6 Fun and Easy Books to Read on Finance

Step into your favourite bookstore and head over to the finance section. Are you overwhelmed by how many books there are on personal finance?

You’d imagine every one of them spewing cliched and too-good-to-be-true advice using big and complicated terms that might as well be another language to you. This is exactly why some of you choose to steer clear of the finance section.

But hey, how are you going to train your financial brain if you don’t read? Would you believe us if we say there are finance books that actually make personal finance fun?

Well, we’ve made it easy for you. Here are some books that will not only teach you a thing or two about finance – it will entertain you while it does!

The Wealthy Barber – David Chilton

One of the biggest-selling financial planning books ever, fans of novels are sure to gobble up *
The Wealthy Barber
*. Told through the eyes of a fictional barber named Roy, this funny read provides a simple and understandable guide on saving, investing and basically making the most out of the money you make.

The advice in this book is excellent and backed by clear examples to explain personal finance in the best way possible.

The Richest Man in Babylon – George Clason

*
The Richest Man in Babylon
* is another book that would appeal to fiction readers. What started as a series of pamphlets from banks and other financial institutions in 1926 was collected and compiled into a book, but it remains relevant until today.

It offers personal finance wisdom in the form of short stories set in
ancient Babylon (modern day Iraq)
. Each story is easy to follow and provides specific lessons on how to make your money work for you in topics such as household budgeting, money management, business finance and more.

I Will Teach You to be Rich – Ramit Sethi

Ramit Sethi’s
book is a personal finance wonder book
. This book has high praises as one of the best finance books out there for the younger generation.

The simple and breezy writing style breaks down complicated financial topics into flexible and doable tips to improve one’s financial situation. It lays out a serious six-week personal finance program that will completely leave readers in control of their money with the least amount of effort.

With chapters such as ‘Beat the Banks’ and ‘Save while Sleeping’ comes suggestions as to how to save for the future, automate your finances and find new ways to increase your cash flow by doing side jobs or passion projects.

Read this wonderful book and you are sure to heed Sethi’s wise yet easy financial advise.

You’re So Money: Live Rich, Even When You’re Not – Farnoosh Torabi

Sounds like a book for living financially irresponsibly, huh? However, think again.

For some, just the snazzy title is enough to make you want to read this but for some who needed a little more convincing,
Farnoosh Torabi’s witty finance book
 is as realistic as they come.

Written based on her own understanding as a young woman making it in this crazy financial world, this book is suitable for those who love spending their money, even on an entry-level pay but don’t want to live under a mountain of debt.

Expect to find ways to splurge without draining your bank account dry and where to find easy places to save money and balance it all out.

The Total Money Makeover – Dave Ramsey

Being neck-deep in debt is no fun but sometimes you just don’t know where to start. Then do spend some time to read
The Total Money Makeover
. Written by a man who had made millions and lost it all just to gain it back again, Dave Ramsey really knows his stuff.

Get ready to make positive and lasting life changes that includes digging out of debt, saving for the future and increasing your cash flow. There are also helpful companion exercises and activities for you to implement in your daily lives.

Your Money or Your Life – Vicki Robin and Joe Dominguez

A classic, this book does more than just provide you with commonly heard of financial advice. It also provides insight on the psychology of money, the way people deal with money and the way it plays into your goals and dreams.

Those who have read this regard it as a life-changer and an excellent reminder of one’s ultimate goal – to be financially independent and happy with the way you spend and manage money.

In times of financial distress, the least we can do is equip ourselves with the necessary knowledge on finance and the best way to do that is by reading.

While heavy reading might not be your thing, there are all kinds of finance literature to suit every reading palate.

Happy reading!

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You Can Now Shop At Sunway Pyramid’s New Online Store

Malaysians in the Klang Valley can now shop from Sunway Pyramid from the comfort of their own homes following the launch of its online store. The platform is the result of a partnership with local delivery service provider, MatDespatch, and is meant to provide a safer shopping experience for customers for this Hari Raya as well as to aid small local businesses.

You can browse through more than 100 brands from various categories on the platform, such as beauty, fashion, home décor, healthcare, footwear, food and beverage, and digital lifestyle. Brands available include Armani Exchange, Gintell, Brooks, and Barry Smith.

According to the chief operating officer of Sunway Malls, Kevin Tan, the
sunwaypyramid.com
 online platform is the group’s latest effort at going digital. With this, customers can shop more conveniently, whereas retailers are also able to boost their businesses.

“The past two months have definitely been a challenging period for us all, and we wanted to give our retailers the opportunity to reach their customers within a few clicks,” said Tan, referring to the movement control order (MCO) and conditional movement order control (CMCO) period. He further added that not all retailers have the capability to establish an online presence and hoped that the platform will help strengthen their business operations for greater survivability post-MCO.

The mall is also running some promotions to kick off the launch of the online platform. For instance, you can get exclusive cash vouchers and a set of eco-friendly metal straws when you spend a minimum of RM200 via the online platform. You can also earn two times Pals points with every purchase that you make on the online store, although this is capped at RM10 at one transaction per day.

Additionally, the online store will be hosting a 72-hour flash sale between 29 May to 1 June 2020, so mark your calendars! Don’t forget to tap into the perks of your
credit cards
 when you’re online shopping too.

Sunway Pyramid is not the only mall in Malaysia to have set up an online store. 1 Utama was the first mall in the country to spearhead such a move, officially launching its
online platform, ONESHOP,
 in January 2019, before launching its 1Pay e-wallet in September 2019.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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PNB Announces Total Income Distribution Of RM1.55 Billion For Five Funds

(Image: Bernama)

Permodalan Nasional Berhad (PNB) has announced a total income distribution payout of RM1.55 billion for five of its Amanah Saham Nasional Berhad (ASNB) funds, for the financial year ending 31 March 2021.

The five funds include two fixed price funds, Amanah Saham Bumiputera 2 (ASB 2) and Amanah Saham Malaysia (ASM) – and three variable price funds, ASN Equity 3, ASN Imbang 2, and ASN Sara 1.

PNB declared a dividend of 4.25% for ASB 2, translating into a total income distribution payout of RM488.2 million. This benefits a total of 459,416 unit holders who currently hold 11.5 billion units. For ASM, a total income distribution payout of RM851.2 million or 4.0% dividend was declared, benefitting 559,222 unit holders currently holding 21.3 billion units.

Amanah Saham Nasional Berhad (ASNB) mengumumkan pengagihan pendapatan untuk dua dana harga tetap iaitu Amanah Saham Bumiputera 2 (ASB 2) dan Amanah Saham Malaysia (ASM) bagi tahun kewangan berakhir 31 Mac 2021.

Kenyataan Akhbar:
https://t.co/Ps9Vm9N3m5

pic.twitter.com/ElRM55rH3o

— ASNB (@ASNBmy_official)
March 29, 2021

“As of March 25, 2021, ASB 2 recorded a net realised income of RM499 million, while ASM recorded a net realised income of RM727.6 million,” said PNB. “The performance of ASB 2 and ASM is benchmarked against the 1.95% return of Maybank’s 12-month fixed deposit.”

Meanwhile, PNB said ASN Equity 3, ASN Imbang 2, and ASN Sara 1 registered double-digit total returns of 18.7%, 17%, and 10.8% respectively. This was driven largely by the recovery of the equity markets from the lows in the year 2020. “These returns are benchmarked against the FTSE Bursa Malaysia Top 100 Index (FBM 100) and Maybank’s 12-month fixed deposit, at a ratio customised to each fund,” PNB said.

Amanah Saham Nasional Berhad (ASNB) mengumumkan pengagihan pendapatan untuk tiga dana harga berubah iaitu ASN Equity 3, ASN Imbang 2 dan ASN Sara 1 bagi tahun kewangan berakhir 31 Mac 2021.

Kenyataan Akhbar:
https://t.co/Ps9Vm9N3m5

pic.twitter.com/edpsQ46HQH

— ASNB (@ASNBmy_official)
March 29, 2021

For ASN Equity 3, a total income distribution payout of RM76.4 million was declared, which is equivalent to 3.53 sen per unit to 86,306 unit holders with 2.2 billion units. Meanwhile, ASN Imbang 2 declared a total income distribution payout of RM45.4 million, which is equivalent to 3.11 sen per unit to 85,147 unit holders with 1.5 billion units, and ASN Sara 1 declared a total income distribution payout of RM91.8 million, which is equivalent to 3.52 sen per unit to 85,776 unit holders with 2.6 billion units.

“These represent a dividend yield of 3.15%-3.95%t for each fund, based on its respective net asset value (NAV) as of March 25, 2021,” said PNB. “The income distributions declared by these funds are derived from the funds’ realised gains, dividends and other income. Income from international investment grew significantly with contributions of 40% to 52% to each respective fund for the financial year to date, reflecting the positive impact of the diversification initiatives undertaken by these funds.”

