Maybank Customers To Receive Alerts Via Maybank2u Or MAE App For Unsuccessful Card Transactions

(Image: The Edge Markets)

Maybank has stated that customers will soon be able to receive instant alerts on their Maybank2u or MAE by Maybank2u (MAE) app if they experience unsuccessful card transactions due to specific reasons. This is set to take effect starting from 11 April 2022.

In its notice, Maybank said that customers will be able to receive instant push notifications on their apps for unsuccessful transactions that are carried out on Maybank debit, credit, or charge cards due to the following reasons:

Expired cards
Invalid card verification value (CVV)
Insufficient credit limit

These real-time alerts will then allow cardmembers to take prompt action to rectify situation. Maybank also stressed that this move is part of its security measures to provide a safer banking experience for its customers. As such, all cardmembers are encouraged to download the Maybank2u or MAE app, and to allow notifications from the apps on their phones.

At present, Maybank cardholders will receive SMS alerts on the status of their transactions when they carry out various card payments, including online transactions, point-of-sales (POS) transactions, and withdrawal/cash advance transactions. However, the bank has been gradually shifting away from SMS alerts to rely more on in-app features on its Maybank2u and MAE app – as seen by earlier moves to
enable Secure2u as the preferred authorisation method
 for various payments.

If you have enquiries regarding Maybank’s latest announcement, you can email your questions to Maybank at
[email protected]
.

(Source:
Maybank
)

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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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Is It Worth Spending RM4,000 on a Smartphone?

Our smartphones have become a very essential part of our lives. We keep in contact with people, get our news, play games, snap photos and even do our banking on it.

Needless to say, many would gladly spend a fortune to ensure we are constantly connected to the Android or iOS sphere. However, a price tag of RM4,000 does seem to be a little overboard.

Given the average salary range in Kuala Lumpur is said to be
RM69,894
 (Approximately RM5,824 per month), spending almost 70% of your income on a smartphone, may not be a financially sound decision.

Even banks allow you a
debt service ratio (DSR)
 of approximately 60% to 70% of your monthly salary, to pay for your house.

What Phones Are Breaking the RM4,000 Barrier?

According to the Samsung authorised dealer on

Lazada
, the Samsung Galaxy Note 8 is going for RM3,999. In addition to that, the upcoming iPhone X has a price tag of US$999 which equates to approximately RM4,218.

If other big brands from China like Huawei and Xiao Mi can sell top notch specification phones for a fraction of the price, the big guns may be overpricing their products a tad bit.

Having said that, a true techie would also be able to justify why it cost so much, and why it is worth every penny.

But for the sake of financial argument, lets us see what other options this RM4,000 expense could take us.

What Can You Do with RM4,000?

The possibilities here are endless and extremely subjective. This writer may have chosen to spend about RM1,500 on a solid Android phone, and gotten an iPad for another RM2,000. That way, you get the best of both worlds, an Android and iOS device for less than RM4,000.

With that little extra remaining, you could put it into a savings account for a rainy day, or do a little good and give it up to charity.

Some people may even opt for a simple smartphone that cost below RM1,000 and use the balance to educate themselves while taking a vacation.

Traveling and exploring the world is one of the best educations money can buy. Even if you travel to a country near by, on a budget, you are bound to experience something that broadens your horizons.

Or for the gym junkies, some fancy heart beat monitor, smartwatch tracker or a better gym membership for an entire year would probably cost less than a RM4,000 smartphone.

How to Buy a RM4,000 Smartphone

Due to the heavy price tag, many might not want to part ways with their savings, having none for a rainy day. A smart option would be to explore telecommunication company deals.

Lookout for contract based deals that subsidise your phone on Digi, Maxis, Celcom or any of the usual suspects. That way, you are at least guaranteed some savings.

If you would like to stretch your ringgit a little further, you could even opt for one of our credit card
Easy Payment Plans
 to lighten the heavy blow.

A credit card would also give you some valuable points that will translate to some additional rewards. If you do not already have a credit card, head on over to our
credit card comparison page
 and explore the different wonders of each credit card to ensure you have the right one sitting in your wallet.

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Gavin Pereira

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Standard Chartered Credit Cards: 15% Discount Off Cerruti Watches

Add a touch of sophistication to your wardrobe with
Cerruti 1881
 watches. Receive 15% discount off when you purchase normal priced watches with your Standard Chartered credit card or debit card.

This offer is valid until 31 October 2013 and only applicable at Gurney Plaza, Penang. Promotion is not valid with other on-going promotions, privilege cards, agent controlled items or discounted items.

Please visit the
Terms & Conditions
 page for more details.

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Are You Committing Credit Card Fraud Without Even Realising It?

How well do you know about credit card fraud? Most people think credit card frauds are only limited to unauthorised use of credit cards, which, according to
Bank Negara, involves the charging of purchases of goods and services without the consent of the cardholder
.

But many forget that any action that breaches the agreement between the cardholder and the credit card provider (a.k.a the bank) can also be constituted as fraud. We’re referring of course to the contract signed between you and the bank. Breaking the (at times hard-to-understand) terms and conditions counts as a breach of contract. Here are some scenarios that may fall under the fraud category:

Providing Wrong Information On Your Credit Card Application

Sure, we humans tend to err sometimes, but have you ever intentionally provided less than correct information when you apply for a credit card? It can be anything from your residential address, to your guarantor’s details. While you may think those are minor or unimportant, you are bound by the credit card application form to provide accurate and correct details about yourself.

Knowingly providing incorrect details in your credit card application is a form of fraud that, if found, could mean a one-way ticket to a very expensive legal battle between you and the bank. Things can get worse if you end up defaulting – think criminal charges and jail time.

Read also:
Here’s What To Do If You’re The Victim Of A Credit Card Fraud

Using A Fake Credit Card Number For Free Trials

Free trials online, anyone? Most websites or applications that offer free trials require you to plug in your credit card information, which will end up with your card being charged if you forget to cancel them before the free trial period ends. Now, how many of you have used fake credit card details to obtain the free trials or samples online? Just key in fake numbers and see if it works. Harmless, right? Except it isn’t at all.

If you get caught doing so, you might be looking at serious fraudulent and criminal charges. For one thing, the credit card number you provided may have been marked as stolen, and for another, you might also be breaking the terms and conditions of the website where you’re trying to get the free trial from. Just stay on the safe side and use your own card details, and set a reminder to cancel the free trial before it ends.

Allowing Someone To Use Your Credit Card

It’s one thing to use someone’s credit card without permission – which everyone knows is fraud. But it’s quite another thing to allow or give permission to someone else to use your card. It may not be illegal in the eyes of Bank Negara, but it does break the terms and conditions of most bank’s credit cardholder agreement.

It may just be the simple, everyday things you wouldn’t think to be fraud in your wildest dreams; such as giving permission to your children to use your credit card to buy groceries, or get them to swipe the card on the terminal to fill up the petrol, or even asking someone to key in your credit card numbers on the online shop when you’re preoccupied with something else.

Don’t worry, it’s unlikely that you’ll be fined or charged for these acts. But you won’t be able to dispute or make claims against any of the purchases because, well, you’ve willingly given your credit card details to them.

Accidentally Disputing Your Own Credit Card Charges

You know those times when you buy things online and the charge reflected on your credit card statement is made by a completely different merchant? For those of you who are used to online shopping, this is hardly a surprise. But for the newbies, this can come across as quite a shock, and it’s not uncommon for them to call their credit card providers in a panic – demanding for a refund.

Believe it or not, this happens pretty often, and sometimes people might also forget the purchases they’ve made after a long night of drinking. What the bank will do in these scenarios is ask you to fill in a dispute form (get them to email it to you or download from their website), and depending on your case (if it’s a genuine fraud case), reverse the charges made on your credit card. It’s fine if it’s an honest mistake, but if it’s done intentionally, it’ll definitely earn you either a massive fine or jail time.

Having a credit card can be fun, but it’s also a big responsibility. Be sure to use your credit card wisely – both on your expenditure and your personal usage. Always make the effort to be in the know on all things credit card-related by reading our
articles and guides to the best ways to save and utilise your plastic
.

Have you experience any of the maybe-fraud scenarios listed on article? Share your thoughts and ideas with us in the comment section below!

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Syaza Abd Jani

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Health care package with Maybankard EzyPay

Affordable health check-ups for the ones you love

In partnership with
LifeCare Diagnostic Medical Centre
, Maybankard is offering an excellent discount on health check-ups. The ‘Women We Care’ screening and ‘Risk of Heart Attack and Stroke’ screening services are being offered on an EzyPay plan with affordable monthly rates.

Women We Care

Screening test includes:

Pap smear screening with physical examination and doctor consultation.

