Year End Festive Spending Tips

The year end brings many exciting things our way from the possibility of good reviews and bonuses at work; an opportunity to make positive resolutions for the new year; to, of course; happy festivities to eat, gather and be merry.

With Deepavali just celebrated yesterday, many of you are probably still in the festive mood and enjoying a good long break.

We all need some downtime and good experiences but here’s how you can have a worry-free holiday no matter your budget.

Use a Festive Fund

If you hadn’t thought of creating one before – it’s never too late to start. A festive fund is a savings pot created and maintained solely for the festive season that you celebrate.

Contribute just a small percentage every month to this fund and you will find yourself being able to have a good time when the time comes without worrying about what your bank account will look like in the aftermath!

A festive fund would be kept separate from your emergency fund so you don’t use up the money you put aside for emergencies.

Learn to Avoid Spending Traps

Retailers are well aware that the festive season means you’re in the mood to spend. They also know that your spending guard will be at an all-time low as you are ready to enjoy yourself during that ‘once-a-year’ spending binge.

This is the time when they pull all the stops to get you to spend with every trick in the sales arsenal.

You can avoid this trap by:

1)
Recognising a sales pitch from a true statement of fact
. Is an item really selling out and do you really need to buy it or are you
being taken in by a salesperson looking to sell
?

2)
Having a clear idea of what you want to buy
. Making a list of things to buy and having a budget for each item will avoid you falling into a spending trap.

3)
Taking precautions to avoid overspending
. We’ve many times before given you
tips to avoid overspending
. Take these steps before you head on your shopping trip because the mall can be a very tempting place.

Be a Conscious Spender

Conscious spending means thinking about each purchase and service before paying and asking yourself if this is really necessary to make your holiday merry and bright or if you are merely spending because everyone (including stores) are saying you should.

This is easier to achieve if you aren’t rushing your shopping and festive planning on the eve of the holiday. Take some time off days before and properly plan your holiday events.

The planning time will allow you to make spending decisions with a clear head.

Be a Responsible Borrower

Whether we like to admit it or not; a large portion of society will turn to credit cards and personal loans to fund their holidays and festive spending.

If you are one such person, it is strongly advised that you do this responsibly. What does it mean to be a responsible borrower?

To be sure, your bank will not approve a loan for you that they don’t believe you credit-worthy enough to receive it. If for any reason the
bank thinks you won’t be able to repay
 – your loan application is sure to be rejected.

But the situation is not so clear with a credit card.

You can swipe your credit card up to it’s credit limit but whether you will be able to repay this amount quickly is very much another story.

Lagging full payment on your credit card will only mean hefty interest rates in future and looming debt problems so save yourself the agony by using your credit card responsibly.

These questions are important to ask:

Can I afford this item or service I wish to purchase on credit if I had to pay cash? If not;

Can I repay it within the next month or in the worst case within 3 months?

If your answer is no on both counts – it is highly recommended that you skip using your credit card. However, if you are a responsible borrower and would like to use your credit card for all the benefits and discounts it gives you; hey why not?
You can save a tonne with credit card benefits
 if you use it well.

A credit card can’t hurt you if you use it properly.

The year end brings us much happiness and enjoyment. Time with loved ones is on everyone’s minds. Don’t allow financial pitfalls to get in the way of that. A little prudence goes a long way in assuring you have a very good time – whatever your budget.

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Diana Chai

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Dewan Rakyat Passes Budget 2022 After Final Reading

(Image: Malay Mail)

Dewan Rakyat has officially passed Budget 2022 with a majority voice vote after it was tabled and read for the third time.

The latest national budget – which was first tabled by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz on 29 October – was passed after a 13-day debate at the committee stage starting from 22 November 2021. It was passed at the policy stage on 18 November 2021.

Budget 2022 is noted to be the largest in the nation’s history to date, with an allocation of RM332.1 billion. For comparison,
Budget 2021
 had an allocation of RM322.54 billion, and was also said to be the largest national budget in Malaysian history back then.

The government hopes to utilise Budget 2022 to implement various strategies and initiatives that will help the nation rise to its feet once more, following the severe economic repercussions from the Covid-19 pandemic. Of the total, approximately RM236.1 billion will be channelled to operating expenditures, RM69 billion to development expenditures, and RM17 billion to the Covid-19 Fund.

You can read about our coverage on
Budget 2022
 here, including
key highlights
 such as the various
financial aids
 and
tax reliefs
 that will be offered in the following year.

(Sources:
Malay Mail
,
The Star
)

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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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Setel Enables Support For DuitNow QR Payments

Petronas-backed payment app Setel has enabled DuitNow QR support, allowing users to now use its e-wallet for payments at more than one million stores nationwide, instead of just for purchases at Petronas stations.

That said, Setel highlighted that users are currently only able to scan business-registered DuitNow QR  codes (non-individual) that are issued by selected payment issuers. Here’s the full list of issuers that are currently supported by Setel:

Affin Bank

AmBank

Bank Islam

Bank Muamalat

CIMB Bank

Hong Leong Bank

HSBC Bank

OCBC Bank

Public Bank

RHB Bank

UOB Bank

Boost

FavePay

Grab

ShopeePay

Touch ‘n Go (TNG) eWallet

If you’re unsure whether you can use your Setel app to scan a particular DuitNow QR code, here’s a quick guide from Setel to help you check :

Setel further said that it is already working on enabling support for DuitNow QR codes issued by Maybank and Agrobank, but did not share a timeline as to when this will happen. This is in addition to other upcoming features that it plans to roll out “very soon”, including money transfers to other individuals via personal QR codes (non-business), as well as payments for purchases with merchants who generate dynamic QR codes.

Additionally, Setel highlighted that it is working to integrate DuitNow QR into its existing ecosystem, with features such as
Setel Share
 and
CardTerus
. If you’d like to give Setel’s new DuitNow QR feature a try, here’s how you can access it:

Finally, Setel stated in its
Help page
 that users will be able to earn Mesra points for every transaction made with DuitNow QR between today until 31 May 2023. While it did not outright say so, this implies that users will not be able to earn Mesra points after that.

(Source: Setel [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Guan Eng: First-Time Homebuyers And SMEs Should Have Better Access To Loans

(Image: The Edge)

Lim Guan Eng wants banks to provide greater access to financing for first-time homebuyers and small and medium enterprises (SMEs) to drive economic growth, citing statistics that the financial health of Malaysian households is slowly recovering. Household debt to GDP ratio has fallen from 83.8% in 2017 to 83.0% in 2018.

“As a result, consumers have more room to borrow for wealth accumulation purposes, either for saving schemes, or for non-speculative investments including acquisition of long-term assets,” said Guan Eng. “Given the positive development, banks should provide greater access to financing to first-time homebuyers, as well as to SMEs.”

Guan Eng further stated that household debt on average is sufficiently backed by assets. Statistics from Bank Negara Malaysia (BNM) indicate that the level of household financial assets is 2.1 times that of household debt. “This shows that households on average hold more assets than they hold debt, giving them the necessary buffer to face any financing contingencies,” said Guan Eng.

Meanwhile, the Department of Statistics Malaysia found that retail sales rose 6.3% from RM39.1 billion one year ago to RM41.6 billion in April 2019. Overall wholesale and retail trade sales in April 2019 increased by 5.3% to RM105.1 billion from RM99.8 billion a year ago, indicating high consumer confidence.

Guan Eng also pointed out that the decision by BNM’s Monetary Policy Committee (MPC) to lower the Overnight Policy Rate (OPR) from 3.25% to 3.0% had brought down the cost of borrowing. “The reduction has been transmitted by the banks to the consumers,” he said.

Lastly, the government has requested BNM to remind all banks that business borrowers who are not facing loan defaults but wish to improve their cashflow by restructuring and rescheduling (R&R) for a longer tenure should not have these R&R loans classified as non-performing.

(Source:
New Straits Times
,
The Star
)

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Jacie Tan

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Police Urge Public To Be Wary Of Scammers Following Special EPF Withdrawal

(Image: Free Malaysia Today/Miera Zulyana)

Police have urged members of the public who withdraw their Employees Provident Fund (EPF) savings under the
special RM10,000 withdrawal facility
 to be wary of Macau scams.

According to the commercial crime chief of Melaka, Supt E. Sundra Rajan, the police force has not received any reports of such scams related to the latest EPF special withdrawal yet, but are taking precautionary measures to warn the public. “The scammers often look for victims who have money, and we have warned EPF members to be on the lookout for such scams,” he added.

On the tactics typically employed by these scammers, Supt Sundra stated that they will often disguise themselves as enforcement officers to intimidate victims. The scammers will also threaten victims to transfer funds into their accounts or face “dire consequences”, such as being arrested. To illustrate, Supt Sundra cited a recent case of a woman in Alor Gajah who lost her gratuity money to scammers who convinced her that she was implicated in money laundering.