(Source:
The Edge Markets
)

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Public Islamic Bank Relaunches Gold Credit Cards, Offers 2% Cashback For Groceries And Online Spend

In addition to its
newly relaunched Platinum credit cards
, Public Islamic Bank has also revamped its Gold credit cards – the Public Islamic Bank Visa Gold Credit Card-i and Public Islamic Bank MasterCard Gold Credit Card-i. Cardholders now get 2% cashback on online transactions using the Visa Gold, and 2% cashback on grocery spend using the Mastercard Gold.

Previously, both the Public Islamic Bank Gold credit cards offered the same benefit: unlimited 0.1% cashback on retail purchases made locally and overseas. Now, the cashback is capped at RM30 per month, allowing you to earn cashback on up to RM1,500 worth of expenditure for the month. You can see the changes outlined more clearly in the tables below.

Public Islamic Bank Visa Gold Credit Card-i

Previous benefits

Current benefits

Cashback

0.1% cashback on retail purchases locally and overseas

2% cashback on online transactions

Monthly cap

Unlimited

RM30

Public Islamic Bank Mastercard Gold Credit Card-i

Previous benefits

Current benefits

Cashback benefit

0.1% cashback on retail purchases locally and overseas

2% cashback on grocery spend

Cap

Unlimited

RM30

In addition to being a fully Shariah compliant credit card, the Public Bank Islamic Bank Gold cards also come with a charity feature. 0.1% of your total dining transactions will be automatically donated to Yayasan Waqaf every month, capped at RM100 in total donations.

Public Islamic Bank Visa Gold credit cardholders can also benefit from a 0% Flexipay Plan, where you can convert purchases that are more than RM1,000 into 6-month instalments with 0% management fees. Meanwhile, Public Islamic Bank Mastercard Gold cardholders are entitled to a 0% Balance Transfer benefit, where you can convert outstanding balances of above RM1,000 from other banks into 6-month instalments at zero management fees.

The minimum income requirement for the Gold cards remain accessible at RM24,000 per annum (RM2,000 per month). The annual fees can be considered quite high at RM150 a month for an entry-level card, but the fee for the first year is waived and it will be subsequently waived if you swipe a minimum of 12 times in a year.

The main strengths of the Public Islamic Bank Gold cards are the entry-level requirements and uncomplicated cashback benefits. If you earn a higher income, the
revamped Public Islamic Bank Platinum cards
 also offer cashback on groceries and online transactions – but at a higher rate of 4% and an additional category of overseas and departmental store spend. The minimum income requirement for the Public Islamic Bank Platinum cards is RM40,000 per year. Alternatively, you could look into the ever-popular
Public Bank Quantum cards
 – which offer
5% cashback on online and contactless spend
 at an annual income requirement of RM36,000.

(Source:
Public Bank
)

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Shopee Launches Shopee24 Express Delivery Service That Guarantees Next-Day Delivery

Shopee has launched Shopee24, an express delivery service for orders within Klang Valley that will go live as part of the 7.7 Orange Madness sales on the e-commerce platform.

Shopee24 guarantees next-day delivery for orders that are made by 2pm on weekdays to addresses within the Klang Valley – it is not available on weekends and public holidays. If delivery takes more than 24 hours, customers will get a free shipping voucher that can be used for their next order.

Also, the service is only available for items that have the Shopee24 tag. At launch, this will cover a large range of brands including Nescafe, Dutch Lady, Drypers, Dove, Dettol, Khind, Philips, and more.

“We believe that our ability to now offer express delivery without charging premium prices and cover a huge product assortment will not only change the way Malaysians shop online but also impact their lives positively with greater convenience,” said Ian Ho, the Regional Managing Director of Shopee.

(Image:
ering
)

Shopee24 will kick off from 24 June, which is the start of Shopee’s 7.7 Orange Madness sales campaign. Running from 24 June to 7 July, shopaholics can look forward to two weeks of great deals, RM7 million worth of vouchers to be given away, and daily Shocking Sales that offer a huge range of items for RM0.77.

Get the Shopee app from the
App Store
 or
Google Play
.

(Source:
Soyacincau
)

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Federal Ministries Now Accept E-Wallet Payments For Their Services

(Image: Bernama)

The public will now be able to use e-wallets to pay for the services offered by federal ministries and their departments.

Revealed in a Treasury circular dated 21 January 2022, the notice stated that e-wallet payments will be accepted for both over-the-counter and online transactions (via mobile app or website) at all federal ministries and departments. Additionally, the government will be required to bear the service charges, except for transactions carried out with the Inland Revenue Board (LHDN) and the Customs, as well as non-revenue receipts such as loan repayments. The service charges for these exceptions will be charged to the payer instead.

The circular further stated that e-wallet service providers are only allowed to collect up to 0.5% of the transaction value as its service charge, and no other charges can be imposed. Also, only service providers that have been approved by Bank Negara Malaysia (BNM) can be engaged by the ministries and their departments to provide e-wallet payment services. Meanwhile, federal statutory bodies and state governments are exempted from taking part in this latest development.

(Image: The Sun Daily)

In response to this update, several consumer associations have applauded the government’s effort to offer convenience to the public. However, they also requested for options to be provided for individuals who prefer to make cash payments. The chief executive officer of the Federation of Malaysian Consumers Associations (FOMCA), Saravanan Thambirajah, for instance, said that e-wallet payments are starting to become the norm, with many people appreciating its convenience.

The president of the Malaysia Consumers Movement (MCM), Darshan Singh Dhillon, on the other hand, emphasised that the government must ensure that the personal data of users is carefully safeguarded. Furthermore, the government or other relevant parties must strive to resolve all transaction complaints – such as refunds or illegal transactions – swiftly, he said.

(Sources:
Treasury Circular
,
Free Malaysia Today
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Zumaidi

    1 year ago

50 sen per transaction or 0.5%?

0.5% is very high.

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Maxis Provides 30 Business Solutions For SMEs Under The SME Digitalisation Grant

Maxis has revealed that it will be providing 30 different types of connectivity and digital solutions for SMEs under the SME Digitalisation Grant initiative. This comes after the telecommunications provider was appointed by the Malaysia Digital Economy Corporation (MDEC) as one of the technology solutions providers under the grant in June 2020.

According to Maxis, it will offer a wide range of services for various business needs, including digital marketing, electronic point-of-sale, remote working, and e-commerce solutions. It also clarified that two categories of solutions will be eligible for subsidy under the grant:

Solutions-Only (50% subsidy of up to RM5,000)

Connectivity and solutions bundle (30% subsidy of up to RM3,000)

Maxis further said that SMEs will benefit from having a single Maxis touchpoint for a complete digital onboarding experience, as well as access to a dedicated SME Help Squad to help them find the right solutions for their businesses. The SME Help Squad is one of various efforts carried out independently by Maxis to aid local SMEs in their digitalisation journey. It consists of 100 personnel from Maxis to provide answers and advice to businesses looking to adopt digital solutions.

In addition to that, Maxis revealed that it has also partnered with Bank Simpanan Nasional (BSN) to provide its SME customers with a simpler as well as more convenient and efficient application process for the grant.

“We are encouraged by the government’s ambition to support SMEs in the country, and the SME Grant will certainly help kickstart and accelerate the growth of businesses which is critical for the economy. We are pleased to be working alongside MDEC and BSN to help facilitate and quicken this process through digital onboarding, single touchpoint, and access to the widest range of cost-effective digital solutions. SMEs around the country are no doubt anxious to get their business back into full swing and we are ready to help them,” said the chief enterprise business officer of Maxis, Paul McManus.

To clarify, the SME Digitalisation Grant is an initiative by the government to encourage SMEs to digitalise their businesses. Introduced during Budget 2020 and highlighted in the
PENJANA economic recovery plan
, the grant will see the government providing eligible companies with a matching grant of up to 50% (capped at RM5,000) when they subscribe to digital services from approved technology solution providers. A total of RM500 million has been allocated for the initiative over a five-year period, and it is expected to benefit 100,000 SMEs.

To find out more about the
solutions offered by Maxis via the SME Digitalisation Grant
, head on over to its website. Alternatively, you can contact Maxis at 1919 or 1800-82-1919 for more information.

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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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UOB Campaign Offers Cashback Prizes Of Up To RM10,000 For Debit, Credit Cardholders

UOB is currently running its Malaysia Mid Year campaign, which allows its debit and credit cardmembers a chance to win weekly and monthly cashback prizes, in addition to three top prizes of up to RM10,000 cashback. Ongoing until 22 August 2022, cardholders who wish to join will need to register their participation and earn entries by spending RM100 via their cards during the campaign period.

