passing money around while the waiter waits for you!

Similarly, if you live with housemates, you can also pay for the monthly groceries and split the bill equally later on. In this case, using the
HSBC Amanah MPower Platinum Credit Card-i
 would entitle you both to the minimum spend amount

and
 the cashback, since this is the category where cashback is eligible.

As long as you split the bill and your buddies pay you on time, this is the best way to rack up that minimum spend amount and unlock higher cashback tiers. We also know of people who help friends and family buy things online just so that they can use their credit cards!

We’ll leave it to you to decide if you should let your friends know that they are indirectly helping you save money.

5. Take advantage of attractive sign-up promotions

With hundreds of cards to choose from, it is a very competitive industry as banks all vie for a spot in your wallet. As a result, many banks offer attractive bonuses and perks when you sign up for their credit cards. Do keep a look out for offers such as these, which when combined with the benefits of the card itself, makes it very beneficial to you.

For example, HSBC’s ongoing promotion for new customers to apply for the
HSBC Amanah MPower Platinum Credit Card-i
 is quite fantastic. If your application is approved, you get to choose between two offers. The first is a cashback feature that offers attractive cashback when you spend a specific amount within 60 days of your welcome letter. For new primary cardholders, you will get RM225 in cashback when you spend RM1,500, which is a huge 15% rebate.

The second choice a bit more interesting. It’s a cash advance feature that gives you up to RM12,000 in cold hard cash upon approval, which is to be repaid within 12 months at 0% interest. This is extremely useful to clear out existing credit card debts at zero interest, or to make any big ticket payments that you cannot pay for immediately, such as for renovation works, education, or even a wedding – all at no interest charged.

On top of that, regardless of which option you choose, you also get RM25 cashback when you activate your new HSBC Amanah MPower Platinum Credit Card-i and spend any amount with the card! For more information about this card and campaign, visit
the official HSBC website
, or to apply, check out the
product page on RinggitPlus
.

Get creative and save

We’ve heard of a few more of these tips and hacks to maximise cashback, but the ones we listed here are what we found to be the most reliable. Remember, when it comes to maximising cashback, a little effort can go a long way!

Heard of a cashback tip that you think is worth sharing? Let us know in the comments section!

Disclaimer: The views and opinions expressed in this article are those of the author/RinggitPlus and do not necessarily reflect those of HSBC.

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Things You Never Knew Your Car Insurance Could Cover

Did you know that comprehensive car insurance policies might cover more than just your vehicle’s damages, loss or theft? Learn about these little-known benefits offered by your auto insurance policy!

A car insurance policy usually comes with a few surprise benefits that many are not aware of. These little extras can go a long way towards reducing your costs, and add up to your convenience. Before you get too excited about the freebies, note that they are often extended only for the Comprehensive, Third Party, as well as Fire and Theft policies. So do check your policy thoroughly before putting in a claim for any of these additional benefits.

Here are the six additional things that might be included in your car insurance policy’s coverage:

1. Legal Costs

Your policy can cover the legal fees to defend you and your authorised drivers if charged with road offenses in court.

The maximum coverage offered is RM2,000, which typically covers incidents that occur outside of Malaysia as well. Bear in mind that this benefit varies from policy to policy, and that it doesn’t cover any legal penalties such as fines or damages.

2. Free Towing

If your policy provides a complimentary tow service, you will not have to pay to get your car towed to the nearest approved workshop. Score!

Just remember that there is usually a cap on how far the tow service will take your car for free or how much it covers for the tow service – which depends entirely on your policy.
Motor Takaful
 offers up to 50 km of free towing while AIG offers offer up to 150 km.
Zurich Motor Takaful
 on the other hand will cover towing costs at a maximum of RM200 per incident.

3. Roadside Assistance

It’s quite unsafe to change your own tire in high traffic areas; if your insurance provides roadside assistance, you won’t have to. Call your insurance provider’s hotline and request for assistance any time of the day (it’s usually a 24-hour service) to help with minor repairs including changing tires, jump starting your engine, or replacing spare parts.

Some policies will provide cover if you are with friends and relatives when breakdowns occur but not the labour or spare part costs. Make it a point to save your insurance provider’s hotline number in your phone or keep a copy of the contact information in your car.

4. Discount On Accommodations

If you’ve been in an accident where you are unable to drive further or require hotel accommodations, some policies offer alternative travel assistance.

The service can help you make accommodation arrangements at a discount of up to 30%, depending on the policy.

5. Concierge Service

If you need help securing reservations while on the road, you might count on your car insurance policy to help make arrangements for you.

Liberty Insurance
 for instance, offers to schedule flower deliveries, make travel ticket and dining reservations, as well as book golfing rounds. They will help make the arrangements for free but the cost of the services will be borne by you.

6. Emergency Assistance

Your policy can be ultra-helpful during emergency situations. For example, your provider can send a notification to your family or employer if you are involved in an accident. They can also arrange for a chauffeur or alternative transportation to help you continue on with your journey.

If you require medical treatment, your insurance provider can assist with making clinic or hospital appointments before your arrival. What’s more, they can even set up an interpreter service for you if you have language difficulties (should the accident took place outside of Malaysia).

Read also:

How To Get The Most Out Of Your Car Insurance

Of course, the costs for these services will be borne by the policyholder, a.k.a yourself, but some providers do offer good discounts from their affiliated merchants.

Looking to renew your car insurance policy soon? Then head over to our
car insurance comparison
 page and find the best car insurance to suit your needs and budget!

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BNM: CIMB Customers Affected By Processing Error Must Have “Reasonable Options”

(Image: Bloomberg)

Bank Negara Malaysia (BNM) has directed CIMB Bank to ensure that its customers are given “reasonable options” in returning the excess funds that had been deposited into their accounts. This is following the processing error that took place back in January.

