Deloitte Soothes Taxpayers’ Concerns Over LHDN’s Power To Directly Access Bank Accounts

(Image: The Star)

Deloitte Malaysia has stepped forward to reassure Malaysians that they need not be too worried about a recent amendment made to the Income Tax Act 1967, which grants the Inland Revenue Board (LHDN) direct access to taxpayers’ bank accounts. This is because the right will only be exercised if a garnishee order application is made in court.

For context, the government had recently passed the Finance Bill 2021, which introduced amendments to several Acts – one of which is the
inclusion of a new Section 106A
 in the Income Tax Act 1967. Under this new section, LHDN will no longer be required to inform or obtain consent from taxpayers while requesting their bank account details for reviews or investigations.

According to the tax audit and investigation executive director of Deloitte Malaysia, Mohd Fariz Mohd Faruk, it is crucial for the public to first understand the specific conditions of the new Section 106A. “The power to call for bank account information must be for the purpose of making garnishee order application. One must be clear of the definition of garnishee proceedings,” he said in a statement.

(Image: MalaysiaKini)

Essentially, a garnishee proceeding is a court-approved process where creditors are allowed to recover money owed to them by requesting for a third party (who is indebted to the debtor) to hand over any of the debtor’s assets that are currently in the third party’s possession.

“This would mean that a civil proceeding must have been instituted against a person and a judgment has been obtained against that person for LHDN to be able to obtain the bank account information of that person from the financial institutions. The purpose of obtaining such bank account information is for LHDN to make the application to the court for a garnishee order (i.e. to recover tax due and payable by the person to the government),” Mohd Fariz explained.

Mohd Fariz also stressed that the director-general of LHDN (DGIR) must have a notice if he wishes to request for any taxpayers’ bank account details. “The new Section 106A does not permit or extend the power to the DGIR to obtain such information for other purposes,” he said.

Additionally, Mohd Fariz addressed the matter of Subsection (2) in Section 106A, which prohibits banks from disclosing to taxpayers when such requests have been made. “This does not mean that LHDN has a free hand to ask for bank account information of a taxpayer from financial institutions in ‘secret’ or ‘private’ without the taxpayer’s knowledge,” he stated, adding that the personal and bank account information of taxpayers will still be protected by respective banking secrecy laws, such as the Personal Data Protection Act 2010 (PDPA).

Given these conditions, Mohd Fariz said that the public can have confidence in an ethical implementation of Section 106A, as it is ultimately intended to promote tax compliance and to provide the ability to recover tax debts due to the government. “The new power granted to LHDN can be seen as far-fetched but in reality, it may not be widely applicable or implemented to people on the street who have been complying with their income tax obligations,” he said.

(Sources:
The Edge Markets
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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RHB Campaign Offers Up To 15% Cashback For Reloads On Selected E-Wallets

RHB Bank is currently running its E-Wallet Top Up (Phase 2) Campaign, which allows all credit cardholders to earn up to 15% cashback when they top up a specified amount on selected e-wallets with their cards. Already ongoing, the campaign is slated to end on 30 September 2021.

Specifically, you will need to use your RHB credit card to top up between RM200 to RM800 in any of the following e-wallets:

BigPay
Boost
GrabPay
Lazada Wallet
PayPal
Razer Pay
Setel Wallet
ShopeePay
Touch ‘n Go (TNG) eWallet

Essentially, the cashback will be awarded to eligible cardholders in three tiers. Individuals who reload a minimum of RM200 into any of the listed e-wallets will earn themselves cashback of 5% (capped at RM15), whereas those topping up at least RM500 will get 10% cashback (capped at RM60). Meanwhile, if you top up a minimum of RM800, you will be entitled to the maximum 15% cashback (capped at RM120).

Note that each eligible cardholder is allowed to win a maximum of two cashback rewards per campaign month, which are awarded on a first-come first-served basis. This means that you can technically earn a total cashback of RM720 if you manage to reload your e-wallet with RM800 twice a month, across all three campaign months.

Do also be aware that RHB has earmarked a total of RM262,200 for the entire cashback campaign, to be allocated with a daily and monthly cap for each tier:

Campaign month
Daily cap
Monthly cap
1 – 31 July 2021
Tier 1: RM750
Tier 2: RM900
Tier 3: RM1,200
Tier 1: RM23,250
Tier 2: RM27,900
Tier 3: RM37,200
1 – 31 August 2021
Tier 1: RM750
Tier 2: RM900
Tier 3: RM1,200
Tier 1: RM23,250
Tier 2: RM27,900
Tier 3: RM37,200
1 – 30 September 2021
Tier 1: RM750
Tier 2: RM900
Tier 3: RM1,200
Tier 1: RM22,500
Tier 2: RM27,000
Tier 3: RM36,000

For those who do win cashback through this campaign, the cashback will be credited into your account one week after the previous campaign month.

You can find out more about
RHB’s E-Wallet Top Up (Phase 2) Campaign
 on the bank’s official website.

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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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Credit Card Beauty Pageant: Which is the Hottest Card in Malaysia?

Did you think that all your credit card needed to do was to pay for your purchases; give you cashback and reward points; and charge you interest? Nope, if these few contenders are anything to go by, your credit card needs to look pretty snazzy too. Of course, beauty is in the eye of the beholder so we say our sorrys here and now if your favourite piece of plastic didn’t make it into our line-up of the hottest cards.

If there was a beauty pageant for credit cards; we think these little babies are sure to hit the right notes with the judges. Check out the cards we think come out tops on the design scale (take a bow, designers!).

10. Public Bank Visa Signature

Coming in at number 10, we love the universe inspired design on this little hunk-o-plastic. In shades of silver, the
Public Bank Visa Signature
 is definitely classy. But the silver hue also tends to make it look pretty close to the lower end silver credit card which isn’t very exclusive and definitely not to the taste of Signature deserving customers. For that poor choice of colour; the card had to fall to tenth spot.

But if we’re looking at substance, the Visa Signature card comes with the Paywave feature which gives you effortless purchases by just waving your card at the contactless reader during checkout. With a swipe or wave motion, you can enjoy 6% cashback rate and exclusive VIP reward points and travel conveniences. In addition to that, this card is free to use all year round.

9. Citibank Rewards Platinum Visa

Featuring the beautiful cityscape view of Kuala Lumpur, the glowing backdrop of the iconic Twin Towers and KL tower the
Citibank Rewards Platinum Card
 seeks to resonate with the city dweller in you. The irridescent silhouette reminds us a little of
Edward Cullen
. And because even the love affair between bankruptcy and credit card debt is a better story than
Twilight
; we had to drop this card at No. 9 for reminding us of that glittering hot mess.

But unlike a useless vampire, the Citibank Rewards Platinum Card offers 5 categories of rewards to choose from- travel, shopping, dining,household, or petrol. Depending on your priorities, you can choose 2 categories for free the first year. However, there will be an additional fee for any categories more than 2. You gained from earning reward points 5X faster than the usual RM1 for 1 point system. So if you prefer redeeming reward points over cashbacks, this one is up for grabs.

*
8. Maybank Manchester United Visa *

Are you a
Manchester United
 football club fan? Cut your old credit card and apply for
Maybank MU Visa card
. Just kidding. But, nothing’s better than having your favorite football team on your credit card. It’s at times a great anti-theft measure as no self-respecting Arsenal or Liverpool fan will want to even touch it (we hope).

The perks are typically MU based; giving you with treat points and discounts whenever you shop at manutd.com; dine at the Red Cafe and even when the team wins the Premier League (not a bad deal as
on average they seem to win every 2 years or so
).

7. Citibank Clear Visa

[
] (/img/wysiwyg/citibank-clear-visanew.802124947.jpg)

Not one to gloss over things like design*; the
Citibank Clear Visa
 is coated in matte finish with classy block lettering skirting the bottom. It gives the card a rugged look setting apart from the other cards in your cardholder. The blue seems to be a favourite with Citibank (official company colours or limited pantone prowess?) but the fact that two of their cards have shown up on our best list; we have to admit that they’ve outdone the competition even with a limited colour scheme.

But what are the benefits you may ask. With just one swipe, this clear card unlock privileges to clubs, cinemas, shops and cafes. You are entitled to discount and rewards when you swipe your Clear Visa at Citibank’s participating outlets.

*We promise never to use that pun again.

6. Hong Leong Fortune Visa

The
Hong Leong Fortune credit card
 is one their best designed cards in Hong Leong’s line-up of credit cards. The black on gold is luxurious and classy with a hint of mysticism. The embossed in gold print, depending on how you look at it, could resemble the interlinking gold bits in your
Rolex
 watch or the weave in an
Aztec rug
. Perfect for whether you’re an old businessman or trendy hipster.

