Takaful Malaysia Launches Malaysia's First Flexi Motor Takaful Plan With Pay As You Drive Daily Cover

Syarikat Takaful Malaysia Am Bhd (Takaful Malaysia) has introduced its latest product, the Takaful myClick Motor FlexiSaver with an optional Pay As You Drive (PAYD) daily cover. It is Malaysia’s first flexi motor takaful plan with such a cover, allowing motorists to activate the plan and be charged for it only on the days that they drive.

Offering savings of up to 70%, Takaful Malaysia said that its new plan differs from the flexible insurance plans that are offered by other insurance companies as the Takaful myClick Motor FlexiSaver with PAYD daily cover is based on the days it is utilised instead of mileage. Motorists will only need to activate the plan through the Takaful Malaysia mobile app for the days that they drive, and they will be charged accordingly.

Customer who purchase the Takaful myClick Motor FlexiSaver will be covered for the following damages under the base FlexiCover (automatic coverage for a year) and the PAYD daily cover (if activated):

Injury or death to third party
Damage to third-party property/vehicle
Loss or damage to your vehicle due to fire or theft
24-hour roadside assistance programe for unlimited breakdown towing and minor roadside repair (such as tyre change, fuel delivery, battery change, and jumpstart)
Damage to your vehicle (if PAYD is activated)

If you do decide to activate the optional PAYD daily cover when subscribing to the base plan of the Takaful myClick Motor FlexiSaver, you’ll also enjoy additional benefits such as an instant 10% discount, a complimentary personal accident cover of RM15,000 for you and your passengers, as well as accident towing at the scene of the accident.

Here’s an estimation from Takaful Malaysia as to how much you can potentially save on your motor insurance if you purchase the Takaful myClick Motor FlexiSaver:

For drivers who finds themselves in need of more protection, there are also several add-ons that you can purchase, such as coverage for windscreen, window, and sunroof, as well as key replacement. You can also get an additional Motor PA Plus add-on if you wish to increase your personal accident coverage.

Note, however, that the plan is only open to qualified drivers with cars that are valued between RM100,000 to RM1.5 million, and are aged below 11 years.

The chairman of Takaful Malaysia, Datuk Mohammed Hussein said this new product is ideal and rewarding as more people are driving less these days, given the new norm in the Covid-19 climate. The flexibility of the plan will also benefit individuals who are struggling financially due to the impact of the pandemic. “Offering insurance and takaful products in the new mobility space that are simple, flexible, and usage-based is revolutionising the industry. This means consumers have the option to decide and pay for just the coverage they need, as and when they need it,” he said.

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

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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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Frequently asked questions about Personal Loans

Ever since
we added a personal loan calculator to our site
 we’ve received many questions from interested readers on the topic of borrowing money. As a quick, helpful guide we’ve compiled the top five questions we’ve been asked and answered them for your easy reference.

I earn less than RM1500 – can I apply for a personal loan?

Personal loans for people with a monthly income less than RM1500 are very limited. We only list two and it is worth noting that these loans come tied to high interest rates. The two which allow RM1500 salary requirements are
RHB’s Easy Pinjaman Express
 and
CIMB’s Express Cash Financing
. Minimum income ranges are there for a reason: to ensure you can afford to live and repay the money you have borrowed.

Do weigh your options carefully. An income less than RM1500 makes it difficult to repay after your tax and EPF deductions and budget for living necessities.

How much money can I borrow?

The amount of money a bank for
personal financing
 will allow you to borrow will depend on many things. The bank will take into consideration your salary, occupation, living expenses, and a host of other information that makes up their credit report.

The final decision rests with the bank. Although many ‘best practices’ abound, the truth remains that approval depends on how ‘attractive’ an applicant you are to the bank. You may have a large income but if you have loads of outstanding debts (such as credit cards and car loans) you might be considered a credit risk.

Remember that many banks are happier to lend money to people who are existing customers. So, if you already have an account with Agrobank, for example, the approval rate for an
Agro Bank personal loan
 under your name would be higher. Check the personal loan interest rates for the bank that manages your current account or savings account before you start applying to all the banks in Malaysia!

Will I get to borrow the amount of money I asked for?

Maybe, maybe not. Once again the loan amount you are approved for depends on the outcome of your credit check. Basically the bank will decide whether you are a high or low risk customer and make a loan offer based on its decision.

Let’s say Mr Lee has applied for a
Bank Rakyat personal loan
 and because he has been a current account customer for ten years, the bank decides he is a low risk customer. Lee is then approved for 80% of the sum he asked for in his application. It’s not 100% because he has mortgage payments to make every month.

Note that Lee will be charged stamp duty fees of about 0.5% (compulsory for all loan documentation) and any processing or administrative fees the bank may charge. Always ask the bank about any fees before applying.

If Lee was found to be a high risk customer, he might be offered a much lower amount, say 50% of the amount he wanted. Mr Lee can either agree to take the lower amount, or look elsewhere for money.

How long can I take to pay off a loan?

Bank Negara set the
maximum number of years for personal loan repayment
 to 10 years. Many commercial banks will not allow this length of loan if they think you are a poor credit risk. The usual amount of time is between 7-8 years. However, it is always better to pay of your loan quickly if you can as personal interest rates are often quite high.

When you decide how much money you want to borrow from the bank it’s a good idea to look at the amount of interest you are going to pay over the loan period. Don’t make your decision based only on the amount of money you can afford to pay back every month.

Can I take out a loan to settle my existing loans or credit card debt?

Yes, you can. Though few banks offer it; consolidation personal loans exist and are there for the reason of helping you combine your debt into one payment. This frees up a larger portion of your income for everyday use and simplifies repayment.

Can I apply for a loan if I am blacklisted on CCRIS?

You can make an application but whether or not you receive the loan or not is still dependent on the bank. If you have a bad record with CCRIS, or any other credit checking agency it’s very unlikely that you will be approved. In fact, applying to every bank in Malaysia for a loan might further damage your agency credit rating.

If you’re in trouble with money the first thing to do is talk to the bank that you have trouble paying. They would much rather agree terms that you can manage to pay off your existing loans than to take drastic action against you. If you’re staring bankruptcy in the face talk to
AKPK
, they can help.

Picture courtesy of nongpimmy at
Freedigitalphotos.net
.

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Bursa Malaysia Derivatives To Introduce Night Trading By Fourth Quarter Of 2021

(Image: The Malaysian Reserve/Razak Ghazali)

Bursa Malaysia subsidiary, Bursa Malaysia Derivatives Bhd has said that it will launch an after-hours (T+1) trading session (night trading) in a bid to make Malaysia’s derivatives market more attractive to global traders. This move – which is expected to take effect by the fourth quarter of 2021 – came following Bursa Malaysia Derivatives’ success in obtaining an approval-in-principle (AIP) from the Securities Commission Malaysia (SC) to do so.

In a statement, Bursa Malaysia Derivatives said that Night Trading is a significant development that will align the exchange with global market practices, and that it will be available for most products. It further stated that the practice is set to enhance the price discovery of its offerings, given the substantial growth in the participation of the derivatives market since 2019.

To quote some figures, Bursa Malaysia Derivatives said that the total number of contracts traded in 2020 recorded a 35% growth, which translated to an increase from 13.5 million contracts in 2019 to 18.2 million. Of the total trading volume in 2020, 46% were contributed by foreign participants.

Additionally, 30 June 2021 saw the total monthly trading volume for the exchange’s crude palm oil futures contract (FCPO) hit an all-time high at 1.7 million contracts, which is equivalent to the trading of 42.6 million metric tonnes of crude palm oil. This new high surpassed a previous record that was logged back in March 2020 (1.66 million contracts).

(Image: New Straits Times)

Chief executive officer of Bursa Malaysia Derivatives, Samuel Ho said that the recent volatility in crude palm oil prices demonstrated the need for Night Trading. “It will provide an avenue for market participants to better manage their price risk exposure based on real-time global developments in different time zones. We will continue to work with our stakeholders to ensure smooth implementation of the Night Trading,” he added.

Ho further stated that enhancing the trading ecosystem will help to sustain the strong interest among traders and to further promote the globalisation of the Malaysian derivatives market. “Market participants can look forward to more infrastructure enhancement projects which will be rolled out in stages this year,” he said.

For context, the trading session for derivatives on Bursa Malaysia currently starts at 8.15am or 8.30am (pre-opening) – depending on the type of derivatives. Meanwhile, the day ends at between 3.15pm to 6.15pm (inclusive of market close/surveillance). You can find out more about the
trading sessions of Bursa Malaysia’s derivatives market
 here.

(Source:
Bursa Malaysia
)

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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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Hong Leong Hello Kitty Debit Card

Limited Edition Hello Kitty Winter Debit Card Might Win You A Hello Kitty Car!

Sign Up for a Hong Leong Savings Account and you could be driving away in a
Limited Edition Hello Kitty Suzuki
.

