4 Money Traps to Avoid at Stores!

With Chinese New Year fast on our heels; many are clamouring at malls for last minute clothing, household and food buys. In the frenzy to get everything done, it’s going to be easier than ever to walk out with bags full of stuff you don’t really need.

In fact, some don’t even need a holiday season to buy. Many a time have they walked in and then out of stores with bags of goods they didn’t even plan to get in the morning. This, my friends, is a big no-no if you want to achieve financial glory through frugality!

If you were going to blame your weak will power, hold your horses for a bit. It is in fact true that most stores (especially grocers) are rigged with a tonne of money traps but they certainly didn’t get past us because we’ve got the lowdown on these sales’ tricks right here!

1) The Sale Signs

Who could resist those bright neon sticker signs telling you how much you can save? Just for spending at a store that probably didn’t even cross your mind that day, you get to score some big deals (never mind the fact that you’d save so much more by simply
not
 going in there).

These discount or sale stickers are the very first step in alluring customers, both interested or not, walking by outlet entrances and its success rate is nothing short of amazing.

These discounts are usually coupled with attractive looking products that help bolster that incredible success rate. Expect to stumble upon (or not really) extravagantly decorated stuff right at the entrance for the all-important first impression.

The layout is supposed to pique your curiosity on merchandise at the back of the outlet but not before you pass through a minefield of strategically placed items on sale. Chances are, these items are clearance stock and they may not even be really good bargains at all.

2) Strategically Placed Products

We’ve touched on how strategically placed products work well with sale signs in the point above, but they are just as lethal to the stray shopper even without the discounts.

This is a common enticing trick found at grocery stores and its diabolical product placement tactic may be applied in regular shopping outlets that sell clothing and cosmetics, just to name a few.

Products that are highly popular or need sales boost are placed at the average shopper’s eye-level anywhere in a particular store and least popular ones are either tucked down below or high up top.

Study has revealed that shoppers tend to buy goods that are at eye-level or strategically located at entrances and exits. These items are usually slightly more expensive than the ones placed in least desired areas.

The same can be said about shop lot accessibility in malls – the more accessible they are, the higher the rent. Stores with cheaper goods (eg: Daiso) usually occupy higher levels while exclusive brands take the ones closer to the Ground level.

See for yourself the next time you go shopping and compare their position against price, for both items and shopping mall stores location!

3) The Salesperson

Ever walked in a store to the greeting of an incredibly good looking salesperson who attends to all your shopping needs tirelessly? How exactly does one dodge this sales’ stunt without guilt-buying any of the items the salesperson is promoting?

Good looking or not, salespeople have targets to achieve and it’s even written in their job requirement to allure customers towards trying on stuff (eg: clothes or cologne) before convincing them to make the purchase.

Apart from the highly regarded skill of selling, salespeople are firmly equipped with knowledge of other money traps above and will be more than happy to guide you through them in hopes of securing your purchase.

If you’re in a grocer, these guys are probably the ones who give out free samples (another mini money trap). Keep this point in mind the next time you walk into a store and avoid getting chatty with these pretty faces as it can cost you more in guilt-purchasing!

4) The Checkout Counter

It shouldn’t come as a surprise when we say that certain stores intentionally have limited amount of cashiers working at the register to prolong your time spent at the store.

While this spending trick is in effect, the very last one comes in to assist and lurks along the pathway leading up to the cash register. These aisles would usually be dressed up with more products that the store is tempting customers with.

They usually are small in size but are highly effective in triggering last minute impulse purchases in those who seem to have all they need bundled up in their arms and are exit bound.

If you do get pass this phase, it means that you’re almost at the end of your purchase cycle. Upon payment, cashiers offer customers membership cards that require an upfront fee. Others will present you with discount coupons that you can use during your next visit to the store. Hold back on all shopping urges and you just might come out alive!

Be a Wise Consumer

To ensure you don’t fall for these money traps, be a disciplined shopper. Come equipped with a list of things that you intend to get on your day out and your ‘needs’ should always be prioritised over the ‘wants’. It should help you stay on the positive spending track.

Armed with that list of purchase items and knowledge of these money traps, your chances of getting shackled whilst shopping for clothes or groceries will be reduced significantly – bringing you one step closer toward achieving financial-savvy status!

Also, if you are hitting the malls; are you equipped with the
right kind of credit card to maximise your spending
 via delicious points and cashback? To time like the present to get one if you haven’t already.

What are your tips for shopping success? Let us know in the comments.

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Austin Victor

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What cheap Hipsters do for Halloween costumes

Ah Halloween! The perfect excuse to go about being someone you’re not!

The costuming industry in Malaysia is booming but a snazzy set of Superman or Minion threads don’t come cheap. Costume rentals start at RM70 and up to RM300 for really elaborate pieces but there’s always that age old problem – you’re
still
 going to look like everyone else. I mean, how many times have you attended an office dress-up party and seen 3 pirates, 2 Cleopatras and atleast 7 Disney Princesses?

If you’re a Hipster, you probably cringe at these mainstream outfits. Even your favourite Trek character is likely taken by at least 2 from Accounting and the odd Admin person.

But check out what these (most likely) Hipster parents did for their tot. True, it’s cuter on a 2 foot baby and works best when the lights go out but how cool an outfit is that?

Best part: it will cost you about RM50 to RM80 to get it all together. If you are interested, here is
how you can make one
 for yourself and for your family and friends.

Happy weekend people!

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Matthias Sim

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Govt Extends 2 Sen/kWh Electricity Rebate Until 31 December 2022

The government has agreed to extend the 2 sen/kilowatt hour (kWh) electricity rebate that is currently being enjoyed by domestic electricity consumers. With this, the rebate will continue to be provided until December 2022.

The 2 sen/kWh rebate was
first announced back in December 2020
 for both domestic and non-domestic users, for the period of January to June 2021. It was subsequently extended to
31 December 2021
, and again to
June 2022
 (but this time only for domestic users).

Meanwhile, the surcharge for non-domestic consumers will also be maintained at 3.70 sen/kWh. This is lower than the actual rate of Imbalance Cost Pass-Through (ICPT), which currently stands at 11.81 sen/kWh. Briefly, the ICPT is a mechanism that allows Tenaga Nasional Berhad (TNB) to review the electricity tariff every six months, so that its charges reflects the changes in fuel and other generation-related costs.

(Image: Bernama)

“On that note, all users in Peninsular will continue to pay the electric bill at the same rate as the first six month of the year based on their utilisation,” said the Energy and Natural Resources Minister, Datuk Seri Takiyuddin Hassan, since the government has already agreed earlier to maintain the base electricity tariff for all electricity users at
39.45 sen/kWh until 31 December 2024
.

Datuk Seri Takiyuddin also shared that the subsidy bill incurred from these decisions will come up to a total of RM5.8 billion. The government has agreed to foot the bill despite the exponential increase in fuel cost in the global market, he said.

Last month, it was reported that the government had considered
passing on some of the electricity cost to users
 – including domestic users – in the form of surcharges as TNB is experiencing difficulty in maintaining the current rates. This is especially with coal prices seeing a significant increase over the past few months.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Online Shopping Expected To Remain Popular Post-Pandemic

(Image: The Star/Raja Faisal Hishan)

Several banks and retail associations have remarked that online shopping is here to stay in Malaysia. This is as they have compiled data that signalled the longevity of online shopping among consumers post-Covid-19.

Statistics from RHB Banking Group, for instance, noted that it had seen a 49% increase in online spend post-pandemic, and a 9% quarterly growth recently. As such, it believes that the people’s preference for shopping via digital channels will continue to grow.

Likewise, OCBC Bank also said that although it may have seen a decline in the average value of online shopping transactions, there is no significant drop in terms of volume. This indicated that consumers are already accustomed to the convenience, affordability, and rewards of online shopping – and as such, will continue to use such services moving forward.

Additionally, the managing director and head of consumer financial services for OCBC Bank, Anne Leh emphasised that consumers are not the only ones who benefit from online shopping. Merchants, too, enjoy the advantage of lower operating costs with round-the-clock sales opportunities.

Meanwhile, retail association Retail Group Malaysia (RGM) said that although online shopping continues to be well accepted by the public, there has been a 20% to 90% dip in online shopping activities after the end of Covid-19 lockdowns.

Data compiled from the association indicated that physical stores that offered virtual shopping services during the movement control order (MCO) period had seen a 70% to 80% drop in online purchases since early 2022. F&B operators with online businesses also saw a dip of 50% to 60%.

Similarly, pure-play retailers that operate mainly online businesses also experienced a 20% to 90% drop in transactions after the lockdowns. That said, there are exclusions to this trend; sellers who offer unique and specialty products did not seem to be impacted post-lockdown.

