Should the Government Be Giving Everyone Free Money?

Budget 2018 certainly brought us a lot of
interesting news, developments, and freebies
, didn’t it? During our coverage of the budget speech, we’ve noticed that one of the most asked questions was “will the BR1M amount increase next year?”

Spoiler alert:
it didn’t
.

But what if it did? Suppose you don’t just get BR1M once, twice, or three times per year. Suppose you get it every month after you turn 18. And suppose the amount is enough to cover food and rent for the month, and there is no minimal requirement except for being a Malaysian citizen. That’s exactly the idea behind a universal basic income, and it might be the way forward for developed countries around the world.

How Would Universal Basic Income Work?

The idea behind this is a little different than what BR1M seeks out to do. While BR1M is meant to
ease the burden of citizens who are earning less than most other Malaysians
, a universal basic income’s purpose is to eliminate that burden altogether.

A universal basic income would cover all citizens’ basic living costs including
rent
,
food
, and
clothes
. They will be given a set amount of money that they can do with however they wish and they don’t need to meet any special criteria. They will then be free from having to work just to earn a living, and focus on doing the kind of job they’ve always wanted to do.

Where Would This Money Come From?

It would come from the same source as all other state-provided amenities like our roads, schools, hospitals, and emergency services: taxes. We already have allocations for social welfare, so the universal basic income (UBI) will just be an extension of this.

This Doesn’t Sound Like a Good Idea…

You’re not alone in thinking this. As good as it would be to just get free money simply by being born, there are (unsurprisingly) a few potential pitfalls to this idea:

It might make people lazy
. While the point of a UBI is to stop people from always having to struggle to survive, some people might exploit this basic income by
choosing not to struggle at all
. They can just live off of the handouts and never take up a job at all. With fewer people taking up jobs, there would be fewer people to tax, which would in turn mean less funds to keep the UBI going.

It’s expensive
. A living wage is different for different regions but what remains true is that this will definitely necessitate a huge increase in taxes to pay for this basic income. Proponents of the idea claim that the income will be fed back into the economy by the citizens’ spending, but that might not be enough to offset the costs. Also, prices of certain low-end goods might increase since there would be more demand for them once everybody can afford the basic necessities.

The value of a job might go down
. When was the last time getting free stuff motivated you to do something? It can be argued that part of the reason people are motivated to work hard and achieve success, innovation, and productivity is the fear of poverty. With that taken away, citizens might not be as productive and as well-incentivised to work hard, if they do work at all.

These criticisms carry with them some merit, and it’s primarily these reasons that stop developed countries from fully implementing UBI as a replacement for their social welfare system. However, several different countries and regions (
Switzerland
,
Namibia
,
Alaska
) are currently trying this out in different stages of experimentation to see and record the real-world affects of applying a UBI.

Why do they do this despite all the potential pitfalls mentioned above? Because there are very real positive benefits that this can bring to a country besides social benefit.

Okay… Besides Free Money, What Are the Benefits of a Universal Basic Income?

Simplifies welfare management
. With how it works now, government workers are required to ensure that welfare recipients aren’t claiming their benefits fraudulently, and to administer the complicated system of tax credits which can be thick with red tape and bureaucracy. A blanket basic income eliminates this administrative cost by giving the cash directly to the beneficiaries and letting them spend it on their own discretion.

Drastically reduces exploitation of labour
. With a guaranteed income,
workers can now say no
 to jobs that are too dangerous, have abusive practices, or barely legal. Workers have more say and more power over how they’re treated and the kind of work environment that best suits their health and well-being. This in turn would encourage employers to provide better care of their employees and reduce exploitative labour practices at the same time.

Hedging against job losses due to automation
. With the development of new automation technology and the increasing mobility of the labor force,
developed countries face the risk of increasing unemployment
 in the future. In order to keep the economy going and keep the population from leaving, a UBI can be a good solution. Since automation makes products and services cheaper, a UBI can help citizens be able to afford them and contribute to the economy while they readjust to new areas of industry to work for.

So Is BR1M the Right Step for This?

No matter how you feel about a universal basic income, it’s clear that its real-world consequences, benefits, and downsides at the moment are still being looked into. So whether or not it will be greatly improve or terribly cripple a country’s economy is yet to be seen.

As for BR1M, while it certainly looks like a step towards basic income, it doesn’t quite fit the definition. The BR1M handouts are too far in between and don’t quite cover the basic necessities of their recipients. This isn’t to say they’re not welcome, but they function more as bonuses than the blanket social welfare programme that a full basic income seeks to accomplish.

What do you think about Malaysia having a universal basic income? Do you want it? Do you think it’s a bad idea? Share your thoughts and comments with us in the comments section down below!

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Ahmad Mudhakkir

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EPF To Adopt Cautious Stance To Rebuild Members’ Savings, Sustain Growth

(Image: Malay Mail/Miera Zulyana)

The Employees Provident Fund (EPF) has said that it will adopt a cautious approach in its investments moving forward, as it navigates the downside risks attributed to post-Covid-19 recovery and the Russia-Ukraine war. This came as the provident fund announced that its total investment income for the first quarter of 2022 (1Q22) fell by 17.83% year-on-year, from RM19.29 billion to RM15.85 billion.

According to the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan, both the equity and bond markets will likely still be negatively affected by global inflationary concerns and supply chain disruptions. Adding to this tumult is the move by major central banks around the world to tighten their monetary policies.

“The EPF would continue to rebalance the fund’s positions in stocks that are fundamentally strong but undervalued,” said Datuk Seri Amir Hamzah, adding that the provident fund will be guided by its Strategic Asset Allocation strategy to endure the current instabilities and pursue long-term goals.

(Image: The Star)

On top of that, Datuk Seri Amir Hamzah also emphasised that going forward, the EPF will be focused in helping members to rebuild their retirement savings, especially now that Malaysia has transitioned into the endemic phase of Covid-19.

“In addition to prioritising members’ interests and future wellbeing, the EPF also needs to ensure it is able to perform going forward. Any further withdrawals would financially impact the EPF and weaken the fund’s current portfolio position and capacity to ensure sustainable returns,” said Datuk Seri Amir Hamzah, referring to the four pandemic-related withdrawal facilities that had been allowed during 2020 and 2021:
i-Lestari
,
i-Sinar
,
i-Citra
, and the
Special Withdrawal
.

Ultimately, Datuk Seri Amir Hamzah said that the EPF’s fund performance and support of the domestic capital market are central to Malaysia’s economic success. This is given its role as one of the crucial pillars in the country’s socio-economic and social security framework.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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AmBank How I Met My Car Campaign

Sign up for one of Ambank’s banking products and you could

be in the running to win an Audi A4 or Audi A1 Sportback. The
AmBank

How I Met My Car Campaign
 which kicks off on 15 July and will run until 15

October 2013 is a competition for new and existing AmBank

customers.

Contest participation methods

There are various ways to earn entries for this competition

and they include:

Making a deposit in a current, savings or fixed

account

Signing up for a new AmBank
credit card

Apply and be successfully approved for a
balance transfer or quick cash

Apply and be successfully approved for a
personal loan

Apply and be successfully approved for a car

loan

Apply and be successfully approved for a home

loan

Invest in equity, retirement or insurance

schemes

To find out how many entries each bank product grants please

refer to the chart below:

Prizes

The prizes include 90 monthly prizes of petrol vouchers

worth RM1000 which will be distributed throughout the campaign period, two 1
st

place prizes of the Audi A1 Sportback and one grand prize of the Audi A4.

Winner selection process

The selection of contest winners will be based on a random

number system process. Selection for the grand prize and first place prizes

will be conducted one month after the campaign period has ended. Shortlisted

participants will be contacted by AmBank and will be required to answer two

questions correctly to be eligible for the prizes. Monthly prize winners will be

selected from the last date of the monthly duration period. Each participant is

only eligible to receive one monthly prize AND one grand prize OR one first

place prize throughout this campaign.

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Brendon Lee

Brendon Lee

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RHB Launches New Multi-Currency Debit Cards

RHB Banking Group has launched Malaysia’s first multi-currency debit cards which offers access to 13 foreign currencies alongside Malaysian ringgit. The two debit cards come in the form of RHB Multi Currency Visa Debit Card and RHB Premier Multi Currency Visa Debit Card.

These new debit cards work just like any other debit card in Malaysia, but with zero conversion charge or transaction fees for the 13 supported currencies, which are: US Dollar, Canadian Dollar, Euro, Japanese Yen, Pound Sterling, Australian Dollar, New Zealand Dollar, Swiss Franc, Hong Kong Dollar, Saudi Riyal, South African Rand, Singapore Dollar, and Thai Baht.

Customers who wish to get the RHB Multi Currency Visa Debit Card would need to open an RHB Multi Currency Account, with a minimum initial deposit of $1,000 (about RM4,080) or its equivalent. Balances in foreign currencies also earn interest.

“Currently we have more than two million debit cards in circulation and in the first year, we expect to issue 15,000 new Multi Currency Visa Debit Cards,” RHB Managing Director Datuk Khairussaleh Ramli said at the launch of the debit cards.