Until March 31
st
 2013 Hong Leong are giving away a whole bunch of Hello Kitty gifts when you open a Savings Account:

Deposit RM3,888 and get a Hello Kitty Mug

Deposit RM6,888 and get a Hello Kitty Shopping Bag

Deposit RM18,888 and get a Hello Kitty School Bag

What’s more you will automatically go in the draw to win the Hello Kitty Suzuki – and get a free Limited Edition Hello Kitty Winter Debit Card!

If you’re a Hello Kitty Crazy Collector
sign up now!

Terms and Conditions apply

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ringgitplus

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CTOS Offers Free MyCTOS Score Credit Reports Until 31 May 2020

(
Article updated on 28 April 2020 as CTOS has once again extended the offer, until 31 May 2020.
)

CTOS is offering up to 100,000 free MyCTOS Score credit reports, available until 31 May 2020. As part of the CTOS Cares CSR campaign, it is intended to help Malaysians get a better grasp of their financial health amidst the country’s current economic state that has been adversely impacted by the Covid-19 pandemic.

The MyCTOS Score credit report is a third-party evaluation of your credit history and capability to repay your financial obligations. Banks and lending companies use it as a source of reference to determine if they should approve your applications for loans and other credit facilities.

The report, which usually costs RM25 each, will contain information about your creditworthiness, such as your:

CTOS Score

CCRIS and dishonoured cheque records from Bank Negara Malaysia (BNM)

Directorship and business interest

Litigation and bankruptcy

Trade referee listings

To redeem your free credit report from CTOS, you will first need to have a CTOS ID account. If you have yet to set one up, you can
sign up
 for it at no cost. Once you have registered, you can go on to request for a credit report and enter the promo code (
FREEMCO20
) at the payment page to get yours for free.

Note also that you are only entitled to one free MyCTOS Score report per person, and can only redeem it through the CTOS website. It is unavailable on the mobile app. Additionally, if you’ve previously redeemed a free report – whether through CTOS or its partners – you’re not eligible for this
CTOS Cares CSR campaign deal
.

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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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    kaylee

    2 years ago

INVALID PROMO CODE

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Wise To Update Fees For Selected Services Made Through Wise Card, Including Withdrawals

Online remittance service provider Wise Malaysia has announced that it is updating the fees for selected services offered via its Wise card, with the revisions set to take effect starting from 3 January 2023. These include streamlining the fee structure for ATM and cash withdrawals, as well as introducing a new fee for account funding transactions in certain currencies.

With regard to ATM and cash withdrawals, Wise said that it currently has a fee structure that is “overly complicated, and (that) varied depending on the amount and number of times you withdrew cash within a month”. Specifically, existing users can make two withdrawals of up to RM1,000 each month for free. After that, each withdrawal will have a fee of RM5. On top of that, there is also a 1.75% fee for
any
 withdrawals that exceed RM1,000.

Come 3 January 2022, the current fee structure will be simplified for the convenience of users. “Now, you can withdraw up to RM1,100 cash per month for free, and we’ll simply charge 1% of the amount for additional withdrawals above this limit. This applies for ATM withdrawals, as well as withdrawing cash from a merchant or bank, money orders, foreign exchange, or bureau de change,” said Wise in a notice sent to its users.

Here’s a table to summarise the updated fee structure for ATM and cash withdrawals via the Wise card:

In addition to this revision of its withdrawal fees, Wise is also introducing a new fee of 2% for account funding transactions in selected currencies, such as when you use your Wise card to fund e-wallets and external accounts that may be converted to cash (including, but not limited to, casino chips, cryptocurrencies, and lottery tickets). This is because these transactions cost more money to process than others, said Wise.

Wise further explained in its
Help page
 that depending on whether your Wise card is a Visa or Mastercard card, the 2% fee will be exempted for the following currencies:

Card
Currencies exempted from 2% fee
Visa
– Australian dollar (AUD)
– Brazilian real (BRL)
– Canadian dollar (CAD)
– Swiss franc (CHF)
– Czech koruna (CZK)
– Danish krone (DKK)
– Euro (EUR)
– British pound sterling (GBP)
– Hong Kong dollar (HKD)
– Japanese yen (JPY)
– Mexican peso (MXN)
– Malaysian ringgit (MYR)

– Norwegian krone (NOK)
– New Zealand dollar (NZD)
– Poland zloty (PLN)
– Swedish krona (SEK)
– Singapore dollar (SGD)
– United States dollar (USD)
Mastercard
– Australian dollar (AUD)
– Canadian dollar (CAD)
– Swiss franc (CHF)
– Euro (EUR)
– British pound sterling (GBP)
– Hungarian forint (HUF)
– Japanese yen (JPY)
– New Zealand dollar (NZD)
– Poland zloty (PLN)
– United States dollar (USD)

For context, Wise assigns Visa cards to its users in Malaysia, so local Wise cardholders will want to take note of all the currencies that may incur the 2% fee, especially if you are a frequent traveller who often use your card to top up foreign e-wallets or other relevant accounts.

The Wise card – which landed on Malaysian shores at the
end of 2021
 – is essentially a debit card that is tied to its multi-currency account, which was previously known as the borderless account. It allows you to spend money in more than 175 countries with low upfront conversion rates and no annual or card subscription fee. There is, however, a one-time fee of RM13.70 to get the Wise card.

(Source: Wise Malaysia [
1
,
2
])

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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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    Darren

    9 months ago

What is an e-wallet , does this mean if I want to convert my AUD to Thai baht and hold that Thai baht in the a”Thai baht wallet” on my wise account I will be charged 2% for the conversion ?

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    Pang Tun Yau

    9 months ago

    Reply to

        Darren

No, it means when you use your Wise card to reload third-party e-wallet apps.

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Interest May Now Be Charged On Deferred Instalments Of Hire Purchase Loans And Fixed-Rate Islamic Financing Under Moratorium (Updated)

(
Update 1/5/2020 12.00pm
: Article headline and body has been updated for clarity)

(
Update 1/5/2020 11.30am
: Article has been updated to include statements from BNM’s FAQ issued on 1 May 2020)

(
Update 30/4/2020 11.30pm
: Article has been updated to include a new statement from BNM)

Hire-purchase loans and fixed-rate Islamic financing may now be charged interest on instalments deferred during the 6-month moratorium in Malaysia.

The 6 month instalment deferment would not have incurred interest charges according to BNM’s own FAQ dated 30th March 2020 (and similar FAQs of many banks in Malaysia), but Bank Negara Malaysia (BNM) and the Association of Banks Malaysia (ABM) have announced changes on 30th April 2020, and BNM additionally issued a
FAQ on 1 May 2020
 to explain changes to the previous understanding.

Both loan types are flat-rate, where interest charges are calculated upfront. The 6-month moratorium FAQs initially indicated that customers enjoy an interest-free payment holiday from April to September 2020, with
no subsequent changes to the existing instalment amount or remaining number of installments
. Also, there was previously no need to consumers to take any actions with their banks if they wanted to opt-in to the moratorium (ie.
automatic opt-in
). With both ABM and BNM’s announcements on 30 April 2020 and 1 May 2020,
both of these will no longer be the case
.

We expect most banks to issue updated FAQs in the coming days and will update
our guide on whether you should take the 6-month moratorium
 accordingly.

Moratorium no longer automatic opt-in for hire purchase loans & Islamic financing

In
a press release by the central bank today
, BNM stated that it has begun the “operationalisation” of the moratorium agreement to comply with the procedural requirements under the Hire-Purchase Act 1967 and Shariah requirements. According to BNM, this exercise is necessary to facilitate the moratorium that was announced as part of the Prihatin Economic Stimulus Package, giving it full legal effect.

The press release also hinted of a big change that will affect millions of Malaysians currently servicing car loans or Islamic financing. According to the press release, BNM implied that from 1 May 2020, the 6-month moratorium will no longer be an automatic opt-in for all customers – a huge hint that the terms of the original moratorium may have changed.

The press release further adds that BNM required that all borrowers “are provided with clear information on the process and changes to the terms of their agreements”, and that the banking institutions provide borrowers with “necessary steps that they need to take to complete the process of deferring their loan/financing payments”.

Interest/profit charges to be introduced to deferred instalments on fixed-rate loans/financing

The press release further hints that it is opening the doors for banking institutions to tweak the terms of each borrower’s loan/financing agreements during the bank moratorium. In the press release, BNM states that:

 Banking institutions will also provide to each borrower/customer specific details of changes to the terms of his/her HP loan or fixed rate Islamic financing agreement. This should contain information on the revised payment schedule and any changes to payment amounts, including those arising from normal interest/profit rate accrued during the moratorium.

Given that the original moratorium FAQs indicated no changes to the payment terms (same instalment, same remaining amount of instalments) for fixed-rate loans and financing, the excerpt above greatly implies that this will no longer be the case.

The ABM has also released a statement today,
confirming changes to the moratorium agreement
. According to ABM, banking institutions will provide borrowers with two options at the end of the moratorium:

Pay the accumulated 6 months’ deferred instalments together with their October 2020 instalment without being charged any additional interest; or

Continue the repayment of these instalments post-October 2020 through an extension of 6 months in repayment period after the original maturity date. In this case, interest based on the contractual rate will be charged on the amount of the deferred instalments that remains outstanding until these instalments are fully repaid, which should be by the end of the extended 6-month tenure.