(Image of Supt E. Sundra Rajan: The Star)

Additionally, Supt Sundra advised EPF members who receive suspicious calls to check whether the phone number is related to any fraud cases. They may do so via the
Semak Mule website
 or
mobile application
 by entering the phone number or bank account of the callers. Alternatively, they may contact the Commercial Crime Investigation Department (CCID) Scam Response Centre at 03-26101559/1599 or 013-2111222 (for WhatsApp).

To note, the police force has already recorded 1,258 Macau scam cases between 1 January and 19 April this year, with losses amounting to RM65.4 million. Last year, a total of 1,585 cases were reported nationwide, involving RM560.8 million in losses.

(The Star [
1
,
2
])

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Nur Adilah Ramli

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4 Signs you are ready to be a Homeowner

Have you dreamt of being king of your own castle? No more at the mercy of landlords, paying rent that buys you nothing but a borrowed roof; nor staying with your parents or relatives. Buying a home of your own is truly an exciting and life-changing experience.

Home owning is one of the more pivotal decisions you will make in life. It’s no laughing matter as the step will cost you up to 30 years in instalment payments. The commitment is for ¾ of your life and not one you will make lightly. So as much as you’d love to put your name above the bell in your chosen residence, ask yourself if you’re truly ready to make this commitment.

Here are four tell-tale signs that you’re ready to sign that mortgage.

No 1: You’ve saved some amount for downpayment

It doesn’t matter that banks are now offering 100% loans for eligible borrowers; if you saved up even as little as RM5000, it means you’re serious about a new home. Whether the you use the sum to pay down the mortgage or to pay lawyer and transfer fees (which you will have to pay!), having the discipline to save the money means you’ve not just thought of and lusted over having your home: you’ve walked the talk to save for it. You may have even endured some genuinely trying times to save this amount and that means you know what a financial burden your own home can be – and you’re willing to be uncomfortable to get it.

No 2: You understand the financial obligation

Owning a home isn’t just a matter of repaying the loan amount. There is the added responsibility of electricity, water and other bills to foot. Not to mention the sudden need for repair of a leaky faucet, broken pipe or worse; a broken down washing machine. These things can happen and they do. You will need to be financially ready for it!

No 3: You understand mortgage bank-speak

Finding the right mortgage isn’t as simple as walking into the first bank you see. There are flexi loans; standard loans; Islamic loans; loans based on BLR and those not based on BLR. What is a newbie to do? Well, start researching! There is a wealth of resources online on
buying your first home
and what you need to know. Look through your
home loan options
 based on what you can afford and find the best loan with the most competitive interest rate. Always remember, this is a loan you will be servicing for a good 20 years or more, so you want to make the best decision possible. If you don’t know anything about home loans and aren’t interested to find out thinking it’s the kind of thing that works itself out: you’re not ready for a home!

Tip: Read the
9 rules about home loans
 you must know!

No 4: It’s something you really want

This sounds simple but you will be surprised how many people buy homes for the wrong reasons. It could be to escape parental pressures; to appear well-off and successful to friends or even simply because they’ve been told it’s the next step in life. None of these are good enough reasons to buy a home and will surely lead you to regret. Instead, examine your lifestyle and be sure this is something you really, really want.

For some, especially those prone to moving a lot, renting is a much better option. A rented place gives you the flexibility to move when you need to without the hassle of selling a home. Renting is also better for people who just simply aren’t financially ready for a mortgage but would like to ‘test the waters’ by living independently. This is a good precursor to one day owning your own home.

Buying your first property is a big commitment and will require a more severe lifestyle change than some are ready to handle. So do consider this carefully. If a home is really what you want; then the small sacrifices will be worth it as there is nothing more comforting than knowing that the roof over your head is well and truly yours.

*Picture courtesy of Freedigitalphotos.net.

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Diana Chai

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Shop At AEON With GrabPay To Enjoy Rebates & Rewards

With the festive season just around the corner, many of us are surely preparing for reunion dinners and get-togethers with our close friends and family. Whether it’s a polite offering for guests, a token of appreciation for the host, or simply home decorations to keep the festive spirit alive, a last-minute shopping spree is often in the cards when it comes to celebrations.

GrabPay has partnered up with AEON to bring prosperity in the form of savings this Lunar New Year, in continuing to encourage Malaysia’s digital-first lifestyle and sustainable economic growth. Discover how you can benefit from the rebates and rewards offered!

Earn RM8 GrabPay Rebate At Selected AEON Outlets

AEON is no stranger to the everyday Malaysian. Now, you can earn an RM8 rebate by using your GrabPay e-wallet to complete a minimum spend of RM88. Shop at participating selected AEON Store, AEON MaxValu Prime, AEON Wellness, and AEON BiG outlets nationwide for anything from peanut cookies and mandarin oranges to cleaning supplies and gardening tools, and you’ll be entitled to the rebate! Be sure to do your shopping soon because the offer ends 28 February 2022.

Besides that, shoppers can also get up to 1.8% back in savings when they earn GrabRewards for every GrabPay transaction in all AEON outlets.

A Partnership That Brings Savings & Convenience To Malaysians

As one of Malaysia’s leading e-wallets, GrabPay has always championed a convenient and rewarding shopping experience for everyday essentials, be it for petrol, food, transportation, or even prepaid reloads.

Dr. Grace Lee, Chief Financial Officer of AEON, expressed her gratitude for the collaboration with Grab. She believes that the partnership will provide greater convenience to AEON’s customers and enable them to enjoy savings each time they shop. Not only that, she has also highlighted that this collaboration also allows AEON to tap into the growing number of tech-savvy customers who prefer digital and contactless shopping.

“Technology, digitalisation and innovation will be game-changers for AEON as we propel into our digital transformation journey,” shared Dr. Grace.

This partnership between AEON and GrabPay aligns with AEON’s efforts to promote the United Nations Sustainable Development Goal of Decent Work and Economic Growth (SDG 8). It encourages sustainability, inclusivity, and long-term economic growth, as well as provides job opportunities.

Priyanka Madan, Head of GrabPay, Grab Malaysia said, “We believe in forging synergistic partnerships to further enable Malaysians to have convenient access to their everyday needs such as groceries and household essentials. Therefore, we are honoured to be adopted in AEON’s contactless payment ecosystem and support their digital transformation journey. This partnership also reflects our commitment to leverage our innovative and inclusive solutions to serve the digital financial needs of our consumers. With our features like GrabRewards, AEON shoppers can enjoy savings with every transaction that is protected by our multiple safety and security measures.”

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Lisa Ameera Azman

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    Lim

    1 year ago

How to get Rm8. Where? I have spent more than rm80

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ASNB Declared Income Distribution Of 3.75 Sen Per Unit For ASM 3

(Image: The Malaysian Reserve)

Permodalan Nasional Berhad (PNB) had announced an income distribution of 3.75 sen per unit for its fixed price fund, Amanah Saham Malaysia 3 (ASM 3), for the financial year ending 30 September 2022 (FY22). This is a new record low, in comparison to the previous low of 4.00 sen distribution that was declared back in 2020 and 2021.

In contrast, the highest income distribution that has been recorded for ASM 3 since its launch in 2009 was 6.70 sen back in 2013.

With an income distribution of 3.75 sen per unit, Amanah Saham Nasional Berhad (ASNB) – the subsidiary of PNB – noted that ASM 3 will pay out a total income distribution of RM573.66 million for FY22. This is set to benefit 551,685 unitholders, who own 15.30 billion units.

ASNB also shared that the fund recorded a total gross income of RM757.81 million and net realised income of RM575.87 million, despite being hounded by recessionary concerns and global supply chain disruptions. It explained that the amount was derived from realised gains, dividends, as well as other income from domestic and international investments.

(Image: Kosmo)

“The diversification strategy taken by the fund continued to show positive results as international equities contributed 40.9% to the fund’s overall gross income,” ASNB further noted in its statement, adding that the income distribution for ASM 3 – which is equivalent to a total return of 3.75% – outdid its benchmark Maybank 12-month fixed deposit rate of 2.02% by 173 basis points for the financial year up to 22 September 2022.

Meanwhile, the FTSE Bursa Malaysia KLCI also saw a 6.41% decline during the same period (between the period of 30 September 2021 to 22 September 2022). This is as it began recording an outflow of foreign investments despite an improving Covid-19 situation.

Finally, ASNB clarified that the computation of the income distribution for ASM 3 will be based on the average minimum monthly balance held throughout the financial year of the fund. The distribution declared will also be automatically reinvested as additional units into unitholders’ accounts.

(Sources:
ASNB
,
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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Free Starbucks Muffin with Ambank Credit Cards

With
Ambank credit cards
 you’ll never get stuck in an airport coffee-less and hungry. Just pop into your nearest Starbucks at any local airport and receive a complimentary muffin when you order any handcrafted beverage.