The managing director of RGM, Tan Hai Hsin said that moving forward, businesses and retailers will need to invest in the integration of offline and online shopping in order to succeed. This is as savvy consumers are now tapping into the best of both worlds – online and physical shopping – to get the best value for their purchases. For instance, they may choose to first view the products that they wish to purchase at physical stores, then make the actual purchase online to enjoy any discounts and deals offered.

(Image: The Star)

Tan also commented that existing businesses with online shopping platforms that were set up during the pandemic must find ways to improve the quality of their offerings and services. He pointed out that many of these retailers tended to offer only limited selections on their online platforms, and often make deliveries without tracking numbers. The refund process can also be extremely complicated and tedious.

Ultimately, Tan urged retailers to take online shopping seriously, and to provide proper resources and planning to it. This is as the shopping trend has proved to be an enduring one, and is very likely to remain a preferred choice among consumers.

(Source:
The Star
)

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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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Generali Malaysia Aims To Narrow Protection Gap In Malaysia, Focusing On Underserved Segments

New insurer Generali Malaysia has emphasised that it will focus on catering to the insurance needs of the underserved segments in the country by offering inclusive products and innovative distribution methods. This is with the main goal of narrowing and bridging the protection gap for the Malaysian public, ensuring that no one is left behind.

For context, Generali Malaysia was only recently established – on 1 April 2023 – after Generali Group, one of the largest global insurance providers based in Italy, acquired a 70% stake in AXA Affin General Insurance Bhd, as well as purchased 100% of MPI Generali Insurans Bhd from its joint-venture partner Multi-Purpose Capital Holdings Bhd (MPCHB). These businesses were then integrated under the unified brand of Generali Malaysia, positioning it as one of the largest general and emerging life insurers within the country.

Chief executive officer and country head of Generali Insurance Malaysia, Fabrice Benard stated that the insurer – which is set to complete its integration by 2024 – is committed to providing affordable insurance for the underserved market in the long term.

“If we look at the Malaysian market today, no one (insurance provider) has already been successful in doing that (insurance for underserved groups). This is the reason why there is low penetration in the market. When we did the acquisition in Malaysia, it was a commitment that we made to the Ministry of Finance that we will spend our time and energy for our long-term agenda,” said Benard.

(Image: The Star/Ong Soon Hin)

That said, Benard acknowledged that Generali Malaysia has yet to finalise its strategy for this ambition, but stressed that it will rely heavily on several advantages that it currently has. These included its large existing market share, with a vast distribution network of more than 9,000 agents, partners, and distributors, as well as 49 branches nationwide. It also offers a broader range of products and services, focusing on protection, medical coverage, savings, and legacy planning.

“As an insurer with over 190 years of insurance heritage and experience (from Generali Group), we strive to provide better experiences as a whole by transforming our role to go beyond selling products and to provide more value-added, personalised service in line with our Lifetime Partner 24: Driving Growth commitment,” Benard further said.

In addition to that, Generali Malaysia also hopes to venture further into the retail and small and medium enterprises (SME) segments, specifically by tapping into its partnership with Affin Bank after acquiring a controlling majority of the bank’s insurance arm (AXA Affin).

“We really see a huge opportunity to work with Affin Bank. Of course, Affin is focusing on retail and SME, and these are the areas where we see ourselves collaborating together. So it’s either by way of branch network, or by way of digital footprint, where we can reach out to wider audiences, and this is how we will approach (it) with Affin,” said the chief executive officer of Generali Life Insurance, Rebecca Tan.

Meanwhile, Generali International’s regional officer for Asia, Roberto Leonard said that Generali Group recognises Malaysia’s potential as a high-growth market. This is evidenced by the 10.3% increase seen in gross direct premiums for the local general insurance industry in the first half of 2022 (1H22). Similarly, the life insurance industry recorded a 5.3% increase in sum assured in force, amounting to RM1.9 trillion.

“This showcases the strong growth potential of the insurance industry in Malaysia, with its economy being one of the most open and diverse, and now one of the fastest growing in Southeast Asia,” said Leonard, adding that the government’s initiative to build a robust financial ecosystem will also contribute to the country’s prospects.

(Sources:
The Edge Markets
,
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Know Your Rights: What To Do With Errant Retailers Still Charging GST Or Credit Card Charges

Have you ever found yourself in the position where some retailers are unlawfully charging you at the point of sale? You may think that there’s nothing you can do when retailers impose a small charge or tell you there’s a minimum spend for using credit cards, or worse, imposing the Goods and Services Tax (GST) when it is now zero-rated.

But it pays to know your rights as a consumer. These errant retailers are breaking the law, and as a consumer, you can actually report them for their behaviour. Here’s how you can do it.

Can retailers set a minimum spend amount when paying with a credit card?

(Image: Ikram Zidane (Facebook))

No. In fact, this is made crystal clear by credit card companies like Visa and Mastercard, which explicitly state that a merchant cannot require a minimum or maximum transaction amount. Visa’s core, product, and service rules state that “a Merchant must not establish a minimum or maximum Transaction amount as a condition for honouring a Visa Card or Visa Electron Card.”

The Mastercard Rules state a similar thing: “A Merchant must not require, or indicate that it requires, a minimum or maximum Transaction amount to accept a valid and properly presented Mastercard or Maestro Card.”

Even Bank Negara Malaysia concurs.
In a message to Says
 earlier this year, the bank states that “merchants are prohibited from imposing a minimum purchase amount for goods bought using payment cards.”

So the rules are quite clear. But even then, we see so many shops imposing this that it is easy to ignore that these retailers are openly flouting the law. Most of the time, we don’t bother and just pay by cash – which isn’t great, since there are lots of benefits to gain by paying for day-to-day items with your credit card.

Can a retailer impose a charge when you pay with a credit card?

Again, that’s a no. These retailers are not just passing on the MDR fees to the customer (which is not legal to do), it is also earning a little extra along the way. It isn’t immediately clear just how much the MDR is, but you can be certain that the 1 to 3% charge retailers generally add to the bill is more than enough to cover it.

For big ticket items, this amount can be pretty high, and customers shouldn’t have to be paying this in the first place.

Why do merchants/retailers do this when it is clearly illegal?

(Image: Bank Negara Malaysia)

The main reason retailers are doing this is simply because there is an added fee that is imposed for each debit and credit card transaction. It is called the merchant discount rate (MDR), and is made up of the interchange fee (imposed by the credit card operators), processing fee, and other miscellaneous fees imposed by banks and financial institutions along the way.

This fee may be small, and are dependent on the credit card companies, but at large transaction volumes, this small fee easily adds up into something substantial.

Can a retailer still charge GST?

While the original plan of the Pakatan Harapan coalition was to abolish the Goods and Services Tax (GST) and revert to the Sales and Services Tax (SST), the new government cannot make the change overnight. The first step was to zero-rate the GST, which helps businesses quickly update their point-of-sales systems, since it is a lot faster to change the tax rate (from 6% to 0%) than to change the type of tax entirely; the government is giving businesses three months to do so.

During this period, you should still be seeing GST in your receipts, except that it should now show “0%”. This is the most important part, and it doesn’t quite matter if the price tags on the product or at the store shelves still say “inclusive 6% GST” – these physical tags will take time for businesses to phase out. The most important thing is to
have the zero-rated GST reflected in your receipt
.

Do note that not all businesses need to charge GST in the first place. It is mandatory for businesses with an annual revenue of more than RM500000 to register for GST, but it is only voluntary for businesses below that threshold. Therefore, not everything will automatically cost 6% less.

It is also up to the retailer to set the prices for goods sold. If a product that is sold before the zero-rating exercise had a lower price than it is after 1 June 2018, but the retailer has zero-rated its outlet’s billing system, that retailer isn’t doing anything illegal. It is up to the consumer to choose not to buy from that outlet.

What can consumers do?

We’ve now established that a merchant or retailer cannot do the following things: set a minimum spend amount to pay with credit cards, impose a charge for credit card transactions, and maintain a 6% GST charge to the customer. If you encounter a business that does any one of these, what can you do?

Firstly, you should always ask the retailer why it is doing so when legally, it should not be doing so. If the retailer refuses to budge, you should walk away and not buy from this retailer. Vote with your money – ignoring this simply empowers the retailer to continue its unlawful practices.

You shouldn’t stop there. Report this merchant’s behaviour to the
Association of Banks in Malaysia (ABM)
’s ABMConnect hotline at 1-300-88-9980, and to Bank Negara Malaysia via its hotline at 1-300-88-5465.
Bank Negara also has a handy guide
 on how to report these businesses. With tens of thousands of businesses operating in the country, the governing bodies cannot ensure every business complies with the law. If we work together and enough reports against these offending businesses are made, we can make a difference.