Obviously, in the first option, there is no additional interest to be charged, and the repayment terms and schedule remains the same after October. However, borrowers will need to fork out seven months’ worth of instalment in October 2020 (six months from April to September 2020, as well as October 2020).

For the second option, borrowers will see interest charged to the six monthly instalments that were deferred throughout the remainder of the tenure, and the tenure will be extended by six months. This will mean borrowers will see an increase in their monthly instalments from October 2020. BNM’s new FAQ dated 1 May 2020 has a sample calculation which explains this, we will be running analysis on this in our
main moratorium guide
.

For Islamic financing, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) has also
released a press statement
, saying that customers will be contacted directly about any possible changes to their financing plans. Unlike ABM’s statement, no specific information such as revisions to profit rate were mentioned in AIBIM’s press release.

In a new statement
, BNM reiterated that it had previously explained that interest will continue to accrue during the moratorium and should take that into account before choosing to opt in for the deferment. It also added that those who do not wish to take the moratorium will be given the opportunity to do so even if they have opted in previously.

No penalty for those who wish to opt out of deferment from May 2020

BNM also stressed that there will be no penalties for borrowers who have already deferred their loan repayments, and wish to opt out of the moratorium. According to the central bank, borrowers simply need to inform their banking institutions that they wish to resume their scheduled payments following the existing agreement.

From there, banking institutions must provide borrowers “reasonable time” to regularise any outstanding scheduled payments that were earlier deferred under the moratorium. In addition, BNM has expressly stated that banking institutions are not to impose overdue or late payment charges on the deferred payments if they wish to opt out of the moratorium. These charges may only apply if borrowers fail to adhere to the revised payment schedule after opting out of the moratorium.

In its statement, the ABM announced that any deferred hire purchase instalment payment for April, May, and June 2020 will not be imposed any interest charges nor late payment fees – as long as the instalments are paid by 30 June 2020
and
the customer chooses not to take up the moratorium having opted in previously. This practically means instead of a six-month moratorium, hire purchase borrowers who previously opted in and now choose to opt out of the moratorium will “only” enjoy a de-facto two-month payment holiday (April – May 2020) with no interest charged.

Banks stand to lose billions

Sources in the banking industry revealed to RinggitPlus that the 6-month moratorium will result in huge losses for banks. Banks will see zero revenue from this business vertical during this period, which will lead to a ripple effect to the bank’s ability to finance operational and funding costs across the entire business. According to one source, a big bank could stand to lose up to RM1 billion during the 6-month moratorium from just the deferment of hire purchase loans alone.

It is unclear why the
original moratorium
 was passed given the huge hit banks will take as part of the exercise – the short timeline (banks were reportedly informed just a few days before Prime Minister Tan Sri Muhyiddin Yassin’s Prihatin Economic Stimulus Package announcement) may have been one factor.

The reversal of the “payment holiday” means Malaysians currently servicing hire purchase loans or Islamic financing will need to recalibrate their finances for the coming months before deciding whether to opt in or out of the new moratorium agreement.

Now that interest may be charged to deferred instalments for hire purchase and fixed-rate Islamic financing, we will be updating
our guide on whether you should take the 6-month moratorium
 for these loans. Stay tuned.

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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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    Salom Joyful

    3 years ago

Let’s say i am paying 1k per month for my car on a 9 year loan and i accept option 2 to defer payment for 6 month and pay extra interest..Will my monthly payment increase after that and how much?Very confusing for a layman like me to understand

206

Reply

    RK Mesh

    3 years ago

when we have stupid Ministers who do stupid job amd now burden the whole nation.

0

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    Edmund Leong

    3 years ago

Unlike your explanation earlier about Personal Loan , Citibank is charging accrued interest for personal loan While government is trying to help the people, the bank is making additional profit. I am sure many people will be shock when Citibank collect the accrued interest by the end of moratorium period. . The following is published on Citibank’s website. ************************************************************************************ Citibank Instalment Loans, Unsecured Term Loans and Citibank Ready Credit The interest / profit will continue to be charged / accrued during the deferment program but will not be compounded. You will need to resume the deferred instalments / minimum repayments
…
Read more »

-1

Reply

    Remy

    3 years ago

Demmm thats u said islamic? Bank also got uturn

7

Reply

    does it matter?

    3 years ago

a bank can lose 1bil for 6 mrh moratorium does not make sense. it is a just deferment of income or like the pm said – injection into the economy. otherwise how can he comes up 255bil stimulus package.

now ppl are getting pay cuts… now that IS a real lost.

banking cartels are sure powerful. they get bail outs when its customer sinks.

8

Reply

    Zulaini Z. Abidin

    3 years ago

A factor which caused a hasty decision in order to win hearts…

5

Reply

    Fateh Zafrul

    3 years ago

Haha, what a joke for stimulus package announced by MOF.

Banks just don’t see a reason not earn additional interests for deferred 6 months payment.

In short, pay as usual to avoid giving bank extra ‘profit’.

8

Reply

    Saipe Hermen

    3 years ago

Banks under ABM should create a simple mathematical calculation on how interest will be imposed effectively payment starting on Oct 2020..

5

Reply

    Teh

    3 years ago

I will choose to opt out of the moratorium rather than pay big amount of the hire purchase.

0

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    FA

    3 years ago

Throw question to RP is not the right way to do. They don’t know. They dont know what is your amortization of interest for individual of you, how tenure will be extended and others. Your need to check what is the current interest, what is the tenure and such.

This write up  had major glitch with BNM article.

Readers, go back to your source, which is the BNM site.

https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5042
.

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    S.D.

    3 years ago

ABM 1-0 BNM

0

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    Badar Noor

    3 years ago

In this trying time, you guys (the banks, be it islamic or not islamic, its irrelevant) are still worrying about your profit, money and wealth? We are supposed to approach this issue more humanly. Am I RIght?

3

Reply

    Jenny

    3 years ago

How about housing loan? Is it still automatic moratorium?

0

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    Lai

    3 years ago

How can banks lose up to 1 billion? Wasn’t it just a ‘postponed 6 months payment’ and not a ‘given free 6 months’ ?? Was it?? In the end we still pay the 6 months.

1

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    Xu

    3 years ago

This turn-a-bout by BNM and ABIM is like eating and shitting with the same mouth. Are the reasons for such actions properly explained to all Malaysians?

As usual it’s the people that bears the burden. Remember the reason for the French Revolution in history? Already Malaysian are suffering with pay cuts and loss of jobs, now comes another blow from behind. If BNM and ABIM have no intentions of helping out, it’s better for them to shutup and give FALSE HOPES !

3

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    Ram

    3 years ago

Islamic financing konon… amalkan konsep serupa dgn riba …

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Govt To Provide Subsidies Based On Net Disposable Income, Instead Of Income Group Categories

(Image: The Star)

Economic Affairs Minister Rafizi Ramli has said that the government’s new approach towards targeted subsidies will rely on net disposable household income, as opposed to the current static income-based approach. Consequently, this will see the current B40 and M40 categorisations being gradually phased out by next year.

“The new approach will consider factors such as monthly financial commitments in determining disposable household income rather than the previous approach, which was based solely on household income,” said Rafizi, adding that the static household income approach may be “unfair” as some in the lower T20 threshold could be left out of aid programmes despite needing them.

To illustrate, Rafizi gave an example of some families that have a monthly household income of RM10,500, which puts them in the upper M40 or lower T20 income group. However, they live in the Klang Valley and have five children. “If you consider all their commitments, their net income may be the same as those in the B40 category. Under the previous approach, these people were cut off from any assistance, and we want to minimise this sort of exclusion,” explained Rafizi.

(Image: The Star/Glenn Guan)

Currently, the T20 group refers to 20% of Malaysians whose monthly household income is above RM10,960. Meanwhile, the B40 and M40 groups each represent another 40% of households with monthly incomes of less than RM4,850, and between RM4,850 and RM10,960 – respectively.

Rafizi further said that the implementation of this new approach based on net disposable household income by next year will resolve any talks of removing subsidies for those in the T20 category.

“We have started discussions with the National Economic Action Council on who should get what. For example, whether the aid is going to be universal child assistance, or by way of an income top-up. By next year, we will see a transition where the B40 and M40 groups will be gradually phased out once we roll out a more consolidated social assistance based on net disposable income,” Rafizi commented.

The minister highlighted as well that the new approach will tap into data collected under the Central Database Hub (Padu), which is still being constructed. For context, Padu is developed to collect and combine socio-economic information so that the government can obtain real-time data on disposable household income to help improve its policy and decision-making process.

(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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How rewarding is your credit card?

Rewards cards, loyalty programmes, redemption points; whatever you prefer to call it; Malaysians love to be rewarded for their spending. But with so many reward programmes out there we’re hard pressed to choose the right one for us. Before signing on a new credit card, ask yourself, how often will you be using your
rewards credit card
 and what kind of items you will generally be spending on? Once you’ve considered these two points then have a quick read through RinggitPlus’ checklist of features and find out which reward programme will give you the best value for your ringgit.

Rewards for life

Most programmes run for three years before they reset members’ points.

