CIMB Campaign Offers TNG eWallet Reload PINs Of Up To RM100 And RM3,000 Grand Prize

CIMB Bank is currently hosting the CIMB Clicks #TapTapMenang Year End Edition campaign, which allows CIMB Clicks users to win a share of Touch ‘n Go (TNG) eWallet reload PINs worth up to RM100, on top of a grand prize of RM3,000. Already ongoing, the campaign will continue until 19 January 2022, consisting of two campaign cycles.

Open to both new and existing CIMB Clicks customers, the first campaign cycle will run from today until 19 December 2021, while the second cycle will take place between 20 December 2021 until 19 January 2022. During each cycle, CIMB’s customers can participate in up to four Wheel Challenges to win the TNG eWallet reload PINs that are on offer, as is listed below:

Wheel Challenges
Prizes
Number of winners
Fund transfer challenge
– RM100 TNG eWallet reload PIN
– RM10 TNG eWallet reload PIN
– RM1 TNG eWallet reload PIN
80
800
8,000
JomPAY challenge
– RM100 TNG eWallet reload PIN
– RM10 TNG eWallet reload PIN
– RM1 TNG eWallet reload PIN
80
800
8,000
FPX challenge
– RM100 TNG eWallet reload PIN
– RM10 TNG eWallet reload PIN
– RM1 TNG eWallet reload PIN
80
800
8,000
Prepaid top-up challenge
– RM100 TNG eWallet reload PIN
– RM10 TNG eWallet reload PIN
– RM1 TNG eWallet reload PIN
80
800
8,000

You will need to perform at least three eligible transactions in the same category – with a minimum of RM10 per transaction – in order to earn one chance to spin the prize wheel for each of these challenges. The transactions can be carried out either via the CIMB Clicks mobile app or the CIMB Clicks online banking portal.

Note that you will be entitled to only one spin for each Wheel Challenge category during each campaign cycle (equivalent to eight spins throughout the entire campaign period). This means that you can actually win a total of RM800 worth of TNG eWallet reload PINs via this campaign if you’re lucky. Upon winning, the reload PINs will be credited to you immediately in your CIMB Clicks mobile app. You must then redeem them within their stipulated validity period, or they will be forfeited.

As for the grand prize (RM3,000 for each campaign cycle), you will need to perform the following transactions to earn entries that will put you in the running for the prize:

Transactions
Entries
New registration of CIMB Clicks ID and successful login to CIMB Clicks mobile app for first time
10x
Eligible transaction* of minimum RM10 performed via CIMB Clicks mobile app or online banking portal
*Fund transfers, JomPAY, FPX, prepaid topups
1x

In choosing the grand prize winner for each cycle, the bank will first shortlist a number of participants, and then send them a question via SMS. Those who reply to the SMS fastest with the correct answer will be declared as grand prize winners. If you do win, the grand prize will be credited into your account within 12 weeks after the end of the campaign period. Do also be aware that each customer is only allowed to win one grand prize throughout the entire campaign period.

(Source:
CIMB
)

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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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    danny

    1 year ago

where should i spin that wheel actually ? or it will automatically spin for us ? by the way , your are so cute 🥰

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Cash vs Cards: Shopping Battle!

Comparisons are kind of our thing here at RinggitPlus. We compare everything from
online streaming video
, to
iPhones
, to
wearables
, to
everything

in

between
. In that vein, we would like to introduce you to our new series of articles where we compare two different and opposing things against each other to see which one comes out on top!

This time, it’s Cash vs Credit Cards!

Cash

Cash has been king of transactions ever since the barter system died out thousands of years ago. Coins and banknotes not only serve as currency, they are also icons of the countries they represent, and carry special symbolic meaning to the countrymen who use them. Will it stand up to cards? Let’s see…

Advantages

Cash is acceptable everywhere. Even in countries where you can’t spend your particular currency, you can always go to a money changer. Nobody says no to straight-up cash.

Cash is also less of a hassle to use. You don’t need to have a bank account, no PIN number to key in, no signature required, no receipts, no machines, and just plain easier to use in general.

Part of having money is being able to show it off. And how do the flauntiest, most show-offy people brag about how much they earn? They make it rain, they make a money bed, they fill pools with coins and nosedive into it. The bottom line? Cash just feels good to hold. The feeling of a stack of cold hard cash can’t compare to a flimsy bank card. No way.

Disadvantages

As easy as it is to use, cash is also the easiest to misuse. If somebody steals your cash, it’s theirs now. There’s no security feature to tie your ownership of the money back to you. This also makes cash the most unsafe to carry around. Be careful!

Like we mentioned above, cash doesn’t travel well. If you’re in another country, but out of reach of a money changer, you might as well have a roll of monopoly money in your pocket.

Cash is also unsecure because of its tangible nature. Due to it being a physical object in the real world, it can be damaged, destroyed, or lost due to no fault of the owner. Not to mention the risk of it being counterfeited. No risk of this happening at all with bank cards, since your money is still safe in your account no matter what happens to your card, physically.

Cards

The relative newcomer in the world of currency, bank cards are sleek, stylish, personalised, and can do way more than regular old cash. But can it stack up to stacks of banknotes and coins? Let’s find out!

Advantages

Bank cards come in three flavours: ATM cards, debit cards, and credit cards. Still love cash but want to carry only what you need when you need it? Go with ATM cards. Keen on going cashless but would rather stick to the money you already have in your account? Debit cards are for you. Comfortable with your finances and ready to rack up rewards and privileges by spending money? Credit cards are your jam. There’s something for everybody here.

Bank cards are way more secure than cash. If yours happen to be stolen, the thief would need your PIN, your signature, and sometimes even more details before they can use it to spend on anything. And that’s if they can do all that before you cancel that card with a simple phone call. Score another one for bank cards.

Did you know it costs money to make money? As in, all the paper and metals used up to produce the banknotes and coins actually cost the government a substantial amount. So much so, that Malaysia has stopped making the 1 sen coin to save on expenditure. Plastic on the other hand, is recyclable. Boom.

Credit cards (and even some debit cards) offer plenty of promotions, deals, and offers when you use them. From free flight tickets, to exclusive access to facilities, to dinner deals, to shopping deals, to many more. None of which you can get from paying with cash.

Disadvantages

Paying with bank cards means you’re giving up some control of the transaction and you may have to pay a bit more than expected. You may see little extra charges on your receipt when paying with cards, and often merchants won’t even let you pay with cards unless your purchases go over a certain threshold.

Bank cards also aren’t always universally accepted every single place you go. The nice auntie selling nasi lemak outside the corner, donations for a place of worship, or just regular merchants with broken card readers won’t be able to accept your shiny new bank card.

Now that you know the details of both our contenders it’s time for you to decide! Which one is your favourite? Who wins? Who loses? Let us know in the comments section down below! If you’d rather compare
credit cards
,
personal loans
, or
fixed deposits
 to see which ones of their category fits your needs the best, check out our comparisons page!

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Grab Increases Spend Limit For GrabPay Premium Wallet

Grab has introduced higher spend limits for its GrabPay Premium wallet, now allowing you to spend up to RM1,500 a day. At the same time, it has also implemented new monthly limits for both Basic and Premium GrabPay wallets.

The daily limit for the GrabPay Premium wallet has now been increased from RM1,000 to RM1,500, while the new monthly limit is set at RM10,000. For the Basic version of GrabPay, the daily limit remains the same at RM500, but there is a new monthly limit of RM4,999.99.

According to Grab, the monthly spend limits include funds sent through the e-wallet’s P2P function. Previously, GrabPay did not implement any monthly spending limits – instead, annual spending was capped at RM50,000. Considering that you can now spend up to RM120,000 a year, GrabPay Premium wallet users now have more than double the annual spend allowance compared to before.

As highlighted by Grab, the bigger wallet offers users more leeway to purchase bigger ticket items. You can find out more about the new
GrabPay spending limits
 here.

(Source:
Grab
)

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BNM Stress Tests Affirm The Resilience Of Malaysia’s Financial Institutions

(Image: The Sun Daily)

Stress tests from Bank Negara Malaysia (BNM) have indicated that the country’s financial institutions are able to continue maintaining their resilience even when placed under simulated severe credit, income, and funding shocks. Revealed in the Financial Stability Review for the second half of 2020, the central bank stated that two hypothetical adverse scenarios were applied for the purpose of these tests.

In sharing the information, BNM emphasised that stress testing is an integral component of its financial stability framework used to assess and manage risks to financial stability. It said that the actual economic impact from the Covid-19 pandemic had encouraged it to use its top-down, scenario-based stress tests in assessing the ability of banks to withstand the unfolding stress based on assumptions around a likely recovery path at the time.

“This was supplemented with additional sensitivity analyses performed under a bottom-up approach to provide more granular assessments of resilience based on the specific risk profile of individual banks,” said the central bank.

(Image: The Malaysian Reserve)

According to BNM, the first adverse scenario applied for the tests assumed a sharp economic downturn in the first quarter (Q1) of 2021, with a severity that is similar to the downturn experienced in the second quarter (Q2) of 2020. Following that, the economy will recover at a gradual pace akin to a V-shape.

Under this first adverse scenario, the initial recovery – which is driven by pent-up demand – will be unevenly distributed across industries before gradually normalising across all sectors by 2022. “Simultaneously, broad success with vaccination efforts in most countries results in global gross domestic product (GDP) returning to pre-pandemic levels by the third quarter of 2021, further bolstering domestic economic recovery,” said BNM.