Funnily enough, despite the name, one doesn’t need to have a large bank account to enjoy Hong Leong’s Fortune credit card. With a minimum of RM 24, 000 annual income, you can enjoy 1% cashback on all spending (not the best cashback rate in town but hey, at least the card looks good).

5. UOB VOX Visa

Reach for the stars with your
UOB VOX card
 and hopefully your monthly bill won’t be as similarly out of this world. We love the multiple colours of the stars and and the universe on this card that look like a poster for a rave festival (and since raves will probably never happen in Malaysia again; this is the closest we can get to feeling like we are part of one).

But surprisingly, the card isn’t catered to the partying community but apparently more to their shopaholic girlfriends. To please online shoppers, the VOX credit card offers 5% cashback capped at RM1,000 each month (that’s a pretty high cap and a much better rate than the Hong Leong Fortune card). If you are seeing double rainbow, we are too because this card also comes with a PayWave feature for much cooler and swifter purchases.

4. Affinbank World MasterCard

AffinBank presents you the world of privileges via the
Affinbank World MasterCard
. And in case that wasn’t clear enough in the name; they’ve decided to display a flattened version of the globe on the front (they must be from before
Christopher Columbus’ time
).

Although world domination is not included as part of cardholder benefits; we’re sure you won’t be crying yourself to sleep when you see what you will be getting. Interest rate for the card is one of the lowest in the market at 9.99% (the lowest in the market) and you get a rebate of 0.8% on monthly spending. As an an avid traveller, you get to enjoy some refreshments at the airport lounge and get insured with travel insurance of up to RM1,000,000.

3. CIMB Preferred Visa Infinite

“Less is more”
 is the stance CIMB Preferred decided to take with the minimalistic design on the
CIMB Preferred Visa Infinite
. A rich maroon colour gives the card class but may appear to some insecure men as a little too feminine. Nonetheless, the card is classy looking and much preferred over the usual blues, blacks and metal coloured cards. Top honours to CIMB for trying out something new with their premium credit card.

The benefits aren’t shabby either; like a VIP, you can enjoy plethora of benefits such as exclusive complimentary access to airport lounge; enjoy discounts at participative retail outlets and fine dining; and travel deals. As this card is exclusively for invited customer, only existing CIMB customers stands a chance to apply.

2. UOB Lady’s Solitaire

The crème de la crème of credit cards marketed for women; the
UOB Lady’s Solitaire Card
 is top of the line and not available to everyone. With a delicate champagne rose sporting a bling centre; you can tell UOB wasn’t messing around with the female stereotypes. But we had to admit – it’s a goodlooking card – if you like that sort of thing of course.

If a stereotypical design wasn’t enough; UOB went the extra mile to kill feminism and yet in some strange way support it by assuming all financially independent ladies only want handbags, shoes and clothes! The UOB Lady Solitaire card comes with 10% cashback rates, discounts and rewards at UOB participating retail outlets from shoes to cosmetics. Have your eye on that new Louis Vuitton bag? Enjoy 6 to 12 months installment at 0% instead of a making a full payment. It doesn’t get any better than this, huh, ladies?

1. Alliance You:unique

And now we’ve come to number one which some of you may argue is kind of a cop out! The
Alliance You:nique card
 does what no other card in the market does in terms of design – they let you design it! This way, no matter what your tastes are – classy, kitschy or just plain bad – you can have a card that looks just the way you want it to. All you need to do is submit your favorite photo together with an application form. It’s a win for both Alliance and you as they will always have the best design to their customers because, well, the customer chose it! You may say it’s a lazy way out of designing but we think it’s pretty awesome. A picture of some cat off Buzzfeed on your credit card? Yes, please.

But the customisation of the card face isn’t the only thing Alliance Bank allows you to design. You are allowed to choose one out of 3 benefits of your choice: up to 3% rebates; 9 % financing rates; and earn double reward points. With these available options, you are able to maximise the benefit depending on your needs.

And that’s our superficial top ten! Do you like good looking plastic? Tell us your top picks in the comments.

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Luno Acknowledges Malaysia As One Of Its Strongest Markets

(Image: The Malaysian Reserve/Razak Ghazali)

Global cryptocurrency exchange Luno revealed that it has surpassed 10 million customers in more than 40 countries, with one million of them onboarded in just six months. With a customer base growth of 35% year-on-year, it also highlighted that Malaysia is one of its strongest markets.

In a statement, the country manager of Luno Malaysia, Aaron Tang said that 12% of the new customers added in the last six months are based in Malaysia, making it a prominent market to Luno as a global entity. He also shared some data regarding the investment preferences of its new users, noting that most will open their accounts with an RM100 deposit, and will hold for an average of eight months.

“Additionally, in the past year, 32% of new customers bought Bitcoin, while 23% bought Ethereum. We also saw an
increase among our female users
, which have grown from 16,000 in 2020 to more than 120,000 in 2021 – an increase of more than sevenfold,” said Tang, adding that he is confident that the adoption of digital assets will continue to grow in the future.

Globally, meanwhile, it was found that the average holding time for a Luno user stood at seven months as of March 2022. Users in South Africa – the company’s most active market – was noted to have the longest holding time at an average of 10 months. Aside from that, Luno’s data also showed that Singaporean users had the highest value of first deposits across the past year, recorded at UD$76 (approximately RM320).

Luno further remarked that it has enabled over USD$52 billion (approximately RM219 billion) worth of crypto to be safely transacted since its establishment in 2013. Its customers have also stored in excess of USD$1 billion (RM4.2 billion) since then.

(Image: The Edge Markets)

The cryptocurrency exchange also stated that it hopes to bring crypto to over one billion people by 2030, with an estimated 300 million people already using cryptocurrencies worldwide as of March 2022. This is especially to meet the growing demand for cryptocurrency in many emerging and frontier markets.

“In the last year, Luno grew its customer base in Indonesia by 83%, almost doubling its customers in the region, and provided one million more South Africans with access to cryptocurrencies for the first time,” the digital asset exchange shared, adding that it will continue to play a key role in providing people with access to cryptocurrencies.

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Alex Cheong Pui Yin

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Earn Cashback Of Up To RM80 Monthly With The Public Bank Petron Visa Card

In current times where many of us are car owners, spending on petrol is a commitment that we are bound to. Whether commuting to work, running daily errands, or embarking on memorable trips with loved ones, the need to fuel our vehicles places a recurring demand on our wallets.

While it is a responsibility that we can’t outrun, there are a few notable ways to enjoy savings on your fuel spending. For example, refuelling your car with a card that lets you earn cashback.

If saving on refuelling is what you’re seeking, then you may want to apply for the PB-Petron Visa Gold Credit Card or PB-Petron Visa Debit Card.

Enjoy Cashback On Your Petron Fuel Transaction With A New PB-Petron Visa Card

Being a Public Bank Petron Visa Cardholder presents numerous benefits such as having access to cashless transactions, potentially improved financial management and the ability to enjoy rewards such as cashback.

From now until 27 August 2023, you can enjoy up to 50% cashback when you fill up petrol at Petron Service Stations with your PB-Petron Visa Gold Credit Card or PB-Petron Visa Debit Card.

Here’s how you can be eligible:

Apply for a new PB-Petron Visa Gold Credit Card or PB-Petron Visa Debit Card

Spend a minimum of RM50 in a single receipt with your new card at Petron Service Station every Saturday and Sunday during the campaign period

Do note that the campaign ends on 27 August and each cardholder is entitled to a maximum cashback of RM50 each month.

Up To RM80 Cashback Per Month Await All PB-Petron Visa Cardholders

All PB-Petron Visa Cardholders, both existing and new, can earn up to RM80 cashback on a monthly basis from now until 15 July 2023. The best part is you are not limited to only fuel spending!

All local and overseas retail spending, online purchases, and new Zero Interest Instalment Plan (ZIIP) full purchase amount (not monthly instalment) are eligible transactions.

Spend an accumulative amount of RM 800 or more per month with PB-Petron Visa Gold Credit Card or PB-Petron Visa Debit Card during the campaign period and you will be entitled to
earn RM50 cashback
.

On the other hand, you could spend more to earn an even bigger reward. Those who spend an accumulative amount of RM 1,500 or more per month with PB-Petron Visa Gold Credit Card or PB-Petron Visa Debit Card during the campaign period will be eligible to
enjoy RM80 cashback.