Additionally, BNM’s governor, Tan Sri Nor Shamsiah Mohd Yunus also stressed that CIMB’s procedures in rectifying the situation must not affect its customers’ ability to access their accounts.

“We are looking into specific circumstances around this incident. We will take appropriate supervisory and actions if the findings reveal any breach of legal or regulatory requirement, including adhering to acceptable risk management standards that we expect all financial institutions to observe,” Tan Sri Nor Shamsiah further stated.

(Image: The Star)

In late January, CIMB said that it had
encountered a processing error in its banking system
 after numerous customers reported receiving notifications stating that money from their accounts will be earmarked for debit due to erroneous duplicate credits. The error was said to have caused transfers to be processed twice by accident, which means affected customers received double the original amount that should have been credited into their account. CIMB also explained that the error was
related to a “specific third-party financial remittance service”
.

While CIMB did not reveal how many customers were affected or how much funds were involved, it did say that it is reaching out to those affected to ensure a “fair and managed resolution”. Impacted customers can also contact the bank via a dedicated hotline at 03-2295 6188, or CIMB’s call centre at 03-6204 7788.

(Source:
The Edge Markets
)

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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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Stop living paycheck to paycheck

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Diana Chai

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Key Highlights For SMEs And Businesses In Budget 2023

Last Friday, Prime Minister Datuk Seri Anwar Ibrahim – who is also the Finance Minister – re-tabled the highlight anticipated Budget 2023 (also known as Belanjawan Madani). With a total allocation of RM388.1 billion, it sought to address multiple challenges that the government had inherited to date, including a high debt burden of almost RM1.5 billion and high food inflation.

Amidst all that, the plight of micro, small and medium-sized enterprise owners (MSMEs) were not forgotten, with Datuk Seri Anwar noting that “there are still businesses that have been affected by the pandemic”, and that the government wants to “ensure local MSMEs are again competitive and able to increase their business capacity.” So here’s a list of various facilities that have been proposed under Belanjawan Madani, which MSMEs and SMEs can expect to be able to tap into if the national budget is passed.

Lower tax rate for first RM150,000 taxable income

At present, companies with a paid up capital of RM2.5 million or less, and gross income of less than RM50 million (which typically includes MSMEs) are required to pay
17% tax on their first RM600,000 taxable income earned
. Under Budget 2023, MSMEs, specifically, will enjoy a reduced tax rate of 15% on the first RM150,000 earned. This is expected to benefit 150,000 MSME taxpayers, offering savings of up to RM3,000 per business.

Access to business financing through various institutions

(Image: Malay Mail/Ahmad Zamzahuri)

A total of RM1.7 billion has been set aside as funds for micro entrepreneurs and small businesses. Institutions and agencies such as Bank Negara Malaysia (BNM), Bank Simpanan Nasional (BSN), and Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) will be tasked to provide those who are in need with access to these funds, earmarked as below:

RM300 million for micro businesses owned by
women and youth entrepreneurs

BSN to provide more than RM1 billion, focusing on
MSMEs and hawkers

TEKUN to provide RM330 million, including RM10 million to support
youths from underprivileged backgrounds
 (including capital to venture into delivery services using motorcycles)

Government to fund driving test fees for B40 youths (B2 motorcycle licences, as well as taxi, bus, and e-hailing licences)

Meanwhile, BNM will provide almost RM10 billion for SMEs to reduce their financial burden and encourage their business development.

Improved government guarantee schemes

Syarikat Jaminan Pembiayaan Perniagaan (SJPP) will also guarantee up to RM20 billion in SME loans, especially for key sectors like high technology, agriculture, and manufacturing (government guarantee of up to 90% of loans). This guarantee is also expanded to loans by non-banking financial institutions, such as credit leasing companies and cooperatives.

Financing to encourage sustainable and green initiatives

(Image: Asian Development Blog)

BNM will provide financing facilities of up to RM2 billion to support sustainable technology startups, as well as to help SMEs implement low carbon practices in their business development plans. This complements other ongoing financing programmes for green initatives as well, such as the Green Technology Financing Scheme (GTFS), which will also be enhanced with an increased guarantee value of RM3 billion until 2025 under Budget 2023 (it is currently valued at RM2 million).

Funds for business digitalisation

The government will allocate a total of RM100 million under the existing SME Digitalisation Grant scheme, which includes small hawkers. In addition to that, a matching grant of up to RM5,000 will be provided for SMEs that subscribe to business digitalisation applications (inclusive of point-of-sales (POS) systems, accounting, or inventory management).

BNM, too, will allocate a financing fund of RM1 billion to support MSMEs that wish to automate their business processes and digitalise their operations.

Matching grant for players in the tourism and culture industry

(Image: Malay Mail/KE Ooi)

An allocation of RM250 million will be provided to promote tourism in the country, including a matching grant fund of RM115 million to collaborate with the tourism and culture industry. Specifically, the matching grants will be provided to business players in the industry to carry out promotional activities and organise events, in addition to promote charter flights to Malaysia.

Financing schemes and digitalisation for agro-food entrepreneurs

The Agrofood Financing Scheme under BNM will provide agro-food entrepreneurs with access to funds of up to RM1 billion, helping them increase production productivity as well as improve business planning. This will run alongside other related initiatives, including technology training programmes – such as the Digital AgTech programme by the Malaysia Digital Economy Corporation (MDEC) to assist farmers – and tax incentives for food production programmes to improve Malaysia’s food security.

Funds for skills training programmes

The Human Resource Development Corporation (HRDCorp) will allocate RM1 billion to implement skills training programmes for employees of registered employers, specifically those who have accumulated levies.