Specifically, the prizes that are on offer include the following:

Category
Cashback prizes
Total winners throughout campaign period
Grand Prize
RM10,000
5
Second Prize
RM5,000
15
Third Prize
RM3,000
20
Monthly
RM500 (20 winners per month)
60
Weekly
RM100 (10 winners per week)
130

In addition to these, there is actually also a special prize for top spenders on Visa cards (based on highest cumulative transaction amount), in the form of a return trip to the FIFA World Cup (2022) in Qatar. Two winners will be chosen for this particular prize.

To stand a chance of winning the above prizes, you’ll need to earn entries to participate in the campaign. Eligible cardholders can earn a specified number of entries for every RM100 that they spend on their cards for different transactions, as detailed in the following table:

Spend category
Details
Entries earned
Retail spend
Any eligible spend made at any retail outlets in Malaysia
1
Online spend
Any eligible spend made online
3
Contactless payment
Any eligible spend made with Visa PayWave and/or Mastercard Contactless
3
Recurring payment/Card-on-file
Any eligible spend made via Visa and/or Mastercard
3
Overseas spend/Online spend made in foreign currency
Any eligible spend made in foreign currencies (transaction amount to be converted to MYR)
5
Instalment payment plan (IPP)
Minimum IPP amount of RM500
5
New UOB Mastercard/Visa credit card application (principal and supplementary cards)
Any UOB credit card applied, approved, and activated during the campaign period – with one eligible spend
10 (+ entries for the eligible spend)
Bonus entries
Every cumulative eligible spend of RM5,000 (or equivalent in foreign currency) per campaign month
10

Note that eligible expenses for this campaign include online and offline retail purchases. Transactions such as balance transfers, easy payment plans, as well as cash advances are excluded.

(Image: Bernama)

Upon earning your entries, UOB will then randomly select its cashback winners using an automated selection system. Meanwhile, those shortlisted to win the grand, second, and third prize will need to go through an extra hurdle; the bank will contact these individuals via SMS within 12 weeks after the end of the campaign period, after which they will be required to answer one question correctly. A similar procedure also applies to those who are shortlisted to win the special prize for top spenders on Visa cards.

If you do win cashback rewards via this campaign, it will be credited into your account within 16 weeks after the end of the campaign. Similarly, winners of the special Visa top spender prize will also receive their rewards within the same time period – but via delivery.

Do note that each cardmember is only allowed to win a maximum of two prizes throughout the whole campaign period. UOB also clarified that it has allocated a total of RM228,000 as cashback rewards for this campaign.

To join UOB’s Malaysia Mid Year campaign, go ahead and register your participation by sending an SMS (“
U3
“) to 66300. Alternatively, you can do so online via the
campaign’s landing page
. You’ll receive an acknowledgement message if your registration is successful, after which you can go ahead and begin earning your entries.

(Source:
UOB
)

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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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Lazada Rolls Out New Cashless Payment Option, Dubbed DuitNow QR Payment On Delivery

E-commerce platform Lazada has upgraded its payment options by adding another cashless alternative, dubbed the DuitNow QR payment on delivery option. It is intended to help people practise social distancing and minimise personal contact more effectively, as well as offer a better peace of mind and sense of security when purchasing online.

Essentially, the DuitNow QR payment on delivery option is an enhancement of the existing cash-on-delivery (COD) payment method, which lets you pay for your purchases with cash when they are delivered to you. With the new payment option, you can now do so by scanning the DuitNow QR code upon receiving your deliveries instead.

Customers will be able to pay via any digital payment providers that support DuitNow QR; as of January 2021, the DuitNow QR ecosystem has
a total of 26 participants
, with another 15 more banks and e-wallets expected to join. Once the payment goes through, your order status in the Lazada app will be updated to reflect the update.

Do note, however, that this new payment method is currently available only for selected products that are delivered by Lazada Express (LEX). To find out whether you can tap into it for a particular product, go ahead and check under the “Delivery” section in the product page. Look for “Delivery Options”, and see if the COD option has been enabled. If it has, make sure to set it as your payment method when placing your order at the checkout page!

Once that’s done, all you need to do is wait for the delivery of your purchases, and then pay using the DuitNow QR code that is provided by the delivery courier.

According to the head of user growth for Lazada Malaysia, Rick Ting, Lazada’s move to introduce this new payment method is spurred by customers who remain insecure despite the rising trend of online shopping. “For those who are still new or uncertain about online shopping, having the choice of paying once orders arrive at your doorstep helps to give a sense of reassurance,” he said.

Ting also commented that enabling the DuitNow QR payment on delivery option will further reinforce consumer trust in digital transactions, enhance consumer safety, and help increase the adoption of digital commerce.

As an introductory offer to celebrate the launch of this new payment option, Lazada is now offering a one-time discount of RM5 (minimum spend RM30) when you make your first DuitNow QR payment using the Scan & Pay feature in the MAE by Maybank2u (MAE) app. You will need to key in a promo code (“
LAZCOD5
”) to tap into this offer. To find out more about
Lazada’s DuitNow QR payment on delivery option
, head on over to the e-commerce platform’s website.

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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

    2 years ago

Very good!

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Crabtree & Evelyn Discounts From UOB Credit Cards

To celebrate the grand opening of the
new Crabtree & Evelyn outlet
 in AEON Ipoh Station 18, UOB is offering its credit cardmembers a 15% storewide discount and a complimentary 50g Citron Hand Therapy thrown in with every purchase of RM50 and above made in a single receipt.

The discount is valid from 25 April to 31 May 2013 and is only applicable to the Crabtree & Evelyn outlet in AEON Ipoh Station 18 Shopping Center. Complimentary Hand Therapy gifts are available from 25 April to 8 May 2013 or while stocks last. This promotion is not valid with other existing promotions or discounts. Please refer to the
Terms & Conditions
 for more details.

Ever thought of getting a UOB credit card? There’s one out there that’s just right for you at
RinggitPlus.com

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Brendon Lee

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Valentine’s Day: Cost of Going for a Movie

No matter if it’s that awkward first date or if you’re celebrating 5 years together, there’s nothing more foolproof than dinner and a movie on Valentine’s Day. Though you’ve already splurged on
that

fantastic

3
 course
meal
; everyone knows that the way to a girl’s heart is not through the stomach, but with tear jerking chick flicks. So dinner, no matter how posh, is best washed down with a good cry along the lines of “I’ll never let go Jack,” or something more recent.

So how much more is your exchequer going to be damaged in order to pay for two movie tickets?

Let’s compare all major cinema operators in Malaysia.

1. Golden Screen Cinemas (GSC)

GSC
 has taken lengthy strides to provide an excellent cinematic experience with its Gold Class, Signature and IMAX cinema halls. Some halls are equipped with “twin seats”, ideal for couples, priced at RM12 per seat (this varies from cinema to cinema), or up to RM20 for 3D. If you are willing to go the distance to impress your date, you might want to upgrade your seats to Gold Class at RM60 a seat. If you are a GSC-Hong Leong credit card member, enjoy the privilege of big discounts on tickets and at GSC F&B outlets.

They are also currently running a Valentine’s Day Promotion. Limited to selected movies, all you have to do is submit a photo of your ticket stubs, screenshot of self-print tickets or mobile app purchase to GSC together with details to receive a free e-voucher.

2. TGV Cinemas

TGV Cinemas
 is also one of the more impressive cinema chains in Malaysia. Pricing matches that of GSC with normal seats priced at RM10 (twin seats are RM12), but will cost you RM20 for a seat to watch the same movie in 3D. For a more exclusive touch, at only RM18, the
TGV Luxe
 has a tiered seating especially for viewers who like to be pampered during their movie moment.

That’s not all – for an even comfier and intimate experience, the
Beanie halls
 would just be the thing if you’re in the mood for cuddles. Found in select TGV Cinemas, these halls trade in seats for beanbags for ultimate leisure priced at RM46 a beanbag. There is also a Valentine’s Day offering by TGV, where a surprise awaits you (we don’t know what it is either!) when you buy tickets for 2 selected movies on the 14th of February.

Also have you heard of
their Popcorn Royale sets
? For the uninitiated, its Milo infused caramel popcorn, which is truly a Malaysian touch to what is usually seen as a western import.

3. MBO Cinemas

MBO
 is a relative newcomer to the cinema scene, but it already boasts to being the 2nd largest cinema operator in Malaysia. Seats are slightly higher priced at RM14 and RM30 for a pair of couple seats for a regular 2D movie experience.

If you own an RHB EVO credit card, you will redeem a complimentary movie ticket and 20% cash back for purchasing a single ticket at MBO. The only downside is that these promotions are only available on weekends – It might not be ideal, but consider splitting up your date into two days? It might draw a curious look on your date’s face, but it’s all in the name of saving money!

