Factors To Consider When Buying Your First Car

Getting a car may seem like a dream come true for many young grads fresh in the working world. But the reality soon dawns that the road to highway glory is not all glitz.

Striking back to reality, getting a car is a big commitment albeit not as much as buying a house. If you’ve been wondering if you’re ready; we’ve got a short checklist for you.

Money Talks: Can You Really Afford it?

Getting a car is a big commitment, mainly due to the costs that come from it. Budgeting will help you identify whether you have such money in your account or are just looking for a hard time. Generally, there are 3 stages of expenses in every driver’s life, which are:

1) Monthly costs – Car loan repayment, fuel, parking and toll costs;

2) Annual costs – Road tax renewal, car insurance, and maintenance;

3) Other miscellaneous costs;

4) Car depreciation.

For most regular Joes, getting a
car loan
 will be the first step. A car loan usually comes with a fixed interest rate per annum. We bet you have done some math in your head, it’s better to have a 5 year loan rather than a 9 year one because the interest rate increases as the number of years of the loan increases.

But if you are more concerned about not having enough money every month to meet a shorter loan tenure; do
full calculations
 on how much interest rate you would want to pay to get a better insight for your budgeting costs.

Now that you know what to expect from car loans, lets move on to the fuel, parking and toll costs. As for this category, it all depends on how much you travel. If you work far, then you are definitely going to burn more fuel without a choice. Also, do keep in mind that parking is never a free thing. The average worker driving from say KL to PJ or vice versa can expect roughly RM400- RM500 in petrol and toll costs (set to fluctuate with prices)

Here’s another tip, try to keep you car as light as possible. It is said that the heavier your car gets, the more fuel it burns.

As for the annual car costs, be prepared to strictly allocate a certain amount from your salary every month.
Road tax
 and
car insurance
 costs all depend on the type of vehicle you own, in terms of size or region and for how much you will be insuring your vehicle.

Cover for flood and windshield damage will be an additional cost. Also, do check your car insured value yearly and adjust downwards to account for depreciation. This prevents you from paying unnecessary, additional charges that your insurer has no intention of paying out for when the time comes.

Last but certainly not least – be ready to fork out for wear and tear costs such as tire replacement; battery replacement and regular maintenance and washes. Repair costs for a secondhand or older vehicle can also be expected to be higher.

Finding the Perfect Car

Finding that perfect car can be a tough especially when you’re trying to factor many things at once – affordability, reliability, ease of finding spare parts and fit for your purposes.

Automatic or Manual?

Many first time owners start with considering whether they want an automatic or manual car. Manual cars are usually cheaper compared to automatic cars and save on fuel too. But depending on your route, massive jams in the city may make it difficult driving a manual.

Automatic cars are a more popular choice among people in recent times. It’s much easier to drive an automatic car and If you are living a busy lifestyle in a big metro city, then an automatic car is suggestible to keep your sanity intact!

Secondhand or Brand New?

Apart from automatics or manuals, would you want a brand new car or a second-hand car? To answer that question; a quick rundown on considerations.

If you are on a lower budget, you may opt for second hand cars. Depreciation will make secondhand cars much cheaper but you will run the risk of getting a car that was not well cared for by the previous owner.

If you have a much bigger budget, you can opt for brand new cars. They have no depreciation value at the point of purchase, so you will be paying the full price and absorbing the depreciation at your charge but you don’t have any risks with regards to use or care of a previous owner!

To deal with this decision in depth, you’ll need much more than two paragraphs,
which is why we have a guide
!

Enjoy the Ride

For many people who have turned from public transport to getting their own vehicle; they will tell you there is often no going back. The convenience of being able to go wherever you want to go whenever you want to is very liberating.

But that privilege and convenience no doubt comes with a price. If you are ready to take on the commitment – you’ll surely reap the benefits!

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Introduction to credit cards

It’s unlikely to overtake the popularity of cash, but the credit card is the next best method of payment, especially in a world where e-commerce is becoming the way to do business.

A credit card allows you the convenience of paying for something when you don’t have ready cash at hand. With it, you no longer have to lug around large amounts of cash and for emergencies, you won’t need to go hunting for an ATM.

Here’s an introduction to this once revolutionary, currently necessary method of payment.

What is a credit card?

A credit card is a method of payment which enables the cardholder to purchase goods or services without paying cash up front. Having a credit card is a convenient way to pay for almost anything but it is important to remember that a credit card is a type of unsecured loan. An unsecured loan is a loan given without any security or collateral such as a house or a fixed deposit. Such loans are risky for banks and hence why credit card interest rates are usually very high.

Personal loans are also a type of unsecured loan but because you will need to apply and have your credit rating checked each time a loan is disbursed to you; the interest rate is slightly lower than a credit card.

The good

Practical and convenient

Having a credit card allows you to buy almost anything even when you do not have enough money on you. As most cards are widely accepted in almost every store and across the globe; there is little you can’t pay for with your credit card (your local hawker or mamak stall operator might look at you with some disdain though).

Security

Buying high-priced items with a credit card will save you the risk and trouble of carrying huge amounts of cash around when you shop. In addition, carrying a credit card instead of huge amounts of cash is also safer when travelling overseas.

Emergency cash

A credit card usually comes with a cash advance feature which allows cardholders to withdraw a certain amount of cash from the card issuer. This is especially useful during unforeseen situations such as a medical emergency.

Savings and privileges

Nowadays, credit cards offer lots of perks including cash back,
reward points
, airmiles or special privileges such as discounts at selective merchants. Cardholders can enjoy these benefits, which can save some money in the long run.

The bad

Overspending

You might be tempted to swipe your credit card at every given opportunity because of a credit card’s convenience and practicality. As a result, you might end up spending more than you can afford without even realising it.

Debt risk

Overspending with your credit card will then put you in debt risk. Many facing such problems, end up paying only the minimum amount which will further increase their debt burden as interest charges climb.

Interest payments

Your debts will of course have interest rates. Interests will be charged on any outstanding credit card balances after the interest-free period. Hence, cardholders who do not settle their card balances on time will have to pay more for their spending.

Fraud

Carrying a credit card might be safer than carrying wads of cash around but this payment technology is still vulnerable to fraud. You might end up with bills which you did not swipe for.

Credit card vs. Charge card

Some people might think that a charge card is the same as a credit card because both cards enable cardholders to spend now and pay later. They do have their similarities, more than their differences. However, they are not identical as there are two major differences.

Payment

A charge card requires the card balance to be paid in full each month. Otherwise, late charges are incurred and card use may be restricted if payment isn’t made. A credit card only requires a minimum payment and the balance can be carried forward and interest charged.

Spending limit

There is typically no spending limit on a charge card while there is on a credit card.

Having a credit card can either make your life easier or harder depending on how you use it. So whether you already own one or are planning to own one soon; always remember the advice given by Peter Parker’s, Uncle Ben;

 “With great power, comes great responsibility”

*Picture courtesy of Adamr at Freedigitalphotos.net

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Restricted Movement Order: Travel Bans Imposed In And Out Of Malaysia

In a bid to contain the spread of Covid-19, Malaysia has issued a Restricted Movement Order that appears to be a form of social distancing, eliminating non-essential movements in the community. However, the country has taken a much stricter stance on travel: a blanket ban on all travel in and out of the country.

In a televised speech, Prime Minister Tan Sri Muhyiddin Yassin said that this was necessary to contain the spread of the virus. “We cannot wait any longer until the situation becomes worse. Drastic measures must be taken immediately to stop the spread of this virus by limiting mass movements,” he said.

The Restricted Movement Order will commence from 18 March and will last until 31 March 2020. During this period, all Malaysians are barred from travelling abroad, while those who have just returned must undergo health screenings and then undergo a 14-day self quarantine.

(Image: The Malaysian Reserve)

On top of that, all foreign visitors will be denied entry into Malaysia. The strict travel restrictions are designed to ensure the virus is contained within the country, and no visitors who may carry the virus infect new clusters within the community.

The travel restriction is one of six measures under the Restricted Movement Order. To date, Malaysia has 553 confirmed Covid-19 cases, with 190 confirmed cases recorded yesterday alone, prompting the Government to finally take action.

If you have any travel plans outside the country during the Restricted Movement Order, contact your airline and accommodation provider to seek either a refund or to reschedule your travel plans. Airlines around the world have relaxed their usually strict refund policies in light of the global spread of Covid-19, including Malaysia Airlines which introduced its
Ultimate Flexibility policy
 that offers unlimited flight date and destination changes.

