Malaysia School Holidays is Here! Bring Your Kids To These Cool Places

It’s that time of the year again to plan your holiday activities. If you are contemplating over offering your kids unlimited access to satellite TV, gadgets and gaming consoles to keep them happy, why not reward them with a mini-holiday instead?

Give you and your kids a well-deserved break for a change of pace, especially when there are plenty of unique places to explore in Malaysia. Here are a few low-cost options, if not free of charge places that everyone can enjoy minus the need to catch a red-eye flight.

Made in Penang Interactive Museum (MIPIM) – Penang Island, Penang

 Photo courtesy of Wiki Penang

Drop by this interactive museum to experience Penang in a different light.There are 3D art pieces of the famous snake temple, with a really convincing art piece of a snake popping out of the picture, or the wonders of the trick art gallery which is fantastic for your Instagram account.

The kids will have a ball of a time, experiencing the culture and cracking their heads when they get to the trick art section that displays the creativity and ingenuity of these tricks.

MIPIM only charges RM15 for adults and RM10 for children, a small fee for a absolutely fascinating experience.

Pro-Tip : Only certain areas of the interactive museum are air-conditioned as the attraction relies greatly on natural ventilation so dress light and remember to bring along a bottle of water to keep yourself hydrated.

Kite Museum – Pasir Gudang, Johor Bahru

For those who have never seen a traditional wau and the many variations of kites, this is a definite must-see. And if that’s not impressive enough, here’s a cool trivia that might change your mind about the place. Boasting a unique windmill on top of the building which generates electricity for the establishment, the architecture of the Kite Museum shows that it’s not just another boring museum that’s all about exhibits and ancient relics.

While museums are generally educational, this is also a fun place filled with amazing pieces of art with exquisite workmanship that have been used for religious reasons and even war. Let your kids be wowed by the huge kites and the kite-making techniques on showcase. Although the entrance isn’t free of charge, it only cost RM2 for adults and RM1 for kids.

Pro-Tip : Due to the architectural built, the walkways here are not exactly OKU-friendly so if mobility is an issue, you may face difficulty accessing to various parts of the museum with the limited facilities available.

Botanical Gardens – Kuala Lumpur, Federal Territory

With no haze (hopefully!) in sight, it would be a great opportunity to enjoy the school holidays in some fresh air of the Botanical Gardens. Stroll into the sunken garden maze and be the envy of friends and relatives alike as you fill your social media platforms with dozens of photos of you and your kids taking in the serene atmosphere of the popular attraction.

Aside from that, Botanical Gardens also features floral-themed gardens that is bound to make you wonder in awe of nature’s beauty. If you are not too fond of the sunlight, that’s alright. You can choose to visit the gardens at night instead. Fret not, it is well lit up and you can explore the gardens in the comfort of the evening breeze.

Pro-Tip : Just remember to bring along insect repellent so that you won’t end up as an unwitting meal for some critters of the night.

City of Digital Lights – Shah Alam, Selangor

 Photo courtesy of i-City

If you enjoy the hanging out at night, then head on over to I-City, Shah Alam and check out the City of Digital Lights. With more than a million LED lights on display in every nook and cranny, expect a quaint, magical light garden that is unlike any other. Don’t forget to meet the celebrities in the Red Carpet wax museum or if you are looking for a little horrific fun, head to the House of Horror and scare the living daylights out of yourself and the kids.

Entry to the city of digital lights is free, however, the rides and everything else is going to cost you an entry fee of RM10 onwards. If you have the entire day to burn, you could get an All-day pass which includes rides, water park access and other theme park facilities with prices ranging from RM77 to RM150.

Pro-Tip : As a precautionary measure, certain amusement park rides are off limits to pregnant mothers so if you fall under this category, it may be best to stick to safer on-ground activities.

Toy Museum – Bukit Baru, Melaka

Do your kids dread a visit to the museum, thinking that it’s nothing but a snore-fest? Well, Melaka Toy Museum will definitely change their minds. Filled with over 10,000 types of toys consisting of different villains and hero action figures, the toys on display here pays homage to both fans of American cartoons or Asian animation. Not a fan of superheroes? Creepy horror movie ones like Freddy Kreuger figurine from the Nightmare on Elm Street might pique your interest instead.

The best part of this museum may very well be its souvenir shop that sells toys from as low as RM30

Ticket prices for entry only costs RM6 for adults and RM4 for children. Do note that the place closes on Monday and operating hours are from 3pm to 5.30 pm on weekdays and 2-5.30 pm on weekends.

Pro Tip : This privately run museum is not to be confused with the other toy museum that’s located in The Shore Shopping Gallery.

One Last Tip Before You Enjoy Your Holidays

Depending on where you intend to spend the upcoming holidays, do try your best to plan in accordance with your budget least you end up pinching pennies after a getaway trip. On the other hand, if you are looking for opportunities to travel abroad for your next getaway, do you know that you can
 get FREE Return Flight tickets to 19 destinations of your choice?

All you need to do is to check out our website for selected credit cards and personal loans participating in the Travel Getaway campaign and apply for it. It’s that simple! But do hurry, as it’s only available for a limited time so be sure to get the most out of our
 credit card
 and
 personal loan offers
 to maximise your holiday-planning experience.

After all, what better way to enjoy your next holiday with a brand new card or some extra cash in hands? Happy hunting! Is there any other places that you would like to recommend for us for a quick family-themed getaway? Let us know in the comment section below.

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Gavin Pereira

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EPF: Low Wage Structure One Of Several Reasons For Inadequate Retirement Savings

(Image: The Star/Azhar Mahfof)

Chief executive officer of the Employees Provident Fund (EPF), Datuk Seri Amir Hamzah Azizan has pinpointed Malaysia’s low wage structure as one of several reasons for the inadequate retirement savings among Malaysians.

“Helping our members build adequate funds is important, but we also need to look at the reasons that have affected the ability of the members to grow their EPF savings. I think one of Malaysia’s big issues is the low wage structure,” said Datuk Seri Amir Hamzah, adding that more initiatives are needed to push it closer to the living wage of RM2,700.

Briefly, living wage is defined as an income level that allows individuals or families to maintain a normal standard of living, including affording adequate shelter, food, and other necessities.

(Image: The Malaysian Reserve/Razak Ghazali

To illustrate his point, Datuk Seri Amir Hamzah shared some data from the EPF, saying that 81% of active EPF members in the formal sector are currently earning a monthly salary of RM5,000 or less – which is too low. Worse, 44% of them earn below RM2,000.

EPF’s CEO further highlighted that based on
EPF’s Belanjawanku findings
, it was found that a single individual living in the Klang Valley who uses public transport (without a car) will need at least RM1,930 to cover their monthly expenditure. Car owners, meanwhile, will need a minimum of RM2,600.

“We need to push for living wage to address the inadequacy. I think this is the biggest push that needs to happen in the country,” said Datuk Seri Amir Hamzah. He also acknowledged that the previous
revision of the minimum wage from RM1,200 to RM1,500
 has slightly improved the situation, but reminded that RM1,500 was still significantly below the living wage required. As such, more needs to be done to increase the base of savings, he stressed.

(Source:
The Star
)

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Alex Cheong Pui Yin

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Unifi Customers Can Now Manage Their Accounts With Unifi’s Latest Mobile App: Care@Unifi

(Image: Vernon Chan)

Unifi customers are now given an additional avenue to manage their accounts via Telekom Malaysia (TM)’s latest mobile app, Care@Unifi.

The Care@Unifi app allows customers to check their account status, download their internet bills, and make payments directly from the app. Besides that, the app also has a built-in live chat feature for customers to liaise directly with TM support staff and send their enquiries and complaints.

(Source: Lowyat.NET)

Additionally, customers will not have any difficulties using the app due its simple interface. Lowyat.NET notes that the interface is virtually identical to the website’s interface, so transitioning from the website to the app will not be an issue.

The app is now available for download on both the
Apple App Store
 and
Google Play Store
.

(Source:
The Star
 and
Lowyat.NET
)

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Bank Of China Introduces e-Pocket, Holds Campaign With Grand Prize Of RM888

Bank of China (BOC) has rolled out a product by the name of e-Pocket, which allows new customers to conveniently open a bank account online from the comfort of their homes. Upon successful application, the customer will be provided with a new e-Pocket account and a virtual UnionPay debit card.

According to BOC, the e-Pocket is an “e-money account” that lets you to access various personal finance services at anytime and anywhere. These include checking your bank account details, making fund transfers, and paying your bills with JomPay. Meanwhile, the virtual UnionPay debit card will be linked to your e-Pocket account, and can be used for e-commerce purchases as well as cross-border UnionPay QR code payments.

e-Pocket customers should also note that they will be subjected to account balance and transaction limits, as well as debit card transaction limits:

To apply for BOC’s e-Pocket, you need to be a Malaysian citizen aged 18 years and above, as well as a new BOC customer. Existing customers are not eligible to apply for the product.