This promotion is valid until 31 August 2013 and applies to transactions made with any Ambank, Am Islamic Bank and MBF credit card. Complimentary muffin is only redeemable from Starbuck outlets in Malaysian airports, this include:

Kuala Lumpur International Airport (KLIA)

Low Cost Carrier Terminal (LCCT)

Skypark Terminal Airport

Penang International Airport

Kota Kinabalu International Airport

Kuching International Airport

Langkawi International Airport

Miri Airport

Each cardholder is only allowed a maximum of two(2) redemptions per visit. Offer is applicable to both dine-in and take-away orders. Please read the
Terms & Conditions
 page for more information.

Find the right AmBank credit card for you with the
RinggitPlus
 credit card aggregator.

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Brendon Lee

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How Much Money is Your Trash Worth?

Happy Earth Day! It’s our happy humble home and to be honest, we haven’t been very nice to it for the past couple of centuries. In fact, last March was recorded as the hottest the world has ever gotten to, temperature-wise,
ever
.

That’s pretty scary considering it’s most certainly our fault. But don’t wallow in self-pity over this. We can make a difference, still! One of the easiest ways to do this is to recycle some of the materials we use everyday to cut down on waste. Not only is it an important environmental initiative for us to take part in, it can also be quite lucrative.

IPC’s Recycling & Buy-Back Centre for example offers cash in exchange for bringing in recyclable materials. How much cash for how much recycling? Let’s find out, in order of price.

Plastics

If there can ever be a poster child for our gross neglect for nature, it’ll be plastic. Never mind that it’s made from synthetic non-renewables, that it stinks when it catches fire, and it’s annoyingly noisy, plastic is also just plain bad for you.

Did you know the expiration date on plastic water bottles are not for the water, but for the bottle? That is to say, the bottle becomes toxic after being out for a while. For such a biohazardous material, it’s a surprise we still just dump them in the trash. We shouldn’t. So for this Earth Day, let’s save a poor seagull’s life by separating our plastic bottles, takeout containers, party utensils, packaging, wrappers, and convert them to cash instead.

Payout: RM0.10/kg

Paper

While some of our more tech-forward friends may have declared the end of paper’s importance in our daily lives, the truth is that most people are still cutting up plenty of trees and using them up every day. You probably have some lying about right now.

Some things you may not think of as paper actually can be recycled in the same places that recycle paper. Materials like cardboard, cards, and some forms of packaging are also made of paper and can be recycled the same way.

Payout: RM0.20/kg

Aluminium

The ubiquitious alloy aluminium, isn’t terribly hazardous for the environment. That is to say, aluminium cans when they’re out and about in the world doesn’t pollute the air or choke animals badly like plastic does.

However, the process by with bauxite is turned into aluminium is the major cause of harmful air pollutants. It’s also substantially more expensive to produce aluminium from raw bauxite than it is to make new cans from recycled ones. So let’s do our part for the environment and collect the empty cans after a night out in exchange for the most lucrative payout yet.

Payout: RM2.50/kg

Save the Planet

There you have it. The three major recyclable materials you may already have hanging around your house. All it takes now is to separate them and head on over to IPC for some quick returns on investment for saving the planet. Speaking of saving, why not head over to
our savings account comparison tool
 to check out the best savings account that fits your needs?

Have anything to contribute to the article? Let us know in the comments section below! Happy Earth Day!

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Ahmad Mudhakkir

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How to Plan Your Holiday Right From Google's Homepage

Wouldn’t travelling be way more fun if all we had to do was jump on an airplane and deal with whatever happens next? Real life isn’t this simple of course. Before we even head for the airport, we need to choose somewhere to go, plan an itinerary, book tickets, and all other sorts of hassle.

Well what if we told you that you can do the bulk of your holiday pre-planning right from the Google homepage in your phone’s browser? Here are what Google Destinations has instore for you to simplify any pre-trip phase.

Google Destinations: An All-In-One Destinations Discovery

Capturing the main areas of people’s interests when they search for vacation-related terms, Google has designed a specific search function named Google Destinations, which will instantly display a collection of information based on a searcher’s questions about his or her trip.

By typing in the queries like “Japan destination” or “Japan vacation”, or any location for that matter, you will see the search result in grid that summarises its most popular cities, states, or things to do and more.

Travelling Made Cheaper And Smarter With Google Destinations

This platform integrates both
Google Flights
 and
Hotel Search
 functions to help users plan out their budget as well as itineraries more effectively. What we find to be the most valuable benefits that anyone can enjoy are the customized filter and travel inspirations.

If you are unsure of where to spend your next holidays, Google might just be the

best place to start. Simply go to Google Flights to evaluate all of the suggestions based on your history searches and the popularity of the countries or cities.

Along with the basic information on flights and hotel rates, Google will also let you know when is the best time to visit as well as the recommended length of stay for your chosen destination.

As for the airline tickets, Google has recently launched a new price-hike alert for some flights routes. It means that you will be notified if the current fare is likely to increase in order for you to make wiser booking decision now rather than later.

Furthermore, you can save a great amount of money on accommodation with Hotel Search’s “Deals” feature. It shows hotels listings with rates are much cheaper than their usual prices. If you have any loyalty cards, be it travel credit card or hotel membership, do register them into
Google Wallet
 so that you will also get updates from hotels or flights’ exclusive deals for members!

If you already have a desired holiday schedule, Google Destinations will then help you to create the best itineraries without having to scroll through countless of articles. Better yet, the results can be filtered by your favourite activities.

From all of your selections, the search engine will provide you with an estimation of the budget for your basic expenditures.

You can also make your bookings through Google, after which you will be redirected to the respective airlines or hotel booking sites. The good news is that your vacation plans will be neatly organized right in your Gmail inbox so that you can access and modify them anytime you want.

For this coming year-end holiday, instead of going through several guide books or paying some extra cash to travel agencies, why not planning out your vacation hassle-free right on Google? Not only will it save you time, the engine also makes sure you get the best prices!

Get some travel inspiration from
these budget travel destinations
 to kick off your holiday plans. Don’t forget to equip yourself with
travel credit cards
 and
travel insurance
 to ensure a worry-free vacation!

Speaking of worry free vacation, why not participate in our Travel Getaway Campaign and get a
Free
 return flight ticket to places like
Phnom Penh
 or Macau?

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Rakuten Trade Rolls Out Upgraded Rewards Programme

Rakuten Trade Sdn Bhd has officially announced its revamped rewards programme, in a bid to better cater to their investors’ changing needs and the dynamic digital investment landscape.

Unlike the previous rewards programme – which did not differentiate the Rakuten Trade (RT) points awarded according to categories – the enhanced programme will now allow users to earn and redeem RT points in two different categories. Here’s the full breakdown of both categories:

Category 1
Category 2
RT Points earned
– 1
st
 deposit of RM5,000 or more (150 RT Points)
– Share transfer (150 RT Points per transaction)
– Trade in Bursa Malaysia and the US market (1 RT Point for every RM2 brokerage fee spent)
– Refer friends using referral code (1,000 RT Points)
– Adhoc campaigns/Webinars (amount of RT points awarded subject to campaign rewards)
Where/How to use
– Offset brokerage fees
– Redeem lifestyle rewards with Rakuten Trade’s lifestyle partners
– Offset brokerage fees only
Validity
12 months
1 month

In a statement, Rakuten Trade said that these changes were made based on the results of a survey conducted among its clients last year. Lifestyle rewards and brokerage rebates will continue to be key elements in its rewards programme, but significant changes were also made to provide a more satisfying customer experience.

Chief executive officer of Rakuten Trade, Kazumasa Mise also explained that trends have highlighted the importance of a robust rewards ecosystem in encouraging retail participation among digital traders, as well as in creating quality customer experiences. He further shared that Rakuten Trade has issued more than 274 million RT points since its establishment, with more than 38% of the points having been redeemed by 44,000 clients.

“In 2021, Rakuten Trade clients earned about 55 million in RT points and recorded a redemption surge of more than 250% year on year. This was due to changes in the programme’s versatility that introduced more ways for investors to earn points and allowed clients to use their RT points to offset brokerage fees,” Kazumasa stated.

Earlier this year, Rakuten Trade had revealed that it was looking at
several initiatives to strategically scale up for its next chapter of growth
, with one of the efforts highlighted being an enhanced reward ecosystem. Other initiatives include enabling foreign currency wallets and trading access to Hong Kong.

(Sources:
Rakuten Trade
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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13 Ramadan Buffet Spots Under RM100 In The Klang Valley

The month of Ramadan is back once again, a time when Muslims are obligated to fast from dawn to sunset for the entire month. Fasting during the month is an act of personal worship in which Muslims seek a closer relationship with God.

After sundown, there are many options for Muslims in our country to break their fast such as at the nearest mosques that will oftentimes provide free food, or at the countless Ramadan bazaars offering cheap and delicious food.

There are also restaurants and hotels in the Klang Valley that serve a wide variety of all-you-can-eat dishes! Whether you are a Muslim or not, going to Ramadan buffets is a yearly event that appeals to all Malaysians.

Looking for the best Ramadan buffet deals in the Klang Valley? Here are 13 affordable Ramadan buffets under RM100 in the Klang Valley.