Blood and urine test including full blood picture, renal function test, liver function test, diabetic screen, lipid profile, liver, colon, pancreas/stomach, ovarian and breast tumour markers.

Normal Price for this test is RM560, but with Maybankard the cost is reduced to RM250. Using Maybankard EzyPay this breaks down to six monthly payments of RM42 on your Maybankard credit card bill.

Risk of Heart Attack and Stroke

Screening test includes:

Ultra Sound on **Carotid Intimal-Medial Thickness (CIMT), Exercise Stress Test with Physical Examination and Doctor Consultation.

Blood and Urine test include full blood picture, renal function test, diabetic screening, lipid profile, hs-CRP (Risk of heart attack) and Urine Analysis.

** Carotid Intimal Medial Thickness (CIMT). This involves an ultrasound measurement of the thickness of the carotid artery.

Normal price for this test is RM880, but with Maybankard the cost is reduced to RM510. Using Maybankard EzyPay this breaks down to six monthly payments of RM85 on your Maybankard credit card bill.

Further details can be
downloaded from the Maybank website
. Or enquire directly with
lifecare.com.my
.

If you don’t have a Maybankard and you’re interested in getting one, check out which one will suit you best on our
credit card pages
.

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John Royce

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Maybank IB Research: MoF Committee To Study Possible Reintroduction Of GST

(Image: Malay Mail)

According to Maybank Investment Bank (Maybank IB) Research, the Ministry of Finance has set up a committee to study various revenue-enhancing measures for the nation. This includes the possibility of reintroducing the goods and services tax (GST).

In a dialogue with the research house last week, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz was quoted as referring to quite a number of these revenue-enhancing measures. These included analysing weaknesses in the tax regime and impact of new taxation on the economy, studying options for new taxes like carbon tax and digital tax, rationalising tax incentives, improving tax administration, and enhancing tax audit – by implementing tax identification numbers and enhancing data analytics.

Earlier this month, Prime Minister Tan Sri Muhyiddin Yassin had also alluded to the need to study the
reintroduction of GST
, saying that the government would be meticulous in assessing the effectiveness of GST in comparison to the sales and service tax (SST) system currently in force.

“Timing is also important – especially on any new taxes – so as not to disrupt the economic recovery process,” said Tengku Zafrul, adding that 2021 is a transition year from crisis to recovery. He stated that over the medium term, the government is committed to lowering the budget deficit to 4% of gross domestic product (GDP) by 2023.

“The key strategy will be on revenue enhancing given the limited scope to cut spending, such as 95% of operating expenditure are ‘locked-in’ obligations, like emoluments, debt service charges, and retirement charges,” the finance minister was quoted as saying.

Tengku Zafrul also addressed the decision not to impose a windfall tax on glove manufacturers to avoid potential “opportunity costs or losses” – such as glove manufacturing companies investing overseas instead of in Malaysia. This would be sending the wrong signal to existing and potential investors in other industries, Tengku Zafrul said.

As it stands, the glove manufacturers’ corporate income tax is projected at record levels in the near future, at RM2.8 billion in 2020 and RM4.7 billion in 2021, driven by the supernormal profits arising from a continued spike in demand for gloves during the Covid-19 pandemic.

(Source:
Malay Mail
)

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MX Global Secures Investment From Binance, Cuscapi Berhad

Cryptocurrency exchange MX Global announced that it has secured an equity investment from Binance, one of the world’s largest crypto exchanges. This is in addition to another investment from Cuscapi Berhad, a local digital business solutions provider, intended for Redeemable Convertible Preference Shares (RCPS) into MX Global.

The exact financial terms of both deals were undisclosed, but the chief executive officer of MX Global, Dato’ Fadzli Shah said that the investments will contribute to MX Global’s ambition to become the preferred liquidity platform for digital asset or cryptocurrency investors, and token issuers locally and internationally. Specifically, the proceeds will be used to build brand awareness, hire talent, and develop new features that abide by Malaysia’s regulatory framework, he said.

“The cooperation of Binance will not only support us in achieving this goal, but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy, and real digital asset ecosystem for our customers,” said Dato’ Fadzli.

Dato’ Fadzli also added that the cooperation from Cuscapi Berhad will expand the potential services that MX Global can offer in the future, as well as allow it to “innovate and revolutionise the payment system in Malaysia”.

Meanwhile, the founder and chief executive officer of Binance, ChengPeng Zhao said that the company sees potential in Malaysia, given its respected and innovative crypto and blockchain community. “We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole, as well as across the entire crypto and blockchain ecosystem,” he said.

Binance previously had some presence in Malaysia as crypto investors were able to trade on the platform. However, it was eventually
forced to cease its offerings
 after the Securities Commission of Malaysia (SC) decided to
take enforcement actions against it
 for illegally operating a digital asset exchange (DAX) in Malaysia without registering as a recognised market operator (RMO).

Finally, the executive chairman of Cuscapi Berhad, Datuk Jayakumar Panner Selvam said that this “historic collaboration” between digital assets and payment systems may soon enable the use of cryptocurrency to conduct commerce. “With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive,” he said.

MX Global is one of the four recognised RMOs that have been granted full approval by the SC to operate a DAX within Malaysia. The
other RMOs
 include Luno, SINEGY Technologies, and Tokenize Technology.

(Sources:
DealStreetAsia
,
PRNewsWire
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Are Fuel Cards Worth It?

Do you feel the pinch whenever you pump petrol into your car? Join the club. Fuel consumption can get expensive even with the most fuel-efficient cars. Whilst a slight increase of 20 sen doesn’t seem like much on its own; it becomes a hefty amount when you consider how many litres of fuel you burn sitting in gridlocked KL traffic every day.

Banks recognised the importance of fuel budgeting and in exchange for fees, decided to lend consumers a hand with the creation of fuel cards. But are they really worth your time or simply a way banks can make more money out of you?

To answer this question – you’ll need to know what you’re getting from fuel cards in the market.

What Fuel Cards Give You

Fuel cards are designed to offset your total fuel spending whilst still allowing you to enjoy the usual credit card promotions from selected merchants. Here is how they do it for you.

Cashback:
 Save while you spend on fuel with cashback from 0.3% up to 10%. However, many fuel cards have minimum spends to qualify or tier systems for higher rates. As such, choose the best fuel card based on your spending patterns.

Rewards
: A rewards programme will offer points for every ringgit spent. The rate usually varies depending on the card and the merchant you are spending with but the nominal rate is usually 1 point per RM1. During promotions you can earn up to 10X reward points.

Promotions
: Most credit cards offer discounts, cashback and rewards on your spending at selected merchants. Enjoy discount privileges whenever you shop, dine and travel.

Will the benefits outweigh the cost?

Now that you know what benefits you get from a fuel card. It’s important to then ask yourself (or more accurately, the bank!), what they’re getting out of it in terms of fees and interest charges. As calculated above, the real cost of owning a credit card is as follows:

Annual fees:
 This can be as high as RM600 per annum. However, there are credit cards with no annual fees. So, be sure to check the fine print before signing up.

Finance charges:
 This ranges from the minimum 8.88% to 18%. You can dodge this if you pay your bills promptly with no outstanding balances at the end of each month.

Late payment charges:
 On top of finance charges, there is a fine should you fail to pay on time. Depending on how much u owe, these could range from minimum of RM10 up to RM100.

But numbers and data points like this mean nothing without a solid

example
. Let’s take a look at how a fuel card could work for (or against) you.

Say Patrick spends RM500 monthly on petrol. He is looking for the best fuel credit card which would provide optimum fuel savings. Given 3 credit card options, the table below shows how much he can save if he pays his bill promptly.

Fule Credit Card

Petrol Spending/month

Annual Fee

Cashback Rates (based on minimum spend)

Savings per year

Ambank Carz Gold Visa

RM500

Free for life

3% rebate at any petrol stations and earn Carz points to redeem auto-related goods and services. Maximum cashback capped at RM50 per month.

RM500 X 0.03 X 12 months=

RM180

Shell-Citi Gold

RM500

Free for first year; waived with 3 swipes within 60 days.

4% rebate at Shell Stations with any total spending from RM300 to RM999. Maximum cashback capped at RM250 per month with spending above RM2500.

RM500X 0.04 X 12months =

RM240

PB Esso Mobil Visa Gold

RM500

Free for life

2% rebate at any petrol station with any total spending from RM200 to RM500. Maximum cashback capped at RM50 per month for spending above RM800.

RM500 X 0.02 X 12months

=RM120

Just looking at these numbers, you might be inclined to believe that these cards are worth it but wait! To truly maximise your benefit; there are other factors to consider as well.

Spending pattern and caps on cashback : Banks set a limit on maximum cashback and requirement on minimum spending. Maximum cashback cap could range from RM50 to RM100.