On top of that, make your voice heard on social media. It is a great way of ensuring people can actually see what’s happening, and may even expedite official investigations if the allegations are serious. Of course, you should do this tactfully, and understand that businesses hate getting attention for the wrong reasons. Gaining a bad rep on social media can potentially seriously hurt the business, and so business owners themselves may choose to act before the authorities knock on their doors.

Granted, these retailers won’t face the consequences immediately, but you would have at least done your part as a responsible consumer.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Lazada Offers Stackable Lazada Bonus Vouchers For 9th Birthday Sale

In conjunction with the celebration of its 9
th
 anniversary in March, Lazada has launched a new Lazada Bonus feature that will reward customers with even greater discounts during its 9
th
 Birthday Sale this month.

Briefly, Lazada Bonus is a personalised daily voucher giveaway by the e-commerce platform, specially tailored for customers based on their shopping preference so that they can enjoy extra savings of up to RM40. “Lazada Bonus is a special shopping allowance given out from Lazada to our users. It is stackable with all type of vouchers and discounts on participating products platform-wide,” explained Lazada in its campaign page, referring to other rebates such as sellers’ discounts and free shipping vouchers.

To enjoy the Lazada Bonus discount, you’ll need to first collect your Lazada Bonus vouchers from the birthday sale page on the Lazada app over a scheduled period. The vouchers – which can be collected daily on a first-come first-served basis – can then be redeemed on a specific date. Here’s the scheduled collection and redemption period for this new feature:

First round

Voucher collection period: 1 – 2 March

Redemption/Check out: 3 March

Second round

Voucher collection period: 20 – 26 March

Redemption/Check out: 27 March

With each daily voucher that you collect, the total discount that you’re entitled to will increase. Subsequently, the accumulated bonus vouchers will then be applied as an immediate discount when you check out your purchases during the redemption day. Note, though, you are only limited to one redemption per day during the redemption period, so be sure to strategise before checking out!

Additionally, these Lazada Bonus vouchers may only be used with participating brands and sellers. They can be identified via the Lazada Bonus badge as you browse through products on the e-commerce platform. “Do note that if the campaign item is on Flash Sales/Pre-Sales/Crazy Deal/Slash It/Group Buy/Exclusive Promotions, they will not be a part of Lazada Bonus promotion for the live period of the respective campaign,” Lazada further added in its FAQ.

Aside from the Lazada Bonus campaign, March will also see Lazada offering an extensive line-up of various offers in celebration of its anniversary. Some promotions that you may also want to keep an eye out for include the RM9 Free Shipping deal, RM9 Lazada Flash Sale, Lazada 9
th
 Birthday Chup Dulu Pre-Sale, and various other discounts of up to 90%.

You can find out more about the
Lazada Bonus campaign
 on the e-commerce platform’s website.

(Source:
New Straits Times
,
Lowyat.NET
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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How to Make Money From Nerds, Like a Nerd

As recently as 20 years ago, nerds, geeks, and dorks are names spoken only mockingly through sneers. Being called a nerd means you’re a little too obsessive, you know a little too much, and spend more time than you should thinking about things most people don’t give a hoot about.

Fast forward to now however, and the common sentiment
has completely flipped around
. Being a nerd means you know your stuff, you’re pursuing a healthy passion, and you have a dogged persistence in learning about things others find tedious or difficult.

Nerds have become more widely accepted now. And when there’s a new widely accepted group of people, there will be new products and services to cater to them. Here are some tips on how you can cash in on geekdom!

Find Fellow Nerds

If you’re been reading this far and you’re still unsure what sort of nerd you are, take some time to figure that out. In fact, your kind of nerdery may not even be generally considered nerdy like games, anime, or comic books. Maybe you’re a sports nerd, an engineering buff, or something as simple as a nasi lemak fiend. No niche is too niche, by the way. With patient Googling and thorough research, you’re sure to find a crowd of like-minded people.

You can search online using Facebook Groups, sites like Meetup.com or specialised sections in local forums like lowyat.net. Don’t be intimidated to join a group who are way more advanced in their hobby’s activities than you are. If you’re sincerely interested and willing to learn a lot, you’d be surprised how welcoming special interest hobbyists (a.k.a. nerds) can be.

Doing this won’t only introduce you to more friends and acquaintances to share you hobby with, it will also give you a group of people with similar experiences and activities. Why is this useful? Because you can then…

Help Out Your Nerdy Friends

Now that you’re in a group or community with similar interests to you, you can then figure out what the community needs and offer solutions in the form of services or products. This constitutes the ‘product research’ part of your little side business.

You can do this by helping your community organise events by finding venues or providing transport. You can also help shop for hobby-specific items or gear and deliver them to members of the group. Another way is if your hobby involves making things like artwork, costumes, or other trinkets, you can help them sell these merchandise off.

And since this special interest hobby is something you’re a fan of anyway, you’ll also be partly looking for fixes to your own niggles. The best way to know whether or not your product or service is good is if people like it, and who better to try your product than yourself, right?

Spread the Word of the Nerd

Chances are, if your particular area of expertise or hobby has a big and active enough community, people will want to know more about it. This means there may be people willing to learn the ropes of your domain of geekdom. You can cash in on this in a few ways.

You can offer classes if the hobby requires use of specialised equipment or skills (PC-building, manga-drawing, cosplay) or you can quickly write-up a manual or booklet and sell them off to newbies interested in the hobby. You can also start a blog or vlog chronicling your adventures in this niche interest and attract a following, alongside some neat ad revenue.

Once you apply these three things to whatever nerdy hobbies you have, we’re sure you’ll be able to see wide opportunities to not only make money off of your nerdy interests, but also help out your friends and community become better nerd for the good of mankind! Looking to invest your side income the easy way? Check out the
fixed deposits
 section of our site for the simplest way to grow your money!

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Ahmad Mudhakkir

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Public Bank’s Visa Campaign Offers Up To RM100 Cashback For Overseas Spend

Public Bank is running its FLY and SPEND with PB Visa Credit Card campaign to offer eligible cardholders up to RM100 cashback when they spend a specified cumulative minimum amount via overseas transactions in a month. Already ongoing, the campaign is slated to run until 31 December 2022.

Open to all Public Bank and Public Islamic Bank principal Visa credit cardholders, you will first need to register your credit card to participate in the campaign. After that, go ahead and spend the required cumulative amount to earn cashback rewards of RM80 or RM100 per month:

Cumulative amount of overseas spend in a campaign month
Cashback amount (per month)
RM2,000 – RM2,999
RM80
RM3,000 and above
RM100

Transactions that are eligible for this campaign include all overseas retail spending, online purchases, and new zero interest instalment plans (full purchase amount only). Meanwhile, transactions such as flexi payments, balance transfers, recurring payments, payments for utilities, insurance, and direct marketing, as well as split payments are not accepted.

Do also note that the cashback rewards are offered on a first-come-first-served basis, and are capped at a maximum of RM100 per cardholder each campaign month. A total of RM400,000 has been allocated for the whole campaign, with RM100,000 earmarked for each month.

If you manage to win any cashback rewards, they will be credited into your account within four to eight weeks after the end of each campaign month. This will be reflected in your credit card statement, itemised under “FLY and SPEND with PB Visa Credit Card – Month 1 to Month 4”.

To register for this promotion, go ahead and send an SMS (“
PBHL<space>16-digit principal Visa credit card number
”) to 66300. If you have multiple Visa credit cards with Public Bank, you are required to register only one credit card number; your expenses on all other cards will then be automatically tracked for the campaign as well.

Finally, cardholders who enrol in this campaign will not be eligible for other Public Bank credit card campaigns during the promotion period.

(Source:
Public Bank
)

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New Malaysia Airlines Baggage Policy: No Free Baggage For Lowest Domestic Fare

Malaysia Airlines (MAS) has changed its Economy class baggage allowance policy. Instead of the standard 30kg for international flights and 20kg for domestic flights, the national carrier has devised varying baggage allowances depending on the respective flight fare.

MAS Domestic Economy Flights

Cabin Fare

Free Checked Baggage Allowance

Economy Lite

No free baggage allowed

Economy Basic

20 kg

Economy Flexi

25 kg

MAS has swapped out its old categorisation for domestic Economy flights and replaced them with new fares: Lite, Basic, and Flexi. Most notably, the lowest fare for domestic flights, Economy Lite, will not come with any free check-in baggage – as first noticed by

SoyaCincau
.

Besides the difference in baggage allowance (and price), each fare comes with varying benefits. For example, Economy Lite passengers are entitled to cabin baggage and snacks and beverages, but do not have the child discount, seat upgrade options, and other privileges offered to Economy Basic and Economy Flexi.