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Pang Tun Yau

Pang Tun Yau

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

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4 Times an Emergency Fund Will Save You

In our day to day life, there are bound to be times when we encounter the unexpected and it oftentime forces us to spend. But are you prepared for whatever is to come? We highlight four desperate circumstances that will make you wish you had an emergency savings fund.

1. Medical Attention

Illness and disease can happen to anyone. If you catch a cold or fever, a quick stop at your family clinic or pharmacy is all you need to get common medicines. But what about something a little more serious?

With the ongoing
dengue epidemic
, you will never know when a dengue mosquito will equate a 7 day hospital ward bill. If your situation requires you to be admitted to the hospital, you will need the funds to pay the medical bill. It costs more if you have to stay for a couple more days for additional monitoring.

The case of dengue viral fever is just one the many diseases and illnesses that could happen to you or your dependent and burn a hole in your wallet. Things could get much worse if you don’t have an insurance policy to fall back on.

Although having an existing insurance policy is another form of financial backup, it cannot be the only thing you have in case for whatever reason, your claim was rejected or delayed. That said, you’ll feel much more secure knowing that you have some emergency savings to pay off those medical bills while you are recovering.

2. Repair Works

Having your car break down in the middle of the road; or finding the walls of your roof leaking? These troublesome situations can be frustrating. Unless its free because your landlord is paying it; the cost of repair works can get out of hand. On top of that, it can be inconvenient as you might need to rent a car while your car is at the workshop; or bunk in with your friend or relative until your house is fixed.

Instead of scrambling for a solution when the time comes; an emergency fund will ensure you are ready for anything.

3. Unemployment

Your company needs to lay off a few employees and you happen to be one of the few unlucky ones. Jeepers! Now you have to hunt for a new job and it may take some time. Lay-offs can happen to even the best of employees so how will you pay your bills then?

Having an emergency fund acts as safety net during temporary unemployment. You could pay off some bills with it if it’s going to take while for you to find a job. Job-hunting in itself is a precarious thing and may be a hit or miss so you’ll want to be adequately covered until you find a new one.

4. Strapped for cash

The end of the month isn’t quite here and you’ve already used up your paycheck. That’s always the case for some of us especially during times where we lose track of our budget and overspend; or it maybe it was the festive season. Whatever the reason; you’re broke a lot faster than usual and to make it worse, next month’s salary is still many days away.

While you are waiting for your next pay, resorting to instant noodles isn’t the best way to go about it. If you have a credit card, making cash withdrawals can be costly so it wouldn’t be ideal though it will be good as a last resort.

An emergency fund is a better alternative when you’re strapped for cash. But hopefully you don’t deplete your emergency savings fund by resorting to it more often than necessary.

Unfortunate things can happen. Having equipped yourself with an emergency savings fund to fall back on can avoid frazzled nerves and sleepless nights. Don’t have an emergency savings fund yet? Start saving today and keep the financial blues away.

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Introducing FWD Takaful

FWD Takaful Berhad (FWD Takaful) is a family Takaful operator with a vision: to change the way people feel about Takaful. The FWD Takaful brand was officially launched on 29 July 2019 by Finance Minister Lim Guan Eng. The brand will leverage on FWD Group’s (FWD) strength and expertise in the insurance and protection business to cement its position locally as a family Takaful operator, offering innovative and easy-to-understand products and a straightforward approach to claims.

FWD Takaful wants to make sure that Malaysians feel differently about Takaful coverage with them in the game, providing more competitive choices of Takaful plans for themselves and their families.

Whether it is protection or investment that you are looking for, or even both, FWD Takaful has an offering for you. In line with FWD Takaful’s family-focused stance, the FWD Family First is the first Takaful plan in Malaysia that provides critical illness protection for the whole family. Meanwhile, FWD Future First offers  coverage for death, total and permanent disability, and terminal illness – alongside a spouse Takaful benefit as well as legal and grief counselling sessions and Badal Haj support for Muslim customers. Under FWD Invest First, there are three different investment-linked Takaful plans for you to consider when it comes to  looking out for your future.

So, whether it has to do with education, wealth, or legacy planning, you know that you have the protection you need alongside your plans to save for the future. Moreover, you have the option to attach accidental death benefit riders and other add-ons to your FWD Invest First plans.

To find out more about what FWD Takaful has in store for you, visit the
FWD Takaful website
.

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Citi Exits Retail Banking In 13 Markets Across Asia And Europe, Including Malaysia

(Image: HRNEWS.my)

Citigroup Inc (Citi) has announced that it will be exiting retail banking in 13 markets across two regions – Asia as well as Europe, the Middle East, and Africa (EMEA). This decision impacts its businesses in Malaysia, along with Australia, Bahrain, China, India, Indonesia, South Korea, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Following this exit, the bank said that it will operate its consumer banking business in both regions from four wealth centres in Singapore, Hong Kong, the United Emirates, and London. Meanwhile, its institutional clients group in these affected markets – which includes the private bank, cash management arm, as well as investment banking and trading businesses – will continue to serve its customers.

In justifying this decision, the New York-based bank said that the move is part of an ongoing review of its strategy by new chief executive officer, Jane Fraser, who took over last month. “This positions us to capture the strong growth and attractive returns the wealth-management business offers through these important hubs,” Fraser said in a statement.

(Image: Bloomberg)

Fraser also stated that although the 13 markets have excellent businesses, Citi does not have the scale that is needed to compete. “We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia,” she added.

Chief executive officer of Citi Malaysia, Usman Ahmed also echoed a similar opinion, but reassured Malaysian customers that this decision will not dilute the group’s long-term commitment to the country or the Asia Pacific region. “There is no immediate change to our operations and no immediate impact to our colleagues as a result of today’s announcement by Citi to pursue an exit from our consumer bank business in Malaysia. We will continue to serve our consumer banking customers with the same dedication as we do today,” Usman clarified.

(Image: FinanceAsia)

Usman also added that the Citi Solutions Centres in Kuala Lumpur and Penang both remain important operations hubs for Citi, from where it conducts financial transactions worth over US$29 trillion annually for over 50 countries.

For context, Citi has a history of more than 60 years in Malaysia, with 10 branches currently available nationwide. The group also banks 85% of the top 20 largest market cap companies within the country, with over 650 multinational corporates. Last year, Citi raised over US$7.5 billion for its Malaysian clients.

(Sources:
The Edge Markets
,
The Malaysian Reserve
)

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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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    Mike

    2 years ago

how does Citi expect to sell wealth products to people without a Citibank a/c or card?

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Malaysian Banks Once Again Revise Base Rates, FD Rates After Third OPR Cut In 2020

(Image: SoyaCincau)

(Article updated on 13 May 2020.)

Following the third overnight policy rate (OPR) cut by Bank Negara Malaysia (BNM) yesterday, major banks across the country will once again adjust their base rates (BR) and base lending rates (BLR). The most recent cut of 50 basis points (BPS) is the largest to be made in more than a decade, bringing the OPR down from
2.5% to 2.0%
.

Consequently, these will be the new rates for the following banks. The list will be updated as more banks share their revisions.

Affin Bank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.45

2.95

Base Financing Rate (BFR)

6.31

5.81

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 14 May 2020 onward.

Agrobank

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.10

2.60

Base Financing Rate (BFR)

6.25

5.75

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Alliance Bank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.32

2.82

Base Financing Rate (BFR)

6.17

5.67

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

Bank Islam

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.27

2.77

Base Financing Rate (BFR)

6.22

5.72

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.31

2.81

Base Financing Rate (BFR)

6.31

5.81

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Bank Simpanan Nasional

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.35

2.85

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.10

5.60

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

CIMB Bank/CIMB Islamic Bank

(Image: New Straits Times)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.5

3

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.35

5.85

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Citibank

(Image: HRNEWS.my)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.15

2.65

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.30

5.80

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Hong Leong Bank/Hong Leong Islamic Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)/Islamic Base Rate (IBR)

3.38

2.88

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.39

5.89

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

HSBC Bank

(Image: Finance Brokerage)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)/Islamic Base Rate (IBR)

3.14

2.64

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.24

5.74

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

Maybank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.5

2.0

Base Lending Rate (BLR)

6.15

5.65

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 8 May 2020 onward.