Meanwhile, the second adverse scenario adopted a sharper economic contraction in Q1 of 2021, surpassing even the deepest slump experienced in the crisis so far. Its recovery is also fixed at a slower rate and is L-shaped, with the GDP recording negative growth in 2021 and remaining below pre-pandemic levels even by end of 2022.

“This scenario assumes an ineffective vaccine and a marginal contraction in global growth in 2021, which will adversely impact Malaysian exports, investments, and consumptions,” the central bank also said. Under this second scenario, extended lockdown restrictions saw domestic demand suffer a prolonged decline with labour market conditions worsening throughout 2021.

Additionally, both scenarios assumed sovereign rating downgrades in 2021, and that there will be no further repayment assistance for household providers after Q1 of 2021. All rescheduling and restructuring of business loans are also assumed to end after Q2 of 2021.

With regard to the effects of both the scenarios, BNM said that the overall impairments incurred by banks may rise to 4% and 5.4% by the end of 2022 for the first and second scenario, respectively. Moreover, businesses are expected to drive the larger share of new impairments in 2021, followed by households in 2022.

(Image: Hari Anggara)

BNM also clarified that while this stress testing exercise assumed a greater degree of economic stress, impairments by end of 2021 are actually more likely to settle lower at 2.9% and 3.3% under the first and second scenario, respectively, compared with 4.1% in the previous exercise. “This is primarily due to conservative assumptions applied previously in translating economic shocks into business impairments where it was assumed all maturing bullet repayments in identified vulnerable business sectors would default,” it said.

Finally, BNM reassured that the economic scenarios used in the stress tests were not the central bank’s projection for Malaysia’s economy. Instead, they were drawn up to test the ability of financial institutions to withstand worse and prolonged economic shocks even as BNM expects Malaysia’s actual economic prospects to continue improving.

(Sources: Bank Negara Malaysia [
1
,
2
],
Malay Mail
)

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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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Premium Lenovo Laptops That Go A Long Way – In Design, Performance & Value

Laptops have always been an integral part of our everyday life. So much of our daily lifestyle today relies on technology; for example, connecting with family and friends, online entertainment, studying and working, and even managing our finances through online banking. For most of us, a laptop is an essential item that makes life more convenient – be it for work or personal use. And this makes choosing for the right one matter, even more so today as we embrace the new normal of long-distance working arrangements, which calls for the importance of owning a personal laptop.

When purchasing a laptop, we would often weigh our options based on several aspects: design, size, brand and ultimately, its price point. For price conscious buyers out there, price point is always the key decision maker and often, the more affordable it is, the better, as long as the laptop is capable of getting the jobs done. Except that, buying a laptop based on its affordability factor alone does not mean that you get to save more money.

Surely, you may save some money by spending less on its initial purchase, but what happens down the road when your laptop starts to require constant repair, maintenance and even replacement – when you fail to consider its quality? More expenses will be incurred while your daily routine revolving around your laptop usage gets disrupted.

That being said, the key to saving more money in the long run is always to invest in quality – especially for an essential item that you know you would frequently utilise in your day to day routine. With that in mind, Lenovo aims to optimise your life while maximising the value of your purchase in the long run. And this is how Lenovo does it.

Lenovo’s New Generation Laptops Are Contemporary In Design

With living designs, Lenovo’s new generation laptops come in a minimalist aesthetic that will not go out of style. Its simple lines and elegant angular edges offer a modern, stylish look that can easily fit into any moments of your life. Just like a perfect matching tie to your coat – or bag to your outfit, Lenovo laptops adapt into every movement of time in design, saving you from the need (or expense) to always keep up with the ever-changing trend.

Their Functionality Is Expansive And Cost-Saving

With Lenovo laptops – the sky is truly your limit, as every laptop comes feature-packed with pre-installed essential software and smart features that are designed to optimise your laptop’s functionality, and eventually your money.

For example, Yoga’s Smart A.I. features mean that your laptop can now be super intuitive as it “learns” your usage habit. Imagine as it intuitively stops playing a video the moment you walk away – or awakens your personal assistant – Amazon Alexa, to get you through your daily routine in the most efficient way. Lenovo laptops are also pre-installed with essential software that you will need such as Microsoft Office* which often require separate purchasing for other laptop brands. Besides that, Lenovo’s Premium range of laptops are also designed with smart charging features that optimise battery consumption and performance. This allows users to use their electricity efficiently especially when it comes to laptop usage which usually requires repetitive charging.

These are only some of the features that Lenovo laptops are offering – but through them, you can already estimate how much money you can save with Lenovo when it comes to software purchase and renewal, and electricity bills in the long run.

*Microsoft Office Home & Student 2019

Built With Durable Material, Made To Last

Lenovo’s selected models are built with durable material, tested through 10 ultra-resilient tests* that rigorously tested its durability. Dropped from as high as 45cm to LCD enclosure stress test with up to 50KG force – these are just some of the extreme tests that Lenovo puts their laptops through to achieve top performance in strength. This proves that Lenovo laptops can be reliable for your everyday hustle and bustle and will surely save you costs in repair and maintenance, even when used consistently.

*Resilient test applicable only for selected models

There Is A Lenovo For Every Personality

With Lenovo’s extensive range of laptops, there is surely one that will fit right into homes and schools of everyone – no matter which walks of life you come from. With that in mind, no matter who you are – and which laptop you choose, Lenovo aims to provide you only the best laptop experience and at the same time, offering you more value.

IdeaPad S540 For Everyone

Stylishly Efficient

A fusion of elegance and functionality – explore more possibilities in your daily inspiration with
IdeaPad S540
. With a modern minimalist design, IdeaPad S540 appears premium with its narrow bezel display and aluminium chassis that fit right into any movie scenes. But beyond its aesthetic, IdeaPad S540 is also equally powerful as it is powered by a 10th Generation Intel® Core™ processor. If you are looking for an immersive graphic experience, IdeaPad S540 is also available with optional NVIDIA GeForce® graphic card.

Besides that, IdeaPad S540 boasts its tough durability, thanks to its resilient-tested material – with excellent battery life with Lenovo’s RapidCharge technology where users can enjoy 2 hours of use with just 15-mins charge and 80% capacity in just 1 hour, perfect for students or anyone who seeks maximum use of their laptop in their everyday routine – be it for homework or online entertainment.

Yoga S940 For Professionals

Smart & Intelligent

Exclusively designed for users who seek professional perfection and are always on the go,
Yoga S940
 is designed to offer the ultimate mobile experience with intelligent features through its Smart A.I. technology. At its light weight of 1.2kg and 12.2mm thin, Yoga S940 features its exclusive Contour Glass, the 1st-in-the-world feature which gives it its ultra-sleek premium appearance with miniscule bezels design. Adding sophistication for its users, Yoga S940 is also equipped with Smart A.I. technology for efficient laptop operation, including intelligent performance in responsiveness and long battery life – powered by the 10th Generation Intel® Core™.

Legion Y545 For Gamers

Powerfully Vibrant

Clad in sandstone finish that gives it a clean elegance, the
Legion Y545
 boasts perfect balance in colour production and performance for gaming. Its 9
th
 Generation Intel® Core™ processor paired with a GTX1660 graphic card also offers a solid combination for multitasking performance such as image and video editing. Legion Y545 will also elevate gamers’ sensory satisfaction through its full-sized keyboard that boasts its excellent signature tactile response, which also allows for better gaming control. Available in hybrid mode for optimum battery performance, the Legion Y545 weighs 2.3kg, perfect for gamers who are always on the run!

So the next time you shop for a laptop, always remember that quality should always come first. Savings will then follow through as you enjoy the benefits that come along with it. Lenovo laptop’s ranges offer you premium quality, with smart features that are designed to not only optimise your life, but also your finances. To learn more about Lenovo’s laptops, visit
Lenovo’s website
.

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8 Deals From LBS That Will Make 2021 An Exciting Year To Own A Home

Things are finally looking up with the National Covid-19 Immunisation Programme being kicked off
recently.
 Although vaccinations are proceeding smoothly, it would take some time for the country to heal from a pandemic
economically.

Amidst it all, however, life is gradually resuming and for those who are looking to purchase a home – the pandemic may have postponed your plan, but fortunately, there are some tips and tricks for saving some money when purchasing a home.

Whether you’re a first home buyer or seeking a property for investment purposes, here are 8 deals the
L
BS

Ox-picious 8
 campaign is offering to home buyers so you can own a home with ease.

Low Booking Fees

Once you’ve zero-ed in on a property, the very first document that you sign as a potential home buyer to show interest in the property is a booking form. Upon signing the booking form and picking out your unit, a fee is usually collected. Purchasers of
LBS properties can
secure their homes with low booking fees.

Waived Stamp Duty Fee

When considering buying a home, many first homeowners tend to overlook certain upfront costs like stamp duty fees. The stamp duty for the memorandum of transfer or MOT is based on the value of the property and is calculated on a tiered basis. What this means is a 1% stamp duty fee is charged for the first RM100,000 of your property purchase price; 2% on the next RM400,000, and 3% on the subsequent RM500,001 – RM1 million, and 4% for above RM1 million.

Should you choose to purchase a property from LBS, the stamp duty fees for MOT and Loan Agreement will be waived under the Home Ownership Campaign (HOC) by the government ending on 31 May 2021 with the condition that all terms and conditions were met.

Free Legal Fees

It takes more than a downpayment and mortgage loan to own a home. Some of the common miscellaneous costs associated with buying a home include the legal fees involved in the preparation of the
Sale and Purchase Agreement
 (SPA) and Loan Agreement.
 Both these legal fees will be exempted should you choose to purchase a home with
LBS.