MAS International Economy Class

Cabin Fare

Free Checked Baggage Allowance

Economy Flex (Y, B, H)

35 kg

Economy Smart (K, M, L, V)

30 kg

Economy Basic (S, N)

25 kg

Economy Promo (Q, O, G)

20 kg

For international flights, the four existing Economy-class tiers have also been assigned new baggage allowances. Economy Promo and Economy Basic, which come with the strictest conditions and least benefits, now have a lower baggage allowance under the new policy. Economy Smart has maintained the previous baggage allowance at 30kg whereas Economy Flex offers 5kg extra under the revised allowance. However, for flights to and from Medina and Jeddah, the free baggage allowance will be maintained at 30kg across all Economy Fare tiers.

Baggage Allowance For Enrich Members And Business Class Flights Maintained

Higher-tier Enrich members are still entitled to additional baggage allowance on all flights.

Enrich Membership

Extra checked baggage

Blue

No additional baggage

Silver

Additional 5 kg of maximum checked baggage allowance

Gold

Additional 50% of checked baggage allowance

Platinum

Additional 100% of checked baggage allowance

As before, passengers can check in as many pieces of baggage as they want, as long as the total weight does not exceed the respective maximum checked baggage allowance. The 7kg cabin baggage allowance in addition to checked baggage will also be maintained. There are also no changes made to the baggage allowance for Business class flights.

According to MAS, the new baggage allowance policy will apply to all bookings made from 8 April 2019 onwards. Bookings prior to this date will have their free baggage allowance as stated on their ticket honoured.

Passengers can opt for
air miles
 which can be used to claim free flights, offset flight’s price and cabin seat upgrade.

For more information, you can refer to the
FAQ posted by Malaysia Airlines
.

Source

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    Jill

    3 years ago

On a flight from Adelaide to Bangkok the baggage allowance is 25kg, but on the return trip it reduces to 20kg.  Seems odd.

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Economic Stimulus Package 2020: One-Off RM600 Payment For Tourism Players; Highlights Employment Insurance System

Those in the tourism affected by the slump due to the Covid-19 outbreak in Malaysia will receive a one-off incentive, while those who have been recently retrenched may actually receive financial assistance while they get back on their feet.

Interim Prime Minister Tun Dr Mahathir Mohamad, in his Economic Stimulus Package speech earlier, revealed that the Government will give a one-off payment of RM600 each to taxi drivers, tourist bus drivers, tourist guides, and registered trishaw drivers who are affected by lower tourist arrivals.

Tun Dr Mahathir also highlighted that the
Employment Insurance System (EIS)
 is available for those recently retrenched due to the downturn in economy. Launched back in October 2017 by the Social Security Organisation (SOCSO), this scheme now has a fund of RM1.1 billion.

Individuals who are recently retrenched are encouraged to claim from this scheme, which provides temporary financial assistance (called a Job Search Allowance or JSA) for up to six months. The payout scheme is as follows:

Month

JSA as percentage of salary paid out

1

80%

2

50%

3

40%

4

40%

5

30%

6

30%

Should the individual finds a new job before the end of the six months, he or she will receive an Early Re-appointment Allowance amounting to 25% of the remaining JSA.

In addition, EIS also provides compensation for retrenched workers looking to enrol in training courses approved by the Employment Services Officer, where the training fee will be borne by EIS up to a maximum of RM4,000 and the individual receiving a daily training allowance of up to RM20 per day.

The full list of benefits of EIS can be found at the
official SOCSO website
.

As part of the Economic Stimulus Package, the claimable training fee is increased to RM6,000 for the affected sectors, while the daily training allowance is also increased to RM30 per day.

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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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    Passport Overused

    3 years ago

Great post 😁

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Transport Minister: Flight Fares Likely To Go Down By August

(Image: The Borneo Post)

Transport Minister Datuk Seri Dr Wee Ka Siong has commented that flight fares by Malaysian airlines are expected to go down by August this year, due to several circumstantial factors.

According to the minister, flight operators have been compelled to raise recent airfares partly because of the
increase in jet fuel prices
. But on top of that burgeoning expense, they are also required to shoulder the maintenance, repair, and overhaul (MRO) cost for their aircrafts. Briefly, the MRO process is an aircraft inspection and management procedure that lasts three months, mandatory for aircrafts that have been grounded for an extended period – such as during the Covid-19 pandemic – to ensure that the planes are still safe to fly.

Additionally, Datuk Seri Dr Wee acknowledged that airlines, too, have suffered a lot of losses during the pandemic. “Nevertheless, the Transport Ministry through the Malaysian Aviation Commission (MAVCOM) will continue to monitor the airfare prices daily to ensure that there will not be any party taking advantage of the situation,” he further said.

(Image: Bernama)

Datuk Seri Dr Wee also took the opportunity to encourage the public to get their flight tickets as early as possible if they plan to travel, especially during festive seasons. This will enable them to enjoy better prices. “The issue is, any airline company anywhere would charge more if one purchases a ticket too close to the actual departing date,” he stated.

For context, the price of
flight tickets to East Malaysia during the previous Hari Raya celebration
 saw a significant increase of about 566% from regular fares, which led to a public outcry. Following that, Datuk Seri Dr Wee announced in mid-May that
flight tickets for the Chinese New Year festive season in 2023
 are already available, and urged travellers to book their flights early to avoid having to purchase expensive tickets at a later date.

(Sources:
Lowyat.NET
,
The Vibes
)

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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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Buy 3 get 1 free with Maybankard and Red Box

Another exclusive for Maybankard members

Maybankard
 and
Red Box
 have teamed up again to offer a great deal on Karaoke with your mates. All year long Maybankard members will be able to enjoy a buy 3, get 1 free discount on entry to Red Box and Green Box Karaoke.

Is there a catch? The offer is limited to 5 free tickets per visit but that’s still not a bad deal if you’ve got a gang together. Around Public Holidays offer is limited to 3 free tickets per visit.

Deal available at the following outlets:

Red Box Plaza Low Yat, Kuala Lumpur

Red Box Sunway Pyramid, Petaling Jaya

Red Box The Curve, Petaling Jaya

Red Box The Gardens, Kuala Lumpur

Red Box Plus Pavilion (strictly for Maybankard Platinum Card & above only)

Red Box IOI Mall, Puchong

Red Box Ria, Sogo KL

Green Box AEON Bukit Tinggi

Green Box AEON Cheras Selatan

Green Box AEON Seremban 2

Red Box 1st Avenue, Penang

Red Box Gurney Plaza, Penang

As usual,
terms and conditions apply
, the most important one being: pay with your Maybankard. If you haven’t got a Maybankard, head over to our
credit card section
 and pick the one that suits you best.

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EPF Dividend Of 5% To 6% Still Possible For 2022 Despite Lower 1Q22 Investment Income

(Image: BusinessToday)

The Employees Provident Fund (EPF) is said to be still capable of delivering a dividend of 5% to 5.5% dividend for 2022, despite the dip in its investment income for the first quarter of 2022 (1Q22).

Last month, the EPF had revealed that its investment income for 1Q22 was recorded at RM15.85 billion, which is 17.8% lower year-on-year, as compared to the total investment income of RM19.29 billion earned during the same quarter in 2021. The 1Q22 investment income is also 16.7% lower quarter-on-quarter.

A report by news portal The Edge highlighted that while the drop in earnings was unfortunate, the EPF’s gross income investment for 1Q22 was still 13.6% above its five-year quarterly average of about RM14 billion. Meanwhile, the net investment income of RM14.76 billion for the same period is also still above three of its four quarterly performance in 2021.

(Image: Free Malaysia Today/Miera Zulyana)

Given these figures, the EPF still have enough funds in its accounts to match the size of its
dividend payout of RM56.72 billion for 2021
. This is provided that the EPF does not face any further substantial decrease in earnings, and that the amount needed to pay every 1% of dividend does not balloon significantly.

The report also acknowledged that the EPF may face headwinds moving forward due to various factors, especially given the volatility in global markets. The tightening of its monetary policies by the US Federal Reserve in a bid to tame inflationary pressures, for instance, will impact the EPF’s earnings. The ongoing Russia-Ukraine war, too, is set to worsen the circumstances.

The EPF itself acknowledged these challenges, with its chief executive officer Datuk Seri Amir Hamzah Azizan saying, “We had a strong start in the earliest part of the first quarter, but the situation took a turn as global markets suffered a decline, causing lower returns in bonds and equities throughout the remaining quarter.”

On top of these factors, the EPF also has to take into account the cost of the fourth Covid-19-related special withdrawal facility, which allowed its financially burdened members to
withdraw up to RM10,000 each
. With applications for the facility having closed in April 2022, it is estimated that the final amount approved for these withdrawals stood close to RM45 billion – which is equivalent to 4.4% of the EPF’s overall investment assets as of end-March 2022 (RM1.02 trillion).

Despite all the challenges, though, the EPF stressed that it will strive to ensure the health of its finances and portfolio – guided by its Strategic Asset Allocation (SAA) – to protect its members’ interests and future wellbeing. It will also continue to rebalance its position in stocks that are fundamentally strong but undervalued, as well as
take a cautious stand in the next quarter
 to navigate the downside risks that it may face.

