Apply for a Hong Leong Mach Credit Card and get 4x Cashback for 3 Months

The new
Hong Leong Mach Credit Card
 already offers up to 10% cashback on categories of spending based on your package selection but if you sign up now and your card is approved before 30 June 2013, you will be rewarded with 4x cashback for the first three months from approval date.

At sign up, you will be asked to choose a package and each package offers 3 categories within which cashback can be earned. These packages can be changed at any time. Each category will have a different percentage of cashback and participating merchants where cashback can be earned. For example, within the ‘Savvy Package’ there are: the Grocery category (2%), the Health and Fitness Category (2%) and the Mobile Category (3%). For more information on packages, categories and cashback: go to
Hong Leong Mach Credit Card’s Official Page
.

For the first three months, all cashback earned will be quadrupled. Cashback is capped at RM100 per category for the full three month promotion period. Cashback is calculated and credited on the 1
st
 of every month and the bonus cashback will be awarded within 8 weeks from 1 July 2013.

The campaign period is from 1 April 2013 to 30 June 2013.

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Diana Chai

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All Government Agencies To Have Childcare Centres By 2019

Starting next year, government servants do not need to look far and wide for a childcare centre. Deputy Women, Family and Community Development minister Hannah Yeoh recently announced that beginning 2019, all government agencies will be required to have child care centers.

According to Yeoh, only 205 offices in the government sector and 52 offices in the private sector have childcare centers. She added the ministry will start auditing all the government offices immediately and ensure that all of them are equipped with childcare centers by 1 Jan 2019.

However, the implementation of a childcare centre in offices is not limited to government agencies only. The deputy Women, Family and Community Development minister said the implementation of the childcare facilities will begin with the government sector, so that the private sector will follow suit.

The private sector will be given incentives to equip their offices with child care facilities. Hannah Yeoh added employers from the private sector who operate and maintain a child care center will be eligible for a tax incentive of a 10% deduction for the expenditure incurred for the provision and maintenance of childcare centres for the benefit of their employees.

This directive was made in lieu of the shocking death of a five-month-old baby who was found in a freezer in his babysitter’s house on 3 July.

(Source:
Malay Mail
 and
LHDN
)

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Alliance Bank Introduces Shariah-Compliant Digital SME Financing Option

Alliance Bank has enhanced its Digital SME solution with a new
shariah
-compliant cash flow financing option, aimed specifically at assisting micro and small businesses (MSMEs) that operate in the
halal
 industry or business people who are more inclined to such fundings.

In a statement, the bank explained that this alternative – known as Digital SME Cash Flow Financing – is based on the Islamic concept of commodity
murabahah
 (
tawarruq
), and eligible businesses will be able to obtain between RM200,000 to RM500,000 financing via a fully digital channel. To qualify for the financing option, your business must have been in operations for at least three years, with a minimum annual turnover of RM500,000.

Additionally, the Digital SME Cash Flow Financing option offers a tenure of up to seven years, with its variable profit rate starting from as low as base financing rate (BFR) + 3.50% per annum. The BFR is currently set at 5.92% per annum.

Senior vice president and head of Digital SME at Alliance Bank, Kevin Shum said that the Digital SME Cash Flow Financing option is one of the initiatives by the bank as it is gradually expanding to offer fully
shariah
-compliant products as an additional option for business owners. This is on top of existing conventional Digital SME loans.

“As a bank that has long supported Malaysian businesses, we understand that micro and small businesses, particularly new businesses, may find it challenging to obtain a business line of credit as they may not have established a good credit history. Therefore, we are also offering a micro convenience line to help them meet their short-term cash flow needs, and at the same time, help them build credit history,” Shum further said, adding that Alliance Bank aims to provide
RM200 million in digital SME financing via its various Digital SME solutions
.

Aside from offering loans through Digital SME, Alliance Bank also features a range of other digital solutions to help business owners manage and grow their businesses more efficiently. These include the BizSmart Solution Portal, which provides a full range of products, services, and online resources to enable them to digitise their businesses sustainably.

Finally, Alliance Bank also noted that it will be launching more new products catering to the needs of business owners in the coming months.

(Sources: Alliance Bank [
1
,
2
])

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Astro Offers Rebate For Sports Pack Subscribers Due To Lack Of Live Sports

With the lack of live sporting events due to Covid-19, Astro has decided to offer a rebate of RM20 per month for two months to its full Sports Pack subscribers. This rebate will be reflected in the next two bills (June and July 2020).

The lockdowns around the world have disrupted live sporting events. From the postponement of football leagues in Europe including the English Premier League, which is a Malaysian weekend staple, to the 2020 Olympic Games which has now been moved to 2021, the effects of Covid-19 has meant that Astro Sports Pack subscribers have been paying for zero live sporting events in recent months.

Thus far, Astro has offered
complimentary viewing for all channels
 as compensation for these subscribers. Meanwhile, other subscribers automatically get free viewing of News, Learning, Asian Movies, and Stay At Home Concert channels. This remains valid throughout the MCO and CMCO.

“The COVID-19 pandemic disrupted many events globally including live sports.

“In view that there have been no live sports in the past 2 months, we believe offering this additional one-off rebate is the right thing to do.

“Active Sports Pack customers as at May 31st will have the rebate reflected in their next two bills in June and July,” said Lee Choong Khay, Head of Sports at Astro.

It appears this rebate seems to come out of Astro’s own pocket, as
Astro’s FAQ on this
 clearly states that Astro is still incurring all broadcasting costs “without any rebates received for cancelled sports events”.

(Source:
Astro
 via
Lowyat.NET
)

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Pang Tun Yau

Pang Tun Yau

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

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6 Cool Work Benefits Your Job Probably Doesn't Have

Most of us working stiffs would settle for a decent pay bump and a chance to telecommute once in a while. However, some top companies offer perks so amazing; you just might a get a little jealous.

Here are six wonderfully thoughtful benefits that you are probably NOT getting:

1. Paternity Leave

Being a new daddy often requires a little family down time but getting lengthy paid leave to take care of a new-born seemed an unlikely benefit for fathers in the past.

Today however, top companies such as
AirAsia
 and DiGi do offer paid leave for fathers, which is a step in the right direction for gender equality. In addition,
DiGi
 is the first company in Malaysia to offer 6 months of maternity leave, approximately four months more than what the Employment Act of 1955 stipulates.

2. Support For Continuing Education

As the cost of education soars, many rethink furthering their studies when the fees have to come out their own pockets. Some lucky devils do enjoy the benefit of educational financial aid from their employers.

Nestlé
 offers scholarship opportunities as well as study leave, whereas
SP Setia
 assists their employees with interest-free study loans.

3. Onsite Day Care

Working parents often spend less time with their children and waste even more of it commuting. By providing an on-site day care, parents can save money on childminding services and look in on their kids while at work.

The system is win-win as it has been linked to
lower employee turnover
 for employers and childcare savings for employees. In Malaysia, top employers like Sime Darby and
Tenaga Nasional Berhad
 offer such benefits.

4. Company Loan

Cash strapped? Well if you worked for Nestlé or HSBC, you could get a loan directly from your employer.
Nestlé
 provides various types of financing; to buy a car (interest-free) or house (subsidised), even for personal reasons.

HSBC
 on the other hand, gives loans to employees at lower rates. Having low or zero-cost financing options available is indispensable as far as employees are concerned, they wouldn’t have to worry about getting approved or losing money through interests.

5. Travel Benefits

You work hard, and this often means that you want to play hard too. Now some saintly employers actually offer travel-related benefits to help employees get the rest and rejuvenation they deserve.

AirAsia
 provides free flight coupons to their employees,
Tenaga Nasional Berhad
 rewards their people with special vacation accommodations and
The Ritz Carlton
 treats its employees to attractive discounts for spa and resort stays.

6. Free Food

You would think that securing a job would be prize enough but no, companies like
Piktochart
,
Astro
 and
123RF
 go the extra mile in showing their employees just how much they are valued, by feeding them. Staffers from these companies enjoy complimentary dining services to keep them nourished while hard at work. A non-money benefit like this has pecuniary value – one could save hundreds of Ringgit every month, not having to pay for daily meals.

Wouldn’t it be great if more companies adopted such thoughtful benefits and employee programs? Let’s hope they read this article and get inspired!

Now even though your job may not carry the benefits you deserve, a good credit card will reward you in more ways than one. Check our
comparison page
 for a list of the most rewarding cards available!

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Desiree Nair

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Your Citibank card + Santouka = 20% off total bill

Not a bad deal at all, is it? The 20% discount is
valid every day except on Thursday with a minimum spend of RM100 in a single receipt.

On Thursdays, you get a free dessert for every one you purchase instead. Promotion good for Citibank credit card holders until 31 December.

Santouka is located at Pavilion KL.