Malaysia Visa Country Manager, Ng Kong Boon added that customers will be able to enjoy competitive exchange rates on all 13 foreign currencies when they use the debit cards without any conversion charges or transaction fees.

(Source:
The Edge Markets
,
The Star
)

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Olivia Song

Olivia Song

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How to Get Started with Saving for Your Child's Education

The cost of raising a child is high indeed but one large chunk of that sum will of course go to their education. Saving up for everything your child needs will not be feasible as many of these bills are hard to predict and are mostly recurring through his/her life (medical, upkeep, hobbies and basic needs). But education is a different thing altogether.

From the day your child is born; you have a good 18 years before you will need to pay the huge university bill. Whilst you cannot know for sure, the prices of tuition fees exactly in the future; you could be prepared as much as possible.

With the New Year dawning, perhaps you could consider these options for your child’s future if you haven’t already.

Junior Savings Account

Dumping all the little one’s non-employment earnings into a
junior savings account
 is a great way to kick-start a fund for the future. It also helps your child take pride in being ‘responsible’ for his future educational needs.

Most accounts require a nominal starting fund of RM1 and pays out higher interest rates compared to regular adult savings accounts.

All the way up to 18 years of age, your kid can reap off various benefits like free personal accident (PA) coverage, unique coin boxes and cash rewards for excellent exam results; just to name a few.

Each bank also limits the amount of withdrawals in a month to encourage more savings. It truly is an amazing way to cultivate the habit of saving and instilling healthy financial management from a tender age.

National Education Savings Scheme (SSPN)

Many of us are familiar with the Skim Simpanan Pendidikan Nasional (SSPN) as it is the brainchild of Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN); better known as the higher education study loan body.

Most of us are however, unaware that having an account like SSPN offers benefits for both kids and parents alike.

An SSPN account provides tax relief based on the deposited amount on top of an annual dividend pay out that will make your money multiply itself just in time to fund exorbitant tertiary education by the time of maturity.

The account is also a great way to regulate withdrawals as it only allows full or partial withdrawals only when your child is enrolled into a higher learning institution or has decided to drop out for exclusive reasons.

Fixed Deposits

Fixed deposit accounts are also a useful tool to ensure your kid’s savings grow as they do with age and the interest will help grow your savings faster than a savings account without the risk entailed in other kinds of high yield investments.

Annual interest rates can go up to 4% and is the perfect way for parents to simply dump their kid’s money into, set a maturity target and harvest its generous crops when needed.

Child Education Insurance Policy

Child education insurance policies are not as common as they should be but they do exist and their benefits can be just what the doctor ordered for your child’s future.

The policy is actually a type of life insurance but it matures and allows withdrawal at the time when your child is expected to enter college. The premiums paid will depend on the features of your plan but it is sure to be helpful when you need the money.

Just like life insurance; there are endowment type policies and investment-linked policies. You can decide which you prefer based on your needs and affordability.

Planting the Seeds of Saving

It is indeed true that most people out there, friends and family alike, have succeeded in making funds available for their kids tertiary education simply by ‘winging it’.

But perhaps the going would have been easier with forward planning. Setting aside cash for your child from the very beginning will ensure that you and your spouse are not bogged down with insufficient retirement funds or the need to borrow money later on.

Whilst you save for your child, it is paramount to teach the little one to save too. Inculcating the saving habit will not only help teach them the value of a ringgit – it may just prevent further money related mishaps in their life later on.

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Austin Victor

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Malaysia’s Unemployment Rate In August 2021 Eases To 4.6%

(Image: Samsul Said/Bloomberg)

Malaysia’s unemployment rate for August 2021 has declined by 0.2%, from 4.8% in July 2021 to 4.6%, according to the latest labour force report by the Department of Statistics Malaysia (DOSM). This is equivalent to 748,800 unemployed persons, in comparison with 778,200 persons in July 2021.

Meanwhile, the number of employed persons rose by 0.5% month-on-month, with 15.38 million employed individuals in August as compared to 15.29 million individuals in the previous month. Accordingly, the labour force participation rate during August also improved from 68.3% in July to 68.4% in August.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said that this encouraging situation in August can be attributed the fact that more economic activities were permitted to resume in compliance with the standard operating procedures (SOPs) for Covid-19. In August 2021, several states were allowed to advance from their existing phases into the next phase under the National Recovery Plan (NRP), which offered more economic and movement freedom. These included Perlis, Sarawak, and Negeri Sembilan.

DOSM’s latest report further noted that actively unemployed individuals – defined as those who are unemployed and are actively looking for work – make up 83.8% of the total number of unemployed persons at 627,500 individuals. This is 3.7% lesser than the previous month, which stood at 651,300 individuals. Additionally, 53.8% of the total actively unemployed individuals were unemployed for less than three months, whereas 9% were in long-term unemployment for more than a year.

As for the inactively unemployed individuals who believe that there are no jobs available, the number decreased from 126,900 persons in July to 121,300 persons in August.

Under the employed group, meanwhile, the employee category – which makes up 77.4% of the group – saw an increase of 27,900 persons (0.2%) after posting a decline in the past two months. Similarly, the number of self-employed individuals also rose with a month-on-month increase of 33,900 persons (1.4%), bringing its total percentage within the employed group to 16.5% in August. Finally, unpaid family workers (2.9%) and employers (3.2%) make up the remaining number of the employed group.

With regard to the employment rate of upcoming months, Datuk Seri Uzir said that the outlook is likely positive as the implementation of NRP has allowed for a safe reopening of the economy. This is despite some challenges still remaining due to the uncertain public health situation.

“The encouraging economic performance may increase labour demand, including the creation of more job opportunities in the economy. Therefore, the reviving of the economy and the labour market is foreseen in stages in the forthcoming months,” Datuk Seri Uzir commented.

(Source: DOSM [
1
,
2
])

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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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How to Plan A Big Fat Wedding On A Skinny Budget

Getting hitched? Congratulations! Not much money to plan the special day? Don’t worry! We’ll show you how to stretch a meagre wedding budget and still have a classy ceremony.

Can you have your dream wedding without breaking the bank? Well, if your parents were paying for most of it and the momentous day involved only modest plans, then sure! But if you and your future spouse are dreaming big and fronting the costs – you’re certainly going to need some cost-cutting help.

Check out our guide to making it happen on a humble budget:

The Event Venue

Hotels, private event halls and country clubs are exquisite places to have a wedding reception, but man does it cost a bomb! Don’t give up on a super special venue just yet; renting a luxury bungalow or villa can shave thousands of Ringgit off your venue costs and still do the trick.

Chic and stylish homey spaces are much more flexible and double up to provide lodging for the wedding party or out-of-town guests. Short-term rental sites like
Airbnb
 offer inexpensive options for home-styled garden weddings and intimate gatherings.

The Wedding Dress

Designer wedding gowns are usually out of the question for many brides-to-be as retail costs are sky-high. The good news is that our local seamstresses can often replicate your chosen design at a fraction of the cost. Do check online (and read reviews) to locate a good bridal tailor near you.

Another money-smart option is to simply buy your dress online. This method is usually shunned due to potential size and fit issues that are expected when you buy something you haven’t first tried. You can get around this by strictly following the size guide or choosing one slightly larger to be altered into the perfect fit.

Hair and Makeup

There’s no rule saying you must hire makeup artists and hair stylists for house calls on the day of your wedding. In fact, it was rumoured that the Duchess of Cambridge herself actually did her own wedding day makeup! So if you are handy with makeup application, you might want to attempt the same. Here are a few helpful hints to follow:

Get in a free makeup lesson at a cosmetics counter; a few brands in Malaysia offer this service when you buy their products or as a complimentary service (e.g. Bobbi Brown).

Do experiment with different shades and styles to see what works best under various lighting.

If you’re just not confident with your skills though, you can still save some by getting a makeup-savvy friend or relative to do it for you. Now for your hair, do make an appointment at the salon instead of having the stylist come to you, it’ll save on his or her travel fee.

The Reception

Between the food, drinks, entertainment, wedding cake and décor, it’s safe to say that the reception often takes the biggest slice of the budget. To keep food expenses light, consider having a lunch buffet, cocktail party or tea-time reception instead of a full-on set dinner.

Don’t be shy to ask friends to assist with wedding décor (you can barter for their services) and choose a DJ over a band as this option is often less expensive and perhaps better if you want to get wedding guests dancing!

If you need a little extra help putting your wedding funds together, consider taking out a personal loan. Just remember to borrow within your means, choose a comfortable repayment instalment and find the lowest rates possible with our
comparison page
.

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Desiree Nair

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Budget 2019: Soda Tax And Smoke-Free Zones For A Healthier Malaysia

The government will be taking steps to tackle health issues faced by Malaysians, starting with obesity and smoking habits.

Earlier in August, there were discussions about the
implementation of a soda tax
 to encourage healthy living and reduce sugar intake among Malaysians. During the tabling of the Budget 2019, it was announced that the government would indeed be adding “sugar sweetened beverages” to the list of manufactured goods subject to excise duty. This move was made to address the issue of nearly one out of two Malaysians being overweight or obese.