Here’s what you need to do in order to enjoy the cashback rewards:

Register your participation by sending an SMS to 66300 in the following manner: SMS “PBVD<space>16-digit Principal PB-Petron Visa Card Number” and send to 66300. e.g.:
PBVD 4678941234123412
 to 66300

Spend an accumulative amount of RM 800 or RM 1,500 to earn the respective rewards

Complete the steps above before 15 July 2023

Do note that each cardmember is entitled to a maximum cashback of RM80 per month on a first-come, first-served basis.

***

With fuel expenses being a repetitive spend for car owners, you could end up saving a significant amount with a card that allows you to enjoy rewards like cashback. These savings may contribute to your overall financial health, helping you navigate challenging times amidst rising inflation.

Click here
 to apply for the Public Bank Petron Visa Gold Credit Card or
here
 for the Public Bank Petron Visa Debit Card.

Once you’ve successfully applied for the card, you can
click here
 to learn more about the cashback campaign exclusively for new cardholders.

If you’re already a cardmember,
click here
 to learn more about the cashback campaign open to all PB-Petron Visa cardmembers.

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8 Simple Ways to Cut Down on Your Healthcare Costs

Ever faced a situation where you or an acquaintance took time off work for a 30-minute visit to the clinic for your hard-hitting (and sometimes seasonal) ailments? Or maybe you are sitting on a mountain of healthcare bills that belong to you individually or as a caretaker, worrying that these bills would continue to financially burden you and your loved ones.

Regardless of which side of the fence you may be sitting on, it is no doubt that getting sick mentally and physically demoralising event. As the costs of healthcare increases exponentially throughout the world (Malaysia included!), discover 8 simple, cost-effective measures you can take to reduce your healthcare and medication expenditure.

Donate Blood (And Reap Rewards!)

If you haven’t donate blood before and have no health complications that prevent you from donating, then this is something that you can look into. Prior to donating blood, the doctor will screen your health by monitoring your pulse, blood pressure, body temperature and other details to ensure that it is fine for you to proceed with the procedure.

Apart from the bread, biscuits and packet drinks (usually mineral water and milk) that are provided to you as nourishment after the blood donation, you will also receive other cool freebies like outpatient treatment, Hepatitis B injection and more medical care benefits at the public hospital.

But of course, the best benefit will be the fact that you get to contribute to an altruistic cause (a pack of blood saves 3 lives!) while ensuring that your wellbeing is taken care of. Which is all in all, not a bad proposition if you have been wanting to reduce the risk of heart disease and cancer.

Read Also :
 Government and Private Hospitals in Malaysia: How Much Do They Really Cost?

Apply for Full Paying Patient Scheme in Public Hospitals

While it is indeed cheaper to seek medical treatment at public hospitals, it is important to note that you will be contending with many other Malaysians who will be vying for the subsidized health facilities as well. And if going for private healthcare services isn’t something that isn’t possible for you from an economic viewpoint, why not opt for a full paying patient scheme (FPP) instead?

By opting for FPP, not only will you be able to seek treatment from your specialist of choice at selected public hospitals, you will also get to enjoy other facilities such as First Class Ward and Executive Ward. On the contrary, do note that these facilities subject to availability of existing resources, field of specialty and services. As FPP are priced affordably in comparison to private healthcare and cater to only 30% of the total number of patients in the hospital, you will need to apply early before all the slots are taken. Which brings us then to the next point..

Get A Referral Letter from Your Health Clinic

Got turned away from a hospital that you are planning to seek treatment from? This is where a referral letter would come in handy. For private hospitals, this would not usually be an issue as there are GP (General Practitioner) doctors who will be able to physically assess you and decide if further treatments are required for your ailments if any. For public hospitals however, it is best for you to visit a government health clinic for this as some specialists would insist on referral letters from a list of approved clinics.

Be warned though that scheduling an appointment with a specialist at a public hospital would put you on a waiting list so if there’s anything urgent that requires immediate treatment, then this may not be the best option for you to take.

Rely on Generic Medication

Before you knock off generic medication for being less superior than a brand name prescription drug, do note that countries in Europe have been using them to treat chronic diseases. Generic medication are in essence a pharmaceutical drug that is equivalent to a brand-name product in dosage, strength, route of administration, quality, performance and intended use, but does not carry the brand name.

If you are worried as to whether the drug will be able to perform as effectively, then one of the things that you might be interested to know is that while the generic drug may differ in terms of color, taste and packaging, they still contain the same active ingredients. Generic medication can cost up to 40% lesser than brand names so making that switch does have it’s merits.

Consider Flushots/Vaccines

Heard of the old saying ‘An ounce of prevention is worth a pound of cure?’ Well, there are some hidden truths about that after all especially when it comes to avoiding illnesses. After all, why let harm runs it course when it could have been avoided from the beginning?

Vaccination is no longer for selected group of individuals such as those who work with healthcare personnel or people who are in contact with residents of nursing homes and other chronic care facilities. If you find yourself constantly bogged down by illnesses and wish that there’s a way to stop yourself from being an easy target for flu and

other ailments, then a vaccination (not an apple) is what will keep the doctor away.

Be a Healthcare Bargain Vulture

Keeping yourself updated with the latest promotions and offerings available in the market is not as difficult as you may think it is. Major pharmacy brands like Caring and Guardian are known for putting up for value-for-money deals and cash rebates when it comes to supplements and certain over the counter medication so you may want to stock your medication around that period. Apart from that, you can also consider getting a loyalty card or membership from certain pharmacies who may offer a lower price for their regulars.

For instance, MyLife Healthcare and AA Pharmacy have various outlets in Klang Valley and West Malaysia and one of the ways that they stay competitive is by giving members discount for purchase on prescription drugs to encourage their continuous patronage.

Watsons, on the other hand, offers a discount on selected medical products and equipment to Malaysian citizens aged above 40. As for AEON Wellness, they perform complimentary medical tests for customers who have committed to a minimum spending so this is where you to get to save big if you are not overly concern about where you should get your next blood test or health screening done.

Don’t Forget to Medical Claims on Income Tax

And just when you think that there are no other additional perks of having a medical card at your disposal, did you know that your medical insurance policy entitles you to an income tax relief of RM3,000? Consider it a sure-fire way of cutting your costs so that you can spend instead on things that matter to you the most.

Invest in A Medical Card

Sure, you may rely on your company’s group insurance to cover you for your healthcare mishaps and feel that applying for your very own medical insurance policy seems excessive. Still, that may not be the case if you are not tied to the company anymore and this leaves you vulnerable for all of life unforeseen eventualities.

Not sure where you should begin when it comes to medical insurance? Just use our
 medical insurance comparison tool
 to sort out the best healthcare insurance that caters to your lifestyle best.

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RHB Credit Card – Win a VW Beetle!

Spend and Win Credit Card Giveaway offers fantastic prizes.

RHB Bank is offering a great
“Win a Volkswagen The Beetle”
 competition to all existing and new Credit and Debit Card holders. You could end up driving off in a
Volkswagen Beetle
 for the New Year.

Getting in to Win is simple – just about anything you do with your card could see you getting lucky:

Spend a daily total of RM100 using your credit card or debit card for an entry to the daily and monthly draw for one entry. You can do this every day.

OR

Register your RHB credit card or debit card for the competition online or send an SMS to the RHB number. This will get you one entry to the monthly draw and a daily entry on the day you register.

OR

Spend a daily total of RM100 online using your credit card or debit card for an entry to the daily and monthly draw for one entry. You can do this every day.

OR

Sign-up for a new RHB credit card or debit card and get ten draw entries.

In addition to the grand draw for the two VW Beetles, RHB is giving away RM10,000 cash to nine monthly winners and three hundred
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StashAway Announces Re-Optimisation Exercise To Hedge Against Stagflation

Robo-advisor StashAway has notified its investors that it is carrying out another re-optimisation exercise for their portfolios, this time to add protection in “an environment of contracting growth and high, but slowing inflation”.

In its notice, StashAway explained that this decision to re-optimise was made because the global economy has entered into a phase of stagflation. Essentially, this refers to a situation where inflation is high (although it is starting to decline), and growth is negative and contracting. This is a shift from the previous state of inflationary growth, which had persisted for most of 2022.

As such, StashAway clients’ portfolio will be re-optimised to cater to this shift in growth and inflation, with the following steps to be taken:

Increased exposure to fixed income assets and bonds:
 These include short-duration US Treasury Bills, as well as US and global investment grade bonds. Short-duration assets have shown higher yields in comparison to the beginning of the year, and are relatively low-risk. Historically, bonds are also shown to outperform equities in economic downturns.