Choice of petrol station: It is important to choose a brand that is easily accessible no matter where you’re heading. However, if you don’t have a particular favorite, choose a general cashback card instead.

Unpaid balances: Your benefit will be negated if you constantly carry a balance for which you are then charged interest.

Is it worth it?

Most people associate credit cards with debt but the truth is; you could enjoy these perks at its fullest potential when you choose your card well and then use it properly. It is important that credit card bills are paid on time because carrying balances will not only see you hit with massive interest charges; it will likely ruin your credit rating too.

What is your take on fuel cards? Please leave a comment below!

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Denise Chan

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Survey: Less Than Half Of Malaysians Think Budget 2021 Is Sufficient

In a survey conducted by local think tank Emir Research, it was found that less than half of Malaysians polled agreed that Budget 2021 is enough to meet the needs of the public. In fact, a quarter of the respondents stated outright that they did not think Budget 2021 was sufficient.

In the survey, respondents were asked whether they disagreed or agreed to seven statements in order to gauge their responses on Budget 2021, which was tabled last year. The seven statements were as follows:

Provision of funds to address Covid-19 should be increased

Increased allocation for vulnerable groups

Budget 2021 is sufficient to meet the needs of the people

Budget 2021 assists SMEs and micro-SMEs

Budget 2021 is used as a political tool

High allocation for controversial and non-essential outfits

Budget deficits

6 out of 10 respondents agreed that the provision of funds to address Covid-19 should be further increased, and that there is a need to increase the allocation for vulnerable groups. Just 4 out of 10 respondents agreed that Budget 2021 was being used as a political tool, with 37% agreeing that there was a high allocation for controversial and non-essential outfits.

It was found that the youngest group of respondents aged 30 years and below were in significantly less agreement that Budget 2021 was sufficient to meet the people’s needs compared to other age groups. Meanwhile, respondents aged 41 and above were in higher agreement that Budget 2021 has a high allocation for controversial and non-essential outlays, and that it is being used as a political tool.

As for rural and urban demographic differences, respondents from the rural group demonstrated higher agreement that Budget 2021 was sufficient to meet the people’s needs and has a high allocation for controversial and non-essential outfits.

The survey by Emir Research was conducted in December last year, involving 1,976 respondents nationwide in face-to-face interviews and focus groups.

(Source:
Malay Mail
)

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RapidKL Buses In Klang Valley To Go Fully Cashless From 15 April

RapidKL announced that its buses in the Klang Valley will go completely cashless in stages starting 15 April 2019. For passengers, this means they will not be able to pay for bus fares using cash anymore. Passengers are now required to use either Touch ‘n Go card or
My100 and My50 passes
.

Other discounts made available for passenger before this will still be applicable. For example, Touch ‘n Go card users will still get the 20% discount and those eligible for the
MyRapid concession card
 will still get the half-priced fare. Basically, the cashless system will work similarly to how it previously did where passengers would have to tap their card when boarding and tap out when getting off.

The rollout will be done in stages starting in Ampang on 15 April and the last route to go cashless will be Lebuhraya Persekutuan from 27 May.

To find out more about RapidKL buses going 100% cashless, visit
MyRapid
 website.

(Source:
The Star
)

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How to Get More For Your Money When Grocery Shopping

If your grocery bills are getting to be just too much, it’s time you put your shopping habits on a diet. Being a frugal buyer will help you see more of your money put towards other worthwhile expenses.

We’ve prepared a few easy-to-follow hints to spur the money saver in you every time you shop for groceries. These little changes can make big differences in reducing unnecessary spending. Why waste, when you can #GetMore?

Here are a collection of penny-wise tips to help you save, save, save!

1. Craft a Budget

Without a budget in place, you are likely to go overboard and spend blindly, so this is a must! Malaysians on average spend anywhere from RM70 to RM350 per week on grocery shopping; do you know how much you are spending? If you haven’t a clue, do track your weekly grocery bills and average them out.

From there, proceed to cut expenses slowly, starting with at least 5% and if your lowered budget is workable, gradually decrease it by a further 10% per month.

For additional support with your budgeting goals, use free apps like
GoodBudget
 and
YouNeedABudget
 to easily monitor and improve your ability to stick to one.

2. Consider Hidden Costs

Tempted by big discounts and promotions at many different supermarkets? Make sure it’s worth your while. Think about petrol, toll and parking costs – are you still enjoying a big enough discount to cover these and still come out on top by rushing all over town for a few deals?

Similarly, avoid regularly shopping at supermarkets located within malls because not only are their prices higher, they may not validate parking. On top of that, going to a mall might trigger a shopping impulse that could tempt you into buying stuff you weren’t planning to buy.

Also, you might want to reconsider buying products that offer free gifts for additional purchases. Why? The costs of these freebies are worked into the retail price of bulk purchases. This isn’t a bad thing for you unless you didn’t plan to purchase so many but are doing so just for a free gift. Do you really need another mug with a brand logo? Skip it and go for direct discounts instead unless you really need to buy 35 rolls of that toilet paper on promotion.

3. Use Your Credit Cards

Some cards are a chock-full of significant savings and discounts, yet many cardholders are missing out by not taking advantage of them. Credit card promos typically give you cash back rebates and opportunities to earn higher reward points that can be converted into cash vouchers, etc.

When swiping for groceries do keep an eye on your budget and if able, try to pay off credit card bills within the grace period to avoid interest costs and to further maximise on savings.

If you are still without a credit card or looking to switch for better benefits, we’re more than happy to lend a hand and find you the
perfect card for shopping
 (and
more
).

4. Tread Cautiously When Buying in Bulk

Some items are packed together to supposedly offer you better value, but this is only true if you can consume these items before they expire. A lot of the time, bundled food items appear super cheap because they are close to expiry. So do be careful when stocking up on such buys.

However, bulk purchases can be valuable if you are buying tinned produce that keep for two years and more or non-perishables.

Sometimes, bulk purchases aren’t worth it simply because the price isn’t offering much savings anyway. Whip out your calculator to find out! Is the supermarket selling one can of soup at RM2.50 and four cans at RM9.90? Saving 10 sen isn’t really a deal especially if you’re not sure you really can finish four cans of soup!

5. Know Your Prices

Promotional tactics can sometimes mislead buyers into assuming something is a good deal when it really isn’t. Make it a point to remember the normal pricing of your usual groceries. This way, when it does go on discount, you’ll know if the price reduction is real or a ruse.

If pricing has really been reduced, you can buy a little more than usual but do check on expiry dates. Also, remember to consider available refrigerator space if items are perishable or require cooling to keep fresh.

Just a Few More Things to Keep in Mind

If those tips weren’t enough, here are few more quick helpers to bring you extra savings.

1) Always
write a shopping list
 to ensure that you buy only what is necessary. Grocery apps are available for all smartphones to help you in this area if pen and paper seem a little cumbersome.

2) *
Research grocery *
and head for the cheapest store in your area; some do offer better value than others. Try the
SmartShopper app
 to help you compare.

3)
Don’t shop on an
empty stomach
, you are more likely to buy larger portions, make unhealthy choices and spend extra on snack foods.

4) Use
store-brand items
 as a cheaper alternative.

5) Do keep track of accumulated points that come with your
supermarket loyalty programme
 (don’t forget to sign up for at least the one that you frequent the most), and be sure to utilise its related coupons or cash voucher rewards before they expire.

Make the Effort and #GetMore

It’s not always easy to go the extra mile and for what appears to be meagre savings at that, but the truth is, every little bit counts. In fact, ‘little drops of water make the mighty ocean’ – and so is the cumulative potential of every little bit you are scrimping on.

For instance, if you could cut your grocery expense by RM20 each week, think about how much 52 weeks (that’s the number of weeks in a year) of savings can bring you. We did the math; it’s actually RM1, 040.

Who couldn’t do with an extra thousand? But it’s not just money you are saving, in fact; better grocery shopping habits reduce food wastage and increase spending efficiency. So go ahead, make the effort to save and you’ll reap its rewards in more ways than one.

Did you like learning how to #GetMore when grocery shopping in this article? Follow our #GetMore hashtag on your favourite social media channels as we bring you more tips on how you can get more for your money in everything from travel to shopping and dining until the close of 2015. Who wouldn’t like to #GetMore for their money?

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Economists Predict Good EPF Dividend For 2021 Despite Challenges

(Image: The Star)

More economists have stepped forth to declare their optimism in the Employees Provident Fund’s (EPF) capability to deliver good dividends for 2021. This came following the provident fund’s announcement yesterday, which indicated that it accrued a nine-month profit of RM48.02 billion despite challenges such as massive Covid-19 withdrawals, low fixed-income returns, and weak domestic stock market.

Economist Dr Geoffrey Williams said that the EPF’s health is considerably intact despite contributors having withdrawn a
whopping RM101 billion
 via i-Lestari, i-Sinar, and i-Citra. However, it does have a slight risk that the total assets may hover below the RM1 trillion mark for 2021, he said.