Briefly, these levies are mandatory levy payments collected by HRDCorp from employers in specific industries, and they are used to provide employee training for the Malaysian workforce. The levy is set at a rate of
either 0.5% or 1%
 of the monthly wages of each employee, depending on the size of the company’s workforce.

Strengthening of the Digital Economy Centre (PEDi)

PEDi will be enhanced to help small business owners pick up information communication technology (ICT) and e-commerce expertise and knowledge. By the end of 2023, the government aims to have at least one PEDi facility in each state (1DUN 1PEDi).

For context, PEDi was first introduced in 2021, with the aim of playing a prominent role in helping to increase e-commerce activities within the country, especially in rural areas. It was rebranded from existing community internet centres.

Restructuring of agencies for better efficiency

Various government bodies and agencies that oversee and coordinate the startup and innovation ecosystem may be restructured, although the prime minister has not named which agencies will be involved in this exercise as of yet. This is to ensure better efficiency and effectiveness in coordinating efforts to develop local startup companies, assisting them from the seed stage to successful listing on Bursa Malaysia.

***

With this, we hope that business owners – specifically micro entrepreneurs and SME owners – will take advantage of these various key initiatives under Budget 2023 to recover and boost their ventures to greater heights! Do also check out our
infographic for other highlights of Belanjawan Madani
, along with our
in-depth coverage here
.

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Malaysian Banks Adjust Base Rates, FD Rates To Reflect Latest OPR Hike

(Image: The Malaysian Reserve)

(
Updated on 14 November 2022.
)

As was announced yesterday, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to raise the overnight policy rate (OPR) by another 25 basis points (bps) in its final meeting in 2022. With this, Malaysia’s OPR now stands at 2.75%, up from the previous 2.50%.

Accordingly, financial institutions across Malaysia are required to adjust their standardised base rates (SBR), base rates (BR), and base lending/financing rates (BLR/BFR) to reflect the update. We’ve compiled the following list of banks that have announced their new rates so far, and will continue to update it as more banks share their revisions.

Affin Bank

(Image: The Star)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.45
3.70
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.31
6.56

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

Agrobank

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.10
3.35
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.25
6.50

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.

Alliance Bank

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.32
3.57
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.17
6.42

Deposit rates will also increase by 0.25%. All new rates will be effective from 9 November 2022 onwards.

AmBank

(Image: The Star)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.35
3.60
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.20
6.45

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.

Bank Islam

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.27
3.52
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.22
6.47

Deposit rates will also increase by 0.25%. All new rates will be effective from 4 November 2022 onwards.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.31
3.56
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.31
6.56

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.

Bank Rakyat

(Image: The Star)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.35
3.60
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.33
6.58

Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.

Bank Simpanan Nasional

(Image: MalaysiaKini)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.35
3.60
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.10
6.35

Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.

CIMB Bank

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.50
3.75
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.35
6.60

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.

Citibank

(Image: The Edge Markets)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.15
3.40
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.30
6.55

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

Hong Leong Bank

(Image: The Star)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.38
3.63
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.39
6.64

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.

HSBC Bank

(Image: Malay Mail/Hari Anggara)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.14
3.39
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.24
6.49

Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.

Maybank

(Image: Bernama)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
2.50
2.75
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.15
6.40

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

MBSB Bank

(Image: The Star)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.40
3.65
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.25
6.50

Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.

OCBC Bank

(Image: The Edge Markets)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.33
3.58
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.26
6.51

Deposit rates will also increase by 0.25%. All new rates will be effective from 9 November 2022 onwards.

Public Bank

(Image: The Edge Markets)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.02
3.27
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.22
6.47

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

RHB Bank

(Image: AFP/Malay Mail)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.25
3.50
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.20
6.45

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

Standard Chartered Bank

(Image: Global Business Outlook)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.02
3.27
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.20
6.45

Deposit rates will also increase by 0.25%. All new rates will be effective from 10 November 2022 onwards.

UOB Bank

(Image: Bernama)

Rates before OPR hike (%)
New Rates
 (%)
Standardised Base Rate (SBR)
2.50
2.75
Base Rate (BR)
3.36
3.61
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.32
6.57

Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.

***

For context, the
standardised base rate (SBR)
 is a new reference rate that banks have recently adopted to determine the interest rates of retail floating-rate loans (such as housing and personal loans). Prior to that, the reference rates used were the base rate (BR) between 2015 to July 2022, and the base lending/financing rate (BLR/BFR) before 2015. As there are still ongoing loans taken out that still rely on the BR and BLR/BFR, banks are required to display these alongside the SBR.

According to the MPC, its latest decision to
raise the OPR for the fourth consecutive time in 2022
 is driven by the consistent recovery and growth of Malaysia’s economy in the third quarter, spurred on by robust domestic demand. More importantly, BNM expects domestic demand to continue propelling Malaysia’s growth going forward, despite the challenging global environment.

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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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Securities Commission Gives Provisional Approval For Bitcoin Cash

The Securities Commission Malaysia (SC) revealed that it has given provisional approval for Bitcoin Cash, allowing it to be traded on authorised cryptocurrency platforms within Malaysia in the near future. With this, Malaysian investors will soon be able to dabble in a total of five cryptocurrencies, including the four that are currently permitted: Bitcoin, Ethereum, Ripple, and Litecoin.

Unveiled during a live interview session with FintechNews Malaysia, the executive director for digital strategy and innovation of the SC, Chin Wei Min said that approved cryptocurrencies were chosen based on market demand. He further added that these five cryptocurrencies are currently the most traded assets, and that the SC is open to engaging in and approving more digital assets.