If you are an infrequent spender consider getting a credit card with reward points that never expire. There are banks in the market offering reward points with infinite lifespans; BSN Happy Reward, Maybank Treatpoints and Alliance Bank Timeless Bonus Points. Remember though to keep yourself updated on their Terms & Conditions in case the companies decide to alter their policies. Also check to see if they update their catalogues regularly. Citibank and Maybank are also known to have a wide selection of redemption items.

Big Points for Big Spenders

Most credit cards work on an RM1 = 1 point ratio and some double your points for overseas spending. But if you’re the kind of person with a big shopping budget or just love to accumulate points faster, then you could consider going for credit cards which offer as much as 5 points for each ringgit you spend. Here are some rewards points credit cards that offer more rewards for your ringgit:

Bank name

Credit card name

Ringgit to points ratio (RM:points)

Special overseas rates

Citibank

Citibank Rewards Platinum Visa/Mastercard

1:5

–

HSBC

HSBC Visa Signature

1:5

1:10

Maybank

Maybankard 2 Gold AMEX/Mastercard

1:5

–

Please take note that some cards are tied to selected merchants in Malaysia and require you to shop at specific outlets to qualify for the 5x point rewards bonus. As in the case of HSBC, the 5x rewards points are awarded for shopping and dining with a minimum monthly spend of RM1500 (at selected merchants: details of which are available on the rewards homepage) and the 10x points rate only applies to expenses made on overseas hotel and dining bills with a minimum monthly spend of RM2000. Citibank also has a list of participating merchants in their Rewards FAQ page for each eligible category. Maybank’s 2 cards however, remain relatively unrestricted, offering 5x points applicable to swipes anywhere in the world except government bodies, insurance providers and educational institutions.

Always check the Terms & Conditions of each product before applying.

Specialty Cards

There are also cards out there that are tailored for specific needs. For instance
Citibank’s Rewards Platinum Visa/Mastercard
 which allows cardholders to customise up to five different categories of spending which will earn them as much as five points per ringgit from selected merchants.

Maybanks’s
Maybank Islamic PETRONAS Ikhwan Visa Gold Card
-i is targeted towards cardholders who would like to make the most of their petrol consumption. This card has a 5x points rate for purchases made at Petronas service stations on weekdays and goes up to 8x on weekends. You will also receive 8x points on grocery spends during weekends.

For gadget geeks there’s the Maybank
SonyCard Visa
 which not only offers 10x points on purchases made at participating Sony outlets but also additional perks such as extended warranties and low-interest instalment plans.

If most of your credit card charges are spent on groceries you might benefit more from cards that are affiliated with chained hypermarkets such as the
AEON Gold Visa
 and
MasterCard
 which offers two times rewards points for shopping done at their hypermarkets like AEON-Big, Jusco and MaxValue of the
Tesco-RHB Credit Card
 that offers cashback for shopping at Tesco and bonus clubcard points with your Tesco Clubcard. To enjoy the extra clubcard points, you will have to register your clubcard with your RHB Tesco Credit Card account and swipe both during payment. AEON also has a credit card specifically for car owners, for example the
Cruize Visa Gold
 which comes with benefits from AAM.

For the Globetrotters

Yes, rewards to mileage points are not something new but for those who prefer specific airlines or travel for a living why not get a separate card just for your travel expenses?

The AirAsia
Citibank Platinum Visa
 credit card awards up to 3x AirAsia points for purchases above RM6000 with AirAsia. These can be used to redeem for AirAsia travel vouchers or for discounts on future purchases.

RHB’s
Travel Money credit cards
 gives you the option of redeeming your accumulated points for either Enrich Miles (MAS) or KrisFlyer Miles (SIA). You can also redeem vouchers for flights with FireFly and AirAsia and earn 2x reward points for purchases on airline tickets, duty-free products and local cruises.

With the
CIMB Enrich Gold Mastercard
, you can earn Enrich miles as you go without the need for a conversion. The
Maybank Visa Infinite
 also offers a good conversion rate from points to Enrich miles.

Redeeming Your Rewards

Gone are the days when you had to send in hard copy forms and wait for 4-8 weeks for your redemption items. Although some companies still employ these methods, these days you can easily make redemptions online and even ‘cash-in’ your points to pay for purchases at participating outlets.

RHB, Maybank, UOB, CIMB, Hong Leong Bank, HSBC and MBF (BonusLink) all run programmes which allow members to make online orders, while some credit cards offer the perks of on-the-spot redemption where cardholders get to spend points for over-the-counter purchases with selected merchants. For instance AmBank cardholders can use their points to snack at Krispy Kreme and Starbucks. Citibank’s Instant Rewards programme is tied-in with a wide range of merchants including GAP, Sakae Sushi, SK Jewelry and Harvey Norman. Maybank also runs the RCUBED programme together with 1Utama Shopping Mall where you can use points to shop at a myriad of merchants in the mall.. Be sure to check out each bank’s individual website for all available offers.

If you’re having trouble researching which card suits you best why not have a go on RinggitPlus’s
credit card

comparison table
.

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After Nearly 2-Day Downtime, CIMB Clicks Instant Transfer Seems To Be Back Up

The Instant Transfer option on CIMB Clicks has faced some issues over the last couple of days. However, judging from some replies from the bank’s Twitter account, it seems like the online banking service could be up and running at last.

According to CIMB, the Instant Transfer service became unavailable at 10.30a.m. on Wednesday 27 January until “further notice”, with customers advised to use Interbank GIRO (IBG), DuitNow, or CIMB ATMs for their necessary fund transfers instead.

Sebagai alternatif lain, anda boleh gunakan Interbank GIRO (IBG) atau DuitNow untuk melakukan transaksi. Sebarang kesulitan amat dikesali. Terima kasih.(2/2)

— CIMB Assists (@CIMB_Assists)
January 27, 2021

On 28 January, CIMB said that its Instant Transfer option is back in service – with the exception of Instant Transfers made to Bank Simpanan Nasional (BSN). Instant Transfers from CIMB to BSN are still unavailable as of today 29 January and will continue to be unavailable until further notice.

However, if you are still having issues making general Instant Transfers via CIMB Clicks today, you can try using the solutions given by the CIMB Assists Twitter account to those who are reporting similar problems.

These include clearing your cache history on your web browser or application, checking your Internet connection, restarting your modem, and restarting the device you are using. Hopefully, CIMB Clicks users will be able to make use of the online banking service without any hitches once again.

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RHB Islamic Introduces The First Eco-Friendly Debit Card In Asia Pacific

RHB Islamic Bank has collaborated with WWF Malaysia and Universiti Malaysia Terengganu (UMT) to become the first bank in Asia Pacific to introduce an eco-friendly recycled plastic debit card.

According to RHB Islamic Bank, the RHB Visa WWF Debit Card-i is part of the bank’s efforts under its flagship initiative, “Ocean Harmony”, which is in line with the United Nations Sustainable Development Goals (UN SDGs). This initiative intends to increase public awareness on the importance of conserving and sustaining the marine ecosystem. As such, the first edition of the card will feature the green sea turtle, one of the most endangered sea creatures at present.

“Most discarded plastics end up in the ocean to the detriment of marine life. Our new recycled plastic card is our way of contributing directly to the conservation of ocean life through global affiliated NGOs such as WWF Malaysia, and local champions including UMT,” said the managing director of RHB Islamic, Datuk Adissadikin Ali.

The RHB Visa WWF Debit Card-i will let cardholders show their support for the bank’s cause through two options: by contributing up to 100% of their profit rate or “hibah” in support of ocean life conservation, or by donating RM3 for the ocean research and development studies by UMT. New cardholders will also be able to enjoy a 10% discount on WWF Malaysia merchandise purchased from its online shop.

To own the RHB Visa WWF Debit Card-i, which is also equipped with PayWave technology, open any of the following Islamic current or savings account, after which you can opt for the card:

Premier current account-i
: Apply through RHB branch

Children Account-i
: Apply through RHB branch

RHB Smart Account-i
: Apply through RHB branch or online

Savings account-i
: Apply through RHB branch or online

The new RHB Visa WWF Debit Card-i will only be available to new and existing RHB customers from July 2020, but you can start booking now at
RHB’s website
.

(Source:
The Edge Markets
)

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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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GrabExpress Delivery Service Now Available In The Greater Klang Valley Area

Following
its beta testing phase in
Bangsar, Kuala Lumpur City Centre, and KL Sentral last year, GrabExpress is rolling out its service to the Greater Klang Valley area. The new phase includes the addition of multi-stop delivery to the service.

GrabExpress is an on-demand, door-to-door delivery service that allows you to send documents and parcels to anyone you want with real-time tracking. Unlike Grab’s food delivery service which operates on the separate GrabFood app, the GrabExpress feature is available in the main Grab app along with its ride-hailing services.

To use GrabExpress, users can go to the Grab app, tap on “Delivery”, and key in the respective pick-up and drop-off locations. You just have to fill in the recipient’s information and confirm your booking. The nearest driver will pick up your parcel and head to the pick-up point while you track the delivery real-time in the app. GrabExpress is available from 8am to 12am daily.