Adjusted equity allocation in favour of defensive sectors:
 Your portfolio will have reduced exposure to cyclical sectors such as energy and financials, as well as commodity exporters like Australia and Canada. Instead, it will see an increased exposure in sectors such as healthcare as these are likely to stay resilient regardless of the state of economy.
StashAway is also increasing your portfolio to emerging economies like India, Taiwan, and China through a broad-based emerging market exchange traded fund (ETF). This is as these economies are once again becoming more appealing, after a long period of being weighed down by monetary policy constraints, Covid-19 movement restrictions, and a strong US currency.

Maintained exposure to gold:
 Gold in balanced continues to serve as a protective asset due to its low correlation to stock and bond prices (therefore not affected by its ups and downs). Additionally, gold may benefit in the upcoming months if the US dollar keeps weakening.

Note that these changes above will only apply to the General Investing (powered by StashAway),
Responsible Investing
, and Domestic Ringgit Borrowings (DRB) portfolios. Meanwhile, the
General Investing (powered by BlackRock) portfolio
 continues to be managed by BlackRock’s investment team.

As for StashAway investors who opted for
Thematic Portfolios
, you will see the following changes instead:

Thematic portfolio
Changes
Technology Enablers
– Increased exposure to protective assets in lower-risk Technology Enablers portfolios
– Added exposure to the semiconductor sector as it is populated by relative mature companies with consistent cash flow
Future of Consumer Tech
– Increased exposure to protective assets in lower-risk Future of Consumer Tech portfolios
– Increased allocation to the autonomous and electric vehicles sector, as well as video gaming and e-sports
Healthcare Innovation
Increased exposure to broader industry ETFs for lower-risk portfolios, including those in medical devices, global healthcare, and pharmaceutical sectors
Environment and Cleantech
No significant changes; already defensively positioned

Finally, StashAway cautioned that more economic uncertainty and market volatility are expected in upcoming months due to the continued impact of central bank policy tightening. “As ERAA monitors the latest market data and macroeconomic conditions, it’ll continue to optimise your portfolios to weather each stage of the economic cycle,” it said, referring to its proprietary Economic Regime-Based Asset Allocation (ERAA) framework.

StashAway’s last re-optimisation exercise took place back in
March 2022
, made in view of possible new sanctions brought on by the Russia-Ukraine conflict. Prior to that,
several such exercises were also done
 to accommodate economic changes due to the Covid-19 pandemic.

(Source:
StashAway
)

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StashAway Thematic Portfolios

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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Big Gifts Galore: Win Samsung Galaxy S23 Ultra, iPhone 14 Pro Max, Or RM5,000 Cash Via DuitNow

Looking to apply for a credit card? The Unbox This Week credit card campaign is back with amazing gifts when you sign up!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 27 March to 3 April 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Alliance Bank, Standard Chartered Bank, Public Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

HSBC Bank – NEW iPhone 14 Pro Max

Win the NEW iPhone 14 Pro Max when you apply for an HSBC Bank Credit Card. Manage your daily activities like a pro with the NEW iPhone 14 Pro Max that features the Dynamic Island, 48MP main camera that captures all the details of your most memorable moments, a faster 6-core CPU, and more.

For those who are not selected, you will still walk away with guaranteed RM600 Cash via DuitNow.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Citibank – NEW Samsung Galaxy S23 Ultra

Here’s another opportunity to win a smartphone. Win the Samsung Galaxy S23 Ultra when you apply for a Citibank Credit Card! Made of eco-conscious materials, this nature-friendly smartphone is equipped with a pro-grade camera, Snapdragon® 8 Gen 2 Mobile Platform for optimised performance, dynamic AMOLED 2X display, and more.

Don’t worry if you’re not selected as you will still walk away with a guaranteed RM600 TNG eWallet Credit.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

Alliance Bank – Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage

The more options, the merrier – take home a guaranteed Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage Bag when you apply for a new Alliance Bank Credit Card.

The Realme Watch 2 Pro has a 1.75’’ display for your easy viewing, comes with 90 varied sports modes, high-precision dual-satellite GPS, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the sleek URBANLite Ledge 24″ Luggage that comes with multi-stage telescopic trolley handle, 360-degree spinner wheels, and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. 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
.

RHB – RM5,000 Cash via DuitNow

Win our grandest cash gift ever – RM5,000 cash via DuitNow – when you apply for a RHB Credit Card! Save it up, spend it on loved ones, or invest it – it’s all up to you.

For those who are not selected, you will still walk away with a guaranteed RM400 TNG eWallet Credit.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Public Bank – Amazfit GTS2 Mini Smartwatch

It’s never too late to start planning your health and fitness goals. Win the Amazfit GTS2 Mini Smartwatch when you apply for a Public Bank Credit Card!

Designed to be lightweight, this smartwatch has an always-on AMOLED display for easy viewing, blood oxygen saturation measurement, and more than 70 sport modes.

For those who are not selected, you will still walk away with a guaranteed Case Walker Luggage.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – Xiaomi Poco C40 Smartphone

If you’re looking to get a new phone, you would be glad to know that you could win the Xiaomi Poco C40 Smartphone when you apply for a Standard Chartered Credit Card!

Featuring an immersive 6.71″ Dot Drop display, the smartphone comes complete with a 6000mAh (typ) high-capacity battery, 13MP dual camera, high-performance octa-core processor, and more.

Don’t worry if you’re not selected, as you will still get a guaranteed Xiaomi 70mai 1S Dash Cam for your vehicle.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

***

Finally, 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 when you need us.

While this week’s flash deal ends on 3 April 2023 (11am), do 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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Standard Chartered Bank

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Xiaomi Poco C40 Smartphone

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

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Boost E-Wallet Can Now Be Used At All Watsons Outlets Nationwide

Local e-wallet app, Boost has announced a collaboration with popular health and beauty chain Watsons. Starting today, all Watsons outlets support payment via the Boost app, allowing the convenience of cashless shopping – and enjoy Boost’s signature Shake cashback rewards.

Since its inception in early 2017, Boost has been aggressively working with various partners, from DBKL to expand its usability. Today, Boost offers a range of services from purchasing prepaid top ups and digital vouchers, paying utility bills and
even street parking
, as well as sending and receiving money via QR code or even the recipient’s phone number. Of course, there’s also the Shake rewards, Boost’s unique rewards feature that offers cashback for any retail transaction you make on Boost.

Today’s partnership with Watsons is one of the largest for Boost, allowing Malaysians to use the e-wallet at almost 500 Watsons outlets nationwide. To top that off, Watsons is even offering 8X Watsons points for customers who use Boost as payment. This promotion will start from 15 January and ends 4 March 2019.

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Olivia Song

Olivia Song

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4 Must Have Items for Every Mum-to-Be

Have you ever thought about what are the essential items that an expectant mother would like to have? Diapers, baby wipes, milk pump machine, overalls, strollers, drool pads…the list of things that needs to be prepared for the arrival of baby dearest is endless.

If you have stumbled across this post to find out what are the things you would need as a mother to be or to get an idea on what to give someone who’s expecting a bundle of joy, look no further as we will be listing the top 5 must-have items for every mum-to-be.

1. Baby Monitor

Ask anyone who had cared for a baby before and they will let you know that it is indeed a tiring and overwhelming task attending to the needs of babies at odd hours of the day. On a prolonged stage, this could result in a series of restless nights and increased sleep debt which is definitely not good for your physical health in the long run. That’s where the baby monitor comes in, offering parents-to-be a brief respite from their current roles without neglecting the welfare of their precious ones.

There are a variety of baby monitors out in the market, some which comes in the form of a basic one-way unit that gives parents the ability to listen to their baby, a two-way radio, that offer parents the ability to talk back to the baby and even a video baby monitor which used real-time video feed to show what the baby is up to.

Pro-Tip : Buy rechargeable batteries if a non-standard battery set is not provided. Not only will you get to save the environment, you’ll save money on the long run too!

Save :
 Rechargeable Two-Way FHSS Wireless Digital Audio Baby Monitor Set , RM103.25

Splurge :
 Samsung SEW-3043W BrightVIEW HD Baby Video Monitoring System, RM3483.16

2. Baby-Wearing Carrier

Photo courtesy of Liza Yaakup

Traditionally, woven cloth wraps are favoured by mothers to bring their babies around as they carry on with their daily life errands undisturbed. Whilst parenting methods have changed with the introduction of baby strollers, that doesn’t stop the babywearing movement from enduring the test of time and taking the world’s attention again by storm.