(Source:
The Edge Markets
)

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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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The First Noteworthy Samsung Galaxy Note 10 Deals Are Here

If you missed out on the
Samsung Galaxy Note 10 pre-orders
 or the roadshow promos and hoping to still get a good deal for one, you’re in luck. We’ve scoured the marketplaces in Lazada and Shopee, and here are the best listings to go for.

With three variants to choose from, and across two official promotions (pre-order and roadshow), there is an abundance of choice if you’re looking to grab a Note 10 on the cheap. The best part is you also have the option of getting just the phone without the freebies for a good discount, or still get the freebies at below retail.

Samsung Galaxy Note 10+ 512GB Deals

Samsung’s highest-end Note model this year has more storage than most laptops (including mine), but hey, if you’re a content creator or someone who hoards videos, the Note 10+ 512GB is designed for you. Whether you actually need all that storage or not, the deals below lets you take a chunk off the RM4,799 price tag.

The best deal we found for the Note 10+ 512GB is on Shopee, where
a retailer is still offering pre-order units
 for the phone – without any markup!
At just RM4,199
, you also get extended warranty plus screen crack protection as well as a Samsung 10,000mAh wireless charging power bank. Samsung rates the total discount for this bundle at a cool RM1,159.

Meanwhile on Lazada, a retailer is offering the
Note 10+ 512GB for RM4,699
, but bundles an extensive amount of useful freebies. You get a free Samsung Galaxy Buds, extended warranty and screen crack protection, and a 10,000mAh power bank. Don’t forget to use the seller voucher to get an extra RM100 off.

If you prefer getting just the phone only at the best price, another retailer on Shopee offers the
Note 10+ 512GB for RM4,499
 and includes the extended warranty and screen crack protection. Overall, this deal still doesn’t match the pre-order deal, but this is the next best thing.

Samsung Galaxy Note 10+ 256GB Deals

For most people, this variant would be the preferred option. There’s an abundance of storage space that’s not excessive (and more expensive) like the 512GB variant. In any case, if you’ve been eyeing this model, here are the best deals.

If you’re looking for freebies to go with your new phone, a retailer in Lazada is offering two bundles for the Note 10+ 256GB. The
first bundle
 comes with the Galaxy Fit (worth RM369), a 10,000mAh Samsung power bank, and extended warranty with screen crack protection for RM4,199, while the
second bundle
 offers just the power bank with extended warranty and screen crack protection at RM3,999.

Both these bundles are better than the standalone offers we found.
Tesco is offering RM250 off all Galaxy Note 10 models
 (code TESCONOTE10), while popular phone retailer G Store is offering the Note 10+ 256GB for RM3,999 (excluding a RM50 seller voucher) – both these listings have a final price of RM3,949.

The best value for money deal for this model is with the freebies, and depending on your opinion on a free fitness tracker, the two bundles are both worth their prices.

Samsung Galaxy Note 10 Deals

The baby of the Note 10 trio, the Galaxy Note 10’s smaller body opens up the Note experience to a wider audience. Always wanted to try the S Pen but hated the huge phone size? The Note 10 is here, and we’re here to make sure you don’t pay the full RM3,699 retail price with these curated deals below.

The best deal of the lot remains
the pre-order offer
 that this retailer is offering. For the
same RM3,699 price
, you get everything in the pre-order bundle, which includes a Galaxy Buds wireless earphones (great to pair with a phone with no headphone jack!), a 10,000mAh wireless charging power bank, and the extended warranty with screen crack protection.

Alternatively, you could opt for this retailer’s offer in Lazada, which offers a
free Galaxy Fit E, 10,000mAh power bank, and extended warranty with screen crack protection for RM3,688
. Don’t forget to collect and use the RM100 seller voucher to get a final price of RM3,588.

Finally, if you prefer to just get the phone, don’t. The best listings we found for this option is the same as the Note 10+ 256GB, which is
RM3449 by Tesco (with RM250 seller voucher)
, and
RM3,469 by G Store (with RM30 seller voucher)
. They both don’t come with extended warranty either, so they don’t have much value compared to the bundles above.

Remember, for big ticket purchases like these, always try to use the right credit cards to earn more value. There are several
cashback credit cards
 that can further reduce the total amount spent, or for even better value in the long run, consider
a good air miles credit card
 and get a strong headstart towards a free flight ticket.

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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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Celcom Is Offering 100,000 Smartphones For Free In Its New Campaign

Celcom is offering free smartphones for customers who sign up for a Celcom postpaid plan under its latest campaign called “100,000 Free Phones, 101 Days”. The campaign, which kicked off on 20 September, will end on 29 December this year.

Throughout the campaign, the telco will be giving away eight smartphone models when the customer signs up for any of four selected postpaid plans. Every plan under the campaign comes with a 24-month contract, and different smartphone models are offered in different plans.

Here is the list of plans and the phones that are offered with them.

Plans

Celcom Mobile Gold Plus

Celcom Mobile Gold Supreme

Celcom Mobile Platinum

Celcom Mobile Platinum Plus

Monthly Fee

RM98

RM128

RM148

RM188

Internet Quota

20GB Weekdays + Free 20GB Weekends

25GB Weekdays + Free 25GB Weekends

30GB Weekdays + Free 30GB Weekends

100 GB Monthly

Free Phone Option

-Oppo A3

-Samsung J4

-Huawei Nova 2 Lite

-iPhone 6 32GB

-Oppo F9

-Vivo V11i

-Huawei 3i

-Huawei P20

All plans come with free 100GB Super Video Walla allocation for video streaming as well as unlimited voice calls as standard. Additionally, customers can choose to upgrade their free phone every year as long as they are in the last year of their contract. However, doing this will not only refresh the contract cycle, the remaining contract duration will also be carried forward to the new plans they have upgraded to.

Besides that, customers who have been with Celcom for more than 12 months and have a good payment history will be given an upfront fee waiver when they apply for any of the four plans. If they are new customers, they can submit their CTOS scores for additional discounts of up to RM1,000 off the upfront payment.

Customers can subscribe to the plans via
Celcom’s website
, the nearest Celcom bluecube outlet or with any Celcom Certified Partners nationwide.

(Source:
Celcom
 via
The Star
)

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Air New Zealand Reveals New Economy Class Bunk Bed Prototype

Air New Zealand has plans to introduce sleeping pods in the form of bunk beds on long-haul economy class flights. The airline filed patent and trademark applications for its “Economy Skynest” sleeping arrangements last week, after three years of R&D.

The prototype for Air New Zealand’s Economy Skynest consists of six full-length, lie-flat sleeping pods, arranged side by side as two sets of triple bunks. Each bed measures 200cm (6.6 feet) long and 58cm (1.9 feet) wide. It will come with a pillow, sheets and blanket, earplugs, privacy curtains, and lighting designed to encourage sleep. The airline is also exploring other features such as a separate reading light, personal device USB outlet, and ventilation outlet.

The exact positioning of the Economy Skynest within the aircraft has yet to be confirmed, but it will be in the Economy cabin. The idea behind the Skynest is that passengers will have a normal Economy seat but can pay extra for a time slot in the sleeping pod, rather than booking a bunk for the entire flight. Of course, cabin crew will change the sheets between each occupant.

Air New Zealand, which was named
Best Airline for 2020
, operates some of the world’s longest fights, including its upcoming Auckland-New York service that clocks in at 17 hours 40 minutes one-way. “A clear pain point for economy travellers on long-haul flights is the inability to stretch out,” said Air New Zealand Chief Marketing and Customer Officer Mike Tod. “The development of the Economy Skynest is a direct response to that challenge.”

Back in 2011, Air New Zealand successfully introduced its Economy Skycouch concept, a row of three seats with footrests and armrests that can be folded to create a flat area of space resembling a couch. However, the airline admits that the scale of the challenge in developing the Economy Skynest and getting the project certified is “immense” when compared with Skycouch.

The airline will make a final decision on whether to operate the Economy Skynest next year after it has assessed the performance of the new Auckland-New York flights.

(Source:
Air New Zealand
,
The Financial Times
)

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Economist: Help EPF Members Replenish Accounts After Covid-19-Related Withdrawals

(Image: Bernama)

Economist Dr Barjoyai Bardai has said that efforts need to be made to help Employees Provident Fund (EPF) members replenish their retirement savings, with about 6.1 million EPF members having made pre-retirement withdrawals during the Covid-19 pandemic.

In this regard, Dr Barjoyai suggested that the EPF could work with the Ministry of Finance (MOF) or financial institutions to provide a loan facility to EPF members for this purpose. The loan could be offered up to RM50,000 – with a very low interest rate of about 1% – which can then be used to earn interest or profit through the EPF.