The tax on sweetened beverages will be implemented on 1 April 2019. The duty proposed is a rate of RM0.40 per litre and will affect non-alcoholic beverages containing added sugars of more than 5gm per 100 ml drink and fruit juice containing added sugars of more than 12gm per 100 ml drink.

The Ministry of Health also set 2045 as the year to achieve the goal of being a “Smoke-Free Malaysia”. In line with that goal, the government will expand the number of locations banning smoking. Starting 1 January 2019, the government will officially gazette all open restaurants as “Smoke-Free Zones”.

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Jacie Tan

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Luno Malaysia To Add Cardano, Solana For Trade On Platform

Luno has announced that it will be adding two more cryptocurrency tokens to its platform, this time popular tokens Cardano (ADA) and Solana (SOL).

According to Luno’s announcement on Facebook, both the tokens will be made available on different dates. Users can trade ADA on Luno starting from 21 September 2022 (next Wednesday), while SOL will be added on 6 October.

With this latest update, Luno will have nine tradeable tokens altogether, including the existing seven: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Chainlink (LINK), and Uniswap (UNI). Of this lot, LINK and UNI too were recently added to the Luno platform, just back in
June 2022
.

Briefly, Cardano is often described as a “next-gen evolution” of Ethereum, and it owes some of its popularity to its goal to be an
environmentally sustainable blockchain platform
. This lies in its use of the proof-of-stake (PoS) mechanism, which saves on energy costs and enables faster transaction processing, as opposed to an energy-intensive proof-of-work (PoW) system – used by tokens such as Bitcoin and Bitcoin Cash.

Meanwhile, Solana is a blockchain platform designed to host decentralised applications, also with the ability to process transactions at a faster rate with significantly lower fees as compared to other blockchains, such as Ethereum. Like Cardano, it also uses the proof-of-stake mechanism, along with an even newer technology called
proof-of-history
 – which gives it a reputation as the fastest and most energy-efficient blockchain.

In conjunction with the launch of these new coins, Luno is offering a rebate of 50% on Instant Buy and Sell, in addition to reduced Luno Exchange fees for both coins. For Cardano, this offer will apply between 21 September to 20 October 2022, while those purchasing Solana can tap into it between 6 October to 7 November 2022.

(Source:
Luno
)

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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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Samsung Galaxy Note 9 Launched, Malaysia Pre Orders Open Now

Samsung’s latest flagship smartphone, the Galaxy Note 9, has officially been unveiled at its global launch event late last night. Interestingly, the company has immediately announced the pre-orders for the device in Malaysia, with a starting price of RM3,699 with generous freebies included.

The Galaxy Note series have always been engineered for the power user, with an emphasis on performance and battery life. These two factors were a strong focus for Samsung this time around, and from the spec sheet, it is very clear to see. The company is offering the Note 9 with a minimum of 6GB of RAM and 128GB of storage, while taking a leaf out of Chinese smartphone companies by offering a “turbocharged” version with 8GB of RAM and a whopping 512GB of storage.

Other hardware areas see notable updates as well. The Samsung Galaxy Note 9 is powered by the same Exynos 9810 chipset that debuted on the Galaxy S9 and S9+, but the entire internal system has been tweaked with enhancements to the graphics processing unit (GPU), as well as the introduction of a “water carbon cooling system” with larger heatpipes. Together with the extra RAM, Samsung is positioning the Galaxy Note 9 not just as a productivity machine, but also a gaming monster as well.

The cameras on the Galaxy Note 9 are also similar to that in the Galaxy S9+. There’s a dual 12MP + 12MP rear sensor with variable aperture (which adjusts automatically to let more light in when necessary) and dual OIS (optical image stabilisation), but the changes are seen on the software side. There’s an AI-assisted feature that detects when someone blinked in the photo you just took, or if it is blurry, and will inform you of it so you can take a better shot. It also has auto-scene detection and optimises the settings to enhance the output.

On top of that, the battery has seen a sizeable increase to 4000mAh – 21% larger than the 3300mAh unit in the Galaxy Note 8. This is the largest battery ever fitted on a Galaxy Note smartphone, and Samsung has sent them to third-party experts to ensure the batteries’ safety so that it doesn’t suffer a similar fate as the Galaxy Note 7.

The Note 9 also has a slightly larger screen at 6.4 inches compared to the 6.3-inch Galaxy Note 8. Rounding up the spec sheet is a USB Type C port, an audio jack, a microSD card slot that supports up to 512GB cards, and fast wired and wireless charging. The company also integrated DeX, the desktop environment solution, into the Galaxy Note 9, and can be activated only by connecting a monitor using a USB Type C to HDMI adapter – no more separate DeX Station to carry around.

Finally, it wouldn’t be a Note without the S Pen, and this year, Samsung has made huge strides for the S Pen. It is now embedded with Bluetooth, and is fitted with a “Super Capacitor” that is wirelessly charged when it is inside the phone. The introduction of Bluetooth allows users to use the S Pen as a wireless remote or clicker, letting you remotely control the camera, for example, or move between presentation slides on PowerPoint.

Retail Price & Where To Pre Order Galaxy Note 9 In Malaysia

Malaysia is in the first wave of global availability of the Samsung Galaxy Note 9. Pre orders have gone live across various channels, from
Samsung’s own website
 to popular retailers like
Senheng
 and
Harvey Norman
, telcos (
Celcom
,
Digi
,
Maxis
,
U Mobile
,
Yes 4G
), and of course, the e-commerce sites (
Lazada
,
11street
, Shopee (
128GB
,
512GB
)).

The Samsung Galaxy Note 9 retails for RM3699 for the 6GB/128GB unit, and RM4599 for the 8GB/512GB model. Both variants come with freebies during this pre-order campaign. The 6GB/128GB model will come with a free Samsung Gear Sport smartwatch worth RM1219, while the 8GB/512GB version will come with the Gear Sport worth RM1219, an extra watch strap, and a fast wireless charging pad that have a total value of RM1531.

Four colours will be available: Midnight Black (128GB & 512GB), Ocean Blue with Yellow S Pen (128GB), Metallic Copper (128GB), and Lavender Purple (128GB).

Best Pre-Order Deals & Best Credit Cards To Use To Buy Galaxy Note 9

Samsung has ensured all its retail, telco, and e-commerce partners follow its pre-order freebie campaign, so across the board you’ll find the same deal. However,
Senheng
 is offering a free 32GB Samsung microSD card (first 999 orders only) on top of the set of freebies for the Galaxy Note 9 pre-order. Senheng’s PlusOne members also get an extra year of warranty for free.

Meanwhile, the telcos all have their own pre-orders in place, with various subsidised device prices. However, do note that you will be locked down to a 24-month contract to enjoy the special prices.

As for the e-commerce partners, Lazada, 11street, and Shopee all currently have live listings, but none are offering anything extra on top.

So, which credit cards to use to maximise your savings? For starters, the
Maybank FC Barcelona Visa Signature
 is the best credit card to use here, as it offers 10% cashback capped at RM100 for the month of August – that’s an instant RM100 in savings for the purchase.

On the other hand, 11street and Senheng’s websites accept American Express credit cards, so if you have the
Maybankard 2 Gold
 or
Platinum
 credit cards, you’ll get 5X TreatsPoints if you purchase today, or if you take the risk and wait until the weekend (the pre-order campaign ends on Sunday, 19 August), you can get 5% cashback as well (capped at RM50).

Not to forget, there’s also the
Public Bank Visa Signature
 and the
Public Bank Quantum
 credit cards. The PB Visa Signature offers 6% cashback (capped at RM38) as well as VIP Points, while the Quantum cards feature 5% cashback for online transactions (capped at RM30) and has VIP Points as well.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Affin Bank Updates Affin Islamic Platinum Mastercard Benefits, Offers Up To 3x Rewards Points

Affin Bank is updating the benefits of the Affin Islamic Platinum Mastercard to reward its credit cardholders with improved incentives. Effective from 1 August 2021, the enhanced features include a revised AFFIN Rewards Points earning system, the provision of complimentary access to the Plaza Premium Lounges within Malaysia, and a lifetime waiver of the annual fee.

At present, the
Affin Islamic Platinum Mastercard
 allows you to earn 1x and 2x AFFIN Rewards Points for local and overseas transactions, respectively. It also offers a one-year waiver on the annual fee, with the fees for subsequent years to be waived as well if you carry out a minimum of 12 retail transactions per year.

Come 1 August, the benefits of the card will be enhanced to let you earn 3x AFFIN Rewards Points for dining, groceries, and online/e-commerce transactions, with 1x AFFIN Rewards Point for all other retail transactions. On top of that, you will also be able to earn 2x complimentary access to the Plaza Premium Lounges located within Malaysia, provided you spend a minimum of RM2,500 in your latest credit card statement. Finally, the annual fee is now unconditionally waived for life.