That said, the SC has yet to officially announce this update on the provisional approval for Bitcoin Cash to the Malaysian public. Interested investors should note that they will only be able to trade with it officially on the three approved exchanges in Malaysia – Luno, SINEGY, and Tokenize – after it has been granted full approval by the SC.

For context, Bitcoin Cash is a cryptocurrency that was derived from Bitcoin (a spin-off of sorts), designed on an improved blockchain technology to allow for smoother processing and much faster transactions at a reduced cost. For comparison, Bitcoin’s transaction speed is limited to
approximately 7 transactions per second
, whereas Bitcoin Cash is supposedly capable of processing
116 transactions per second on average
.

(Sources:
FintechNews Malaysia
,
Lowyat.NET
,
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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7 steps to being an Empowered Consumer

Everywhere you turn there are now messages telling you to save more: cut down on spending and adjust your lifestyle to meet the sudden onslaught of price increases. Indeed, such advice is useful: it cannot be denied that being prudent will help you face the price hikes. But hearing the same drumming over and over again can be disempowering. It’s as if saying, it is your fault and only yours that you cannot survive the inflation despite the fact that everyone acknowledges that prices are increasing without salaries rising in tandem.

Though there is little we can do to change economic policies which have come to pass, we can turn the disempowered feeling we get from being told constantly to change our lifestyles to something more positive, by being more empowered and informed consumers.

1. Change the way you see why you shouldn’t spend

It’s as simple as the difference between saying “I won’t buy this because I cannot afford it,” to “I won’t buy this because it is not of good enough quality/usefulness to justify its high price.”

Sometimes, constantly telling ourselves we cannot afford this or that can feel truly disempowering. Whilst it may be true in the sense that there may be less money in your pocket than is required by the price tag; perhaps there is another way to look at it. Instead, realise how hard you’ve worked for your money and ask yourself: “is it worth it for me to spend on this item/experience? Am I getting enough value for the money I am fork out?”

The point here is to realise that your money has value. It has been devalued enough by changes in policy and economic monopoly. So why allow more people (merchants and producers) to devalue it further by charging a price for an item that isn’t worth it?

For a real concrete example; take generic brands versus branded items in grocery stores: why are we paying more for a brand name and state-of-the-art packaging when what we want is simply laundry detergent that can be made for a fraction of the price?

2. Say no to bad quality

This point links with the first. If you’ve purchased something that is of inferior quality; make a stand not to purchase it again. Many consumers now turn to social media as well to express their dissatisfaction on a brand’s page. It may seem petty, but the only way we will stop being fed inferior products is when we stop accepting it as the ‘way things are’.

3. Say no to bad service

Have you tried walking into a luxury brand store in your flip-flops only to be completely ignored; then return the next day in office attire and be treated with complete apple polishing from the very same attendant who ignored you? A lecturer in KL did this and shared the experience with his class. He of course, gave the attendant an earful and bought nothing.

No matter how you are dressed; how many items you are buying, never put up with disrespect from a store be it a luxury brand or an all-items-at-RM2 outlet. Whether you spend RM50 or RM500; you are keeping the business running, employees paid and owner profiting so shouldn’t you be treated with respect? This of course isn’t about mistreating store employees or expecting a red carpet but being shunned, tersely responded to or flat out ignored isn’t acceptable.

After all, at today’s prices, you’ve most likely already paid for good service in the price of your item.

4. Do research

Many customers do this already, but if you haven’t it’s time to start. The internet now offers you access to businesses around the world. All you need to do to find the recommended price of an item is to search it online. Before buying something, especially a big ticket, expensive item, do your research on its price. Could there be another store offering a better deal? The same can also be said for niche or hobby related items. These are not controlled and can come with overly inflated price tags. But in the end, the merchants do depend on a small niche group of enthusiasts to fuel their business so don’t be afraid to speak out if they’re charging 2x more than their international counterparts.

You can only do this if you look it up.

5. Exercise consumer rights

Many consumers don’t even know what their rights are. The Federation of Malaysian Consumers Association (FOMCA) says you have the following rights:

The right to safety – To be protected against products, production processes and services that are hazardous to health or life.

The right to be informed – To be given the facts needed to make an informed choice, and to be protected against dishonest or misleading advertising and labelling.

The right to choose – To be able to select from a range of products and services, offered at competitive prices with an assurance of satisfactory quality.

The right to redress – To receive a fair settlement of just claims, including compensation for misrepresentation, shoddy goods or unsatisfactory services. (for a full list or rights and responsibilities, check FOMCA’s page.)

There are also numerous legislations carefully delineating these rights. One of the most important is the Consumer Protection Act 1999 (CPA). These guidelines and laws help us know more about our rights as consumers. Did you know the following instances could be considered illegal?

a) Paid car parks that tell you
“park at your own risk”
. As long as you’ve paid the carpark a fee, they should take reasonable care of your car and you as provided for in the new Section 21A of the CPA.

b) “Goods sold are not exchangeable” stamped on your receipt. Was this brought to your attention before you paid? If not, it isn’t valid. In order for a seller to bind you to a term which excludes their own liability, they need to let you know about it BEFORE you conclude the sale. This is because of the right to information. You need to have all the facts before buying, no? As such, only informing you after you purchase – with a receipt – does not bind you to the term.

c) Getting the “you can only exchange for other items” when you return a defective product. Under section 46 of the CPA, the consumer has the right to choose whether he would like a refund or a replacement for a defective item.

These are just some of the examples we found upon perusing the CPA. Of course, do get in touch with the
Consumer Claims Tribunal
 or FOMCA to be sure of your rights and what actions you can take. A lot of these situations are managed case-by-case and the above isn’t meant to be an all-inclusive advice on situations.