Just like booking a GrabCar, you will be able to see the rates for your delivery upfront before you confirm your booking. For deliveries under 20km in distance, the rate charged is RM1/km whereas anything further will cost you RM2/km. The minimum fare for all GrabExpress deliveries regardless of distance is set at RM10.

According to GrabExpress’ sizing guide, your delivery package should be within 30cm x 45cm x 42cm in dimension and should not exceed 10kg in weight. Items that you can deliver using GrabExpress are parcels, documents, and certain types of packed food. However, you can’t deliver some items like glassware and power banks.

Both the sender and recipient can keep track of the GrabExpress delivery – the sender through real-time tracking in the app and the recipient via an SMS with a tracking URL. Packages delivered using GrabExpress are insured for up to RM500 per delivery and users can contact Grab customer service to proceed with any claims.

According to Grab, GrabExpress increased its number of delivery partners in line with the tenfold increase in delivery orders since October last year. Adelene Foo, Regional Head of GrabExpress, said that the group is gearing for an ecosystem of services to make Grab an all-in-one daily app for commuting, ordering food, making payments and now, on-demand deliveries. She added that Grab aims to support Malaysia’s growing e-commerce industry by allowing home-based entrepreneurs and small businesses to deliver their products directly to customers.

You can download the Grab App on the
App Store
 or
Google Play
 and find out more at the
GrabExpress
 official website.

(Source:
The Star
,
The Edge Markets
)

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    Hussin Abdul Rahman

    3 years ago

How to enter the toll fee in grabexpress.

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Grab Extends GrabPay Year End Bonus Points Until March 2020

Grab has extended the GrabPay Year End Bonus Points promotion, allowing users to earn up to 9x GrabRewards points for specific GrabPay transactions until 14 March 2020.

The
GrabPay Year End Bonus Points promotion
 was launched in October 2019 on the same day as
Grab restructured the GrabRewards points earning system
. It served as an intermediary move to soften the blow of GrabPay users who were previously earning up to 20x points to the ultimately more-sustainable-but-rewarding maximum of 3x points after the restructure exercise.

However, it looks like Grab has decided to allow GrabPay users to enjoy this bonus for another three months, as a quick check at Grab’s website shows an updated image that now shows “extended until 14 March 2020”. GrabPay users have also reported still earning 9x points for the two types of transactions that should earn 3x points since 1 January: in-store payments, online payments, and mobile prepaid top-up. There should be a fourth (bill payments), but Grab quietly stopped awarding GrabRewards points for bill payments in early December before officially announcing it later that month.

This extension is good news for e-wallet users in general, as it means another three months of earning 7.5% effective returns if you are a Platinum tier user.

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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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Who Benefits From Budget 2015?

With total budget of RM273.9 billion, Budget 2015 was said to be the ‘People’s Budget’. So just how many of the people are to benefit from this years initiatives and allocations? We take a look at the highlights and their target group.

1. Low Income Families and Singles – BR1M

Known as 1Malaysia People’s Aid, the subsidy scheme has increase its hand-out from RM650 to RM950 starting from January 2015 onwards. If you fall into the category of household income of RM4,000 and below each month, you are eligible for the handout. The system however is tiered and amounts vary for households earning below RM4,000 (RM750) and those earning below RM3,000 (RM950). Payments will be disbursed in 3 installments each year.

On the other hand, if you are above 21 years old and single, you will received a pay out of RM350 if you’re earning less than RM2,000 per month.

2. Wage Earners from All Income Levels – Personal Income Tax Rate Reduction

Although this move was already announced last year; it bears repeating. Income tax will be reduced 1% to 3%. If you are a single person or household with an income of RM4000 and below, you will no longer have to pay tax.

As for the tiered rates; previously the highest tier will be charged onto those earning RM100,000 and above. The ceiling has now been pushed to RM400,000. This essentially means that you can be earning up to RM30,000 per month and not be hit with the highest income tax rate. Good news for high income earners too.

3. Working Women with Families

In what can be seen as a radical shift from supporting women in the home; the government now seeks to encourage women in the workplace. A budget of RM2.2 billion will be allocated for this purpose. The highlight initiatives include:

The Woman Career Comeback Programme
for professional woman returning to the job market after maternity or childcare sabbatical. Talent Corp is to spearhead this initiative.

One year maternity leave on top of the existing 90 days leave.

The plans seem to only include women with families but any kind of initiative to spur the advancement of women is a welcome change.

4. People with Disabilities

Budget 2015 leaves no one behind including a targeted 110, 000 disabled individuals. Allowances for working disabled individuals increased from RM300 to RM350 whereas the unemployed will received RM200 which is a RM50 increase from previous year. Again, though an increase is welcome;
some quarters are lamenting the paltry amount
 the government assumes is enough for independent living in people with disabilities.

The government claims this move will cost them RM66 million.

5. Students, Educators and Schools

The increase the accessibility of education, a budget of RM800 million has been set to build total of 12 schools including both national and religious nationwide. More schools not only mean better access for students but more jobs for teachers and education professionals. Another RM3 billion will be used to sponsor education in Public Services Department, Education Ministry and Health Ministry. Students will furtherbenefit from a small cash handout as 5.4 million primary and secondary students will receive RM100 each as part of the schooling assistance programme.

In effort to mitigate the rising cost of childcare, several child educational programmes such as Tabika Kemas, PERMATA and Tabika Perpaduan will be invested with total of RM711 milion.

6. Bumiputera Students and Entrepreneurs

MARA will receive a sponsorship of RM2 billion to provide more scholarships and better facilities to eligible bumiputera students.

Students aren’t the only ones targeted as aspiring and existing bumiputras entrepreneurs will be able to seek financial aid from
Sahabat Amanah Ikhtiar Malaysia
 programme as RM1.8 billion will be injected into this initiative. This programme is said to be able to help 346,000 bumiputeras.

7. Young Couples

After much complaint over the existence of a current “homeless” generation of youths; the government is giving financial aid to 20,000 lucky couples to own their first homes. However, this initiative aimed at the youth (ages 25-40) will only be applicable to married couples within the age group earning less than RM10,000 collectively and who are buying their first homes. The houses must cost no more than RM500,000 with a maximum loan tenure of 35 years. Under this programme, the couple will receive:

RM200 monthly toward their home loan repayments for the first two years.

50% off stamp duty for the loan agreement and instrument of transfer.

10% loan guarantee to enable the couple to obtain full financing for the property.

The programme is a welcome one for young couples starting out but is highly limited in it’s reach. Single youths still lose out and will continue to remain part of the ‘homeless generation’.

Did You Qualify?

At a glance, 2015 looks promising with new projects and schemes but a deeper look displays the limited groups of people who seemingly benefit. Even for the groups who did; it remains to be seen if they will get what’s coming to them. Some of the initiatives are no doubt welcome changes but with GST (although new exemptions were announced) and reduced subsidies affecting the masses; you’d have hoped that more plans would in turn help out the masses as opposed to such a select few. Nonetheless, the government did allude that the Budget will be more targeted but who truly loses out? Not the ultra rich with their multiple cars but the middle class – who don’t qualify for BR1M nor do they earn enough to be comfortable with the increased subsidy cuts and GST.

Did you qualify for any of the Budget 2015 goodies?

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Denise Chan

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BSN Platinum Cardmembers Rewards – Discounts at Lone Pine Resort, Penang

Enjoy a day basking in the sun at the Lone Pine Resort, Penang. Located on the Batu Ferringhi beach, Lone Pine is Batu Ferringhi’s only luxury boutique resort. With your BSN Platinum card you will get a 15% discount on daily best available rate and a 15% discount on your food bill (amount before taxation).

Valid until 31 March 2014, it is only available to BSN platinum cardmembers. Prior booking is required. A one (1) day no show charge will be levied for cancellations made less than 72 hours before arrival. Blackout dates apply. Please call the resort at 04-886 8686 for more information. &

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Diana Chai

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HSBC x Touch 'n Go eWallet Cashback Campaign Returns - Get RM15 Cashback Per Month Till January 2021

HSBC is back with a popular cashback campaign that allows its credit and debit cardholders to earn cashback when they reload their Touch ‘n Go eWallet using HSBC cards.

Ongoing until 31 January 2021, the campaign is open to all HSBC and HSBC Amanah cardholders. Unlike the
previous campaign which offered 20% additional TNG eWallet credits capped at RM30 per month
, this campaign offers slightly reduced benefits: RM15 TNG eWallet credits per month with a minimum reload amount of RM100. Note that the minimum RM100 reload must be carried out in a single transaction, and that each cardholder is entitled to only one RM15 cashback every month throughout the campaign period. In other words, you can earn a total of RM90 in cashback if you make sure to reload each month.

Additionally, the campaign period differs slightly for HSBC credit and debit cardholders. While credit cardholders can tap into the campaign offer right away, debit cardholders can only join the campaign starting from October 2020.

As usual, the cashback will be awarded to eligible cardholders based on a first-come, first-served basis, and it will be credited to their Touch ‘n Go eWallet accounts within 10 working days. HSBC has allocated a total of RM520,000 for the whole campaign, with different amount earmarked for each month.