Here’s a quick summary to help you better grasp the changes that are being made:

With this update, the Affin Islamic Platinum Mastercard is essentially being revamped from a rewards points credit card catering to frequent travellers, to a card intended for daily use. This is likely due to the extended travel restrictions imposed worldwide because of the Covid-19 pandemic.

Do note as well that along with these enhanced benefits, the Affin Islamic Platinum Mastercard will also be sporting a new card face. While Affin Bank has yet to reveal the updated card face, it said that existing cardholders can carry on using their current cards with the new benefits, and that they will receive the redesigned Affin Islamic Platinum Mastercard upon renewal.

You can find out more about the
enhanced benefits for the Affin Islamic Platinum Mastercard
 on the bank’s website.

(Source:
Affin Bank
)

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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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OCBC Credit Cards And Big Bad Wolf Save A Bundle On Books

OCBC Credit Cards Make The World’s Biggest Book Sale Go With A Bang.

Big Bad Wolf will be hosting the
World’s Biggest Book Sale
 at the
Mines Convention Centre (MIECC)
 Kuala Lumpur, from 7
th
 to 23
rd
 December 2012. With over 3 million Books, Magazines, CDs, and Graphic Novels at 75% to 95% discount this is the ideal place to buy holiday gifts for the Bookworm in your family (and a few treats for yourself).

Use your OCBC Credit Card to buy anything from the Big Bad Wolf Book Sale and you’ll get an additional 5% discount off the cover price of books.

Spend over RM500 on a single receipt with your OCBC Credit Card and you can even convert your purchase to 0% instalment plan – not bad for your budget.

Avoid queues too: you and a guest can wave your OCBC Credit Card and use a special VIP entrance to the Hall. These folks think of everything!

Terms and Conditions apply.

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Bank Promo Codes To Save More For Shopee & Lazada 10.10 Sales

With 10 October 2022 just around the corner, Lazada and Shopee are once again ready to reward Malaysian shoppers (you!) with plenty of special deals during their 10.10 sale event. As always, you’ll be able to tap into perks such as free shipping vouchers, steep rebates for selected brands and products, as well as flash sales at specific timeslots.

Of course, let’s not forget also about the various bank partner vouchers that are meant to further benefit banks’ cardholders as well. We’re back with another round-up of bank partner vouchers that you can redeem during Lazada’s and Shopee’s 10.10 sale, so check them out to save more on your purchases!

Bank Vouchers For Lazada’s Super 10.10 Carnival Sale

If you’re not yet aware, Lazada’s bank promo codes for its sale are released only when the event begins at midnight; in this case, midnight of 10 October. As such, you’ll have to claim them quickly before you begin your shopping spree.

While you’re at it, remember also to collect seller vouchers,
Lazada Bonus
, and
free shipping vouchers
 to stack with your bank vouchers. For maximum savings when shopping on Lazada, you can stack up to five vouchers for each order: Lazada Bonus + platform voucher + bank voucher + store voucher + free shipping voucher. And for selected stores, you can even use your Lazada Coins – making it six stacks altogether!

Here’s the list of bank vouchers that you can use during Lazada’s 10.10 sale, running from 10 to 12 October:

Affin Bank

There are two promos that Affin Bank debit and credit cardholders can enjoy:

RM12 off with RM120 minimum spend (150 redemptions)

RM18 off with RM150 minimum spend (200 redemptions)

Go ahead and
claim the vouchers here
.

Alliance Bank

Alliance Bank credit cardholders can tap into two offers:

RM50 off with RM500 minimum spend

RM15 off with RM150 minimum spend

Claim both vouchers here
, and apply them at check out.

Bank Islam

Bank Islam debit and credit cardholders can get RM15 off with RM120 minimum spend.

Apply the promo code
10BILAZ
 during checkout to enjoy the rebate.

Bank Simpanan Nasional

BSN credit cardholders will be able to enjoy RM20 discount with a minimum spend of RM150. It is available on a first-come first-served basis, capped at a maximum of 150 redemptions.

Use the promo code
BSNLAZ10
 to enjoy the rebate.

Citibank

Exclusively for Lazada Citi credit cardholders, this offer allows you to enjoy RM38 off with a minimum spend of RM150. Limited to 1,500 redemptions, this voucher is provided on a first-come first-served basis. (Yup, it looks like this round it’s only limited to the Lazada Citi card)

Claim the voucher here
.

CIMB Bank

CIMB cardholders can tap into an RM50 discount with a minimum spend of RM580. There is also an RM10 discount exclusively for CIMB customers who pay using FPX, with a minimum spend of RM100.

You can
claim the vouchers here
.

Maybank

Maybank cardholders can enjoy a discount of RM12 when they spend a minimum of RM100. To tap into this, key in the promo code
MBLAZ10
 during the checkout process.

Meanwhile, if you are a Maybank AMEX cardholder, tap into a separate RM15 rebate with a minimum spend of RM130. You’ll have to use the promo code
AMEXLAZ10
 instead.

Public Bank

Public Bank customers holding Public Bank Mastercard credit cards will be able to enjoy RM20 off with a minimum spend of RM150.

Use the promo code
PBLAZ10
 to enjoy the rebate.

RHB Bank

RHB credit cardholders can tap into an RM18 discount with a minimum spend of RM150.

Claim the voucher here
.

Bank Vouchers For Shopee’s 10.10 Brands Festival Sale

Unlike Lazada’s bank promo codes and vouchers, Shopee’s bank partner vouchers can already be claimed. Aside from those, there are, of course, also additional vouchers that you can tap into to further reduce your shopping expenses – such as
10% instant rebate vouchers
 and
10% coin cashback vouchers
, as well as free shipping vouchers.

However, Shopee’s voucher application is different from Lazada’s, as you are only allowed to use a maximum of two vouchers in each purchase (shop voucher + discount/platform OR free shipping). This is unlike its previous system, which lets you to stack shop vouchers with bank, platform/discount, and free shipping vouchers – all in one order. As such, you will have to be sure to select the best voucher for your order.

Meanwhile, here are the bank vouchers for Shopee’s 10.10 sale that you can claim, to be used only on 10 October:

Affin Bank

As Affin Bank’s cardholder, you can enjoy either of the following offers:

Promo
Redemption
Voucher code
RM20 off with RM180 minimum spend
350 redemptions
AFFN10A
RM30 off with RM280 minimum spend
140 redemptions
AFFN10B

Alternatively, you can
collect the vouchers here
.

Alliance Bank

Alliance Bank also provides two offers to its credit cardholders, namely:

Promo
Redemption
Voucher code
RM15 off with RM150 minimum spend
130 redemptions
ABMB15
RM50 off with RM500 minimum spend
120 redemptions
ABMB50

You can also
collect the vouchers here
.

AmBank

AmBank debit cardholders will be able to tap into an RM10 discount when they spend a minimum of RM100.

Go ahead and
collect the voucher here
, or use the voucher code
AMBD10
.

Bank Islam

Bank Islam cardholders can enjoy RM20 off with a minimum spend of RM150.

Collect the voucher here
, or use the voucher code
BI10
.

CIMB Bank

As a CIMB cardholder, you can also enjoy RM50 off with a minimum spend of RM580.

Collect the voucher here
, or use the voucher code
CIMB10
.

Maybank

Depending on your Maybank cards, you can tap into three different offers:

Card
Promo
Redemption
Voucher code
Maybank Shopee Visa Platinum credit card
RM20 off with RM120 minimum spend
1,225 redemptions
MSCC10
Maybank/Maybank Islamic Mastercard, Visa & AMEX cards
RM15 off with RM120 minimum spend
3,889 redemptions
MBB10
Maybank/Maybank Islamic AMEX cards
RM18 off with RM120 minimum spend
1,556 redemptions
MBBAMEX10

Otherwise, you can
collect the vouchers here
.

UOB

UOB cardholders will be able to get a rebate of RM10 when you spend a minimum of RM100.

Collect the voucher here
, or use the voucher code
UOB10
.

***

A few more notes before you set off to claim your 10.10 vouchers: do be aware that Lazada’s voucher redemption mechanics is based on a “first claim” basis, while Shopee’s is based on a “first redemption” basis. This essentially means that once you’ve claimed a Lazada bank voucher, it’s yours to use whenever you want – as long as it is during the 10.10 sale event.

Meanwhile, claiming a Shopee bank voucher does not guarantee that you can redeem it; it just puts it into your voucher list so that you can find it easily. As such, you will still need to act fast on 10 October to utilise the vouchers before they run out.

And as a final reminder, always be sure to collect as much
Lazada Bonus
,
Shopee 10% rebate
, and free shipping vouchers for both
Lazada
and Shopee before making your order!

Finally, don’t forget to also tap into the benefits of your
cashback credit cards for online shopping
 so that you save even more than just what the vouchers can offer you!

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Maybank

Public Bank

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UOB

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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Price Of Unsubsidised Cooking Oil Expected To Fall Within Two Weeks

(Image: The Star/Izzrafiq Alias)

Chairman of the Jihad Tangani Inflasi task force, Tan Sri Annuar Musa has said that the price of unsubsidised cooking oil is expected to fall within the next two weeks. This is as several oil manufacturers have hinted that they will gradually reduce the price by 5% to 10%.