Zero Exit Fees

Purchasing a home requires you to pay a deposit upfront.
When things don’t go the way we expected and we need to withdraw our purchase, it’s good to have an option to recoup the deposit.

With LBS, homebuyers can get a full refund of their deposit under the condition that terms and conditions are met, should there be circumstances that might require you to withdraw your purchase such as an unsuccessful loan application.

Flexi Payment Scheme

A property is one of the biggest purchases, if not the biggest, a person can make in their lifetime. Securing a home loan is a huge part of making this lifelong dream a reality. However, sometimes, instead of the typical 90% property financing, a bank offers a potential homebuyer an 80% loan margin, depending on the buyer’s financial status. Homebuyer will then need to come up with the remaining 20% of the purchase price which can amount to quite a large sum. The lower loan margin can lead to the potential homebuyer abandoning the dream of owning a house altogether. LBS has a differential sum loan scheme for homebuyers that offers up to 20% of the property purchase price.

Fret Not About Furnishing

Now that you’ve signed the dotted lines and are officially a proud owner of a home, you’ll have to start thinking about some basic renovation works and outfitting your property. It doesn’t matter what kind of properties you’re purchasing, there is a laundry list of things to consider. By purchasing a home from selected projects by LBS, you can choose from an array of furnishing packages carefully curated in conjunction with the campaign for your home.

Rewards For Repeat Buyers

Many Malaysians purchase property for investment purposes and the
number has been growing
 for the past two decades.
Whether you’re adding a new property to your portfolio as a way to generate passive income or purchasing a weekend home for self-use,
LBS is happy to reward repeat buyers for choosing to purchase from them again. LBS’s loyalty programme offers additional rebates to all LBS existing purchasers when they want to purchase a second home from LBS.

Lucky Draw Prizes Worth RM1 MILLION

Last but not least, LBS homebuyers also stand a chance to win attractive lucky draw prizes worth more than RM1 MILLION. Prizes from the LBS Fabulous 20-21 Lucky Draw include the Proton X70, laptops, as well as home appliances you can use for your new home such as a washing machine, fridge, and stereo set.

***

When it comes to purchasing a property, there’s always the question of when’s the right time to buy a home. “Is it the buyer’s market now or the seller’s?” or “Is the government offering any incentives?” are just some of the questions we need to think about. It’s also important to remember that there are individual factors to consider that are unique to each person like financial ability.

But, if you’re financially ready to own a home now, why not take a closer look at the variety of properties offered by LBS? With so many exciting benefits offered with the LBS Ox-picious 8 campaign, you can take advantage of these deals to sweeten your home buying experience with more value for money.

Enjoy a virtual tour of LBS properties here.

*All offers mentioned above are subject to terms and conditions.

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PNB Cautions Public To Beware Of Scammers

(Image: Bernama)

Permodalan Nasional Berhad (PNB) has warned the public to be wary of scammers that are pretending to represent the state-controlled unit trust fund entity.

The public are reminded to be cautious of persons misusing the name or logo of PNB or Amanah Saham Nasional Berhad (ASNB). In addition, PNB warned the public against individuals who may be disguising themselves as PNB officers to request payments, confidential data, or participation in illegal investment activities.

According to PNB, these unsavoury communications may be done via anonymous emails, weblinks, brochures, phone calls, short messaging services, business cards, social media releases, and other channels.

The Securities Commission had earlier added this possible clone entity to its
investor alert list
 on 7 July 2021. The investor alert list entry for “Potential Clone Entity – PNB” read as follows: “Possible clone operating a fraudulent scheme promising returns up to RM53,800 with a minimum investment of RM2,000 within 24 hours. Carrying on unlicensed capital market activities of dealing in securities.”

(Source:
The Edge Markets
)

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How to Choose Your First Credit Card

Getting your first credit card under your own name is a pretty big milestone for most young adults. Besides signalling a real entry into the “real world”, credit cards are a great way to kick-start a blank credit record and teach a newbie about responsible borrowing. But with hundreds of cards flooding the market and no experience, how is a first-timer to choose?

Yes, there are definitely a lot of cards and what they offer you will be vastly different. So, before you get frustrated and just apply for the most convenient card around, some factors need to be considered. Here are our tips to help you along.

Which Credit Cards Are Available At Your Salary?

A good way to start narrowing down your options is by looking at the basic minimum income requirements of your credit card choices. If your salary isn’t high enough to meet a certain card’s requirements, you won’t be able to apply for it. Generally, cards with more attractive benefits have higher minimum income requirements.

That’s not to say that newbies have limited options! Many banks have an eye out for fresh graduates and adjust the minimum income requirements accordingly. It’s all too easy nowadays to get your first credit card. There are several that have a minimum annual income requirement of RM24,000 – the
Standard Chartered JustONE Platinum Mastercard
 is one such card – which means you can get a credit card with a salary of RM2,000 a month.Though the general rule is that credit cards with the best benefits are only reserved for the rich, there are plenty of useful entry-level cards that help you make the most of what you spend.

Prioritise Cards With No Annual Fees And Low Interest Rates

When you’ve just entered the working world, for the most part you are probably starting at a fresh grad salary. You will be learning the ropes where money management is concerned and are likely to have many more bills to pay than when you were studying.

Considering these challenges, the last thing you want is for your credit card to be an unnecessary burden. Bearing this in mind, you should always choose the card with the lowest interest rate and no annual fees.

Generally, most cards charge a hefty interest rate on outstanding balance that are around the 15% mark. That’s a huge amount, so always remember to pay off your credit card bills in full. But more importantly, look for credit cards which have zero annual fees or as the banks like to call them, “free for life” – the
Maybank 2 Gold
 is a good example. You should be careful here, as many credit card companies claim to offer a waiver on annual fees, but they then slip conditions such as using the card a certain number of times in a calendar year, or the fee waiver is only applicable when you spend a specific amount with the card in a year.

It’s best to avoid the cards with sneaky terms for now. When you’re just getting used to work and life as an adult, waivers that attach themselves to spending could turn out to be a motivator to fall hopelessly in debt. That said, but don’t let this be a deterrent. Some good credit cards are free for life, like the
Public Bank Quantum Visa card
, while there are those with a “12 swipes a year” requirement that can easily be achieved by using your credit card on essential spending such as pumping petrol or buying groceries – the
Aeon Big Visa Gold
 and
Hong Leong Mach Visa
 cards are good example.

Match The Card Benefits To Your Lifestyle

You’ve probably already narrowed your choices down to a few cards and here’s where the fun starts. Now you get to decide which perks suit you best. Credit cards in Malaysia come with a range of benefits from cashback, rewards points, and airmiles. Different cards offer different types of benefits and some benefits are better than others – for example, some cards may have higher cashback rates or offer benefits that cover more varied types of spending than others.

Seasoned credit card users often have a selection of credit cards offering different benefits, and they choose between which of their cards to use on each occasion. However, as a first-time credit card owner, you shouldn’t really be looking to reach this level yet. Think about your spending patterns and choose yourself a card that will benefit this the most. If you shop the most on weekends, get yourself a card like the
Maybank 2 Gold Cards
 that prioritises weekend cashback. Or if you’re the type that shops online, look into cards that offer the best cash rebates for online spending such as the
Public Bank Quantum Mastercard and Visa cards
. Air miles benefits are generally reserved for the higher-end cards, while rewards points are complicated as the redemption rates vary from bank to bank. So for first time card owners, you should mainly focus on cashback benefits.

Get Ready to Own Your First Credit Card!

To sum up, in order to get your first credit card you’ll have to knuckle down and do your research. Visiting the credit card pages of each individual bank may be a bit of a chore, so make your life a bit easier by using a comparison tool where you can see
how the different credit cards stack up
 against each other all in one place.

Of course, after you’ve actually decided on which credit card you would like to apply for, you have to actually apply for it. Don’t get put off by the thought of a lot of paperwork, waiting around for phone calls, or trips to the bank – it’s actually much easier than you think. One of the quickest ways to apply for a credit card these days is online, and websites like ours at RinggitPlus also throw in sweet sign-up gifts that you’re eligible for if your application is successful.

Once you’ve got your very first credit card delivered to you, remember not to get carried away with this newfound financial power in your hands. A credit card can be a friend or foe depending on how you treat it. So spend wisely and borrow responsibly, and you’ll find a world of benefits open up to you.

Have fun!

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    Nadz

    1 year ago

What if a person with no credit history and no prior loan commitments, only PTPTN loan, which credit card they can apply for?

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    Pang Tun Yau

    1 year ago

    Reply to

        Nadz

While PTPTN loans don’t appear on your CCRIS, it does help with building credit health if you repay the instalments on time. Besides that, you can increase your chances of approval by applying for a card with much lower income requirements relative to your monthly salary. You can also try applying from the bank where you receive your salary, or from banks that are known to offer high chances of approval (such as Citi, Standard Chartered, and Maybank). Lastly, most banks also allow you to pledge FD to get a credit card – the amount pledged is equivalent to the
…
Read more »

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LHDN Gains Direct Access To Taxpayers’ Bank Details Under Law Amendment

(Image: New Straits Times)

Tax experts have highlighted that the Inland Revenue Board (LHDN) will no longer need to inform or obtain consent from taxpayers to get their bank account details for reviews or investigations. This is following the passing of the Finance Bill 2021, which proposed the inclusion of a new Section 106A to the Income Tax Act 1967.