If you qualify and would like to try out the e-Pocket, go ahead and download the BOC mobile banking app (international version), then tap on “e-Pocket Application” on the homepage. From there, follow the instructions provided and perform the required electronic Know Your Customer (eKYC) authentication process to verify your identity. You’ll also be asked to provide some personal details and create an initial password.

Upon successful application, you’ll receive your temporary mobile banking username, along with your e-Pocket account number and virtual debit card number. A confirmation SMS containing these details will also be sent to you. Use these details and your initial password to log in, and change your mobile banking username and password for better security.

In celebration of the launch of e-Pocket, BOC is currently running its
e-Pocket Cash Reward campaign
, which consists of two sub-campaigns (Campaign A and B). Under Campaign A, e-Pocket customers will have the chance to win RM10 when they open an e-Pocket account and deposit a minimum of RM50 in a single transaction. Meanwhile, Campaign B offers the chance to win a grand prize of RM888 by performing transactions to earn draw entries.

You can download the BOC mobile banking app (international version) on
Google Play
, the
App Store
, or the
Huawei AppGallery
.

(Sources: Bank of China [
1
,
2
])

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Online Grocery Store BELI Enables Same-Day Delivery Service For PJ Customers

(Image: Lowyat.NET)

Online marketplace BELI – which sells primarily groceries and fresh produce – has now enabled its same-day delivery service for its customers who reside in Petaling Jaya. This comes following the opening of two new BELI Mart physical stores in Puchong and SS15 Subang Jaya, in addition to its existing store in Damansara Perdana.

According to the MYEG-owned platform, the same-day delivery service will be available to customers every day of the week, between 10am until 5pm. Additionally, it will be provided for free if they spend a minimum of RM50, although this is only applicable for locations that are within 10km from the nearest BELI Mart stores.

To purchase from BELI and make use of the new delivery service, you’ll need to head on over to the “Same Day Delivery” section found in the online store’s website. There, you’ll be able to select your purchases from the various categories, ranging from frozen goods to vegetables and fruits. Note that if you attempt to check out before reaching the minimum purchase amount of RM50, you will be prompted to continue shopping as the order is considered to be “not valid”.

The group managing director of MYEG, TS Wong commented that the company has decided to adopt an online-to-offline business model so that consumers can choose their preferred method of shopping. “Apart from the e-commerce platform and Facebook Live selling, we are expanding with multiple physical stores and are looking to open up to 50 stores within the next two years in high-density suburban neighbourhoods throughout the country,” he said, adding that the new Puchong and Subang Jaya stores are part of a pilot programme for same-day delivery.

Wong further stated that the company are planning to launch the BELI mobile app in the following month so that customers can shop even more conveniently. This will also come with extra perks, such as loyalty points, extra savings when they sign up for subscription plans with BELI, as well as access to recipes that let them conveniently shop for the required ingredients with a simple click.

(Image: Digital News Asia)

For context, BELI was previously known as NAK BELI, and was launched in March 2020. Since then, it has rolled out a few initiatives, such as the
Flexi Value Plan
, a subscription scheme that allows customers to enjoy substantial savings on fresh produce.

If you’re interested to give BELI’s same-day delivery service a try, head on over to
its website here
.

(Source:
Lowyat.NET
)

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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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Etiqa’s Tesla Ensure Insurance Package Offers Exclusive Benefits For Tesla Owners

Maybank’s insurance arm, Etiqa has officially introduced its Tesla Ensure comprehensive car insurance package for Tesla owners in Malaysia. The package will provide a range of benefits for the insured vehicle and individual, including a personal accident (PA) coverage of up to RM18,000 for death or permanent disability due to accident, flood and special relief allowance, as well as coverage for the electric vehicle (EV) home wall charger.

Underwritten by Etiqa General Insurance Bhd and Etiqa General Takaful Bhd, here is the full list of coverage and complimentary benefits offered under the Tesla Ensure package:

Coverage & benefits
Coverage amount/Details
Coverage for death or permanent disability due to accident
Up to RM18,000
Compassionate benefit in the event of accidental death
RM1,000 (lump-sum payment)
Special relief allowance (total loss or theft of vehicle)
RM1,500 (one-time payout)
Special flood relief allowance (damage to vehicle due to flood)
Up to RM1,500
EV home wall charger (loss or damage due to various reasons, including theft, fire, flood, lighting, and explosion)
Up to RM12,000
Genuine spare part replacements (damage caused by accidents)
No additional charges on replacement parts
Complimentary “Drive Less Save More” add-on
Up to 30% cash rebate on your basic premium for when you drive less
24-hour emergency road assistance (breakdown/repair on-site and towing)
Applicable in Malaysia, Singapore, Thailand, and Brunei
Nil excess
No claims excess when you make a claim (for drivers above 21 years old)

In addition to these existing benefits, those who wish to for enhanced protection for their Tesla vehicles can purchase the following add-on benefits with some additional premium or contribution:

Portable charging cable coverage of up to RM2,000 (fo theft, fire, and accidental damage to portable charger)

Special perils coverage for damage caused by a range of calamities, including flood, storm, and landslide

Unlimited towing mileage in the event of a car breakdown or accident

Key Care Cover, with reimbursement of up to RM3,000 to cover expenses incurred when repairing or replacing your car key in the event of theft, robbery, or house break-in

Windscreen coverage for damage to your windscreen and car windows

In particular, Etiqa noted that its coverage for EV home wall charger (existing benefit) and portable charging cable (add-on benefit) is the first to be offered in Malaysia.

Group chief executive officer of Etiqa Insurance and Takaful, Kamaludin Ahmad said that the roll-out of Tesla Ensure is aimed at providing peace of mind for new Tesla owners once they’ve purchased their cars. On top of that, it is also in line with the government’s aim to grow the market for EV to 38% of Malaysia’s automotive total industry volume by 2040.

Aside from introducing Tesla Ensure via its insurance arm, Maybank has also been selected as
one of Tesla Malaysia’s preferred financiers
 when purchasing the
recently launched Tesla Model Y
. The bank’s integrated automobile financing solution comes with a loan at preferential rates, as well as EV charging privileges. There is also an ongoing campaign in conjunction with Tesla’s launch in Malaysia, where selected Tesla car owners are able to win RM500 worth of gold.

(Sources:
Etiqa
,
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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Government Sets Retail Ceiling Prices For Covid-19 Self-Test Kits At RM19.90

(Image: Bernama)

The government has agreed to set a ceiling price for Covid-19 antigen rapid self-test kits, fixing it at RM16 per unit (wholesale price) and RM19.90 per unit (retail price). These prices are slated to take effect starting from 5 September 2021.

In a statement released by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP), it said that this move – which is a collaborative effort carried out with the Ministry of Health (MOH) – seeks to ensure that the self-test kits are made available at an affordable price for businesses and the public. At present, the price of these kits typically range between RM28 to RM41, depending on where the public purchase them from.

The minister of KPDNHEP, Datuk Seri Alexander Nanta Linggi also explained that the ceiling prices were set under the Price Control and Anti Profiteering Act 2011 and Control of Supplies Act 1961. Additionally, the ministry had consulted relevant local industry players and importers prior to fixing these prices.

(Image: Utusan Malaysia)

Datuk Alexander further emphasised that legal actions will be taken against entities that are caught selling the self-test kits beyond the ceiling price once it is enforced. Specifically, individuals may be fined up to RM100,000 or sentenced to jail for no more than three years, or both. They may also be issued compounds of up to RM50,000. Meanwhile, companies may be fined up to RM500,000 or issued compounds of up to RM250,000.

Should the public encounter any such irresponsible entities and would like to submit complaints, they can do so through the
e-Aduan portal
 or the Ez ADU mobile app, or by sending an email to KPDNHEP at
[email protected]
. Alternatively, they can also contact the call centre at 1800 886 800, the Enforcement Command Centre (ECC) at 03-8882 6245/6088, or send a WhatsApp message to 019-279 4317.

KPDNHEP said that it will also establish a dedicated Skuad Tindakan Aduan Rakyat (STAR) to address the public’s complaints more efficiently.

We have set the ceiling price for COVID rapid test kits at RM19.90 for retail and RM16 for wholesale. We will also be exploring bulk purchase options to drive the price down further & also look at providing feee kits for B40 families.
@KKMPutrajaya

@kpdnhep
— Khairy Jamaluddin 🇲🇾🌺 (@Khairykj)
September 2, 2021

Separately, Health Minister Khairy Jamaluddin said that the government will also explore bulk purchase options to further decrease the price. This is on top of efforts to provide free self-test kits for B40 families.