6. Support healthy competition

A brand new commission was established in 2010 to ensure sellers and suppliers are playing fair. Healthy competition means allowing demand and supply factors to dictate prices. It allows merchants to sell at prices lower than their competitors to gain more customers. The result of such a system is that you, the consumer, gets to shop around for the best value. But what happens when a group of traders all decide to supply only one brand and all the same price (most likely an inflated one!)? What happens is – you lose out.

The new Competition Commission has been established to investigate, amongst other anti-competition practices, price fixing and supply rigging (holding on to stocks collectively to create unnatural demand frenzy and thus over-inflated prices).

The Commission is
currently investigating the price hikes of stationery and ice
 which allegedly reeks of cartel behaviour.

“MyCC warned associations wanting to hike the price of ice and stationery to do it independently and not bound by any agreement.

This is because those that conspired to hike prices were committing a serious offence under the law.”

But what can you do? If you’ve noticed sellers you frequent fixing prices, refusing to sell or forcing you to buy products you don’t need in order to get the ones you want, make a complaint with the Commission. The Commission works on tip-offs from the public too so do your part to keep prices low and merchants as honest as possible!

For more information on what constitutes unhealthy competition; check out the handy guide on the Commission’s website.

7. Make use of Government incentives and initiatives

Whether or not it’s enough, how about making use of whatever benefits we are afforded? If you qualify for BR1M, then make sure you submit your application; where possible shop at 1Malaysia stores (which are reportedly going to start selling fresh produce as well) and take a closer look at tax exemptions and rebates to make the most of them. This might seem penny-wise, pound foolish but every little bit will count.

And after all, as a taxpayer you’ve paid for these so why not make full use of them? The same goes for 1Malaysia clinics and government hospitals. Government hospitals; albeit make you wait for treatment; can actually be more efficient than some private hospitals as they are not solely concerned with money values.

How does this help?

Being an informed consumer actually does translate to getting more for your money and keeping prices competitive. Whilst some endeavours may not yield immediate results or obvious savings; every time you exert collective power as an informed consumer, you make further headway in creating a better marketplace for all of us. This of course doesn’t mean you should abuse your power; that doesn’t make you any better nor help the situation any more than an unscrupulous trader so take care not to overdo the power trip.

This 2014, even as you do cut down on your spending, make sure that whatever you do spend on, is giving you the most value for your money. Take your power back.

Disclaimer: This article is for information only. This article does not constitute financial, legal or other advice. The views expressed are the writer’s own, and do not reflect or incorporate the views of any entity within the Ascension Lab or Saving Experts Sdn. Bhd entities. Nothing in this article binds or incorporates the views of any Entity, or creates legal relationships between the reader and any Entity.

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Diana Chai

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The Most Expensive Olympic Memorabilia Ever Sold

Congratulations to Pandelela Rinong and Cheung Jun Hoong for nabbing the silver medals for synchronised diving at this year’s Rio Olympics! As part of their winnings, they’ll also receive RM150,000 each and a RM3,000 lifetime pension from Malaysia’s National Sports Council. Sweet!

But performing well in the summer games isn’t the only way people can earn cash from the Olympics. Fans of the games can also rake in the money by collecting Olympics memorabilia. How much money can these rarities fetch up to? Let’s check out the top 10 most expensive Olympic memorabilia ever sold in recent times!

10. Bobby Pearce Archive (Medals, Photos, Awards, Etc)

Sold For:
RM233,417.73

When: July, 2012

Australian-Canadian rower who won Gold for Australia at 1928 and 1932 Summer Games in Amsterdam and Los Angeles.

9. Helsinki 1952 Olympic Torch

Sold For:
RM453,000.59

When: November, 2006

With 22 held by collectors, the 1952 Torch is one of the most sought after items among buyers. The last one sold in Paris in April, 2011.

8. Sochi 2014 Commemorative Gold Coin

Sold For:
RM710,721.190

When: October, 2013

An unknown Russian buyer purchased the 3kg gold coin from a Sberbank branch in the Amur Region of Russia’s Far East.

7. Grenoble 1968 Torch

Sold For:
RM757,551.66

When: October, 2012

There are 33 known torches from the Grenoble Games in France. You know, just in case you have one lying around.

6. Lake Placid 1980 Olympic Gold Medal, Ice Hockey

Sold For:
RM950,995.150

When: November, 2010

The gold medal won by Mark Wells, a member of the ‘Miracle on Ice’ Team USA that beat Russia in the 1980 Games.

5. Helsinki 1952 Olympic Torch

Sold For:
RM1,101,890

When: April, 2011

Another of the 22 known torches from the 1956 Olympic Games. A Greek auction house sold the item in the final months of 2006.

4. Rare Beijing 2008 Olympic Commemorative Gold Coin

Sold For:
RM1,759,000

When: January, 2011

Only 29 of the 10kg coins were minted, with one being sold by Heritage Auction Galleries back in January, 2011.

3. Bréal’s Silver Cup

Sold For:
RM2,635,756.36

When: April 2012

The third most expensive item of Olympics memorabilia sold is the special decorative silver cup awarded to Greek marathon runner Spyridon Louis as a prize for winning the first marathon race at Athens 1896, the first Olympic Games in modern history.

2. Wladimir Klitschko’s 1996 Gold Medal

Sold For:
RM3.06 million

When: March, 2012

The Klitschko brothers’ charitable foundation sold the medal from the Atlanta Games to an anonymous Ukrainian millionaire in March 2012.