On a more modern context, baby carriers have evolved and are viewed an integral tool which provides mothers the support needed to bond with their babies. While it is possible to learn how to babywear from tutorial videos, new mothers can reach out to the babywearing community where qualified babywearing instructors can provide you sound advice on how you can safely baby wear, be it with a woven wrap, ring sling baby carrier or a soft structured carrier

Pro-Tip : Avoid getting counterfeit/OEM baby carriers as these could potentially harm your baby. There are many local brands that you can opt for instead and their quality is just as good, if not better.

Save :
 BabyWrap Rainbow at Night Ring Sling, RM160

Splurge :
 Daiesu Kelarai Mercury Wrap Conversion Stork SSC by SNUGGBaby, RM600

3. Baby Travel System (Child Car Seat + Stroller)

Photo courtesy of Aliexpress

Carrying a baby in your arms as you run your errands while allowing him/her to sit on your lap as your partner drives around town may help you to bond as a family, but in actuality, it is a dangerous act that can put your baby’s mortality at risk in most unfortunate situations.

Selecting the perfect travel system for your baby may take you a lot of time, money and effort as not all child car seats and strollers are built alike and each travel system may vary from the other depending on brand, features, quality, and price.

Pro-Tip : If you are budget-conscious, you can always buy the items separately or even put the child car seat or stroller on an
 Easy Payment Plan.

Save :
 Sweet Heart Paris ST87T Travel System Stroller, RM356.26

Splurge :
 Bugaboo Buffalo Classic Collection Complete Stroller, RM8956.32

4. Baby Booster Seat

Yes, you may have sentimental feelings for the teakwood highchair that you have assembled by hand for your bundle of delight but unfortunately, babies may not exactly share the same sentiment. Meal-time with babies can be both soothing and stressful at the same time. Unlike adults who do not require additional support when they sit upright and have their meal, babies would need to sit on a specialized chair that supports their growing body (and appetite!).

Pro-Tip : Get a portable booster seat so that in situations where baby chairs are not available like busy restaurants or tiny cafes, you can still feed your baby easily.

Save :
 GTE Baby Booster Seat / Portable Baby Dining Chair and Table, RM64.60

Splurge :
 Bumbo Multi Seat Baby Booster, RM229.90

Hopefully, these tips will provide you an insight on what are the essential things that you would need (or give!) as a mother to be and that your journey towards motherhood is smooth-sailing all the way. Don’t forget to make every moment count before the arrival of your baby.

If you do not have financial means to get the items listed above, perhaps you can consider getting a credit card and putting it on an EPP (Easy Payment Plan). That way, you’ll receive the best of both worlds without compromising on things that matter most to you.

Not sure what are the best credit card deals available in the market? Our
 comparison tool

is here to help you compare and decide which credit card fulfills your requirements best. Happy hunting!

Are there any other essential baby items that we have missed out on? Share your thoughts with us in the comments section down below

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Arnie Ruxana

Arnie Ruxana

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Invest & Save In A Single Platform With Kenanga Digital Investing

Over the years, technology has become increasingly significant in the financial journey of people all around the world. With just a few taps or clicks, we could get professional advice from Licensed Financial Planners on how to improve our financial health, apply for financial products, make a purchase through a variety of e-wallets, and use bank apps to do things we used to need to physically head to a bank for.

Saving and investing has also gotten far more convenient than ever before. Gone are the days when you’re required to fill up forms at physical offices to keep your money secure or have it invested. These days, you can do all that and more with a mighty few clicks.

For those looking to earn daily returns at low risk, KDI Save is a great option to look into. The promotional rate of 3% p.a. for the first RM200,000 makes it a great option to store your emergency funds or savings, as it is one of the highest rates in the market today. Not only that, there are no lock-in periods, management fees, and you get to enjoy daily returns. Withdrawals are processed as quickly as one working day, ensuring you get your money faster than other money market funds.

As for investing, KDI Invest provides an easy entry into the world’s most liquid, deepest, and widest range of ETFs listed on the USA stock exchange. Whether you choose to be very conservative or prefer aggressive growth, you’ll be able to diversify your investments in the global market with little to no fees.  KDI Invest is also great for those who may not have a lot of time or knowledge on how to invest.

Saving and investing need not be complicated. KDI has dismantled the hurdles to traditional investing and streamlined the process for you so that you can continue living your daily routine while your money works hard for you through KDI.

Try KDI Save or KDI Invest via Kenanga Digital Investing.
Register online
 or download the mobile app today – available on Apple App Store and Google Play Store.

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Lisa Ameera Azman

Lisa Ameera Azman

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Public Bank Wins Eight Awards At The Malaysian e-Payments Excellence Awards 2020

Public Bank has won as many as eight awards at the Malaysian e-Payments Excellence Awards (MEEA) 2020, making it the top performing bank at the event. The awards were conferred as an acknowledgement of Public Bank’s contribution to the growth of Malaysia’s e-payment ecosystem.

The eight awards won by Public Bank are the Best e-Payment Bank, Best IBG Bank, Best Customer Experience (FPX), Best JomPAY Bank, Best MyDebit Bank, Top JomPAY Acquirer, Top MyDebit Acquirer, and Outstanding Contribution to MyDebit.

“The awards recognise PBB’s effort in propelling e-payments in Malaysia to greater heights, which include usage, acceptance, growth, reliability, customer engagement, and experience,” said the bank.

Public Bank further added that it is committed to driving the digital payments agenda by providing customers and the public with alternative channels to transact more reliably, efficiently, and conveniently. This is especially the case as the country adapts to a new norm of reducing physical contact between buyers and traders to curb the spread of Covid-19.

The MEEA is an annual event that recognises outstanding achievements of banks, businesses, and government policies that have contributed significantly towards excellence, innovation, and growth in electronic payments in the country. It is organised by Payments Network Malaysia (PayNet).

In its statement, Public Bank also highlighted that it has launched its PBe QR, a simple, secure, and seamless way for merchants to accept payment from their customers. It taps into the convenience of the national QR code standard,
DuitNow QR
, allowing the public to pay from any participating banks or e-wallets. The new payment method also means that merchants will no longer need to display multiple QR codes at their counters; they only need to present the DuitNow QR to obtain payment.

(Source:
Public Bank
,
The Sun Daily
)

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Public Bank

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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BR1M - Use Semakan BR1M to Check Your Application Status

BR1M
 applicants rejoice! For the convenience of current and future
BR1M
 claimants, the
Lembaga Hasil Dalam Negeri
 (LHDN) have developed
Semakan BR1M
, a mobile application to assist applicants to monitor the status of their application.

So yes, if you are always wondering whether your application has gone through to the right sources, you can now do it remotely via the
Semakan BR1M
 app minus the need to queue at
BR1M
 service counters or contacting the
BR1M
 representatives via their dedicated hotline.

What is BR1M?

BR1M
, otherwise known as
“Bantuan Rakyat 1 Malaysia”
, began in 2012 as a part of the government’s ETP (Economic Transformation Program). If you are wondering as to whether or not do you qualify for
BR1M
, here are the requirements that you would need to fulfill:

Malaysian citizens residing in Malaysia only

Household breadwinners (men or women) with a monthly household income of RM4,000 and below

Spouseless senior citizens (aged 60 years and above) with a monthly income of RM4,000 and below

For single individuals aged 21 years and above, you must have a monthly income of RM2,000 and below

For BR1M applicants, you must be a MyKad holder.

For husband/wife or dependents of the BR1M applicant, you will need to provide details of your spouse/family member’s MyKad/MyPR/MyKid/Birth Certificate/Passport.

If your status is ‘widowed’ or ‘divorced’, you will need to provide your spouse’s divorce or death certificate.

Should you fulfill the criteria stated above, you can then apply for
BR1M
 and the amount that you receive will be in accordance with the category that you fall under. You can find out more about this at the official
e-BR1M
 website.

 Read Also :
 7 Government Subsidies You Could Be Missing!

What Are The Features of Semakan BR1M?

Through
Semakan BR1M
, you can now monitor the status of your form submission, whether the payment of
BR1M
 has been disbursed as well as file an appeal in the situation that your
BR1M
 application is rejected.

 Photo courtesy of LHDN

How Do I Download the Semakan BR1M Application?

Semakan BR1M
 is now available via Play Store for Android and App Store for iOS.

Open the Play Store (Android) or App Store (iOS) application.

Tap the Search field, then enter the keyword ‘Semakan BR1M’.

Download the application.

Once the application has been downloaded, you can then proceed to use the application to check on your BR1M application status.

Help, I Can’t Find My IC Number On Semakan BR1M!