“The money must go directly to [the] EPF [members’ accounts] to boost [their] savings, and over 10 years, the savings can increase by more than RM50,000 if contributions from the employee and employer are taken into account, based on 6% [EPF] returns per year,” Dr Barjoyai explained, adding that borrowers must be required to fully repay the loan and interest before they can withdraw the balance of their EPF savings.

(Image: Berita Harian)

The economist also said that borrowers should be required to abide by certain conditions in order to take up the loan. For instance, it can be specified that borrowers can only withdraw their EPF savings after they turn 60. Currently, EPF members are allowed to fully withdraw their savings from Akaun 55 upon reaching the
age of 55
. Meanwhile, EPF members
aged 60 and above
 can fully withdraw their savings from both Akaun 55 and Akaun Emas.

Dr Barjoyai further noted that such solutions are necessary as millions of EPF members could be at risk of hardcore poverty if their EPF savings are fully depleted. This will then turn into a long-term burden on the country as the government will be forced to provide additional and continuous assistance to the people.

In addition to Dr Barjoyai’s suggestions, Malaysian Employers Federation (MEF) president, Datuk Dr Syed Hussain Syed Husman also proposed for the government to consider offering tax incentives for individuals who continue to work beyond the retirement age of 60. That said, he believes that the current retirement age should be maintained, with employment beyond the age to be based on mutual agreement.

(Image: The Star)

Datuk Dr Syed Hussain also reiterated that employees should be trained on financial literacy earlier on, and not only as they are about to retire. “This will ensure employees are aware of the importance of keeping their money for retirement and not depend fully on their EPF savings after retirement,” he said, adding that the current EPF statutory rates of contributions are sufficient.

To date, the EPF has allowed four Covid-19-related withdrawal facilities, namely
i-Lestari
,
i-Sinar
,
i-Citra
, and the
RM10,000 special withdrawal
, to help its members cope with the impacts of the pandemic. On top of these facilities, the EPF also
lowered the statutory contribution rate for EPF members
 to 9% from 11% from April 2020 to June 2022, before raising it
back to 11% in July
. These
significantly reduced EPF members’ savings
, with
6.1 million members now having less than RM10,000
 in their EPF accounts, of which 3.6 million members have less than RM1,000.

(Source:
The Sun Daily
)

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2019 Financial Predictions Based On Your Chinese Zodiac

In the Chinese zodiac, the Pig is the 12
th
 animal in the Zodiac sign. And as with every new year, everyone from the 12 Chinese zodiac signs will have a different outlook for the year ahead based on what zodiac year it is. Check out what is in store for your zodiac sign’s outlook for wealth in the year of the Earth Pig!

Rat

People born in the year of the Rat will generally have good luck in wealth this year. However, be aware of risky investments that may cost you a lot in the long run; do your research and take your time to decide. This year you should be saving up and spending more on your health. Always ensure you have enough in your bank account for unexpected emergencies.

Ox

In 2019, people born in the year of the Ox will be able to earn additional income. You must learn how to handle the opportunities as they come and have a financial plan ready to make sure you’ll be able to enjoy your wealth in its fullest. However, you should be careful about who you choose to share your wealth with.

Tiger

If you’re born in the year of the Tiger, you may expect good luck in wealth this year as long as you are careful with your investments. Don’t invest without doing your research first as your financial conditions will fluctuate a lot this year. Tigers are generally bad at saving, so do keep in mind to manage your money and avoid gambling or risky investments.

Rabbit

While the Rabbit is usually surrounded by good fortune and good luck in wealth, this year may not be a good year to invest. Those born in the year of the Rabbit will get a steady stream of money flowing in, but it would be wiser to enjoy your wealth carefully and not make any promises regarding finances to others.

Dragon

Dragons will be receiving a lot of their fortune from their careers this year. The year of the Pig has blessed those born in the year of the Dragon with wealth in their bank accounts. This year may also see you traveling more frequently, so focus more on improving accountancy methods to keep your finances in check.

Snake

This year is not the year for the Snake – you’ll face shaky luck in the wealth department. The Snake should be very cautious in making decisions as they will lead to a loss in the long run. Your income in the career department will be stable but do be wary when it comes to investing elsewhere. It is a good year to budget and focus on low-risk savings.

Horse

The Horse has to be more aware of the environment this year. External policies and shifts in economies can affect your investments or finances. Try to save more as minor expenses may increase, so you should prepare your bank account for rainy days.

Goat

People born in the year of the Goat will be extremely lucky with wealth this year. However, you shouldn’t let it get to your head – continue listening to advice from others. Investing this year will help you reinstate your wealth. You may feel like you have very little resources to work with at the start of the year, but you will eventually gain back the losses from last year.

Monkey

The Monkey maybe experiencing positive financial outcomes this year. You’ll be able to find yourself income from a couple of sources. However, people born in the year of the Monkey should also be very cautious with spending. Saving up for rainy days is a priority for you this year to avoid spending money recklessly.

Chicken

2018 wasn’t a great year for the Chicken, but you may find yourself with many opportunities to gain back what you lost last year. Get involved in investments or projects that may bring you success financially. Be very cautious on investments and try not to stray too far from your financial plans.

Dog

Those born in the year of the Dog will have many chances to bring in wealth. These types of wealth will be your financial security in the long run. It’s the year to take more risk to assure your future investments and financial gains. However, you may need to go through trial and error to reach your financial goals.

Pig

Wealth may take more time and effort this year for those born in the year of the Pig, but results will show based on your hard work and effort. Be extra cautious on how you spend your money – try to be more thrifty and stay on budget. You may want to find someone trustworthy to help manage your finances but make sure not to blindly trust anyone.

As with every year, the fortunes of those in different zodiac signs will always come with different predictions. They should not be considered as the future set in stone, but rather something to keep in mind for the year ahead. Regardless if your financial outlook for 2019 is good or bad, sticking to the basics of prudent financial management should always be at the forefront.

(Source:
Her World
)

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Enjoy The Gift Of Raya In 3 Ways With Shopee From 13 - 26 May!

As we Malaysians begin to embrace the new normal of practicing social distancing and staying at home, Raya this year will be a little different. Family and friends can still stay together in spirit, as we do our part in fighting through the current circumstances.

To fuel the fighting spirit amidst the Raya festivities, Shopee is hoping to bring you and your loved ones a meaningful Raya experience in 3 special ways starting today until the 26 May!

Get Spoiled For Choice With Shopee Raya’s 48 Hours Non-Stop Sale!

With the essence of Raya – the more, the merrier! Join other shoppers online at Shopee’s Pesta Jualan Raya for 48 hours of non-stop sale this 14 to 15 May. If you’ve been eyeing a
brand new electric oven
 or a
5L rice cooker,
 now is the time to get it with a special discount of up to 50% off!

Besides that, you’d be delighted to know that for a limited time only, there are also vouchers worth RM200,000 up for grabs by participating banks such as RHB, UOB, and AmBank. This means that in addition to the seller’s discount and depending on your bank, you’ll be able to enjoy an additional discount worth up to RM20!

If you’re a regular shopper with Shopee, you’d know that you’ll definitely be spoiled with a ton of vouchers, as it is the season to be spoilt for choice! Enjoy up to 50% off vouchers from a wide variety of brands such as Huggies, Skechers, Marshall, and many more. While you stock up on vouchers, set a reminder for other amazing deals too. From fashion accessories to home appliances to skincare, you can catch a
7 Speed Hand Mixer for only RM32.80
 or a
Genuine Leather Wallet for RM26
! There’s also the Shocking Sale, where you can get socks, cables, pillows and other items for only RM1!

After you’ve chosen your purchases, enjoy free shipping with a minimum spend of RM10 from 12am to 2am, with additional free shipping vouchers to be collected at 5am, 12pm and 7pm upon checkout. Now isn’t that convenient?

Get Your Raya Essentials for Only RM10 plus RM19 Free Shipping!

Save more when you stock up on Raya Essentials for only RM10! From food choices to fashion options, Shopee has everything you need to make your Raya this year no less exciting!

Missing the kuihs and curry puffs at the bazaar for iftar? Shoppers can now find everything they need for iftar and sahur such as dates, food staples and fresh produce to cook up their favourite dishes at home.

Though we can’t visit one another this year, we shouldn’t miss the occasion to look and feel good this Raya season. Fashion items such as baju kurungs and baju Melayu are also on sale to bring a touch of continuing the tradition at home with the family.

Along with Shopee’s RM10 Raya Essentials, you can also save big on daily essentials such as
coffee packets
 and
kitchen ingredients
 with Shopee’s regular Shocking Sale which is known to offer the Lowest Price Guaranteed. Additionally, Shopee also grants free shipping with a minimum spend of RM19 daily throughout the Raya sale!