(Sources:
KPDNHEP
,
Free Malaysia Today
)

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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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10 Top Tips to Keep Credit Card Costs Down

You can’t go through a day without seeing a new advert for credit

card cashback, restaurant discounts or special offers on shopping. They’re

everywhere. If you really want to get more for your money don’t waste your cash

on unnecessary fees and charges.

Here are 10 Top Tips from the RinggitPlus team on how you can keep

your credit card costs down.

1. Pay more than the minimum

Your credit card company will always give you the option of paying

the minimum 5% of your credit card debt at the end of every month. We all know

there will be times where you can’t make full payment but whenever possible try

to pay as much as you can. For example, if you leave RM1000 unpaid on your card

you could be charged as much as 1.5%, or RM15 per month until it is paid off.

2. Pay on time

Paying late can leave you with the full interest charge plus a late

payment penalty. The penalty can be as much as RM10 or 1% of the outstanding

balance up to a maximum penalty of RM75.

3. Stay within your credit limit

It is easier than you think to spend over your credit limit without

knowing. In such situations, some credit cards will charge you a RM25

over-limit fee. If you know you are close to your limit it is best to give your

credit card company a call to check how much extra balance you have

outstanding.

4. Cut up old and unused credit cards

Bank Negara rules require all credit cards to charge an annual

service tax of RM50 for principal and RM25 for supplementary cards. Most cards

will also charge an annual fee if you don’t use the card a certain number of

times a year.

If you have an old or unused card then the best thing to do is cut

it up and cancel it.

5. Choose zero annual fee cards

Many cards now offer no annual fees or offer a refund of your annual

fee if you spend a certain amount or use the card a minimum number of times. Check

out our
list of

credit cards with no annual fees
.

6. Use reward points to pay your

annual fee and service tax

If you have spare reward points on your credit card most companies

will allow you pay your annual fee and service tax. If you don’t have anything

more exciting to use your points for this is a great way to save money.

7. Transfer your balance

Once in a while life can get in the way and you end up with

unexpected charges on your card. If you really can’t repay the balance then

consider a balance transfer.

For example, if you are only making the minimum repayment on a

RM3000 balance, the total interest charge could come to RM445 over 12 months.

If you transfer the RM3000 to a 0% balance transfer deal you could save all

that interest charge.

Why not compare all the
balance transfers for

credit cards
 in Malaysia?

8. Maximise the card benefits

If your credit

card does not offer you several benefits you should really consider switching.

If you find a card that matches your lifestyle you can save hundreds of ringgit

a year from cashback, reward points and discounts. For example, you can easily

save 5% to 15% on your petrol bills with a
petrol credit card
.

9. Call your bank

You will be

surprised at how often your bank will give a refund for certain fees if you

just call up and negotiate. You may have to be patient with the call center and

it might take some time to find the right person but it is worth the hard work.

There’s no harm trying and the worst that can happen is they say no.

10. Use a debit card

If you find that the “credit” in “credit card” is too tempting to

ignore but you want the convenience of a card to minimize cash and to buy

online then a debit card is a great alternative.

Debit cards have lower fees, no service tax and no ability to spend

beyond your limit. Many debit cards also offer cashback and reward points. Check

out our list of
popular Debit

Cards
.

Last but not least, the most important tip when using a credit card

is to only charge what you can afford to pay back. If you need help finding a credit card you can

compare almost 300 credit

cards
 to find a card that best matches your lifestyle.

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Matthias Sim

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Securities Commission Publishes Revised Guidelines To Offer Fractional Share Trading Services

(Image: New Straits Times)

The Securities Commission Malaysia (SC) has published the revised Guidelines on Market Conduct and Business Practices for Stockbroking Companies and Licensed Representatives (SBC Guidelines). Effective immediately, it outlines the requirements that would allow stockbroking companies to offer fractional share trading services for shares listed on Bursa Malaysia.

Key requirements that were highlighted in the revised guideline include the implementation of adequate systems, policies, and procedures to ensure that investors have a clear understanding of the services that they are tapping into. Details of these implemented policies and procedures must also be submitted regularly to the SC for monitoring. You can find the full list of requirements in the
revised SBC Guidelines here
.

The publication of the SBC Guidelines is a follow-up to Prime Minister Datuk Seri Anwar Ibrahim’s announcement back in June 2023, which
enabled fractional trading for investors
 who are trading on the local bourse. This essentially means that you can now buy shares in less than one standard board lot, as opposed to the previous practice which requires you to trade in full
board lots
.

(Image: Bernama)

By allowing fractional trading, the government hopes to make share trading more accessible and affordable – especially for young retail investors – and to promote greater retail participation in the Malaysian stock market. Investors may also be more interested to trade as they will now have more flexibility to invest in the more expensive blue-chip stocks.

“In addition, the introduction of fractional share trading would allow retail investors to diversify their portfolio, whilst creating a more inclusive capital market for all Malaysians,” said the chairman of the SC, Dato’ Seri Dr Awang Adek Hussin, who stressed as well that this must be done in line with the implementation of the necessary controls and systems. This is so that the interest of the investors are also properly safeguarded.

(Source:
Securities Commission Malaysia
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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How Can You Increase Your Chances of Getting Your Home Loan Approved?

Most people want to buy a home eventually, but unfortunately, not everyone is well-prepared for getting a home loan approved successfully. Several different factors contribute to whether a financial institution approves a home loan; let’s discuss some of these factors now.

An Applicant’s DSR

A big chunk of a bank’s decision to approve your home loan falls on your Debt Service Ratio (DSR). This is a number that shows, in percentage form, how much of your monthly income goes into paying off your debts. While the exact acceptable percentage varies from bank to bank, a good practice is to keep your DSR below 60%.

DSR Formula = (Total loan/credit card commitments per month) / (Gross monthly income) x 100

Do note that it’s not just loans that are taken into consideration; credit card balances are also added into the calculation. Banks depend largely on the DSR to decide if your application goes through because it gives them a picture of how much debt you are currently handling, and if you can allocate more income to pay your monthly home loan commitment. Essentially, a low DSR means you are better able to take on – and repay – a loan.

If you currently have a DSR above 60% and are planning to buy a house in the future, a good first step is to reduce that number before applying for a home loan. Start by paying off all the smaller loans you have as fast as possible. Another way is, of course, to increase your income so that your current debts form a smaller percentage of your new salary.

An Applicant’s Credit Score

Your credit score is a score that banks use to determine, through analysis of your credit history, if you will be a good paymaster for your loan or not. Your credit score is calculated through a review of things like the number of loans/lines of credit you currently have, the length of the loan/credit, how good you are at keeping up with payment of those loans, what new loans and credit you have taken on in the last 12 months, as well as if you have had any legal trouble when it comes to finances.

Having a good credit score is a necessity to get your home loan approved. Keep the following tips in mind to maintain a high credit score:

Always pay your loans and credit card balances on time, every month. Even just one skipped payment on a loan can affect your credit score, so take repayments seriously.

Having no credit history is almost as bad as having a bad credit score. If your credit history is a blank slate, banks have less data on how good a paymaster you are, and so may be more reluctant to let you take out a home loan. To overcome this issue, build a credit history by getting a credit card to use on purchases or bill and always pay off the entire balance at the end of the statement. This way, you create a solid credit history for yourself and show good payment behaviour as well.

Do not get yourself into any kind of legal issues if possible. This is especially true for any legal situations involving credit and payments. This leaves a bad taste in the mouths of bankers reviewing your credit history, even when it may be relatively minor offences.

It is good practice to periodically
check your credit score
 to make sure it is still in the green. If it isn’t, at least you are aware and can immediately take measures to rectify it.

Adequate Documentation and Honest Disclosure

Even if your credit score and DSR are amazing, a simple thing such as incomplete documentation can negatively affect the chances of your home loan application being approved. The documentation you need to prepare for a home loan application include:

Salary slips (or proof of income if you are self-employed)

EPF statements

Your IC photocopy

Letter of employment from your company

Be sure to have all the documentation ready and submit them promptly to your bank for the application. Being tardy in sending in documentation can delay the process and also create suspicion. And don’t forget to always be truthful when providing details for your application; if you are caught lying it can totally jeopardise your application.

What Else Can You Do?

What if there is a tool that prospective home owners can use to estimate how much they can borrow in a home loan, even before they apply for one?

Mah Sing’s new chatbot, Madam Loan, will let you do that… and more! By just providing your monthly salary and monthly commitments, Madam Loan provides you with an estimate amount you can borrow in a home loan that has a higher chance of approval.

Try it out for yourself now at
www.madamloan.com.my
, and check out the available properties you can be approved for in the process.

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SME Bank Approves Loan Applications Worth RM503 Million Under Special Relief Facility

(Image: New Straits Times)

SME Bank revealed that it has approved 940 applications under the Special Relief Facility (SRF), which was introduced through the Prihatin economic stimulus package in March 2020. This amounted to a disbursement of RM503.04 million.