According to tax expert and the managing partner of Reanda LLKG International Chartered Accountants, Koong Lin Loong,
Section 106A
 states that LHDN can now bypass taxpayers in the process of obtaining their bank account information for investigation. This direct access to taxpayers’ bank details differs from existing procedures that require individuals to sign a consent form before banks can divulge such details to authorities.

On top of that, the new section also notes that “financial institutions shall not disclose to any person that such request was made to the financial institution”. In other words, banks are not allowed to inform taxpayers of such requests once they is made either.

(Image: Focus Malaysia)

“The authorities can also request for taxpayers’ information from association to check whether income tax was filed from the angle of donations,” Kong further shared, adding that the Personal Data Protection Act (PDPA) will not be applicable when enforcing Section 106A.

Although this move may potentially help LHDN to address the issue of tax evasion in Malaysia – which is estimated at RM300 billion each year, equivalent to 18% of the country’s gross domestic product (GDP) – Kong expressed his concern over the possibility of data abuse. “While the tax authority has every right to examine the bank account of taxpayers, the utmost concern is how to prevent abuses as guidelines can be easily breached by unscrupulous staff at both the bank and IRB ends,” he said.

Meanwhile, the head of tax and financial consulting at Asia Business Centre Malaysia, Datuk Chua Tia Guan pointed out that banks could be fined under the new requirement if it does not comply with the prohibition to inform taxpayers of LHDN’s requests.  “The Section states that banks are liable to a fine of between RM200 and RM20,000 or a maximum jail of six months or both for violation,” said Datuk Chua, who is also the founding member of the Special Task Force to Facilitate Business (PEMUDAH) at the Prime Minister’s Department.

(Image: The Star/Muhamad Shahril Rosli)

This prohibition is actually also hinted at in the
Income Tax (Exchange of Information) Rules 2021
, which was gazetted earlier this month to replace the previous 2011 edition. Under the updated 2021 Rules, banks are also not strictly required to inform taxpayers when authorities (local, and approved foreign governments via the Director-General of LHDN) request for their bank account information.

To note, the Income Tax (Exchange of Information) Rules 2021 is carried out in line with the Convention on Mutual Administrative Assistance in Tax Matters, which allows foreign governments to request for their taxpayers’ information in Malaysia, and vice versa.

(Sources:
Sin Chew Daily
,
FocusMalaysia
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Grab's 11.11 Want Want! Sale Offers 30% Discount On All Online Purchases

Come 11 November 2021, Grab will be hosting its one-day-only 11.11 Want Want! Sale, allowing users to save 30% on all online purchases made via GrabPay or PayLater by Grab. The sale is set to begin at 12am sharp, happening all the way to 11.59pm.

Depending on which payment method used, you will be able to save up to RM50 on your purchases during the sale, as is detailed below:

Payment method
Offer
Promo code
Redemption cap
GrabPay
30% off, capped at RM40
GRABPAYDEALS
50,000 redemptions
PayLater by Grab
30% off, capped at RM50
1111PAYLATER
7,000 redemptions

No minimum spend is required to tap into the offers, and you will only need to enter the promo code at the payment page during the checkout process (through “Add offer” tile). Alternatively, tap on the “Use Now” section and select the applicable promo.

Note that each Grab user is entitled to only one redemption under each category of payment method, with the discounts awarded on a first-come first-served basis. This means you can technically save up to RM90 if you fully maximise the offers. The campaign will cease once all offers have been redeemed.

Grab further clarified that the while the promo codes will apply to all online retail stores that accept GrabPay and PayLater – such as Zalora, Lancôme, and LILIT. – it will not be valid for selected merchants and purchases, including FavePay, Carousell, and HelloGold. All bill, insurance, telco, and government service payment platforms also do not qualify for the offer as well.

Lastly, do also be aware that the 11.11 Want Want! Sale offers are not valid with any other Grab vouchers, discounts, or promotions.

(Source:
Grab
)

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Cara Menuntut Pelepasan Cukai Pendapatan Untuk Premium Insurans Anda

Terdapat beberapa jenis
pelepasan cukai
 yang boleh anda tuntut untuk mengurangkan pendapatan bercukai anda, lalu membayar cukai yang lebih rendah. Antara pelepasan cukai terbesar yang boleh anda peroleh adalah daripada polisi insurans yang anda miliki.

Jika ini kali pertama anda memfailkan cukai, tuntutan premium insurans bukanlah sekadar mencatatkan jumlah premium yang dibayar untuk polisi anda pada setiap tahun. Premium insurans boleh dibahagikan kepada beberapa caj, seperti Hayat, Perubatan, dan Lain-lain. Anda perlu membuat tuntutan yang betul untuk pelepasan cukai pendapatan semasa memfailkan penyata cukai di Malaysia. Jika tidak, anda mungkin akan terlebih lapor pelepasan cukai, dan berdepan risiko dihukum atas kesilapan ini.

Dalam artikel ini, kami akan membimbing anda untuk membuat tuntutan pelepasan cukai untuk premium insurans. Ini termasuk membantu anda mengenalpasti perkara yang perlu diberi perhatian dalam penyata insurans tahunan, serta cara yang tepat untuk mengisi borang penyata cukai pendapatan (BNCP) bagi tujuan tuntutan pelepasan cukai untuk premium insurans.

Apakah pelepasan cukai pendapatan yang ditawarkan untuk insurans?

Untuk polisi insurans, berikut ialah pelepasan cukai yang boleh dituntut untuk cukai pendapatan peribadi Malaysia:

Pelepasan cukai pendapatan Malaysia
Tuntutan yang dibenarkan
Insurans hayat dan KWSP
– Sehingga RM7,000 untuk insurans hayat (bagi penjawat awam yang tidak membuat caruman KWSP)
– Sehingga RM3,000 untuk insurans hayat dan sehingga RM4,000 (bagi pekerja swasta dan penjawat awam yang membuat caruman sukarela)
Insurans pendidikan dan perubatan
Sehingga RM3,000 untuk diri sendiri, pasangan, atau anak
Skim persaraan swasta (PRS) dan anuiti tertangguh
Sehingga RM3,000

Apakah itu penyata insurans tahunan?

Penyata insurans tahunan, juga kadangkala dipanggil penyata premium tahunan, ialah dokumen yang menyenaraikan pelan insurans anda yang dibeli, jumlah premium yang dibayar untuk tahun berkenaan, dan jenis perlindungan yang anda layak terima. Butiran ini penting dalam membantu anda menuntut pelepasan cukai insurans.

Berikut merupakan contoh penyata insurans tahunan:

(Contoh untuk AIA)

(Contoh untuk Great Eastern)

Cara membaca penyata insurans tahunan untuk tuntutan pelepasan cukai

Demi membuat tuntutan pelepasan cukai pendapatan, anda perlu merujuk pada penyata insurans tahunan anda untuk mengetahui jumlah yang layak dituntut. Kebanyakan syarikat insurans akan memudahkan proses ini dengan menyediakan penyata yang menjelaskan jumlah yang boleh dituntut di bawah insurans Hayat, Perubatan, Penyakit Kritikal (juga kadangkala dirujuk sebagai “Perubatan/Hayat”), dan lain-lain.

Jenis insurans atau perlindungan yang berbeza perlu disusun dengan betul dan dituntut mengikut kategori pelepasan cukai pendapatan yang tepat. Berikut ialah jadual untuk membantu anda menyusun jenis insurans di bawah kategori yang betul:

Kategori tuntutan insurans
Jenis insurans/perlindungan
Premium insurans hayat
Hayat
100% daripada premium boleh dituntut
Kecacatan
100% daripada premium boleh dituntut
Hayat/Pendidikan
100% daripada premium boleh dituntut
(Alternatif: Tuntut di bawah “Insurans pendidikan dan perubatan” jika penama anda ialah seorang kanak-kanak)
Pendidikan dan insurans perubatan
Pendidikan
100% daripada premium boleh dituntut
Perubatan
100% daripada premium boleh dituntut
Penyakit kritikal
60% daripada premium boleh dituntut
(Alternatif: Tuntut 100% di bawah “Premium insurans hayat” jika insurans penyakit kritikal anda terikat dengan insurans hayat anda)
Skim persaraan swasta (PRS) dan anuiti tertangguh
Anuiti/anuiti tertangguh
100% daripada premium boleh dituntut

Ambil maklum bahawa premium yang dibayar untuk
rider
 (manfaat tambahan/pilihan) bagi kemalangan (
accidental rider
) dan penepian (
waiver rider
) adalah tidak layak untuk pelepasan cukai.

Mengisi borang nyata cukai pendapatan anda

Dalam borang nyata cukai pendapatan (BNCP), isikan bahagian “Pelepasan Cukai” yang relevan dengan jumlah yang sepadan dalam penyata premium anda (ditunjukkan di dalam petak berwarna merah):

Contoh pengiraan pelepasan cukai insurans

Untuk menunjukkan kepada anda cara mengira pelepasan cukai insurans, berikut ialah satu senario: seorang individu yang mempunyai tiga pelan insurans dengan AIA, merangkumi beberapa jenis perlindungan. Inilah penyata insurans tahunan beliau:

Dalam contoh di atas, penyata yang diberikan menyatakan dengan jelas jumlah premium yang dibayar untuk setiap jenis perlindungan. Berdasarkan penyata tersebut, anda boleh dengan mudah menambah jumlah premium untuk setiap jenis perlindungan. Ambil maklum bahawa untuk Penyakit Kritikal, individu ini boleh menuntut sama ada 60% daripada jumlah tersebut di bawah Insurans Pendidikan & Perubatan, atau 100% daripadanya di bawah Insurans Hayat. Anda boleh cuba beberapa cara kiraan mengikut kategori-kategori berkenaan; matlamat anda adalah untuk mendapatkan tuntutan maksimum daripada kedua-dua Insurans Hayat dan Insurans Pendidikan & Perubatan kerana mereka merupakan dua peruntukan yang berasingan.