Unfortunately, MBO doesn’t seem to have any Valentine’s Day promotions this year.

4. Cathay Cinemas

There are currently only two
Cathay Cinema
 outlets in Malaysia, located in eCurve Damansara and JB City Square. Normal and couple seats are priced at RM14 per seat, not the cheapest rate in town. Premium seats at RM40 may sound costly, but get this; you will get to enjoy their exclusive lounge and bar areas, complete with fine suede seats – making you wonder if you’re the actual star of the movie.

Cathay Cinemas also deliver on the promotions front – They will be handing out Playboy perfume packs for any purchase of 2 movie tickets, starting on the 14th of February. On the food and beverage end, you will be getting a free “Love Ball”, a heart shaped plush toy, for every purchase of their Valentine’s combo pack.

Summary

Cinema

Standard seat

Standard seat (3D)

Couple seats

Premium Hall

Student Price

GSC

RM10

RM20

RM12 / seat

RM16

RM6

TGV

RM10

RM20

RM12 / seat

RM18

n/a

MBO

RM14

n/a

RM15 / seat

n/a

n/a

Cathay

RM14

RM17

RM14 / seat

RM40

RM7

Disclaimer: Prices are representative average within Klang Valley. Prices may vary, depending outlet, movie, and show time.

But really, it all comes down to the overall chemistry between two people – will your date be a smash hit, or another blockbuster letdown?

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5 Common Misconceptions About Your Credit Report

As we’ve mentioned quite often in our articles, your credit report is one of the most important indicators of financial health. Managing your debt well and being a good paymaster goes hand in hand after all.

However, just like many other financial matters we hear about more often than we deal with, there can be plenty of misconceptions, hearsay, and straight up myths about credit reporting.

To shed some light on this topic, we thought it would be good to debunk some common, persistent misconceptions about your credit report.

1. Having a Record on Your Credit Report Is a Bad Thing

We understand why this is one of the more popular beliefs out there, but it is a mistaken one. To gain a better understanding on what shows up as ‘good’ or ‘bad’ in your report, it’s important to first know what information your credit report contains.

The full MyCTOS Score report will contain the following information and more: identity verification particulars, directorship, and business interests, litigation and legal information, banking payment history (CCRIS summary, details and derivatives), dishonoured cheques, address records, and trade reference details. So, as an example, if an individual is being sued, this information would show up in the credit report but for a person who has no legal proceeding against him or her, this section of the credit report would be ‘clean’.

In fact, many records on your credit report can work in your favour (such as your credit card repayment pattern), as these show that you have a credit history and have been approved by banks or lenders for credit facilities. By ensuring good and responsible payment behavior, records on your credit report can continue to benefit you by proving you’re a good paymaster.

2. Settling an Old Debt Immediately Removes the Record from Your Report

Paying off your old debts can improve your credit health significantly. However, that doesn’t mean that the old record of it will be erased immediately. Bank Negara Malaysia’s (BNM) CCRIS records maintain 12 months of payment history to see your repayment behavior trend.

For instance, if you’ve missed a few consecutive credit card repayments, these will show up in your credit report, flagged in red. However, if you start settling the monthly payments for the same credit card on time every month, the missed payment records will gradually clear out of the report.

Generally, it takes a minimum of 6 months of consistent repayment behavior for your credit score (and therefore, credit standing) to improve. If you can show that your credit behavior has changed for the better, banks and lenders are more likely to approve your loan applications or extend credit to you.

3. Nothing Can Be Done About a Bad Credit Report and Low Credit Score

A low credit score is not a permanent situation. If you think you may not have good credit, the first thing you should do is obtain your full credit report with your credit score, such as the MyCTOS Score report. Doing this will give you a clear idea of how your creditworthiness stands.

What you should do next is take corrective action and start fixing your credit health. Start by settling any missed payments from the past, then maintaining good payment behavior by paying your credit obligations on time consistently. Only apply for the amount of credit that you really need and can afford to repay comfortably on a monthly basis, without having to struggle to make ends meet. Doing this steadily will improve your credit score and credit report over time.

4. Credit Reporting Agencies Can “Blacklist” You

Credit Reporting Agencies (CRAs) are regulated by the government and do not blacklist anyone. As a registered CRA, CTOS merely collect and compile data available from legitimate public sources, such as newspapers (legal proceedings, bankruptcy notices and litigation records) and authorised government agencies. Banks and lenders use the information in credit reports as a guide to determine a customer’s creditworthiness.

Banks and lenders have their own set of internal policies when it comes to making decisions about extending credit and loan approval. An application rejected by one may be acceptable to another, depending on the risk appetite of the bank or lender.

5. It’s Expensive and Cumbersome to Get Your Credit Report

Obtaining your credit report is more easy and affordable than you may think. The price you pay to get your full credit report with credit score is a small one, especially once you factor in the hassle, time, hidden costs and effort you save in trying to collect the same amount of information from various different sources.

The most convenient way to get your full MyCTOS Score report is to
visit the CTOS website
 and sign up for a CTOS User ID online (or via their mobile app). If you aren’t familiar with CTOS, it’s a credit reporting agency that helps to compile and provide credit information in Malaysia. It offers the MyCTOS Score report – a comprehensive credit report that can help you understand your credit health better and help identify the areas you need to work on to improve your creditworthiness.

A MyCTOS Score report contains your personal details, CCRIS records, directorships, legal action records, the number of times you’ve been searched, as well as your CTOS Score – a credit score that ranges between 300 (lowest) and 850 (highest).

You can find out more about MyCTOS Score report and sign up for your CTOS User ID at
ctoscredit.com.my
. Have you gotten your MyCTOS Score report before? Did it help you understand your credit health better? Share your thoughts and experience with us in the comment section below!

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Record Year For Private Retirement Schemes In 2018

The Private Pension Administrator Malaysia (PPA) announced that 2018 was a record year for Private Retirement Schemes (PRS), both in number of PRS members as well as PRS contributions compared to previous years. The total number of PRS members grew 38% while net asset value (NAV) for PRS funds rose 20% to end last year with RM2.66 billion.

PPA CEO Husaini Hussin said that more people are aware of the PRS long-term savings scheme and are less worried about the short-term market volatility. Young adults are starting to take retirement planning more seriously, as statistics of PRS members showed that 40% of members are aged 30 and below. That said, this could be due to the
previous PRS youth incentive
 programme for youths signing up for the first time being eligible for a RM1,000 incentive when they contribute a minimum of RM1,000 to a PRS.

In a bid to make PRS contributions easier and hassle-free, PPA launched PRS Online Enrollment in 2018 to allow users to sign up and save online via
PPA.my
. PRS members could make contributions to their PRS funds through the online portal using PRS Online Top Up. And of course, members can also review and monitor their PRS portfolio anytime through the
myPPA app
.

PPA will be introducing more services and digital initiatives to provide PRS members with a simpler, convenient, and secure platform to automate their savings by setting aside monthly sums for their retirement. It will also be reaching out to the younger crowd through social media, community programmes, and collaborate with public and private universities across Malaysia to help enhance financial literacy among students.

Read more about PRS
 in our previous article here.

(Source:
The Sun Daily
)

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Olivia Song

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3 Reasons to Put a Higher Home Down Payment

Skyrocketing house prices
 don’t encourage the idea of a larger down payment for your new home, but doing just that can save you a tonne in the long run.

Be it apartment or landed property, a vast majority of home buyers opt for the bare minimum, the fixed 10% – and to be quite frank, not many have the privilege of pumping in extra toward ownership.

In the event that a sudden windfall graces you or you simply have extra cash stashed away, we reveal why a larger down payment may help you cut cost, help medicate unnecessary worry and take you a couple of steps closer to owning your own place before you can say “vacant possession”.

1) Easier Loan Approval

Any lender would find comfort in dispensing a sum to its borrower if confidence is assured – and a fatter down payment for your home would yield a less scrutinising processing period.

A large down payment is a strong indication that the borrower has a scrupulous and disciplined ability to save or simply has the income and means to afford a home. It also shows creditworthiness and you are more than likely to be a poster boy of a borrower that is less likely to default on mortgage payment.

Pumping a larger amount than the minimum 10% also puts you right on top of the priority list should it be hot property that you are after, and allow you to book ahead of everyone else.

A higher down payment reassures lenders that you possess the means and is a way to quickly sign, seal and deliver the keys to your home.

*Note: The above is definitely a good possibility but isn’t assured. It will still depend on your previous payment records in other loans you took and other borrowing requirements such as salary and service industry.