Aside from that, the bank has also processed 15 Agrofood Facility (AF) applications as of 28 July 2020, which totalled to RM7.83 million.

“In addition to the above facilities, the Automation and Digitalisation Facilities (ADF) and All Economic Sectors (AES) Facility are among the funds provided by Bank Negara Malaysia (BNM) to assist SME entrepreneurs affected by the Covid-19 crisis,” said the bank in a
statement
.

(Image: The Star)

SME Bank also noted that it had been entrusted to manage the SME Go Scheme and SME Technology Transformation Fund (STTF) under the PENJANA economic recovery plan. These initiatives were intended to support the sustainability of SME businesses in the post-Covid-19 economy, particularly those in the construction, services, and manufacturing sector.

“We have allocated RM1.6 billion for the SME Go Scheme and RM500 million for the SME Technology Transformation Fund (STTF) respectively,” said the chief executive officer and group president of SME Bank, Aria Putera Ismail. Both the financing aids add up to
a total of another RM2.1 billion
.

(Image: The Star)

Aria Putera further commented that the digital transformation programme previously undertaken by SME Bank had enabled it to improve its operational efficiency and service quality by reducing redundant processes and utilising digitisation as a financing solution. The programme, which took place over two years, saw SME Bank setting new directions and projects to improve its services for the digital economy.

“This has helped the bank to shorten the application process especially during the Covid-19 crisis in which SME entrepreneurs need financial assistance quickly,” said Aria Putera.

(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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Get Samsung Electronic Goodies on RHB 0% Credit Card Plan

If you’re an RHB credit cardholder and you’re looking to either buy a new smartphone or redeem your credit card reward points, then you need to check out RHB’s inventory of
Samsung’s latest gadgets
.

With RHB’s 0% Interest Smart Installment plan, you can get your hands on a Samsung Galaxy Note II or a Samsung Galaxy Note 10.1 tablet now and pay it off in two years. Alternatively if you’ve been saving up your reward points, you can now redeem 20,000 points and just pay a minimum amount for these new mobile devices.

Order forms are available
online
. Take note however there is a 10-day cooling-off period before your order is processed. So unless you choose to waive this right which bars you from making any cancellations whatsoever, your spanking new Galaxy camera might take awhile to get to you.

Do take your time to read through all the
Terms & Conditions
, especially RHB’s
0% installment
 policy.

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Brendon Lee

Brendon Lee

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4 Tips On Being Responsible With Your Personal Loan

A personal loan can go a long way towards helping you achieve your life goals and ambitions. These days, it is becoming easier and quicker to apply for a personal loan online. However, just like any other financial tool, you need to practise maximum financial responsibility when taking out and servicing a personal loan.

Here are four tips that you can make use of in order to manage your personal loan in a responsible manner.

1) Get A Loan For The Right Reasons

Unlike home loans or loans for your car, personal loans do not have to be used for a specific, bank-approved reason. Therefore, it is up to you to determine whether you have a good reason for your personal loan or not.
Common reasons
 for applying for personal loans include having to pay for sudden emergencies or fulfilling your necessary commitments while you are in a financial tight spot.

Some people also take out personal loans as a way to cover the down payment for a house or wedding upfront and pay it back over a longer period of time. You can also consider getting a personal loan to start a side business business without having to apply for a business loan. Not to forget personal loans like the
Standard Chartered CashOne Debt Consolidation Plan
 which are used solely for the purpose of debt consolidation, where you roll all your existing loans and credit card debt into one new financial obligation.

2) Do Your Research

After evaluating your reason for getting a personal loan, now it is time to do the research on the
personal loans in the market
. And no, this is not just about which loan offers you the lowest interest rate as there are various other factors to consider. Overall, you should take into account the loan tenure, personal loan interest rates, additional fees and charges, and application requirements of each loan that you are considering; find out more about
how to choose a personal loan
 here.

If you are in need of quick cash, you can also look into personal loans that offer an instant approval – such as the
RHB Easy-Pinjaman Express
 or
Citibank Personal Loan
. And if you’re looking for a debt consolidation loan, such as the
Alliance Bank CashFirst Personal Loan
, you should check that your new consolidation loan has better rates than what you were paying on your various loans and debts previously.

3) Create A Budget

Creating a personal spending budget is a good financial habit to have on a normal basis, but it becomes extremely important when you have loans to pay off. Sit down and figure out how much money you have coming in and where it goes each month. Think about how much money you will need to borrow and how much you can comfortably pay back. Then, you will have a better idea of what size of loan you need and how to pay it back responsibly.

Make sure to be practical when crafting a budget and remember to leave room for emergencies. The best budget is not one that is stringent, but one that you know you can adhere to – if your budget is too unrealistic, you may end up abandoning it before long.

4) Make Your Payments On Time

If you miss a personal loan repayment, the banks will implement a late payment charge – which is usually about 1%p.a. of your current outstanding amount, calculated on a daily basis. As you can imagine, the penalty charges can quickly start building up, so the key to staying on top of your personal loan is to make your monthly repayments on time. You can do this by setting up automatic payments with your bank, or by setting a reminder on your phone so that you will not forget.

Making your personal loan repayments on time can also offer you another advantage – it can help improve your credit score. This can help you with your
financial standing overall
 and also with any future loan applications. In fact, if you have a great credit score and a long-term relationship with your bank, you could even negotiate for better terms and lower interest rates!

***

At the end of the day, financial responsibility is an important skill to have and implement in your adult life. Therefore, when you are making a financial decision such as
taking out a personal loan
, make sure to exercise your best judgement and behave sensibly both now and in the long run.

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Jacie Tan

Jacie Tan

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How To Automate Your Savings

Saving can be a pain sometimes – which is why you should grab at any opportunities to make it easier. Standard Chartered Bank’s Privilege$aver is designed to help you make saving an automated process, offering returns of up to 6% per annum.

The Privilege$aver starts you off with a base interest/profit rate of 0.5% p.a. and lets you earn bonus interest/ hibah if you fulfil certain criteria.

You get an extra 2.0% p.a. by making a single
deposit
 of at least RM3,000 fresh funds during the month.

Spend
a minimum of RM1,000 using any Standard Chartered credit card and get an additional 1.5% p.a. bonus interest.

Invest/Insure/Cover
– Purchase a minimum of RM1,000 on regular investment or insurance/ takaful products through Standard Chartered/ Standard Chartered Saadiq and receive an extra 2.0% p.a. bonus interes/ hibah.

As you’ll soon see, it actually takes few steps to hit the three criteria of spending, saving, and investing or insuring/covering so that you can get the full 6% p.a. offered by Privilege$aver. We share some of the easiest ways to automate your savings through Standard Chartered Privilege$aver.

1) Make Privilege Savings Account / Super Salary-i your salary account

Privilege Savings Account/ Super Salary-i rewards you with an extra 2.0% p.a. bonus interest/ hibah if you make a single deposit of at least RM3,000 fresh funds during the month. The easiest way to fulfil this requirement is to make Privilege Savings Account/ Super Salary-i your salary account as it will ensure you get fresh funds in your account each month. Clearly, this is a no-brainer way to automatically increase your savings every month.

2) Create standing instructions from your current salary account

If your are unable to select Privilege Savings Account/ Super Salary-i as a salary account for whatever reason, you can still easily deposit at least RM3,000 every month for free via instant transfer. If you want to make things even easier, you can set up a standing instruction to automatically transfer at least RM3,000 from your current salary account to Privilege Savings Account/ Super Salary-i after your salary comes in each month.

3) Get a Standard Chartered credit card and use it

Once you start using your Standard Chartered Bank Malaysia Berhad credit card, you can easily earn yourself another 1.5% p.a. bonus interest on your Privilege$aver. A minimum spend of RM1,000 is possible if you compile all your usage in one main credit card, including daily necessities and bill payments. Moreover, don’t forget about all the cashback and rewards benefits you will gain from using your Standard Chartered credit card too!

4) Pay your bills automatically each month

If you want to make using your credit card to hit that RM1,000 a month even more easy and effortless, you can set up a standing instruction to make automatic payment to your recurring bills and insurance premiums or takaful contributions each month. That way, your monthly commitments get paid and you hit the spending requirement without even having to think about it.

5) Let your investments and insurance/ takaful boost your savings

Have you been thinking about getting additional insurance/ takaful or perhaps starting on a new investment plan? If you sign up for one of Standard Chartered/ Standard Chartered Saadiq eligible investment or insurance/ takaful product with a minimum monthly payment of RM1,000, you can earn an additional 2% p.a. bonus interest/ hibah on your Privilege$aver – yet another way to automate your savings just by making your monthly payments.