OCBC Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.33

2.83

Base Lending Rate (BLR)

6.26

5.76

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Public Bank

(Image: The Edge Markets)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.02

2.52

Base Lending Rate (BLR)

6.22

5.72

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

RHB Bank/RHB Islamic Bank/RHB Investment Bank

(Image: The Borneo Post)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.25

2.75

Base Lending Rate (BLR)

6.20

5.70

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Standard Chartered

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.02

2.52

Base Lending Rate (BLR)

6.20

5.70

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 14 May 2020 onward.

UOB

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.36

2.86

Base Lending Rate (BLR)

6.32

5.82

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

***

The base rate (BR) serves as a reference rate that banks use to decide on the interest rate of your loans and savings. Before 2015, the base lending rate (BLR) was used as the reference rate instead. As there are still ongoing loans that are referenced against the BLR, banks must display both the BR and BLR to their customers.

Prior to this, BNM has already lowered the OPR twice in year 2020, with the first cut from
3.0% to 2.75%
 in January and the
second to 2.5% in March
. The reduction of the OPR, and consequently the BR and BLR, will affect
all banking customers
.

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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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LHDN Reminds Non-Business Taxpayers To File Taxes By 15 May Deadline

(Image: Bernama)

The Inland Revenue Board (LHDN) has reminded taxpayers with non-business income that the deadline for the submission of their income tax return form (ITRF) is approaching soon, falling on either 30 April (manual filing) or 15 May (e-Filing).

In a statement, LHDN also clarified that those who fall under this category – and therefore must abide by the deadline – include the following groups:

Resident individuals (Borang BE)

Resident individuals who are knowledge/expert workers (Borang BT)

Non-resident individuals (Borang M)

Non-resident individuals who are knowledge workers (Borang MT)

Associations (Borang TF)

Deceased persons’ estate (Borang TP)

Hindu joint family (Borang TJ)

“For guidance regarding the submission of the ITRF, taxpayers can refer to the return form filing programme for the Year 2023, which can be
accessed and downloaded from LHDN’s website
,” the agency further said, adding that those who fail to file and pay their taxes on time will be penalised. Additionally, taxpayers are advised to update their personal and banking information, or ensure that they are accurate while filing their taxes so that they can receive their tax refunds – if available – in a timely manner.

(Image: Bernama)

For context, Malaysia’s ITRF submission deadline for non-business taxpayers is always set on 30 April and 15 May for manual filing and e-Filing, respectively. This is unless there are extensions provided,
as was the case in 2020 (for year of assessment 2019)
, due to the Covid-19 pandemic and the subsequent movement control order periods (MCO).

If you have any enquiries or feedback regarding tax-related matters, you can reach out to LHDN via its HASiL Care Line at 03-8911 1000 or 603 8911 1100 (overseas). You can also use the HASiL Live Chat or the
feedback form on LHDN’s official portal
 to do so.

Meanwhile, those who have yet to file their taxes and need some guidance can check out our
RinggitPlus annual income tax guide
. You can also find out more about the
tax reliefs that you can claim for the year of assessment (YA) 2022 here
.

(Source:
LHDN
)

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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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How TrackMyID Monitors Your Personal Information Online Especially On The Dark Web

Malaysians are spending more time online today and it is not surprising why. Advanced mobile technology is pushing digitalisation ahead in many areas of our daily lives. For example, grocery shopping, banking transactions, and even investing, which were typically done offline can now be done online, either through web portals or apps on a smartphone.

According to Cyber Security Incidents 2021 by CyberSecurity Malaysia, 71.5% of cyber incidents in Malaysia consisted of fraud, while the other 28.5% included malicious code, intrusion, content-related, and cyber harassment.

The top three fraud-related incidents included phishing, online scam, and fraud purchase. Impersonation and spoofing were the top compliant cases lodged by consumers, followed by illegal investment.

Thus, in this article, we explore briefly how our online activities can expose our personal information to irresponsible cybercriminals who then release our data into the Dark Web for personal gain – and what you can do to prevent it.

What Is the Dark Web?

The Internet or the World Wide Web (www) consists of three parts; Surface Web, Deep Web, and Dark Web. Each of these parts hosts different types of content, with certain access limits.

The Surface Web is where you will find content that is readily available to the public such as news sites, social media sites, blogs, online stores, and more. They are searchable by common search engines such as Google, Bing, and Yahoo. Most of us are familiar with the Surface Web since we use it daily.

Meanwhile, the Deep Web consists of sites that require security, encryption, and anonymity. These include your password-protected email account, paid subscription services, databases, and even police files.

The Dark Web, on the other hand, is a hidden and unsearchable network of websites that uses encryption software to hide identities and IP addresses. The Dark Web is known to include illegal and illicit information such as stolen goods, weapons, drugs, and personal information.

The Dark Web, A Gateway For Identity Theft

The anonymous nature of the Dark Web makes it almost impossible to track or identify users of the Dark Web. This is why the Dark Web is a fitting platform for the sale and purchase of stolen personal information such as emails, full names, and phone numbers.

You may think that these are just harmless everyday information, but unscrupulous individuals can use them to hack and breach important data to their advantage such as withdrawing money from a bank account, applying for a loan, accessing social media accounts, and so on.

These acts are also known as identity theft, which can lead victims to financial loss, emotional distress, and in extreme cases, wrongful criminal charges.

Safeguard Your Personal Information With TrackMyID

You can potentially prevent identity theft by practising some precautionary acts such as accessing only secure and verified websites, constantly monitoring all your online activities, and be extra mindful of the personal information you share online.

On the other hand, you can also rely on a hassle-free, modern solution such as TrackMyID, a personal information monitoring service by Experian.

TrackMyID is a yearly subscription service that allows users to monitor their personal information on the Dark Web and send timely alerts to users if their data is found on the Dark Web.

TrackMyID lets users monitor their sensitive personal information online, specifically:

IC Numbers
Passport Numbers
Emails (up to 10 entries)
Phone Numbers (up to 10 entries)
Local Bank Account Numbers (up to 10 entries)
International Bank Account Numbers (up to 10 entries)

24/7 Scan Powered By CyberAgent® Technology

So, where do data breaches commonly take place? They can happen in any cyberspace such as internet forums, websites, search engine queries, and even your daily social networking sites. You can also risk exposing your personal information by accessing anonymous and suspicious websites and by unknowingly downloading malware and botnets from these websites or any torrent sources.

TrackMyID employs the use of Experian’s CyberAgent
®
 Technology which runs through the global networks and sites, including the Dark Web for user’s stolen personal information.

This allows TrackMyID to effectively monitor and scan for any unauthorised use of your personal information. If your stolen personal information is found on the Dark Web, TrackMyID can capture what type of credential is being stolen or leaked, as well as the data trail such as where the information was stolen or leaked from.

Get Alerted & Advised When Your Data Is Being Compromised

In the case when users’ personal information is found to be traded online on the Dark Web, TrackMyID will send alerts to users via email or SMS.

Additionally, these alerts come with recommended next steps that the user can take to act on the misuse of his/her personal information. Not only that this helps to guide users to solve and minimise the damage done, but the recommended steps will also help users to restore the security of their personal information and prevent the same thing from happening again.

For example; if your email address is found on the Dark Web, TrackMyID will alert you that your data has been breached.  Next, TrackMyID will advise you to change your email password and enable the Two-Factor Authentication process to prevent unauthorised users from accessing your email account in the future.

Furthermore, if your IC numbers or Passport numbers were leaked, TrackMyID will also advise you to lodge a police report.

Enjoy A Free Email Scan And 50% Off For TrackMyID & JagaMyID

Experian is currently offering a
free email scan
 and a 50% discount for their TrackMyID and JagaMyID services until 31 October 2021.

This means that you can enjoy using TrackMyID at only RM15.90/year instead of its normal price of RM31.80/year. Besides that, you can also grab this chance to sign up for Experian’s JagaMyID, a credit notification alert and credit profile movement monitoring service at 50% off.

JagaMyID can help you step up your personal information protection through its services such as monitoring your credit card and other credit facilities utilisation, tracking all credit card applications made under your name, tracking your monthly payment, and more.

***

Sensitive data such as your personal information can be at risk of being misused by irresponsible parties online. Especially with technological advances in today’s modern time, there are many ways for these irresponsible parties to collect your data without being authorised. However, there are also modern solutions that can help you better safeguard and prevent your personal information from being compromised online. One of such solutions is
TrackMyID by Experian
.

TrackMyID by Experian can help by constantly monitoring the Dark Web to look out for the possibility of your personal information being traded or misused online. TrackMyID will also securely manage your personal data online to prevent identity theft and provide you peace of mind when doing all your online activities.