1.
 Vistana Hotel Kuala Lumpur Titiwangsa

Vistana Hotel is back again with its Ramadan feast that features 101 Tok Wan’s (or grandmother) traditional dishes including satay, nasi kerabu, and many more throughout the month of Ramadan.

Price: RM75 (adult), RM30 (children)

 Address: 9 Jalan Lumut Off Jalan Ipoh, 50400 Kuala Lumpur, Malaysia

 Contact number:
018-688 0019

2.
Shah Alam Convention Centre

One of the most famous Ramadhan buffet locations in town, Shah Alam Convention Centre (SACC) continues its annual Ramadan tradition with this year’s Middle Eastern-themed Ramadan buffet for
iftar
 specially prepared for you. With its online reservation and payments system (and at a special price!), you’ll find an extensive range of payment methods (online and offline) supported here.

Price: RM78+ (early bird), RM88+ (adult), RM44+ (children)

 Address: No 4, Jalan Perbadanan 14/9, 40000 Shah Alam, Selangor Darul Ehsan

Contact number:
03-5511 8858/013-250 2858

3.
 TPC Kuala Lumpur

Another evergreen Ramadan buffet destination at the country’s premier golf club, TPC Kuala Lumpur is offering a “Lambaian Rasa” themed Ramadan buffet. Be prepared to be spoilt with a variety of authentic local cuisine in the 22 classic Ramadan stalls reminiscing the popular outdoor bazaar around Malaysia. Club members enjoy discounted rates, and there are also early bird prices for all.

Price: Adult –
RM96 (early bird), RM110 (regular)

Children – RM48 (early bird), RM55 (regular)

 Address: 10, Jalan 1/70 D, Bukit Kiara, 60000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Contact number: 03-2011 9187/189

4.
Sime Darby Convention Center

Without question, the famous Sime Darby Convention Centre (SDCC) Ramadhan buffet should be in this list. Every year, SDCC offers varied choices of mouth-watering dishes from the Malay, Indian, Chinese and international cuisine.

Price: RM79++ (early bird), RM99++ (regular)

Address: 10, Jalan 1/70 D, Bukit Kiara, 60000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Contact number: 03 2089 3688/017-360 8939/012-339 2528

5.
 The Pearl KL

This year, The Pearl KL welcomes Ramadan with its buffet spread themed “Sajian Warisan Nusantara”, offering an array of deliciously prepared
iftar
 dishes.

Price: RM72+*(adult), RM30 (children), RM65(senior citizens)

Address: Batu 5, Jalan Klang Lama, Taman United, 58000 Kuala Lumpur

Contact number: 016-331 9375/03-7983 1111 ext 3205 or 8945

* A special promotion when you buy directly from its sales personnel.

6.
 Istana Budaya

As usual, Istana Budaya’s in-house café is back with its annual Ramadhan buffet. One of the most affordably priced buffets at RM49.90, it offers a generous spread of 60 distinctly Malaysian dishes from kambing golek, Laksa Johor, Murtabak, and plenty of dessert choices.

Price: RM49.90 (adult), RM29.90 (children)

Address: Jalan Tun Razak, Titiwangsa, 50694 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Contact number: 03-4026 5535/019-232 0397/011-31232342

7.
 Dewan Perdana Felda

This year Dewan Perdana Felda presents its Ramadan buffet with themes, “Sajian Warisan” and “Sajian Nusantara” offering a variety of local and international dishes. While feasting, be entertained by well-known nasyid group performances here!

Price: RM88 (adult), RM44 (children)

Address: 1, Jalan Maktab, Kampung Datuk Keramat, 54000 Kuala Lumpur

Contact number: 03-2698 8302/019-282 2933/017-288 6920

8.
Chakri Palace

Ready to try something different? Come and enjoy Chakri’s scrumptious spreads of more than 50 authentic Thai and local favourites that will replenish your energy after a long day of fasting. This year, the feast features the special Rendang Daging Tok and other Malaysian favourites!

KLCC Branch

Price: RM98.90 (adult), RM49.90 (children and senior citizens)

Address: 4 Lot 417B, 50088 Kuala Lumpur

Contact number: 019-340 5719/03-2382 7788

Pavilion Branch

Price: RM88.90 (adult), RM42.90 (children/senior citizens)

Address: 168, Jalan Bukit Bintang, Bukit Bintang, 55100 Kuala Lumpur

Contact number: 011-1140 3040/03-2143 1141

9.
 Premiera Hotel

Savour Premiera Hotel’s Ramadan buffet with more than 100 traditional Malay cuisines including Kambing Bakar, Nasi Beriani and even durian! Durian? Now that’s the reason why all of us should go. If that’s not enough, it also offers room packages that even includes
sahur
 on top of
iftar
.

Price: RM88

Address: Menara MARA, 232, Jalan Tuanku Abdul Rahman, Chow Kit, 50100 Kuala Lumpur

Contact number: 03-2615 1000 ext 1018/1049

10.
 Ani Sup Utara

Looking for something cheap and wholesome? Ani Sup Utara is a local favourite, and this year’s spread sees the restaurant serving more than 30 types of dishes at an incredibly affordable price! At only RM32 nett, don’t miss the chance to enjoy the restaurant’s specialities including
sup gearbox kambing
 and grilled mutton.

Price: RM27 (early bird), RM32 (adult), RM25 (senior citizens), RM17.50 (children)

Address: No. 31 Block A, Jalan Tengku Ampuan Zabedah J 9/J, Section 9, Selangor, 40000 Shah Alam

Contact number: 03-5523 8375/011-1099 0575

11.
 De Ja Vu Restaurant

In the spirit of Ramadan, why not pay a visit to a Middle Eastern restaurant? The Ramadan buffet at De Ja Vu Restaurant has a spread of Middle Eastern food at an incredible price of only RM29.90 per pax!

Price: RM29.90 (adult), RM26.60 (senior citizens above 60), RM19.90 (children)

Address: Dataran Jelatek plaza, Jalan Jelatek, 54100 Kuala Lumpur

Contact number: 03-4253 2101/011-2625 2364

12.
 Sani Hotel

Try out kampung-styled dishes at the Sani Hotel Ramadan buffet, from everyone’s favourite
ayam percik
 and
ayam goreng berempah
 to the fresh
ulam-ulaman
. Want to save more? There are package deals of “Buy 8 pax, Free 1” adult buffet, and “Buy 2 Adult, Free 1 Child” buffet offers to stretch your Ringgit!

Price: RM48 (early bird), RM68 (adult), RM25 (children)

Address: 63, Jalan Putra, Chow Kit, 50350 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Contact number: 03-4045 7777 ext 2003

13.
 Saba Restaurant Cyberjaya

For those in Cyberjaya, Saba Restaurant, well known for its Arab cuisine, offers a buffet of more 70 varieties of food including its speciality
Nasi Arab Ayam
 and
Nasi Arab Kambing
.

Price: RM59.90 (adult), RM29.90 (children and senior citizens above 60)

Address: 4800 Suite 0-2 Ground Floor, Block A1, Jalan Perdana, CBD Perdana, 63000 Cyberjaya, Selangor

Contact number: 03-8320 2544/03-8311 9155

——–

With so many fantastic Ramadan buffet spots in Klang Valley at amazing prices to choose from this year, which one would you recommend? Let us know in the comments section below!

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Unemployment Rate In April 2022 Dips Below 4% For First Time Since Covid-19

(Image: Malay Mail/Shafwan Zaidon)

The latest labour report by the Department of Statistics Malaysia (DOSM) has indicated that Malaysia’s unemployment rate in April 2022 declined to 3.9% from
4.1% in March
. This is the first time that Malaysia’s unemployment rate has dipped below 4% since the onset of the Covid-19 pandemic two years ago.

According to the report, the number of unemployed persons decreased by 3%, from 669,200 persons in March to 649,300 persons in April. It noted that 83.6% of the unemployed persons were made up of actively unemployed persons – defined as unemployed individuals who are actively looking for jobs. This category posted a decline of 3.2% from 561,000 persons in March to 542,900 persons in April. In addition, 58.1% of the actively unemployed group were out of a job for less than three months, while 7.1% were unemployed for more than a year.

The report also stated that 16.4% of the unemployed persons consisted of inactively unemployed persons – described as those who believe that there are no jobs available. This category registered a decrease of 1.6%, dropping from 108,100 persons in March to 106,400 persons in April.

Meanwhile, the number of employed persons rose by 0.5% to 15.85 million persons in April, as compared to 15.77 million persons in the previous month. Of the total, 76.3% fell under the employees category, translating to 12.09 million persons. This is a 0.3% increase from 12.06 million persons in March. Similarly, the own-account workers category also registered an increase of 1.2%, from 2.69 million persons in March to 2.72 million persons in April.