2) Save on Interest Charges

Effectively, a higher down payment for your new home would save a tonne in interest charges which added up, can be quite shocking. Saving on interest charges throughout the span of a home loan tenure is illustrated in two scenarios below:

Details

Scenario A

Scenario B

Home Value

RM500,000

RM500,000

Down Payment

RM50,000 (minimum of 10%)

RM70,000 (more than 10% minimum)

Loan Amount (25 years)

RM450,000

RM430,000

Monthly Payment

RM2501.25

RM2390.08

Total Tenure Payment

RM750,375

RM717,024

Assuming the interest rate charged on the loan per annum is 4.50% for the span of both tenures and have no payments defaults or fines, the results above show that an extra of RM20,000 channeled into the home’s down payment in Scenario B would eventually yield RM13,351 in interest savings just because your loan was RM20,000 lower than in Scenario A.

You’ll note that over the time of your loan you would have repaid nearly 2x the original sum thanks to interest charges. Anything to reduce that sum will certainly help!

Evidently, a larger down payment not only saves you in total repayment interest charges but cuts down monthly payment also – which could well be channeled into other forms of commitments.

If you’re having trouble figuring out the repayment process and interest costs of your desired home, use our
home loan calculator
 to help you make sense of the digits.

3) Lesser Risk When Selling

In the world of real estate, prices seem to adopt a steady rise in nature – however, these prices are capable of floating and maybe even dropping in the event of a recession. Worse, your house could retain purchase price but find no buyer during a property bubble where prices are too high out of reach for the regular worker.

Taking out a smaller loan means being able to sell lower than your ‘competitors’ and if you are purchasing for rental yield – you will be able to ask a lower rental price to cover your monthly repayments.

Irrespective of reason, a larger down payment upon purchase would give you more negotiation room whether you intend to sell or rent out your house.

A recession is capable of bringing your home’s value down
, and it is important to have a mortgage balance that is lower than that of the prevailing value of the home.

To Each His Own

Unfortunately, putting large down payments is a luxury not many have – but its benefits surely beg for attention should one have excess cash to spare.

It is also true that one may instead use this extra cash for personal investments, unit trusts, or even
fixed deposits
 – but one things for sure, it’ll surely take you a whole lot closer to calling yourself the lawful owner of the place you call home.

Whichever you choose, ensure you’ve thought the process through and that it is best for you.

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Austin Victor

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    Mike Souza

    1 year ago

Good tips of advice.

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Up For Grabs – Apple Watch Series 8, RM1000 Touch ‘n Go eWallet Credit, Samsung Galaxy Watch 4 & More

Want to take home some exciting prizes? This week’s Unbox The Week is filled with amazing prizes to look forward to, including several opportunities to win the trendiest smartwatches in the market today!

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 6 March to 13 March, our featured bank partners are

none other than
Citibank, HSBC Bank, Alliance Bank, Public Bank, RHB and Standard Chartered
. 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!

Citibank – Apple Watch Series 8

Stand a chance to bring home an Apple Watch Series 8 when you apply for a Citibank credit card this week.

With all-day 18-hour battery life, Apple Watch Series 8 has health and safety features like the ECG app and fall detection monitoring, as well as temperature-sensing capabilities, and an ovulation estimate feature. The stylish Apple Watch 8 also includes a large, Always-On Retina display with a strong crack-resistant front crystal watch face.

You’ll still be able to take home a pair of Apple AirPods (2nd Generation) if you don’t win the Apple Watch Series 8!

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
.

HSBC Bank – RM1000 Touch ‘n Go eWallet Credit

An extra RM1000? Yes, you heard right! Get a guaranteed RM1000 TNG eWallet Credit when you apply, activate, and spend with a HSBC Credit Card. Spend it on your friends and families, pay for utilities, or save it for a rainy day – there’s just so many options to choose from.

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
.

Public Bank – Samsung Galaxy Buds Live

Music lovers, this is for you! Stand a chance to win the Samsung Galaxy Buds Live this week when you apply, get approved and spend with a Public Bank Credit Card.

Featuring Active Noise Cancellation technology, the Samsung Galaxy Buds Live will keep you immersed in what you’re listening to whilst blocking out environmental sounds. Have an enjoyable listening experience anywhere you go, thanks to its live and deep sound, and ergonomic design!

For those who are not selected, you will still walk away with a guaranteed Midea 2-in-1 Stick Vacuum Cleaner for all your home-cleaning needs.

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
.

Alliance Bank – Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit 2

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed Xiaomi Smart 7 Pro or Samsung Galaxy Fit 2 this week!

You’ll be guaranteed the Xiaomi Smart Band 7 Pro when you apply for an Alliance Credit Card with Balance Transfer. The stylish smartwatch offers 150+ watch faces, supports 110+ sports modes, and even lasts 12 days on a single charge. Awesome for health enthusiasts who want to keep track of their fitness at all times!

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the Samsung Galaxy Fit 2 – another stylish smartwatch with a slim design for all-day comfort. Other features include tracking stress levels and pairing with your Galaxy smartphone for convenient notifications.

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 – RM500 TNG eWallet Credit

Get a guaranteed RM500 TNG eWallet Credit in your pocket when you sign up for an RHB Credit Card this week!

With an extra RM500 in your pocket, you’ll be able to spend on your essentials, share with loved ones, or save it for a rainy day – it’s all up to you! You’ll also be able to use it for a myriad of other things such as driving through tolls or even on a simple treat for yourself.

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
.

Standard Chartered – Samsung Galaxy Watch 4

Apply and activate your Standard Chartered Credit Card and you could win a brand new Samsung Galaxy Watch 4!

The all-new Galaxy Watch 4 was designed to be the perfect companion on your journey towards a healthier you. Featuring the innovative Samsung BioActive Sensor and a lightning-fast chip, the Samsung Galaxy Watch 4 is able to capture body composition and even track blood pressure, making this one of the most capable fitness trackers in the market!

The best part? You’ll still get a guaranteed URBANLite Ledge 24″ luggage if you’re not selected.

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 13 March 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 Will Revise Privilege$aver Account Total Interest From September 2020

In line with the OPR revision in July, Standard Chartered will be revising the bonus interest rates for its Privilege$aver campaign. Specifically, the Save and Spend bonus interest rates have been reduced by 0.5% p.a. each, which means that the maximum total interest that account holders can earn is 4.6% p.a.

The revision will start from 1 September 2020. Aside from the revision to the Save and Spend requirements, there are no changes to the base interest rate and the bonus rate for the Invest/Insure requirement. Here are how the revised rates look like in comparison to the previous rates:

Category

Requirement

Previous Interest Rate

New Interest Rate

Base interest

–

0.1% p.a.

0.1% p.a.

Save

Single deposit of minimum RM3,000 in fresh funds

2.0% p.a.

1.5% p.a.

Spend

Spend a minimum of RM1,000 on Standard Chartered credit cards

1.5% p.a.

1.0% p.a.

Invest/Insure

Invest minimum RM1,000 on regular monthly investments or insurance/takaful

2.0% p.a.

2.0% p.a.

Total

5.60% p.a.

4.6% p.a.

This is the second time that Standard Chartered is revising the rates of its Privilege$aver campaign this year, having previously
reduced the base interest rate
 from 0.5% p.a. to 0.1% p.a. in early May. With Bank Negara already reducing its OPR four times this year to the current rate of 1.75%, Standard Chartered is actually one of the last banks to revise its rates to reflect the current OPR.

Even with the dip in interest rate, the Standard Chartered Privilege$aver remains one of the
best high-interest savings accounts
 available – other popular options such as the OCBC 360 have also seen their total interest rates fall in line with current OPR rates.

(Source:
Standard Chartered
)

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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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MOF, BNM, SC To Formulate Consumer Credit Regulation Framework By This Year

(Image: Bernama)

The Ministry of Finance (MOF) has reiterated that it is currently working with Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) to formulate a legal framework that will regulate all consumer credit activities by this year. Set to be implemented with the enactment of the Consumer Credit Act (CCA), it will also provide regulations for updated payment methods such as buy-now-pay-later (BNPL) schemes.

According to Deputy Finance Minister II, Yamani Hafez Musa, the three entities are already engaging and spearheading collaborations with relevant agencies to work on the framework.

“With the CCA, all credit and BNPL providers will be subject to relevant regulations that also encompass risk control and consumer protection, as well as the appropriate
shariah
 compliance rules in performing BNPL activities,” Yamani Hafez said.

(Image: Bernama)

The deputy minister further clarified that BNPL activities are currently not regulated by any agencies; as such, all consumers who tap into these payment schemes must take special care to protect their own interests. They are advised to study the BNPL terms and conditions, and ensure that instalment payments are made in full and on time. The public must also monitor their BNPL commitments so that they do not exceed their financial capabilities.