“Total EPF investment assets were RM988.55 billion compared to RM941.77 billion last year. So, assets have increased by just under 5% in the period, even in the face of significant withdrawals. But good investment management have proven EPF to be robust to the Covid-19 pandemic and the withdrawals policy,” Dr Geoffrey further said.

(Image: The Star)

Dr Geoffrey also explained that the growth in assets can be attributed to the increase in overseas investments, which amounted to 36% in 2021 as compared to 32% in 2020. “This makes sense given that international equity markets have performed much better than Bursa Malaysia during 2021,” he said.

Similarly, Dr Yeah Kim Leng also believes that the dividend payout for 2021 will be favourable, given the better performance of the economy in the fourth quarter. “While there is nearly a 20% drop in gross investment income in the third quarter of 2021 (3Q21) compared to 3Q20, which is worse than expected, the 7.7% year-on-year rise for the first nine months of 2021 is commendable,” he commented.

For context,
EPF’s report yesterday
 indicated that the gross investment income in 3Q21 amounted to RM13.97 billion, which is lower than the RM17.33 recorded in 3Q20. This is attributed to the volatility in both the domestic and emerging markets, largely caused by concerns of rising inflation and interest rates.

(Image: Malay Mail/Hari Anggara)

Aside from that, EPF also highlighted and broke down various other figures in its announcement yesterday. Among some key data shared included the fact that equities continued to be it main income contributor, accounting for 54% of the gross investment income at RM7.5 billion. Meanwhile, investments in fixed income instruments, real estate and infrastructure, as well as money market instruments contributed 36% (RM5 billion), 8% (RM1.18 billion), and 2% (RM0.29 billion) of the gross investment income, respectively.

Prior to this, several other economists, too, have
expressed their confidence in EPF’s ability to post a respectable dividend for 2021
. They also predicted that EPF’s dividend will be marginally higher than that posted by Permodalan Nasional Bhd’s (PBN)
Amanah Saham Bumiputera (ASB) for 2021.

(Source:
The Malaysian Reserve
)

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Alex Cheong Pui Yin

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

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    MOHD AZIF BIN MD ISSA

    1 year ago

Syariah compliance account dividend should be 5% or more

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Halogen Capital Is Malaysia’s First Digital Asset Fund Manager, Licensed By Securities Commission

Halogen Capital has become Malaysia’s first licensed fund manager that specialises in digital assets, seeking to bring innovative investing to both institutional and private investors in Malaysia. This homegrown entity, which officially soft launches today, offers a comprehensive suite of single asset funds, diversified funds, and even private mandates.

More importantly, Halogen Capital is licensed by the Securities Commission of Malaysia (SC), adhering to the strict regulatory requirements set up to protect investors, including the use of trustees and custodians registered by the SC, audited reports adhering to the Malaysian Financial Reporting Standards (MFRS), and investing in digital assets traded in SC-registered digital asset exchanges (DAX). In addition, funds offered by Halogen Capital are also shariah-compliant.

Currently, Halogen Capital has two wholesale funds: the
Halogen Shariah Ringgit Income Fund
 and the
Halogen Shariah Bitcoin Fund
. The Halogen Shariah Ringgit Income Fund – which launched on 20 July 2023 – is a traditional fixed income fund that gives investors exposure to Islamic deposits, short-term
sukuk,
and Islamic money market instruments. This fund is designed to be a FD alternative offering high liquidity and aims to exceed 1-month FD rates as a benchmark.

Meanwhile, the Halogen Shariah Bitcoin Fund is described as “the world’s first
shariah
-compliant cryptocurrency fund that provides institutional-quality exposure to physical spot Bitcoin”, giving investors exposure to Bitcoin via a segregated unit trust structure. According to its product sheet, the fund will invest at least 70% of its Net Asset Value (NAV) in Bitcoin, with the remainder invested in
sukuk
, the Islamic money market instruments, and Islamic deposits.

This fund is only set to commence on 23 August 2023. A first of its kind, this fund allows investors to invest in Bitcoin in a familiar unit trust structure, without the complications of investing via exchanges and managing private keys and physical ledgers.

In terms of fees and minimum investment amounts for the two funds, here’s a quick summary for your convenience:

Halogen Shariah Ringgit Income Fund
Halogen Shariah Bitcoin Fund
Minimum initial investment
RM10,000
RM10,000
Minimum additional investment
RM1,000
RM1,000
Sales charge (per unit)
Up to 0.50% of the NAV per unit
Up to 2.00% of the NAV per unit
Annual management fee
Up to 0.40% per annum of the NAV of the class
Up to 1.00% per annum of the NAV of the fund
Trustee fee
Up to 0.04% per annum of the NAV of the fund (excluding foreign custodian fees and charges)
Up to 0.06% per annum of the NAV of the fund (excluding foreign custodian fees and charges)
Others
No transfer fee, switching fee, redemption charge, performance fee, and hurdle value
No transfer fee, switching fee, redemption charge, performance fee, and hurdle value

More interestingly, Halogen Capital also offers private mandates (discretionary and non-discretionary) for those who prefer a customised approach and portfolio that aligns with their specific objectives. Strategies will be tailored according to your goals and risk appetite, and you can also adjust your own portfolio allocation as you like, without being impacted by other investors.

Some key offerings provided by Halogen Capital under its private mandate service include multi-coin portfolios (diversified between Bitcoin, Etherum, or cash), multi-asset portfolios (combining stocks, bonds, and crypto), as well as customised crypto portfolio and strategies. It even offers crypto portfolio custody and management services, as well as secured staking portfolios.

Going forward, Halogen Capital is set to launch another digital asset fund called the Halogen Shariah Ethereum Fund, complementing the Halogen Shariah Bitcoin Fund. As the name suggests, it will provide exposure to physical spot Ether, the second most popular digital coin in the world.

Halogen Capital was founded by Jirnexu co-founders, Hann Liew and Lucas Ooi, while its other founder, Ng Moon Ho, and Chief Technology Officer, Yahia Sweid, are also Jirnexu alumni.

(Source:
Halogen Capital
)

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Celcom To Provide Unifi Mobile With Wider 4G Coverage

Unifi Mobile users can look forward to a wider 4G LTE coverage, thanks to a new agreement between Webe Digital and Celcom.

The agreement will see Celcom providing Unifi Mobile with 4G domestic roaming and MOCN (Multi-Operator Core Network) services for three years. This is on top of the Domestic Roaming Facilities Agreement between TM, Webe, and Celcom back in January 2016. Webe Digital is a subsidiary of TM, and manages the Unifi Mobile service.

The 4G MOCN is an alternative network sharing technology that goes hand in hand with the existing 2G and 3G domestic roaming services by Celcom. This technology will help improve Unifi Mobile’s 4G LTE coverage nationwide.

According to the announcement posted on Bursa Malaysia, the 4G MOCN award to Celcom will offer complete 2G, 3G, and 4G wholesale services to Webe. Axiata Group Bhd also added that this arrangement will boost the current efforts of continuous and rigorous deployment of long-term evolution services nationwide using Celcom’s high-quality network and wide coverage.

(Source:
SoyaCincau
)

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New Sunway Pyramid Smart Parking System Will Be Ticketless And Cashless

(Image: The Star)

Sunway Pyramid’s new smart parking system will accept a variety of cashless payment options when it is rolled out to the public early next year. According to Sunway, it is the first smart parking system to embrace multiple e-wallet options to provide greater convenience for all drivers.

The new Sunway Smart Parking system relies on license plate recognition technology, removing the need for paper tickets and queuing up at autopay machines. Once you register your car plate number
online
 or through the
Sunway Pyramid app
, you can enter the car park without collecting a ticket. To exit, all you need to do is make payment on the app and the boom gate will raise automatically once it recognises the car plate.

Visitors will be able to pay for their parking using e-wallets like Boost, GrabPay, Touch ’n Go eWallet, Maybank QRPay, WeChat Pay, and AliPay. You will also be able to use other cashless options like debit and credit cards by Mastercard, Visa, or American Express.

Besides using the Sunway Pyramid app to pay, you can also make payment directly from your preferred e-wallet apps. For those who are using Smart Parking but prefer not to rely on an app, there is an option to pay with cash or credit card at the autopay machines.

For now, Sunway Smart Parking is only open to season parkers at Sunway Pyramid, but will be made available to the public in the first quarter of 2020. The system will also be rolled out in Sunway’s other properties including Sunway Resort Hotel & Spa, Sunway Clio Hotel, Sunway Pyramid Hotel, Sunway Pinnacle office tower, and Menara Sunway office tower.