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Moneylenders vs Loan Sharks: How to Tell the Difference

More important than knowing what kind of loan to go for, is knowing where to get that loan
from
. And as we’ve covered before,
licensed moneylenders can be a handy option
 when all others are out of reach. However, legitimate, legally licensed moneylenders can look a lot like their evil twin, the loan sharks.

Their bloodthirsty business practices and tactics have
gotten more aggressive recently
, so it’s important that you’re aware of how to spot these schemes and how they’re different from above the board moneylenders.

First Off, Just in Case You’re Not Sure…

There’s a chance that you’ve read this far but still insist that you can get away with getting your cash from a loan shark. You might think, “Oh, I have the money and I know their rates, I’ll be fine”. Well we’re here to remind you there are several reasons you should
seriously
 reconsider.

They put in hidden costs.
 Loan sharks are completely comfortable with introducing hidden fees and penalties you never even agreed to. Since their business is not bound by law, they have no reason not to gouge you further even if you manage to settle your payment in full and on time.

They harass and threaten you.
 Operating outside the law means
they can do whatever they feel is necessary
 in order to intimidate you into paying up. We don’t have to tell you the horror stories of people who fail to pay these ah longs. Chances are good you’ve heard a few tales yourself.

They use violence and vandalism.
 When we say they’ll do anything to get you to pay up, we do mean
anything
.

Their illegal operations are likely tied to other illegal activities.
 Even if you manage to pay everything back and then some, the money they take from you will quite likely feed back to other illegal activities that we shouldn’t be supporting.

So now that we’re clear why loan sharks should definitely be avoided, here’s how to avoid them in the first place by differentiating them from legitimate moneylenders.

Advertising

One of the first things you will ever see of a loan shark is their advertising. They would put up signages in public places like on TNB boxes, lampposts, or other places where it’s actually
illegal for them to advertise
. These ads might already give them away by having no other contact information than a phone number.

A legitimate business will have no problem providing more information like a physical address, website, or an office number you can call instead of a mobile number. Be careful however, since loan sharks nowadays can even
advertise via social media platforms
 with graphics and ad copy that look quite professional. If they manage to fool you with this, look out for…

Transparency

A reputable business will not only be comfortable giving out their physical address, website, and office number, they would also have no problem being clear as to how the business operates. Loan sharks may not be so candid in revealing pertinent information that might reveal the true nature of their enterprise. Someone who is about to cheat you has no interest in giving you useful information.

Try asking for their business card, business license number, and as much printed material about their business as you can. In fact, ask as many questions as possible and pay attention to whether or not they answer your queries clearly and reasonably. If they constantly deflect your questions or give confusing answers, you should be ready to exit the situation. The manner in which they answer can also be telling, because it shows their…

Attitude

Licensed moneylenders don’t need to coerce, bully, or otherwise push potential customers into accepting their product. Loan sharks on the other hand, do. Be aware of how an agent comes across when they engage you in conversation. Are they impatient with your questions? Do they keep insisting on you taking their product? Do you feel uncomfortable talking to them? If the answer to all these is a “no”, then the possibility of them being loan sharks is a “yes”.

Interest Rates

Even with a real physical office, no pushiness, pleasant attitude, and clear information, you might still fall prey to a predatory loan shark in sharp clothes. One good way to know for sure if to find out their interest rate.

The average rate for personal loans (and therefore moneylenders too) are
about 12-16% per annum
 and tops out at 18%. So if you’re presented with a starting interest rate that’s even higher than that, then you know to turn the other way and search for other alternatives.

What Would Those Alternatives Be?

That would depend on what you need your cash for. If you want just quick funds in your account, you can go for a
regular personal loan
. You can opt for
a business loan
 or
microloan if you’re starting a business
. If your credit isn’t looking too good, you can get someone to co-sign your loan, among
other solutions
. And should your need of money be because you’re trying to manage your debt,
we recommend contacting AKPK
, who can help you trim down on those interests and make your repayments easier.

There are plenty of other outlets for your money problems besides going for loans sharks and we hope this piece will help you avoid being a victim of their predatory loans in the future. Have anything to say about the article? Share your thoughts with us in the comments section down below!

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    Alvin Ho

    3 years ago

Can you share with me personal/business/micro loans details ? A list of names, perhaps ?

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    Jacie Tan

    3 years ago

    Reply to

        Alvin Ho

You can always refer to
https://ringgitplus.com/en/personal-loan/
 here!

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Economists: Malaysia’s Inflation For 2022 Likely To Range Between 3% And 3.3%

(Image: Bloomberg)

Several economists and research houses have predicted that Malaysia’s inflation rate will hover between 3% to 3.3% for 2022, with more interest rate hikes to be expected soon.

Economist from CGS-CIMB, Nazmi Idrus, for instance, maintains his earlier forecast that the consumer price index (CPI) – which serves as one of the indicators of inflation – will hit 3.1% in 2022. He had previously
highlighted this figure in June 2022
, noting that the price momentum in Malaysia is likely to remain strong ahead. Meanwhile, his forecast for the CPI in 2023 is set at 3.2%.

Idrus also believes that a stronger inflation on a year-on-year basis is likely for August-September 2022, potentially climbing up to nearly 5% before lowering once more in the fourth quarter of the year (4Q22). This is primarily due to the expiry of various pandemic-related support, as well as low base effect.

“That said, we believe price pressure is on the downside. Producer prices showed a percentage month-on-month contraction in July this year of 2.3% (June 2022: contraction of 0.1%), likely reflecting the easing cost pressure amid the decline in global commodity prices,” Idrus explained, adding that this could ease price pressure on consumers moving forward.

(Image: Utusan Malaysia/Mohd. Shahjehan Maamin)

Idrus also believes that Bank Negara Malaysia will continue with its agenda of rate normalisation, with a 25-basis point (bps) hike set to take place in its upcoming Monetary Policy Committee (MPC) meeting on 8 September 2022. This may be followed by another two more hikes in the first half of 2023.

Meanwhile, Maybank Investment Bank (Maybank IB) Research now predicts that the inflation for 2022 and 2023 may hit 3.3% and 4%, respectively. This is a slight dip from its earlier forecast of 3.4% (2022) and 4.1% (2023). The new forecasts take into account the impact of announced and expected rationalisation in price subsidies for essential food, fuel, and energy.

“With the upward trajectory in annual inflation rate plus stronger economic growth in 2Q22 and this year, we expect the central bank to raise the overnight policy rate (OPR) further by 50 bps to 2.75% by end-2022 (25 bps hike each at the 7-8 Sept and 2-3 Nov MPC meetings). We also expect another 25-bps hike early next year to bring the OPR back to the pre-Covid-19 level of 3% by the end of 1Q23,” Maybank IB Research further shared.

As for PublicInvest Research, it maintains its expectation of the CPI expanding by 3% year-on-year in 2022, believing that domestic economic activity will remain steady in 2Q22 as supply chain disruptions and global inflation ease. It also noted that headline inflation may climb higher during some months due to the base effect from support measures implemented in 2021.

“However, the overall readings for the year run the risk of being exceeded should supply-related disruptions be reignited. With the Russia-Ukraine war showing no signs of ending and possibly weighing on energy markets, effects are no longer expected to be as pronounced,” PublicInvest Research noted.

To note, Malaysia’s headline inflation – as measured by the CPI – rose to a
higher 4.4% y-o-y in July 2022
 (3.4% y-o-y in June). This is driven by rising food and non-alcoholic beverages costs. Similarly, core inflation also increased slightly last month, from 3% in June 2022 to 3.4% in July.

(Source:
The Star
)

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Alex Cheong Pui Yin

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

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PRIHATIN Economic Stimulus Package: Additional Incentives For Government Staff In Covid-19 Frontline, E-Hailing Drivers

Prime Minister Tan Sri Muhyiddin Yassin has announced additional incentives for government staff who are directly involved in the fight against the Covid-19 pandemic, as well as e-hailing drivers. The incentives were made as part of the PRIHATIN Economic Stimulus Package.

According to the prime minister, the monthly special allowance for doctors, nurses, and medical personnel will now be increased to RM600 per person, starting from 1 April 2020 until the end of the pandemic. Prior to this, the healthcare industry was given
a special allowance of RM400 per person
 in the Economic Stimulus Package 2020.

Additionally, the government has also agreed to expand the RM200 monthly special allowance to military personnel, police officers, custom and immigration officers, members of the Malaysia Civil Defence Force, as well as RELA members directly involved in the enforcement of the movement control order (MCO). Previously, the RM200 special allowance was only granted to
immigration officers
. This incentive is also set to begin on 1 April 2020 until the end of the pandemic. It is expected to benefit an additional 169,000 government staff.

A third incentive announced by Tan Sri Muhyiddin is the allowance for e-hailing drivers, where they can claim a one-off financial aid of RM500. This measure will benefit 120,000 members of the e-hailing community, with an allocated cost of RM60 million.