“The increase was partly due to more business activities in conjunction with the celebration of Ramadan and preparation for Aidilfitri during the month parallel with the reopening of the international borders which encouraged the tourism sector and tourism-related industries to resume their activities,” stated the chief statistician of DOSM, Datuk Seri Dr Mohd Uzir Mahidin.

Datuk Seri Dr Mohd Uzir Mahidin also commented that the overall labour force in April increased by 0.4% to 16.5 million persons, as compared to 16.44 million persons in the previous month. “Accordingly, the labour force participation rate edged up by 0.2 percentage points to 69.4% from 69.2% in March, indicating more labour participation in the market,” he added.

Despite the positive development, Datuk Seri Dr Mohd Uzir noted that current global supply chain disruptions may adversely affect the trajectory of the national labour market. However, he also said that Malaysia will likely enjoy a more positive economic outlook with the reopening of the national borders and the resumption of more economic activities, following the country’s transition to the endemic phase.

(Sources:
Malay Mail
,
DOSM
)

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Here’s Why UOB’s Exclusive Islamic Banking Solutions Could Be Great For Your Business

Bank accounts play a big role in businesses of all sizes. Be it Micro SMEs, start-ups, or multinational corporations, most businesses rely on business banking products to carry out monetary transactions, as well as provide financing for growth and expansion.

Today in Malaysia’s unique dual financial system, business owners have a choice between conventional banking and Islamic banking products. Furthermore, Islamic banking products have grown in popularity as more people are accepting and understanding that Islamic banking services are not only for Muslims but also open to non-Muslim enterprises.

What is Islamic Banking?

Islamic banking differs from conventional banking because the principles of Islamic banking are rooted in and compliant with the Shariah law. Now, this does not mean that Islamic banking is religious and only available to the Muslim community.

Rather, these underlying principles are inclusive for all consumers and encourage accountability. The main principles include mutual risk and profit-sharing between parties, transparency, and encouraging a wide circulation of wealth in the economy.

To that, there has been a growing acceptance
 of Islamic banking products in Malaysia.
According to the Bank Negara Malaysia Annual Report 2019
, financing from Islamic financial institutions accounted for almost 40% of total financing in the banking sector. Meanwhile, Islamic deposits and investments have grown by 11.3% over 2017 – 2019, compared to the 1.8% of conventional deposits over the same period.

Islamic banking solutions are also advantageous to businesses seeking to expand into “
halal”
market, which is a rapidly growing trillion-dollar industry that encompasses food, cosmetics, health, and other lifestyle products, as they offer end-to-end Shariah-compliant financial products to support halal businesses.

With this demand in mind, UOB Malaysia launched its Islamic Banking business in 2016. Employing 80 years of experience of a leading bank in Southeast Asia, UOB Malaysia’s Islamic Banking products offer businesses comprehensive solutions to meet the country’s growing demand for Shariah-compliant products. One such product is the Current Account-i for businesses.

Current Account-i — Your Business’s Islamic Banking Solution

The Current Account-i is a step forward for SME and commercial business owners keen on exploring Islamic banking and finance solutions for their business. This current account for businesses offers the same conveniences as UOB’s conventional current account but with the added benefit of being Shariah-compliant.

With a minimum initial deposit of RM1,000, you’ll get access to 24/7 digital banking services via UOB Business Internet Banking (BIB) and monthly e-statements when you open a Current Account-i.

What’s more, since UOB Malaysia has one of the largest branch networks for an international bank in Malaysia, you can gain access to Islamic banking services at all 45 branches. Thus, giving you banking support throughout the country.

Gain Access To Exclusive Services For Your Business and Employees

That’s not all, with Current Account-i, it’s not only business owners that gain an edge, but the company employees benefit as well. Corporate customers will gain access to UOB’s Corporate Employee Program-i which offers your company employees preferential Islamic FD rates and exclusive banking products.

Meanwhile, you, as a business owner, gain access to more Cash Management and Islamic Trade and Financing facilities to boost business expansion and growth.

Corporate Employee Program-i (CEP-i)

The CEP-i provides your company employees a variety of benefits when they do their banking with UOB Malaysia Islamic Bank. These include:

●      Islamic Fixed Deposit Preferential Rate

●      ProSave Account-i with Takaful coverage

●      Preferential Financing Rates

●      Lower Unit Trust Sales Charge Rate

●      MEPS Fee Waiver

Cash Management

●      Business internet banking

●      Cashless solutions

●      Collection reconciliation

●      Bill repayment

●      Virtual account

Islamic Trade and Financing

●      Contract financing

●      Letter of credit-i

●      Trust receipts-i

●      Bankers acceptance-i

●      Bank guarantee-i

●      BizProperty Term Financing-i

●      Revolving credit-i

●      15-years commercial property financing

List of exclusive services for Current Account-i holders

So, if you’re looking for Shariah-compliant banking solutions for your company, why not consider the UOB Current Account-i as your first introduction into Islamic banking?

Specifically designed for businesses of all sizes and across all customer segments, the UOB Current Account-i offers business owners a convenient banking solution complete with all the perks of a current account, the added benefit of being Shariah-compliant, and access to exclusive services.

What’s more, for a limited time,
new Current Account-i customers will also be rewarded with an exclusive gift from UOB Malaysia Islamic Banking
.

Get in touch with a representative to start your UOB Islamic Banking journey today.

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Petrol Subsidy For B40s Confirmed, RON95 Price Will Float Weekly

Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail has finally announced the new petrol subsidy scheme. The subsidy programme, which is targeted at the lower-income B40 income group, will begin next year on 1 January 2020.

Eligible car owners will receive a subsidy of RM30 per month whereas motorcycle owners will receive RM12 per month. Only those who live in Peninsular Malaysia and are currently receiving the Bantuan Sara Hidup (BSH) cost of living aid will be eligible for the targeted subsidy. In addition to that, the recipients’ vehicles must match the following criteria:

Cars with an engine capacity of 1,600cc and below

Cars with an engine capacity over 1,600cc but 10 years and older

Motorcycles with an engine capacity of 150cc and below

Motorcycles with an engine capacity over 150cc but 7 years and older

The petrol subsidy will be automatically credited into the eligible recipient’s bank account every four months starting 1 January. An estimated 2.9 million recipients are expected to benefit from the scheme. Meanwhile, the price of RON95 in Peninsular Malaysia will be floated, with price adjustments to be made in gradual stages.

You can check your eligibility for the targeted fuel subsidy on the
Ministry of Domestic Trade and Consumer Affairs website
 from 15 October onwards. Contrary to what the Deputy Domestic Trade and Consumer Affairs Minister said to Sin Chew Daily
last week
, electricity bills will not play a part in determining eligibility for the subsidy.

(Source:
The Star
)

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The Important Bits From Budget 2017 in 5 Paragraphs or Less

Last week, Prime Minister Dato’ Seri Najib Tun Razak made his eighth National Budget speech in Parliament announcing a total budget allocation of RM260.8 billion. If you’re keen to know the nitty gritty details of that and how much goes where, you can check out the
National Budget’s official site
.

We won’t bore you with those details. What we
do
 intend to do with this piece, is provide you with information from the budget that would actually be immediately useful to you. As in, things that will most affect your day-to-day finances. In fact, we’ll try to make everything fit in 5 paragraphs. Can we do it? Let’s find out!

BR1M

Who doesn’t love free money? In 2017, for households in the e-Kasih database with a monthly income
below RM3000, BR1M will be increased to RM1200
; for households earning
between RM3000 and RM4000, BR1M will be increased to RM900
; and for single individuals earning
below RM2000, BR1M will be increased to RM450
.

Civil Servants

Public servants get a lot of love from Budget 2017 too. Check it out: the computer loan facility will be extended to
include the purchase of smartphones
 and can be used once every three years with a limit of RM5000. The motorcycle loan facility on the other hand, will be
doubled to RM10,000
 and civil servant housing loans
increased to between RM200,000 and RM750,000
.

Students

Before you roll your eyes, this one applies to former students who took the PTPTN study loan as well. As a repayment incentive, new discounts will be introduced. You get a
15% discount
 on outstanding debt for a full settlement, a
10% discount
 for payment of at least half of outstanding debts, and a
10% discount
 for repayment through salary deduction or direct debit. This will come into effect from October 22nd 2016 to December 2017.

For those still studying, you should know that the government will replace book vouchers with
student debit cards worth RM250
 for use towards other study-related purchases in addition to books.

GST

There were rumours swirling around online that the GST rate might increase, but they have proven to be not true. The GST rate will stay as it is currently. So nobody has to worry about taxes being higher, at least.

We did it! All the money you’ll get, save, or spend due to the new budget allocation in 5 paragraphs. Of course, this is barely the whole shebang, but we think these are the most directly related to the average Malaysian’s every day finances. Need to know more about managing your money? Head over to our
blog section and read up on our tips, tricks and strategies
 to get more for your money!

Did we miss out on something important? Do share your thoughts with us in the comments section down below!

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Put Your Savings to Work in a Fixed Deposit

Parking your funds in a savings account is all well and good, but after collecting a sizable amount, we’re sure you’ve been advised to invest that money. However, investing always carries with it a certain risk.