If you are interested to find out more about TrackMyID,
visit their website here.

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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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Alliance Bank Credit Card Pays For Your First Purchase

Sign up for an Alliance Bank Credit Card and have your first purchased completely paid for! You just have to swipe your card within 60 days from your card issuance date.

The cash rebate is capped at RM100 for gold cardmembers, RM180 for platinum cardmembers and RM250 for Visa Infinite cardmembers. Total cash rebates capped RM300,000 and based on a first come first served basis.

New bank cardmembers must be approved by 15 July 2013 to qualify. Offer valid from 1 April to 30 June 2013.

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Diana Chai

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BSN offers 0% interest rate for its credit card Balance Transfer Programme!

Thinking of consolidating your credit card debt? You might want to give BSN credit cards a go.

From now till 30 April, the bank is giving an amazing
0% interest up to 12 months for its credit card Balance Transfer Programme
.

If you’re carrying some heavy credit card debt this awesome BSN Balance Transfer Plan would surely go a long way towards gradually reducing the amount of money you owe the banks.

To make it even better, there are several repayment plans to suit your needs and no processing fees charged.
Terms and conditions
 apply.

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Different types of Personal Loans in Malaysia

A few weeks ago we briefly discussed personal loans, what the different banking terms mean and the basic principles of money lending from financial institutions in o
ur article –
Personal Loans: Things You Need to Know. This week we expand a little more on the topic: going into the different types of personal loans available and which ones suit your financial needs best.

Traditional Personal Loans

A basic money lending transaction, people often take personal loans to purchase luxury items such as a new mobile phone or household items. Loans can range from as low as RM3,000 and go up to RM150,000 with tenures stretching from one to seven years.

Traditional
bank loans
 could easily be distinguished as either a secured loan or unsecured loan; the former requiring the applicant to provide collateral in the form of an asset or a guarantor. But these days banks are offering a lot of attractive payment plans with added benefits that constantly blur the line between the two. With fancy terms such as ‘smart’ and ‘flexi’ being thrown at us promising speedy approvals, it can get pretty intimidating for first-timers.

Check out fast loans in Malaysia

Check out personal loans for low income in Malaysia

Home Loans

While people normally apply for a home loan to purchase a property it is not uncommon to also use this as means to refurbish an existing house. Aside from personal preference and aesthetics, renovations will help keep the market value of your home afloat.

Getting a
home loan
 is not hard nowadays as banks recognize the need for more flexible borrowing terms. You’ll still need to do your homework first though, as there are a lot of pitfalls that come with a 20 – 30 year home loan. Have a read up of all the burdens of taking on a home loan before making any major decisions.

Car Loans

Sometimes referred to as a hire purchase,
car loans
 are usually taken out to fund, as the name indicates, the purchase of a car. These days you can purchase a new car by paying as little as 10 percent of the market price. And depending on your financial standing, choose to pay it off up to a maximum of 9 years. Although looking for the lowest interest rate is important, so is your initial down payment. If you can afford to front more than 10 percent, do it! You’ll be surprised how much interest you’ll save with just an extra 5 percent.

Overdraft facility

A less conventional form of personal loan, an overdraft facility allows the account holder to withdraw an amount which exceeds the deposit. More prevalent in business loans, it is not unusual for banks to offer this as a form of personal loan. People often rely on overdrafts when they are in need of emergency funding.

Syariah Compliant Loans

Syariah compliant loans are basically the same as conventional personal loans except that they adhere to Islamic principles of profit sharing. For instance, instead of providing you the money to purchase a new car the bank will instead acquire the vehicle on your behalf and lease it to you for an agreed period.

>>
Apply for the best Islamic personal loans online

Islamic Banks also refrain from investments that encourage practices that violate Islamic ethics and moral values, such as gambling and alcohol consumption. Despite popular misconceptions, non-Muslims are eligible for Syariah compliant loans as well.

These are just the bare basics of the types of loans available. If you need to find out more check
RinggitPlus often for more helpful tips on loans and personal financing. On top of that, remember to use our free
personal loan calculator in Malaysia
!

Image credited to Andrew Bain

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What Is Goal-Based Investing And How Does It Work?

How often have you attempted to save money diligently without a clear purpose other than to save up…only to spend most of it on shopping or an impromptu holiday? We’ve all been there to some degree, which is why there have been some proponents of setting specific and measurable goals before even starting to save in the first place.

The reasons are simple and straightforward – having a vision or a target helps you stay the course. Naturally, the concept of goal-based investing has taken off as an effective strategy not just on building wealth, but also to plan for different financial goals at the same time.

Thanks to modern technology, goal-based investing has become more effective thanks to algorithms that match suitable investments to the individual’s financial goals. On top of that, investors can also easily track each goal’s progress to help them stay motivated and maybe even set aside more funds to reach their goals faster.

With this in mind, Amanah Saham Nasional Berhad (ASNB)
recently introduced a goal-based investing feature, Target Labur, on its myASNB mobile app
 to help investors reach their financial goals. Read on to find out how goal-based investing can help you meet your goals with Target Labur!

***

Whether it’s a RM2,000 or RM200,000 target amount, Target Labur lets you manage multiple financial goals easily. To get started, just download the myASNB app for free from Google Play, the App Store, and the Huawei AppGallery. As an added incentive, there is a limited-time offer where investors who set up two goals worth RM5,000 each using Target Labur will get a chance to win
prizes worth up to RM200,000.

Find out more about Target Labur today!

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Take Home The NEWEST Apple iPad Pro M2 When You Apply For A Credit Card

The Unbox This Week credit card campaign returns with gifts that keep giving and prizes to be won!

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 12 to 19 December 2022, our featured bank partners are

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

Citibank – NEW Apple iPad Pro M2 (2022 Model)

The holidays came early for all as you now have a chance to win the NEW Apple iPad Pro M2 (2022 Model) when you apply for a Citibank Credit Card. Jot down important information, create drawings, and look through your documents anytime with the iPad Pro that’s equipped with the M2 chip.

For those who are not selected, you will still walk away with a guaranteed RM600 Shopee e-Voucher.

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 – RM1,000 TNG eWallet Credit

Get guaranteed RM1,000 TNG eWallet Credit when you apply for a HSBC Credit Card! Spend on what you want with these extra credits at any restaurants, shops, supermarkets, and more that accept TNG eWallet payments.

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 – Panasonic nanoe X Air Purifier

Gift yourself and your loved ones with healthier air when you apply for a Public Bank Credit Card and win the Panasonic nanoe X Air Purifier. The portable air purifier stops viruses and bacterias including the Covid-19 virus, reduces strong odours, hydrates skin as well as hair.

For those who are not selected, you will get a guaranteed RM150 Shopee e-Voucher.

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

Standard Chartered Bank – RM1,000 Cash via DuitNow

Win RM1,000 Cash via DuitNow and spend it however you like when you apply for a Standard Chartered Credit Card. Shop essentials, treat your loved ones to a fun time, or even save it up.

Don’t worry if you’re not selected, as you will still get a guaranteed URBANLite Ledge 24″ Luggage.

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
.

Alliance Bank – Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Smart Dash Cam 1S

Take home a guaranteed  Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Smart Dash Cam 1S when you apply for a new Alliance Bank Credit Card.

The Xiaomi Mijia Water Dispenser C1 lets you enjoy three levels of water temperature, hot beverages in just three seconds with quick heating, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Xiaomi 70mai Smart Dash Cam 1S that records in 130° wide angles so you can have more coverage, has automatic emergency recording, voice control, and more when you apply for an Alliance Credit Card.

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

RHB – Apple iPad A13 Bionic

Score the Apple iPad when you apply for a RHB Credit Card this week! Work, study, play games, and relax with a companion device that fits in your palm, the iPad. Equipped with the A13 Bionic chip, you can multitask seamlessly and thanks to its Retina display, watching movies and videos can become a truly immersive experience.

Don’t worry if you’re not selected, as you will still get a guaranteed RM200 TNG eWallet Credit.

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

***

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 19 December 2022 (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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Chee Jo-Ey

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New Public Bank Credit Card Campaign Offers Up To RM50 Cashback

Starting from 1 May to 31 August 2021, Public Bank will be running its PB Rewards You With More Cash Back promotion. Eligible credit cardholders will be able to earn up to RM50 worth of cashback when they carry out at least three retail transactions in a month, with each transaction amounting to RM100.