In the previous economic package, only taxi drivers were given a one-off financial aid amounting to RM600. This had caused an outcry by the
Malaysia E-Hailing Drivers Association
 (MeHDA).

Both e-hailing and taxi drivers can claim their financial aid starting from 1 April 2020.

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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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Grab Offers RM20 Rebate For Purchases Made With Selected eGHL Online Merchants

Starting from today until 22 August 2021, Grab is running a promotion that lets its users earn a RM20 rebate when they spend a minimum of RM80 on GrabPay with participating eGHL online merchants.

Grab further clarified that the offer is only valid for online purchases that are paid with the GrabPay e-wallet via the eGHL payment gateway – with participating merchants coming from various categories, such as F&B, groceries, electronics, fashion, and entertainment. Major brands include Famous Amos, Family Foods Market, Etude House, Himitsu, and ThunderMatch.

If all the requirements are met, the rebate will be credited to you in the form of a voucher – to be found under your Rewards tab in the Grab app. The voucher is valid for 30 days and all you need to do is tap on the “Use Now” button to add the rebate into your e-wallet.

Note as well that each user is allowed only one redemption during the promo period, provided on a first-come first-served basis. Grab has allocated up to 7,000 redemptions throughout the whole promotion.

On top of earning the RM20 rebate, your purchases will net you GrabRewards Points as well. Depending on your membership tier (Member, Silver, Gold, and Platinum), you can earn up to 3 GrabRewards Points for every RM1 spent on GrabPay, with a
maximum rate of return of 1.875%
.

To find out more about
Grab’s RM20 rebate promotion
, head on over to Grab’s website here. You can also check out the list of participating merchants on the promo’s landing page.

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

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Citi Offers RM38 TNG eWallet Reload For Increasing Credit Card Limit

Citibank is currently running a credit limit increase campaign, which rewards credit cardholders with a Touch ‘n Go (TNG) eWallet reload PIN worth RM38 when they increase the credit limit of their cards.

Ongoing until 30 November, this campaign is only applicable to existing principal credit cardholders. To join, you will need to apply to Citibank to increase the credit limit of your card via an approved channel – namely the bank’s website, direct sales, telesales, phone banking, and branch services. On top of that, you’re also required to submit one or more of the following supporting documents to verify and update your income information:

Payslips

Salaried individuals: Latest one month

Commission earners with basic salary: Latest three months

Commission earners without basic salary: Latest six months

Latest EPF statement (last 12 months)

Latest EA form

Latest complete set of Borang B (self-employed) or Borang BE (salaried), with LHDN receipt and proof of tax paid

Meanwhile, foreigners working in Malaysia who would like to take part in the campaign must attach two additional documents: your passport and work permit. Both documents must still be valid for at least a year.

(Image: The Edge Markets)

Note that your application for credit limit increase must be approved by 31 December 2020 in order to qualify for this campaign. Although Citibank said that it will take about 14 days to process your application, it may take longer than that if your income document is incomplete or requires further clarification. Knowing this, it may be a good idea to apply early to avoid disappointment. Also, each cardholder is entitled to only one gift during the whole campaign period.

Once your application has been approved, you can expect to receive your reward within three months from the end of the campaign. The bank will send the TNG reload PIN to you either via SMS or email, after which you’ll need to redeem the PIN within its validity period.

For more information about Citibank’s credit limit increase campaign, head on over to
Citibank’s website
.

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Boost Merchants Now Enabled To Accept Cross-Border QR Payments From Thai Tourists

Boost announced that its merchants can now accept cross-border payments from tourists from Thailand via the DuitNow QR code. Enabled through a partnership with Payments Network Malaysia (PayNet), this is expected to offer a more convenient way for merchants and tourists to transact digitally without needing actual currencies on hand.

In a statement, Boost explained that tourists from Thailand will only need to use their local e-wallets to scan the Boost DuitNow QR code, which will automatically recognise the user’s current location in Malaysia. They can then input the amount of their purchases (in MYR), and it will be automatically converted and deducted from their e-wallet accordingly. Malaysian merchants, on the other hand, will receive these payments in MYR.

Participating financial institutions in Thailand that are involved in enabling this functionality include CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank, and the Bank of Ayudhya. Boost also shared that this convenience that has been made accessible to tourists from Thailand is part of its first-phase development; it hopes to extend the same capability to Indonesian and Singaporean tourists, alongside other regions within PayNet’s coverage, in the coming months.

Group chief executive officer of Boost, Sheyantha Abeykoon said that the company is constantly finding ways to innovate and simplify its digital payment solutions, thereby benefitting both merchants and users. “With the holiday season approaching, this novel offering in the market will provide our merchants with an edge to widen their network of customers, while tourists can enjoy simplified transactions in their own currency with close to more than half a million Boost merchant touchpoints across the country,” he said.

Meanwhile, the group chief executive officer of PayNet, Farhan Ahmad said that this partnership has contributed to the company’s aim to enable a seamless and safe cross-border interoperability of retail payments, particularly among ASEAN countries. “This convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers, which in turn boosts economic activities and growth,” he said, adding that the multiplier effects and impacts from this will be immense.

(Source:
Boost
)

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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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Government Plans Free Streamyx Upgrades To Unifi By March 2019

The government confirmed that it is looking to upgrade Streamyx users to Unifi through Telekom Malaysia (TM) by March next year. Deputy Communications and Multimedia Minister Eddin Syazlee Shith stated that there areplans of upgrading Streamyx services in stages depending on the Unifi coverage for users.

All Streamyx users who are within Unifi coverage will be upgraded to the faster fibre internet service, but those who are not within the Unifi access areas will either be upgraded to a faster 8Mbps Streamyx connection or receive 4G LTE access. Edin Syazlee also confirmed that there will be no extra fees for these upgrades.

These measures aim to resolve Streamyx interference and balance out the high cost of Streamyx subscriptions compared to Unifi subscriptions. However, the government has not mentioned any future plans of decreasing the rates of Streamyx subscriptions.

However, TM has
released a statement
 to clarify the Deputy Minister’s claims. Clarifying that the company is already planning to upgrade all Streamyx subscribers, TM however noted that not all subscribers will be upgraded to the 8Mbps speed. Noting that the company
had already announced plans to double the speeds of all Streamyx subscribers
, this means that only those on the 4Mbps Streamyx plan will be upgraded to 8Mbps, while the others will also see their speeds doubled (1Mbps to 2Mbps, 2Mbps to 4Mbps).

TM also anounced that 60% of the 340,000 or so Streamyx subscribers who are living in Unifi-covered areas have already upgraded their plans to Unifi at no change to their subscription prices. As for the remaining 136,000 subscribers who have not yet made the switch, TM is “continuously contacting” these customers to begin the upgrading process.

(Source:
Free Malaysia Today
,
The Star
)

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HSBC Travel Promotion Offers Up To 15% Cashback For Travel-Related Expenses

HSBC Bank is currently running the HSBC Travel Promotion, which allows its credit cardmembers to earn up to 15% cashback when they spend a minimum of RM800 in a single receipt for eligible travel-related transactions. Already ongoing, the campaign is set to end on 31 March 2022.

This deal is open to both the principal and supplementary cardholders of the following HSBC and HSBC Amanah credit cards who receive an invite from the bank:

HSBC Advance Visa Platinum credit card
HSBC Visa Signature credit card
HSBC Visa Platinum credit card
HSBC Platinum Mastercard credit card
HSBC Amanah MPower Platinum credit card-i
HSBC Amanah MPower credit card-i

If you are one of the invited cardholders, the campaign lets you get 10% cashback when you spend the specified minimum amount on hotels, airlines, as well as travel and tour agencies on weekdays (inclusive of both local and foreign currency transactions). Similar expenses made during the weekend, meanwhile, will entitle you to a higher 15% cashback reward.

(Image: Malay Mail/Hari Anggara)

Note that each cardholder is only allowed to earn a maximum of RM150 cashback per month via this campaign, and RM300 throughout the whole promotion period. As always, all cashback rewards will be provided on a first-come first-served basis.

HSBC also clarified that it has earmarked a total of RM180,000 for the entire campaign, subject to the following monthly allocation:

Promotion month
Date
Total cashback allocation
1
12 – 30 November 2021
RM40,000
2
1 – 31 December 2021
RM40,000
3
1 – 31 January 2022
RM40,000
4
1 – 28 February 2022
RM40,000
5
1 – 31 March 2022
RM20,000
Total

RM180,000

Cashback earned via the HSBC Travel Campaign will be credited into your account within 12 to 16 weeks from the end of the promotion period. The amount will also be reflected in your credit card statement.

(Source:
HSBC
)

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Alex Cheong Pui Yin

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

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How To Cari Makan With RM50 A Week

Buying groceries that can last for a week could cost you RM100s – a bottle of this, and a packet of that can rack up quite a sum at the checkout counter. For a person living in and around the Klang Valley earning a minimum wage of RM900 to RM1200 per month, RM50 per week is not a meagre sum. With the implementation of the
Goods and Services Tax (GST)
 next year, not only will minimum income earners feel the pinch but those from every income group will also have a harder time budgeting to make ends meet.