Automatic savings with Privilege$aver

Hopefully, you can see for yourself just how easy it is to get that 6% p.a. returns on your Privilege$aver. After all, we all have salaries to collect and bills to pay each month – it requires little extra effort for you to get those additional bonus interest/ hibah on Privilege$aver.So, make the smart move and switch to Privilege$aver today – find out more on the
Standard Chartered website
.

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Apply for a Citibank credit card and get a trolley bag

If you’ve been bitten by the travel bug, a Citibank credit card might be something to consider. With every successful card application, you’ll enjoy
a stylish and durable 20” Condotti hard case trolley bag
 for your globetrotting adventures.

Not only that, you’ll also get RM50 cash back and a one year annual fee waiver. In order to receive all these goodies, you have to spend at least RM500 in a minimum of three transactions within 60 days of your credit card’s approval date.

Promotion ends on 31

Jan so apply now to avoid missing out. Further details at
terms and conditions
.

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Shopee 9.9 Super Shopping Day Sale Kicks Off Today, Offering Various Vouchers & Cash Prizes

Shopee has kicked off its 9.9 Super Shopping Day Sale, offering various deals for its shoppers, including vouchers, Shopee Coins cashback, and cash prizes of up to RM60,000!

Here are some of the deals that you can tap into this round to enjoy greater savings while you spend on the e-commerce platform!

Brand And Seller Vouchers

For this mega sale, Shopee is generously offering vouchers of up to 95% for various brands, including Nestlé, Watsons, Lenovo, Camel Active, and many more. You can even enjoy most of the vouchers with a minimum spend of as low as RM1! Of course, do remember that these vouchers also come with a maximum cap as to how much discount you can actually enjoy, so don’t forget to check the applicable terms and conditions before using.

You can
claim brand and seller vouchers here
.

Partner Vouchers

On top of brand and seller vouchers, you can also get partner vouchers provided by Shopee’s bank partners, offered exclusively for their cardholders. You will need to collect these vouchers beforehand in order to enjoy the discounts.

Currently, only a few partner vouchers are made available, with more to come as we near the highlight of the event (on 9 September!). If you’d like to start claiming them now in preparation of the actual sale day, you can do so
here,
 and then apply them at check out on 9 September to offset your purchase. Make sure to check back for more partner vouchers!

Shopee Coins Cashback

Aside from the vouchers above, you can also claim cashback vouchers to earn up to 95% Shopee Coins cashback (capped at 500 Shopee Coins per customer). This is a time-limited offer, and in fact, must be redeemed today (26 August) between 8.00 pm to 12.00 midnight.

There are two categories of vouchers that can be redeemed: the voucher applicable for all sellers, and the voucher applicable for selected sellers. You can only redeem the voucher for all sellers if payments are made via ShopeePay or cash on delivery (COD). Meanwhile, the voucher for selected sellers can be redeemed if you pay for your purchase using ShopeePay, COD, or cashback sellers.

Claim the cashback voucher applicable for
all sellers here
, and the cashback voucher for
selected sellers here
 and redeem them today.

Cash Prizes

In this round of Shopee 9.9 Super Shopping Day Sale, Shopee is also collaborating with Alliance Bank to run a
Shop & Win Up To RM200,000 contest
.

In this contest, shoppers will need to collect golden tickets by completing a set of tasks between 20 August until 9 September 2022. The more golden tickets the shoppers collect, the higher their chances of winning the cash prizes on offer:

Prize
Cash prize amount
Number of winners
Grand prize
RM60,000
3 winners
Consolation prize
RM3,334
6 winners

Some tasks that shoppers can fulfill for this contest include following the Alliance Bank store on Shopee (1 golden ticket), viewing Shopee Live streams (3 golden tickets per day), and making an order from the Alliance Bank store (5 golden tickets).

There’s also a special event where shoppers who perform these tasks on 9 September can collect twice the number of the golden tickets. As such, following the Alliance Bank store on this particular day will earn you 2 golden tickets, viewing Shopee Live streams will give you 6 golden tickets, while making an order from the Alliance Bank store will earn you 10 golden tickets!

Shopee will then accumulate the golden tickets on 10 September 2022, and shortlist shoppers with the highest number of golden tickets. The shoppers will then be required to answer a question correctly in order to win the cash prize. Winners will be announced on 19 September 2022 at 8.00 pm via a Shopee Live stream.

Shoppers who wish to participate in this campaign will need to
fill out this form
 before they can enter the contest.

***

As you would probably know, Shopee’s system does not track how many customers can claim the vouchers; instead, it tracks the actual redemptions. This means that you should redeem the vouchers as quickly as possible before they all run out!

Meanwhile, if you are not yet a credit cardholder, you may want to consider getting one so you can enjoy even more discounts and other benefits. Here is a list of the
best cashback credit cards for online shopping
 to get you started.

(Source:
Shopee
)

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Nur Adilah Ramli

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Your Dream Wedding at a Discount Courtesy of American Express

For many, it’s the day they’ve waited a long time for; a day of magic. If you’ve wanted a glitzy hotel wedding, American Express is now offering discounts on wedding packages that could help ease the strain of this rather expensive event.

Choose from the offers at the hotels below:

10% discount on wedding packages from the
Gardens Hotel and Residences, Kuala Lumpur
. Prices start at RM1688 per table (of 10 pax). Offer valid for weekday weddings held from March to December 2013 with a minimum of 20 tables. Bookings must be made before 30 June 2013. Not valid on public holidays.

5% discount on wedding packages at the
Prince Hotel and Residences, Kuala Lumpur
. Advance booking is required and subject to space availability. Offer valid for bookings made before 30 June 2013.

10% discount on wedding packages at the
Trader’s Hotel, Penang
. Offer only valid with a minimum booking of 30 tables. Booking period is between 1 March 2013 – 30 June 2013. Redemption period is between 30 June 2013 – 31 December 2013.

For more information, check out
American Express’ rewards catalogue
.

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Diana Chai

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Lazada’s Upgraded Wallet Offers Increased Transaction Limit, Withdrawal Feature

E-commerce platform Lazada has rolled out the new upgraded Lazada Wallet, which comes with two main key features to benefit Lazada customers. The new Wallet will give you access to an increased transaction limit, as well as the ability to withdraw your wallet balance and move it into your bank account.

Essentially, the upgraded Lazada Wallet is introduced to accommodate the integration of the Wallet into the Tmall app (also know as the Taobao app). Once linked, you will be able to use your Lazada Wallet as a payment option for both your Lazada and Tmall purchases, hence the higher balance and spending limits. Here’s a table to compare the transaction limits between the regular Lazada Wallet (which you can only use on the Lazada app) and the upgraded version (used on both the Lazada and Tmall app):

Types of transaction limit

Lazada Wallet

(Only on Lazada app)

Upgraded Lazada Wallet (On Lazada and Tmall app)

Top-up limit

RM2,999

RM2,999

Wallet balance limit

RM2,999

RM25,000

Transaction limit

RM2,999

RM9,999

Monthly cumulative limit

RM4,999

RM200,000

Yearly cumulative limit

RM59,999

RM500,000

Aside from enabling an increased transaction limit, the upgraded Lazada Wallet also offers a withdrawal feature, letting you transfer the available balance in your Wallet and into a bank account. This feature is applicable to both the Deposit and Refund amount (KYC verification required) found in your Lazada Wallet. For comparison, the regular Lazada Wallet only lets you withdraw from the Refund amount; the money in Deposit cannot be taken out.

Note that with the upgraded Lazada Wallet, Deposit withdrawals are limited to between RM20 to RM1,000 each month, with a withdrawal limit of twice a month. You must complete the KYC verification process in order to tap into this function. Meanwhile, there is no limit for Refund withdrawals. Also, make sure that your bank account share the same name that is used for your Lazada Wallet as different names will result in unsuccessful withdrawals. It will take three to five working days for the money to be moved from your Lazada Wallet to your bank account.

If you’d like to upgrade your Lazada Wallet, you must start the process from a Tmall account, where there is a banner to direct you to link your Lazada Wallet. You can then complete the process with the following steps:

Log in with your Lazada details, and then tap on “Unverified”.

At the account verification page, select “I’m a citizen” if you’re a Malaysian, and take a picture of your MyKad (front and back).

Take a picture of yourself, fill in the required personal details, and submit.

Your Lazada Wallet is now verified and upgraded!

Find out more about the
new transaction limits
 and the
withdrawal feature
 of the upgraded Lazada Wallet from the e-commerce platform’s website.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Pix

    2 years ago

After I link my tmall account to lazada wallet.Why the transaction limit is still Rm2999?

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Protect Yourself and Loved Ones with Maybank’s New Privilege Personal Accident Plan

With all the not-so-pleasant news in the papers these days, it is easy to be incessantly worried about our own wellbeing and that of those we love. Yet sometimes, even with the best of precautions, accidents can happen and we can fall victims to circumstance.