Open to all new and existing Public Bank Visa credit cardholders, the campaign will offer the cashback reward as per the following conditions:

Monthly spending criteria (RM100 each transaction)

Cashback reward per month

Maximum cashback reward per month

3 times or more

RM10

RM50

6 times or more

RM30

10 times or more

RM50

Note that the types of retail transactions that are allowed for this campaign include all local and overseas retail spending, online purchases, and new zero-interest instalment plans (full purchase amount only). It excludes payments such as Flexipay, balance transfers, recurring payments, finance charges, as well as payments for utilities, insurance premiums, and government-related expenses.

Additionally, the cashback will be provided on a first-come first-served basis, with the bank having allocated a total of RM100,000 for each campaign month.

If you’re interested in joining this campaign, you’ll need to register your participation by sending an SMS (
PBV<space>16-digit principal Visa credit card number
) to 66300. Once you’ve sent your SMS, you’ll receive a confirmation from the bank regarding your participation.

Public Bank also clarified in its
T&C
that a principal credit cardholder with multiple credit cards will be required to register only once, after which the amounts charged to all other credit cards (principal or supplementary) will be automatically tracked for this campaign. Do also be aware that you will not be eligible for any other Public Bank credit card promotions during this campaign period once you’ve signed up for it.

Finally, the cashback earned will be credited into your account within four to eight weeks after the end of each campaign month. Your earnings will be reflected in your credit card statement, itemised as “PB Rewards You With More Cash Back – Month 1/2/3/4”.

You can find out more about
Public Bank’s PB Rewards You With More Cash Back campaign
 on the bank’s official 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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Maybank Introduces Personal Digital Financing Solution, Offers Cash Disbursement Within 10 Seconds Of Approval

Maybank has rolled out its new Maybank Personal Digital Financing, a digital personal financing solution that seeks to offer customers a hassle-free and fully digital experience from the point of application to the disbursement of cash. Available on the Maybank2u website and the MAE by Maybank2u (MAE) app, it is said to provide instantaneous approval and disbursement within 10 seconds for selected customers – making it the first of its kind in the market.

According to Maybank, the new solution is open to both new and existing customers aged between 21 and 60 years old, with the financing amount available from between RM5,000 to RM100,000 or four times their monthly salaries (whichever is lower). The interest/profit rate, meanwhile, stands between 8% p.a. to 6.5% p.a., with a repayment tenure of between two to six years.

Customers who tap into the Maybank Personal Digital Financing solution will have the flexibility to choose their preferred minimum financing amount. If they do not qualify for the requested amount, the bank can then immediately provide an adjusted financing offer that better meets the customer’s profile. For transparency, applicants will also receive all important details pertaining to their offer, including the interest/profit rate, repayment tenure, and monthly repayment amount prior to accepting it.

Maybank further said that customers are also allowed to apply without the need for supporting documents, and can receive funds within 10 seconds of approval if they meet the following criteria:

Have a salaried account with Maybank
Minimum annual gross income of RM42,000 (RM3,500 per month)
Healthy credit profile and score

Customers who do not possess income records with Maybank, on the other hand, can apply for loans via the Maybank Personal Digital Financing as well, but they are required to go through the additional step of uploading their income documents (on top of other verification documents):

For salaried employees (any of the following)
For self-employed individuals (any of the following)
– Latest salary slip
– Latest EA form
– Latest BE form with official tax receipt
– Latest savings/current account statements (three months) (optional)
– Latest B form with official tax receipt
– Latest bank statements (six months)

Once your application is submitted, Maybank will inform you of your application status within the same day. If you meet the eligibility criteria set by the bank, the funds will be disbursed to you within one day of approval.

The group chief executive officer of Maybank’s Community Financial Services, Dato’ John Chong said that the launch of this new solution – which is available as conventional and Islamic options – will offer improved convenience and a speedier service to customers by eliminating the need for physical submissions.

“From our experience, we know that customers value speed and convenience when it comes to personal financing, as the funds could be intended for urgent use such as medical emergencies. In addition to fast disbursement, Maybank Personal Digital Financing does not require collateral or a guarantor, making it ideal for customers who need cash in hand immediately,” said Dato’ John.

Moreover, Dato’ Chong commented the solution is launched at the right time as Maybank expects consumer spending to return to pre-pandemic levels this year. “Since 3Q 2021, we have seen a growing trend among personal financing applicants requiring financial support for wedding-related costs, travel, and home down payments and renovations. This year, we expect a minimum of 30% growth in our personal financing segment, boosted by the introduction of Maybank Personal Digital Financing,” he stated.

In celebration of the launch of Maybank Personal Digital Financing, Maybank is currently running a campaign that allows customers who apply for loans via the solution to win cash prizes worth RM50,000. This includes a grand prize of RM10,000. The campaign is set to run until 15 July 2022.

The Maybank Personal Digital Financing solution is the latest in a line of digital offerings that have been rolled out by Maybank over the past two years. Other solutions include the
SME Digital Financing solution
 and the more recent
Maybank Home
2
u solution
.

(Source: Maybank [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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PayPal Is Closing Down Its Malaysia Operations Centre

PayPal will be closing its Operations Centre in Malaysia by the end of this year. However, this internal reorganisation will not affect customers in Malaysia, who will be able to use Paypal’s products and services as usual.

The news was first reported by tech portal Amanz and subsequently confirmed through a statement by PayPal. According to PayPal, the work that has been delivered in Malaysia will be gradually moved to other locations as part of an investment alignment decision. First established in 2011, the operations centre in Malaysia offered service and support to customers across the region.

“Our priority now is to do everything we can to set up our employees for future success and we are fully committed to helping them as they transition to the next step in their careers,” the statement read. PayPal Malaysia has started a voluntary separation scheme (VSS) between April and August of this year for all of its local employees.

(Source:
Amanz
)

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Jacie Tan

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Citi’s Campaign Offers 5% Cashback For Utilities, Telco, And Entertainment Subscriptions

Citibank is currently running its 2022 Utility Spend and Get campaign to offer selected credit cardholders 5% cashback when they pay for their utilities and other specified services using their credit cards. Already ongoing, the campaign is set to run until 31 October 2022.

By invitation only, this campaign will allow you to earn 5% cashback when you pay or schedule new recurring payments for the following qualifying spend categories:

Spend category
Service provider
Utilities (such as electricity, water, and gas)
Tenaga Nasional Berhad (TNB), Air Selangor, Gas Malaysia, Indah Water Konsortium, and more
Telco and internet
Celcom, Digi, Maxis, U Mobile, Unifi, and more
Entertainment subscriptions
Astro, Netflix, Spotify, YouTube, and more

Do be aware that JomPay transactions, existing monthly recurring or auto-billing payments, and instalments paid under Citibank Flexi Payment Plan or Citibank Easy Payment Plan are not accepted for this campaign.

As always, the cashback rewards will be provided on a first-come-first-served basis, with each cardholder eligible to earn a maximum of RM100 cashback per campaign month. Note that Citi has allocated a total of RM90,000 for the entire campaign, with RM30,000 earmarked for each campaign month:

Campaign month
Campaign period
1
8 August 2022 – 31 August 2022
2
1 September 2022 – 30 September 2022
3
1 October 2022 – 31 October 2022

If you manage to win any cashback rewards, they will be credited into your most active card account (if you have more than one Citi credit card) within eight weeks after the end of the campaign. This will also be reflected in your credit card statement.

Finally, cardholders who are selected for this promotion may also participate in other Citi credit card campaigns, where they may be offered similar rewards. However, if the campaigns overlap with this particular campaign, then you will only be entitled to receive the rewards from only one of the campaigns.

(Source:
Citibank
)

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Nur Adilah Ramli

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Weakened ringgit causes concern for students abroad

In late July,
the ringgit fell to 3.2570 against the US dollar
: it’s lowest since June 2010.

The decline came sharply after Fitch ratings reduced it’s outlook for Malaysia’s sovereign credit rating from stable to negative.

Whatever the reason, the weakened ringgit is cause for concern amongst parents of/ and students abroad as costs of living overseas will increase in tandem.

The Star reported
 on Sunday, 18 August that unease is already setting in.

J. Edmund Dass, 50, said he was worried over the ringgit’s depreciation as his daughter would be going to Wales for her third-year law studies.

“I am in limbo now. If I convert my ringgit into British pounds, I will need to convert it back to ringgit in order to send her the money if I go through banks,” said the entertainer.

Xiang Hong Ong, 25, who is doing his Masters in Law in Westminster University, said if the ringgit continued to weaken, he might take up a job to support himself.