Cutting down on food expenditure is more than necessary to survive living in the big city. Hence, the important question here is, is it possible to buy groceries with RM50 (or less) per week?

This may sound like a radical idea, but definitely not impossible. To arrive at an answer, I’ve went through (thankfully, survived it too!) one week of living with nothing more but RM50 in my pocket to fulfill my most fundamental need –
to put some yummy in my tummy!

My Supermarket Experience

Embrace Supermarket Sales Flyers

I started the week by going grocery shopping at the nearest supermarket. Immediately I noticed that the supermarket’s sales flyer was available for free at the entrance.

Looking over all the sales and clearance items, I thought to myself, “Instead of thinking about what I’m in the mood for, I should instead think about the delicious and healthy meals I can cook up with what’s on sale for the week!”

Alternatively, you can visit their website to check out ongoing sales and promotions.– always think about the well-being of your wallet, and of your own.

Choose Home Brand Items

Buying the store’s home brand is also a good strategy for extra sayings – why spend on expensive imported cereal or dish detergent when the cheaper generic home brand is just as good?

At the end of the day, after careful consideration, my basket consisted of :-

Items

Price(RM)

200g of oatmeal

3.99

Loaf of bread

4.90

Packet of rice

7.90

Packed chicken breast

6.55

Kang-kung

1.50

1 carton of eggs

4.29

500g red onions

4.99

250g garlic

4.99

Soya sauce

4.95

750g salt

3.40

Packet of red apples

10

TOTAL

48.46

That’s justs below RM50, with a good mix of branded and generic products, along with fresh poultry and leafy greens.

I can have bread and apples for breakfast, oatmeal to keep pangs of hunger at bay throughout the day, and dinner consisting of stir-fried chicken, boiled eggs, kang-kung, and steamed rice. – miraculously, I managed to still have some leftovers after that week!

Plan Your Meals Beforehand

To avoid overspending on unnecessary items that will only stuff up your fridge, it is also important to plan your meals ahead of time before shopping.

And a meal plan was exactly what I came up with – you thought I picked all these items at random? Oh please! It is easy to get into the habit. If you think a pen and paper is too old-fashioned, you can use mobile apps such as
Out of Milk
 and
Evernote Food
 to keep grocery lists, recipes, and keep track of your spending.

Pay on Credit

If you’ve got access to credit, and are confident that you can make your full monthly payments promptly, go ahead and pay for your groceries with a credit card.

Some credit cards offer higher
cashback specifically for groceries
, or purchases on the weekend – a perfect match if you’re one to make it a ritual to go grocery shopping on days off!

Finally, there are also co-brand credit cards that offer exclusive cash rebates and reward points whenever you spend at certain big name outlets such as the
New AEON Visa Classic
, or the
Tesco-RHB Visa
.

I’m Not Alone!

As I’ve discovered, I wasn’t alone in my quest for a more frugal lifestyle. In fact, there is an
ongoing thread on Reddit
 where quite a handful of young working Malaysians offer their own solutions on saving on grocery expenses. Some of the responses include :-

“Instant noodles is the cheapest and laziest way to last for 1 week. But if you cook: rice 1kg x 3 = RM11.70, bread RM2.80, peanut butter RM5.50, sausages RM5.40, garlic M2.50, carrot RM1.50, 2 cans of sardines = RM6, butter RM4.30, cream crackers RM4.40. Total is RM44.10.” ~ faceles133mhz

“I survived on rice, kangkong, eggs, scallions, garlic, salt, chilli and ikan bilis powder for quite some time. Well below RM50 per week. All from Tesco which was within a walking distance from my place. The lowest point of my life.” ~ niggamajingga

“For leafy vegetables, I will go to TLC supermarket. They have more produce and clearance section. You can also buy a can of beans for less then RM3. Look out for deals in the clearance corner. Also if you go to AEON supermarket near closing time, some meat and fish produce are discounted up to 50%.” ~ maximus7

While these responses can be quite humourous, they are also very insightful and goes to show that it is possible to live on RM50 a week, without resorting to a Maggi dinner every night. The main takeaway for my experience is that you must commit to the idea of grocery budgeting – that is the most important. If you are stubborn and want nothing to change, then you’ll get exactly what you wish for.

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Government Removes Ceiling Price For RON95 Petrol And Diesel

The Malaysian government appears to have revoked the price control order that restricted the price of RON95 petrol to RM2.08/litre and diesel to RM2.18/litre.

The revocation was announced in a gazette dated 3 June 2020 and the order was approved by Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Tinggi on 10 April.

“The Price Control and Anti-Profiteering (Determination of Maximum Retail Price for Petrol and Diesel) (No. 8) Order 2020 [P.U. (A) 64/2020] is revoked,” the gazette stated.

The former Pakatan Harapan government introduced the price ceiling after the 14
th
 general election, restricting the maximum retail price for RON95 and diesel in Malaysia regardless of global oil price levels.

(Source:
Malay Mail
)

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BigPay Expands Its International Remittance Service To China Via AliPay

BigPay has expanded its international remittance service to China via a collaboration with China’s online payment platform, Alipay.

To transfer money using this service, you will need to enter the recipient’s full name and Alipay ID into your BigPay app, after which the transferred amount will end up in the UnionPay card account linked to the recipient’s Alipay account. If the recipients have yet to link their UnionPay card to their Alipay accounts, they have 24 hours to do so after the transfer is made.

Additionally, the transfer process can be completed within 15 minutes, with the remittance fee to China fixed at RM23 per transfer. However, if this is your first time conducting an international money transfer with BigPay, you get to do it for free.

BigPay also quoted World Bank’s data, which stated that a total of US$345 million (approximately RM1.46 billion) is sent annually from Malaysia to China. By tapping into Alipay users in China, BigPay users can transfer funds to an additional 900 million people. The financial service further said that frictionless and affordable money transfer remains critical during this time as the regional economy begins to recover from the onslaught of the Covid-19 pandemic.

With this update, BigPay’s remittance service now allows its users to send money from Malaysia to 10 other countries, including
India, Nepal, and Bangladesh
. The latest countries to be added to the list prior to China was Australia and Vietnam, recently included in June 2020.

BigPay is available for download on
Google Play
 and the
App Store
. Alternatively, you can head on over to
BigPay’s website
 to find out more about this latest update.

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

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Are You Maximising Your Credit Card Benefits?

Credit Cards come with a host of benefits in Malaysia. Unlike their counterparts in many other countries (which do not offer perks at all!), we’re pretty lucky.

Cards here come complete with merchant discounts, reward points, free services and cashback to entice users to spend. But many users forget to use their credit card benefits, wasting tonnes of money saving perks every year.

Have you neglected reading the benefit brochures or bank website? Check out some of the most common benefits tied to credit cards that you could have been missing out on.

Free Services

Few people realise that many credit cards come with some completely free services. These include free travel insurance, entrance into plaza premium lounges, free night stays at select hotels*, cab rides from the airport, golfing green fees and concierge services if you are overseas.

These services are completely free but often come with some requirements and are capped per year but you still can save a good amount by making use of them.

*Free night stays are usually earned if you purchase a requisite number of nights with the same hotel on your card.

Retail Discounts

You’ve probably seen those signs at retail or restaurant counters – discounts if you use X or Y credit card. The sign is only the tip of the iceberg. Every bank in Malaysia will offer discounts at retail stores and restaurants but because there are so many – countertops won’t display all the participating banks.

Some banks admittedly have more participating merchants than others but it’s always worth a try to find out if the stores you frequent is tied in to one of the bank credit cards you use. To find out, best to check the bank website or contact them for a full brochure of retail discounts. Retail cashiers are not always clued in to all promotions so best to go back to source.

Tip:
 Many retail cashiers are overworked and keying in bank discounts are low on their list of priorities. To make sure you get the discount you are entitled to – remind them about it before allowing them to swipe your card.

VIP Passes and Priority Service

Credit card companies often team up with entertainment venues such as movie theatres, recreational centres (bowling, archery, futsal, etc) and select concerts. This gives cardholders priority lanes for booking and purchase of ticket or choice pick of VIP passes.

If you are keen on attending an event, concert, movie or simply have a fun time at an entertainment centre – keep your eyes peeled for bank logos. Some entertainment credit cards offer these benefits all year round, in which case, a call to the bank is all you need.

Reward Point Redemption

Reward points often go unused as many cardholders don’t pay much attention to how many points they have or unwittingly believe that redemption is a hassle. This is no longer true.

Banks today offer the convenience of even paying for purchases with points alone at select retail stores or allowing you to redeem vouchers, items or offset your card balance with a simple redemption phone call.