Plus, depending on what you choose to invest in (stocks, foreign exchange, or watches), there’s a lot of studying up to do before you even begin. Thankfully, for those people who still want to invest, but are a little apprehensive about starting, there’s a financial instrument just for you:
fixed deposits
.

I’ve Heard of Fixed Deposits! But Remind me What it is Again?

Sure. You know how the money in your savings account accrues interest over time? At the time of writing, the typical interest rate for regular savings accounts are between 0.2% – 2%. We say ‘regular’ savings accounts because often, savings accounts with interest rates higher than 0.2% – 2% would have their own special requirements (monthly deposits for x number of months with no withdrawals, etc).

This means, if you store RM5000 in a savings account, you earn between RM10 to RM100 per year.

But with fixed deposits, you take that same money, and put it into a different account. This type of account now will net you much higher interest rates of between 3% – 4% or higher.

This means, if you store RM5000 in a fixed deposit, you earn between RM150 to RM200 per year. Quite a difference, right?

Ah, That Does Sound Lucrative! But is There a Catch?

Nothing unreasonable. If you understand how banks benefit from having your money with them, you’ll see that the trade-off is pretty fair.

In a traditional savings account, the bank keeps your money, and you can withdraw it at any time. The amount of cash that you
don’t
 withdraw is what the bank can use to invest in things so they can reward you with interest.

But since you keep withdrawing money all the time (which is perfectly fine), it’s hard to know how much they can use from your account to make money with.

But in the case of fixed deposits, the rule is that you have to deposit a certain amount and you’re incentivised not to withdraw from it for a certain amount of time. This way, the bank has more certainty on the amount of money they can use to invest.

With that, they owe you more in interest since you keep their investment funds more stable. Makes sense, right?

That’s Fair. What Else Should I Know About Fixed Deposits?

Different fixed deposits will require you to keep different amounts and for different lengths of time. In deciding which fixed deposit to go for, it’s good to know how much you want to deposit and for how long, so you can figure out how much you can earn in that time to see if it’s worth it.

Don’t worry about getting a calculator out, we already have a handy
fixed deposit calculator for you right on our site
. Try it out!

Fixed deposits are also low-risk since you’ll never lose your capital, and at worst, you’ll get returns that match the highest interest rates for a regular savings account. There really is no way to lose when you put your money to work in fixed deposits.

Have you invested your money in fixed deposits? Why or why not? Do share with us your experience in the comments section down below!

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Upcoming Hong Leong Wise Card Revision Adds Cashback For Online & Pharmacy Spend

Hong Leong Bank (HLB) has announced some enhancements to the features of its Wise credit card, which will take effect from 1 October onwards. The revision includes the addition of a new online spend category that even includes e-wallet top ups, and a change in the monthly cashback cap.

Currently, the
Hong Leong Wise
 card offers cashback on three categories –
groceries, dining, and petrol
 – at the rate of 1% on weekdays and 8% on weekends (monthly cap of RM18 per category). There is also an unlimited 0.25% cashback offered on all other expenses, available for both weekdays and weekends. To unlock these rates, you will need to hit a minimum monthly spend of RM500.

Come 1 October 2021, Hong Leong will enhance the card’s features by adding a new online spend category, on top of the original groceries, dining, and petrol, making it a total of four cashback categories. HLB lists the following platforms as eligible online transactions, though it’s definitely not an exhaustive list:

Lazada
Shopee
Grab
FoodPanda
Touch ‘n Go
MYEG
Spotify
Netflix
Apple Music

In addition to the above, HLB clarified that e-wallet reloads and food delivery transactions are also eligible for cashback.

Aside from that, HLB is also expanding the expenses that are allowed under the groceries category for the Hong Leong Wise card. Previously, the groceries category only included purchases from grocery stores and selected convenience stores. Under the new revision, the upgraded groceries & essentials category will see purchases made at all drug stores and pharmacies, such as Guardian, Watsons, and Caring Pharmacy, to be eligible for cashback.

Finally, Hong Leong is reducing the monthly cashback cap for each spend category from RM18 to RM15. Despite this cut, however, you’ll be happy to know that the total cashback that you can earn will actually increase from RM54 per month (RM18 x 3 eligible categories) to RM60 per month (RM15 x 4 eligible categories) due to the introduction of the online spend category.

Here’s a table to summarise the upcoming changes to the Hong Leong Wise card:

Before 1 October 2021
After 1 October 2021
Spend categories eligible for 1% weekday/8% weekend cashback benefit
– Groceries
– Petrol
– Dining
– Online spend
– Groceries & essentials
– Petrol
– Dining
Monthly cashback cap per category
RM18
RM15
Maximum total cashback that can be earned per month
RM54
RM60

Apart from these updates, all other remaining features for the Hong Leong Wise card remain unchanged. You will still be able to tap into the unlimited 0.25% cashback for other expenses, and must spend a minimum of RM500 in order to unlock the weekday/weekend cashback. The annual fees are also maintained at RM98 (principal) and RM48 (supplementary).

Overall, these changes do look like a good enhancement to the HLB Wise card, which is already a solid general cashback card. The addition of the Online spend category is a welcome addition that’s indicative of the change in spending habits among Malaysians since the start of the pandemic, but the RM98 annual fee is still quite heavy. We’ll be updating
our review of this card
 once the changes come into effect.

(Source:
Hong Leong Bank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    dan

    1 year ago

Seems like a good update to the card. Quick question, I got rejected by PBB for their visa platinum back in May. Would it be okay for me to apply for WISE now, or do I need to wait 6 months? Not sure if the “rule” applies to all banks or just only if I reapply to PBB.

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    Pang Tun Yau

    1 year ago

    Reply to

        dan

The rationale behind the “wait 6 months” is mainly so whatever reason is behind your rejected application can be rectified and improved (eg, better payment history, reduced credit utilisation, etc).

That said, some banks are known to be more strict than others. You could try applying now, but best to do a quick credit check (via Experian or CTOS) and see if you’re creditworthy to the banks before you apply.

Hope that helps!

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    Anonymous

    1 year ago

Any other benefits if I apply this card through RiggitPlus like Lazada voucher or others

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Budget 2023: PTPTN Repayment Discounts Return, New Deferment Option Introduced

In his Budget 2023 presentation, Prime Minister Datuk Seri Anwar Ibrahim has reintroduced the PTPTN repayment discounts, and the government is set to announce a new repayment deferment programme for borrowers on lower incomes.

The popular PTPTN repayment discount was
announced in the previous Budget 2023 proposal by the previous Finance Minister
, offering discounts of up to 20% of varying types of bulk payments. During his speech today, Datuk Seri Anwar did not give specific details on the discount conditions, but did mention that it will be available for three months starting from 1 March 2023.

On a related note, Datuk Seri Anwar also announced a new repayment deferment programme for low-income PTPTN borrowers. He stated that borrowers who are earning below RM1,800 a month may apply for a six-month deferment of repayment, and that applications will be open from 1 March 2023 as well.

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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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You Can Now Pay With E-Wallets At Sogo Department Stores

Starting from 15 January 2020, customers at Sogo department stores will be able opt for cashless payment for their purchases. This comes as Sogo embarks on a joint venture with Revenue Group Bhd to enable QR payment and NETS acceptance in-store.

Revenue Group, a local cashless payment solutions provider established since 2003, will be providing Sogo with 200 smart digital payment terminals to assist with the initiative.

(Image: The Star)

“The smart digital payment can handle a myriad mobile QR code payment service, including Alipay, Boost, Touch ‘n Go, UnionPay QR, and GrabPay, as well as NETS card, making payment management simpler and more efficient for Sogo,” said the managing director and group chief executive officer of Revenue Group, Eddie Ng Chee Siong.

The smart digital payment terminals will be used in Sogo’s department stores in Kuala Lumpur, Central i-City Mall in Shah Alam, as well as The Mall, Mid Valley Southkey in Johor Bahru.

Ng added that Sogo’s adoption of smart digital payment terminals is fitting as it will translate to higher revenue for Sogo from its electronic transaction processing services.

The move is also just in time for the launch of
e-Tunai Rakyat initiative
, the government’s one-off digital stimulus which kicks off on the same day.

The e-Tunai Rakyat initiative will be helmed by
Touch ‘n Go eWallet, Boost, and GrabPay
 as the official e-wallet partners – all of which are supported by Sogo’s new payment terminals.

(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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Al Rajhi will have you zooming down the highways

Set your sights on a hot superbike? Al Rajhi’s Automobile Financing-i will satisfy your need for speed
with profit rates from 3.61% p.a. exclusively for motorcycles 500cc and above!

What’s more, you’ll also enjoy fast approval, up to 90% financing, a maximum 7 years repayment term and no penalties for late payment or early settlement.

If you hear the road calling your name, answer it with Al Rajhi’s Automobile Financing-i.