“Since I am a self-sponsored student, it will mean having to cut my personal expenses,” he said.

The ringgit had fallen not just against the US Dollar; but the Singapore Dollar, Pound Sterling and Euro.

Alliance research doesn’t believe the situation is going to markedly improve until the end of the year.

…the ringgit would remain weak at around current level or even test the 3.30 level soon.

“However, the weakness cycle should come to an end in due course and the currency could reverse its trend by end 2013.

“In this regard, we maintain our view of short-term volatility of the ringgit, but extending the trading range from 3.15-3.25 per dollar to 3.20-3.30 per dollar over the next one to three months. Our end-2013 forecast for the ringgit is maintained at RM3.12 vis-à-vis the US dollar,” said Alliance Research.

Picture courtesy of singkham at Freedigitalphotos.net.

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Shop at the Mum and Baby Expo and Win Attractive Prizes

For mums and mums-to-be, the Mum & Baby Expo is happening once again at various venues around Malaysia. Be sure to stop by when it’s in your city. As an Ambank or AmIslamic Cardmember, you will be eligible for one lucky draw entry for every RM100 spent on your Ambank or AmIslamic Credit Card.

Lucky draw prizes include Pierre Cardin travel bags, Toys R us vouchers and AmBonus points totaling 1.45million.

Gifts will be awarded while stocks last on a first come, first serve basis. See below for the dates and venues.

Also, click here for
full terms and conditions
.

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LG Launches Latest Range Of OLED Evo TVs In Malaysia

LG Malaysia has officially unveiled its latest-generation OLED evo TVs for the Malaysian market. Offering the widest range of models ever, the LG OLED evo TVs are available from 48” all the way to 88”, with prices starting from RM8,199.

LG has been at the forefront of OLED TV technologies and is the world’s leading OLED TV brand for nine consecutive years. For this year, LG has upgraded its range of 4K OLED TVs with various new features. Powered by the new Alpha 9 Gen 5 AI processor which leverages on deep learning capabilities, LG promises enhanced performance and sharper picture quality as well as a more immersive audio experience.

This builds upon the already solid foundations of what makes LG’s OLED TVs attractive: self-lit pixels that allow for perfect blacks and 100% colour volume, near-instantaneous response times for immersive gaming, and a razer-thin body that allows for unique aesthetic choices in the living room.

A new feature exclusive to the C2 and G2 series is Brightness Booster Max Technology, allowing the TVs to increase their peak brightness by 20% on the C2 and 30% on the G2, alleviating a common myth that OLED TVs are not as bright as conventional LED TVs.

For gamers, LG continues to offer the best TVs for gaming, with NVIDIA G-Sync Compatible and AMD Freesync Premium support. All four HDMI ports are HDMI 2.1 ports for next-gen console support, while variable refresh rate (VRR) up to 120Hz and automatic low-latency mode (ALLM) are all present. Combined, they make LG OLED TVs great for both PC and console gaming.

For the first time, the C2 mainstream range is also available in the widest screen size options, with five different sizes to choose from: 48” (the world’s smallest OLED TV), 55”, 65”, 77”, and 83”. Meanwhile, the premium G2 range is available in two screen sizes (65” and 77”), while the affordable A2 series is also available in two sizes (55” and 65”). Finally, there’s also the world’s biggest OLED TV: the LG Signature OLED 88” with 8K resolution.

The new LG A2, C2, and G2 OLED TV lineup are now available for purchase nationwide, with prices starting from RM8,199 for the 48” C2 all the way to a cool RM124,999 for the 88” 8K LG Signature OLED evo TV. In addition, LG is also offering up to RM1,500 in TNG eWallet credits for every purchase of LG OLED TVs as well as other home appliances as part of the ongoing
Save More, Live Well campaign
.

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Pang Tun Yau

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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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AirAsia Now Has Its Own Credit Card

AirAsia has introduced two of its very own credit cards that will go a long way towards boosting your AirAsia BIG Points. The AirAsia Gold Credit Card and AirAsia Platinum Credit Card both give up to 6 times more BIG Points for your expenditure and additional bonus BIG Points. BIG Points are the basis of AirAsia’s BIG Loyalty programme and can be used to redeem AirAsia flights.

Here’s how the BIG Points accumulation works for the AirAsia credit cards: you get 6 BIG Points for every RM1 spent on AirAsia flights and 1 BIG Point for every RM2 spent on overseas transactions. For local spend, you get 1 BIG Point for every RM5 spent using the Gold credit card and 1 BIG Point for every RM3 spent using the Platinum card.

The additional BIG Points offered are in the form of a welcome bonus and quarterly bonus. For the welcome bonus, you get extra BIG Points when you fulfil a minimum retail spend during the first 60 days after your card approval. For the quarterly bonus, you are awarded additional BIG Points if you hit the set minimum spend per calendar quarter. The minimum spend requirements and corresponding award of BIG Points vary between the Gold and Platinum cards.

The AirAsia Platinum Credit Card also gives you priority check-in, boarding, and baggage, as well as an instant upgrade to BIG Platinum Membership Status. The Platinum card is available to those who earn over RM60,000 per annum.

The annual fee for AirAsia Gold Credit Card primary cardholders is RM200 per year, and for the Platinum card, it’s RM350 per year. The annual fee is waived for the first year with a minimum of one retail swipe within 45 days from card approval date.

Find out more about the new AirAsia Credit Card from
AirAsia
 or
Hong Leong
, its issuing bank.

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Get Your Hands On The iPhone XS Max For Up To RM1,050 Off

With official
retail prices for the iPhone XS Max
 set at RM5,399 for 64GB, RM6,099 for the 256GB model, and RM7,049 for the 512GB variant, the new iPhone are the most expensive iPhone models to date. That said, online e-commerce platforms are starting to offer great deals for the iPhone XS Max, with potential savings that can be more than RM1,000. If you’ve been waiting for a good deal to grab the new iPhone and not willing to go down
the telco contract route
, these deals should catch your eye.

Senheng is offering the
iPhone XS Max 64GB for RM4,999
 in Lazada, which is 7% or RM400 off the retail price. All three colours (Gold, Silver, Space Grey) are available, with the option of paying with a 0% installment plan of up to 12 months. Note that Senheng also has a RM50 coupon code (CNYLASTMIN) to further offset the price.

If 64GB is too tiny for you, the best deal for the iPhone XS Max 256GB on Lazada is at RM5,599 from popular phone store, G Store. This store also features the absolute best iPhone XS Max deal: the
512GB model for just RM5,999
 – a massive 15% (or RM1,050) discount. No other (legitimate) listing comes close to matching this price on Lazada and on Shopee and 11street.

Speaking of which, there’s a solid deal on 11street as well. The 256GB model is available for
RM5,699 in Gold
 and
Silver
 colours, but with RM100 + RM10 seller vouchers, the final price goes down to RM5,589 – just slightly lower than the best price we found on Lazada. One advantage 11street has over Shopee and Lazada is that it accepts American Express cards, so you can enjoy 5x TreatsPoints and 5% weekend cashback when you use the
Maybank 2 Gold and Platinum
 Amex cards here. That would bring the total cost down even further (though the 512GB model for RM5,999 still takes the cake as the best overall value).

Finally,
Shopee’s official electronics store
 offers all three storage options for the
iPhone XS Max at discounted prices
 as well. At RM5,085 (64GB), the RM5,735 (256GB), and the RM6,625 (512GB), they aren’t as good as the Lazada and 11street deals highlighted above, but Shopee offers regular seasonal coupons that can be combined with the Shopee coins and reduce the final price further.

All the iPhone XS Max listed above are all official Apple Malaysia units with 1 year local warranty, and from reputable sellers with solid track records so buyers won’t need to worry about warranty issues. If you’ve been planning to upgrade to an iPhone XS Max, this is certainly a great time to do so.

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Pang Tun Yau

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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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2018 Sarawak Public Holidays - Fun Things to Do and When to Do Them

A fresh start to the year and a bunch of public holidays in Sarawak to look forward to this year. Excluding the large number of national holidays, Sarawak gets five additional days which are different due to the ethnic variation in Sarawak. Interestingly, among the national holidays, Sarawak does not get the day off on Deepavali. Despite the lack of one day, there are lots of opportunities to enjoy the Sarawak public holidays, as listed below.