Finally, Yamani Hafez noted that the government foresees more of such innovations to crop up in line with the digital acceleration that is taking place, and intends to ensure that these are well-regulated too.

The CCA was originally conceived as one of the strategic outcomes under BNM’s
Business Plan 2018-2020
, but it was eventually postponed to be
included under Budget 2021
. Subsequently, BNM said that it is
looking to pass the CCA in 2022
, and called for support from relevant authorities.

(Source:
The Edge Markets
)

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Yamani Hafez Musa

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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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Expert: Upgraded Software Enables Scammers To Bypass Bank Security Systems More Efficiently

(Image: Amanz)

Cybersecurity expert, Fong Choong Fook has cautioned the public that scammers now have upgraded tools that can help them to bypass banks’ security systems for online and mobile banking more effectively.

“New versions of software are now able to read one-time passwords (OTPs), and they can even delete the SMS sent by banks, leading (victims) to believe that they were not given any notification before fund transfers,” said Fong, who is also the chairman of local cybersecurity service provider LGMS Berhad. As such, he urged Malaysians to be even more diligent in avoiding any unverified mobile apps from unknown sources.

Fong further explained that the problem typically does not lie with banks’ cybersecurity infrastructure and online systems. He said that all banks are required to perform annual assessments on their systems – as mandated by Bank Negara Malaysia (BNM) – where they will run various checks to test its integrity. Based on these tests, the IT infrastructure and systems installed to identify cybersecurity risks are considered up to standard.

(Image: The Star/Muhamad Shahril Rosli)

“From a cybersecurity perspective, scammers are unable to penetrate or change the online banking system. Instead, they find ways to attack (accountholders) through mobile apps. The problem is that Malaysians download unverified apps, which often become security threats that steal information stored on mobile phones. This is the root of the problem,” Fong stated.

Given the situation, Fong said that authorities will need to organise more awareness campaigns on online banking financial scams. Additionally, he suggested that the banking industry should collaborate to stop illegal transfers to mule accounts by identifying and blocking suspicious accounts at the early stage.

Finally, Fong stressed that scammers are constantly updating and improvising their technologies. Therefore, the public must always be vigilant with regard to the apps that they download into their phones.

Aside from Fong, other experts have also raised the alarm on the speed with which fraudsters are updating their tactics to swindle unsuspecting victims. An app developer, for instance, had previously
demonstrated the dangers of downloading unverified apps
. Maybank, too, warned its customers of
malware scams
 involving malware-ridden apps that steal victims’ personal and banking details.

(Source:
The Sun Daily
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Setel Upgrades Its E-Wallet Size From RM200 To RM500 After Obtaining Its Own E-Money License

Petronas-owned Setel has increased its e-wallet size from RM200 to RM500. This comes after the petrol payment app received approval for its own e-money licence from Bank Negara Malaysia (BNM) under Setel Ventures Sdn Bhd.

Previously, Setel’s e-wallet solution was powered by
KiplePay’s white label e-wallet solution
. Due to Bank Negara Malaysia restrictions, the maximum wallet size was limited to just RM200. Now that it has its own e-money license, the larger wallet size is just one of potentially many new features that can be introduced.

This increase in wallet size will offer more convenience to Petronas customers as you can now carry a higher balance and refuel more times before needing to reload. It will also be especially useful when Setel launches its planned
“Setel For Family” feature
, which lets Setel account holders pay for their family members’ fuel expenses from the same account.

You can reload on Setel via credit or debit card as well as online banking, although you may want to use
credit cards that earn petrol cashback
 as Setel transactions are now counted as Petrol (though we have heard that Maybank still excludes Setel for cashback eligibility. Alternatively, you can also set up the auto-reload function in the app for extra convenience.

At present, you can use Setel for a
seamless payment experience
 at more than 740 Petronas stations across the country. Make sure to update your app to the latest version on
Google Play
 and
the App Store
 in order to enjoy the larger wallet.

(Source:
Setel
 (Facebook))

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Alex Cheong Pui Yin

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

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    Heileen

    3 years ago

Easier to top up more rather than need to frequently top up before this.. Very convenient!

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UOB Revises Cash Rebate Benefits For UOB ONE Classic, UOB ONE Platinum Credit Cards

UOB Bank has announced a revision to the cash rebate benefits of its UOB ONE Classic and ONE Platinum credit cards. Set to take effect from 1 August 2022, these include increasing the rate of cash rebate up to 10%, updating its rebate categories, and removing the weekday/weekend cash rebate mechanics.

Following this update, the UOB ONE Classic will offer cash rebates of up to 10% for petrol, groceries, dining, and Grab transactions (capped at RM10 per category) with a minimum monthly spend of RM500 and above. This is in addition to an unlimited 0.2% rebate for other retail purchases. Here’s the full breakdown of the new cash rebate benefit for the UOB One Classic card come 1 August:

Card
Monthly spend (less than RM500)
Monthly spend (RM500 and above)
Cash rebate cap
UOB ONE Classic
0.2% cash rebate for petrol, groceries, dining, Grab transactions
10% cash rebate for petrol, groceries, dining, Grab transactions
RM10 (per category)

0.2% cash rebate for other retail purchases
0.2% cash rebate for other retail purchases
Unlimited

Similarly, cardholders with the ONE Platinum credit card will also enjoy cash rebates of up to 10% for petrol, groceries, dining, and Grab transactions – but at a higher cap of RM15 per category. You’ll need to meet a monthly spend requirement of RM1,200 and above. The unlimited 0.2% rebate for other retail purchases also applies to this card:

Card
Monthly spend (less than RM1,200)
Monthly spend (RM1,200 and above)
Cash rebate cap
UOB ONE Platinum
0.2% cash rebate for petrol, groceries, dining, Grab transactions
10% cash rebate for petrol, groceries, dining, Grab transactions
RM15 (per category)

0.2% cash rebate for other retail purchases
0.2% cash rebate for other retail purchases
Unlimited

Prior to this, the UOB ONE Classic and ONE Platinum cards rewarded cardholders with up to 5% cash rebate for three main categories of expenses: petrol, groceries, and telecommunications (and 0.2% rebate for other retail purchases). There is no minimum spend requirement that you must meet in order to tap into the rebates. However, there
is
 one catch: the 5% cash rebate for the eligible categories is only awarded for weekend transactions; if you performed your purchases on weekdays, you’ll only get either a much lesser rebate of 1% (petrol) or 0.2% (groceries and telecommunication).

(Cash rebates for UOB ONE cards before the revision takes place on 1 August 2022.)

As you can imagine, the weekday/weekend mechanics significantly limited the convenience of the cards’ use – but with this latest development, cardholders will have more flexibility in when or how they can spend to tap into both cards’ cash rebate benefits.

Meanwhile, the other perks for the UOB ONE Classic and ONE Platinum cards remain unchanged. These include the 15% discount for dining at selected restaurants, the ability to tap into 0% interest Easi-Payment Plans (3 months) for your overseas and medical expenses, and coverage for e-commerce purchases (for UOB ONE Platinum only).

Interestingly, this update to the UOB ONE Classic and ONE Platinum cards has made both cards quite similar to the popular
Citi Cash Back credit card
. The Citi Cash Back card, too, offers up to 10% cashback on Grab transactions, groceries, dining, and petrol – in addition to an unlimited 0.2% cashback on other retail spending. Given that
UOB has recently acquired Citi’s consumer banking business in Malaysia
, it is likely that this update to the UOB ONE Classic and ONE Platinum cards is a preparation to streamline and consolidate its offerings.

(Source:
UOB
)

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RHB Launches New Three-Year Strategy TWP24 To Guide Its Growth Trajectory

(Image: The Sun Daily)

RHB Banking Group has announced a new three-year strategy, which will guide the bank on its growth trajectory and development between 2022 to 2024. Dubbed the Together We Progress 24 (TWP24) plan, it aims to help the group achieve its ambition of becoming an industry leader.

According to the bank, TWP24 will be driven by three objectives: to make RHB everyone’s primary bank, to prioritise customer experience, and to drive quality growth. The programmes that will be deployed under the plan are expected to be enabled by enhanced digital, information technology, and analytics capabilities.

In line with the objectives, several key targets – financial and non-financial – were also set for the banking group. Among others, RHB hopes to gain a return on equity of 11.5% and a cost-to-income ratio of ≤44.5% by 2024. On top of that, there are also sustainability targets, which include mobilising RM20 billion in sustainable financial services – with the aim of empowering two million people by 2026 – as well as enabling the group to become carbon neutral by 2030.