Tan Sri Annuar, who is also the Minister of Communications and Multimedia, stated that his
task force
 had recently raised the issue of unsubsidised cooking oil and its price with relevant industry players. The discussion involved cooking oil manufacturers, the Malaysian Palm Oil Board (MPOB), and the Malaysian Palm Oil Council (MPOC).

(Image: The Star/Raja Faisal Hishan)

“I am not forcing (them to do so), only at this point (in) time, I want the industry to have a sense of responsibility, and not let the government get bogged down with problems because ultimately, it is the companies that determine (the price),” remarked Tan Sri Annuar.

The price of cooking oil had made headlines recently due to its
significant increase
 – as much as RM10 per bottle – following the government’s decision to
remove the subsidy for bottled cooking oil
 starting from 1 July 2022. Prior to that, the government enforced a
maximum retail price for bottled palm cooking oil
 as a temporary measure to ease the financial burden of the people. Meanwhile, the subsidy for cooking oil in 1kg polybag packages is retained.

(Source:
Malay Mail
)

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Nur Adilah Ramli

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How credit cards can make you broke

A credit card can be a handy convenience, a ‘life-saver’ in times of emergencies and a great way to earn freebies through rewards points and cashback. But for a segment of society who got carried away, massive credit card debt is a very real and daunting possibility.  These are just some basic rules to ensure you don’t fall into the credit card debt trap.

Taking On Too Many Credit Cards

It’s good to have options and sometimes it might be a life saver to have a second emergency credit card but unless you remain disciplined about your spending, it’s just too easy to rack up too much debt on all your numerous cards because of indulgences or to earn points on this card and rewards on that.  You would also have to fork out multiple annual fees and the RM50 government service tax. The
new credit card guidelines
 from Bank Negara were designed with this thought in mind. If you earn less than RM36,000 per annum, you are only entitled to credit cards from two issuers with a capped limit.

If you plan on getting more than one credit card, work out carefully which amongst the available credit cards give you the best savings (be it cashback or annual fee waivers) and pick two. Unless you are, very, very disciplined, forego the urge to have an arsenal of credit cards.

Overspending

It may sound like common sense but you’ll be surprised how many people don’t adhere to this mantra: ‘Don’t spend more than you earn’. Unless you’re paying for something really important, always think twice before you commit something down on plastic. And once you decide to do that, think about whether you can afford to pay it off when your next bill comes. Something dire and usually of a large amount like a hospital bill, you understandably won’t always be able to pay off in a month but otherwise avoid charging more than you can pay at the end of the month.

Being Prompt With Payments

There are some things that we simply can’t afford to pay upfront. But the thing to keep in mind about debt management is you must always strive to pay off your credit card balance and not just make the minimum payment. The most obvious reason for this is of course to avoid compounding interest but also in the long run it may affect your chances of applying for a home loan or another credit card. If you can’t afford to pay off your credit card bills in full work out a budget and timeline when you’ll be able to pay off the remaining balance and try to curb your spending in the meantime.

Read the Fine Print. Twice!

Most people hate going through the terms and conditions when they sign-up for a credit card. But not knowing what you are signing up for only leads to trouble. For instance, always read the clause on interest rates and what happens should you delay or default on payment; annual fee waivers (whether for life or first two years or with minimum swipes); how to qualify for cashback (do you have to register?) and promotions (again, do you have to register or spend a particular amount?). All of these factors will end up costing you money in some way or another if you are not careful.

If unsure, don’t hesitate to call your bank for a detailed explanation. And if you’re signing a contract make sure you’re getting a copy of it for future reference.

A credit card is a great tool to manage your money, earn rewards and obtain items and services you may not always be able to afford but if you’re not careful, it could make you broke.

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Affin Avance Credit Cards Coming In December

Last week, Affin Bank launched a new financial and wealth planning segment,
Affin Avance
, aimed at the mass affluent group of on-the-go professionals. Featuring a variety of personalised solutions – including access to a dedicated personal financial consultant and financing with preferential rates – the banking membership also serves up a new credit card for its members: the Affin Avance credit card.

Available either as a Visa credit card or a Mastercard credit card-i, the Affin Avance credit card is a rewards points credit card that offers up to 3x AFFIN Rewards points when you perform selected transactions. Specifically, the points are awarded as such for the following transactions:

Dining: 3x AFFIN Rewards points for every RM1 spent

Professional bodies (in Malaysia): 3x AFFIN Rewards points for every RM1 spent

Retail: 1x AFFIN Rewards points for every RM1 spent

Note that the bank will not award AFFIN Rewards points for charity, government, and petrol transactions. Also, AFFIN Rewards points have a validity period of 3 years starting from the date of issuance.

Aside from rewards points, the Affin Avance credit card also lets you take up an easy instalment plan of up to a maximum of 24 months at 0% interest when you spend a minimum of RM3,000 in a single receipt. On top of that, you also get to enjoy a lifetime waiver of the annual fee.

At present, Affin Bank has yet to share more in-depth details about the Affin Avance credit card. There is also no mention of the exact application requirements for the card. However, knowing that one of the eligibility criteria for the Affin Avance membership is that you must have a minimum monthly salary of RM7,000, we expect the Affin Avance credit card to share a similar – if not higher – income requirement.

According to Affin Bank, the Affin Avance credit card will be available starting from December 2020; more information will be revealed by then. In the meantime, you can check out the new
Affin Avance credit card
 on the bank’s website.

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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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Maybank Offers RM10 Discount On Sama-Sama Lokal Orders With Another RM10 Off Delivery

Maybank is currently running the StayHomeLokal 2.0 Online Order campaign, which provides customers with an RM10 discount when they make online purchases from selected merchants on the Sama-Sama Lokal platform. This is on top of another RM10 rebate that they can get on the delivery fee.

The ongoing campaign, which is slated to end on 24 January, is open to all active Maybank2u and MAE customers who are registered to use the Scan & Pay function
.
 To qualify for RM10 off your Sama-Sama Lokal order, you will need to make a minimum purchase of RM30. Note that the discount is only applicable for purchases made from specific vendors listed under the following categories, so be sure to check before putting in your orders:

Hawkers

Groceries & Pets

Market & Sundry Shops

Restaurants & Cafés

Beverages, Snacks and Desserts

Additionally, you’ll need to pay for your purchases via MAE or online bank transfers (through the Maybank2u app or web) to be eligible for the discount. To redeem your rebate, remember to key in the promo code (
STAYHOME
) when paying for your purchases, after which the rebate will be applied immediately to the checkout total.

You’ll also be happy to know that each Maybank customer is entitled to two separate redemptions of the promo code, so you can earn a total of RM20 rebate throughout the campaign period. Note, though, that the deal is provided on a first-come first-served basis, limited only to the first 2,500 users.

Meanwhile, the other RM10 discount for delivery fees is automatically applied for the delivery of each Sama-Sama Lokal order made via this campaign – you do not need to key in any promo codes to redeem it. If the delivery fee for your purchase exceeds RM10, however, you will be required to cover the remaining amount.

Maybank’s StayHomeLokal 2.0 Online Order campaign is currently available to customers in Selangor, Penang, Johor, Melaka, Sabah, Kuala Lumpur, and Putrajaya – which were the first states to be placed back under MCO before the remaining states (except for Sarawak) followed suit. Customers in Sabah should also note that they are not eligible for the RM10 discount on delivery fees as they are only allowed to pick up their purchases.

You can find out more about Maybank’s
StayHomeLokal 2.0 Online Order campaign
 on the bank’s website. Alternatively, you can view the
full list of participating merchants here
.

The Maybank’s Sama-Sama Lokal platform
 was launched last year in
an effort to help small businesses
 that are facing difficulties amidst the movement control order (MCO). It intends to help local businesses gain the visibility that they need, especially those that are less tech savvy.

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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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Thank You To Our SaveMoney.my Readers

Hi MoneySavers!

We set up SaveMoney.my in early 2012 with a simple goal, to help Malaysians save money. We have been doing so for almost 5 years, and in that time we have had many consumers who have either learnt some useful ways to save themselves money or enrich their lives in some way or another, not to mention our humorous pieces which have kept a serious topic like money related issues ever so interesting.

All this time, we’ve also been working side by side with our sister brand RinggitPlus on making sure folks get the most out of their money. Yet again, over the last few years we have been helping hundreds of thousands of consumers not only learn about financial products in Malaysia, but also getting more from successfully applying for them through that portal.

In order to fully focus on giving the most to our customers and clients, we had to marry our two beloved brands into one.

It’s usually tough to say goodbye to a well-loved brand like this but in this special instance, we feel at ease doing so.

We know that through RinggitPlus, we will continue to offer a great financial application experience which will be further enriched with amazing educational content like the one at SaveMoney.my. With these changes we will ensure our focus is to always help customers make better decisions for their money. We hope you love the changes too.