(Source:
Bernama
,
Sunway Pyramid
)

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Get to Know Your Chinese New Year Ang Pow!

Chinese New Year is not yet upon us but we can almost hear the traditional Erhu music and smell the Mandarin oranges in the air already!

Most of us gear up for the celebrations in anticipation of meeting with friends and family, while others just can’t seem to resist calculating their possible Ang Pow earnings!

But what do you know about the famous red packet that holds this money and its significance in the Chinese New Year celebrations? Let us fill you in!

The Origins

Long, long ago in medieval mainland China, there stood a peaceful village called Chang-Chieu. Its people would go about their daily business like any other village did in that time and place.

One dreaded day, the tranquil village was terrorised by a dragon-like creature that breathed fire and the people lived in fear henceforth.

No matter how much the vigilant people tried to stop the hell-raising creature, they just could not. Until one day, a young man named Ang Pow decided to take the fight to the creature.

Wielding a mystical blade, Ang Pow faced the creature and after a battle of epic proportions, he managed to slay the creature and bring peace to the village of Chang-Chieu.

As a sign of gratitude for his immense bravery, the people of the village collected money in abundance and presented it to their hero in a red packet, which we today call Ang Pow.

*Portions of this story may vary from popular versions told.

In Modern Times

So, the people of Chang-Chieu believed that their gift to Ang Pow in the form of a red packet would ward of darkness and remained the symbol of the triumph of good over evil in the coming years.

Fast forward a couple of hundred (maybe thousand) years and this tradition remains unscathed from the test of time. Even other cultures have absorbed the idea of presenting money in coloured packets.

The elderly Chinese give the younger ones money in red packets during Chinese New Year, weddings, birthdays and for any other function and is considered a form of blessing.

Other cultures like the Muslim in Malaysia also give out money in green packets decorated with a crescent and moon instead of scarlet-themed ones to represent the religion of Islam.

The Chinese belief that one should begin giving out Ang Pow packets to the younger ones after marriage it was often considered the mark of adulthood. Beyond that however, much of this tradition comes with monetary etiquette.

Ang Pow Etiquette

The Chinese strongly believe in the connection between numbers and
homophones
. Therefore it is considered favourable to give someone an Ang Pow amount that ends with eight (8) or nine (9), which sounds close to ‘fortune’ and ‘longevity’ respectively in the Chinese language.

The number four (4) on the other hand is hardly ever considered to be any digit, end or beginning, of an Ang Pow gift because it is a homophone of the word ‘death’ in the Chinese language.

Even and odd numbers also play a part in monetary etiquette where Ang Pow giving is concerned. The former plays up the joyous occasion while the latter denotes loneliness.

The amount given in a packet sometimes symbolises the level of success one has achieved but the practice has been discarded to avoid showing off and a sign of respect to those willingly give from what little that they have.

It is also because of this that young ones are always reminded to keep their Ang Pow packets closed as opening them in front of the giver is a sign of disrespect.

Happy Year of the Monkey!

Now that you know of the origins of the red packet and what it symbolises, let it be yet another reason for you to practice its entailing etiquette well.

Whether you’re well to do or barely keeping afloat in financial matters, it is surely the thought that counts and the blessings that come with it that most certainly outweigh everything else.

Have a prosperous Chinese New Year, everyone!

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Prudential Malaysia Offers Special RM5,000 Coronavirus Diagnosis Benefit For All Policyholders

(Image: Getty Images)

UPDATE
: Prudential Malaysia has extended the special Covid-19 coverage from 29 February to 30 April 2020. The benefit will also be expanded to cover group policies (except group employee benefits). This article has been amended to reflect the update accordingly.

Prudential Malaysia is offering a lump-sum payout of RM5,000 to Prudential policyholders who have been diagnosed with Novel Coronavirus (2019-nCoV), commonly known as the Wuhan coronavirus. This payout is in addition to existing benefits offered by Prudential’s medical insurance policies or certificates.

The payout will be given to eligible Prudential customers who have been diagnosed with coronavirus during the months of February to April 2020 at one of the 26 official referral hospitals for coronavirus cases.

All in-force individual policies, certificate lives assured, and persons covered under Prudential Assurance Malaysia Berhad and/or Prudential BSN Takaful Berhad will be eligible for this coverage. Prudential has also expanded this benefit to include group policies and certificates, but not group employer-employee benefits. The maximum payout is RM5,000 per life.

(Image: Prudential Malaysia)

Even better, there is no additional cost for the special coverage, nor is there any registration required. According to Prudential, there are no exclusions or waiting periods for the special coverage; once the complete documents for a claim have been submitted, you will receive the payment within 14 working days. This Special Novel Coronavirus Coverage is offered at no extra cost on top of the existing benefits in Prudential policies or certificates.

“Our WE DO spirit means that we’re always committed to providing the best for our customers,” said Prudential. “That’s why we’re offering a Special Novel Coronoavirus Coverage with a lump-sum payout of RM5,000 to Prudential customers diagnosed with Novel Coronavirus (2019-nCoV) by any of the hospitals identified by the Ministry of Health.”

(Image: Reuters)

Earlier last week, Prudential confirmed that it would indeed
extend medical coverage
 to its customers for admission in relation to the coronavirus. Later, the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) announced that
all member insurers in the country
 will be covering Wuhan virus treatment in their medical insurance policies.

(Source:
Prudential Malaysia
)

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BNM: Extended Moratorium And Targeted Bank Assistance Will Not Be Recorded On CCRIS

The government’s latest announcement on the
extended moratorium and targeted bank assistance
 is definitely good news for borrowers who are still affected by the economic effects of Covid-19. However, one concern that some may have is with the long-term creditworthiness of the borrower if they choose to opt for the extended moratorium assistance.

Shortly after Prime Minister Tan Sri Muhyiddin Yassin’s announcement today, Bank Negara Malaysia (BNM) released
its own statement
 that includes additional information for borrowers regarding the new programme.

One specific area relates to any potential impacts to a borrowers credit health if they opt in for the moratorium extension. According to BNM,

In recognition of these exceptional circumstances, the flexibilities provided to borrowers during this period will not appear in the CCRIS reports of borrowers.

Just like the current automatic moratorium, borrowers taking up this extended moratorium or targeted bank assistance due to Covid-19 will not see it reflected on their CCRIS reports. In other words, taking up this moratorium or any Covid-19 related R&R programme offered by the banks will not negatively impact a borrower’s credit health, nor will it adversely affect their credit scores.

However, just like the previous moratorium, BNM encourages borrowers who can afford to resume repayments to do so and not apply for an extension, as it will reduce their overall debt and borrowing cost.

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

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Moratorium Extension: Explaining What Is Rescheduling And Restructuring (R&R) And Other Financial Terms Used In Loan Agreements

From 7 August 2020, Malaysian banks have begun accepting applications from eligible borrowers for the extended moratorium and targeted bank assistance that will succeed the current automatic moratorium when it ends in September. To facilitate the process, they have released detailed FAQs to share key information, including the types of aid that are on offer, requirements that must be met, and supporting documents needed – you can read more from our coverage on
Public Bank
,
Hong Leong Bank
,
Maybank
,
OCBC Bank
, and
HSBC
.

While the banks have done their best to keep things simple and clear, there are some terms in the FAQs that may be unfamiliar for the everyday Malaysian. Here, we’ve identified a few, and will flesh them out to help you better understand.

Rescheduling and restructuring (R&R)

Even prior to Bank Negara Malaysia’s (BNM) announcement of the current
automatic moratorium
, R&R packages are a commonly-provided service – but mainly to consumers facing extreme financial difficulties. For this reason, R&R has developed a negative connotation as a service for those who have zero control over their finances. While banks offer R&R on their own, many consumers also get them via agencies such as Agensi Kaunseling & Pengurusan Kredit, better known as AKPK.

However, in these trying times, R&R is being seen as an important tool for Malaysians to help them get back on their feet. So what exactly does it do?

As its name implies, R&R consists of two parts – consumers generally only need one of the two options. Rescheduling refers to the extending or lengthening of your loan tenure, resulting in a revision of your monthly instalment amount so that you pay a lesser sum each month. This gives more breathing space financially as it lowers your monthly commitment, but usually results in you paying more in interest as you’ll have to service your loan for a longer period.

Meanwhile, Restructuring involves changing the type or structure of your existing loan to help you improve your current cashflow. An example would be converting your overdrafts to term loans. Restructuring typically includes a more significant change to the terms and conditions of your existing loan compared to rescheduling, and you may also sometimes incur additional administrative and legal costs on top of the usual interest charges.

In general, banks favour R&R as a form of aid for their customers because it improves the banks’ resilience by reducing non-performing facility portfolios as well as maximising credit recovery – in other words, it avoids borrowers from defaulting on a loan which is a lose-lose situation for both parties. Borrowers, on the other hand, benefit from improved cashflow and are also able to avoid liquidation. Note also that while R&R exercises usually do leave a mark on your credit health, BNM has explicitly stated that taking up the
post-moratorium R&R aid will
not
 be recorded on your CCRIS report
.