Do keep an eye out for reward point expiry dates as not all points are evergreen. You don’t want to miss the chance to redeem free stuff!

Cashback

We left cashback for last because it is usually a perk that is automated and you don’t really have to do anything to redeem. However, you could maximise your cashback returns if you pay attention to the fine print.

Check cap amounts, peak days or merchants where you earn more cashback. If you follow the schedule – you could earn up to your capped amount of cashback faster.

How to Maximise Your Benefits

It’s great that we’ve listed these benefits for you, you think – but how in the world do you go about using them? It all sounds much too complicated!

In truth, it isn’t. There are only a few steps required before you are on your way to free stuff from your card all year round! Whip out your trusted cards and go through these steps to find out if you’re really using them for all they’re worth.

1)
Peruse the bank website
. Almost all bank websites will feature a page with the list of benefits they offer. For card specific benefits, you will need to look up your particular card on the bank website. For general bank retail discounts – do a quick search on the site for the page on retail discounts and promotions.

2)
Check your statements
. Your statement doesn’t just tell you the amount you owe the bank – it also carries featured merchant ads, your reward point balance and often comes packaged with a brochure of benefits. If you’ve switched to e-statement, you can still find your reward point balance on it but you will need to do the next step for the discounts.

3)
Contact your bank
. If you didn’t receive a brochure or have lost the one you did – give your bank a call and ask them if they would be so kind as to send the brochure to your registered address. You can also call them if you are planning a particular visit to a restaurant, hotel or merchant and would like to know if any deals exist.

4)
Check your email and spam box
. Banks often send emails to users when select promos are ongoing. These are usually the bigger promos with more prominent merchants but it could just be the merchant you frequent. Keep your eyes peeled when these emails come in so you don’t miss another promo.

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Citibank Upgrades Citi PremierMiles Credit Card To Offer International Airport Lounge Access

Citi will be making some changes to the Citi PremierMiles credit card’s airport lounge access benefits next year. Effective 15 January 2020, the complimentary lounge access for the Citi PremierMiles will be expanded to include international airports in 9 countries for up to 8x per calendar year.

Currently, Citi PremierMiles cardholders can get unlimited complimentary access to Plaza Premium Lounges in KLIA1, Penang International Airport, Kuching International Airport, and Kota Kinabalu International Airport for international flights.

After the revision on 15 January, cardholders will only be entitled to 8x complimentary visits in a year – but cardholders will not be limited to airport lounges in Malaysia. Citi PremierMiles cardholders will be able to get free airport lounge access in 39 lounges across 19 airports in the following countries:

Malaysia

Hong Kong

Taiwan

Macau

China

Canada

Cambodia

United Arab Emirates

Indonesia

The full list of airport lounges can be found
here
.

The Citi PremierMiles credit card is Citibank’s travel-centric credit card, allowing cardholders to earn PremierMiles that can be redeemed for air miles. It has an annual fee of RM600 (waived for the first three years) and is available to those with a minimum annual income of RM100,000.

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MAS Holds One-Day 11.11 Great Malaysia Sale, Exclusively For Enrich Members

Malaysia Airlines (MAS) is holding a one-day 11.11 Great Malaysia Sale today, exclusively for its Enrich members. The event allows members to redeem selected domestic flights starting with rates as low as 1,800 Enrich Points, as well as earn 2x Enrich Points for hotel bookings during the travel period of 11 November 2021 (today) until 21 April 2022.

Under the flight redemption sale, Enrich members can redeem selected Economy and Business class flights with a minimum rate of 1,800 and 7,000 Enrich Points, respectively. Redemptions can be made for both one-way and return flights.

Note, however, that this promo will only apply to specific booking classes, namely O (under Economy class) and Z (under Business class). This means that if your flight is under other booking classes – such as M, N, or Q – you will not be entitled to the redemption sale. Additionally, the redemption sale is only valid for non-stop flights between two destinations on the specified fare classes only; if you need a connecting flight, tickets will be issued separately. As always, seats are limited and will be provided on a first-come first served basis.

Do also be aware that this promo is only available for bookings made via Enrich Online, the MAS website, or the MAS mobile app. Purchases made with the MAS Contact Centre, MAS ticket offices, and travel agents do not qualify for the 11.11 Great Malaysia Sale.

Aside from this offer, Enrich members will also be able to earn 2x Enrich Points from hotel bookings made through the Enrich Hotels website. Ranging from boutique hotels to first-class resorts, you can tap into this promo to accumulate more Enrich Points for future travels even as you spend on your current getaway. There is also the option to buy more Enrich Points on checkout if you’re saving up for another redemption reward.

The group chief marketing and customer experience officer of MAS, Lau Yin May said that this campaign is timely as Malaysians are eager to indulge after the long period of lockdown due to Covid-19. “This campaign is part of our effort to reward our members for their loyalty by offering attractive flight redemption and hotel deals as they reunite with their loved ones and explore the richness of Malaysia’s delectable cuisines, natural beauty, crystal clear waters, cultural and historical heritage while enjoying the warmth of Malaysian Hospitality services throughout their journey,” she said.

MAS also reminded its customers that they should keep themselves up to date with the latest standard operating procedures (SOPs) by the National Security Council (MKN) to ensure smooth travel. This includes allocating sufficient time to navigate through roadblocks at several locations and the check-in procedure.

(Source: MAS [
1
,
2
])

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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A Round-up of Our 10 Must Read Articles of 2015

As the year draws to a close, it is the natural thing for all of us to look back at the highs and lows of the year that was 2015. For our finances at least, it was a most turbulent year with the introduction of GST, price hikes and the crashing of the ringgit.

It has always been the RinggitPlus goal to get you more for your money, so as we hope together for 2016 to be better for our finances; we thought it would be useful to gather our most useful articles from 2015 to help you through the next year and beyond.

1. BLR to Base Rate and How it Affects Malaysian Mortgages

In January 2015, the property sector was abuzz with the implementation of the new base rate replacing the BLR (base lending rate) with which home loans would calculate interest charged. We
took a look at the new benchmark
 and it meant for your home buying aspirations.

Unless and until
Bank Negara
 changes this, it is safe to say that if you are planning to buy a home or invest in property, knowing the base rate will hold you in good stead when searching for the
best home loan for your money
.

2. The Private Retirement Scheme

Retirement is very much on everyone’s mind and the Private Retirement Scheme was one of the ways people could help bolster their retirement pots.

The scheme is set to be a compliment to the EPF and an additional way you could build a larger pot for your golden years. However, we wondered if folks needed a bit of start in understanding what the scheme was about and thus
our guide on PRS was born
.

If you’ve been thinking that you too need to seriously work on having more for later years, the PRS can be a valuable consideration but only if you understand how it works and are fully aware of what you are signing up for.

3. Frequently Asked Questions About Credit Cards

Being a comparison site that started off with credit cards as our first featured banking product, we were on the receiving end of a lot of questions about credit cards!

It seemed only fitting that we collected the answers to the most asked questions in one place. If you had some burning question about your credit card or one you hope to own in future; check out the
FAQ we put together
.

If you still can’t find the answer to your burning credit card question, feel free to drop us
a line on email or social media
 and we’ll be happy to get back to you.

4. A Guide to Fixed Deposits

Financial products are important tools in financial planning and the fixed deposit is no exception. But for those who are just starting out, the many available fixed deposit products in the market may confuse.

Our
simple guide of everything you need to know about fixed deposits
 is just what the banker ordered for those keen to put their money in a conservative investment fund for the future.

5. Renting or Buying for a Property Newbie?

The question many young people will ask themselves as they get to grips with their newfound financial freedom, is whether they should rent or buy their first home.

We put this decision under the microscope,
laying the pros and cons out for you
 so you can decide for yourself which would be the best route for the life you envision.

Of course, whichever you decide, you’ll still need to
pick the right home
 for purchase or rent; a
home loan that suits you
; and for both those decisions, there will be other factors to consider. It sounds tedious on paper but you’ll probably find (like those who’ve gone before you) that the excitement of stepping into what could potentially be your dream home will blot out the annoyances!

6. Buying Your First Car

If you’re not thinking of buying your first home yet – there’s then the decision of whether you should buy your first car! The thought of buying a car can seem intimidating to some fresh graduates while some others can’t wait to get behind the wheel.

But buying a car is also a big decision as the last thing you want is to be saddled with both a loan and a lemon of a vehicle that is costing you money. Our
guide to getting started
 should get you on the right track when thinking about that first car purchase!

7. Why Banks Reject Applications

It is often that we received messages and emails from disgruntled customers who have not been approved for the financial product they sought. The rejection is often a disappointment but the fact that they are never really told why adds to the sting.

In our experience with applications, we found
a list of the possible reasons why you may seem like a risky customer to a bank
 and hence why they may have rejected your application. Whilst we can’t say for sure which or to what degree these factors affected your particular case – these are generally the factors most banks will consider based on their own internal calculation methods.