1. Jesse Owens 1936 Olympic Gold Medal

Sold For:
RM4.47 million

When: December, 2013

African American sprinter’s gold medal from the 1936 Berlin Games. The current owner is the Pittsburgh Penguins co-owner Ron Burkle, who bought the medal at auction in December. His medals were of course famous for being literal symbols against the concept of Aryan racial superiority, an idea promoted by Nazi Germany at the time.

Looks like there’s plenty of cash to be earned from collecting Olympic memorabilia. Perhaps one of the many pins, medals, or merchandise from this year’s Olympic Games in Rio will enter the list not too far in the future? Until then… keep collecting, you Olympic nerds!

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Ahmad Mudhakkir

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3 Reasons Why You Can Consider An instaDuit Loan

Obtaining a loan from a traditional bank can sometimes be a lengthy and complicated process. At times, the bank’s stringent lending requirements and thorough verification procedures can take up to several days or even weeks to complete. To successfully obtain a loan from a bank, the process may require a significant amount of paperwork, including personal and financial documentation, such as payslips and bank statements

There are times when you may need a quick personal loan in the near future – whether it’s an emergency or to start a new business, or to further your education.

If you need a solution that’s quick, safe, and transparent, why not consider getting a loan from instaDuit?

Introducing instaDuit

instaDuit is a licensed loan provider registered under the Ministry of Local Government Development (also known as KPKT) utilising Fintech to help their customers achieve their goals. With cutting-edge technology, artificial intelligence, and credit decision science, they aim to empower consumers and promote financial growth.

Here are 3 reasons why you can consider applying for an instaDuit loan:

1) Speed

Perhaps you require an urgent cash injection due to unforeseeable circumstances. The good news is that instaDuit provides speedy loan approval and disbursements within 1-2 days, unlike other financial institutions which may take up to 1-2 weeks, depending on their processes.

All you will need to do is apply for your loan online. You won’t need to visit any physical branches – all you need is your phone and an internet connection. Apply for your loan with ease anytime, anywhere.

2) Fixed Interest Rates And Transparency

An important aspect of applying for a personal loan is the interest rate for the loan. instaDuit offers fixed installment loans and there are no hidden fees so your monthly payments remain the same and it’s easier for you to balance all your other commitments. There are also no hidden fees (apart from the usual statutory charges such as legal and stamping fees).

instaDuit also provides an omnichannel experience that will assist you throughout the application journey and even after you get your loan. You’ll be able to get all the assistance you need should you have any enquiries about your loan application or repayments.

3) Less Hassle

As with any loan application, you’ll be required to provide a certain amount of personal information in order to apply for an instaDuit loan. However, instaDuit uses machine learning and AI so they have minimised the form-filling process and requires less documentation in order to process and approve your loan. The entire process can be done within 1-2 days.

***

If you’re looking for a simple, speedy, and most importantly safe personal option, then you can consider applying for an instaDuit loan – especially if you’re looking to apply for anything amounting to RM10,000 or less.

You’ll be eligible for an instaDuit loan if you meet the following criteria:

1. Malaysian

2. Salaried employee

3. Location: Kuala Lumpur, Selangor, and Putrajaya

4. Min Basic Income: RM1,500 per month

5. Age: 21 – 55 years old

6. Not declared bankrupt

7. Not under AKPK’s debt management program

For more information on instaDuit, visit
here
.

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

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Eloise Lau

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The Most Epic Smartphone Camera Is Now Here

“The best camera is the one with you when you need it.” This classic phrase was used almost apologetically in the past – that it’s better to have a low-quality smartphone camera to capture a moment than not having a proper camera with you.

But today, that all changes with the new Samsung Galaxy S23 series: the Galaxy S23 Ultra, Galaxy S23 Plus, and Galaxy S23. Today, the camera you have on you is also
the best camera.

Samsung brings a wealth of upgrades with the Galaxy S23 family, designed with you in mind. Whether you’re a photography enthusiast, a content creator, a mobile gamer, or just someone looking for an uncompromising smartphone to make the everyday better, there’s something for everyone in the new Galaxy S23 series.

Mobile Photography, Perfected

Building on the amazing camera on the Galaxy S22 series, Samsung has taken a bold leap with its flagship S23 Ultra with a brand new rear camera sensor: Samsung’s first-ever 200MP main camera offering the versatility and power for photographers of any level.

Thanks to this new sensor, the Galaxy S23 Ultra offers the freedom of choice to users – let this amazing hardware work in tandem with the cutting-edge computational photography algorithms to create stunning images in 12MP, or take full control with the upgraded Expert RAW mode for professional DSLR-level tools. Or, go one step further and capture a full 200MP image that remains crisp and sharp even as you zoom in.

Of course, this is just one part of the set of photography tools in your hands. The Galaxy S23 Ultra’s rear camera setup also comes with two other sensors to ensure every photography need is met. Capture beautiful portraits with the 10MP 3x optical zoom camera – or use it to shoot medium-distance objects. For even farther objects – when you’re at a concert, for example – get closer to the action with the 10MP 10x optical zoom camera.

Take creative control even in low light. What used to be a pain point in smartphone cameras is now Nightography – with the new camera sensors on the Galaxy S23 series, blurry night-time shots are a thing of the past. The 200MP sensor features a technology called Adaptive Pixels, which lets 16 individual pixels combine into a single, larger pixel that absorbs more light and produce brighter and more detailed shots in low-light situations.

Feeling even more creative? Dive into the world of astrophotography and go beyond just taking pictures of the moon. With Astro Hyperlapse, you’ll be able to capture breathtaking star trail time-lapse videos!

Take Your Passions Further

What used to be an afterthought is now a major feature: the selfie camera. With more people creating unique content with their selfie cameras, a basic shooter simply won’t cut it in today’s world.