When your application for an R&R exercise is approved, your bank will provide you with a supplementary letter of offer (SLO), which we will explain below.

Supplementary letter of offer (SLO)

A supplementary letter of offer (SLO) is an additional document sent by the bank to its customers when it seeks to add or revise selected terms and conditions in a prevailing agreement.

For instance, borrowers who agree to undergo the R&R exercise will be given an SLO containing the amended terms, which they must then sign. The amended terms should include details such as the period of extension allowed, the new monthly instalment amount that must be paid, extra charges incurred (e.g. stamp duty fee), and so on.

All other existing terms and conditions in the original document, meanwhile, will remain intact and valid.

Amortisation/Re-amortisation

Amortisation is the process of spreading out your loan into a series of fixed payments across a set schedule (your loan tenure). This results in scheduled payments – such as monthly instalment payments – which will then be used to pay off the
interest
 accrued for the specific time frame and to reduce the
outstanding principal balance
 of your loan.

Sounds familiar? That’s because it is, and most of us regularly take up amortised loans! Mortgages as well as car and personal loans are common examples of amortised loans. Meanwhile, facilities that aren’t amortised include interest-only loans and credit card debts because your repayments for these facilities are typically not fixed or do not contribute to reducing the outstanding principal balance of the loan.

Following that, re-amortisation basically means the recalculation and rescheduling of your loan so that you can successfully finance it.

Step-up payments

Some banks, such as
OCBC
 and
Hong Leong
, have offered assistance in the form of step-up payments. This flexible payment structure allows you to make reduced payments (usually at the start of your loan) for a specified period of time, after which the amount will be progressively increased over the remaining tenure of your loan.

Conventionally, this payment structure is offered to borrowers so that they can get some breathing space and time to earn the money required for their future payments. For instance, banks could offer step-up equipment leasing to customers who are taking loans to purchase business equipment. This allows them to use the equipment to generate the money required for the higher repayments in the future. In some cases, banks may also offer the step-up payment structure for home loans, taking into consideration the borrowers’ potential for professional growth and earning power.

In the context of the extended moratorium, step-up payments are offered to those who have had their salaries reduced. Since this is a temporary measure by the employer, it also means the borrower may need a little breathing space during the period of reduced salary – and that they can resume full repayment once their full salaries are reinstated, which makes step-up payment options perfect in this scenario.

Debt-service ratio (DSR)

When banks talk about your
debt-service ratio
, they’re generally referring to your repayment capabilities by comparing your available cashflow to your existing debts. It is also one of the factors that banks consider when deciding if they should approve your loan applications.

The DSR is actually pretty easy to calculate: it is your total monthly commitments (including non-bank ones such as PTPTN) divided by your net monthly income (after the usual deductions such as EPF and SOCSO). As a simple example, if your net monthly income is RM5,000 and your total monthly commitment is RM2,000, your DSR is 40%. Generally, a DSR of below 40% is considered healthy.

DSR plays an important role in the approval process for a credit application by the banks. A high DSR may be seen as unfavourable (as it means you already have a lot of commitments, making you a credit risk), but the DSR alone is not the only way of measuring creditworthiness. Each bank has its own internal calculations to measure a prospective borrower’s credit health, such as repayment history, relationship with the bank, and others.

***

With this, we hope that you will have an easier time reviewing the various
financial assistance offered by the banks
, as well as applying for them. If there are other terms not covered here that you may need help with, let us know in the comments section!

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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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    ushah

    2 years ago

h

i just want check if apply for moratorium extension and re-structure the repayment. is it it will affected my new loan applications

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    Afrah

    8 months ago

How did Islamic banks face the Corona crisis in general, and what solutions were presented to implement the lease contract ending in ownership?

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How to Use Instalment Payment Plans to Spend Less Overseas

Travelling overseas is always fun, but it also always drains the wallet. Even the slimmest, most budget-savvy itineraries require us to save up for travel and other expenses. While we have in the past shared tips on how to enjoy frugal travelling without sacrificing fun, sometimes part of the fun
is
 in the spending.

A big part of holidaying overseas are buying souvenirs, spending on unplanned detours, and hey, maybe the entire point of your trip is to shop? That’s not wrong either. You don’t need to be scrimping and saving to enjoy an overseas trip. In fact, there’s a way for you to instantly cut down on how much you spend on your vacation without you having to think too much or plan too far ahead.

Credit Cards and Their Travel Perks

Travel-centric credit cards will not only reward you for expenses made overseas, they also offer travel-related perks and goodies. Some cards grant you exclusive airport lounge access, travel insurance, special discounts for hotel amenities, and plenty other benefits alongside.

In fact, most credit card reward systems allow you to earn points for everyday spending, which can later be converted for flight tickets and hotel stays, further reducing your travel costs. Which means you can just swipe your credit card normally for your daily expenses and way before you even plan your trip. By the time you need to, you can just redeem the points you’ve earned for hotel stays and flight tickets so you don’t have to pay so much for them. Of course, there’s also another way to save up, and this is by using Installment Payment Plans.

Using Installment Payment Plans

An Installment Payment Plan allows you the luxury of spreading the cost of your purchases over a few months or years at either very low or sometimes 0% interest. Installment Payment Plans are usually offered by most banks’ credit cards with repayment periods typically ranging between 3 to 36 months.

This allows you to buy and enjoy things with a swipe of your credit card and repay the amount by installments – meaning you will never have to worry about settling the full amount owed at the end of the month. Just pay the smaller amount you owe every month instead.

Suppose you’re travelling and a fancy handbag catches your eye, and it costs RM5,000. This might be a little too steep to pay in one go, but making the purchase by committing to a 0% Installment Payment Plan with an 18-month tenure will spread the repayment out over the 18-month period and you will only need to pay RM5,000 over 18 months =
RM277.78
 monthly. That’s just
5.5%
 of the total cost.

So Why Not Both?

Since a card that gives you travel perks can cut your expenses down, and a card with an Installment Payment Plan service can do the same too, the best way to go would be a card that has both. Fortunately, Hong Leong Mastercard® Credit Cards allow you to reap the benefits of both.

They offer a 0% Installment Payment Plan for up to 18 months with a minimum spend of RM500 at any retailer
as well as
 8% unlimited cash back on a minimum cumulated overseas spend of RM500 each month until 30 June 2018. With this, you can increase your affordability in getting things that you always wanted and get rewarded with cash back just for shopping overseas.

So if you’re looking forward to a shopping vacation and want to save up on your expenses, grab a
Hong Leong Mastercard® Credit Card
 which has an Installment Payment Plan service as well as cash back for overseas spending right now so you get to buy those shiny new exotic souvenirs for all your friends and family on your next trip! Safe travels!

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Wahed Invest Introduces Four New Thematic Portfolios

Wahed Invest will be introducing four new thematic portfolios to provide its customers with greater investment and exposure options.

In an email sent to existing users, Wahed shared information of the new upcoming portfolios, as well as a summary:

New thematic portfolio and currency
Summary
China Stocks (MYR)
– Exposure to shariah-compliant stocks within the China A-Shares equity
– Includes stocks from the technology, consumption, healthcare, and 5G sector
Emerging Markets Stocks (USD)
– Exposure to shariah-compliant stocks from emerging markets that are expected to benefit from higher economic growth and increasing demand for goods and services
Local REITs (MYR)
– Exposure to shariah-compliant real estate investment trusts (REITs)
– Includes real estate-related assets, along with benefits from rental income distribution
Money Market Fund (MYR)
– Exposure to shariah-compliant money market instruments
– Suitable for investors who are seeking for short-term liquidity and regular income

Wahed Invest also highlighted that with the addition of these four new options, its users will have a total of six options to choose from, with the first two portfolios being the
Gold
 and
US Stocks
 portfolio. Additionally, it clarified its use of the term thematic portfolio, which is defined as “a portfolio that invests in long-term trends that are expected to benefit from macroeconomic changes. The portfolio may invest in a single asset class and may not have diversification benefits. ”

Aside from the new portfolios, Wahed Invest also announced that it will begin charging a 1% foreign currency exchange service fee starting from 15 November 2021. This is, however, applicable only to transactions (deposits, withdrawals, and fund transfers) carried out for thematic portfolios that are trading in foreign currency.

“Deposits received in Malaysian Ringgit will first need to be exchanged in order for it to be invested in a foreign-currency denominated fund. Our fund manager manages all this so you won’t have to think about it,” clarified Wahed Invest in its email to its users. Meanwhile, diversified portfolios – which are defined as portfolios with various asset allocations to cater to differing risk appetites, ranging from Very Aggressive to Very Conservative – will not be affected by this new fee.