We also dealt specifically with
personal loan rejection
 but the factors are almost identical. One of the most preliminary factors considered is your
debt service ratio
 – which we also wrote about in length for your understanding.

8. Ways to Cope Financially After Job Loss

Tumultuous economic times often bring with it uncertain employment. 2015 was no doubt a difficult year for many and 2016 may or may not be any different.

If you unfortunately had to deal with job loss in 2015, we are sorry and we hope that you have secured something good already or are in the midst of successfully doing so.

We wrote a
simple guide on how you can cope in the interim
 and hope in a small way, we could help in a difficult time.

9. The Costs of a Baby

The internet exploded in May with the
statement of a Malaysian minister urging Malaysians to have more babies
 to meet declining birth rates in the country. Whilst the problems of an aging population is no doubt a serious one; it cannot be taken in isolation without considering the economic realities of raising a baby in Malaysia today.

We took a look at the
costs of raising a baby
 and ask the important question: are you ready to bear these costs?

10. Preparing for Income Tax Filing

As the year draws to a close and you scramble to get your receipts and statements in order – it’s not a bad time to start
preparing for income tax filing next year
.

Getting a head start with your filing preparation will do you a world of good. In any case, you have just a little under 12 hours (as of time of writing) to
maximise your spending for tax relief
.

Just Ten?

It was quite a task selecting just 10 articles to fit into this post and you may notice we couldn’t resist adding related articles to the main focus article in some headings.

A lot happened in 2015 and looking back shows us just how much we’ve rolled with the financial punches this year and come out the end of it.

We’re with you, Malaysia. Let’s hope for a bigger and much better 2016.

An early Happy New Year, Everyone!

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Boost Introduces Tap And Pay For Online Shopping On Mobile

It’s now even easier to pay for your online shop with Boost thanks to its new feature, Tap and Pay. Now, you don’t need to key in your username and password or wait for an OTP or TAC when using Boost to pay for your mobile transactions.

The Tap and Pay feature is only for online shopping and here’s how it works. When you choose to make your purchase using the Boost e-wallet, you can select Tap and Pay on the payment page. You will then automatically be brought to the Boost app to verify your payment with your biometrics or 6-digit security PIN – and then you’re done with your payment.

Previously, Boost users who wished to use the e-wallet to pay for their online transactions on mobile would have had to sign in on the merchant checkout page to pay. This would have involved having to log in to your Boost account and wait for a TAC in order to complete the transaction. Even after that, you would then still need to enter your PIN or use your biometrics to authorise your transaction.

Do note that the Tap and Pay feature is only for transactions on your mobile phone. If you want to use Boost to pay for your online shopping via desktop, you will still need to sign in, or use your Boost app to scan the QR code on your desktop to pay.

The introduction of Tap And Pay makes Boost easier to use when shopping online. The e-wallet has been pushing a lot of online shopping activities in recent months, such as the monthly Online Boost Day campaigns, and an increasing the number of online merchants that accept Boost as a payment option.

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2018 iPhone Postpaid Plan Comparison: Celcom, Digi, Maxis, U Mobile

The new
iPhone XS, XS Max, and iPhone XR are now officially available in Malaysia
, and as usual, all major telcos in the country have raced to release their iPhone postpaid bundle plans. With retail prices that go all the way to RM7,049, perhaps getting a subsidy by buying it via a postpaid bundle would be the way to go?

We’ve compiled the available plans for the new iPhone models offered by the Big Four telcos in Malaysia: Celcom, Digi, Maxis, and U Mobile, and broke them down by the monthly commitments: below RM100, between RM100 to RM150, and between RM150 to RM200. Without further ado, let’s take a look at the iPhone postpaid plans offered in Malaysia.

Plans below RM100/month

Plans between RM100 – RM150/month

Plans between RM150 – RM200/month

For the most part, the postpaid plans offered by the telcos today are straightforward – gone are the days when iPhones get their own specific postpaid plans. All the plans here follow the ones currently offered by the telcos with no changes. However, it is interesting to note that Digi is the only telco of the four to not offer the iPhone XR.

In exchange for the subsidised prices, you will be bound to a 24-month contract to the plan you choose. There’s also the upfront payment that will need to be made upon subscription, but this figure will be rebated equally over 12 months.

With the exception of U Mobile, the other three telcos’ subsidised prices for each of their plans don’t stray too far from each other, sometimes only being separated by a few Ringgit. Therefore, you shouldn’t look at just the subsidised prices, but more to the total cost of ownership, which takes into account the subsidised price added with the plan’s monthly commitment over the course of the contract.

From the table, it is plain to see that the Maxis iPhone postpaid bundles are the most costly in terms of value – across all price points the other telcos’ plans usually offer more mobile data. However, when it comes to telco services, value for money is just one aspect that consumers should consider. Coverage as well as quality of service are equally important, and should be taken into the same amount of consideration.

For example, Maxis is known for offering among the best mobile internet experiences in the country, while Celcom has one of the widest coverage among the four. On the other hand, U Mobile has had a history of poor mobile internet speeds in the past. So even if a telco’s plan has excellent value for money, it won’t count for much if your area has no coverage which will result in a poor user experience across the board.

That said, if you’re already attached to the telco, and 1) don’t plan to switch providers anytime soon, and 2) are looking to get any of the new iPhones, that’s where you should seriously look into signing up for one of these bundle plans and save quite some amount in the process – the subsidised prices take up to RM1,982 off the retail price!

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4 Ways The KFC App Helps You Save

Whether it’s a special occasion, festive holiday, or after a long day of work, we celebrate with some good food that not only tantalises our taste buds, but also serves as a great way for us to bond over. However, with inflation, some food prices have noticeably increased.

If you’re looking to save more without compromising on having a great meal with family and friends, you may consider downloading the
NEW
 Kentucky Fried Chicken (KFC) App. The app has been upgraded with features that let you earn Reward Points, discover RM9.90 Jimat Deals, enjoy App Exclusive Offers up to 25% discount, and more.

Earn Points And Save On Future Meals

Every time you order via the KFC App, you will earn points that you can then redeem as discounts for future purchases. The points can be used for savings on your next purchase, which makes it easy to use and the more you order, the more you save. They can also be very handy to use during those mid-month slumps. Just ensure that you’re logged in to the KFC App while making your order to earn points.

Discover RM9.90 Jimat Deals

Generally, we have three meals a day and they can make up a huge part of our daily expenses. Shaving a few ringgits off our meals could add up to a significant amount over the long run.

Now, you can enjoy and save with the RM9.90 Jimat Deal$ menu that is exclusively available when you order via the KFC App and also
http://www.kfc.com.my.&nbsp
;

Enjoy Up To 25% Discount

As mentioned above, the KFC App has added on new features that will help create a smoother experience for its users. Aside from that, you can check out app-exclusive menus on the KFC App that help you save up to 25%.

More Exclusive Offers

Subscribing to the KFC App can be beneficial in many ways including being the first to be notified of any offers or presented with privileges on special days. As a way to reward your loyalty, KFC will be giving you a free Snack Plate Combo on your birthday month so you can celebrate with some finger lickin’ goodness.

Plus, for a limited time, new users who sign up on the KFC App will be entitled to a new user promo and get RM10 off!

***

With rising inflation, we want to save up any chance we get but still be able to treat ourselves to our favourite meal once in a while. If you’re looking to get some delicious food, why not just order via the KFC App to earn points, get exclusive offers, and more.

All you need to do is download the
NEW
 KFC App on the Apple Store App and Google Play Store. Do ensure that you’re logged into the
NEW
 KFC App version 2.0 and above so you can enjoy the benefits mentioned. If you’re previously registered with the KFC App or website, you can reuse the same login details as before!

*All promotions are subject to change without prior notice.

Learn more about the KFC App
here
.

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    Mrs Vaanee

    10 months ago

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Is There An Alternative To Car Ownership?

As many as 84% of Malaysian youths spend a large chunk of their monthly income servicing a car loan. Despite the financial burden of purchasing a car, many young Malaysians believe that they have no other choice. This could be down to car ownership being a societal norm in Malaysia, or simply due to a lack of better options.

Many Malaysians still find it impractical to rely on public transportation to get around despite recent improvements. Meanwhile, taxis and ride-hailing services can be expensive and inconvenient. Are these options really the only alternatives to car ownership out there?

SOCAR is a car-sharing platform that allows you to book a car for your use by the hour, day, or week, all through an app on your phone. In the long run, using SOCAR can bring you more convenience and financial advantages compared to purchasing and maintaining a car.

 Get More Rewards And Savings With SOCAR

Be a Rockstar:
 Spend RM250 per month (without coupon) on SOCAR, receive 5x 25% off coupons on all SOCAR models!

Be a Superstar:
 Spend RM500 per month (without coupon) on SOCAR, receive 5x 50% off coupons on all SOCAR models!