With that in mind, Samsung has made its biggest selfie camera upgrade in years with all three S23 models getting a new 12MP selfie camera with dual-pixel autofocus, AI-assisted Night Portraits, and Super HDR to offer a superior front facing camera experience. Your followers will appreciate the quality upgrade.

As content creators demand more from their devices, Samsung’s video recording capabilities continue to improve. For the new Galaxy S23 series, there are major improvements to both the front and rear cameras. On the Galaxy S23 Ultra, Samsung has doubled the angle of the Optical Image Stabilisation (OIS) hardware module that’s designed to compensate for the tiny hand shakes we make while holding the phone, ensuring your videos always have smooth motion. Meanwhile, the software-based Adaptive Video Digital Image Stabilisation (VDIS) has been further refined to improve brightness and reduce blur in moving objects.

At the front, the selfie camera is assisted by a new AI Object-Aware Engine to enhance sharpness and reduce noise in low-light environments. Your TikToks will never look better.

Upgrades That Matter

As the Galaxy S23 series break new ground in mobile photography, it’s easy to ignore the other meaningful upgrades in and around the device.

For the first time, Samsung has collaborated with Qualcomm to produce an upgraded version of its flagship Snapdragon processors for the Galaxy S23 series. Officially known as Snapdragon 8 Gen 2 For Galaxy, these chipsets are the beating heart inside all three S23 models, paired with up to 12GB of memory and 1TB of storage to ensure your phone keeps up with your life.

With such powerful hardware underneath, heat dissipation becomes a major issue – you don’t want your phone lagging at the most critical part of your game! Thanks to the new generation of mobile gamers, Samsung has introduced a massively upgraded vapor chamber cooling system in the S23 Ultra that’s
2.7 times larger
compared to the S22 Ultra. The result? Your phone stays just as cool as you in the heat of battle.

Finally, it’s heartening to know that Samsung has made various planet-friendly decisions with the Galaxy S23 series. Given that the Galaxy S series sell in the millions of units every year, even a few grams of recycled plastic used will make a difference. On the S23 Ultra, the front and back glass – which is the latest Corning Gorilla Glass Victus 2 – are made from 22% recycled glass. Meanwhile, the deco film underneath the black glass is made from 80% recycled plastic, and finally, even the inner cover of the S Pen slot is made from ocean-bound fishnets.

The Samsung Advantage

While we’re on the topic of sustainability, Samsung’s trade-up programme remains a commendable effort to reduce e-waste. Its generous ability to trade in up to five devices to purchase a new Galaxy has not been matched by any other company, and for the S23 it’s been further enhanced – you may now trade in smartphones in
any condition
, including cracked screens. As long as the device boots up, they’re acceptable.

That’s not the only Samsung upgrade advantage either. Certain flagship Samsung devices include a higher trade-in value, and this is on top of the minimum guaranteed rebate that’s higher than most trade-in programmes. It’s truly a supercharged trade-up offer that doesn’t just shave thousands of Ringgit off the price of a brand-new Galaxy S23, it also prevents these devices from ending up in landfills.

If you’ve been thinking of upgrading your smartphone, pre-orders for the new Samsung Galaxy S23 Ultra, S23 Plus, and S23 are now open today. Enjoy various freebies and instant rebates when you pre-order any S23 device from now until 23 February, including:

·   Double Storage upgrade for the same price worth up to RM500.
·   RM400 e-voucher that can be used on any item in the Samsung Online Store.
·   Free accessories worth up to RM458.
·   Eco-Promotions up to 30% off purchase-with-purchase on selected Samsung Accessories, Galaxy Tablets, Galaxy Watch, Galaxy Buds series and Samsung Care+.
·   Trade-in specials with additional RM600 rebate.

Ready to experience next-level mobile photography? Get a closer look at the Samsung Galaxy S23 series and pre-order
here
.

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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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BNM Sees Growing Trend Of Missed Repayments Among BNPL Borrowers

(Image: Bloomberg/Wei Leng Tay)

Bank Negara Malaysia (BNM) has highlighted that there is a growing trend of buy-now-pay-later (BNPL) users missing their repayments, as indicated by data from several larger players in the industry.

Revealed in its Financial Stability Review for the second half of 2022 (2H22), BNM noted that the share of BNPL users with overdue payments in the fourth quarter of 2022 (4Q22) has risen to 17%. This is in comparison to the 14% that was recorded for the second quarter of 2022 (2Q22), and 7% in 4Q21.

That said, BNM reassured that the financial stability risk associated with BNPL schemes remains limited. This is because BNPL only accounted for 0.05% of Malaysia’s total household debt. The central bank is, however, concerned with the possibility of heightened conduct risk. Briefly, conduct risk is defined as actions taken by financial institutions that may ultimately lead to the detriment of, or poor outcomes for their customers, or in extreme cases, even affect market stability.

Aside from noting the rising trend of missed repayments among BNPL users, BNM also drew attention to the fact that BNPL schemes continue to appeal specifically to selected segments of Malaysian households, namely younger and lower-income borrowers. In fact, two in five BNPL users are found to be youths, aged between 18 to 30 (about 44%). Meanwhile, four out of five BNPL users earn a monthly income of less than RM3,000 (more than 80%).

“The relatively easier access to BNPL facilities may place users at a higher risk of spending beyond their means, without considering their ability to promptly repay the full loan amount. Given the lack of transparency over fees and charges, particularly late payment charges and processing fees imposed under these schemes, users may also be unaware of the total amount that they must repay,” BNM further said.

As such, BNM said that it has taken steps to mitigate this risk for BNPL schemes offered by entities that fall under its purview. Some steps that have been implemented thus far include requiring licensed financial institutions and approved e-money issuers to adhere to existing responsible lending standards, as well as improve disclosures of all applicable fees to their BNPL users. They must also set reasonable late payment charges, instead of taking advantage of their users.