It is not a goodbye, it is a new beginning for us to continue expanding and helping all of you through a one stop place on RinggitPlus.

See you there!

Liew Ooi Hann & Lucas Ooi

(Founders of SaveMoney.my)

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Malaysia Toll Collection To Continue Until Country’s Economy Is Stabilised

Malaysians will have to continue to pay tolls for the foreseeable future, as Works Minister Baru Bian told Parliament that the Pakatan Harapan government has decided to delay its pledge to abolish tolls due to the country’s financial situation.

One of Pakatan Harapan’s GE14 pledges was to abolish all tolls in Malaysia, but according to Baru Bian, the decision to delay this pledge was made after the government studied the various factors that may arise from this decision, especially after it was revealed that the country’s financial state is a lot worse than expected.

“The estimated cost in compensation (to abolish tolls) is more than RM400bil. The Government has agreed to postpone the plans to abolish tolls until the country’s economy is stable and allows for it,” he said.

(Image: Malay Mail)

When asked by Jelebu Member of Parliament (MP) Datuk Jalaluddin Alias on whether the government has considered other options like discount rates, the Works Minister insisted the government is responsible and practical about the situation and will avoid making hasty decisions.

“After we took over, we knew the real financial situation of the country, and that is why we decided to delay the decision,” he explained.

(Source:
The Star
 and
Malay Mail
)

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How BizChannel@CIMB Eases Banking For Businesses

In 2020, Malaysia was reported to rank 12th among 190 economies for the ease of doing business. Apart from having a mature economic development, established regulatory framework, and strong initiatives to scale up infrastructure and connectivity, the financial institutions of Malaysia have also done their part to support and encourage the adoption of digitalisation for SMEs.

One of these financial institutions is CIMB Bank. In recent years, they have developed and optimised banking processes for businesses to be convenient and uncomplicated. Their platform, BizChannel@CIMB, especially allows that.

For those who have yet to sign up for a CIMB Business Account-i,
sign up here
 to open an account online at your convenience! The CIMB Business Account-i automatically comes with access to BizChannel@CIMB so you can perform business banking with convenience and security. For more information,
head to CIMB’s website
.

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Lisa Ameera Azman

Lisa Ameera Azman

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All Month Long Apple Deal With Citibank: Which Apple Is Your Favourite?

[UPDATED 17 August 2021] The Sweetest Biggest Apple Deal has ended due to an overwhelming response. Thank you for your support!

It’s August and we’re excited to bring you the Sweetest Biggest Apple Deal with Citibank! For the total duration of 1 month, there will be 112 Apple products to be won. If you are a huge Apple fan, you wouldn’t want to miss this out!

From 2 August – 1 September 2021, applicants who
apply for selected Citibank Credit Cards
 will stand a chance to win:

28 x iPhone 12 Pro Max (worth RM5,799.00)
28 x iPad Pro (worth RM3,499)
28 x AirPods Max (worth RM2,399)
28 x Apple Watch Series 6 (worth RM 1,749.00)

iPhone 12 Pro Max – Bigger & Better

Size matter sometimes, and it’s true with the iPhone 12 Pro Max. With the latest A14 Bionic Chip, beautiful Ceramic Shield, Super Retina XDR display and Pro Camera capabilities that are able to capture wider and steadier shots in even better quality. The iPhone 12 Pro Max is a statement phone all on its own.

The Ultimate iPad Experience With The Apple iPad Pro

Supercharged by the all-new M1 chip, the iPad Pro gives you faster performance and incredible displays than ever before. Its 12.9-inch Retina display is powered by over 10,000 mini LEDs partnered with a 16-core neural engine that makes work and play with the iPad Pro a unique way to get things done anywhere at any time.

Experience Effortless Magic With AirPods Max

With nine active microphones for superb noise-cancelling performance, the AirPods Max has the ability to turn your music into an unparalleled listening experience. From deep bass to crisp highs, every note is crystal clear with comfortable cushioned fits for your ears.

Apple Watch Series 6 Is Innovation On Your Wrist

The all-new Apple Watch Series 6 has been innovated to be able to measure your blood oxygen level, an accurate ECG (electrocardiography) and more. Stay connected, track your overall wellness and to-do list easily with the Apple Watch Series 6.

Be One Of The Winners – 28 Apple Products To Be Won Every Week

All successful applicants
throughout the 2 August – 1 September 2021
are eligible to qualify for the giveaway.

Applicants would need to activate their new Citibank credit card on the Citi Mobile App and start spending a minimum of 8 retail transactions within 60 days of approval to qualify.

Applicants who do not win any part of the Apple giveaway will be given prizes of Redmi Airdot Earbuds and a Haylou LS02 Smartwatch.

Start Applying For A Citibank Credit Card

If you’ve been eyeing to apply for a Citibank credit card, start applying for any of these credit cards to win an Apple product.

Moreover, all credit cards listed come with
free annual fees for the first 3 years!

Check them out below:

Citi PremierMiles Mastercard®
Citi Clear MasterCard
Citi Prestige MasterCard
Citi Cash Back Platinum MasterCard
Citi Cash Back MasterCard
Citi Rewards MasterCard
Lazada Citi Platinum Card

Once the bank has confirmed your application and approval, you will then receive instructions from us via email on how to claim your gift.

Please take note that current cardholders and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this deal. Otherwise,
apply for a Citibank

credit card
here
.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us. While this week’s flash deal ends on 1 September 2021 (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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MAS Is Offering 50% Off Your Next Business Class Ticket

From now to 1 December 2019, Malaysia Airlines is offering a special promotion for Business class passengers. If you purchase a Business class ticket from Malaysia to any domestic destination, ASEAN country, or China, you can get
50% off on your next Business class booking
.

This promotion is available for immediate travel and flight bookings up until 6 January 2020. Once you’ve purchased your Business class tickets, you will be emailed a promo code that you can use to get the 50% off your next booking.

The promo code is valid for Business class bookings made from now until 15 December 2019, for flights from Malaysia to domestic destinations, ASEAN countries, or China. The eligible travel period for this
50% discount Business class flight booking
 is from 15 February 2020 to 30 September 2020, with some blackout dates in March, May, and July of 2020 when the discount cannot be used.

We have also confirmed with Malaysia Airlines that the promo code is not limited to the region of the original booking. That means you should be able to purchase a domestic Business Class flight, and then use the 50% promo code to get huge discounts on a flight to China. We also confirmed that there is no cap on the discount value.

For those who are hunting for discounts on Economy class tickets, MAS is offering
up to 15% off outbound domestic and international flights when you pay with FPX
. This promotion is applicable for tickets purchased up until 25 November, for the travel period between now and 30 June 2020.

(Source:
The Star
,
Malaysia Airlines
)

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New UOB Malaysia Credit Cards Appear Online: Zenith, PRVI Miles Elite, & World

UOB Malaysia will be introducing not one, but three brand new credit cards soon, as part of the bank’s migration of Citi’s card business. These three cards are named
UOB Zenith, UOB PRVI Miles Elite,
and
UOB World
.

We’ve known for a while that as part of
UOB’s acquisition of Citi Malaysia’s consumer banking business
, Citi’s credit cardholders will receive UOB cards with equivalent benefits. In recent months we’ve seen UOB revising some of its existing cards to mirror some of Citi’s outgoing cards (such as the
UOB ONE Classic and Platinum
 and
UOB Lazada cards
), and the addition of the Zenith, PRVI Miles Elite, and World is likely to address existing gaps in the UOB card portfolio.

At the time of writing, the product pages for these cards are not live yet, but the T&C documents of the cards – which are already available on UOB’s website – reveal plenty of information on the benefits of the cards. A quick glance at the documents also tells us that these new cards are very similar to some of Citi’s equivalent cards:

UOB Zenith – Citi Prestige

UOB PRVI Miles Elite – Citi PremierMiles

UOB World – Citi Rewards World Mastercard

Before we take a closer look at each card, it’s important to note that UOB has not revealed the redemption rates of these new UOB cards. This is key because different cards have different redemption rates (the UOB Visa Infinite has a better air miles redemption rate than other UOB cards, for example) so we’ll need to wait a little more to see if these new cards are worthy of securing a spot in your wallet. In addition, the annual fees as well as the actual card faces of these cards have not been revealed.

UOB Zenith

The UOB Zenith will likely be UOB’s highest-tier card above the Visa Infinite, offering a straightforward points earning mechanic:

1x UNIRM for every RM1 spent on local retail transactions

2x UNIRM for every RM1 spent on overseas retail transactions

There’s also a spend bonus of 250,000 UNIRM which will be awarded when you spend at least RM240,000 on the card in a membership year. This will cover transactions normally excluded from such programmes, such as government and JomPay transactions.

Aside from that, UOB also mentions a Relationship Bonus Programme that applies for the UOB Zenith card, where cardholders may receive additional UNIRM on their annual spend based on how long they’ve kept their cards. Specifically, the Relationship Bonus Points will be calculated as a percentage of your annual spend in an anniversary year, as indicated in the table below:

Years holding UOB Zenith
Relationship Bonus percentage
1 to 3 years
10%
4 to 6 years
20%
7 to 9 years
30%
10 years and above
50%

However, the T&C page does not indicate if existing Citi Prestige cardholders will be able to carry forward their existing ownership periods over to the UOB Zenith.