*Only total spend without coupon redemption each month will be eligible for both Rockstar and Superstar rewards.

To top it off, using SOCAR is easy, instant, and convenient. All you need to do is download the app, sign up with a valid driver’s license, and get authorised. Make your first reservation by choosing your car model, booking window, and pick-up location. (There is a one-off RM50 membership fee to be paid with your first reservation, but here’s some good news – the membership fee has been reduced to RM35 until 31 March!)

If you’re not using SOCAR’s door-to-door function which delivers the car straight to your desired pick-up point, make your way to the reserved SOCAR Zone and use your app to unlock the car. Take photos of the car and send it to SOCAR through the app, and you’re free to drive! Better yet, SOCAR’s prices are inclusive of 20km worth of petrol per hour.

So, instead of tying yourself down with a car purchase when you’ve just started working or adding another car to your household, consider car-sharing with SOCAR instead. To view all of SOCAR’s available car models and their respective prices, head on over to the
SOCAR website
 and see how having choices is always a good thing.

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Family Mart Releases Loyalty App Offering Free Ice Cream, Vouchers, And More

(Image: MyTOWN)

Popular convenience store, Family Mart has launched its own loyalty programme via a mobile app called MY FamilyMart.

As part of Family Mart’s membership perks, members earn 1 point for every RM1 spent. Before paying for a purchase, customers should first show their member QR code to the cashier to be scanned. These accumulated points can be subsequently used to redeem future deals and rewards. Furthermore, customers can also claim a complimentary Sofuto ice cream during their birthday month.

Other helpful features include locating the Family Mart nearest to a customer and directing them how to get there, as well as keeping customers up-to-date with the latest news and promotions.

In conjunction with the release of its app, the Japanese convenience store will be giving away weekly in-app vouchers to members who spend a minimum of RM5 in a single receipt. To kick start its first week of promotions, Family Mart is offering customers a free ice Sofuto cream of their choice in either green tea or dark chocolate flavours.

MY FamilyMart is available for download on both
Google Play
 and the
App Store
.

(Source:
Family Mart MY
)

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FTX Collapse Deals Another Blow To Crypto Market, Bitcoin Dips To November 2020 Prices

(Image: Getty)

The crypto market suffered yet another dip in the last 24 hours, with Bitcoin dropping to below US$16,000 – a low that has not been seen since November 2020. This is as the crypto market saw another swift and shocking collapse – this time of cryptocurrency exchange FTX in just a matter of days.

Bitcoin briefly touched a low of US$15,555 yesterday before recovering back to the current US$16,400 range, and as you can expect, it is not the only crypto to stumble. Second largest token Ether also took a fall to a low of US$1,071. Other alternative coins, too, were affected, including Ripple, Cardano, and Litecoin. The worst hit is perhaps Solana – which saw its price nosedive by 46% to less than US$14 in the past 24 hours – as it is closely linked to the now-embattled FTX through
several investment partnerships and support
.

(
Bitcoin prices have recovered slightly since its dip yesterday.
)

The fall of FTX came right at the heels of numerous meltdowns that had taken place
since mid-2022
, most notably being Terraform Labs (key player in the
collapse of the Terra blockchain
), as well as crypto hedge fund
Three Arrows Capital
 and crypto lender
Celsius Network Ltd
. It has left the market reeling because FTX itself had seemed sufficiently propped up with financial backing from high profile institutional names – such as BlackRock, SoftBank, Sequoia, and Temasek Holdings – and was also offering bailouts of its own to other ailing crypto firms (
Voyager being one example
). It was also a huge donor to Democratic politics, spending an estimated
US$40 million on the upcoming midterm US election
.

But more importantly, the effect of FTX’s collapse will be significant because of its size; it is one of the largest crypto exchanges in the world in terms of market capitalisation, with a
valuation of US$32 billion (as of February 2022)
. In comparison, previous casualties Celsius and Three Arrows both had a valuation of US$25 billion and US$10 billion, respectively, while Terraform Labs was valued at US$60 billion. In fact, FTX was – at one point – second only to Binance, the world’s largest crypto exchange.

(Image: Bloomberg/Ting Shen)

To chart the timeline of FTX’s fall, it was triggered by a leaked balance sheet from Alameda Research, a crypto trading firm that also belonged to the CEO of FTX, Sam Bankman-Fried. This document was picked up by crypto news site, CoinDesk, who then
highlighted the close financial ties between FTX and Alameda Research
, as approximately 25% of Alameda Research’s asset are held in FTT (the native token of FTX). This ultimately led to growing concerns as investors noted how reliant Alameda’s finances were on FTT, and how FTT’s value was, in turn, heavily dependent on purchases from FTX itself.

Alameda Research later attempted to dispel such concerns by clarifying that the
leaked balance sheet only showed a portion of the firm’s assets
. However, the situation only continued to escalate when Binance – who owned FTT from a previous stake sale – decided to
liquidate its holdings of FTT
 “due to recent revelations that have come to light”. FTX then saw
massive withdrawals of about US$6 billion in just 72 hours
, which prompted the exchange to pause withdrawals.

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire
https://t.co/BGtFlCmLXB
 and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance)
November 8, 2022

This then brings us to the most recent development of the saga, which saw Binance signing a non-binding letter of intent to acquire FTX.com (not inclusive FTX’s entity) on 8 November (Tuesday) to “help cover the liquidity crunch”. However, the
proposed deal subsequently fell through
, with Binance citing “corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations” as its reasons.

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance further noted on its Twitter account. As a result, FTX is now left to explore all other options that remain to it, facing
a shortfall of up to US$8 billion
.

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of
https://t.co/FQ3MIG381f
.
— Binance (@binance)
November 9, 2022

In light of this latest incident, analysts unanimously agree that the crypto industry will be set back. In the last 24 hours, the total market capitalisation for all crypto assets has
fallen by more than 10%, from US$980 billion to US$805.97 billion
.

“Given the public-facing nature of FTX CEO Sam Bankman-Fried and the size of FTX, we believe that the week’s events could cause some loss of consumer confidence in the crypto industry, beyond that seen in the aftermath of the 3AC, Celsius, and Voyager events that took place earlier this year. It may take time for customers to regain trust in the industry, broadly speaking (and we think regulation could help this),” analysts at research service provider Keefe, Bruyette & Woods (KBW) further said in a note.

(Source:
CNBC
)

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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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Hong Leong’s Campaign Offers Up To 70% Discount On Selected Items, Cash Prizes

Hong Leong Bank is currently running its Virtual Shopping Mall Sweep campaign, which allows Visa credit cardholders the chance to obtain various high-value items at a discounted price of up to 70%, as well as redeem gift cards, vouchers, and cashback rewards. Open to both new and existing Hong Leong Bank Visa credit cardholders, the campaign is set to run for two months, until 6 August 2022.

The campaign will first require you to spend a cumulative amount of RM2,000 and above to earn invites to the main event, where you get to “sweep” branded items and free gifts from Hong Leong’s virtual shopping mall into your shopping cart. The number of items that you can “sweep” will depend on your total cumulative spend, as stated below:

Cumulative spend
Maximum number of items
RM2,000 – RM3999.99
1
RM4,000 – RM5999.99
2
RM6,000 and above
3

Note that qualifying transactions for this campaign include only online and retail purchases. Transactions such as e-wallet top-ups, recurring payments, balance transfers, flexi payment plans, as well as payments for insurance and utilities do not qualify.

Once you meet the cumulative spend requirement, Hong Leong Bank will then send you an invite to one of the following Virtual Shopping Mall Sweep sessions:

Session 1
: 14 August 2022 (Sunday), 11.00 am
Session 2
: 20 August 2022 (Saturday), 11.00 am

The invite will be sent via your HLB Connect app at least 48 hours before the sessions begin; once it does, join in and start “sweeping”!