(Image: The Borneo Post)

The group managing director and group chief executive officer of RHB, Mohd Rashid Mohamad also elaborated that TWP24 is designed to leverage on the growth momentum that has been kickstarted by the previous five-year Fund Our Journey, Invest To Win and Transform The Organisation (FIT22) strategy. He noted that TWP24 spans a shorter period as compared to FIT22 because the group needs to retain its agility in adapting to the ever-changing market and operating environment, as well as customer preferences.

“So, in a way to respond to that, we felt that it’s better to do a three-year rolling long-term planning rather than our traditional five-year plan that we have done prior to this,” said Mohd Rashid, who only recently assumed his position on 1 April 2022.

Mohd Rashid further shared that the bank has recently reorganised its management bench as well as expanded the roles of certain key existing senior management members to help with the implementation of TWP24. “This will ensure greater focus in driving key growth areas, (thereby) accelerating the group’s digital journey towards transforming customer experience,” he said.

The group CEO also reassured that TWP24’s exposure to foreign investment is still relatively modest. “I think the impact will be very minimal or near to nil for the group’s TWP24. Our focus is still on ringgit. Besides, volatility can sometimes help. We also advise customers in terms of how and when is the right time to hedge their exposure in foreign currency,” he said.

Aside from launching TWP24, Mohd Rashid also revealed the group’s results for the first quarter of 2022 (1Q22). Key data that were released included the group’s net profit, which was shown to have decreased by 7.69%, from RM650.29 million in the first quarter of 2021 to RM600.27 million. Revenue, too, declined to RM2.86 billion from RM2.90 billion last year.

(Sources:
The Star
,
The Sun Daily
)

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    Raj a/l Sinnaidu

    1 year ago

Do best for the public growth, public growth consider , economy growth. Myself believe you are honestly.

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RinggitPlus #BeActive Campaign 2019 FAQ

Q: What is the RinggitPlus #BeActive Campaign?

We would like to reward applicants who apply for credit cards via RinggitPlus with our participating banks/institutions. All successful applicants will receive a campaign gift.

Q: Which banks/institutions are part of the #BeActive Campaign?

HSBC

Standard Chartered

Citibank

RHB

UOB

AEON Credit Service

Q: What are the campaign sign-up gifts?

The first 200 successful applicants will receive a Samsung Galaxy Watch Active worth RM799. All other successful applicants will receive a Giordano 20” luggage bag.

Q: How will the first 200 successful applicants be selected?

They will be selected based on the date and time of their online application via the RinggitPlus website for credit cards of participating banks/institutions.

Q: If I apply for more than one credit card, can I get multiple sign-up gifts?

Yes. However, the Samsung Galaxy Watch Active is restricted to one per customer. Any subsequent gifts will be a Giordano 20” luggage bag.

Q: I already own a credit card with one of the participating banks/institutions. Am I still eligible to get the gift if I apply for another card with the same bank/institution during this campaign?

You will not be eligible if you already own a credit card with the bank you are applying to.

Q: How do I apply?

It’s really simple. Just apply for a qualifying credit card (as stated on the individual banks’ T&C) on
RinggitPlus
 during the Campaign Period (29 October 2019 to 1 November 2019). You will be required to provide images of the front and back of your MyKad during the application process (via RinggitPlus WhatsApp).

Q: How long is the approval process?

Each bank has different processing timelines for different products, and thus it is at the bank’s discretion. Customers will be notified by the bank once the bank has started processing their applications.

Q: How and when can I get the campaign gift?

Once the bank/institution notifies RinggitPlus of your approval status and eligibility for the campaign gift, RinggitPlus will provide you with a redemption code for your gift within 28 days. To claim your gift and arrange for its delivery, key in the code on the
RinggitPlus gift claim page
 and we will send it to you via a reputable courier service within 28 days from your date of claim.

The banks will notify RinggitPlus once the following has taken place:

Credit cards

Successful Applicants’ Criteria

HSBC

With a minimum spend of RM1,000 within 60 days of card approval

Standard Chartered

Upon card activation within 30 days of card approval

Citibank

Upon card activation within 60 days of card approval

RHB

Upon card activation within 30 days of card approval

UOB

Upon card activation within 30 days of card approval

AEON Credit Service

Upon card activation within 30 days of card approval

Q: What is the deadline for me to claim the gift?

It is the responsibility of each successful applicant to claim their gift before 31 March 2020. Cardholders who claim their gift after this date will not be entertained.

Q: If my application is rejected, am I still eligible to get the gift?

No. Only applicants whose applications are approved by the banks will get a gift.

Q: How long will this campaign run for?

The RinggitPlus #BeActive Campaign will run from 29 October 2019 to 1 November 2019.

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Fresh RM10, RM50 Banknotes For Raya Will Be Available At Selected Bank ATMs

(Image: New Straits Times)

The Muslim community is set to celebrate Hari Raya Aidilfitri in approximately another two weeks, and that means many will be travelling back to their hometowns for family reunions! Without doubt, the joyous occasion will also involve the giving and receiving of
duit raya
 – much to the delight of the young ones.

If you are one of those partaking in this
raya
tradition and are in need of brand-new notes for your green packets, several banks are now providing fresh notes to customers via their automated teller machines (ATMs). These banks include:

Affin Bank

(Image: The Star)

Affin Bank customers will be able to obtain both RM10 and RM50 fresh notes at selected ATMs from 17 to 22 April 2023, as indicated in the
list here
. The bank has also clarified that the withdrawal limit for each customer per day is set at RM5,000, subject to your card’s withdrawal limit and the availability of the notes in the ATM.

AmBank

AmBank, meanwhile, is providing fresh RM10 notes for withdrawal at
selected ATMs nationwide
. While AmBank did not mention whether there are any daily withdrawal limits per customer, your withdrawals will likely be determined by your card’s withdrawal limit and the availability of notes in the machines.

CIMB Bank

(Image: The Malaysian Reserve)

CIMB Bank, too, will be dispensing new RM10 and RM50 notes for the occasion at the
ATMs of selected branches
 from today until 23 April 2023. Do be aware that most of the ATMs will be providing you with RM10 notes; if you’re looking specifically for RM50 notes, you will need to visit the CIMB ATM at KLCC or Menara CIMB.

As you can expect, your withdrawals will also be determined by your card’s withdrawal limit and the availability of notes in the machines.

Maybank

(Image: New Straits Times)

In addition to the banks above, Maybank also said that its customers can withdraw fresh RM10 and RM50 notes at selected ATMs nationwide from today until 24 April 2023. As you can see from
this list
, some ATMs will only dispense either RM10 or RM50 new notes, while others will give you both. As such, it may be a good idea to double-check Maybank’s list of ATMs before heading over if you’re looking for a specific denomination!

If you forget to do so, however, don’t worry! Maybank said that it will also label the ATMs that can dispense new RM10 and RM50 notes for your convenience.

***

For those who would like to go paperless this Raya, you can also consider sending e-duit raya to your families and relatives! Many banks – such as Maybank,
Hong Leong Bank
, and
HSBC Bank
 – are also actively promoting the use of digital green packets as an environment-friendly option (although we do also understand the allure of getting actual green packets!). You can use e-wallets to do so, too, if you prefer!

Whichever method you choose, it is ultimately the intention behind the act of giving
duit raya
 itself – to spread joy and offer blessings during this happy occasion – that is most important. With that, we at RinggitPlus would like to wish you Selamat Hari Raya in advance!

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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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    Jo

    4 months ago

Other banks not follow?

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4 Ways to Maximise an Unexpected Windfall of Money

Who doesn’t like extra money? Be it in the form of a work bonus, a hand-out from family members, a gift from friends or even your recent BR1M payment; getting unexpected extra money is probably one of the nicest surprises.

However, if you aren’t careful, that extra money could go so fast; you won’t even notice it’s impact before it’s long gone. Just what do you do to maximise the extra ringgit?

The Simple Way – Save it!

This is the easiest option of the lot and one you’ve probably heard a million times before. Keeping the money in your savings account is the best way to keep you from spending it recklessly.

More money in your savings account can be counted as part of your emergency or retirement fund. With more money in these funds, it means that you would have more to spend when it is needed.

Maximise your savings
: Most people have a savings account where their salary is entered and they use it as their everyday money vault. This is the last place to try and save your extra money.

Open a separate savings account with the highest interest rate you can find (here, we’ve done the research already in
our best savings account list!
) and make sure you don’t have an ATM card made for it. This helps you keep your savings intact until you really, really need it.

The Wealth Way – Invest the Unexpected

Growing your wealth is a great way to spend unexpected extra money; especially if the amount is substantial (might be hard to invest an extra RM30 that your friend just returned).

The money was not part of your budget so it may be less of a strain to take some chances with it. So technically, you have nothing to lose but everything to gain when you invest the extra money.

Put it in your favourite investment account or even try your hand at the share markets. Choose wisely and watch as your money grow!