Recently, another popular robo advisor, StashAway, announced its own
Thematic Portfolio offerings
. It offered three portfolios in total, themed Technology Enablers, Future Of Consumer Tech, and Healthcare Innovation.

(Source:
Wahed Invest
)

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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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Selling vs Renting Out Your Property: Which Makes You More Money?

Let’s say your house is already paid for and you’re thinking of moving to a new one. What do you do with the property you’re no longer staying in? You can turn it into a good investment if you play it right.

One thing above all determines how much you’ll earn from this property of yours: whether you choose to rent it out or sell it outright.

Renting

Being a landlord and renting your property out can be a lucrative venture. For one, you always gain income for as long as you’re renting out the property. Furthermore, you can increase rent prices if the value of your property rises, getting you even more income over time.

But with renting, you also need to do the work of looking for tenants, maintaining the place, and keeping everything comfortable. This extra work might not be appealing to some. Also, you wil have to keep some extra funds handy for times when tenants don’t pay, cause damage, and to make payments in between tenancies. There’s also the chance that you won’t be making enough on rent to pay for the properties’ monthly expenses. And if you make a profit out of renting, that profit is taxable.

Selling

With selling you get the money with no need to stay with the property and manage it. Your responsibilities as a home owner vanishes once the handover is complete. Selling also gets you more money sooner (from the downpayment) compared to the monthly funds over a longer period of time with renting. That large sum can then be used as capital to invest in other properties should you so choose.

However, selling your property may not be as lucrative as renting in the long run. There’s a chance you’ll be missing out on increasing rental prices should the value of that property rise in the future. You’ll also lose out on having a second property to move into if your family gets big enough such that you may want to move some family members around.

The Verdict

As most of you probably figured out already, it really depends on whether or not you have the patience to stick it out with renting, or you just want some funds right away. Selling is clearly the easiest choice among the two, but if you’re willing to put in the extra effort and you love meeting new people, renting may be the more rewarding option.

To decide whether renting can earn you more than selling, there’s actually a handy web calculator on
Forbes.com
 that you can use. You just input the figures requested and the app tells you if renting is more worthwhile for your property by displaying the capitalization rate (the more, the better).

Now that you’re equipped with this information, we hope you can get out there and make a more informed decision on whether to sell or rent out your property. While we’re on the subject, why not check out our guide on
how to refinance your mortgage
? It’s also a quick way to get you some much-needed funds in times of need.

Do you have your own ideas on how to choose between renting and selling? Do let us know in the comments section below!

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Elon Musk Becomes First Person In History To Lose US$200 Billion In Net Worth

(Image: Bloomberg/Liesa Johannssen-Koppitz)

Billionaire and co-founder of Tesla, Elon Musk has made history as the first person in the world to wipe out US$200 billion off his net worth. This came after his previous achievement in 2021 of becoming the second person to ever amass a personal fortune of more than US$200 billion – the first being Amazon founder, Jeff Bezos.

Musk’s net worth topped at US$340 billion in November 2021, but his wealth subsequently dwindled to US$137 billion as Tesla posted its worst year to date, with shares having plunged by 65% in 2022 (priced at US$123.18 on 30 December 2022). This is a far cry from when Tesla was valued at over US$1 trillion in October 2021, joining tech giants such as Apple, Amazon, and Alphabet. In fact, as of the time of writing, Tesla’s share price stands at US$108.10.

The drop in Tesla’s share price can be attributed to several reasons, including the rise of competitors to challenge its dominance in the electric vehicle (EV) market. The EV car manufacturer was also forced to temporarily
suspend production at its Shanghai plant
 just a week ago due to a surge in Covid-19 cases; this reason alone caused
Tesla’s share price to dip by 11%
.

(Image: Reuters/Aly Song)

Amidst these pressures, Musk’s wealth was also eroded when he had to sell
almost 22 million Tesla shares (TSLA) worth at least US$16 billion
 to help fund his high-profile purchase of social media giant Twitter at US$44 billion, so much so that TSLA is no longer his biggest asset (although he continues to remain as
Tesla’s largest shareholder with a stake of roughly 13%
). For comparison, Musk’s stake in his other corporation, Space Exploration Technologies Corp, now stands at US$44.8 billion, while his Tesla stake amounts to US$44 billion.

Prior to this, Musk was also
stripped of his title as The World’s Richest Man
 in mid-December 2022 – a title that he held since September 2021 after overtaking Jeff Bezos. He lost the title to the chairman and chief executive officer of LVMH, Bernard Arnault, and is now the second richest man in the world.

(Source:
Bloomberg
)

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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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What to look for in Your Personal Loan Agreement

Looking through your personal loan agreement with a magnifying glass, but not quite sure where to focus your attention?

No worries, we’ll help you study your agreement so you can make sense of what you’ve just been offered.

Personal loans can come to the rescue in your time of financial need or simply to help you fill a cash shortage, but once you have that agreement in your hands, between the jargon and complicated calculations, it’s all too easy to feel overwhelmed.

Don’t stress out, we’ve got your back – just check out these 6 focus areas of your personal loan agreement.

Interest Rates

This is probably the most interest-ing part of your agreement, but what exactly should you be interest-ed in? Well, you’ll need to check for the interest rate offered, the type of rate – whether fixed or flexi (in Malaysia, most likely fixed), and then your total interest costs.

This will help you roughly evaluate if your rates offered make the loan worthwhile.

For example, assume you’ve been offered an interest rate of 8% per annum for a RM5,000 loan to be repaid over the course of 2 years, your total interest payments will equal: 8% x RM5,000 x 2 years = RM800.

Consider if the rate received is reasonable, as higher ones could translate into larger monthly repayments. For an in-depth look, check out our guide on
personal loan interest rates
.

Processing / Handling Fees and Stamp Duty

As with any loan, administrative fees may apply depending on your loan provider.

Most banks (though not all) are staying competitive these days and forgoing processing and handling fees, however, stamp duty is still applied for a majority of personal loan applications.

The charges are typically calculated as a percentage of the total loan amount, to be deducted from the loan.

For example, if the bank is charging a stamp duty fee of 0.55%, you may expect to pay the rate multiplied by your borrowed amount. Thus for a loan of RM10,000, your stamp duty fees equal RM55. The more you borrow, the more you’ll pay in stamp duties.

Penalties: Early Settlement and Late Payments

Some loan terms come with penalties for early settlement while others do not, so you’ll need to check if your agreement makes allowances for it.

With late payments however, it’s a known fact that all banks will charge a fee.

Late payment charges (which vary between banks) average at 1% per annum calculated on a daily basis until the arrears are paid up. It is usually capped at a minimum and maximum chargeable amount.

So if you’re someone who is always supremely busy and can’t keep up your monthly dues, consider setting up a
standing instruction
 for your bank to automatically deduct from your account and make the loan installment payment for you.

Repayment

You’ll need to check your loan agreement to see if there are any specified methods of repayment. Most banks are flexible and accept payments in the form of cash deposits, bank transfers and cheques but some may impose requirements in the form of automatic salary deductions or insist on auto-debits / standing instructions to be set up.

This comes with certain loan types usually ones where the applicant is applying for
low-income
 or
GLC / government employee
 related personal loans.

Such stipulations are meant to help banks reduce default risk and motivate borrowers to prioritise payments towards the loan before other creditors.

Insurance

To further minimise loan defaults when borrowers are unable to make payments due to permanent disability or death, some banks make it a requirement to insure the loan.

This way the outstanding balance on the loan is covered by offering protection for both the borrower and the bank.

The premium is normally calculated into the sum of the loan where the borrower undertakes a policy from an insurer specified by the bank. In some instances, borrowers may be allowed to use their own insurers, subject to meeting the bank’s terms.

This method will require the borrower to pay for the insurance plan upfront as the premium will not be calculated into the loan, thereby saving on interest costs.

Note however that this option is not always available; hence, do confirm these details in your agreement beforehand.

Secured Loans

If you are taking on a secured loan, either with a guarantor or some form of collateral, be sure to carefully consider the ramifications of such a move.

Default will mean seizure in the case of collateral so do not take such loan applications lightly.

In the case of guarantors, they are liable to cover your loan if you are not able make repayments. Although it is not a legal requirement per se, the right thing to do would be to make sure your guarantor is fully aware of the consequences.

Each bank has its own set of rules; get to know your lending bank’s terms and be sure to inform your guarantor in advance.

What if You Do Not Agree with the Loan Terms?

Once you’re done going through your agreement with a fine-tooth comb, maybe you’ve even had a friend look at it for you; what might be your options, should you find any term unacceptable?

Most loan agreements come with standard terms, many of which are non-negotiable. Interest rates, however, may be negotiable if you have not already been offered the lowest rate.