Each session will open for 48 hours, or until all the items are sold out, whichever is earlier. Numerous gadgets and electronic products, gift cards, vouchers, and cashback rewards will be up for grabs. Here’s the full list of items that you can expect to redeem from the sessions:

Items
Units

available
(Session 1)
Units

available
(Session 2)
70% off iPhone 13 Pro 256GB
3
3
50% off iPhone 13 Pro 256GB
3
3
30% off iPhone 13 Pro 256GB
3
3
70% off Samsung Galaxy S22 Ultra 256GB
3
3
50% off Samsung Galaxy S22 Ultra 256GB
3
3
30% off Samsung Galaxy S22 Ultra 256GB
3
3
70% off iPad Air 64GB Wifi
4
4
50% off iPad Air 64GB Wifi
4
4
30% off iPad Air 64GB Wifi
4
4
70% off Apple Watch Series 7 45mm
4
4
50% off Apple Watch Series 7 45mm
4
4
30% off Apple Watch Series 7 45mm
4
4
70% off Secretlab Titan Evo 2022 Gaming Chair
4
4
50% off Secretlab Titan Evo 2022 Gaming Chair
4
4
30% off Secretlab Titan Evo 2022 Gaming Chair
4
4
70% off PRISM+ 55″ Android Smart TV
4
4
50% off PRISM+ 55″ Android Smart TV
4
4
30% off PRISM+ 55″ Android Smart TV
4
4
70% off Apple Airpods (3rd Gen)
4
4
50% off Apple Airpods (3rd Gen)
4
4
30% off Apple Airpods (3rd Gen)
4
4
70% off Mi Robot Vacuum-Mop 2 EU 2022
4
4
50% off Mi Robot Vacuum-Mop 2 EU 2022
4
4
30% off Mi Robot Vacuum-Mop 2 EU 2022
4
4
70% off Dyson V8 Slim Fluffy Vacuum
4
4
50% off Dyson V8 Slim Fluffy Vacuum
4
4
30% off Dyson V8 Slim Fluffy Vacuum
4
4
Free RM100 Ikea gift card
45
45
Free RM100 Shopee shopping voucher
90
90
Free RM30 cashback
700
700

Aside from these two Virtual Shopping Mall Sweep sessions, there is actually a third exclusive session that is organised for the first 50 cardholders that accumulate a minimum spend of RM10,000. In this special session, you will have a chance to snap up the following items:

Items
Units available
SONY PlayStation 5 Digital Edition(Asia/Malaysia set based on the availability from the appointed supplier) at RM800
10
RM1,000 Zalora cash voucher for Zalora luxury section purchase
40

The exclusive session will take place on 21 August 2022 at 11.00 am, and will also run for 48 hours or until all the items are sold out.

Note that all items on offer are provided on a first-come, first-served basis. Also, cardholders who join in the three sessions are not required to pay for their selected items immediately during the session itself. Instead, Hong Leong will provide the details of the supplier to you via email within five days from the end of your shopping mall sweep session. You will then need to pay the supplier using your Hong Leong credit card within five days of receiving the email.

Finally, do be aware that no registrations are required for this campaign; you only need to meet the specified cumulative spend to be enrolled in it.

(Source:
Hong Leong Bank
)

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PM: Government Keen To Reintroduce GST

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government is keen to reintroduce the Goods and Services Tax (GST) in a bid to help boost its existing revenue.

According to Datuk Seri Ismail Sabri, the government is faced with limited options in the matter, despite being aware of the unpopularity of the GST among the people. He highlighted that the government had suffered a RM20 billion loss in annual revenue since the abolishment of the taxation model in 2018.

The prime minister also stated that if implemented, the government will aim for a reasonable GST rate that is neither too high that it burdens the people, nor too low that it “defeats the purpose of expanding tax revenue”.

(Image: The Star)

This suggestion to reintroduce the GST is not actually a new development; back in 2020, former
prime minister Tan Sri Muhyiddin Yassin had already highlighted that the government may consider reimplementing it
. Following that, the Finance Ministry shared that the
government is still evaluating the suitability of reimplementing the tax module
 in March 2022. The ministry stressed that the assessment of this matter must include various aspects, including the downsides of the current Sales and Services Tax (SST) in comparison to those of the GST.

To note, Malaysia utilised the SST from the 1970s to 2014, after which it was replaced with the
GST
. The government then
reverted back to the SST in September 2018
 following public discontent as the GST was believed to have contributed to the rise in living costs back then.

(Source:
The Edge Markets
)

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Personal finance apps for Android

A little while back we reviewed
personal finance apps for iPhone and iPad
. This time around we take a look at budgeting apps for the

Android phone and tablets.

As an Android user, I struggled to find an app that did all

I wanted it to do but didn’t cost money. It took some installing and uninstalling

but I found a few worth mentioning.

All of these apps can be found in the Google Playstore.

Money

Manager

by Realbyte Inc

It took many, many downloads before I found this one and it

has become a favourite. It’s absolutely free to use. Unlike other apps like
Toshl
, which allows you only two budget

categories (I mean seriously, who has only two budget categories? I know, know,

they just want you to pay), Money Manager allows 12 expense categories, 5

income categories and thus far, I’ve not hit the max on budget categories

despite having six already entered.

The pie chart of expenses is really handy to see in full

colour where your money is going and the ability to transfer money from

accounts to cash is useful to keep track of how much you should have in your

bank account and how much in hand.

The only downside to the free version of Money Manager is

that the budget setting is almost useless as it does not warn you when your

expenditure is nearing the budget limit.

Easy

Money

by Handy apps Inc

Easy Money is also a great app to use. Much like Money

Manager, you can track your balance in hand, account and on credit card. As a

bonus, you can also set reminders to go off to let you know when a payment is

due. Keep track of all payments made and income received. The app is no frills.

It doesn’t have the pie-chart graphic that tracks your spending like Money

Manager but having it will definitely help in keeping bill payment up to date.

But here’s the catch – it’s not exactly free.

Easy Money for Android will allow you to install and use for

free up to 30 days after which; you will have to pay for it. The disappointing

thing is that nowhere in the description do they tell you it is only a trial.

It is a leading app though so if you don’t mind paying USD10 this is a good app

to have.

Expense

Manager
 by Marcus Hintersteiner

If you want to simply track your expenses with NO other

feature, try this app. The app allows you to keep tabs on what you’ve spent

daily and records it in a nice bar chart format. It’s simple enough and visual

look at amounts can give you a clear idea of where your money is going.

Expense Manager’s key selling point is the very simplicity

of it. If you’d like more features, though, you will have to pay USD$3.33 to

unlock the full version. The full version will give you statistics, income

management and a look at fund distribution.

IOU

by S Tubin

IOU specialises in tracking debt – no other financial

information such as income and budgeting. You simply add money you owe to other

people; money they owe to you and how much you or they have repaid.

IOU’s a useful app to track loan debt but nothing much else.

It’s simple and pretty much no frills. Don’t expect massive calculations of

repayment tenures or interest but it will remember numbers you don’t. It’s

available for Android, iPhone and Windows Operating system phones.

All the above was tested on a Samsung Galaxy Note II running

on Android version 4.12. Google Play indicates that all apps above work equally

on Android based tablets as long as version compatibility allows.

Image courtesy of Intel Free Press at Wikimedia Commons.

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Diana Chai

Diana Chai

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OCBC Economist: BNM May Reduce OPR To 1.50% This Month

(Image: The Star)

OCBC Bank Research has predicted that Bank Negara Malaysia (BNM) may further reduce the overnight policy rate (OPR) by yet another 25 basis points in the monetary policy committee meeting on 20 January 2021. If carried out, the OPR will plummet down to 1.50%.

Not only that, the bank’s global treasury, research, and strategy economist, Wellian Wiranto also foresees that the OPR could be slashed even more to 1.25% in the March meeting. These new predictions stand in contrast with previous forecasts from several economists, most of whom opined that BNM will
maintain the OPR at 1.75% throughout 2021
 unless there were significant threats.

It bears mentioning that Wellian’s latest predictions are based on recent developments within the country, which saw the Malaysian government reimplementing the movement control order (MCO 2.0) in selected states as it battles against the spread of Covid-19. The country also declared a state of emergency yesterday. Wellian noted that MCO 2.0 covers some of the most economically active regions of the country, including Selangor, Penang, Melaka, Johor, Sabah, and Kuala Lumpur. Together, these regions make up a significant 67.7% of the economy.

(Image: The Edge Markets)

“With its recovery momentum stymied, it will be even harder now for the economy to reach the 6.5% to 7.5% GDP growth target that the government has in mind, making it tough to envision any grand fiscal largesse to counter the blow, even as the declaration of state of emergency gives it some wiggle room. Hence, Malaysia would continue to have to lean more heavily on monetary support. Bank Negara is likely to cut its OPR once more on 20 January,” said Wellian.

Wellian added that the latest MCO measures will inadvertently dampen the slight recovery that Malaysia had begun to experience during the third quarter of 2020. It will also limit economic growth in the first quarter of 2021. “Even as exports continued to show signs of benefitting from a recovery in demand in electronic goods, the domestic segment would likely continue to be a drag – and even more so now,” he said.

On top of that, Wellian pointed out that Malaysia’s unemployment rate – which is still elevated – has increased as well, thereby putting further pressure on consumption. According to the latest report from the Department of Statistics Malaysia, the country’s
unemployment rate stood at 4.8%
 as of November 2020.

“All in all, we see downside risks to our 2021 GDP forecast. Previously at 6%, it is already relatively low compared to the 6.5% to 7.5% range targeted by the government and latest 6.8% consensus. However, the culmination of recent events and the distinct likelihood that the MCO may be extended beyond the current stipulated period of two weeks are likely to pressure on first quarter growth further,” said Wellian, adding that the GDP growth rate is now likely to be 5.7% year-on-year instead.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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