Maximise your investments
: If you aren’t a big risk taker or don’t have the means to consult a good broker; consider low risk investments such as
fixed deposits
; added extras into your own
investment linked insurance
 or an
Amanah Saham
 investment account.

The Fun Way – Spend it!

Having extra money can be a huge temptation and giving into temptation once in a while keeps you alive, don’t you agree?

Of course, we don’t condone senseless splurging. Spend the money only when you don’t need it for something else and have a working budget for it. You could use it towards the thing you have been eyeing for months, treat your loved ones to a nice dinner or even go for a trip (depending on how much you received)!

Spending it also means you could use it for something you needed but couldn’t afford before, such as a car tune up or a new home improvement item.

Just remember to not go overboard. It is important to proceed with any purchases with caution so that you don’t act impulsively or make financial decisions you’ll later regret.

Maximise your spending
: The best (and possibly) only way to maximise your spending is to be conscious about it. Mindless shopping will mean the extra money is gone and you won’t have much idea where.

Consider the amount and how best you can use for a more memorable time be it with loved ones, yourself or for improving your life. Whichever you choose, if you do it with thought – you won’t be a target of buyer’s remorse!

The Hybrid Way – A Combination of All Three

Perhaps the best of all three worlds, you can divide your unexpected extra money into three portions. This is also a balanced way to avoid feeling guilty or self-deprived for spending or just saving and investing all the money.

It goes without saying that this is only possible if the amount is big enough, such as an office bonus, to warrant meaningful division and use.

Keep some of the unexpected money in savings, splurge on a decent meal with your loved ones or item for yourself and invest the rest. Yes, there’s a possibility you could lose the money you invest but look at it this way, it is just one portion of your unexpected money. You’ve enjoyed the rest!

Maximise all your options
: Sometimes, discretion goes a long way. Your three portions do not have to be equal and the best way to use it is to consider your needs and tweak the amounts accordingly.

Do you need a car service that costs RM500 but your equal ‘spend portion’ only comes up to RM400? No sense going without just because you want keep within a formula.

Create and distribute the added income in a way that best serves your purpose – the division solely depends on you!

With some luck, you would grow your money and gain more unexpected extra ringgit!

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Ilyah Jamalludin

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LHDN: Tax Filing For YA2022 To Start On 1 March 2023

(Image: Bernama)

Taxpayers can begin filing their taxes for the year of assessment 2022 (YA2022) through e-Filing starting from 1 March 2023, the Inland Revenue Board (LHDN) reminded. This includes those who are submitting income tax forms BE, B, M, BT, MT, P, TF, TP, and E.

In its statement, LHDN clarified that taxpayers can access the e-Filing system through the
official HASiL portal
 (where they can then log in to MyTax to access e-Filing), or directly via
the MyTax website
. Alternatively, they can also use the MyTax mobile app. Meanwhile, tax agents are urged to use
the TAeF service
.

Aside from that, LHDN said that registered taxpayers who are logging in to the e-Filing system for the first time must obtain a PIN beforehand through MyTax. To do so, log in to your MyTax account, after which you can opt to either go through the eKYC process (mobile) or submit the e-CP55D form (MyTax portal); go ahead and follow the prompts that pop up, then submit any relevant information or verification documents as required.

LHDN further reminded that all receipts, invoices, and other relevant documents must be kept as record and for future reference for at least seven years, as required under Section 82 and 82A in the Income Tax Act 1967. This is to facilitate any future enquiries made by LHDN, in case more clarification is deemed necessary.

(Image: New Straits Times)

Other than filing your taxes, taxpayers can also use MyTax to pay their taxes, as well as access e-Lejar and monthly tax deduction (PCB) information, said LHDN.

Taxpayers who have any queries or encounter difficulties during the tax filing process can check the guide that is provided within their MyTax account. They can also call the HASiL Careline at 03-8911 1000 (within Malaysia) or 603-8911 1100 (overseas), or reach out through the HASiL Live Chat feature. If you prefer in-person assistance, feel free to also make your way to any LHDN customer service centres nearby.

Malaysia’s tax season typically begins on 1 March every year, with the deadline for resident individuals usually falling on 30 April (offline channels) or 15 May (e-Filing). Detailed information regarding the tax filing timeline for YA2022 (in 2023), specifically, can be found on LHDN’s official website here (in
English
 and
Malay
).

(Source:
LHDN
)

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About THE AUTHOR

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Alex Cheong Pui Yin

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

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Skip The Crowds & Save Even More At Lazada’s 8th Birthday Sale

Lazada Malaysia turns 8 this 27 March!

To celebrate, Lazada is back with another massive birthday sale event – bringing you even more items at amazingly affordable prices! Happening only on one day (27 March 2020), you can expect a celebration of deals with free shipping and lowest price guaranteed on items across all categories from top brands and sellers. Exclusively on LazMall, shoppers will also get to enjoy 50% off plus free shipping!

Shop Your Essentials With Lazada!

Wherever you are in Malaysia, Lazada lets you shop conveniently for your daily essentials without the large crowds and the long queues. Whatever you are looking for, just #StayHome, and browse through its large selection of products, from Lazada’s wide list of participating brands. With over 100 million products on sale, there’s definitely something your heart desires.

Lazada’s Birthday, Your Rewards:

Vouchers Worth Up to RM8 Million Up For Grab & More!

Need more reasons to celebrate Lazada’s 8
th
 birthday? With vouchers worth up to RM8 million to be collected and used upon checkout, you can save more even as you stock up on essential items. If you’re not sure where to start, check out Lazada’s Mesti Beli shopping guide to lead your way to the hottest deals on the most popular items you wouldn’t want to miss!

Check out your favourite brand or discover a new one at Lazada’s Crazy Brand Mega Offer which will run for a limited time only from 12AM-2AM on 27 March 2020! This is the time when you can enjoy some incredible deals, such as
RM666 off a brand new Samsung Galaxy S20+ smartphone
, or stock up on
Milo 2kg packs at its lowest price ever this year
!

While you’re on it, hop over to Lazada’s Buy More & Save More deals where shoppers also get to enjoy better discounts when purchasing items in bundle!  Better yet, check in with your friends and family during this #StayHome period and give them something to smile about by sending them Gift Sets ranging from skincare, electronics and fashion from only RM38!

Save Even More with Lazada’s Daily Flash Sale

Lazada’s birthday sale is not complete without its signature
Crazy Flash Deals
. Items with prices from
as low as RM0.88
 will be put on the spotlight this Friday and are sure to be gone in a flash if you don’t act fast. Think groceries, health products and all the essentials items you need, for less than one Ringgit.

Enjoy Up to RM30 Cashback When You Checkout with Lazada Wallet

Spend with Lazada’s own e-wallet and save time during checkout – and be rewarded with instant cashback of up to RM30! What’s more, in conjunction of Lazada’s 8
th
 birthday, you can also stand a chance to win RM1,888 in Lazada Wallet credits when you checkout with Lazada Wallet!

On top of that, Lazada is also giving away RM98,888 worth of prizes and cashback for shoppers during its birthday. Earn one entry for every RM100 you spend with your Lazada Wallet. The more you spend, the better your chances are at winning!

Remember, with millions of shoppers already on standby all around the country, it’s best to start prepping your shopping list ahead of time. Ready to shop? Don’t forget to grab some vouchers and save more from the
Vouchers page
. Plus, here’s an exclusive
RM10 voucher courtesy of RinggitPlus
 to stretch your Ringgit further. Now head on to the
Lazada 8
th
 Birthday Sale page
 to start your shopping list!

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Lazada 8th Birthday Sale

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About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Fly Away With American Express On RM103/month

Gone are the days of scrimping and saving for your vacation. With Maybank American Express credit cards you can start planning for your next holiday destination and pay it off when you get back. Just book your tickets and/or holiday packages online from
Malaysian Airlines
 and convert your payment to Maybank’s EzyPay Plus instalment plan.

Offer is subject to a RM1,000 minimum and RM30,000 maximum conversion amount for EzyPlus. Instalment period last 10 months with a 0.3% monthly interest charge or 3% for 10 months.  As an added bonus, MAS will award 1000 complimentary Enrich miles points for purchases of at least RM1000 and 2000 points to purchases of at least RM2000 to new and existing American Express credit cardholders.

New cardholders will only be eligible for complimentary Enrich miles points if their registration is approved before their payment and EzyPay conversion are made.

Valid American Express cards refer to credit cards issued by Maybank or Maybank Islamic. This promotion is valid till 13 June 2013. Please refer the
Terms & Conditions
 page for details and holiday packages.

Do you need an American Express credit card? You can apply for one
here
.

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About THE AUTHOR

Brendon Lee

Brendon Lee

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