Berdasarkan tiga penyata yang diberikan di atas, berikut ialah cara pengiraan yang paling optimum untuk tuntutan pelepasan cukai bagi individu tersebut:

Premium insurans hayat
Insurans pendidikan dan perubatan
PRS dan anuiti tertunda
Penyata 1
1,321.47
–
–
Penyata 2
981.99
2,018.01
–
Penyata 3
1,565.10
140.94(60% x 234.90)
–
Jumlah
3,868.56
2,158.95
–

Berdasarkan pengiraan di atas, individu ini sebenarnya berhak menuntut RM3,868.56 di bawah Insurans Hayat dan RM2,158.95 di bawah Pendidikan & Insurans Perubatan. Bagaimanapun, Lembaga Hasil Dalam Negeri (LHDN) menetapkan bahawa setiap pembayar cukai hanya boleh menuntut jumlah maksimum sebanyak RM3,000 untuk Insurans Hayat (bukan penjawat awam), serta RM4,000 untuk Pendidikan & Insurans Perubatan.

Memandangkan peruntukan untuk Insurans Hayat sebanyak RM3,000 telah dimaksimumkan, lebih wajar untuk individu tersebut menuntut baki insurans Penyakit Kritikal di bawah Pendidikan & Insurans Perubatan, walaupun individu itu hanya boleh menuntut 60% daripada jumlah tersebut.

Oleh itu, pelepasan cukai insurans individu tersebut akhirnya akan kelihatan seperti di bawah:

Seperti yang telah dinyatakan sebelum ini, sesetengah syarikat insurans akan menyediakan penyata tahunan khusus untuk proses pemfailan cukai, di mana premium insurans diperincikan untuk menunjukkan dengan mudah jumlah yang anda boleh tuntut untuk setiap pelepasan. Jika penyata insurans anda telah diperincikan, maka anda hanya perlu mengisi maklumat yang diberikan dalam BNCP anda – tanpa perlu membuat pengiraan.

***

Sambil melindungi diri anda dan orang yang tersayang dengan pelan insurans, anda juga boleh mengurangkan jumlah pendapatan bercukai anda (lalu membayar cukai pendapatan yang lebih rendah). Ini sebenarnya salah satu inisiatif kerajaan Malaysia untuk menggalakkan rakyat Malaysia mendapatkan perlindungan insurans. Mudah-mudahan, artikel ini membantu anda untuk lebih memahami cara menuntut pelepasan cukai insurans anda. Jika anda mempunyai sebarang persoalan tentang pemfailan pendapatan cukai, anda boleh merujuk pada halaman
Cukai Pendapatan
 yang telah kami sediakan, termasuklah
panduan tahunan cukai pendapatan kami (tahun taksiran 2022)
 dan artikel tentang
cara untuk memfailkan cukai pendapatan anda buat kali pertama
.

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Samsung Launches Its First Android Go Smartphone In Malaysia

Samsung has announced the arrival of its first Android Go smartphone in Malaysia: the Samsung Galaxy J2 Core. The entry-level smartphone is now available in the country with a retail price of RM379.

Similar to the
Nokia 2.1 smartphone
, the Samsung Galaxy J2 Core runs on Android Oreo (Go Edition), which is designed to run smoothly on low-end smartphones with as little as 1GB of RAM. In its
press statement
, the use of Android Go enables the device to provide better performance and optimised data control.

The Samsung Galaxy J2 Core features a 5 inch qHD display (950×540), a removable 2600mAh battery, an 8MP rear camera, a 5MP front camera, and runs on an Exynos 7570 Quad processor. Additionally, Samsung’s latest budget smartphone packs 1GB RAM and 8GB of internal storage with a microSD slot that supports up to 256GB microSD cards.

Samsung Galaxy J2 Core vs Nokia 2.1

In terms of pricing, the RM379 Galaxy J2 Core is almost the same as the Nokia 2.1. Here is a table of comparison between Samsung Galaxy J2 Core and the Nokia 2.1.

Samsung Galaxy J2 Core

Nokia 2.1

Price

RM379

RM415

Battery

Removable 2,600 mAh

Non-removable 4,000 mAh

Display

5.0″ qHD (950×540)

5.5″ HD (1280×720)

Micro SD Slot

Up to 256 GB

Up to 128 GB

Processor

Exynos 7570 Quad

Qualcomm Snapdragon 425

The Samsung Galaxy J2 Core costs less than the Nokia 2.1 smartphone, but the Nokia 2.1 boasts a much larger battery, as well as a larger and sharper display. On the other hand, the Samsung Galaxy J2 Core can support larger memory cards and has a removable battery.

The Samsung Galaxy J2 Core has a retail price of RM379 and is available on major retailers and online marketplaces nationwide.

(Source:
SoyaCincau
 and
TechNave
)

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DOSM Report: Almost 35% Of Formal Employees Earn Less Than RM2,000 Per Month

(Image: The Malaysian Reserve)

About 34.8% of Malaysia’s formal employees earn an income of less than RM2,000 per month. This was revealed in Malaysia’s first Employee Wages Statistics Report (Formal Sector) for the first quarter of 2023, published just today by the Department of Statistics Malaysia (DOSM).

In a press release, the chief statistician of DOSM, Datuk Seri Dr Mohd Uzir Mahidin said that this proportion has actually decreased in comparison to the figure recorded back in March 2022, which stood at a higher 40.2%. This is likely attributed to implementation of a higher national minimum wage, which was
raised from RM1,200 to RM1,500
 last year.

“In the meantime, about 5.2% of total citizen formal employees earned the highest level of wages (RM15,000 and above). However, wage ratio between the highest wage recipient group (90
th
 percentile) and the lowest wage recipient group (10
th
 percentile) shows that the highest wage recipient group received more than six times of wages compared to the lowest wage recipient group,” said Dato’ Seri Dr Uzir.

Aside from that, the survey also revealed various other data related to Malaysia’s employee wages, including the median monthly wage. It was found that the median monthly wage in March 2023 for formal Malaysian employees stood at RM2,600 – which is barely above the
new poverty line income (PLI) of RM2,589
.

In terms of gender, male formal employees made up 55.5% of the total 6.45 million formal Malaysian employees, earning a monthly median wage of RM2,664. Meanwhile, female employees accounted for the remaining 44.5%, with a slightly lower monthly median wage of RM2,545.

Age-wise, formal employees aged between 40 to 44, as well as between 45 to 49, earned the highest median monthly wage in March 2023, coming in at RM3,500. These two groups made up nearly 20% of the total formal employee group. “Subsequently, median monthly wages start to show a decrease for age group 50 to 54 years with median monthly wages of RM3,400 in March 2023. On the other hand, age group below 20 years received lowest median monthly wages amounting to RM1,500 in March 2023,” DOSM noted in its report.

In unveiling the Employee Wages Statistics Report, DOSM said that this report is the first product that has been successfully published using data collected via the Central Database Hub (PADU). Briefly, PADU is a database developed to collect and combine socio-economic information, providing the government with real-time data to better construct its policies and improve the decision-making process.

Additionally, DOSM clarified that the wages estimated in this report took into account all monetary rewards provided to employees, including bonuses, commissions, and other allowances paid. Moving forward, the department also hopes to improve the publication by incorporating more details, such as the size of the organisation, type of industries, and level of skills and occupation.

(Image: New Straits Times)

Separately, Economy Minister Rafizi Ramli – who launched the Employee Wages Statistics report today – urged employers to avoid using the RM1,500 minimum wage as the starting pay for skilled workers. He said that that the minimum wage was set as a benchmark for unskilled workers, and fresh graduates or professionals should receive remuneration packages that correspond to their skill sets. He also stressed the necessity of implementing a progressive wage policy as soon as possible.

(Sources: DOSM [
1
,
2
],
New Straits Times
)

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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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Senator Urges Government To Review Minimum Salary Increase

(Image: The Malaysian Reserve)

Senator Dr Yaakob Sapari has appealed to the government to review the minimum salary increase as it does not match the rising cost of living, particularly for graduates.

According to the senator, the current rate for salary increment ranges only between 100% to 150% whereas the cost of living has increased by 400% to 600%. He further commented that although the 12
th
 Malaysia Plan (12MP) is still focused on helping the poor and driving Malaysia to become a high-income country, the country’s wage rate does not commensurate with these efforts.

“Just imagine, I was a university graduate in 1985; at that time, my friends who worked for the government received a (basic) salary of RM1,060 or RM1,200 including allowance. Now, (almost) 40 years later, university graduates are being paid below RM2,000, which means they are living below the poverty line,” Dr Yaakob said during a Parliament session.

Dr Yaakob also emphasised that this low wage rate has led to a brain drain, with young Malaysians migrating to other countries in search of high-paying jobs. “Before the Covid-19 pandemic, around 300,000 Malaysians crossed the Johor Causeway to work in Singapore because wages there were higher and the currency value was higher. That is why efforts to raise the minimum wage need to be reviewed,” he said.