No worries, all you need to do is to contact LHDN’s BR1M to inform them about your issues and their representatives will attend to it. Their contact details are as follows :

Toll Free Number : 1-800-88-2716

Operation Hours : 9.00 a.m – 5.00 p.m

Email :
[email protected]

What Are the Applications That Are Available Via LHDN?

Don’t be surprised by there are also other mobile applications that have been developed by LHDN for public use such as the
Kalkulator PCB
, an income tax calculator that helps you calculate the amount of income tax that you will need to pay. Apart from that, there is also
 Hasil InfoQ
, an application that allows you to ask questions related to tax matters that you do not have an answer for (although you may want to check our
 income tax guide
 and
 tips
 as we have already have those questions answered on your behalf).

Anything Else That I Should Know?

Regardless of whether your
BR1M
 application gets approved or rejected, do note that it is always wise to stay
 sensible
 whenever you have some extra money in hand. And if you are relying on BR1M to cushion the financial burden that you’re facing and that you would like to have some extra funds in hand, there is always the option of relying on personal loans.

Our <a href=”
https://ringgitplus.com/en/personal-loan/”target=”_blank”>
 comparison tool

allows you to choose and compare between a selection of personal loans in Malaysia, all you need to do is to decide on the amount that you would like to go for, make your pick and we’ll do the rest.

Have anything to add to this article? Do share your thoughts and ideas with us in the comments section below!

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LHDN

Semakan BR1M

About THE AUTHOR

Arnie Ruxana

Arnie Ruxana

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    Corinne Cheong Cheok Lean

    7 months ago

Dear BRIM, How do I check and update my BRIM status, please advise

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5 Things You Can Do To Lower Your Motor Insurance Premium

If you’re a car owner, you’re probably used to paying pretty much the same amount each time you renew or purchase a new motor insurance policy. Why? That’s because the motor insurance premiums in Malaysia have always been regulated by the Bank Negara. But all that is about to change soon!

As of July 2017
, motor insurance in Malaysia will be de-tariffed and the premium will vary according to your driver’s risk profile. That means even if you and your neighbour are driving the exact same car and made in the exact same year, both your motor insurance policy premiums will likely be different than one another.

This also means that there are open opportunities for you to save on your motor insurance premium! Check out our five tips on how you can lower your motor insurance premium once the de-tariffication kicks in!

1. Think Before You Switch Your Car

It goes without saying that the more expensive the car is, the higher the premium will be. But with the de-tariffication in effect, there are more to what will induce a higher motor insurance premium than just the price of the car you own.

Other factors such as the age of the vehicle, duration the car is on the road (as in its mileage), as well as safety and security features installed in your vehicle play a role in determining your motor insurance premium.

This means that if the car you’re looking to buy – whether it’s brand new or used – doesn’t have a good safety and security features or has a high mileage, you might still be paying a steep price for its motor insurance premium. So, if you’re planning to switch to a new or used car, be sure to get one that has good safety and security features and is less than 10 years old to minimise on the cost of your motor insurance premium.

2. Shop Around and Compare Prices

If you often browse and search for the best value item during grocery shopping or year-end sale to get the best of the best deals, you wouldn’t have a hard time doing the same for your motor insurance policy.

A word of caution, though; be sure to compare the prices of like-for-like coverage. Some policies may offer amazingly low prices, but they may not provide the sufficient coverage you need to protect you and your vehicle.

When in doubt, use comparison sites to help you search for the most suitable motor insurance policy to suit your needs and budget. All you need to do is key in your details and you’ll receive quotes from multiple insurers in an instant!

3. Only Get the Coverage You Need Most

Getting additional coverage is all very good and well – in theory. The reality is, the more coverage you add to your policy, the more money you’ll have to fork out for the premium. Of course, if you have the money, it’s good to have the additional protection.

There are quite a number of add-on covers to choose from, such as car accessories cover, strike, riot, or civil commotion cover, special perils (flood, typhoon, or landslide) cover, and personal accident insurance.

Some add-on coverage could be worth the additional premium – depending on your needs. For example, windshield coverage helps cover the costs of your car’s windshield repairs and replacements.

This added coverage is typically calculated as 15% of the windscreen value, which is a smaller price to pay than having to pay for the full cost of the windshield replacement if yours do get damaged. What’s more, making a claim for windshield replacement will not affect your No Claim Discount (NCD) bonus.

4. Keep Good Driving Habits and Behaviour

Always remember; the higher your driver’s risks are, the higher your motor insurance premium will be. Avoid any situation that will put you at the risk of breaking the traffic law – that includes parking at illegal and unsafe spaces too!

According to the
General Insurance Association of Malaysia (PIAM)
, some of the factors that will influence your motor insurance premium rate include the duration on your vehicle is on the road, the geographical location of your vehicle (as in if the area you live in or park your car the most has high car theft or car collision rate or not), as well as traffic offenses recorded.

Since your car’s safety plays a role in determining your motor insurance premium (not to mention it benefits you in the long run), it makes sense to install safety and security features on your vehicle. The preventive measure will decrease the risks of your car being stolen or suffer serious damage in collisions, which results in a lower premium.

Check with your mechanic or visit an auto-accessory shop, you’ll find plenty of vehicle safety and security features to choose from such as forward-collision warning, backup camera, blind-spot warning, as well as the must-have anti-theft system.

5. Reduce Claim History

As you know, No Claim Discount (NCD) is the only way for you to reduce your motor insurance premium at the moment and the good news is that the NCD structure will remain unchanged. You can continue to transfer your NCD from one insurer to another after the de-tariffication takes effect.

So now there is more reason for you to drive responsibly and abide by the traffic laws. Not only it’s for your own safety, it also helps towards reducing your motor insurance policy premium! If you’ve never been in a car accident, you’ll be entitled to a No Claim Discount (NCD) of up to 55% of your policy premium – that’s a lot of savings you can make each year!

These are just some of the more basic things you can do to help lower your motor insurance premium, but always keep in mind that cheaper is not necessarily better. Buy a policy from an insurer that provides you sufficient cover as well as a friendly helping hand during those emergency times such as
RHB Insurance
.

Do you have any other tips on how we can lower motor insurance premiums? Don’t hesitate to share your thoughts and suggestions in the comment section below!

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RHB Customers May Have Difficulty Receiving OTP Due To Intermittent Network Disruption

(Image: The Borneo Post)

RHB Bank has alerted its customers that they may experience some temporary difficulties in receiving their One-Time Password (OTP), which is required to complete their online transactions. This is due to a telco system intermittent network disruption, the bank shared via its social media this morning.

“Dear valued customer, we regret to inform that we are experiencing a telco system intermittent network disruption. Customers may experience difficulty to receive ‘One Time Password’ (OTP) to perform online transactions on RHB Internet Banking and RHB Mobile Banking. The network service provider is currently rectifying this issue soonest possible,” said the bank, adding that it apologises for the inconvenience caused and that it will update once the system is rectified.

RHB did not share if this issue affects all telcos or just a specific telco, but given this update, it may be a good idea for RHB customers to hold off on carrying out online banking transactions for now – unless the payments are urgent. Alternatively, they could visit the nearest RHB bank branches for immediate assistance.

OTPs – also known as one-time PIN or one-time authorisation code – are a common security layer adopted by banks to verify online transactions. Valid only for one login session or transaction, the six-digit OTPs are sent to customers via SMSes, which they must then key in to confirm and complete an online transaction that they are performing.

(Source:
RHB Bank
)

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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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    Anonymous

    1 year ago

I’m having this problem for last 2 days

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    Lim

    9 months ago

I’m having this problem this few days

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Singapore Launches SGQR, A Unified QR Code For Payments

(Image: SGSME)

With the rise in e-wallet solutions, it can get very messy as each e-wallet uses its own QR code for payments. Consumers would be confused, and storefronts would be cluttered with QR codes from various e-wallets. To overcome this fragmentation, Singapore has launched a unified payment QR code called SGQR.

SGQR (short for Singapore Quick Response Code), combines the various payment QR codes into a single SGQR label. This government-endorsed move will see 27 e-payment operators adopting the standard at launch, and will be deployed progressively in the next six months. Some of the largest operators are already on board, such as NETS, GrabPay, PayNow, and Singtel DASH.

This unified payment code is said to be the first in the world, ahead of even pioneers like China, where a staggering
92% of the people in the country’s biggest cities use WeChat Pay or Alipay instead of cash
. SGQR is the result of
a government task force formed in August 2017
 to address the fragmentation in mobile payments the country would face with the abundance of e-wallet services coming up.

With a unified payment QR code, customers can use their preferred e-wallets and scan the same code to make payment – as long as the e-wallet supports SGQR. For merchants and retailers, it means significantly less clutter of having to display all the supported payment codes in favour of just one code to rule them all.