To maximise returns, a good HSBC credit card that you can consider using for this campaign is the
HSBC MPower Platinum Credit Card-i
. As you reload your Touch ‘n Go eWallet for the campaign, you can also tap into the card’s benefit of a bonus cashback of up to 8% on e-wallet spend once you hit an accumulated monthly expenditure of RM2,000 and above.

(Source:
HSBC
)

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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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Malaysian Employers Federation Warns Of More Lay-Offs After Raya

(Image: AFP)

The Malaysian Employers Federation (MEF) said that a wave of retrenchments may be on the way after the upcoming Hari Raya celebrations as companies struggle to stay afloat amidst the ongoing Covid-19 pandemic.

According to MEF executive director Shamsuddin Bardan, the retrenchments are likely to come after Hari Raya as bosses would try to keep their staff until then. He said that many employers were borrowing money or dipping into their savings to pay their staff’s salaries at the moment.

Shamsuddin further revealed that MEF expects about 2 million to lose their jobs, inclusive of fresh graduates and the 610,000 who became
unemployed before March this year.

(Image: The Malaysian Reserve)

“Let’s be realistic,” said Shamsuddin. “We need laws to help bosses deal with overheads.” He suggested that the employer’s share of EPF payments could be lowered from the current 11% to 4% as one such example. He added that a fixed ceiling rate for paycuts and flexible working hours could be introduced as a compromise with workers unions who were against reductions in salaries and hours.

Shamsuddin said that this would be in line with the “new normal” after Covid-19, stressing that the burden of keeping overheads low and staff employed should be shared by everyone.

(Source:
Free Malaysia Today
)

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SME Friendly Payment Gateway Options to Boost Your Business

When e-commerce was in its infancy stage in Malaysia a decade ago, it is common for people to deduce online business transactions as something that is unnecessary, expensive, and risky which does not contribute to their overall revenue.

Perhaps you may have been exposed to payment gateways as a part of your mentoring process if you are a budding entrepreneur who has just received your first SME bank loan (or another
unsecured loan
) and you have been deterred from applying for it due to its presumably high operational costs.

As time passes by, although there is a rise in ICT adoption among
owners of SME business
, most SMEs are still reluctant to use online payment gateways. Which is quite surprising indeed especially when the e-commerce contribution to GDP was 5.9%, or RM68.3bil in 2015, before increasing to 6.1%, or RM74.6bil, in 2016.

Ready to digitise your business and stay ahead of your other business competitors? Here are some of the payment gateway options that you can take into consideration.

PayPal

Originating from US, PayPal has nearing 20 years of experience in handling online payment systems that support online money transfers and serves as an electronic alternative to traditional payment methods such as money order and cheque.

Setup Fee : None

Processing Fee : None

Transaction Fee : Malaysia – 3.9% + 2.00 MYR

Overseas – 4.4% + 2.00 MYR

Annual Fee : None

E-GHL

Founded in March 2013, eGHL offers secure Internet payment solution which encompasses both cards and non-cards payments channels across South East Asia to online businesses throughout the region.

Setup Fee : RM399 (e-GHL Starter Package) , RM599 (e-GHL Small Business Package)

Processing Fee : RM900 for credit card gateway, enforced by banks. Can be waived on a case-per-case basis, depending on nature of the business.

Transaction Fee : e-GHL Starter Package – 2.8% for Visa, MasterCard transaction

Direct Debit charge

FPX, Maybank2u, RHB Click and Affin Online *2.8% or *RM0.70 (Whichever Higher)

CIMB Clicks *2.8% or *RM0.95 (Whichever higher)

e-GHL Small Business Package – 2.5% for Visa, MasterCard transaction

Direct Debit charge

FPX, Maybank2u, RHB Click and Affin Online *2.5% or *RM0.70 (Whichever Higher)

CIMB Clicks *2.5% or *RM0.95 (Whichever higher)

Annual Fee :

e-GHL Starter Package – First year is free, subsequent year is RM399.

e-GHL Small Business Package – First year is free, subsequent year is RM599.

BillPlz

Created as a software for merchants to collect payments fast at the lowest cost possible, some of BillPlz clientele include Axiata, Telekom Malaysia (TM), Digi as well as Majlis Agama Islam Selangor (MAIS). The software focuses on providing 4 services to merchants, i.e. API, Billing, Payment Form and Mass Payments.

Setup Fee : None

Processing Fee : None

Transaction Fee : RM1.50 per transaction

FPX – Free, PayPal – 3.9% + RM22, 2C2P – 2.5%

Annual Fee : None

SenangPay

Fairly new to the market, SenangPay is a payment gateway that is targetted specifically at the Malay-speaking e-commerce business owners.

Setup Fee : None

Processing Fee : None

Transaction Fee : For credit/debit card, 2.5% per transaction. For internet banking, 1.5% per transaction.

Annual Fee : Starts from RM200 per year

MOLPay

Claiming to be leading payment gateway in Malaysia, MOLPay provide complete coverage of payment methods, including credit/debit card, domestic internet banking with more than 100 banks in Southeast Asia, and Online to Offline (O2O)

Setup Fee : RM499 (MOL Start-ups), RM400

Processing Fees : RM945 fee for credit card gateway, enforced by banks. Can be waived on case-per-case basis, depending on nature of business.

Transaction Fee :

MOL Startup – 3.8% per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit) and MOLPay’s 7-11 cash channel

MOLPay Premium – 2.8% per transaction for credit card, per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit), for MEPS Cash and Webcash and MOLPay’s 7-11 cash channel.

Ipay88

Known also as Malaysia’s biggest payment gateway, ipay88 have assisted thousands of successful entrepreneurs in e-commerce and m-commerce space via our award-winning online payment ecosystem

Setup Fee : RM488 (Start-Up Plan), RM488 (SME Plan)

Processing Fees : RM900 fee for credit card gateway, enforced by banks. Can be waived on case-per-case basis, depending on nature of business.

Transaction Fee :

Start-Up Plan – 3.2% per transaction for credit card (Paypal) Domestic Only

Additional Charges for Multi-Currency

3.0% per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit)

SME Plan – 2.7% per transaction for credit card, 3.2% per transaction for credit card (Paypal) Domestic Only

Additional Charges for Multi-Currency

2.7% per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit)

While some of these payment gateway systems may come with multiple fees that add up to your expenses, it offers your customers a peace of mind as well as convenience when it comes to purchasing something from you online.

As such, should you aspire to grow your SME business further in Malaysia, obtaining an SME loan to furnish your inventory should not be the only end-goal for your entrepreneurial needs.

These loans, while it can help in covering for your expenses, it can also help further simplify and improve your business transactions while ensuring that your customer’s needs and shopping experience are taken care of with minimal fuss. All the best as you take your business to the next level!

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Join the Alliance Bank Samsung Galaxy Mania

Alliance Bank is enticing credit cardmembers to participate in their Samsung Galaxy Mania promotion by offering Samsung Galaxy Grand and Samsung Galaxy Note II prizes. A total of 182 daily prizes (Galaxy Grand) and 3 monthly prizes (Galaxy Note II) are up for grabs starting from 15 April till 14 July 2013.

Participation in this competition will be based on the number of entries each cardmember holds. There are several ways to qualify for an entry. Either:

Spend RM50 on any retail transaction in a single receipt (1 entry)

Spend RM50 on any of these categories – Petrol, Groceries or Dining in a single receipt (10 entries)

Apply and receive an approved Balance Transfer or Fast Cash (10 entries for every RM3000)

Two winners will be selected for the daily prizes while one grand prize winner will be selected each month. Daily prize winners will be selected based on every 500
th
 posted qualified transaction each day while monthly winners we be based on the highest accumulated posted qualified entries on that given month. Each cardmember is eligible to win one daily prize and one monthly prize once each month.

Find out which type of transactions qualifies as entries into this promotion in the
Terms & Conditions
 page.

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Shopee Recorded Over RM200 Million In Sales Via PENJANA Shop Malaysia Online Initiative

Shopee revealed that its collaboration with the Malaysia Digital Economy Corporation (MDEC) for the Shop Malaysia Online initiative has seen considerable success, with local retailers on the platform generating more than RM200 million in sales as of 31 August. The initiative, which is part of the PENJANA economy recovery plan, involved a ringgit-to-ringgit voucher funding between Shopee and the government.

In a statement, Shopee said that approximately 2 million Malaysians have benefited from the vouchers provided. It also noted that most users utilised the vouchers for purchases in home and living, health and beauty, toys, groceries, automotive, as well as mobile and gadgets.

Regional managing director of Shopee, Ian Ho, further explained that the e-commerce platform ran a weekly theme for the
 Shop Malaysia Online initiative
 to keep things exciting for consumers. This also ensures that equal support is provided for sellers from various sectors. On top of that, Shopee has created the “Local Seller” tag – which appears under all items sold by homegrown sellers that qualify for the initiative – to help consumers identify local businesses.

“A lot of thought has gone into executing this PENJANA e-commerce initiative so people will keep coming back to support our local retailers. For instance, we introduced cashback vouchers that reward consumers when they complete a purchase from local retailers, thereby encouraging repeat purchases that drive sustained growth for our sellers and brands. That is how we keep the economy moving and this is highly beneficial to local sellers,” said Ho.