Good Friday – 30 March (Friday)

Hari Gawai – 1 June to 2 June (Friday and Saturday)

Sarawak Independence – 22 July (Sunday) Replaced on 23 July (Monday)

Sarawak Governor’s Birthday – 13 October (Saturday)

Sarawak will celebrate Hari Gawai on the 1st and 2nd of June. According to the official
Sarawak Tourism
 website, Hari Gawai is celebrated by the Dayak people, consisting of Iban, Bidayuh, Kelabit and a few more ethnic groups.
Gawai
 is the celebration to mark the end of the rice harvest which takes months to grow. The final public holiday in the state’s calendar falls on a Saturday,13th of October. While there is no replacement holiday for that, Sarawak will enjoy two long weekends, which is sufficient to try out a few of these activities listed below.

Gunung Mulu National Park – Miri

Mulu National Park was deemed as a
UNESCO World Heritage site
 back in the year 2,000. It is famous for being one of the longest caves in Southeast Asia and the largest cave passage in the world. While Mount Kinabalu in Sabah always gets the recognition as the place to visit in East Malaysia, this one definitely takes the cake. During the next public holiday in Sarawak, taking a few days to explore this wonder within the state, is an absolute must.

The caves are split into
four segments
, Clearwater, Wind, Deer and Lang Caves. Gunung Mulu National Park has more than just cave explorations, it is filled with activities like canopy walks, trekking, waterfalls, and boat rides to keep you occupied for days.

Despite being within Miri, you will still need to take a 30 minute flight to the Mulu National Park. The flights are operated by MAS Wings and cost approximately RM160, per trip (price reference was at the point of the article being written on the 25th of January). Accommodation prices start from RM55 for a bed at the hostel or RM320 for smaller rooms that fit 2-3 people. Besides the flight and accommodation, there is a
flat entrance fee
 of RM15 for adults and RM5 for children, which entitles you to a five day pass.

Merarap Hot Springs – Lawas

If the caves are not your thing, take the time to relax and have a spa like experience at the Merarap hot springs. According to the
Sarawak Tourism
 website, there is a lodge you can rent and have a truly relaxing experience in the tranquil environment. The lodge taps the water from nearby natural sources and has several man-made pools with different temperatures.

Besides just relaxing in the hot springs, there is also jungle trekking and hiking for those who crave a little more adventure. If you prefer not to leave the tranquil and relaxing resort fora hike, there is also a fishing pond where you can just kick back and spend your time fishing for black and red tilapia fish.

Despite being in Sarawak, the lodge is easier accessed from Kota Kinabalu, Sabah. The Merarap hot springs can be
accessed via bus
 which takes approximately four hours, and followed by an hours drive in a four wheel drive truck. The bus tickets from Kota Kinabalu cost RM20 and the truck can be booked via the lodge. Prices per night on the lodge’s
Facebook
 page start from RM100+ for a room and RM300+ for a chalet.

Damai Beach – Kuching

No holiday plans are complete without enjoying some time on the beautiful beaches in Sarawak. Damai beach in Kuching is a beautiful resort like beach, popular among tourists and locals alike. It is also one of the
nicer beach side dining options
 and should be on your agenda during the upcoming Sarawak public holidays.

It is approximately 40 minutes away from Kuching city centre, which is a short drive. If you do not have a car, an
Uber ride is estimated
 to cost approximately RM18 to RM25 per trip. On top of transport expense, Damai beach also has pretty reasonable room rates for such a lovely beach. According to [Trivago](
https://www.trivago.com.my/?iPathId=75591&bDispMoreFilter=false&iSlideOutItem=116103&aDateRange%5Barr%5D=2018-02-21&aDateRange%5Bdep%5D=2018-02-23&aCategoryRange=0%2C1%2C2%2C3%2C4%2C5&iRoomType=7&sOrderBy=relevance
 desc&aSortingOrderBoosting%5B%5D=price&), hotels within the area cost RM100 onwards, for a basic hotel room.

Take a dip in the waters, tan on the beach or just hop into a game of beach football. Spending time on the beach promises a relaxing day away from any stress and an amazing way to spend your additional days off.

Kayak Down the Semadang River – Kuching

If you are one with the water, you could put those arms and core muscles into play with a kayak trip down Semadang River during one of the upcoming public holidays. If you are one of those who really enjoys the water, you would love taking a kayak trip down the river, just relaxing in nature and taking in the scenes. Bring coffee in a hot flask and just enjoy the serene atmosphere of the trees, fresh air and cool water streams at the calm points of the Semadang river.

Pick out a good tour company that can take you down the river, where it stops by some of the smaller villages to uncover some hidden gems. Fresh fruit, special Bidayuh food or just an experience of how the tribe people live. If you aren’t mentally refreshed after that experience, at least your arms and core muscles would have had a good workout. After a little
shopping around online
, the average prices for an adult package costs approximately RM200 and half the price for children. This is definitely an interesting way expand your horizons and a unique way to spend the exclusive public holidays in Sarawak.

Beyond Sarawak

Your Sarawak public holiday trips do not have to be confined to the local scene, you could take a flight overseas and have a change of scenery. Try different types of food, shop at stores you usually won’t find in Sarawak, or just go to a cold destination to see what winter would be like.

Whatever your choice may be, you should use sites such as
Shopback.my
 that gives you a certain amount of cashback for all your travel purchases and ensure that you use a travel credit card in the process as well. That way, you get rewards from two sources instead of either one. You can even attain free travel insurance on your credit card in case of any emergencies. Don’t forget to checkout
Agoda
 to get more affordable rates for your getaway accommodations as well! Use our
comparison tool
 and you may find credit cards that are better suited to you than the ones you might already have.

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Gavin Pereira

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Cuepacs Urges Govt To Increase Minimum Salary For Civil Servants To RM1,800

(Image: New Straits Times)

The Congress of Unions of Employees in the Public and Civil Service (Cuepacs) is once again pushing for the government to increase the minimum wage of civil servants to RM1,800. This is so that they can cope with the rising costs of living, as well as to have better living conditions.

The president of Cuepacs, Datuk Adnan Mat stressed that the union is dissatisfied with the existing salary of civil servants as it is insufficient, with living expenses going up as prices of goods are often increasing. “This situation is unfair for civil servants with the income they’re earning. We have proposed to the government that their minimum monthly pay be raised to RM1,800. Although the government has approved the amount of RM1,500 for government-linked company (GLC) employees, we still want it at RM1,800,” he said.

The government had recently agreed to
raise the minimum monthly salary from the current RM1,200 (for urban areas) to RM1,500
 starting from 1 May 2022. The implementation of this revision will first involve the employees of large companies and GLCs, and the government has also promised that
all civil servants will receive a total pay and allowance of at least RM1,500 per month soon
. Meanwhile, Cuepacs has been pushing for a minimum wage of RM1,800 for civil servants since a while back, with its
most recent call being in February 2022
.

(Image: The Malaysian Reserve)

Aside from that, Datuk Adnan highlighted that the implementation of the new minimum pay will give rise to a narrow gap in the earnings of new employees and employees who have served longer in the civil force. To bridge this gap, Cuepacs believe that two salary increments for the latter group is in order.

Furthermore, Datuk Adnan said that the new salary system should be implemented quickly and in a comprehensive manner so that civil servants can enjoy better financial stability. “As for the past 20 years, we have implemented the same remuneration system, which I the Malaysian Remuneration System. This system needs to be changed,” he said.

(Source:
Malay Mail
)

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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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How To Get Cheap Mobile Data During Hari Raya

It is an issue most of us hyper-connected Malaysians will face come Hari Raya: how do we stay connected while we are in our hometowns where reliable internet may not be available? Fast fibre WiFi isn’t widely available in the outskirts of the city, which means we will have to rely on mobile internet to stay connected.

In addition, family members who do not have data plans may ask us to share our data with them, eating up previous monthly data quota. Perhaps this is a good time to get a data-centric prepaid plan just for this Hari Raya Aidilfitri holidays?

The Prepaid Scene In Malaysia

The “Big 3” telcos in Malaysia – Celcom, Digi, and Maxis – all have
a prepaid subscriber base
 that’s anywhere between three to four times the amount of postpaid customers. These plans are popular because of their low price points. But, prepaid plans offer lower amounts of mobile internet data compared to postpaid plans.

Given that most homes and offices in the cities are equipped with WiFi, running out of data isn’t generally an issue for prepaid users under normal circumstances. But it’s when we go to our hometowns that our data quota gets a bit stretched. Is there a way to exponentially increase the amount of data we have during the Raya period – and one that’s easy on the wallet?