Interestingly, Malaysia also has a framework that includes a unified payment QR code standard – and more. Known as the
Interoperable Credit Transfer Framework (ICTF)
, it is an initiative by Bank Negara Malaysia (BNM) to “foster an efficient, competitive and innovative payment landscape in Malaysia by enabling the interoperability of credit transfer services and promoting collaborative competition (co-opetition) between banks and non-bank electronic money (e-money) issuers through fair and open access to shared payment infrastructure.”

There’s also Payments Network Malaysia or PayNet, a body responsible to operate a shared payments infrastructure for wholesale and retail payment transactions in Malaysia. PayNet is jointly owned by BNM and 11 local banks, and oversees services such as JomPay, FPX, and even
DuitNow
, its own e-wallet solution that’s launching soon.

(Image:
Amanz
)

PayNet was also tasked to set up a unified QR code standard which must be adopted by banks and e-wallet issuers in Malaysia. This standard has actually been
set up and adopted
 as early as December 2017, when
Maybank announced its QRPay solution
 – a full 10 months before the announcement of SGQR.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Affin Bank Teases Launch of New Card Product That “Does It All”

Affin Bank has teased the upcoming launch of a new card product for its customers, set to take place on 7 December 2021.

Posting on both its Facebook and Twitter accounts, the bank revealed very little, and only told their customers to “mark your calendars for the 7
th
 of December. Something exhilarating is coming soon”.

Meanwhile, in the accompanying teaser video, we get a sneak peek of a patterned black card, with the tagline “This Does It All”. Interestingly, the tagline ends with a four-pointed red star – a visual that has been recently associated with one of Affin Bank’s latest product,
A1addin
.

Launched just last week, A1addin is Affin Bank’s digital bank service that seeks to offer a fully digital banking experience for those who wish to perform all their banking transactions without vising a bank branch.

We’ll continue to keep an eye out for any updates from Affin Bank on this, and will report back when new info becomes available.

(Source:
Affin Bank
)

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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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Special Campaigns By Citi Offer Cashback For Telco, Dining & Grocery, Travel & Petrol Expenses

Citibank is running several promotional campaigns concurrently, rewarding its credit cardholders when they spend on a huge range of categories with their Citi cards.

Ongoing from now until the end of October, these campaigns are exclusive events for selected principal credit cardholders who were invited by the bank via SMS. They offer cashback of varying degrees for the eligible expenses when you meet certain requirements. Here are the details of the campaigns:

Telco Spend & Get Campaign

Period: 29 September – 29 October 2020

Earn 10% cashback when you pay for any of your telco expenses with your Citi credit cards, capped at a maximum of RM15 for the whole campaign period. This means that if you are looking to earn the full cashback amount, you’ll need to spend a total of RM150 for your telco spend. The reward will be given out to the first 3,333 eligible cardmembers, with Citibank having allocated a total of RM49,995 for the full campaign.

Dining & Grocery Spend Campaign

Period: 25 September – 25 October 2020

(Image: Malay Mail)

You will be entitled to a cashback reward of RM80 when you spend a cumulative minimum of RM1,200 on dining and groceries, which translates to about 7% in cashback returns. Note that Citibank has allocated a total of RM124,800 for the whole campaign, and will be awarding it on a first-come, first-served basis. The campaign’s terms and conditions also clarified that online food deliveries are not accepted as eligible dining expenses, which means that you’ll have to dine in at eateries.

Local Travel, Recreation & Petrol Spend Campaign

Period: 28 September – 28 October 2020

Get RM160 cashback when you spend a total minimum of RM2,400 on airline, hotel, and tour agency bookings, as well as recreational activities/attractions and petrol expenses. Like the dining & grocery spend campaign, you’ll also be earning approximately 7% cashback for your cumulative spend on these expenditures. With a pool of RM124,960 set aside for this campaign, the cashback rewards will be awarded to the first 781 eligible cardholders, so if you have any plans to travel some time soon, you might want to take advantage of this offer.

***

All cashback rewards earned through these Citibank campaigns will be credited to your account within 90 days after the end of the campaign period, and it will be reflected in your monthly credit card statement.

Note also that while you can participate in more than one of the campaigns listed above, you will only be entitled to the cashback reward from one of them. For this reason, it may be wise for you to plan your expenses in advance if you’re aiming to earn the cashback from a specific campaign. Also, the spend requirements for some of these campaigns are quite high, so don’t fall into the trap of overspending just to get the rewards.

You can find out more about the
telco
,
dining and grocery
, as well as
travel, recreation and petrol
 spend campaigns here.

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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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Prices of Broadband Services Are Expected To Drop by 25% by The End of 2018

Malaysians can now expect cheaper broadband services later this year. Multimedia and Communications Minister Gobind Singh Deo announced that the prices of broadband services are expected to drop by 25% by the end of the year.

This announcement was made after the Malaysian Communications and Multimedia Commission (MCMC) enforced the Mandatory Standard on Access Pricing (MSAP) from June 8. The MSAP serves as a guideline for ceiling prices that can be charged by all service providers.

“The relevant parties are currently in commercial discussions to finalise the wholesale prices. The process is scheduled to be concluded in July or August, after which new, lower price broadband packages are expected to be rolled out to consumers,” Gobind said at a press conference earlier this week.

While Malaysians can expect to enjoy cheap broadband services later this year, this announcement is not the first time where the Malaysian government has made affordable broadband service a part of their priorities. The previous government pushed for cheaper broadband services as part of Budget 2017.

This announcement is expected to further reduce broadband prices, and is part of the new government’s effort to fulfil its pledges in its election manifesto.

(Sources:
The Star
)

(Image:
The Star
)

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Top 5 Tips To Save On Airline Fees With A Credit Card

Airline fees can be notoriously sneaky. Just when you thought you got a good deal for that airline ticket you’re buying, the final tally you get shows that you’ve spent more than you expected. It’s no wonder a number of people dislike going through online booking promos only to find the final price 2/3 more expensive than advertised!

But don’t lose your travel-loving heart just yet. While it’s hard to avoid most of these fees, with the right credit card may be able to help.

Number 5 – Travel Insurance

It’s tempting to opt out of travel insurance to cut corners because you think; when am I ever going to need it? But there’s no denying the possibility of something going wrong during the course of your travels such as loss of luggage and missing a connecting flight. It’s those times when you’re stuck wearing disposable underwear and the same pair of jeans for days because your luggage went missing that you wish you did. But instead of paying every time you travel – some credit cards have you covered.

Credit Card ProTip

Certain credit cards gives you travel insurance coverage although the terms of coverage may vary. Some require you to charge your travel expenses on your credit card to get coverage, while others have a limit in their reimbursements. But as it saves you the hassle and money of getting travel insurance, it’s an added bonus.

Check out the
Maybankard 2 Platinum Amex

Number 4 – Advanced Seat Selection Fee

If you want to make sure you sit with your travel partner or get your favourite window seat, you will have to pay an additional fee to choose seats. It’s rare for airlines, especially budget types, to allow you to sit in a designated spot for free. So unless you like lining up and making a mad dash for the first-come-first-serve seats; why not book your seat?

Credit Card ProTip

Credit Cards, especially in line with the specific airline that you’re buying the tickets from, can give you privileges which include free seat choice as well as free in-flight meals.

Check out the
Air Asia Citibank Platinum Visa

Number 3 – Frequent Flier Fees

Frequent Flier points are a great way of getting free airline tickets but they’re not always 100% free. If there’s a change in your flight, you would be charged US$20 if within the Malaysia/ASEAN route and US$40 for all destinations. A no-show fee outside of Malaysia/Asia is US$100. In order to change your route for an unutilised award redemption ticket, you’d need to have more points as they don’t accept cash or credit card.

Credit Card ProTip

While certain taxes and fees cannot be escaped, you can increase your air miles points using certain credit cards, with some even offering free Air Miles or giving more points, such as 5x points per Ringgit.

Check out the
HSBC Visa Signature

Number 2 – Lounge Access

Waiting in the regular departure halls for hours can be painful but people hardly use premier lounges due to the high cost involve. Some lounges offer free newspaper and magazines along with coffee and tea making facilities with extra cushy chairs. Who needs a layover hotel? But if you wince at the thought of paying to use a lounge, then get the right credit card.

Credit Card ProTip

Many credit cards offer free lounge access. Some offer only in Malaysia while some others actually have deals with lounges worldwide. Some are limited and some unlimited. Of course, the more premium your credit card; the better the lounge access you get.