Give Back In Appreciation To Our Frontliners

With the Covid-19 pandemic, our medical frontliners have been working tirelessly to treat and take care of our fellow Malaysians. The
Shopee MMA Covid-19 Fund
 was set up to support the doctors, nurses, pharmacists and all medical frontliners during this trying period. The funds collected will be used to assist healthcare personnel and facilities, as well as to ensure that the health and welfare of our frontliners are taken care of and protected.

Donations are also applicable for tax exemptions with a minimum contribution of RM100. #SupportTheFrontliners

Shopee Brings The Bazaar To You Via Its Selangor E-Bazar Raya!

Year after year, the Bazaar Ramadhan has always been a part of the Malaysian culture. Under special conditions this year, the traditional bazaar cannot happen. Thus, besides the 3 special ways to celebrate Raya this year, Shopee brings the bazaar to you instead!

In collaboration with the Selangor State Government, Shopee brings you the
Selangor E-Bazar Raya
, which will be happening till the 30 June. Just like our traditional Raya bazaar, there will be around 900,000 products to shop for! For foodies, you’ll find your favourite Raya delicacies and drinks to stock up on. If you’re looking to upgrade your kitchen, you’ll find kitchen appliances from up to 75% off. Or start spring cleaning the house with a brand new
Panasonic Vacuum for only RM365
 or get fancy with fashion, makeup and skincare deals for both men and women too.

E-Bazar Raya also offers discount vouchers from up to 15% off as well as free shipping vouchers so you can shop to your heart’s content.

And the bazaar is made even better with Shopee’s exclusive online games such as Goyang Shopee, Shopee Garden, and Joget Shopee that could earn you Shopee coins and extra vouchers!

With all these exciting offers and fun activities – Shopee hopes that you and your family will stay safe while celebrating Raya. Our movement may be limited this year, but Raya will still be as special as always. With
Raya Bersama Shopee
, everything you need to have a great and meaningful Raya right at home with the family – is still within your reach.

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Eligible Malaysians Can Begin Registering For The Malaysians@Work Initiative In April

(Image: The Sun)

Finance Minister Lim Guan Eng has announced that the Malaysians@Work initiative will be open for registration in April.

The initiative, which aims to provide better job opportunities for unemployed Malaysians and to reduce dependency on foreign labour, is a stimulus package conceived to help create up to 350,000 jobs over the next five years.

“Don’t be mistaken that we will only create 350,000 jobs. This is only for the Malaysians@Work programme. It will be in addition to the one million jobs to be created by the private sector,” Guan Eng further clarified.

The
Malaysians@Work initiative was first unveiled at the tabling of Budget 2020
, with a total of RM6.5 billion allocated for it. It offers monthly incentives over a course of two years for both employers and employees who meet certain criteria.

The
Malaysians@Work
 programme has four components to it: Apprentice@Work, Graduates@Work, Women@Work, and Locals@Work.

Apprentice@Work and Graduates@Work focuses on the hiring of fresh graduates and technical/vocational education and training (TVET) among youths, respectively. Women@Work, on the other hand, is aimed at bringing qualified women back to the Malaysian workforce.  Lastly, Graduates@Work seeks to reduce Malaysia’s dependency on foreign labour for low-skilled jobs.

To facilitate the execution of the initiative, the government will set up
a special Employees Provident Fund (EPF) account
 for eligible employees. The programme is slated to commence in stages starting from the second quarter of 2020.

(Source:
New Straits Times
)

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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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MAS Returns With Enrich Bank Conversion Campaign, Offers Up To 20% Bonus Points

Malaysia Airlines is back once again with another Enrich Bank Conversion campaign, where Enrich members can convert their credit card points from participating banks to Enrich Points with up to 20% bonus points. Already ongoing, the campaign is set to run until 14 March 2023.

Under this campaign, eligible members can actually tap into two points conversion offers: the early bird special and the regular offer. Depending on when you convert your credit card points, you will earn the following bonus points for your conversion, which you can then use to redeem flights, hotel stays, and various other perks:

Offer
Details
Period
Early bird special
20% bonus Enrich Points
15 – 17 Feb 2023
Regular offer
10% bonus Enrich Points
18 Feb – 14 Mar 2023

Like before, as many as 16 financial institutions will be participating in this campaign, including some foreign financial institutions such as American Express and Bank Danamon. As you can expect, the minimum points conversion and rate for each bank will differ, so do check in with your bank (or in
this list here
!) before you decide to go ahead with the process!

That said, the overall conversion process is actually not too complicated; all you need to do is to contact your bank and put in a request to convert your bank points to Enrich Points. If the application is successful, the Enrich Points will be credited into your Enrich account within 14 working days. Note, though, that the bank points must be successfully converted, processed, and received within the campaign period in order for you to be eligible for the bonus Enrich Points.

Aside from that, you are also allowed to make multiple conversions from any participating banks, but you can only convert points for yourself and your own account. In other words, the name of the cardholder must be the same as the name of the Enrich member, to be received into their own Enrich account. Otherwise, your conversion request will be declined and disqualified.

Do also be aware that the converted Enrich Points have a validity period of three years from the day it is credited into your Enrich account. As such, make sure to keep track and use them before they expire! Meanwhile, the bonus points earned through this campaign will not contribute towards the accumulation of points required to qualify for or maintain your
Enrich Elite tier status (Blue, Silver, Gold, and Platinum)
.

If you’d like to take advantage of this campaign but are not yet an Enrich member, you can sign up for an
Enrich account here
. The promo is applicable only to Enrich members with an active Enrich account.

(Source:
Malaysia Airlines
)

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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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Tunku Alizakri: EPF Members Should Have A Say On Tiered Dividends

Employees Provident Fund (EPF) members should have a say if dividends are changed to a tiered structure, said Tunku Alizakri Alias. The now-former CEO of EPF made this statement in response to a question of whether the EPF is considering tiered dividends to give members with lower savings an added advantage.

“Tiered dividend is a very complex structure, it has both its pros as well as its disadvantages. We [the EPF] have always operated from an ‘everybody gets the same dividend’ base philosophy,” said Tunku Alizakri during the virtual media conference at the announcement of the EPF’s 2020 dividend.

Tunku Alizakri continued, “Tiered dividend would actually suggest that there will be ways for us to go and deliver our dividends to our members in very different ways in the future, so again, this is a very complex issue and this is something that the EPF will have to go and touch base with our members at the end of the day because our members need to have a say in how the dividends that they will be receiving in the future should be structured.”

(Image: Astro Awani)

Here’s an example of how tiered dividends would work in practice – every EPF member would receive a higher dividend rate for the first RM50,000 of their savings, but get progressively lower rates for the next RM50,000 or RM100,000. Therefore, tiered dividends would pay a higher effective dividend rate to those with lower total savings overall, as those with savings above a certain predetermined threshold would get a lower rate for that amount.

Regardless of any possible changes to the dividend structure of the EPF in the future, Tunku Alizakri reassured members that the EPF would remain the best option when it comes to retirement funds. “I would like to think that you will also get the best returns for the type of fund you will be putting your retirement fund in, so rest assured EPF is still the place for your retirement future,” he said, adding that EPF savings would always be managed in the “best way possible by the best investment team possible.”

For the year 2020, the EPF declared a
5.2% dividend
 for its Simpanan Konvensional and 4.9% for Simpanan Shariah – better rates than expected given the challenging economic climate of Covid-19.

(Source:
The Edge Markets
)

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    Yen

    2 years ago

I don’t think it should give dividend based on tiers. Is also not fair to those people that contribute hard earned money, not that higher salary based need to give less dividend, its defeated the purpose of all members wanted to save for retirement. Then the people that stucked in the middle range always got sacrificed, because salary not low enough to get government subsidy, not high enough to have a comfortable life and still struggling in between. Why people have to sacrifice for their earning for people with lower income? Isn’t they already get all kind of helps from.
…
Read more »

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    Aniki

    2 years ago

Those who contribute more get lesser while contribute less get higher? Those who suggest this must be ppl waiting for money drop from the sky… i would prefer the other way round, contribute more get higher dividend to push ppl to save more inside epf, of cos depends on the ppl manage our epf is having a business mind or not

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    Jayaram Krishna

    2 years ago

EPF is for retirement…compare this with Govt pension. That is also for retirement. You cannot say have tiered pension rates for govt servants…the argument is still the same. Why should govt servants thru all salary grades have the same formula for calculating graduity and pension?

Note that both private and govt employees need to maintain a certain lifestyle. I depend on my EPF.

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CIMB e Credit Card Review: Punching Above Its Weight

CIMB’s newest credit card has been designed with the demands of the digital era in mind. The
CIMB e Credit Card
 offers rewards points on online shopping, e-wallet reloads, and auto-billing expenditure, covering most of the online expenditure that has become increasingly frequent these days. But the CIMB e Credit Card also grants you rewards points for contactless and ordinary PIN payments, thus seeing to your other daily spending needs too.