In these dark times, Maybank is offering some peace of mind with their new Privilege Personal Accident Plan.

The Plan provides immediate coverage upon sign up and features three plans:

Myself : RM41.10 monthly or RM434 per year

Myself and Spouse: RM66 monthly or RM696 per year

Myself and Family: RM86.50 monthly or RM910.50 per year

Pay by yearly premiums and save up to 12%.

Under the ‘Myself and Family’ scheme, there is no cap to the number of children qualified* to be covered. Your contribution will not increase regardless of the number of qualified children added.

There is also no medical examination required and as long as you make your premium payments as and when you should, there will be no increase in premium amount.

Below is a brief outline of disbursements:

Total Paralysis – Permanent Disablement: up to RM400,000

Death Benefits: up to RM300,000.

Outpatient Medical Benefits: RM100 per accident for outpatient treatment, RM300 for snatch theft injury (with accompanying police report) and up to RM400 (outpatient medical expenses reimbursement) with actual receipts.

Children Benefits (Each Child): 25% of all above benefits for each qualified child.

For more information on the structure of disbursements and entitlements, you can access an online brochure at
Maybank2u
.

*Qualified is defined in the brochure as an unmarried child over 1 month but under 25 years of age who are not gainfully employed; or a child between 18-25 years who is not gainfully employed and is pursuing full time studies at an institution of higher learning.

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Top 3 Best Family Vacation Spots in Malaysia That Won’t Blow Your Budget

The holiday season is finally here! But, with so many recent major holidays and the upcoming back-to-school expenses to think about, a family vacation may not be on the top of your to-do list at the moment.

Now, now, don’t let the boredom strike you and your family just because of a tight budget! We are blessed with a country and continent that has a plethora of both natural and man-made attractions after all, and what’s best, you can find loads of things to do and places to see at a low budget!

Here are some of the affordable places in Malaysia you can take your family to for a fun trip – without blowing your budget.

1. Georgetown, Penang

Ah, our very own City of Food is one of the must-see places in Malaysia. The culture-rich and diverse capital city Penang is teeming with all sorts of local (and even foreign) foods to suit every taste bud round the clock.

Take your family around Georgetown and sample the multitude of delicious – and cheap – foods from the hawkers and stalls. When you’re all full, expose them to the city’s history and let them learn about the history of the Peranakan culture (the Baba-Nyonya culture) that has existed since the British colonial times at the
Pinang Peranakan Museum
. Children below 6 years old can enter for free, otherwise, the entrance fee is RM20 per person.

After the history lesson, turn up the fun up a notch by taking your family around the city and search for the
world famous murals by Ernest Zacharevic
, a Lithuanian-born artist. What’s best, it’s completely free! Not to mention, it’ll look good on your Instagram. Don’t stop there, take your family to see the iconic places in Georgetown that are even recommended on the Lonely Planet, such as the Blue Mansion, Cheah Kongsi, Tropical Spice Garden, and many more!

If you want to save more, skip driving and take a bus or the train from Kuala Lumpur. Bus tickets start from RM38 per person (one way), while the KTM train starts from RM79 per person. As for accommodations, the hotels around the city offer rooms that range from only RM100 and above per night.

Tip
: Use your credit card when booking your tickets and accommodations to get reward points and cash backs! For example, you can get up to 5% cash back on your everyday purchases with a
Citi Cash Back Credit Card
!

2. Cameron Highlands, Pahang

This idyllic vacation spot was originally founded by Sir William Cameron in 1885, and is now a favorite travel destination among the local and international tourists alike – for a good reason.

If you’re planning to take your family to Cameron Highlands, take them to see the unique Cactus Valley – which is less than 10 minutes walking distance from Brinchang town. The entrance fee is RM4 per person, and you and your family will get the opportunity to see, touch (watch out for the thorns!), and even smell the myriads of cactus plants in the greenhouses.

The fun doesn’t stop there! You’ll also get the chance to see other plants such as apple trees (who would have thought there are apple trees in Malaysia?), strawberries, roses, lilies, tomatoes, and many more. You can buy hundreds of souvenirs that are made from freshly picked fruits and flowers, on top of the fresh fruits, flowers, and vegetables available there.

There are other wonderful places to see in Cameron Highlands, such as the Butterfly Garden, Mossy Forest (it looks just like the spooky forest in movies!), tea plantations, Time Tunnel, and Rafflesia Site. Getting there is easy; you can either drive there or take a bus straight to Brinchang. Accommodations can be found in abundance, with many of them below RM100 a night – just be sure to book early!

3. Cherating, Pahang

Do you love the beach? Spread that love to your family as well! Take them to Cherating Beach in Pahang (about four hours drive away from Kuala Lumpur) and let them have the time of their life on the powdery soft sand and warm, inviting beach. In fact, you can even learn to surf in Cherating beach! Just be sure your children are big enough for surfing and swimming as the waves can be quite unpredictable.

You can also take your family to the
Turtle Sanctuary and Hatchery
 and let them learn the importance of preserving the turtle population and keeping our beaches clean. Next stop, check out the Cherating Mangrove River Cruise, where you get to experience the wildlife and natural vegetation along the Cherating River.

At night, you can experience how the night sky looks like when it’s dotted by tens and hundreds of thousands of fireflies on firefly’s tours along the river. It will no doubt be an unforgettable memory for your family. There are plenty of other things to do in Cherating, including batik painting at Limbong Art (fees ranging from RM35 to RM75 per person), as well as watching how
keropok lekor
 are made at Keropok Cap Intan.

After all that fun and when your stomachs grumble of hunger, check out the affordable food hawkers and stalls around the beach. If you’re in the mood for seafood, head to Intan Seafood Restaurant located right next to the Cherating Beach Resort for some fresh grilled Malay/Thai fusion seafood. If you want a cheaper option, try Nabil Cafe or Bintang Beach Cafe, where you can find dishes starting from RM5.

If you’re planning to take the bus, take the one that goes to Kemaman (there’s no bus terminal in Cherating) and tell the bus driver to drop you off at Cherating Surf Beach. This is very important, as the driver will take you straight to Kemaman otherwise. As for accommodations, you can easily find rooms from just RM80 per night.

Can’t Wait to Start Your Family Vacation?

Of course you would be! Family vacations are a great way to improve the bond between family members, so don’t let a tight budget get in the way of a memorable family time. There are other places to see too, of course, if you’ve been to these places.

If you’d rather take your family overseas, try budget travel destinations such as Thailand, Vietnam, Laos, Indonesia, and Cambodia. Don’t forget to use travel credit cards for your bookings such as
Citi PremierMiles Visa Card
 and
AirAsia-Citi Platinum Visa Credit Card
 to earn air miles or reward points on top of travel privileges!

Don’t have a Citibank travel credit card yet? Don’t worry, just click the button below to compare and apply for your preferred Citibank credit card!

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The Most Useless Baby Items Ever Sold

Every new parent wants the best for their child. The feeling of wanting to give everything to your little one is a powerful instinct that helps us become good caretakers of the future. However, it’s this same instinct that some companies and manufacturers exploit in order to take advantage of us.

Ever been to a baby expo and seen products, gadgets, or equipment that look so cool or marketed so well that you think to yourself, ”my baby absolutely needs this!”? Well we’re here to separate the wheat from the chaff and tell you all about the baby items that are definitely not worth wasting your money on.

Baby Shoes

Aw, how cute does your baby look wearing tiny work boots or sneakers with little shoelaces? So cute. Until you realise you just dropped almost RM100 on footwear for somebody who can’t even stand up by themselves yet. Just put some baby booties on their feet and save the money for shoes when they start walking, okay?

Baby Bottle Sterilizer

Nothing but the cleanest, most germ-free bottles for your baby. These doodads steam your baby’s bottles to allegedly ensure the boiling vapour reaches the miniscule crevices of the plastic. You can spend hundreds on these contraptions, or just use boiling water. It does the same thing and costs way less.

Bottle Warmers

Have a fussy Goldilocks baby who won’t touch the bottle unless the temperature is just right? You might be tempted to pull out a few RM50 notes for bottle warmers. However, getting bottles to the right temperature really doesn’t take long at all using regular kitchen hardware like your stove or cold running water. Why complicate things?

Baby-Sized Bathtubs

With cute friendly designs and how adorable it looks next to the regular tub if you have one, baby-sized bathtubs might prove to be an irresistible purchase. But remember that it’s way cheaper to just wash your baby in the sink or full-sized tub. They grow out of it sooner than you think, too.

Baby Food Maker

No matter how much the gizmo seller tries to convince you that their doohickey has the best motors or compartments to make the best baby food, don’t forget that baby food is pretty much pureed adult food. Keep your wallet full and make baby food at home with a food processor or hand blender instead.

