Get Fresh Notes For Duit Raya At These Bank ATMs

With Hari Raya Aidilfitri coming up on us in just about two weeks’ time, several banks are now making brand-new notes available to customers who need them for duit raya purposes. If you are one of those who are in need of fresh notes to celebrate the occasion, you can go on ahead and visit the following banks:

Affin Bank

(Image: Bernama)

Between today until 14 May 2021, Affin Bank and Affin Islamic Bank customers can obtain fresh notes for their duit raya at 56 ATMs, situated at selected locations nationwide. The notes are dispensed in denominations of RM10 and RM50, and the withdrawal limit per day is set at RM5,000. However, this cap is also subjected to your card’s withdrawal limit and the availability of the notes in the ATMs. Here’s the
full list of the Affin Bank ATMs
 that are offering this service.

AmBank

(Image: The Star)

AmBank customers will also be able to obtain
RM10 notes for the upcoming Hari Raya celebrations
 at the ATMs of selected branches nationwide. The bank did not share if there are any withdrawal limits (per day or per withdrawal), but it is likely determined by the withdrawal limit of your card and the availability of the notes in the machines. You can find the
full list of ATM locations
 here.

CIMB

(Image: The Star/Azhar Mahfof)

CIMB is dispensing
new RM10 and RM50 notes
 at 50 selected branches nationwide, and customers can get them through the bank’s ATMs. This service is available from today until 12 May 2021.

Do note that the bank has set a limit on the amount that you can take out per withdrawal. If you want to withdraw fresh RM10 notes, you’re allowed to withdraw a maximum of RM300 per withdrawal. Those opting for the RM50 denomination, meanwhile, will have a maximum withdrawal limit of RM1,500 per withdrawal – although this is only applicable for the ATM at Menara CIMB KL Sentral.

Additionally, there is no mention of the withdrawal limit per day, but you are probably limited by your card’s withdrawal cap, and the availability of the notes. You can find the locations of the
ATMs that are providing this service here
.

Maybank

(Image: The Edge Markets)

Maybank customers will be able to
withdraw RM10, RM20, and RM50 notes
 at selected Maybank ATMs between today until 13 May 2021. Similar to AmBank, Maybank also did not state any maximum withdrawal limits (per day or per withdrawal), but you can expect to be restricted by the withdrawal limit of your card and the availability of the notes in the machines as well.

The bank also noted that some ATMs only dispense certain denominations, so do check the locations of the ATMs and the denominations that are available before you head out to withdraw your money. For instance, specific ATMs at the main Maybank branch in Kuala Lumpur dispense only RM10 or RM50 notes. Here’s the
full list of the ATMs
 that provide this service.

***

Before heading out to the bank branches and ATMs to make your withdrawals, do make sure to check the operating time for each banks as they may change it to abide by the latest movement control order (MCO) standard operating procedures (SOPs) implemented by the government.

You can also consider sending e-duit raya to your family members and friends via online or mobile banking instead. Most banks are actively endorsing the use of these digital methods both for safety and convenience. Ultimately, giving duit raya is a way for you to spread joy and happiness during this festive season, regardless of whether you do it with a physical green packet or via online!

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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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    Sakinah Anwar

    2 years ago

Why Maybank only put 1 machine in Seremban? This is unfair and not sincere at all.

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BNM Issues Two Commemorative Coins In Conjunction With SOCSO’s 50th Anniversary

Bank Negara Malaysia (BNM) has issued two commemorative coins to celebrate the 50
th
 anniversary of the Social Security Organisation (SOCSO), which were launched by the Human Resources Minister, Datuk Seri M. Saravanan. Specifically, the two special edition coins are the coloured sterling silver commemorative coin and the Nordic gold brilliant uncirculated (BU) commemorative coin.

In its statement, BNM said that the coloured sterling silver commemorative coin is made of sterling silver with 92.5 purity, at the weight of 31g. It has a face value of RM10, with only 1,000 pieces available for sale – each of which is priced at RM253. Meanwhile, the Nordic gold BU commemorative coin is made of copper and several other metals, weighing at 8.5g. Priced at RM13.20 per piece – with a quantity of 10,000 pieces available – the coin has a face value of RM1.