(Image: The Malaysian Reserve)

The central bank is also working hand-in-hand with the Ministry of Finance and the Securities Commission Malaysia to accelerate the introduction of the
Consumer Credit Act
.

“Once enacted, non-bank credit providers such as BNPL providers will be required to comply with relevant prudential and conduct standards. Apart from promoting a level playing field between banks and non-bank BNPL providers, these ongoing efforts aim to accord the same level of protection to financial consumers in relation to BNPL schemes, regardless of which provider they deal with,” said BNM, adding that the CCA will also help younger and lower-income borrowers avoid taking on excessive debt.

(Sources: BNM [
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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OCBC Bank Introduces New OCBC nuon Account, Offers Up To 2.8% p.a. Interest

OCBC has unveiled a new savings account that allows you to split your funds into two sections. One part of the OCBC nuon Account works like an ordinary savings account which you can withdraw funds from, whereas the other comes with a higher interest rate of 2.8% and is dedicated just to saving.

With the OCBC nuon Account, you can split your money between a Spend Pot and a Save Pot. You can use your Spend Pot to withdraw money, transact with your debit card, or access funds through Internet or mobile banking. Money in your Spend Pot earns you the nuon Account’s base interest rate of 1.0%p.a.

Meanwhile, money in your Save Pot has to be moved back to your Spend Pot before you can use it for withdrawals, payment, and so on. It is a mobile banking feature that allows you to keep some money aside and away from impulse purchases or overspending.

The best part about the Save Pot is that it offers a bonus interest rate of 1.8%p.a. on top of the nuon’s base rate, earning you a higher interest rate of 2.8%p.a. altogether. Moreover, there is no lock-in period or withdrawal penalty for the Save Pot.

You can easily move money in and out of your Save Pot through the OCBC Mobile Banking application on your mobile phone. According to OCBC, the minimum denomination for adjusting the Save Pot is RM1, and the maximum amount that you can place into the Save Pot is your total account balance.

Meanwhile, the OCBC nuon Debit Card has a very valuable offering for overseas transactions. OCBC states that there are 0% bank mark-ups for foreign transactions or online spend in foreign currencies using the OCBC nuon Debit Card. Cardholders need only pay the Mastercard exchange rate for transactions made overseas with no add-on charges – a valuable benefit for frequent travellers.

Given that there also aren’t any tiered rates, additional conditions, or large deposits required to unlock the Saving Pot’s 2.8%p.a. interest rate, the OCBC nuon Account also stands as a decent contender for one of the
best high-interest savings account in Malaysia
.

(Source:
OCBC
)

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What Can You Do With Damaged Ringgit Malaysia Banknotes?

(Image: Bank Negara Malaysia)

Most of us have received a torn or patched-up banknote before at some point. Usually, this occurrence is marked with some annoyance. Vendors like to avoid accepting damaged money whereas automated machines nearly always reject them, so you might assume that you will be stuck with it until you can pass it on to some other unsuspecting victim. However, did you know that if you have Ringgit Malaysia that is torn, dirty, or damaged, you can actually exchange it at Bank Negara Malaysia (BNM) for free?

BNM has a policy that allows you to exchange banknotes and coins that are deemed “unfit for circulation”. Depending on the amount of damage incurred to your legal tender, BNM will even give you the equivalent amount of money’s worth in return. This policy has been around for a while, although it was recently highlighted in
The Malay Mail
.

(Image: Bank Negara Malaysia)

You can exchange Malaysian banknotes that have been torn, cellophane taped together, burnt or infested by termites, crumpled, punctured, ink-worn, defaced, or shrunk. The policy isn’t limited to just notes, as coins that have been corroded, dented, cut, or stained can also be brought in. However, for obvious reasons, counterfeit money will not be given any value in exchange.

Generally, BNM will determine the exchange value of the unfit banknotes based on two factors: the size of the damaged banknote and the level of defacement inflicted. When it comes to size, BNM adheres to the following guidelines:

Full-value compensation for banknotes that are more than two-thirds of the original size

Half the banknote’s value for notes that are between half to two-thirds of the original size

No value for any piece of note that is less than two-thirds of the original size.

(Image: Bank Negara Malaysia)

For defaced banknotes, full value will only be given to banknotes with minor defacing. If there is a “significant” level of defacing, such as markings on the portrait of the Yang di-Pertuan Agong or a substantial amount of writing on the note, no value will be given in exchange. As for coins, face value will be given if the design is recognisable and any mutilation or defacement is caused by accident or abrasion.

Besides Bank Negara Malaysia branches, you can also exchange unfit currency at your usual bank if you find it more convenient. Although most commercial banks do provide this service free of charge, some banks may charge a fee for it, so make sure to enquire beforehand.

You can find out more by referring to the Bank Negara Malaysia official guidelines on the
Quality Standards for Malaysian Currency
.

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Bank Negara

Bank Negara Malaysia

Damaged Bank Notes

Ringgit Malaysia

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Jacie Tan

Jacie Tan

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    indispensablepc

    2 years ago

Great news.  They should tell Malaysian people this.  A store gave me a 20 ringgit banknote that was taped together, and suddenly no one will take it.  No reason for them to refuse it.  It’s still legal tender.

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    Anonymous

    1 year ago

It is very annoying when they could give me taped note but I can’t give them back. In a kopi tiam, a indonesian girl change a dirty RM1 note. The next day she dare to reject that RM1 note she gave me yesterday. I ended up give her RM100 and force her to look for change for a RM2 tea as a punishment.

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