Meanwhile, the head of enablers and demand generation for the e-commerce division at MDEC, Prasad Babu, said that PENJANA e-commerce initiatives have encouraged local sellers to embark on their digital journey.

“MSMEs are stepping up to initiate their deals and promotions. They are now more receptive to exploring other digital solutions like Google and Facebook advertising to redirect traffic to their e-commerce stores. Therefore, the PENJANA e-commerce initiatives’ impact and results aren’t just about the sales figures or the number of new online sellers the initiatives have created so far, but how it has accelerated a greater digital economy growth which has proven to be a big win for us as a nation,” added Prasad. Aside from the Shop Malaysia Online initiative, Shopee also collaborated with MDEC on the PENJANA Micro & SMEs (MSMEs) E-Commerce campaign.

With the Shop Malaysia Online initiative set to end by 30 September, Shopee said that it will increase its efforts to support Malaysian businesses for economic recovery. These include a PENJANA platform takeover on 16 September in conjunction with Malaysia Day, as well as offering 9.9 million PENJANA vouchers for Shopee users. These will be carried out alongside Shopee’s popular
9.9 Super Shopping Day event
, which offers various other perks and deals as well.

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PENJANA Economic Recovery Plan

Prasad Babu

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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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Soon, You Could Use Touch n Go App To Pay For LRT Rides

TNG Digital, a division of Touch n Go, is now testing a QR-based system of paying for LRT rides using smartphones. This would negate the need for carrying a physical card, and if successful, will pave the way for a much wider implementation of QR-based transactions in public transportation networks.

While most people would be at home with the Touch n Go card, few would know that the company created a digital arm,
TNG Digital
, in cooperation with China’s Alipay. The goal was to simulate the Touch n Go experience without the need for a physical card and unlock even more possibilities, such as an e-wallet. Bank Negara issued an e-wallet license to TNG Digital
in January this year
.

To that end, the company released the
Touch n Go app
, which was an e-wallet app with a few added features. It also allowed users to top up their Touch n Go cards from the app, though at launch
this was a terrible process
: users had to top up the e-wallet first, and then head to a Pick Up Device terminal to complete the top-up process. That feature has ultimately been suspended, and as TBG Digital states, the app was intended for greater purposes. A new initiative might just be it.

At a recent press event
, TNG Digital has announced that it will be conducting beta testing for users to use the Touch n Go app to pay for LRT rides. Like other QR-based e-wallet apps, users simply need to scan the QR code at the gate entrance, and another upon exit. The principle is the same as when using physical TnG cards, but without the hassle of carrying (and potentially losing) a physical card.

A total of 1000 beta testers will be trying out the app on several LRT station in the Kelana Jaya line, and the beta testing phase will end on 31 July 2018. After an evaluation period, the company will then look into finalising its plans to roll out this payment service for public transportation.

The Touch n Go app is available on the
Google Play Store
 and
Apple App Store
.

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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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8 Easy Tips to Get More Value From Grocery Shopping

Every weekend, many families undertake the almost traditional activity of grocery shopping. Thronging hypermarkets like it’s going out of style; it’s not uncommon to go later in the day only to find the aisles empty save for damaged produce and the odd looking tinned food can.

This weekend, the shopping is going to hit fever pitch as people get ready for Raya and massive open houses. Exciting as it is; it could also lead to a lot of money spent and food wastage.

Whilst grocery shopping is important, going overboard can endanger your pocket;
contribute to food wastage
; and annoy other customers who wanted to buy groceries but work on Saturday mornings.

Today, we shall serve you with a nifty list of tips to master the art of grocery shopping without wasting money and food.

1) Shop Promotional

The
Pasar pagi
 is no doubt a great place for cool discounts on fruits, vegetables and meat. However, many of us working adults do not have time to visit them due to job commitments. Resorting to supermarkets is something that we have to do.

But supermarkets/hypermarkets do offer promotion prices on selected produce and items weekly. Why not plan your weekly cooking menu based on what’s on sale?

This trick makes cooking much cheaper and you still get just as much food as before. You might have to update your cooking repertoire but don’t sweat it.
YouTube
 is a chock-full of good ideas.

Of course some Raya specialities (
rendang
,
lemang
, cookies anyone?) may be non-negotiable but if you shop smart and you will be able to save more money than you think!

2) The Art of Refrigeration

Overloading your refrigerator will only result in groceries being dumped in the bin. It’s better to buy what you need, at least your food will not go to waste.

This will not only save you money, but will
expand your refrigerator’s lifespan
 as well.

The best way to save your food from spoiling quickly is to get the temperature of your refrigerator right. A low temperature will slow down microorganisms that deteriorate the freshness of foods.

It is
recommended to keep your fridge at a temperature of 0 to 4 degrees Celsius
. Your freezer is better off at a -18 to 0 degrees Celsius temperature.

Forgot that jar of peanut butter lying at the back of your fridge? If this sounds familiar, you can
turn to a mobile app called Foodkeeper
 that will help you use your groceries in time before they expire.

3) Store it Right

Apart from storing at the right temperature, your groceries require
different
methods of storage
 to retain its freshness
.

A one-off investment in quality, refrigerator safe containers will be a sound investment.

You can even use ziploc bags for particular items. Don’t worry, you will not have to waste money buying expensive ones; you can
try make your own!

4) Take Note of Expiry Dates

Many of stores sell items at promotional rates because the expiry date is looming. Because of the cheap price; you may be tempted to stock up ending up with a pantry filled with expired goods.

Always check the expiry date on the things you buy. If it’s too close, consider how fast you really consume these items to decide if it’s a worthy buy. If not; move along!

Sometimes, a store may unwittingly sell you expired food and drink. Many stores have too many items to keep up with every single one. To avoid pesky food poisoning issues; check the expiry.

5) Make the Most Out of Purchases

Vegetable scraps don’t need to end up in the bin. Wilted leafy vegetables, stalks and stems can be used to
make yummy vegetable broth at home
.

If you don’t like broths, you can always use those
vegetables scraps as compost for your garden
. That way, your scraps won’t go to waste, and it will nourish your plants at the same time.

Not-so-fresh lemons can still be used to scrub down dishes together with your detergent to make a powerful grime remover. These are just a few
ideas you can get off the internet
.

There’s a tonne more!

6) Buy What You Need

Bulk buying groceries can save you a lot of money but only if you actually use every bit you buy.

Ever stocked up on carrots and ended up throwing them all away because you just couldn’t eat them all in time? Instead, buy as you need so that you replenish only what you really will use.

Stick to your shopping list and avoid stocking up just because something is cheap.

7) When to Buy in Bulk

Despite what is said above about buying what you need at a time; it is possible to save money on bulk buying if you do so for the right items.

Non-perishables such as detergent, paper products and personal care items can be kept at least up to 2 years.

If you have a big family and find yourself using these up pretty quick; it pays to buy in bulk during a promotion.

8) Use a Rewarding Credit Card

It’s a common sight to see most every shopper using a credit card for their purchases. It’s easy to see why considering how dangerous it can be to carry large amounts of cash to the store.

However, that isn’t the only benefit. Using the right card can save you a tonne of money via cashback, rebates and other freebies.

Do you frequent a particular hypermarket? If so, do a quick check if there is a credit card linked to it. There are some
awesome credit cards for shopping
 so why not earn the most freebies you can with a swipe?

Even if you do not have a shopping dedicated credit card;
cashback credit cards can be equally as rewarding
 if the system includes grocery shopping spends.

If you don’t have any of these credit cards or you just hate the lousy benefits on yours; mosey on over to
our comparator tool
 to find you a new plastic best friend that will help you get #lebihringgit this Raya.

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Heeral Bhatt

Heeral Bhatt

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Car Loan Promos You Never Knew Existed

Shopping for a new ride? Discover these amazing car loan promotions you didn’t even know were out there and find out if they’re suitable for you. We’ve compiled the most interesting offers available and assessed if these deals are truly worthy. Read on for more on car loan promos:

1) 0% Down Payment

What is it?

A car loan that offer buyers the opportunity to apply for loans without any money down, usually appealing to the newly-employed or those still in college. The loan is mostly applicable for new car purchase.

Highlights

It’s a great source of help if you need to secure a car loan but simply do not have the funds to make a down payment. Moreover, for zero down payment loans under a ‘graduate scheme’, even those with lower monthly salaries can get approved with a guarantor.

Drawbacks

You can expect to pay more in interests for two reasons:

You are not putting any money down, so your loan amount will be larger thereby inflating total interest payable over the tenure of your loan.

Per annum interests are usually higher, about 0.5% more on average than that of loans with down payment.

2) Dealer Loans

What is it?

A loan obtained directly from the dealer (or dealer’s bank panel) to help buyers make the purchase. Financing for such loans may originate from dealer-bank partnerships or even from a credit-providing company linked to (or under) the dealer. *The term ‘dealer’ used here refers to the company managing / distributing the brand such as Sime Darby for Ford.