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KPDN To Enhance Price Catcher App To Encourage Public Use

Acting Minister of Domestic Trade and Cost of Living (KPDN), Datuk Armizan Mohd Ali has said that the ministry will be taking more steps to enhance its existing Price Catcher mobile app in a bid to attract more users. These include upgrading the app to promote and improve its information and interactivity – among other things.

Datuk Armizan explained that although the app contains immensely useful information, the number of Malaysians using it is still relatively small. “So far, the app has been downloaded by just 293,499 individuals, a small number compared to our nation’s population. The daily visitor count is merely 2,000 people yet the information within the app proves to be very useful. Our main goal is to make it more user-friendly,” he said, adding that the app’s success is highly dependent on the society’s digital technology awareness, as well as user preferences for price comparison.

The acting minister further explained that Price Checker – as indicated by its name – is an app that allows users to check the prices of approximately 480 consumer goods via its comprehensive list, including chicken/meat, seafood, eggs, vegetables, and dry goods. Additionally, users can compare prices of specific products within a 10km (Peninsula) or 20km radius (East Malaysia), thereby enabling them to plan their expenses wisely as well as save time when doing so.

The
Price Checker app
 was first
launched back in 2019
 by KPDN, and it has since gone through two enhancement processes. Malaysians who would like to check out the app can download it for free from
Google Play
, the
App Store
, as well as
Huawei AppGallery
.

Aside from the Price Checker app, the Economy Ministry has also collaborated separately with local organisation KitaJaga to equip the
KitaJaga app with a price comparison feature
 so that users can check the prices of grocery items at the stores and supermarkets in their vicinity.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    LC LC

    16 days ago

Good read.  Have not downloaded the app and try it out but will do.  Hope that the app comes with function to report over priced products as it is gonna be LPPL.

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AirAsia Cuti-Cuti Malaysia RM50 e-Vouchers Now Redeemable

AirAsia has announced that its RM50 e-vouchers, which are distributed in conjunction with the Cuti-Cuti Malaysia campaign, are now redeemable via its official website.

According to AirAsia, a total of 24,000 RM50 e-vouchers are available for redemption, and eligible Malaysians can redeem one e-voucher per person on a first-come first-served basis. Travellers can then use the e-vouchers for any AirAsia Malaysia domestic flights (flight code AK) that are booked between
30 November 2020 to 13 December 2020
, for the travel period between
7 December 2020 to 31 March 2021
. Note as well that these e-vouchers can only be used for flight purchases on AirAsia’s website.

To claim the Cuti-Cuti Malaysia RM50 e-voucher, you’ll need to log in to your BIG Member account and update your NRIC. Here are the few steps that you need to take to do so:

Under “My Account”, go to your profile and click “Add My Passport”.

Choose Malaysia as an “Issuing Country”, and then update your NRIC.

Click on “Claim Voucher”, and the RM50 e-voucher will be sent to your email.

For context,
AirAsia is distributing these e-vouchers
 to eligible customers in Malaysia as part of its collaboration with the Ministry of Arts, Tourism, and Culture (MOTAC) in a stimulus recovery plan. The plan – which is intended to revive the national economy via domestic tourism – will be implemented by MOTAC’s agency, Tourism Malaysia.

Aside from the e-vouchers, AirAsia also revealed that it is expanding its domestic network with eight new domestic routes for essential and future travels, namely:

Langkawi – Ipoh

Langkawi – Kota Bharu

Johor Bahru – Bintulu

Johor Bahru – Kota Bharu

Penang – Sibu

Penang – Kota Bharu

Kuching – Langkawi

Kota Kinabalu – Kuala Terengganu

Each route will operate with a frequency of three flights per week, commencing in either December 2020 or February 2021. Here’s the full flight schedule of the new routes for your reference, including the commencement date of each route:

The chief executive officer of AirAsia Malaysia, Riad Asmat said that the low-cost carrier is confident that recovery is well underway, and that it is well-prepared to meet the pent-up travel demand. “We are expanding our domestic network with new direct accessibility between cities. Besides allowing Malaysians to travel conveniently once travel restrictions are lifted, we also hope to provide more opportunities for local businesses to thrive by facilitating logistics and cargo shipments,” he said.

You can head on over to AirAsia’s website to find out more about the
RM50 e-vouchers
, or check the airline’s
new domestic routes
 here.

(Source:
AirAsia
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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4 Technical Skills that Can Help You Earn Money Anywhere

Experiencing limited career advancement opportunities in your current workplace? Well, when the resources are scarce, it’s time to step up and pick up a list of new, useful technical skills which you can use to leverage your worth.

Best of all, these skills can play a role in helping you
earn more money on the side
, so check out if you have any of these in-demand skills by employers of today.

1. Accountancy

You may be feeling puzzled, wondering how did accountancy even made it to this list seeing that as it is an old profession that can be traced back to the ancient Mesopotamian history.

As it is, even with the automation of book-keeping and other accounting work, an AI would not be able to spot unreported anomalies or cost-saving tax-deductible measures, especially with the advent of GST in which many new businesses would prefer soliciting advice from a real human being instead of a machine.

Pro-Tip
 : If you are not a trained accountant, fret not. There are tons of universities and colleges that offer accountancy as a part-time course.

Not that great with a set of accounts but have minimum book-keeping skills? Help people do their
E-Filing
 instead, you’ll be surprised at the number of people who wants to know the best way to file their personal income tax in Malaysia.

2. Software Programming

Known also as the creative minds behind computer programs, the work that you are doing today is most likely made easier thanks to the handiwork of a software programmer who has meticulously designed, produced, tested and implemented these applications before launching it for public use.

If you have taken up classes in programming and can understand the many popular coding languages (
Java, C++, C#, Python
) that are used, then your next concern will be having relevant experience. This is to ensure that your capability in operating legacy and cloud-based software development is accounted for as different clients will have different systems in place.

Read Also :
Freelancing vs Part-Timing: Which is the Best Alternative to Full-Time Work?

Pro-Tip
 : Programming is very much a hands-on skill so if you have not been professionally trained in this field, you can either opt to
learn from a community institution
 or participate in multiple boot-camp/seminars to understand how coding works in general.

Try your hand at beta-testing a software, this will give you an insight as to what to expect as a consumer and from there, you can use that experience to improve your software programming skills.

3. Website Development

Contrary to popular belief, website development is not as simple as taking a web theme or template off a site that provides royalty-free assets that you may use to build a website such as icon packs, photoshop files, vectors, add-ons and more.

Traditionally, larger organisations will have a team of in-house developers to build and maintain their website in which this practice, while it is still maintained today, is slowly being outsourced as it is viewed as a project-based task more than a daily 9-5 job.

Pro-Tip
 : With more businesses heading down the e-commerce route, you will definitely have no issues in seeking for freelance jobs so long as you price yourself right. Just make sure that your portfolio and skills can justify your asking price too least you end up with unfavourable reviews or dissatisfied customers.

4. Content Marketing

When you are planning to make a purchase online, you may have noticed that a particular brand stands out to you in a way that other brands didn’t. Maybe it’s the catchy copy, or the attractive illustration, or even the fact that the price and features are in line with what you are expecting in that product.

Still, if you have observed this from another perspective, you may have wondered, how did you even end up staring at this product in the first place? That, of course, is the magic of content marketing and in an era where the lifespan and patience of a consumer are significantly reduced, the ability to market your product is an invaluable skill that many would love to have.

Pro-tip
: Familiarise yourself with the types of marketing ads available in the market. Sure, there are many videos and books on content marketing but the best way to learn (such as paid media vs paid search marketing, organic vs paid ads, SEO vs SEM etc) is still through actual practice and not via theory.

In turn, you will slowly learn how to make programmatic buys and run reports based on the types of media that you use. Do note that you will be seeing a lot of numbers and trying to summarise the performance of your paid ads will require experience as well as a clear, analytical mind.

Is There Anything Else That I Should Know?

With these skills in your arsenal, you may even encounter a whole new world of opportunities which you can seize and take advantage of. If you consider yourself as a left-brained person, then these skills will come off to you naturally as it is systematic and rarely deviates from the expected norms.

As always, to ensure that your employment contract does not come with a provision that prohibits you from taking on additional, freelance jobs to supplement your income or things may get complicated and you may even be reprimanded for doing so.

Can’t Wait To Gain These Technical Skills? Hang On…

To harness these skills, ensure that you do have the proper equipment for this as some of the tasks that you will need to perform can be taxing on your workstation if the built and specifications are not created for it. For better work performance, you may want to update your current computer model in order to do so and if the price is a concern, have no worries as you can use your credit card to convert your purchase into a
EPP (Easy Payment Plan)
.

Don’t have a credit card in your possession and would like to see what’s available on the market? Sure, just make full use of our handy
comparison tool
 to find out which credit card fits your spending style best.

Do remember to take advantage of the
ongoing campaigns on our site
 so you’ll get awesome gifts too with
selected exclusive cards
 that are only available for a limited time!