In terms of design, the reverse side of the coins will carry the text “Bank Negara Malaysia” around the upper circumference to indicate BNM’s authority in issuing them. They also feature the official PERKESO50 logo, stamped within a background of 3-dimensional wave designs, with the respective face value of the coins inscribed at the lower circumference.

On the obverse side, meanwhile, both coins will have the text “Sambutan Jubli Emas PERKESO” inscribed around the upper circumference, along with the tagline “Prihatin Lima Dekad Dan Selamanya” around the lower circumference. The centre of the coin will carry the top view of an opened umbrella, formed by 50 monogrammed figures adapted from SOCSO’s official logo. BNM said that this symbolises the 50 years during which SOCSO had offered protection to employees.

“We are pleased to issue these beautifully designed commemorative coins to mark the occasion of SOCSO’s golden anniversary. These unique designs reflect and celebrate SOCSO’s continued service and dedication to all SOCSO’s insured persons,” said the deputy governor of BNM, Marzunisham Omar in a statement.

While both commemorative coins can be purchased individually, interested individuals can also buy them as a set (one piece of each coin). The set is priced at RM308, inclusive of 10% sales and services tax (SST), and there are a total of 1,000 sets available.

“To provide a fair opportunity for the public to buy these limited edition coins, each individual will only be allowed to purchase a set of 2, a coloured silver coin (proof), and up to five Nordic gold BU coins. In the event of oversubscription, balloting will take place,” said BNM, adding that further information on how to purchase the coins will be made available to the public via its website on 17 November 2021.

(Source:
Bank Negara Malaysia
)

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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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Grab Partners With Coca-Cola To Drive Growth, Digitalisation In Southeast Asia

Grab and Coca-Cola have entered into a regional partnership that will allow merchants under both entities to unlock growth opportunities in the digital consumer market. This is to be done by integrating Grab’s large online network with Coca-Cola’s extensive offline retail presence.

In a joint statement, Grab shared that this partnership will involve six Southeast Asian markets, namely Malaysia, Singapore, Indonesia, Thailand, Vietnam, and the Philippines. Within Malaysia specifically, the collaboration will take the form of three key pillars of effort:

Strategic pillars
Details
Coca-Cola retailers on GrabFood and GrabMart
– Coca-Cola retailers and distributors to set up digital storefronts on GrabFood and GrabMart so that they can market and sell to Grab’s digital consumer base
– Interested Grab merchants can become Coca-Cola distributors to expand their offerings and increase sales opportunities
Coca-Cola customer engagement through GrabAds
– Coca-Cola will be enabled to connect and engage with consumers to and drive sales to merchant partners through GrabAds
– GrabAds may include offline advertising on Grab fleet, online advertising in Grab app, gamification, and product sampling
Digital skilling and consumer convenience
– Both companies to offer digital literacy and e-commerce training for merchants (especially underserved businesses) to upskill and optimise business for growth
– Coca-Cola to use Grab’s network to drive trials of selected beverages (such as zero-sugar drinks) so that consumers can choose beverages that they prefer

(Image: Global Restaurant Leadership Conference)

The regional head of merchant at Grab, Saad Ahmed said that this partnership between Grab and Coca-Cola reflects both companies’ shared commitment at supporting merchants to grow their businesses through digitalisation and financial services. “By enabling them to capture new and unmet consumer demand, we enable them to provide better services to our users. This, in turn, strengthens brand love for Grab and Coca-Cola,” he said.

Meanwhile, the head of O2O (offline to online) for Coca-Cola (ASEAN and APAC), Sam Way commented that this collaboration will enable the brand to build new consumer connections and offer even more convenience to digital consumers. “This new multi-market partnership extends our online reach and enables us to stay ahead of changing shopper trends as we drive customer value and growth through digital enablement,” he further remarked.

(Source:
Grab
)

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What Is The Best Credit Card To Pay For Utilities In Malaysia?

UPDATE (4/7/2019):
Effective 1 July 2019, the Hong Leong Wise will
no longer offer cashback for utilities payments
, while Standard Chartered has also
revised the benefits of its JustOne Platinum Mastercard
. The article has been updated.