Malaysia’s minimum wage was
last raised by RM100
 in February 2020, putting it at RM1,200 – which is significantly lower than Malaysia’s new Poverty Line Income (PLI). The country’s Poverty Line Income for households was
revised from RM980 per month to RM2,208
 in 2020, following the publication of the
Household Income And Basic Amenities Survey Report 2019
. Many government servants, too, are still earning a monthly salary of less than RM2,000.

(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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What You Need To Know About Comprehensive Car Insurance

What does a Myvi and a Mercedes have in common? Answer: both vehicles need a valid car insurance to be allowed on the road.

New or secondhand, local or imported, if you own a car you need to have a valid car insurance to be able to drive it on the road; it’s as simple as that. Anyone telling you any different is either ill-informed or simply has no regard for his or her own welfare – as well as those around him or her.

Besides, if you don’t have a valid car insurance and road tax (these two come hand in hand, you can’t buy or renew one without the other) you might have to fork out extra money towards paying traffic summons if you get flagged down by the police or stopped at a roadblock.

Why Should I Get Car Insurance?

According to the Road Transport Act 1987, it is compulsory for all car owners in Malaysia to have a valid car insurance and road tax, both of which need to be renewed on a yearly basis.

But, legal requirements aside, it’s also important to have sufficient car insurance coverage for your vehicle so that if anything bad happens to it (be it a collision, natural disaster, or even theft), you can count on your insurance policy to cover the costs of the repairs – or replacement.

Based on the research done by the Malaysian Institute of Road Safety Research, there were over 500,000 road accidents recorded in 2016 alone, 7,000 of which were fatal. This is reason enough to buy a suitable – and ample – insurance policy to cover you and your vehicle when you’re on the road.

What Are the Types of Car Insurance Available in Malaysia?

There are three types of motor insurance available in the Malaysian market, each unique in its purpose to cover you and/or your vehicle.

Third Party Cover

A third-party cover is usually the cheapest among the three offered car insurance covers, and the most basic form of car insurance you can have in Malaysia. However, this policy doesn’t cover you for any damages to your own person or vehicle.

Imagine this: it was a rainy night, and you’re driving home after a late night at work. The road was slick and all of a sudden, your car skids at a junction and you collide into another motorist. By luck, you escaped unscathed – but the same can’t be said for the person you collided with.

To avoid forking out an exorbitant amount of money to pay for his or her hospital bills – not to mention vehicle repairs – you’ll need at least a third-party car insurance. Just as its name suggests, a third-party cover insurance policy covers claims made against you for bodily injuries or even deaths caused to others (third parties). It also includes any loss or damage to their vehicle or property.

A third-party cover is usually the cheapest among the three offered car insurance covers, and the most basic form of car insurance you can have in Malaysia. However, this policy doesn’t cover you for any damages on your own person or vehicle.

Third-Party Fire and Theft Cover

For the most part, third-party fire and theft cover work just like a third-party cover, except this policy allows you to make a claim if your car suffers a fire damage or gets stolen.

Please be aware that this cover type addresses loss/ damage due to accidental fire and theft, but not loss/ damage due to accident itself. This means that you can only make a claim for events such as:

– Your car gets stolen

– Damages as a result of an attempted theft such as damaged door locks and broken windows

– Damages due to fire

Comprehensive Cover

This car insurance policy offers a wider range of coverage than the two car insurance covers mentioned previously. In addition to providing cover for all that was mentioned above, it also covers damages done to your OWN car!

Comprehensive car insurance is advisable if you cannot afford to replace your car just like that, for example by using your savings to buy a new car or using a second car. The moment you rely on your car to commute to work for example, and those before-mentioned scenarios don’t apply, you better have a comprehensive cover which will provide the cash equivalent to the replacement value (current market value) of your car, so at least you can go and buy another car.

Here’s a table to help you understand the differences between each car insurance policy:

#What is the Ideal Sum Insured For My Car?

Deciding on the right amount of car insurance is not rocket science. Insurers aim to make your life easy and determine the optimal sum insured, based on market value of your car. With detariffication in force since July 2017, additional factors are relevant to determine your premium. However, the ideal sum insured really goes back to the market value of your car only.

The age of your car is a key factor to calculate the best sum insured. Simply put, insurers can pull the technical details of your car from a database, such as manufacturing year, engine size, model type, horsepower, etc., so they know the original price of your car versus the current market value of your car, given the actual mileage.

It’s straight-forward, if you purchase a new car worth RM100,000 then your sum insured should ideally equal the same amount. As the original price comes down over the years and your car gets older, the sum insured can also be reduced every year, in line with the lower value and market price of your car.

In theory, you could decide to purchase a lower sum insured than the market value of your car. For example, if the market value of your car is RM22,000 after a couple of years, you decide to purchase a sum insured worth RM20,000 only.

You might be able to save a few bucks, but eventually, you might decide to still go for the full sum of RM22,000 because the difference in premium might only be a comparatively small amount and you would be penalized for the under-insurance.

What Your Car Insurance Will Not (Normally) Cover

While it is tempting to dive straight into the hunt for the best car insurance deals straightaway, you may want to read the terms and conditions of all three policies carefully and be aware of things included and excluded from your coverage.

Not all incidents are covered by a car insurance policy, even though you think they might just be, because as your car insurance plan is slightly higher – or the highest – one of the best plans you can buy, compared to the other plans.

Here is a list of conditions that may not be covered under your car insurance policy:

Your own death or bodily injury due to a car accident

If you think a standard car insurance could cover the costs of your medical bills – or even funeral – in the event you get into a car accident, think again. Even a comprehensive car insurance policy only covers the damages done to your vehicle (and the person’s which you may have collided into) vehicle.

However, you can add Personal Accident insurance cover to your car insurance as a rider to help cover your medical costs. Alternatively, you can also get a separate stand-alone medical or personal accident insurance policy to help with the medical bills. – just be sure to check if the policy covers injuries that are caused by car accidents.

Your liability for claims from your passengers

A passenger who gets hurt because of a car accident will usually have an easier case compared to the person behind the wheel – if the accident involves two vehicles, one of the drivers will most likely be found negligent and is liable for the physical injuries done to the passenger.

To avoid paying for these claims from your own pockets, you can add Passenger Liability Extension Cover to your car insurance policy.

Damaged or stolen custom car accessories

Pimping your brand-new car with custom rims, leather seats, and expensive sound systems might earn you brownie points with your friends (even dates). But, these luxurious upgrades may attract thieves to your car like bees to honey.

Most standard car insurance policies don’t cover the costs of repairs or replacements for these custom accessories, although you can check with your car insurance provider if you can extend the coverage to your accessories as well.

Consequential loss, depreciation, wear and tear, mechanical, technical breakdown failures, or breakages

Like everything else – cars aren’t built to last forever. As vehicle parts wear out with time (excluding parts made from glass e.g. windshield), the value of your car depreciates along with them. You’ll probably lose up to 40% of its initial value 5 years down the road – literally! If you’re planning to insure a car that is pushing 15 years of age, it may be hard to get a comprehensive car insurance policy for it, but you can opt for a third-party cover instead.

Vehicle damage due to acts of nature e.g. flood, landslide, typhoon

These unfortunate events, along with earthquakes and hurricanes are commonly referred to as natural disasters or acts of God and are not usually not covered in standard car insurance policies. On the other hand, you can choose to boost your policy with additional cover against natural disasters.

Of course, this will result in a higher premium, but if you live in an area that is prone to floods and/or landslides, it’s worth paying the extra money than spending your entire savings on the repairs costs – which no doubt will be extremely expensive.

#What Are the Add-On Covers Available for Car Insurance?

The car policy allows for policyholders to extend coverage to include extra benefits and additional cover apart from the standard coverage. Do communicate with your insurers to request for these additional covers.

Flood, windstorm, rainstorm, typhoon, hurricane, volcanic eruption, earthquake, landslide/landslip, subsidence or sinking of the soil/earth or other convulsions of nature

Breakage of glass in windscreen or windows

Strike, riot and civil commotion

Tuition and testing purposes

Additional named driver

All drivers’ extension for private car policies issued to a company of businesses only

Passenger liability

Liability of passengers for acts of negligence

Additional business use

#What is the difference between a Car Insurance and Personal Accident Insurance?

You must be thinking, why do I need a personal accident insurance on top of a car insurance? Well, we have prepared a comparison table to answer that question:

(With effect from June 1, 2018, the Goods and Service Tax (
GST
) will be set to zero.)

How Do Insurers Calculate Car Insurance Premium Rates in Malaysia (Post De-Tariffication)?

Before July 2017, the premium rates for car insurance in Malaysia were pretty much the same (based on the value of your vehicle and its engine capacity) across all insurance providers. This was because the premium rates were tariffed by Bank Negara Malaysia ( BNM).

Insurer based their premium calculation mainly on the technical details and age, therefore the market value of your car. However, since the implementation of de-tariffication in July 2017, insurance companies now look into various additional other factors to determine your car insurance premium. This risk-based assessment is put into play to give drivers an incentive to actively reduce their risk and therefore enjoy lower premiums. The key driver-related risk factors are:

Age
 – If you are a ‘P’ license holder, you may need to pay a higher premium. As per the motor de-tariffication, your risk profile indicates a higher risk due to a lack of driving experience.

Gender
 – Although it is said that male drivers are more likely to engage in aggressive driving behaviour, we are very much aware of the existence of viral videos featuring not-so-friendly female drivers as well so… all’s fair when you are on the road?