You should discuss with your loan officer what can be done to improve your rates, perhaps changing loan tenure and borrowed amount or simply try applying for another loan to see if you can obtain more attractive rates.

You can also use lower rates received by another bank to negotiate even better ones from the bank of your choice.

It’s always necessary to get elbow deep in research before taking out a loan because you could be missing out on great deals and offers that add much value to your loan.

For instance, some banks offer special rewards for prompt and early repayment, or sign up offers.

But here’s the fun bit – you don’t actually have to trawl 20 bank pages; call a dozen bank officers or keep clicking refresh on your browser to be in the know about the best personal loan deals. You can find all the juicy deals in one place –
our personal loan page
.

So do make use of our treasure trove of personal loan information to find you the best loan for your needs.

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Lazada Introduces Priority Delivery, Same Fee As Standard Delivery

(Image: Channel News Asia)

E-commerce platform Lazada has rolled out a new shipping option called Priority Delivery, which allows you to choose if you’d like your orders to be prioritised for a faster delivery. Enabled for selected Lazada merchants and products, the service is currently available only within the Klang Valley.

In its FAQ, Lazada clarified that with Priority Delivery, customers can expect to receive their parcels within one to three working days from the day their orders are successfully placed (no deliveries on Sunday and public holidays). More specifically:

Orders placed before 8pm on a weekday
: Parcels to be delivered on next working day or the day after

Orders placed after 8pm on a weekday
: Parcels to be delivered within two to three working days

Here’s a table from Lazada to better clarify the expected schedule for Priority Delivery service:

Lazada also noted that although it is committed to delivering its Priority Delivery parcels on time, some leeway needs to be given for orders that are placed on holidays, sale campaigns, or over the weekend (Friday and Saturday); the delivery date for these purchases may be extended. Unforeseen events such as bad weather, accidents, and movement restrictions, too, may impact its service.

Additionally, it is worth noting that the
delivery time for Lazada’s Standard Delivery within Klang Valley
, too, stands at one to three working days, but it does not necessarily prioritise orders that are placed before 8pm (as Priority Delivery would do).

As for the price, the e-commerce platform has confirmed that customers are not required to pay extra in order to tap into the perks of its Priority Delivery service. In other words, the fee for Priority Delivery will be the same as Standard Delivery shipping fees that you will need to pay to ship your items.

If you’d like to check whether a product is eligible for the Priority Delivery service, simply head on over to the product’s detail page. If it qualifies for the service, you will see the Priority Delivery logo displayed within the page, as well as be offered the option at the checkout page.

Alternatively, you can use the search filter funnel to help you focus solely on products that are eligible for Priority Delivery (“Priority Delivery” under the “Service & Promotion” section).

(Source:
Lazada
)

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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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Maybank Revises GrabRewards Points Earning Rate For Maybank Grab Mastercard Platinum Card

Maybank has announced an update to the benefits of its Maybank Grab Mastercard Platinum credit card, revising the amount of GrabRewards Points that can be earned for every RM1 spent within the Grab app, as well as on e-commerce, cross-border, and overseas purchases. Set to take effect starting from 1 April 2023, this revision will see its current effective return rate – which can hit as high as 6.5% – affected.

At present, Maybank Grab Mastercard Platinum cardholders are able to earn a rewarding 5x GrabRewards Points for every RM1 spent on purchases made in the Grab app (including GrabPay e-wallet reloads) and 2x Points for overseas, e-commerce, and cross-border transactions. Meanwhile, other eligible local transactions will net them 1x GrabRewards Points for every RM3 spent.

Come 1 April, however, the highest 5x points multiplier for Grab-related transactions and 2x points for overseas, e-commerce, and cross-border purchases will both be revised to 1x GrabRewards Point. Here’s a table to summarise this update for your convenience:

Expenditure
Existing earning rate
Updated earning rate (1 April 2023 onwards)
Purchases made in the Grab app (including GrabPay e-wallet reloads)
5x GrabRewards Points for every RM1 spent
1x GrabRewards Point for every RM1 spent
E-commerce, cross-border, and overseas purchases
2x GrabRewards Points for every RM1 spent
1x GrabRewards Point for every RM1 spent
Other eligible local transactions
1x GrabRewards Point for every RM3 spent
1x GrabRewards Point for every RM3 spent

As you can expect, the effective return rate of the Maybank Grab Mastercard Platinum card will be affected with this latest update. We’ve highlighted before in
our review of the card
 that it is actually possible to earn an effective return of 6.5% by using it exclusively to top up your GrabPay e-wallet (5% effective return rate), and then spend via GrabPay with GrabUnlimited (1.5% effective return rate).

Of course, this is the best-case scenario where you maximise all the perks available within the Grab ecosystem. Following this update, even this best-case scenario will mean earning an effective return rate of 2.5%.

Aside from this, there are no changes to the other existing benefits of the Maybank Grab Mastercard Platinum card. You will still enjoy a welcome gift of 1,000 GrabRewards Points upon card activation, in addition to RM5 GrabRide vouchers (5x) and RM5 GrabFood vouchers (5x).

Similarly, the minimum income requirement remains unchanged at RM24,000, and the card is still free for life.

(Source:
Maybank
)

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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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    AR Ananth

    5 months ago

End of good times for me. I nailed this card against the wall and banged it hard since 2020. I sold my car in 2019, and I used this card to make monthly auto payments for everything, insurances, Netflix, Unifi, Petron, and wherever possible, everything was Grab E-wallet. You name it. The points came pouring in and I moved around for peanuts. No petrol, no car insurance, no road tax, no parking, no car service, no car value depreciation, no being late, no flaking off gatherings, you name it. Certain months, I used the points daily, so paid nothing. And
…
Read more »

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Maybank Will Eventually Phase Out Maybank2u App, Will Be Replaced By MAE

Maybank’s existing mobile banking app, Maybank2u, will eventually be replaced by the new MAE by Maybank2u app introduced today.

At the launch of the new MAE app, both Datuk Abdul Farid Alias, Group President and Chief Executive Offer of Maybank, and Dato’ John Chong, Group Chief Executive Officer, Community Financial Services, confirmed that the existing Maybank2u app will be phased out in the future.

However, at present, both digital banking apps will co-exist and can be used by Maybank customers. Maybank did not reveal a set date for when the Maybank2u app will be officially replaced by MAE.

The new
MAE app
, which also houses the MAE wallet, comes with a score of new digital banking functions that allow for better financial management. These include exciting new savings features, an e-wallet linked
debit card
, and even a “Makan Mana Wheel” that can recommend local dining deals.

You can download the new MAE app from
Google Play
 or the
App Store
.

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Jacie Tan

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    Charanjit Kaur

    1 year ago

I am trying to use MAE, but it just doesnt seem to allow me to register.  What’s happening to they app.

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    Manjit

    2 months ago

I am now using MAE so can I delete my M2U App

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Listen Up! RinggitPlus on BFM RinggitSense

There’s something about this season. Like any festivity, it’s about spending time catching up with friends and family; appreciating the year that’s passed and revering the religious meaning of the time. But Christmas has become more commercialised than any other with merchants everywhere telling you open your wallets with a ‘Ho Ho Ho’.

For those on limited budgets (and even those who aren’t!) it can be a particularly stressful time on the finances. In a bid to turn things around, RinggitPlus CEO, Siew Yuen Tuck talks to Julian Ng of BFM about a different approach to Christmas that hopefully doesn’t just save you money worries but returns the celebration to it’s core; to what it’s really all about.

It might be a little late in the day to return those expensive gifts but perhaps it’s a thought for Christmases to come.

Have a great holiday season.

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TM Removes Low-Income Requirement For Unifi Basic Plan; Now Available For All Customers

TM has announced that the
Unifi Basic plan
 will be made available to all customers starting from September onwards, effectively removing its previous household income requirement. This announcement was included in the company’s most recent financial briefing earlier today.

Previously, the 30Mbps Unifi Basic plan was only available for households whose monthly income are RM4,500 and below. Interested customers were required to provide proof of income, such as salary slips or BR1M statements. Originally, the plan was designed to offer affordable basic internet access for Malaysians in lower-income groups, while other customers can enjoy faster internet speeds with the
new Unifi Turbo plans
.

However, this low-income requirement has been waived – possibly as a response to the
new Maxis Home Fibre plan
, which also offers 30Mbps speeds with unlimited voice calls and no data caps for RM89 a month. In contrast, Unifi Basic is priced at RM79 per month, but comes with a 60GB monthly quota and no add-on features like Unifi TV and IP-based phone.

Those interested to sign up for Unifi Basic can do so at all TMpoint outlets nationwide starting 1 September 2018.

(Sources:
Lowyat.NET
,
Amanz
)

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