In addition to these points-earning perks, UOB Zenith cardholders will be entitled to 12x complimentary access to Plaza Premium Lounge (PPL) and PPL’s affiliate partners in a year covering over 1,100 lounges around the world. Cardholders will also enjoy exclusive UOB Zenith Global Concierge Services including a dedicated hotline.

You can also enjoy complimentary limo rides home from the airport, provided you’ve made at least three retail transactions overseas using your UOB Zenith card, within 30 days prior to the date of your ride redemption (receipts must be provided as proof). Curiously, this complimentary ride perk is made available only until September 2023, but there’s always the chance that UOB will renew it after its expiry.

Lastly, the Prestige’s “complimentary fourth night” programme will also be extended to the UOB Zenith, where cardholders will enjoy one complimentary night when they book a stay of at least four consecutive nights at selected hotels and resorts via the UOB Zenith Concierge. Your stay must be fully paid using the UOB Zenith card in order to qualify for this perk.

UOB PRVI Miles Elite

The UOB PRVI Miles Elite is likely the replacement for the Citi PremierMiles Card. Instead of introducing a new rewards points system (the Citi PremierMiles earns PremierMiles points instead of the usual Citi Rewards Points), the PRVI Miles Elite will earn UNIRM just like the other UOB rewards cards.

The main card value propositions (CVP) remains largely similar between both cards: cardholders earn accelerated points earnings for travel-related expenses, right down to the annual bonus points rewarded upon payment of annual fees. The UOB PRVI Miles Elite will earn:

10x UNIRM for foreign currency transactions (including online)

5x UNIRM for Airlines-related spending

1x UNIRM for all other transactions (with the usual exclusions like government-related transactions, JomPay, EPP, and others).

As for the annual bonus, cardholders who pay the annual fee will receive 60,000 UNIRM.

Meanwhile, the airport lounge access and airport limo ride benefits from the Citi PremierMiles is retained in the UOB PRVI Miles Elite card – there are no changes whatsoever in both instances, where cardholders will continue to get 8x access to airport lounges across 9 countries. For the airport limo benefit, UOB will retain the dedicated booth at KLIA Terminal 1 (to be renamed UOB Airport Limo Priority Booth) where cardholders will need to display at least 3 overseas transaction receipts no more than 30 days old from the date of ride redemption.

UOB World

The UOB World card is the likely successor to the Citi Rewards World Mastercard. Virtually every benefit has been ported over to the UOB World, starting with the points earning benefits:

12x UNIRM for selected e-commerce & e-wallet transactions (covering iTunes, Touch ‘n Go, Boost, and BigPay)

5x UNIRM for Departmental Stores & Hypermarkets up to RM3,000 per statement cycle (covering AEON, AEON Big, Marks & Spencer, Metrojaya, Parkson, Isetan, B.I.G., Cold Storage, Everise, Giant, Jason’s Food Hall, Jaya Grocer, Servay, Lotus’s, and Village Grocer)

5x UNIRM for Overseas Spend up to RM24,000 equivalent per membership year

1x UNIRM for all other transactions (with the usual exclusions, including unique ones such as utilities, petrol, and any “top up or reload transactions” besides the e-commerce & e-wallet transactions specified earlier)

The annual bonus benefit is also ported over to the UOB World, where cardholders who accumulate an annual spend of at least RM48,000 will receive a lump sum 125,000 UNIRM bonus.

Lastly, the UOB World will also grant cardholders airport lounge access benefits covering 6x complimentary access to Plaza Premium Lounges located in KLIA Terminal 1 and KLIA Terminal 2.

***

We will likely see UOB officially announcing these three cards soon, as their T&C document clearly state an effective date of 1 July 2023. We’re also close to the completion of UOB’s migration process; based on its current timeline, this exercise is expected to wrap up
 sometime in September
. With the addition of these three new cards, UOB’s credit cards portfolio now totals 14 cards – one of the biggest in the country.

(Source:
 UOB
 [
1
,
 2
,
 3
])

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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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    Chin CL

    2 months ago

Citi Prestige entitled for mastercard lounge key. How about UOB Zenith?

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    AHMAD LUTFI BIN

    2 months ago

I am interested

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    Mm33

    2 months ago

It’s a downgrade for Citi Premiermiles card holder

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6 Reasons to Never Throw Your Old Electronics Away

Let’s say you have this old computer monitor from the 1990s. It’s gotten yellow, and it’s so slow it’s practically useless and not compatible with any contemporary gadget. So, what do you do with it? The same goes for your old refrigerators, laptops, washing machines, televisions and more.

Of course, your first reaction may be to dump it somewhere, even in the trash bin for smaller objects. However, there are several ways you can dispose of your old electronics correctly. If you’re wondering whether there are safe ways to either dispose or recycle your old electronics, here are some ideas for you:

Recycle Them

Wherever you live, there’s definitely a recycling factory somewhere. Most of these centres in Malaysia are rather low profile and they don’t have social media pages or websites. However, a drive around will definitely reveal them, and they are identifiable by the piles of cans or newspapers.

When you drop off your electronics, usually you’ll be compensated monetarily, although the amount may be minimal. Here is a list of
recycling centres
 for those who live in and around the Klang Valley.

Donate Them to a Charity

If your electronics can still work and you’re looking to get rid of it because you want to upgrade, then why not consider donating it to a charity. Charity donation boxes are available all over the place, and some of them will even arrange for a pickup of bulkier electronics.

However, you have to be careful not to donate junk, meaning electronics that are spoiled beyond repair. Keep in mind that it is very cruel to treat charities and NGOs as convenient dumping grounds.

Sell Them Off

Again, if your electronics are still working, you can always sell it online for a dirt cheap price. You never know who you will be helping, including struggling students or minimum wage earners.

Many of these people are just glad for a working item and won’t care if it’s outdated. Make sure that you advertise honestly and if there’s any damage of minor faults, you should mention them.

Refurbish and Repurpose Them

Just because your devices may not be usable for the same tasks due to their obsolescence, doesn’t mean they still can’t be useful. What you can do is send your device to the many gadget-refurbishing services in any mall to get them to working order.

Once that’s done, you can use them as function-specific devices. An old tablet can be used as just a fancy digital alarm clock or Netflix-only device. An old smartphone can be a games-only device for your little nephew, or just a fancier iPod. Just because they can’t do everything anymore doesn’t mean they can’t still do one or two things really well.

Upcycle Them

If your old electronics are fried or absolutely destroyed internally, there can still be some use in their physical hardware. You’ll be surprised that a little creativity can go a long way, and your old electronics can be turned into something completely different.

For example, old CPU casings can be used as flower pots to grow plants, and if you remove the tube from an old monitor, it’ll make a swell sleeping place for your pet. For more ideas on how to repurpose you old PC parts, visit this
link
.

No matter how small you think your part is in recycling old electronics, you can take heart in the fact that you’re reducing waste helping the environment. If you yourself are looking for affordable gadgets to buy, check out our list of
discounts on gadgets
 to get yourself the best deals out there.

Image credits:
MakeUseOf

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Amazing Balance Transfer Rates from Bank Islam

Bank Islam has just announced some really good balance transfer rates if you are thinking if giving the programme a go to clear credit card debt. The rates are tiered for 0% at a six month tenure, 1% at a 12 month tenure and 5% at a 24 month tenure.

Be sure to keep to the requisite tenure though as the rates will balloon to the usual 17.5% after that for any remaining balance. The minimum amount transferable is RM1000.

There aren’t any processing or early settlement fees either. This promotion is only valid until 31 December 2013. Click this link for all the
terms from Bank Islam.

Why should you consider a balance transfer? Check out our article on the
benefits of one
 as well as the
competition in the balance transfer stakes
.

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Diana Chai

Diana Chai

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Shopee Begins Offering Better Free Shipping Vouchers - Quota Refreshes Daily

E-commerce platform Shopee appears to have quietly raised the value of its free shipping vouchers from RM3 to RM5 (with a minimum spend of RM15) for deliveries in Peninsular Malaysia.

This update – if made permanent, and not just a temporary campaign perk – is definitely good news for shoppers as this means Shopee is now offering “true” free shipping vouchers, given the fact that the minimum shipping fee for standard delivery in Peninsula Malaysia is RM4.90. So unlike before when the subsidy value of these vouchers is set at RM3, the updated RM5 value can actually fully cover your shipping fee.

Dubbed the “daily unlimited free shipping vouchers”, users get to claim up to 10x of these free shipping vouchers each day, which must be utilised during that specific day. Of course, make sure to check other terms of usage; for instance, each shipping voucher can typically only be applied to a maximum of three orders. The quota refreshes the next day, so realistically you won’t run out of these vouchers.