UPDATE (10/6/2019):
Effective 1 June 2019, the Maybank 2 Cards and Maybank FC Barcelona Visa Signature
no longer offer cashback for transactions to utilities and government bodies
. The article has been updated.

As we enter the dawn of a new year, it’s a good time to review your credit cards and see if they are still beneficial for you. For the most part, you’d want credit cards which offer benefits for your daily and monthly spending, such as groceries, insurance, and even utilities. That’s right – you
can
 be rewarded for paying for your utility bills with credit cards!

Many credit cards in Malaysia offer cashback for utility bill payments, either via online services or over-the-counter. But which card should you use to maximise your savings? Here’s a list to help you out.

Public Bank Quantum Visa/Mastercard

Cashback rate: 5% on Online & Dining (Mastercard), Entertainment & Department Store Shopping (Visa), capped at RM30/card/month

Annual fee: RM0/free for life

Minimum income requirement: RM36,000/year or RM3,0000/month

The
Public Bank Quantum credit cards
 are fast becoming
one of the must-haves in every Malaysian’s wallet
. With low income requirements and zero annual fees, these cards have very generous benefits.

The cashback mechanism is unique, in that both the
Visa
 and
Mastercard
 offer 5% cashback on different categories. Since they come as a pair, you get cashback benefits across four categories: Online & Dining (Mastercard), and Entertainment & Department Store (Visa). Each card has a cashback cap of RM30, which may sound little, but there’s one final ace up these cards’ sleeve.

Unlike many, many other cards in the market today, there is no minimum spending required to be eligible for the cashback. Now, to get cashback to pay for your utility bills, you’ll need to use the Quantum Mastercard and pay your bills online – all major telcos (Celcom, Digi, Maxis, U Mobile), Astro, TNB, TM/Unifi, Time, JPJ, PTPTN, and even some insurance providers offer online payment, so you’ll have no issues getting 5% cashback every month. Note that the RM30 cap means you’ll only get cashback up to RM600 in spending on the card.

UOB YOLO Visa

Cashback rate: 8% with minimum 16 swipes/month, 5% with 8-15 swipes/month, capped at RM50/month

Annual fee: RM7.50/month, waived with minimum 1 swipe/month

Minimum income requirement: RM36,000/year or RM3,000/month

This card will need a bit of work to get cashback, but it is actually
one of the most rewarding cards around
, thanks to the combination of high cashback rate with low income requirements.

Unlike most cashback credit cards which put tiers on the amount you spend with the card, the
UOB YOLO Visa
 credit card imposes a minimum swipes policy, with no minimum amount per swipe. On top of that, the monthly fee (instead of annual fee) is waived when you swipe it at least once a month – essentially making this a zero annual fee card.

You’ll need to use the card at least 16 times in a month to unlock the 8% cashback, which is an impressive rate given the lack of minimum spend requirement. What many cardholders do is to split their utility bill payments so that they hit that 16x swipes. And, since UOB has a monthly cashback allocation on a first come, first served basis, smart cardholders pay their bills with their YOLO cards at the start of the calendar month.

With that 8% cashback rate, you only need to spend RM625 to hit the RM50 cap – a fantastic rate considering the low barrier of entry for this card.

One last thing to note: this is one of the only cashback credit cards that count JomPAY transactions as online transactions (making them eligible for cashback). Public Bank and Maybank, for example, do not recognise JomPAY for cashback eligibility.

Hong Leong Wise Visa

Cashback rate: 10% on all retail spend, capped at RM100/month. Minimum spend: RM2,000/month

Annual fee: RM250/year

Minimum income requirement: RM24,000/year or RM2,000/month

If you are the family breadwinner or spend above RM2,000 a month, the
Hong Leong Wise Visa
 is a fantastic card to earn cashback. With a high cashback rate
and
 high monthly cap, you can earn up to RM1,200 in cashback per year!

The Hong Leong Wise card offers cashback for three categories: two user-selected categories (from nine categories including groceries, petrol, dining, utilities, travel, and more) and one “bonus” category (mobile phone bills). Spend a minimum of RM2,000 cumulatively in a single month, and these expenditures will be eligible for 10% cashback. Not to forget, charges made using supplementary cards also count towards the RM2,000 minimum spend, so that will help you hit that amount.