Occupation
 – If your job requires you to be on the road frequently, then it’s sad to say that chances are your premium is most likely higher too. For instance, the insurance premium for a bus driver is higher because of their job nature which involves transporting passengers from one location to another, as compared to a desk-bound office worker who may be leading a sedentary lifestyle.

Residence
 – You are more likely to pay a higher premium for your car insurance if your home is in Petaling Jaya as opposed to someone who is staying in Subang Jaya. Why? Because different areas have different crime rates and therefore, higher or lower chances of your car getting stolen or damaged.

Claim history
 – This goes without saying. If you had a lot of claims in the past, insurers will take note of this and increase your premium as your risk profile is high.

Use of car
– The more you drive in a year, the higher your risk.

#How Do I Submit a Car Insurance Claim?

It can be challenging if you to submit a car insurance claim without researching what is it that’s required. For a hassle-free car insurance claim, always keep in mind that the type of claim you wish to take will determine the documents needed to process your claim.

For your convenience, we have a prepared a table to assist you in the preparation of the required documents prior to submitting a claim.

Own Damage Claim

Let’s say that your car is involved in a hit and run and since you do not know who is the person that has knocked into your vehicle, you will need to submit a claim on your own car insurance policy. This is referred to as own damage claim. Do note that this only applies if you have a comprehensive policy and the result is that your NCD entitlement will be forfeited.

When you notify your insurer regarding the accident, they will provide you with the names of approved workshops/panel workshops that you can your vehicle for repair.

Here are the documents required for car insurance claim in Malaysia:

Copy of your NRIC.

Copy of your most recent driver’s license.

Original copy of the police report

The Keputusan report issued by the police department.

Car registration card.

Claims adjuster report including bill of repair cost for your car or any damaged property

If required, photos of the damaged car or property

Ensure that all these documents are prepared beforehand as the workshop will only repair your vehicle after receiving your insurance company’s approval. Once the repairs have completed, you will receive a notification by the workshop asking you to collect your vehicle.

Own Damage Knock-for-Knock Claim

Just like the own damage claim above, the own damage knock for knock claim applies when it is clear that the fault lies on the third party and the official police report results have determined the third party as the ones who will be compounded for the offense. This report will serve as a form of evidence which can be used to submit for your ‘Own Damage Knock-for-Knock’ claim. Also, it won’t affect your NCD as well.

#How Do I Pay My Car Insurance Premium?

As you may well know, there are several ways to pay your annual car insurance premiums, such as auto-debit, online payments, as well as the traditional payment options like cheques and cash.

But you also have the option to pay it in installments. Some credit cards allow you to convert your car insurance premium payment to 0% Easy Payment Plan (EPP). The tenure varies from one credit card provider to another, but this can significantly help to lighten your financial burdens and make room for other things – such as putting more money towards your savings.

#If my car breaks down, will my car insurance pay for a rental car?

This is a very insurance carrier specific question as every insurance company handles rental car coverage differently. Some give a small amount of coverage as a default feature on their policy and others do not.

However, you want to check if the extra expense is worth the coverage especially in households with multiple vehicles, as many car repair shops offer a free rental car while work is being done.

#Does my car insurance cover me when I rent a car?

Normally, your car insurance only covers your own car and the insured drivers for that car. You better check with the car rental company what to do in case of an accident. The rental car is insured by the car rental company.

#Does my car insurance pay if someone else is driving my car?

Insurance companies require that policy holders declare all drivers that are covered. This could be individual persons and/or everyone in your household. Technically, there is no insurance coverage for someone driving your car, who is not listed and therefore covered – very dangerous and very expensive!

#Can I Cancel my Car Insurance Policy Anytime?

You can cancel your car insurance at any time. However, there might be a penalty, if you cancel within the one-year period, as the standard coverage runs for one year. Best approach would be to swap insurers towards the end of the one-year contract and simply not renew, but change to a new insurer.

#Car Insurance Glossary

Add-Ons – As car insurance policies offer a basic form of coverage for your vehicle, you may want to consider add-on covers/extensions for extra protection and peace of mind. According to PIAM, here are some of the add-ons which can be included in your car insurance policy :

Flood, windstorm, rainstorm, typhoon, hurricane, volcanic eruption, earthquake, landslide/landslip, subsidence or sinking of the soil/earth or other convulsion of nature

Windscreen protection

Strike, riot and civil commotion

Tuition and testing purposes

Additional named driver

All drivers’ extension for private car policies issued to a company of businesses only

Passenger liability

Liability of passengers for acts of negligence

Additional business use

Accident – An event or occurrence that is unforeseen and unintended.

Adjuster – One who settles insurance claims; may be a salaried employee or an independent operator.

Average Clause – In the event of a partial loss, your claim will be adjusted in accordance to the portion that your vehicle is insured for. For instance, if you have insured your car up to 60% of the market value, you will only receive up to 60% of the total repair cost by the insurer.

Car Liability Insurance – A form of liability insurance that is specifically designed to indemnify for loss incurred through legal liability for bodily injury and damage to property of others caused by accident arising out of ownership or operation of a car.

Excess – Also known as a deductible, it is the amount that you will need to bear before your insurance company pays for the balance of your vehicle damage claim. Excess can be divided into 2 types which is compulsory excess and other excess.

Compulsory Excess – This is non-negotiable and is usually set by the insurer in the situation that your vehicle is driven by :

a person who is not named in your policy

a person who is named in your policy but under the age of 21

a provisional (P) driving license holder

a full driving license holder with less than two years driving experience

Other Excess – This is negotiable and applicable at discretion of the insurer. Insurers are sometimes willing to implement no excess on a case to case basis.

Consequential Loss – Damages which are caused by a certain action committed by the policyholder or a third party and not an outcome that is unexpected.

Claims Adjuster – an individual who investigates insurance claims to determine the extent of the insurer’s liability.

Release Letter/Release of Liability – This refers to the legal document between 2 parties. Typically, it involves the Releasor (person promising not to sue) and the Releasee (person or company who may or may not be liable). By signing this form, the Releasor acknowledges that he or she understands the risks and claims involved and agrees to not sue the Releasee for past or future injuries or damages.

Daily Cash Allowance – an amount of money that is paid daily to the policyholder in the situation that the vehicle insured is undergoing repairs

Loading – This refers to the extra charge that is added by insurers when they consider the potential policyholder as a risk-prone individual. For example, if you are a new driver, your car insurance policy may be higher as insurers will deem that you are more likely to end up in an accident due to your lack of driving experience.

Other factors which may lead you to a car insurance with a high loading would be the age of your vehicle. So yes, even it may seem like a good idea to buy an imported 8-year-old second-hand luxury car with a low mileage at a fraction of it’s price, some insurers may consider it as a risk when they bring you onboard as a policyholder of their car insurance as the perception that an older car is more likely to encounter problems due to daily wear and tear remains.

Compensation for Assessed Repair Time (CART) – A form of third party benefit, it is compensation provided by the insurance of the person who have hit your vehicle and the amount is decided by the number of days it takes for your vehicle’s repair.

A claims adjuster will perform the assessment and specify the amount of repair time required for the car repair. The purpose of CART is to provide you with funds which can be utilised for a rental car, allowing you to continue with your daily life as the workshop repairs your car within the specified duration.

Bear in mind that CART does not equate to the amount of time your car will be spending at the workshop and that it is only available for accident victims.

Loss of Use – In the event that you are involved in an accident, you may be provided a vehicle or a sum of money which you can use to rent a vehicle.

Market Value – The sum of the insured amount based on the current market value of the vehicle

Agreed Value – The sum of the insured amount based on the vehicle’s age and model

Insured Value/Sum Insured – For new vehicles, the insured value refers to the purchase price. For other vehicles that do not fall under this category, the insured value is equivalent to the market value of the vehicle when a policy is bought.

Betterment – When your damaged vehicle is sent for repair, it is normal that some wrecked parts are replaced with new franchise parts. Your insurer will only bear a portion of the costs. You will have to pay the difference according to the standard scale of betterment which can range from 0% to 40%.

Roadside Assistance – A service provided by insurers to policyholders who may be suffering from a vehicle breakdown/accident

No Claim Bonus/Discount – Available in the form of a refund in premiums, either in full or partial. It can also be a discount on your premiums if you decide to renew your car insurance policy as a loyalty benefit

Disclosure – Letting the insurers know of information that may be vital in influencing the premium of the car insurance.

Actual Value Cost – Amount required to repair or replace your vehicle plus depreciation.

Replacement Cost – Actual amount required to repair or replace your vehicle minus depreciation.

Theft – The unlawful taking of property of another: the term includes such crimes as burglary, larceny, and robbery.

Under-Insurance – A condition in which not enough insurance is purchased to cover the total cash or market value of the insured asset.

NCD (No-Claim-Discount) – The premium payable may be reduced if you have no-claim-discount (NCD) entitlement. NCD is a ‘reward’ scheme for you if no claim was made on your insurance policy on an annual basis. Different NCD rates are applicable for different classes of vehicles. For a private car, the scale of NCD ranges from 25% to 55% as provided in the policy.

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Chester John

Chester John

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AIA A-Plus Health: Medical Insurance That Rewards You For Staying Healthy

A recent AIA Healthy Living Index survey found that Malaysians have been showing increased satisfaction with their health and are increasingly likely to behave more healthily. With that in mind, AIA Malaysia has introduced AIA A-Plus Health, a new medical insurance rider that offers benefits during both the healthy and not-so-healthy moments in life.