Check out the
Standard Chartered Priority Banking Visa Infinite

Number 1 – Free Ride Home

Getting home from the airport can be the biggest pain. Not only are you probably tired and jet-lagged; you now have to contend with expensive airport cabbies or haggling with those passing through. Of course all this can be avoided if your wife/husband/best friend or parent can drive up and pick you up but if you don’t have this option; some credit cards will get you home for free.

Credit Card ProTip

 Yup, some premium credit cards are now offering free limo rides back home from the airport if you swipe that card overseas. So just do a bit of shopping and you’ve got a free ride home!

Check out the
Citibank PremierMiles Visa Signature

There’s no doubt that those extra airline fees can be a pain to deal with. But with the right credit card, you can manage most of the most annoying airline fees you’ll face and be able to travel without worrying too much about those hidden costs.

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Michelle Brohier

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AmBank’s Kick2Win Campaign Rewards Visa Credit Cardholders With World Cup 2022 Trip, Cashback

AmBank has partnered with Visa to hold its FIFA World Cup Kick2Win campaign, set to run between today until 31 August 2022. Through this promo, Visa credit cardholders will be able to win a grand prize – in the form of a trip to Qatar to watch the World Cup – as well as cashback prizes of between RM5 to RM1,000.

To participate, you’re required to spend a minimum of RM100 in a single retail transaction on your card, after which you’ll receive a unique link via an SMS. The link will then lead you to AmBank’s Kick2Win game; playing the game earns you a chance of winning the grand prize or a cashback reward (randomised value):

Prizes
Details
Available quantity per campaign month
Available quantity for whole campaign
Grand prize
5D4N all-expense paid trip (2 pax) to Qatar to watch the FIFA World Cup 2022 (quarter-final or semi-final match)
–
2
Cashback prizes
– RM5
– RM10
– RM30
– RM50
– RM1,000
16,100
1,000
200
50
1
48,300
3,000
600
150
3

Note that eligible transactions for this campaign include both online and offline (contactless & PIN) retail payments, made solely for personal consumption (not for business purposes). Meanwhile, payments such as recurring transactions, monthly instalments under the AmFlexi-Pay programme/easy payment plan, and petrol purchases are excluded.

Aside from that, AmBank also clarified that each link that you receive will remain valid for an additional five days after the end of the campaign period. That said, do try play the game as soon as you can so you don’t miss out on any opportunities to win!

If you do win any cashback prizes, the reward will be credited into your account within six weeks from the end of each campaign month. The amount will also be reflected in your credit card statement.

As for grand prize winners, the bank will shortlist two eligible cardholders, and contact them via SMS within eight weeks from the end of the campaign period for a round of quiz. These selected individuals will then be confirmed as grand prize winners if they are able to answer the questions correctly within two days.

Finally, note that no registration is required for this campaign; eligible cardholders will be automatically enrolled once they meet the specified spend requirement.

(Source:
AmBank
)

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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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Kelana Jaya Line LRT Commuters To Get Free Rides For A Week As Compensation

Rapid Rail Sdn Bhd has announced that it will be offering seven days of free rides to commuters on the Kelana Jaya LRT line as compensation, following its reopening today after being suspended abruptly for a short period since early last week.

In a notice, Rapid Rail – who operates the LRT, MRT, and monorail services in Klang Valley – explained that the free rides will be provided to commuters with the following approach:

Categories
Compensation method
Commuters using the My50 pass
– Commuters to receive fares for seven extra days upon renewal of their My50 pass
– Pass renewal can be done between 21 November to 20 December 2022, at the customer service counter of any LRT, MRT, monorail, and BRT stations
– If your My50 pass is expiring between 14 to 20 November 2022, you can continue using your pass as usual without any charge, as long as you still have a minimum balance of RM5 in your card
Commuters using Touch ‘n Go (TNG) card
– Commuters can tap in using their TNG card without any charges between 14 to 20 November 2022, as long as their cards still have a minimum balance of RM5
– Your journey must start and end at any stations in the Kelana Jaya LRT line
Commuters using tokens
– Commuters can ride for free between 14 to 20 November 2022
– Commuters can obtain their one-way token at the customer service counter of any LRT, MRT, monorail, and BRT stations
– The journey must start and end at any stations in the Kelana Jaya LRT line

The company further said that even though the Kelana Jaya LRT service was suspended only for five days, commuters will be compensated with free fares for seven days as a token of gratitude for the public’s understanding.

(Image: Berita Harian)

The president and chief executive officer of Prasarana Malaysia Berhad, Mohd Azharuddin Mat Sah also took the opportunity to thank all parties who have stepped up to assist affected commuters during the ordeal. These included Smart Selangor, MARA Liner, Dewan Bandaraya Kuala Lumpur, and all other Malaysians.

“Prasarana and Rapid Rail again apologise to all Malaysians affected by the disruption of the LRT services on the Kelana Jaya line. All efforts will be taken to ensure such disruptions do not recur,” Mohd Azharuddin further said.

On 8 November 2022, Rapid Rail announced that it was
suspending the LRT service at 16 stations along the Kelana Jaya line for a week
 (between 9 – 15 November), starting from the Kelana Jaya station to the Ampang Park station. This is as the train signalling system had been found to be unstable. On 13 November, however, Rapid Rail said that it was
able to resolve the malfunction sooner than expected
, and as such, can resume its Kelana Jaya LRT line service immediately the next day.

(Source:
Rapid Rail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Hong Leong Bank To Discontinue AirAsia Credit Card On 30 September 2023

Hong Leong Bank (HLB) has announced that it is discontinuing its airasia credit card, effective 30 September 2023. In turn, existing cardholders will be provided with the HLB Sutera Platinum Visa credit card as a replacement.

In its FAQ regarding the matter, HLB explained that this re-carding exercise is necessary as its collaboration with airasia is coming to an end. The bank also highlighted that it will carry out the exercise in stages, and affected cardholders will be notified of the issuance of their new replacement Sutera Platinum Visa card at least 15 days prior. A second notification will also be sent out once the new card is on its way to them (supplementary cards will also be sent out if you have a supplementary cardholder).

For those who are already holding a Sutera Platinum Visa card (in addition to the airasia card), you will not be given another Sutera card, so there’s no need to worry about having duplicate cards. Instead, you can just swap over and start using your existing Sutera card to make future payments.

HLB also reassured that cardholders will not need to worry if they have any remaining airasia points earned via their airasia card; these points can still be viewed in and redeemed through the airasia app after the deactivation of their card. Understandably, your airasia points will not transfer over to your new Sutera Platinum Visa card.

Aside from that, note that the outstanding balance and standing instructions set under your airasia card will be transferred automatically to your new card. Other financial products taken up under your airasia card – such as balance transfers, quick cash, and flexi payment plans – will also be switched over automatically. Similarly, any Hong Leong Touch ‘n Go Zing cards linked to your airasia card will be linked automatically to the new Sutera card as well.

As a reminder, although HLB has said that it will carry out these transfers automatically for all affected cardholders, it is still best practice to check up on the processes and transactions on your end as well. This is to ensure that you do not unknowingly miss out an any (re)payments, or encounter any snags in the future when using your new card.

As for your credit limit, HLB said that the figure will remain unchanged; the credit limit of your new Sutera Platinum Visa card will still be the same as that of your airasia card. This applies to all supplementary airasia credit cardholders as well.

Meanwhile, for those who are curious about the benefits of the replacement card, the HLB Sutera Platinum Visa card is a rewards points card that lets you
earn up to 8x Rewards Points
 for every RM1 spent in various spend categories, namely:

8x points for online spend on selected platforms

8x points for groceries and essentials (including selected pharmacies and convenience stores)

8x points for dining

8x points for overseas spend

1x point for all other eligible retail spend

In addition to earning Rewards Points to redeem frequent flyer miles, gifts, and other vouchers, the Sutera Platinum Visa card also comes with perks like complimentary travel insurance (up to RM1.7 million, covering missed connections, luggage delays or losses, and flight delays) and 0% interest flexi payment plans for 3 months.

In terms of the annual fee, the HLB Sutera Platinum Visa card costs RM120 (principal cardholders) and RM60 (supplementary cardholders) to own, although you can enjoy a waiver for the first year when you perform a transaction within 45 days from your card issuance date. Subsequent annual fees can also be waived with a minimum retail spend of RM15,000 in a year. Under this upcoming re-carding exercise for those holding the airasia card, however, affected cardholders will enjoy a two-year annual fee waiver.

For more information regarding the upcoming re-carding exercise, you can check out
its FAQ here
.

(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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