The RM2,000 minimum spend requirement means this card won’t be for suited for everyone, but for those who do spend that amount in their monthly expenses, this card has the best cashback rate around. Just note that the annual fee is quite high at RM250 (RM300 for Platinum).

Public Bank Visa Signature

Cashback rate: 6% on Online, Dining & Groceries, capped at RM38/month

Annual fee: free for first year, RM388 after BUT waived when you swipe 12 times/year

Minimum income requirement: RM80,000/year or RM6,667/month

All things considered, the
Public Bank Visa Signature
 credit card isn’t as good as the Quantum credit cards especially when you consider the high income requirement, but it is a more “holistic” card – and less complicated.

For starters, the cashback categories are limited to three (online, groceries, and dining), but you don’t have to confuse yourself with the “which card gives what cashback” mental question you face each time you want to use the card. The cashback rate is slightly higher at 6%, but the RM38 monthly cap is lower than the RM60 combined cashback you can theoretically get with the Quantum.

That said, the Public Bank Visa Signature has other perks, such as free 2x access to any Plaza Premium Lounge in Malaysia, and automatic travel insurance coverage up to RM500,000 when you use the card to pay for your flight ticket.

Finally, like the Public Bank Quantum, this card also has no minimum spend requirement not a tiered cashback system, which is why it makes it into our list.

Maybank 2 Gold/Platinum

Cashback rate: 5% on weekends on all retail spend with American Express card, capped at RM50/month

Annual fee: RM0/free for life

Minimum income requirement: RM30,000/year or RM2,500/month

A perennial favourite
, and for good reason. The
Maybank 2 Gold
/
Platinum
 cards are easily among the best cashback credit cards in Malaysia for several years now. The secret sauce is with the American Express card in this two-card combo.

On weekends, using the Amex card gives 5% cashback on all retail spend. Using the Maybank2u payment portal, you can pay for a wide variety of bills with the Amex card including electricity, internet, and mobile phone bills. So even if a particular company does not accept Amex cards over the counter or on their online payment platform, you may be able to use it via M2U.

Contrary to popular belief, you can use the Amex card in many places these days. Many department stores accept Amex, and petrol stations with new kiosk card machines readily accept Amex in addition to Visa and Mastercard. Even online services such as Grab and Fave accept Amex.

Cashback is capped at RM50 per month, with no minimum spending requirement. You also get 5x TreatsPoints for every RM1 spent every day when using the Amex card (note that you will
only get 1x TreatsPoints
 for utilities, insurance, and education payments). Combine these with the fact that it is free for life, this card – as we mentioned in our review – is a must-own.

Standard Chartered JustOne Platinum Mastercard

Cashback rate: Tiered, up to 15% based on spending amount. Capped at RM60/month (RM30 sub-cap for online transactions).

Annual fee: RM250, waived upon minimum spend of RM20,000/year (not automatic)

Minimum income requirement: RM36,000/year or RM3,000/month

Another credit card with high cashback rates, the
Standard Chartered JustONE Platinum Mastercard
 is a useful card – but
only for the right users
. Its cashback cap is generous at RM85 a month, but the tiered cashback rate means the card is actually designed for a specific set of customers.

Cardholders get cashback for three categories: Insurance, Telco, & Utility bill payments (auto-debit only), petrol, and online purchases. This is one of the few credit cards that explicitly offer cashback for insurance payments (via auto debit) – other cards require you to pay online every month and make use of “online” cashback eligibility.

Unlike the Hong Leong Wise card, transactions not in these three categories still count towards the minimum spend amount to unlock the higher cashback tiers. It may sound counter-intuitive, but the RM85 cashback cap means you’ll only earn cashback for as much as RM566 across the three categories – so you’ll need to pad that minimum spend figure with other spending.