A-Plus Health is an optional add-on rider, an additional benefit that you can attach to AIA’s investment-linked insurance plans. It provides you with comprehensive medical coverage for in-patient care, out-patient care, and extra care such as optical support and maternity complications. It also offers medical protection ranging from RM500,000 up to RM2,000,000. There is no lifetime limit claim and you are covered up until the age of 100 or the expiry of your basic plan, whichever comes first. Anyone between the ages of 14 days and 70 years old is eligible for this rider.

One of the ways in which A-Plus Health rewards you for good health is through its Health Wallet feature. For every year that you do not make a claim, you get money credited to your Health Wallet. You can get credited up to ten times and the amount of credit added will depend on what plan you are on. You can then use the money in your Health Wallet for preventative care services and additional medical expenses that may not even be covered by most medical insurance policies.

The benefits you can spend your Health Wallet credits on are as below.

When you sign up for the A-Plus Health plan, you’re also eligible to be part of the AIA Vitality programme, which is a rewards programme by AIA. The more AIA Vitality Points you earn, the higher your AIA Vitality status. You earn points by undergoing simple medical checks and achieving certain health and fitness objectives. For instance, if you complete the online AIA Vitality Health Review assessment, you get 1,000 points. When you shop for fruits and vegetables at selected supermarkets, you earn points and get an instant 10% discount too. Depending on your AIA Vitality status, you could unlock additional benefits such as a deductible waiver for hospital admission, hospital room and board upgrade, and a booster for your Health Wallet.

Find out more information about the
AIA A-Plus Health plan on their website
.

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Jacie Tan

Jacie Tan

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Affordable Wedding Gift Ideas (Other Than Money) That Every Couple Will Love

Have you noticed that you’ve been getting more wedding invitations than usual? That’s because the wedding season is here! What with the school holidays and the looming year-end holidays, plenty of couples are tying the knot (or will be) between now and the next couple of months.

However, weddings are not complete without wedding gifts, and you’re probably already dreading how much you’ll need to spend on the multitude of gifts and the money packets for the happy couples. The bigger issue is trying to figure out what gift they might like or not, and if the 500 other guests would think of giving them the same thing!

Oh, the headache! But, our ultimate affordable wedding gift ideas guide is here to help. Check out our list of wedding gift ideas and choose the one gift to rule all other wedding gifts!

1. Dinner for Two

What’s more romantic for the newly hitched couple than cooking dinner together? Get them ingredients for a heartfelt meal together (or dessert) and you can even throw in a scented candle to help them set the mood for a candlelit dinner (wink wink). It should cost you less than RM50. The couple will thank you for the thoughtful gift for years to come!

Tip:
 If you know for a fact that your BFF/cousin/sister/brother/friend is renowned for their lack of skill in the kitchen, you might want to throw in a beginner-friendly, easy-to-follow recipe sheet.

2. Air Purifier

If the happy couple is starting a new home together, then it might be a good idea to get them functional gifts that will help them with their daily life – such as an air purifier. No one can argue that it’s not useful, and you can find it easily in stores such as
Senheng
 with the price ranging between RM300 – RM500. It sounds a little hefty for a wedding gift, but you can find vouchers and discount codes easily to enjoy a greater saving!

3. Gift Cards or Vouchers

Still can’t decide what to buy them? Then let them buy their own gifts! Get them gift cards or vouchers from grocery stores, clothing stores, electronic stores (you can get one easily from Senheng), or even furniture stores such as Ikea. This gives them the freedom to choose their own gift, and even help the newlyweds furnish their new home.

4. Coffee Maker

Coffee helps chase away sleepiness – especially for the morning grouch. Who knows? You coffee maker might even be one of the things that help strengthen their marriage for years to come! You can find a marriage-saver/coffee maker that suits your budget easily on
Senheng
.

5. Customised Bed Sheets

It doesn’t have to be just bed sheets and pillow covers, you can find anything affordable and practical such as towels, mugs, and even t-shirts to customise for the happy couple. Be as thoughtful as you can – you can get them stamped or embroidered with their initials (or names), their childhood pictures, their pet’s pictures, or even the date of their wedding!

6. A Surprise Date

Sure, the couples have been on plenty of dates, but how often have you had the chance to play date-maker and set people on surprise dates? Besides, what with the wedding and other financial obligations, the couple might need to minimise their spending on entertainment for a while. This is the perfect opportunity for you to treat them to a date night – a romantic movie date, spa and massage, fun tickets to the theme park, or even an adventurous activity for two.

Tip:
 You can get e-vouchers for these activities on discount on websites like Fave.

7. Personal Blender

Are the lovebirds health-conscious? Then get them a personal blender to help them have their fuss-free fresh smoothie on-the-go! You can find a list of affordable and quality blenders on
Senheng
.

Tip:
 Want to add a more personalised touch? Put together a small book of smoothie recipes (you can look them up on the internet) and sign it with your initials and your wishes to the couple for them to treasure forever. You never know, your recipe book might even get passed down to their children.

8. Portable Speaker

A portable speaker is every music lover’s dream. So if you know the couple loves music, why not get them one as a gift? Get them dancing to catchy tunes in their spare times and stay a happy couple with these selections from
Senheng
.

9. Digital Photo Frame

Help your favourite couple look back at their most treasured memories by gifting them a digital photo frame. What’s more, the pictures saved in thumb drives (which can be connected to the digital photo frame) can last longer than physical pictures! There’s an awesome selection of digital photo frames on online stores like Lazada. If you don’t already have one, maybe it’s time you get one for yourself too!

10. Board Games

Board games aren’t just for group activities, they’re fun for couples too. Get them a fun or challenging board game for them to have some fun on those night-ins. Maybe avoid overly competitive board games though..

Give Gifts from The Heart

See, wedding gifts don’t have to be expensive or flashy. Here’s another tip for you; you can split the cost of the gift with your friends or family members to enjoy more savings!

The newlyweds will enjoy the practical and thoughtful gifts you’ve carefully selected for them, and besides, gifts from the heart are always more meaningful than the superficial ones. Did you find this guide useful? What’s your go-to affordable wedding gift? Share your ideas and thoughts in the comment section below!

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Grammy-Winning Artists Who Made Terrible Money Decisions

The music industry’s biggest awards show has just wrapped up a few hours ago, with Adele and Beyonce dominating the scene with several trophies each. Winning a Grammy award (especially for the first time) is a big break for any musician. They can use that accolade to charge more for their performance tickets, perform at bigger shows, and gain even more fans.

Of course, just because winning a Grammy makes them more money, does not mean it makes them
better
 with their money. Here are some of the big names in the entertainment industry with their not-so-famous financial mishaps.

Justin Bieber

Love him or hate him, you can’t deny that Justin Bieber is a huge pop star in his own right. Thrust into the limelight via his YouTube videos, he was signed onto a record label and quickly made to the top of the charts with his catchy pop tunes at the tender age of 14 years old. The trouble with getting too rich too quickly is that you’re bound to screw some things up financially just by virtue of
being young and inexperienced
.

One such blunder that he had to deal with
was losing his RM1.06 million Ferrari
 when he was driving it overseas. He claimed he left it with the valet but couldn’t remember which or where it was. A car worth that much being lost due to forgetfulness is just, wow. Fortunately for the popstar, they did eventually find the car, after three whole weeks of searching. That incident just puts being rich into a whole new perspective to the rest of us not popstars.

Kanye West

Kanye West is another artist in the public eye known more for his famous reality TV wife, 21 Grammy wins, and eclectic style of music rather than his smart business decisions. While his ‘big brother’ Jay Z may have successfully parlayed his music successes into big business with his own record label, music-streaming service, and his own line of cognac,
Kanye has proven not to be as savvy
.

For one thing, he
sank about RM177 million into his high fashion clothing line
 without making any of it back. Why did Kanye think it was a good idea? We don’t know. And from the looks of it, neither did he at the time. Of course, he can afford to lose that much money since he makes it back in album and tour sales in relatively no time at all, but it’s still a careless financial move if you ask us.

Lady Gaga

Another artist who took a risky gamble with their cash is Lady Gaga. The kind of gambling she took part in wasn’t the kind that would have made her poker face useful, however. She reportedly put in
her last RM13 million to fund her 2009 The Monster Ball tour
. She was left practically bankrupt during this period, in fact.

Why? She insisted that the tour be done to get the attention of one Arthur Fogel, a much-respected music promoter who she hopes to be able to work with in future. Fortunately for her, the gamble paid off, and Fogel managed to
bring her back out of bankruptcy
, and then some. Lucky her.

Mariah Carey

Quick, how bad of a financial hole would you endure for the sake of being together with your partner? Financial compatibility is an
important factor to consider
 before marriage, and in the case of Mariah Carey, her would-be husband just couldn’t stand her spending long enough to follow through with their engagement.

“How could he?,” some of you may be asking. That’s a fair question to ask, but if you can still hang on to a partner who allegedly insists on his and her yachts (RM1.5 million a week), spa treatments for her doggies (RM200,000 a year), and RM445,000 a month’s worth of fresh flowers delivered wherever she happens to be, then you are a
much stronger person financially
, than the guy who cut off his engagement to her.

As you can see, just because you
have
 money, doesn’t mean you know how to
spend
 it well. Luckily for you readers, RinggitPlus always seeks to deliver the best tips and tricks to help you get more for your money. You can start by checking out
the rest of our blog section
 for more stories on how to save and spend your cash wisely!

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TAGS:

Bankruptcy

Celebrities

Financial Behaviour

Financial Management

Money Lessons

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

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