Are there any other technical skills do you feel that we feel should discuss? Share with us your thoughts and comments in the comment section below.

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AmBank Offers 15% Friday & Weekend Cashback For UnionPay Platinum Cardholders

AmBank has launched the UnionPay 15% Cashback campaign, which gives its UnionPay cardholders a 15% rebate when they spend a minimum of RM30 in a single transaction at selected merchants on Fridays and the weekends.

Starting from today until 28 February 2021, AmBank UnionPay Platinum credit cardholders can earn 15% cashback every Friday, Saturday, and Sunday when they make purchases from the following merchants:

Family Mart

Jaya Grocer

Village Grocer

KFC

McDonald’s

Starbucks

Hermo

PrestoMall

Zara (online only)

Note that the cashback is capped at RM50 per person each month, which means that you will need to spend about RM333 every month to earn the maximum cashback reward. Also, the bank has allocated a daily total of RM3,000 for the campaign, which will be distributed to cardholders on a first-come, first-served basis.

The cashback that you’ve earned will be credited into your account within 12 weeks of the end of each campaign month. It will be reflected in your monthly statement.

In addition to the 15% cashback earned through the campaign, you can also tap into your card’s features for a small bonus of 0.5x AmBonus Points for every RM1 spent on retail purchases. While it’s not a lot, this is a way for you to maximise the benefits of the card when you can’t make use of its primary feature of 5x AmBonus Points for overseas spend amidst the current restrictions on international travel.

The
AmBank UnionPay Platinum
 is a card that is geared towards an emerging group of Malaysian travellers. However, with the Covid-19 pandemic having brought international travel to an indefinite halt, this campaign is likely a way to encourage its cardholders to continue using the card after
its launch in July last year
.

(Source:
AmBank
)

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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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PTPTN Reveals Salary Deduction Scale, Receives Backlash Due To "Overly Aggressive" Mechanism

Update:
Education Minister Dr Maszlee Malik announced earlier today (7 December) that PTPTN salary deductions will be on hold amid an almost unanimous outcry from the public and politicians alike.

PTPTN has officially revealed details about the new mechanism for the PTPTN repayment scheme. According to the mechanism, borrowers earning above the
RM2,000 threshold for mandatory salary deduction
 will see a percentage of their salaries automatically deducted.

Also known as “Potongan Gaji Berkala”, the deduction percentage increases in tandem with the borrowers’ salaries. The salary deductions are as illustrated in the table below:

MONTHLY SALARY RANGE

PERCENTAGE (%)

REPAYMENT AMOUNT

Below RM2,000

0

–

RM2,001 to RM2,499

2

RM40-49.99

RM2,500 to RM2,999

3

RM75-89.99

RM3,000 to RM3,999

5

RM150-199.99

RM4,000 to RM5,999

8

RM320-479.99

RM6,000 to RM7,999

10

RM600-799.99

RM8,000 and above

15

RM1,200 and above

PTPTN chairman, Wan Saiful Wan Jan, also mentioned that PTPTN will be working with agencies including
Lembaga Hasil Dalam Negeri
 (
LHDN), Employees’ Provident Fund (EPF), Retirement Fund Inc (KWAP), and the Immigration Department to retrieve information on borrower’s salaries and employer’s details. All employers are also required to deduct employees’ (borrowers’) salary for PTPTN loan repayments.

Wan Saiful also claimed that the new repayment mechanism will be of benefit to borrowers from the lower income bracket and fresh graduates coming into the workforce. This implementation will also prevent the rich from taking advantage of the system and lessen the burdens of those with lesser income.

The announcement of the mechanism has been met with widespread backlash, with many stating that the deductions for the higher-salaried individuals are too aggressive. This issue has managed to even
unite politicians
 from both the government and the opposition, calling for a review of the mechanism. PTPTN is expected to release an FAQ page to further clarify the new deduction system.

(Source: Free Malaysia Today
(1)
,
(2)
)

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GrabMart Enters Pilot Testing: On-Demand Delivery Of Health And Beauty Products, Groceries, And Snacks

(Image: SoyaCincau)

Grab’s newest service, GrabMart, has started its pilot testing phase in the Klang Valley area. Grab users can now use the super app to purchase items from selected grocery stores, pharmacies, and convenience stores and have them delivered right to their doorstep.

Grab has listed stores such as Guardian, MyNews, Caring Pharmacy, BIG Pharmacy, MPH, MBG, and BMS Organics on GrabMart. Other available partners include a florist, ice cream shop, and even snacks and biscuit shops. Users can access GrabMart on the Grab app under GrabFood by searching for the Mart (beta) icon.

Just like with GrabFood, you can enter a certain store’s catalogue, add the items that you want to your order, and then pay with one of Grab’s accepted payment methods. The delivery fee for GrabMart ranges from RM5 to RM9, depending on the travel distance and you can track the delivery on your app. As with all of Grab’s services, using GrabMart will gain you Grab rewards points.

At present, GrabMart only covers selected areas within the Klang Valley such as Damansara Uptown, Bandar Utama, Taman Tun Dr Ismail, Kota Damansara, Mutiara Damansara, Mont Kiara, and Hartamas. The feature is currently in its trial phase while Grab studies the demand and availability for the GrabMart service.

(Source:
The Star
)

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All Banks In Malaysia Will Waive RM1 MEPS Fee For Interbank Withdrawals Until The End Of MCO

Starting from 6 April 2020, all banks in Malaysia will temporarily waive the RM1 MEPS ATM withdrawal fee for using the ATMs of other banks. Announced by the Minister of Defence, Dato’ Sri Ismail Sabri bin Yaakob, the fee exemption is in line with the ongoing movement control order (MCO), and will continue until the end of the period.

According to Dato’ Sri Ismail, this move was initiated to encourage people to move only within nearby areas during the MCO. With the RM1 fee temporarily removed, customers are free to conduct their withdrawals at the ATMs of any bank closest to their homes, instead of travelling further to use the ATM of a specific bank.

Prior to this announcement,
OCBC Bank
 had already begun exempting the MEPS fee for interbank withdrawals since 25 March 2020, ending on 30 April 2020.
UOB Bank
 followed soon on 30 March 2020, stating that the exemption will be offered until the end of the MCO period. The bank also said that it will reimburse all MEPS ATM withdrawal fees incurred from 18 March until 31 March 2020 to its customers, within 60 days after the MCO period.

Maybank
 also announced earlier today that it will be waiving the inter-bank withdrawal fee starting from 6 April 2020 until the end of the MCO period.

During this period of time, bank customers are encouraged to opt for
cashless payments
 – such as debit and credit cards, as well as e-wallets – so that they can reduce the number of unnecessary trips to the ATMs. While Bank Negara Malaysia (BNM) has assured that these
self-service terminals
 will still be fully operational in accessible locations, the daily operating hours have been restricted to limited time slots.

(Source:
Majlis Keselamatan Negara
)

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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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Online Shopping Continues To Grow For Hari Raya This Year

(Image: Free Malaysia Today)

The Department of Statistics Malaysia (DOSM) has reported that the online retail sales index, which portrays e-commerce activity, continues to surge in 2021 after seeing growth in 2020 compared to 2019.

This year, the online retail sales index recorded a 28.7% growth year-on-year for January and 23.1% growth year-on-year for February. “For March 2021, the online retail sales index continued to surge to record 18.3% growth year-on-year,” said DOSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin.

(Image: The Star/Raja Faisal Hishan)

May 2020, which was the Ramadan and Hari Raya Aidilfitri period for last year, recorded the highest online retail sales index, with 39.3% growth year-on-year and a 9.3% growth month-on-month.

This year will mark the second year in a row that Malaysians will celebrate Hari Raya Aidilfitri during the pandemic. During both Ramadan 2020 and this year,
baju raya
 was the top search on local e-commerce sites.

“This year, Malaysians continued to search for new Raya attire online as they are able to make price comparisons from the comfort of their homes,” said Shopee regional managing director Ian Ho. Hygiene products also continue to see high demand as part of the ongoing precautionary measures against the spread of Covid-19.

For Ramadan 2020, the top searches on Shopee were Raya clothes, air fryers, and wallpapers. “The ban on interstate travel during that period triggered Malaysians to look for home improvement products like wallpaper to spruce up their homes for the upcoming festive celebration,” said Ho. “As for cookware, many people searched for cooking appliances and one of the most searched items by Malaysians was air fryers.”

Similarly, the most searched Raya items on Lazada for Ramadan 2020 were
baju raya
, modern
baju kurung
, and
telekung
. During the first week of Ramadan this year, the most searched Raya items on Lazada were modern
baju kurung
, women’s
baju raya
, and men’s
baju Melayu
.

(Source:
The Star
)

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Datuk Seri Dr Mohd Uzir Mahidin

Department of Statistics Malaysia

DOSM

E-Commerce

E-Commerce Platforms

Hari Raya

Hari Raya Aidilfitri

Lazada

Ramadan

Shopee

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Jacie Tan

Jacie Tan

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