Highlights

Dealers have incentive to sell their cars, so they will want to help you get the loan, but within reason of course. Your loan may still get rejected depending on your credit status, employment, etc. Additionally, these interest rates may be better than bank rates, but do use our
car loan calculator
 to help with comparisons.

If you are not a graduate or fall within the requirements needed for a graduate loan, you may still be eligible for zero down payment (even zero interest) financing from these dealer-direct offers.

Drawbacks

The loan can be somewhat restrictive as in there may not be trade-ins allowed. Your option in this case would be to sell your car separately and then make use of the proceeds for your current vehicle purchase.

3) Tiered / Staggered Instalments

What is it?

A method to help you pay smaller instalment amounts in the beginning, with larger payments to follow later in your loan’s tenure. The tiers or staggering relates to total loan repayments inclusive of interest being rearranged to accommodate general affordability, not individual.

Highlights

It’s a great promo for those looking to finance the purchase of more expensive cars, yet are not financially able at present to fulfil a larger monthly instalment. The early repayments are meant to be low with interest rates being more or less equivalent to the competitive market.

Plus, lower initial instalments may ease the burden of car-related outgoings like maintenance, servicing and fuel.

Drawbacks

The issue with these types of loans is that some foresight is needed but not always available. What we mean is that you are expected to earn more in the future (to cover large repayments later on), but none of us can accurately predict if this in fact will be the case. So while it’s a good tool to increase your purchasing ability, it does come with some added risk attached.

4) Cash Back Rebates

What is it?

Essentially a discount on the final sale price of the car, for example a car selling at RM60,000 with a cash rebate of RM5,000 would see the buyer actually purchase the car at RM55,000 only.

Highlights

What’s not to like about a good discount, it’s satisfying to know that you are getting a car that is valued for more but selling for less.

Drawbacks

The problem with too much of a cash rebate is that it might indicate something being wrong with your vehicle of choice. About 10% is nice, but too much of a reduction should have you questioning the reasons why. Is the deal too good to be true? If it is simply poorly selling because it is a matter of brand popularity or consumer preference, then it’s not a big problem.

But sometimes dealers offer huge rebates on models that were manufactured long before but have been sitting in their warehouse or yard for awhile. Cars, even new ones, left for long periods without being driven, risk having all kinds of problems.

When being offered a huge rebate, do check the year of manufacture and cross refer this date with news reports to find out if any other technical fault may be associated with the car in question.

5) Interest-free Limited Periods

What is it?

A promo that lets you make payments without interests for a specified amount of time, after which the agreed-upon rate will prevail and change your monthly repayment sum.

Highlights

You can enjoy no interest costs in beginning of your tenure and therefore gain better affordability. Furthermore, you can utilise the interests you would have been paying to take care of other financial priorities or simply to cover the cost of car ownership.

Drawbacks

This promo usually requires you to forgo other offers that are running simultaneously. For instance, if you choose to be interest-free for a time, you may not enjoy zero down payment and a cash rebate at the same time. Thus you are increasing your car’s sale price (without the rebate) or reducing affordability (without zero down payment). It may also extend total interests and prolong the tenure of your loan, to account for greater overall costs.

Conclusion

Offers like the ones mentioned above, can come to the rescue of those who desperately need a car but still require a little help getting there. These promos are usually only offered on new vehicles and differ from dealer to dealer. Some car companies offer a combination of the above and some may not. It’s better to ask around before deciding.

It’s also important to understand that most of these promos tend to manipulate the numbers to increase demand on a particular car. But such tweaking sometimes results in higher interest costs, although the increase may not be significant.

Our advice is to look for affordability; now as well as in the future as a key factor with any loan you choose to take up. Finally, do shop around and properly research every loan promo you’re interested in, you’ll be helping yourself get the best possible deal!

If the dealer isn’t so forthcoming on the car loan deals – check out our
car loan calculator
 for car loans with attractive bank promos you can apply for on your own!

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RM10 Tourism Tax For Foreign Tourists To Stay

The current foreign tourist tax of RM10 per room per night will stay. This tax, which came into effect under the previous government on 1 September 2017,is charged for tourists staying in hotels or registered private accommodations in Malaysia.

Earlier last month, the new Tourism, Arts and Culture Minister Datuk Mohamaddin Ketapi said that the
tourism tax would be reviewed
 to study its impact on the rate of attraction of foreign tourists to the country.

It has now been announced that the tourism tax has been duly reviewed and that its implementation will be maintained.

“From the review, the implementation of the tax by advanced countries such as the US, Netherlands, Italy, Singapore, and Thailand proved that it brought positive growth to the tourism sector in the long term,” said Mohamaddin, adding that Japan and Arab Saudi have also recently implemented a similar tax.

According to the minister, the tax is expected to bring positive impact to the tourism industry through continued finance to promote and upgrade tourism product infrastructure, arts, and culture.

Regarding the degree to which the tourism tax would be a burden, Mohamaddin said that the RM10 rate was minimum and would not burden foreign tourists. “To date, there have been no complaints received from foreign tourists over the tax,” he said.

As the tax is only applicable to foreign visitors, it has no effect on local tourists.

(Source:
The Star)

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Jacie Tan

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Samsung Galaxy S23 Ultra Trade-In Promo Offers Customers A Free Galaxy S23 Phone

Samsung Malaysia has announced that it will be running a special trade-in promo for its new Samsung Galaxy S23 Ultra, where customers who trade in selected older Samsung Galaxy Ultra phones for the latest Ultra model will also be entitled to a free Samsung Galaxy S23. Set to begin tomorrow, the offer will be available until 31 March 2023.

According to Samsung, this buy-one-get-one-free promotion will be applicable to three devices specifically, with some top-up amount required for certain phones:

Eligible devices for the promo
Top-up amount required
What you will get from this trade-in promo
Samsung Galaxy S22 Ultra
N/A
– Samsung Galaxy S23 Ultra (256GB)
– Samsung Galaxy S23 (128GB)
Samsung Galaxy S21 Ultra
RM199
– Samsung Galaxy S23 Ultra (256GB)
– Samsung Galaxy S23 (128GB)
Samsung Galaxy Note 20 Ultra
RM399
– Samsung Galaxy S23 Ultra (256GB)
– Samsung Galaxy S23 (128GB)

Of course, your existing phone must be in relatively good condition during the trade-in; it should not be cracked or chipped, malfunctioning, or has a non-working screen. Scratches, meanwhile, are acceptable. Do also remember to remove all personal device locks (such as PIN, passcode, fingerprint, and facial) prior to the trade-in.

If you’re interested in this promo or would like to find out more, head on over to any Samsung Experience Stores, or any of the following locations:

Best Denki (One Utama, Selangor)

Urban Republic (Gurney Plaza, Penang)

SenQ (Aeon (Tebrau City), Johor)

SenQ (Vivacity Megamall, Sarawak)

This promo is also valid for
Samsung’s existing trade-in programme
, which lets you bundle up to five devices to trade in for new Samsung devices at an even greater value (available only at Samsung Experience Stores and selected authorised retailers).

The new Samsung Galaxy S23 series – which was unveiled earlier this month – offers its usual line-up of the S23, S23+, and S23 Ultra. You can read our
full coverage of the Galaxy S23 series
 here to find out more about the phone models.

(Source:
Samsung
)

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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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LHDN: Income Tax Filing Deadline For Non-Business Taxpayers On 30 April, 15 May

(Image: New Straits Times)

The Inland Revenue Board (LHDN) has reminded the public that the tax filing deadline for this year is set on 30 April 2022 (manual submissions) and 15 May 2022 (e-Filing submissions). Specifically, these deadlines are for taxpayers who do not carry on business, filing their taxes for Year of Assessment 2021 (YA2021).

“Taxpayers are advised to submit the tax return form and pay their income tax within the stipulated period to avoid any penalty for late submission of forms and any increase for late payment. Taxpayers are also advised to key in and update their personal and banking information accurately to assist for tax refund process (if any),” LHDN shared in its notice.

This means that there will not be any extension to the deadlines for tax filing this year, as both 30 April and 15 May are the usual due dates adhered to each year for taxpayers with non-business income – although there have been some exceptions before. For instance, LHDN
extended the deadline submission of tax returns in 2020 for Year of Assessment 2019 (YA2019)
 as a form of financial support due to the nation’s fight against Covid-19; back then, individuals with non-business income were allowed to file their returns via e-Filing up until 30 June 2020.

In its latest statement, LHDN also said that taxpayers who are uncertain about the deadlines can refer to the
schedule for this year’s income tax programme
 for further information. Meanwhile, those who have any enquiries or feedback regarding the tax filing process can reach out to LHDN via the Care Line at 03-8911 1000 or 603-8911 1100 (overseas). You can also use the HASiL Live Chat and
feedback form on the LHDN official portal
 to share your comments.

Finally, LHDN shared that as of 31 March 2022, the number of taxpayers with non-business income who have filed their taxes (both manually and through e-Filing) stands at 1,163,444 individuals. If you’re still in the midst of filing your taxes for this year and find yourselves having questions, you can check out our
income tax guide for YA2021 here.

(Source:
LHDN
)

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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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