Baby Changing Table

A piece of furniture specifically for when you want to change the baby’s diaper? This only makes sense if there’s one of these in every single room in your house since the baby is going to fill their diaper whenever it wants to. So it’s really much better and cheaper to change the baby on the floor or other flat surface with a changing pad or liner. Be smart about this.

There’s probably a lot more baby stuff that you shouldn’t waste your money on. Do you know of any? Share your thoughts with us in the comments section down below!

Image credits:
BabyExcellent
,
Amazon
,
ClipArtKid
,
Williams-Sonoma
, and
ToysRUs
.

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GBG: Malaysian Financial Institutions Face Fraud Management Challenges In Spurring Digital Growth

(Image: The Malaysian Reserve)

Global technology specialist GBG has revealed that Malaysian financial institutions are facing various challenges in fraud management even as they continue to drive digital transaction growth. The finding was disclosed via GBG’s Future-Proofing Fraud Prevention in Digital Channels: Malaysia Financial Institution Study, which sees the global fraud technology provider analysing the results of its survey on 324 financial institutions in six countries within the Asia Pacific (APAC) region.

In this Malaysia-focused report, GBG found that 47% of Malaysian financial institutions considered fraud checks of new customers during the onboarding process to be the most challenging phase for fraud detection and prevention. Meanwhile, another 33% said that identity verification of new customers for account opening is the most difficult phase instead.

GBG’s report also noted that fraud of all types – including social engineering, first party fraud, cyber attacks, and anti-money laundering – are projected to increase in 2020-21. In fact, 54% of Malaysian financial institutions foresee an increase in scams, whereas 51% expect more stolen ID cases. This is in addition to already rampant incidences of fraud since the implementation of MCO, including:

1,001 cases of Macau scam (RM49.9 million)

1,582 cases of non-existent loans (RM18.3 million)

2,500 cases of e-commerce fraud (RM17 million)

According to GBG, this rise in fraud is attributed to the public’s tendency to share personal data online as more people are now digitally connected. The situation is further complicated by Covid-19 and the implementation of movement control order (MCO), which drove consumers to rely heavily on online and cashless transactions. This, in turn, led to more opportunities for scams and frauds.

Furthermore, GBG said that Malaysian financial institutions’ ability to manage fraud issues is not yet on par with the progressive pace of digitalisation within the country. “In most cases, the digitalisation of the product move at a much faster rate than the adoption of technology to protect and defend against cyber fraud,” said the managing director of GBG, June Lee.

The global fraud technology provider also commented that this gap in Malaysian financial institutions’ ability to manage fraud will likely grow as 30% of them plan to increase their rollout of instant banking and credit facilities. In particular, the financial institutions are looking to offer facilities such as instant bank account application, instant loans, and instant credit card application – in a bid to appeal to their customers’ preference for quick services.

(Image: Amanz)

That said, the situation may still yet be salvageable. According to GBG, at least 60% of financial institutions in Malaysia have approved budgets to invest in cyber fraud solutions this year. Meanwhile, 21% of them have begun establishing end-to-end fraud management platforms.

“However, the expected growth in scams would require added layers of data intelligence to assess the digital tools which are used to onboard and transact with the financial organisations, as well as to obtain a better holistic view of the intent and integrity of the individuals,” Lee cautioned. She added that being agile in harnessing new fraud prevention technology will also enable Malaysian financial institutions to stay one step of emerging fraud patterns, allowing them to gain the trust of their customers.

Established more than 30 years ago, GBG specialises in fraud and compliance, identity verification, and location data intelligence. You can find out more about GBG’s
Future-Proofing Fraud Prevention in Digital Channels: Malaysia Financial Institution Study
 on its website.

(Source:
The Sun Daily
,
GBG
)

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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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JBL Products, RM600 TNG Credits, RM200 Shopee e-Voucher & More This Week

It’s the final week of July – are you ready for some exciting gifts on Unbox This Week?

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (25 July – 1 August 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – JBL Pulse 4

Enjoy up to 12 hours of playtime, an interactive LED lightshow, and amazing, clear sounds with the JBL Pulse 4 wireless speaker! This unlike-any-other speaker is waterproof, can be linked to other JBL Partyboost-compatible devices, and simply needs a shake to sync its LED light to the music playing.

To be eligible, applicants must apply for a Citibank credit card, get approved, and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

However, note that current cardmembers and individuals who cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – RM600 Touch ‘n Go eWallet Credits

Offset your purchases with RM600 Touch ‘n Go eWallet credits. Whether it’s your groceries, toll spending, bill payment, or simply to share with others, having an extra RM600 worth of eWallet credits would definitely make a huge difference.

Remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to participate. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – RM200 Shopee e-Voucher or URBANlite Trapez 24” Luggage

Remember that little thing that you’ve been saving in your cart? Well, now’s the time to check out. Get an RM200 Shopee e-Voucher when you sign up for an all-new Standard Chartered Credit Card.

If that doesn’t sound exciting to you, perhaps a brand new 24” 8-Wheel Spinner Hard Case Luggage by URBANlite is more suitable. Take it on a flight, on a boat, or just in your car for your next adventure!

Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – JBL Live Free NC+ Earbuds or Tune 710BT Headphones

Is your audio device due for an upgrade? Take your audio experience to a whole new level with powerful, immersive sounds – thanks to these gifts from JBL.

Worth RM799, get the JBL Live Free NC+ Earbuds complete with Active Noise Cancellation so you can fully enjoy your favourite tunes no matter where you are. On the other hand, the Tune 710BT Headphones will provide you with true bass sounds and up to 50 hours of playback time!

Those who apply for a new Alliance Credit Card with Bank Transfer will receive the JBL Live Free NC+ Earbuds while others will get the Tune 710BT Headphones. Apply, get approved, and activate your new Alliance Credit Card, with or without the 0% p.a. Balance Transfer, to take home either one of these products. Just make sure to activate your Alliance Credit Card upon approval to be eligible.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign.
Apply for an Alliance Bank Credit Card here.

Ambank – Morgan Air Fryer

What if you could prepare your favourite dishes with less oil and a shorter cleaning time? With the Morgan Air Fryer, you could! Sign up and meet all the requirements so you can take this guaranteed gift home.

To score the Morgan Air Fryer, you must apply, get approved, and activate your Ambank credit card within 30 days of approval to be eligible for this prize.

Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed and we can always be at hand to help you if you need us.

While this week’s flash deal ends on 1 August 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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MITI Minister: Government Looking To Implement Targeted Fuel Subsidy

(Image: Reuters)

Senior Minister and International Trade and Industry (MITI) Minister Datuk Seri Mohamed Azmin Ali has reiterated that the government is currently looking for a suitable mechanism in its bid to adopt a targeted fuel subsidy. This is to ensure that the benefit will be provided to deserving groups, especially the lower-income group.

“We (the government representatives) talked about the review in a special retreat recently; it has to be more targeted for the deserving. Those with BMWs cannot enjoy the same subsidies as those with Kancil,” stressed Datuk Seri Mohamed Azmin.

Additionally, Datuk Seri Mohamed Azmin highlighted that the targeted fuel subsidy is in need as rising crude oil prices are also putting a strain on the government’s budget. He noted that the fuel subsidy is expected to balloon up to RM28 billion this year, surpassing the RM11 billion borne in 2021.

(Image: Bernama)

To date, Datuk Seri Mohamed Azmin is not the only minister to bring up this possible switch from a blanket fuel subsidy to a targeted subsidy. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz had also recently stated that the
government will work with relevant stakeholders to review this issue
. He further noted that a large portion of government subsidies is currently being enjoyed by the T20 group, instead of the financially vulnerable group.

Similarly, Minister in the Prime Minister’s Department for Economic Affairs Datuk Seri Mustapa Mohamed also mentioned before that the
government is working on a suitable targeted fuel subsidy mechanism
. While there were no specific details, he stated that the structure is expected to be completed in the near future.

For context, the government had previously attempted to introduce a few variations of targeted fuel subsidy. In 2008, the government provided a one-off fuel subsidy of RM625 for owners of private vehicles with engine capacities of up to 2,000cc (up to a maximum of five vehicles per user).

Meanwhile, in 2014, the government mooted a
three-tiered fuel subsidy mechanism
. Specifically, vehicle owners earning less than RM5,000 a month would be entitled to a full subsidy, while those with a salary between RM5,000 and RM10,000 would receive partial subsidy. Those earning above RM10,000, meanwhile, would not be eligible for any fuel subsidy. However, the proposal never came to fruition.