The main highlight of the e Credit Card is its once-a-month eDay, where it offers higher Bonus Points (BP) on the 10
th
 of every month and for spending with Featured Partners. Because of this, calculating exactly how rewarding this card is can get a little messy, which is why we’ve done it for you.

Everyday Rewards Both Online And Offline

On ordinary days (i.e. not eDay), it’s quite easy to keep track of the CIMB e Credit Card’s benefits – you get 5x BP on online expenditure and 1x BP for ordinary in-person spend. This card defines online spend as online retail, e-wallet reloads, and auto-billing, whereas contactless and retail PIN payments make up its in-store expenditure, with examples of the types of spend as below:

Online retail: Eg. Lazada, Shopee, Zalora, Amazon, Agoda, food delivery, etc.

E-wallet: Touch ’n Go eWallet, GrabPay, Boost, BigPay, and Setel only

Auto-billing: Recurring payments, eg. telco, online media, and utilities bill

Contactless payments: In-store tap mode payments

Other retail: In-store PIN mode payments.

eDay Bonuses On The 10
th
 Of Every Month

It’s on the special eDay taking place on the 10
th
 of every month where the CIMB e Credit Card really shines.

On eDays, you get 10x BP for online, e-wallet, auto-billing,
and
contactless payments, leaving only the normal PIN payments on the ordinary 1x multiplier. While the eDay probably won’t be very useful for auto-billing payments (unless your auto-billing date is fixed for the 10
th
), you can definitely take advantage of the eDay’s double BP by planning to do your online shopping, e-wallet top-ups, or even any in-person spend using contactless payments on this day.

In addition, every eDay, CIMB will also highlight several Featured Partners, where the e Credit Card holder can get 12x rewards points on transactions made with these selected strategic partners. According to CIMB, the partners may vary from month to month.

There are also exclusive eDay Deals with merchants like Taobao, The Coffee Bean, The Body Shop, and more. For example, one of the current eDay Deals that is running until September 2020 is the RM1 Deal with Shopee and Lazada, where you can get RM49 off with a minimum spend of RM50 on the Shopee or Lazada app – which is a steal to say the least.

A Cashback Card In Disguise

While the card earns Bonus Points, the CIMB e Credit Card can be used primarily to earn cashback, thanks to its cashback redemption as well as its “Pay With Points” features. You can use your Bonus Points to redeem cashback from the CIMB rewards catalogue and settle your credit card account balance, or opt to use Pay With Points – a programme which allows you to use your Bonus Points at any one of its thousands of participating merchants to offset your payment.

At a set conversion rate of 400 Bonus Points to redeem RM1 for both features, CIMB boasts that it has the best bonus points conversion in comparison with other consumer banks in Malaysia. Let’s calculate how much effective cashback you actually get using your Bonus Points.

Digging Deeper: How Valuable Is The Cashback?

Starting at the lowest multiplier of 1x Bonus Points, you’d get 0.25% cashback on contactless or PIN payments. For online, e-wallet, and auto-billing at 5x Bonus Points, you would receive RM1 back for every RM80 you spend – which equals to an effective 1.25% cashback rate. At double the points on eDays, you get RM1 back for every RM40 you spend, with an effective cashback rate of 2.5%; for spend with featured partners garnering 12x points, the cashback works out to 3.0%.

Bonus Points

Cashback Rate

Returns

Effective Cap

1x

0.25%

RM1 back for every RM400 spent

Rewards on RM20,000 worth of spend

5x

1.25%

RM1 back for every RM80 spent

Rewards on RM4,000 worth of spend

10x

2.5%

RM1 back for every RM40 spent

Rewards on RM2,000 worth of spend

12x

3.0%

RM1 back for every RM33 spent

Rewards on RM1,667 worth of spend

However, one important thing to note is that Bonus Points are capped at 20,000 Bonus Points per statement cycle. At 5x Bonus Points, this equates to a rewards cap on RM4,000 worth of spending; for the 10x and 12x points, you can spend up to RM2,000 and RM1,667 respectively before you hit the rewards limit. Based on these numbers, your effective cashback will be capped at RM50 per month for all Bonus Points tiers – a pretty decent amount for monthly cashback.

With an effective cashback rate of up to 3%, the earnings aren’t the most lucrative, but the good news is you are not required to spend a certain amount to unlock these rates – there’s no minimum spend required. Besides, the fact that the CIMB e Credit Card offers 5x BP on auto-billing payments on a normal day is also a plus point; these days, not many credit cards offer attractive rewards for utility bills.

Plot Twist: It’s A Surprisingly Good Air Miles Card

Although CIMB puts great emphasis on the cashback aspect of this card, you still use your Bonus Points to make the usual redemptions from the CIMB Rewards Catalogue, which includes household items, vouchers, and of course, air miles. Our analysis of the latter revealed a pleasant surprise: the CIMB e credit is actually a solid contender to become one of the
best air miles credit cards in Malaysia
.

CIMB only has Enrich as its sole air miles partner (besides AirAsia BIG), and you need 10,000 Bonus Points to redeem 1,000 Enrich Miles. Again, the e Credit Card offers varying points multipliers, so here is the conversion rate of 1 Enrich Mile for each one:

Bonus Points

Air Miles Conversion Rate

1x

RM10 per 1 Enrich Mile

5x

RM2 per 1 Enrich Mile

10x

RM 1 per 1 Enrich Mile

12x

RM0.83 per 1 Enrich Mile

To give you some idea of how attractive the e Credit Card’s conversion rates are, we can compare them to the rates of a couple of the most rewarding air miles credit cards in the market: the
Maybank 2 Premier Cards
, which offer a rate of RM1 per 1 Enrich Mile, and the
Hong Leong Visa Infinite
, which yields a rate of RM1.80 per 1 Enrich Mile on overseas spend and RM2.80 per 1 Enrich Mile on local spend.

At 10x and 12x BP, the e Credit Card matches or even trumps the redemption rates of long-standing favourite air miles credit cards – which is all the more impressive when you consider that the e Credit Card is an
entry-level
card with an income requirement of just RM2,000 per month (vs the Maybank 2 Premier’s RM8,333/month and the HLB Visa Infinite’s RM12,500/month requirement!)

Even at 5x BP, which you can get for everyday online spend, the conversion rate of RM2 per 1 Enrich Mile is an attractive one – and is still better than many popular air miles credit cards in Malaysia.

Verdict: An Entry-Level Card That Punches Well Above Its Weight

The CIMB e Credit Card comes with a minimum annual income requirement of RM24,000 or RM2,000 per month, making it a good pick for fresh graduates just entering the workforce. The annual fee is RM100, but it is free for the first year and subsequently waived with a total annual spending of RM12,000, which works out to RM1,000 a month and is quite a manageable amount to hit. Meanwhile, the annual fees for supplementary cards are waived for life.

Overall, the CIMB e Credit Card’s benefits all depend on how you make use of the card. If you are diligent enough to maximise the double BP of eDay on the 10
th
 of every month, and are looking for a credit card to use mainly for online, e-wallet, and auto-billing payments, then you should be able to get the highest potential benefits out of the e Credit Card.

Thanks to the flexibility of the CIMB e Credit Card, you can cash in on your rewards either through its cashback options, normal rewards catalogue redemptions (if you wish) or more lucratively, by redeeming Enrich Miles.

You can find out more about the
CIMB e Credit Card
 here.

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Jacie Tan

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    Kalaiarasi Kalai

    2 years ago

Saya ada cimb depet card ada

0

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    Anonymous

    2 years ago

Will this CIMB e credit card subject to government tax of MYR 25.00?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

Yes, currently all credit cards will be subjected to SST of RM25 per year.

0

Reply

    su

    1 year ago

what is the monthly credit limit?

0

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    Pang Tun Yau

    1 year ago

    Reply to

        su

the monthly credit limit is different across individuals.

0

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    Zamri Cun

    9 months ago

    Reply to

        Pang Tun Yau

I applied Cimb cc thru ringgitplus, received SMS from CIMb that mine has been approved. What should i do next? Should i call them or just wait to receive the card then activate?

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    Pang Tun Yau

    9 months ago

    Reply to

        Zamri Cun

Best practice is to activate the card only when you receive it. I’ve been told CIMB tends to deliver their cards quite quickly too 🙂

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Satisfy your soupy fix with Citibank

Are you craving for a nice steaming hot bowl of herbal soup? If you are, swing on by Ah Yip Herbal Soup and you’ll get to
enjoy 20% off everything on the a la carte menu.

On Thursdays, the deal gets even better, with a free dessert for every one you buy. The free dessert is valid only for items of equal or lower value.

Offer stands until 31 December at all outlets except Pavilion and Genting.

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John Royce

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