As it turns out, yes. The Big 3’s total subscriber base – 11.75 million (Digi), 10 million (Maxis), and 9.55 million (Celcom) – not to mention the many other players such as U Mobile, OneXOX, Unifi Mobile, and fully digital players like ookyo and Yoodo, suggests that many Malaysians own more than one mobile number. Many smartphones sold in Malaysia today also have dual-SIM capability, allowing users to quickly and easily use two different mobile plans at the same time.

Therefore, getting a new prepaid SIM for the Raya holidays certainly isn’t as outlandish as it seems. And when you consider the prices for data among the many players, this idea gains a bit more momentum.

Why Should You Consider A Prepaid Plan?

For starters, there’s the low barrier of entry. All popular prepaid SIM packs cost less than RM10, with some bundled credit, calls, and data onboard. Unifi Mobile’s aggressive promotion gives users 10GB free LTE data upon activation, while the fully-digital players
ookyo
 (backed by Maxis) and
Yoodo
 (backed by Celcom) offer the SIM packs for free.

And because there is zero commitment, you can always stop using the SIM card when you no longer need it. This is why a secondary prepaid plan would be ideal for the Raya holidays.

Then there are the plans themselves. With at least eight major prepaid brands in the market (and many more Mobile Virtual Network Operators, or MVNO) running their business in the country, the stiff competition means that these brands must price their plans as low as possible or risk going out of business. It’s definitely a fine line, but it appears to be working for some of these brands.

Here’s a look at the prepaid plans from eight of the main prepaid players in Malaysia, as well as their add-on charges for mobile internet.

As you can see, at first glance these plans are downright confusing. Some telcos even offer different prepaid plans that cater to different sections of the market, but are branded under one name. Other telcos create various add-on charges that ultimately makes the plan more expensive to use over time. So, which among these plans offer the best value for money for short term use over the Raya holidays?

But Before You Buy…

There are several things to consider. First, of course, is price. Since we’re only looking for a short-term solution, we should consider how much data can we get for a specific budget – including the starter pack’s price and perks.

Another similarly important factor is coverage. Not every telco’s networks are created equal: that’s also why some telco’s plans are more expensive than others.
Maxis
 has been known to offer fast and reliable mobile data across the country, while
Celcom’s
 network coverage is among the highest.
Digi
 has a mix of both, though at a lower level. Most telcos will have a “Coverage” section on their websites – do check them out before you buy a prepaid SIM.

On top of that, some telcos are also offering attractive promotions to entice users to either try out their services, or to reward existing customers. Some of the Raya promotions are pretty good too, such as Yoodo’s RM10 for 10GB offer.
Unifi Mobile’s
 10GB free LTE data upon activation sounds fantastic on paper, but the newcomer’s LTE networks is quite limited.

Finally, we should also look into the fine print of these plans. A lot of prepaid plans claim to offer exceptionally large (or even unlimited!) amounts of data, but a closer look will reveal that they come with all kinds of caveats for the user, like usage times (typically after midnight), network type (“4G-only” and “3G/4G data”), and even data speeds (“unlimited free basic internet” means internet speeds that max out at 64kbps – a 4G+ network is capable of handling more than 150Mbps!)

Final Words

From our experience, it always pays to take your time and go through each prepaid plan’s offerings thoroughly. Price alone isn’t the only factor to consider – the cheapest plans may not necessarily give the best internet experience, and neither will the most expensive plan guarantee the best network performance.

Similarly, what works for some may not be the same for others. Always ensure the plan you choose is the one that has a robust and reliable network in the location you’re going to. You can’t use all those gigabytes of data when there is no signal, right?

Staying connected wherever you may be is no longer a luxury. To do so affordably is even better, and we hope the table above helps you make an informed decision!

Found a good prepaid deal that we did not cover in the article? Share them in the comments below!

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Pang Tun Yau

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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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UOB: BNM Likely To Increase OPR By Another 25bps In September

(Image: Bernama)

UOB Global Economics & Markets Research has said that Bank Negara Malaysia (BNM) will likely increase the overnight policy rate (OPR) by another 25 basis points (bps) in its upcoming Monetary Policy Committee (MPC) meeting on 8 September. This will bring the current OPR of 2.25% to 2.50%.

According to UOB, an increase in the OPR is expected given the robust growth of Malaysia’s economy in the second quarter of 2022 (2Q22). This is reflected in the data provided by the Department of Statistics Malaysia (DOSM), which indicated a gross domestic product (GDP) growth rate of
8.9%
 in the second quarter of this year – up from the
5%
 recorded in the previous quarter.

Aside from the good quarterly GDP growth, the research house also said that an OPR hike is in sight based on signs of further economic growth in the second half of this year (2H22). This is despite the likelihood of a more moderate round of economic expansion during that period.

(Image: Malay Mail)

UOB further added that the rising inflation in the country will also spur BNM to hike the OPR. Malaysia’s inflation – as measured by its consumer price index (CPI) – rose to
4.4%
 in July 2022, up from
3.4%
 in the previous month. An increase in the OPR is expected to help moderate inflation.

In addition to internal factors, UOB highlighted that BNM will also take into account various external factors in deciding on the OPR hike. These include the possibility of aggressive rate hikes by the US Federal Reserve in the future, as well as other global monetary conditions.

BNM has already raised the OPR twice thus far this year: 25bps in
May
, and another 25bps in
July
. While most economists and analysts believe that the central bank will continue to
increase the OPR
 to bring it back up to the pre-pandemic level, the central bank has also reassured the public that
any increases will be made in a gradual and measured manner
 so as not to disrupt the country’s economic growth.

(Source:
The Edge Markets
)

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Nur Adilah Ramli

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Maybank’s Ikhwan Campaign Offers Grand Prize Worth RM15,000 And Monthly Rewards

Maybank has kicked off an exclusive campaign for its Maybank Ikhwan credit cardholders today, allowing them the opportunity to win a grand prize worth RM15,000, in addition to monthly rewards. The Maybank Islamic Ikhwan Credit Card Spend & Win campaign will run all the way until 15 February 2022.

Specifically, the campaign is open to the principal cardholders of the following cards:

Maybank Islamic Petronas Visa Ikhwan Platinum
Maybank Islamic Petronas Visa Ikhwan Gold
Maybank Islamic Ikhwan Mastercard Platinum
Maybank Islamic Ikhwan Mastercard Gold
Maybank Islamic Ikhwan Visa Infinite
Maybank Islamic Ikhwan Mastercard World

If you’re an eligible cardholder, you’ll stand a chance to win the prizes that are on offer by performing qualifying transactions, which will then earn you entries for the campaign. The rewards include a grand prize, monthly top prizes, as well as monthly consolation prizes – offered in the form of AEON and Petronas vouchers, as well as cashback:

Tier
Prizes
Quantity
Total quantity for whole campaign
Grand prizes
AEON voucher worth RM15,000
2x every two months
4x
Monthly prizes
Petronas voucher worth RM2,500
6x every month
24x
Monthly consolation prizes
RM100 cashback
60x per month
240x

Meanwhile, the transactions that can earn you entries are as follows; depending on the category of payments that you perform (with a minimum spend), the number of entries you obtain will differ:

Category
Minimum spend
Number of entries
– Online spend
– Groceries
– Food delivery/F&B
– Airline and travel
– Hotel
Every RM100
2x
Other expenses
Every RM100
1x
New approved principal card
–
10x

Note that eligible spend for this campaign includes retail and online purchases made both locally and internationally, as well as Auto PayBills, auto-reload for Maybank Touch ‘n Go Zing Card, and EzyPay transactions performed using the participating credit cards. Meanwhile, payments such as monthly instalments of EzyPay, EzyPay Plus, and EzyCash, as well as balance transfers and cash advances do not qualify. The campaign also disallows split or repetitive transactions of more than five times in a day from the same merchant.

If you’re selected as a winner in this campaign, you’ll be notified through email, SMS messages, or phone calls. Your prize will then be provided within 12 weeks from the last day of the campaign period. Additionally, Maybank clarified that it is willing to convert the grand prize (AEON voucher worth RM15,000) into equivalent cashback for winners who are living in states that do not have an AEON outlet. This cashback will be credited into their credit card accounts. Do be aware that each cardholder is only allowed to win one prize during the campaign.

If you’d like to join this campaign, go ahead and register your participation by sending an SMS (“
IKHWAN<space>Last 6-digits of NRIC or passport number
”) to 66628. A confirmation SMS will be sent to you if your registration is successful.

(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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