(Sources:
New Straits Times
,
Paul Tan’s Automotive News
)

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How To File Your Taxes As A Freelancer

The freelance market in Malaysia has seen substantial growth over the past years, with many relying on technology and the boom of social media to help them earn income. Covid-19, too, has accelerated its growth as people sought out ways to cope with the salary cuts and retrenchment brought on by the pandemic.

In fact, the government has also shown its support for the gig economy by introducing incentives via various stimulus packages – such as the
PENJANA economic recovery plan
 – and through
collaborations with selected entities
. It is also currently debating a landmark bill that could make gig workers formal employees in the future, thereby offering better employment perks and protection.

If you’ve been working as a freelancer over the past year – whether full-time or part-time – you may have some concerns about filing your taxes now that the tax season is here. For instance, do you need to file your taxes since you’re not employed by an employer? If yes, how different will the process be? What form should you use? Here’s a quick guide to help you through the process!

What is defined as a freelance work?

To begin, the World Bank defines
self-employed individuals
 as someone whose income depends directly on the profits derived – which accurately describes freelancers and gig workers as well. This definition is also reflected in several government initiatives, where this group is accorded similar benefits as self-employed individuals (such as the
Self-Employment Social Security Scheme
). It includes gig economy workers, such as e-hailing drivers, delivery riders, and sellers on e-commerce platforms.

Do you need to file taxes as a freelancer?

Yes. All individuals are required to file their taxes if they already have a registered tax file, or if their annual income exceeds RM34,000 after deducting their EPF contributions. This is regardless of the source of their income. In other words, it does not matter whether you are employed by a company or freelancing; as long as you have reached the specified income threshold that can be taxed, then it is necessary for you to file your taxes.

Is the tax filing process different for an employed individual and a freelancer?

Overall, the tax filing process will not be tremendously different between an employed individual and freelancers. There are, however, certain extra steps that freelancers will need to take as they will be affected by the following:

EA Form

The EA form is document that is provided by employers to their employees, summarising details such as their annual earnings, as well as EPF and SOCSO contributions for the year. This document is immensely useful in the filing of your taxes as everything is already properly calculated on your behalf; all that remains is for you to key in the right number in the right place within the income tax form.

Meanwhile, freelancers will need to go through the extra step of tabulating their own profits by checking their invoices and expenses. This process can be pretty tedious, especially if you’ve been busy throughout the year, so it would be good idea for you to do your bookkeeping accurately as you conduct your business.

Monthly Tax Deduction (MTD)

Aside from that, the Monthly Tax Deduction (MTD, also known as PCB) programme also makes for a slightly different filing process between an employed individual and a freelancer. As an employee, you’ll notice that your employer will allocate a portion of your salary each month for this purpose.

Essentially, MTD payments are monthly deductions that serve as advanced tax payments. Introduced in 1995, it allows you to spread the financial heft of paying your annual tax across 12 months so that you do not need to struggle with a lump-sum tax payment at the end of the year. With the MTD in place, you will only need to pay a small amount (if your MTD amount is not enough to cover your actual tax amount), or may even receive a refund if you’ve overpaid for the year.

Freelancers, on the other hand, are not enrolled in the MTD programme. As such, they will need to pay the full sum at the end of every year, which can be quite a hefty amount, so be sure to allocate some money for this purpose throughout the year!

Which form should I use as a freelancer?

Depending on whether you’ve registered your freelance work as a business or not, you may be required to use different forms to file your taxes. If you’ve
not
 registered your freelance work as a business, then you will still be using the BE form – which is intended for individuals who do not own a business. On the other hand, if you
have
 registered your work as a business, then the right form to use is the B form instead.

How to fill in the form for part-time and full-time freelancers?

Assuming that you are using the BE form for your tax filing, part-time freelancers (defined as those who are still employed but are doing freelancing jobs on the side) and full-time freelancers will encounter a slight difference in the way you declare your income. For part-time freelancers, you will need to fill in the income that you earn from your day job under “Statutory income from employment”, and the income from your freelance work under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.”

Meanwhile, full-time freelancers will log all their earnings under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.”

Are there tax exemptions, deductions, or reliefs that you are entitled to as a freelancer?

Most of the earnings from your freelancing jobs will be taxable. However, there are some exemptions that you can tap into, including specific types of royalties:

Exemption of up to RM10,000 for publication of artistic works, recording discs, or tapes

Exemption of up to RM12,000 for the translation of books and literary works

Exemption of up to RM20,000 for the publication of literary works, original paintings, or musical compositions

50% exemption of statutory income derived from research findings that have been commercialised

These are on top of other
tax exemptions and tax incentives
 that you can tap into for your tax filing this year (YA2022).

Full-time freelancers can also consider tapping into the
Self-Employment Social Security Scheme (SESSS)
 and the
EPF Voluntary Contribution (i-Saraan) programme
 to reduce the amount of taxable income. Essentially, the SESSS and i-Saraan contributions are the equivalent of the Social Security Organisation (SOCSO) and Employees Provident Fund (EPF) contributions, but for self-employed individuals (including freelancers).

What about freelancing income from abroad?

Back in 2005 (YA 2004), the government had said that income earned from companies that are not based or registered in Malaysia is not subject to Malaysian income tax. Under Budget 2022, however, former Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz had
proposed to begin taxing foreign-sourced income
 received in Malaysia. Following that, the government decided to
continue exempting certain foreign-sourced income for certain categories of tax residents
 (under
certain conditions
) for another 5 years until December 2026; individuals who receive income from partnership businesses outside of Malaysia, for instance, are excluded from this exemption.

Essentially, all this means that if you’ve been taking jobs from foreign companies, these earnings can be exempted, provided that you have paid tax in the country of origin (where the company is located). Be sure to keep proof that your income is attributed directly to business operations that are conducted outside of Malaysia, such as invoices and receipts. If you are unable to do so, your income will be
deemed as Malaysian-derived income
.

Make sure to also always check the
taxation guidelines on e-commerce
 that is provided by the Inland Revenue Board (LHDN) to ensure that you are up to date with the latest standards adopted.

Registering as a business for more tax incentives

It may be a good idea to register your freelance work as a business with Suruhanjaya Syarikat Malaysia (SSM) – even if you are only freelancing as a side gig. This is because it opens up a number of tax deductions allocated specifically for businesses. For instance, you may be able to claim certain expenses as business operating costs – which you cannot do as a non-business taxpayer. To illustrate, freelance videographers can list the purchase of their camera gears and editing software as business cost.

If you’re interested, you can
register as a sole proprietor business
 under a personal or trade name for your freelance work, between a period of one five years. Depending on whether you opt for a personal name or a trade name, the fee will come up to RM30 or RM60.

***

With this, we hope that freelancers will have a better idea as to how to file their taxes for the year. In some situations, though, it might be a good idea for you to hire a professional tax consultant for assistance – such as when you’ve earned a substantial income that could make the filing process complicated. They can also share pointers on how to prepare your taxes for your future reference.

If you need further step-by-step guidance on how to fill in your income tax form, do also check out our
income tax guide for 2023 (YA2022) here
. Alternatively, you can refer to our
income tax content
 for other tax-related information, such as the new
MyTax portal
 and
how to file your taxes for the first time
.

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    at tm

    1 year ago

If my income is categorized as freelancing income from abroad, do I still need to do e-filing by filling up form BE? If yes, which field should I input my income? I’m hoping to go through this process so that I can get a document to apply for credit card..

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    Anonymous

    1 year ago

    Reply to

        at tm

I think they already answer here. Note that under Budget 2022, the government had proposed to remove this tax exemption for foreign-sourced income, but the decision was subsequently reversed. With this, affected individuals can continue to enjoy the exemption from 1 January 2022 to 31 December 2026. This is with the exception of those who carry out partnership businesses in Malaysia; they will be subject to tax for any foreign-sourced income received in Malaysia effective from 1 January 2022.

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    Jacky

    9 months ago

    Reply to

        Anonymous

which mean freelancing income from abroad no need to filling Up form BE even convert to MYR is 200k?

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    Daniel

    1 year ago

    Reply to

        at tm

Hi I’m interested to know what does it mean by freelancing income from abroad , does that mean that we get paid in a different currency like google ad sense or such?

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    Wai Cee, Chan

    5 months ago

Hi, i will soon convert my position in the company to “sub-con” or “free-lancer” due to age and slowly stepping down before retirement at 60. I am 58 this year. The company propose no EPF to be given to me, but i still liable to file my tax every year since i started not to punch in 9-5 in office as daily worker. Pls adv are they going to issue me EA form every year, and pls adv the possible PCB rate which they will deduct from my so called monthly “sub-con” fee (in fact is monthly income). What is
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    Pang Tun Yau

    5 months ago

    Reply to

        Wai Cee, Chan

Your best option would be to clear this matter with your employer (especially regarding PCB and EA. You should also consider engaging a tax consultant who would be able to assist you and offer expert advice tailored to your situation.

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