Shopee has yet to make any announcements or confirm any changes, but frequent Shopee users would have noticed these RM5 free shipping vouchers at least since the 6.6 sale earlier this month. Meanwhile,
Shopee’s free shipping FAQ
 still states that its shipping subsidy for standard deliveries is valued at RM3 for Peninsula Malaysia and RM8 for Sabah, Sarawak, and Labuan (the value of free shipping vouchers for East Malaysia remains unchanged). That said, it does clarify in a disclaimer that “not all free shipping vouchers in Shopee follow the same subsidy table above.”

This “Hari-Hari Unlimited Free Shipping” is yet another effort from Shopee as it continues its market share competition with Lazada – which had been focused on “Fast and Free Shipping” for the best part of this year (especially after
Shopee lowered its free shipping vouchers value to RM3
).

Besides this, Shopee has also been offering high-value vouchers for selected product categories – especially Fashion and Beauty. For example, we’ve been seeing fashion and beauty product vouchers offering direct rebates of RM20 with a minimum spend of RM60, or RM30 with RM90 minimum spend – approximately 33% discount!

While these are certainly good news, Shopee’s restriction on stacking free shipping vouchers with platform vouchers in a single order is still, unfortunately, in place. The e-commerce platform had abruptly
removed the ability to stack these vouchers in mid-2022
 without any official announcements or heads-up.

As it stands, however, Shopee’s latest efforts may prove to be quite attractive to online shoppers now, especially since rival e-commerce platform Lazada appears to have shifted focus to its
Everyday Cashback vouchers
, which doesn’t offer direct rebates on one’s purchases. Instead, these vouchers – ranging up to 25% capped at RM30 with varying minimum spend amounts – let you collect cashback to use for your
next purchase
. Worse, collected cashback values have a short validity period of just one month.

Additionally, with Lazada also recently
revising its voucher stacking mechanics
, Shopee’s latest move may just be the incentive online shoppers need to switch camps.

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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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TM Offers Limited-Time Unifi Home 100Mbps Package With Unifi TV For RM159/Month

TM has introduced a new Unifi Home package that comes with 100Mbps download speeds and an all-access subscription to Unifi TV – despite discontinuing the service earlier this year.

According to TM, Unifi TV was discontinued because it found that consumers nowadays prefer watching content on their smart devices rather than TV anymore. From a set-top box service, Unifi TV content became only accessible on TM’s PlayTV app.

However, the company
now offers a third Unifi fibre broadband package
 that includes a Unifi TV Box and 100Mbps broadband for RM159, offered as part of the Unifi Home School Holiday promotion. The plan will only be available from 12 March till 31 May 2019, including a 100Mbps broadband with Unifi TV Ultimate Pack bundled with a Unifi TV Box for only RM159 a month – a RM30 discount from the original RM189.

The Unifi TV Ultimate Pack will include Fox movies, live sports, Korean dramas, The Star’s dimsum, and the BBC iPlayer app. Aside from that, the plan will also offer 600 minutes of call time to all mobile and fixed lines nationwide, a free wireless router, and a modem.

Unifi’s
FAQ section
 confirms that customers will be able to continue enjoying the promotional price even after the contract ends instead of paying the normal price of RM189 a month. Besides this promotional plan, new Unifi customers can also pick from the
Unifi Home Basic Plan 30Mbps at RM79/month or the Unifi Home 100Mbps
 that does not come with the set-top-box and full access to Unifi TV at RM129month.

(Source:
The Star
,
SoyaCincau
)

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Shopback: Malaysians Love To Shop Online Between 2-3pm

Malaysians are most actively shopping online at 2-3pm, while on special online sales events, it shifts to 12-1am. This insight was among several interesting statistics about Malaysians’ online shopping behaviour shared by Shopback.

As it celebrates its 5th birthday in Malaysia, Shopback took some time to share some trends and statistics in the changing online shopping habits among Malaysians. With over 2.5 million users in the country, its data represents a good portion of online shoppers in the country.

For instance, on normal days, Malaysians are most actively shopping online between 2-3pm – smack in the middle of the work day. But during mega online sales such as 9.9, 11.11, and 12.12, this naturally changes to 12am-1am as customers rush to purchase limited promotional items and secure the best deals.

Another interesting stat is the declining average order value of Malaysians shopping in online marketplaces. Where it used to be driven by high-ticket items such as electronics in the past, the average order value for online marketplaces is around RM200 – three times lower than the average order value of Travel bookings made on Shopback.

According to Shopback country manager Eddy Han, there’s an easy explanation. “Besides selling products like gadgets and home appliances, Online Marketplaces has now evolved and diversified its offerings to allow users to reload mobile credits, pay their bills, and even grab discount vouchers. It has brought more convenience to users and more reasons to transact via Online Marketplaces,” he said.

To celebrate
Shopback’s 5th year of operations
 in the country, the company is offering a range of promotions and offers, such as a grand prize of a RM50,000 shopping spree giveaway, 100% cashback vouchers, and upsized cashback deals ranging from 9% up to 18% during the campaign period (21-25 February 2020).

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Pang Tun Yau

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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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Malaysians Should Keep Receipts To Track SST Prices

Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail has lauded a suggestion by a consumer group for the public to start keeping receipts of purchases from now on. The idea was proposed so that any unfair price hikes after the introduction of the Sales and Services Tax (SST) can be detected and proven.

SM Mohamed Idris, president of the Consumers Association of Penang (CAP), had earlier urged the Malaysian public to do their part by saving their receipts to compare any changes in the price of goods when the SST comes into force on 1 September. He said that based on the CAP’s experience when the Goods and Services Tax (GST) was implemented in 2015, receipts were the only way to fight profiteering.

Idris also suggested that the ministry set up booths or beat bases at popular markets around the country so that shoppers could lodge complaints right after they detect an unreasonable increase in prices. It would also remind traders that action could be taken against them if they raised their prices unfairly.

According to Saifuddin, keeping receipts would help the ministry take necessary action against traders who hiked up prices. “The receipts are tangible proof of the price paid and can be used to bring errant traders to book,” he said. “The ministry supports any move to help detect goods that are overpriced and we thank the CAP for proposing this idea.”

The Sales Tax Bill and Service Tax Bill have been passed in the Dewan Rakyat on 14 and 15 August respectively. On 20 August, the Sales Tax Bill was passed in the Dewan Negara after three hours of debate.

(Source:
Free Malaysia Today
)

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Bank Islam Becomes First Islamic Financial Institution To List On Bursa Malaysia

(Image: The Malaysian Reserve)

Bank Islam Malaysia has made history by becoming the first pure-play full-fledged Islamic financial institution to be listed on Bursa Malaysia. This came following the completion of a restructuring exercise within the existing holding company, BIMB Holdings Bhd, which led to Bank Islam taking over BIMB Holding’s listing status.

According to a statement, BIMB Holding’s restructuring exercise saw it taking various improvement measures, including a private placement, a scheme of arrangement to settle outstanding warrants, and the internal reorganisation of subsidiaries. It also undertook a distribution and capital repayment exercise, involving the distribution of BIMB Holding’s entire shareholdings in Bank Islam and Syarikat Takaful Malaysia Keluarga Bhd to the shareholders of BIMB Holdings.

With this update, the new corporate structure will see BIMB Holdings – which was originally the parent company of several subsidiaries, including Bank Islam, BIMB Securities, and Takaful Malaysia – relinquishing its status. Instead, it will now become the wholly-owned subsidiary of Bank Islam, with the bank assuming the parent company role (thereby assuming the listing status). The new Bank Islam group will also include BIMB Investment Management and BIMB Securities. Meanwhile, Takaful Malaysia will be a standalone takaful operator.

The chief executive officer of BIMB Holdings and Bank Islam, Mohd Muazzam Mohamed said that with this, Bank Islam is now given full autonomy to pursue its corporate and business strategies, as well as adopt capital management initiatives. “With the listing, Bank Islam will have access to a wider and diverse capital base, allowing for its efficient use towards greater support of its future expansion programmes and business growth,” he said.

Additionally, the listing will give investors the opportunity to participate directly in the equity and future growth of the new group, said Mohd Muazzam.  The Bank Islam group can also then capitalise on the growth in Islamic finance and the Islamic capital market as it expand its customer base.

“Through a synergistic and holistic approach, Bank Islam aspires towards a prominent position in offering shariah-ESG total financial solution through renowned excellence in digital banking and social finance by the year 2025,” Mohd Muazzam added.

(Image: The Malaysian Reserve)

Moving forward, Bank Islam said that it will rely on five pillars to develop a more resilient business flow amidst the Covid-19 pandemic, namely wealth management, social finance, enterprise banking, wholesale banking, and digital bank.

“On behalf of Bank Islam Group, I welcome all our shareholders and investors as we embark on an exciting future for Bank Islam and further catalyse the growth of the Islamic equity market in the country and region. We look forward to improving ratings and valuations for the new Bank Islam group,” said Mohd Muazzam.

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Bank Islam

BIMB Holdings Berhad

BIMB Investment Management

BIMB Securities Bhd

Bursa Malaysia

Mohd Muazzam Mohamed

Takaful Malaysia

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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