Its benefits may have been revised, but the
Standard Chartered JustOne Platinum Mastercard
 remains a useful card for
a specific group of users
. The cashback cap has been revised from RM85 a month to a maximum of RM60, with a sub-cap of RM30 for online transactions. That said, the three cashback categories remain the same: auto-debit for Insurance, Telco, and Utility bill payments, petrol, and online purchases. As before, this card explicitly offer cashback for insurance premium payments via auto-debit, which is one of the few cards in Malaysia with such a feature. The RM30 sub-cap for online transactions mean you’ll need to spend with the card in other categories to get the full RM60 cashback.

Note that while the cashback cap has been reduced, the minimum spend tier remains the same: the 15% rate is only unlocked with a minimum spend of RM2,500 for that month.

Honorable Mention:
Maybank FC Barcelona Visa Signature

Cashback rate: 10% capped at RM100/month (May and August only), 2% capped at RM50/month (all other months)

Annual fee: RM0/free for life

Minimum income requirement: RM48,000/year or RM4,000/month

Even if it is truly outstanding for two months in a year, the
Maybank FC Barcelona Visa Signature
 is a great card to own. Here’s why.

For starters, this card should be
your primary credit card for the months of May and August
, where it grants an incredible 10% cashback capped at RM100 for ALL retail spend. That’s right, with some exceptions (such as payment via JomPAY), you’re guaranteed 10% cashback on whatever you charge on the card, good for up to RM1,000 in spending.

Some detractors will say, “that’s only for two months in a year! What about the other 10 months?!” Don’t let that deter you. For other months, this card is a great secondary or back-up cashback credit card if you max out the benefits of your main one (like the others in this list). That way, you’ll still get 2% cashback off all retail spend (capped at RM50), with no minimum spending required.

The Maybank FC Barcelona Visa Signature is also free for life, so the cost to own this as a secondary card is minimal.

Start Saving While Paying Bills Today

There is a common misconception that
cashback credit cards
 aren’t as good as advertised. Because there are monthly caps, some will say that the actual cashback amount you’d get won’t be worth the hassle. For the most part, we agree.

But, as we always say, not all credit cards are created equal. The cards mentioned in this list can save you hundreds of Ringgit a year – just by using them to pay for your bills. This 2019, try it out for yourself!

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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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    tony

    1 year ago

UOB YOLO Visa had revised the cashback information to cap rm30/month, requires min. 5x swipes/month and min. spending amount rm15/swipe from March 1, 2021 –
https://www.uob.com.my/web-resources/personal/pdf/personal/cards/credit-cards/uob-yolo/yolo-tnc-eng.pdf

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Government Makes RM6.2 Billion Bid To Take Over 4 Tolled Highways

The government has officially made a RM6.2 billion bid to acquire four highway concessions from Gamuda Berhad. According to Finance Minister Lim Guan Eng, this acquisition and subsequent replacement of tolls with a congestion charge can save commuters on the four highways as much as RM180 million per annum.

“The success of this bid depends on due diligence, the support of the shareholders and creditors of the concessionaires, and the final decision of the Cabinet,” said Guan Eng in a statement on 22 June. The four tolled highways in question are Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (Sprint), Lebuhraya Shah Alam (KESAS), and the Smart Tunnel (SMART).

Should the takeover be successful, the highways will be financed by way of bond issuance through a special purpose vehicle (SPV) company wholly owned by the Ministry of Finance (Incorporated). Guan Eng states that the collection from the new congestion charge will be sufficient to service the debts and finance the operation costs of the highway without depending on allocations from the Ministry of Finance.

The proposal to abolish the existing toll mechanism and replace it with a new congestion charge system was first announced earlier this year in February. Under the new system, those using these four highways will be charged under a variable pricing structure that depends on the time of the day. The government is planning to offer discounts of up to 30% for hours outside of peak periods and free travel during off-peak periods.

“In addition, the maximum congestion charge will be capped at the current toll rate in order to not cause further burden to commuters,” said Guan Eng. “The final structure of the congestion charge will be studied and refined in further detail before being implemented on 1 January 2020.”

The Finance Minister further explained that the takeover would directly save taxpayers RM5.3 billion in the form of compensation to the concessionaires for freezing the toll rate hikes. After the acquisition, the government will no longer have to pay this compensation for the four highways.

“This is the first step of the government to lessen the burden of the highway users and fulfil the promises of Pakatan Harapan,” said Guan Eng. He added that if the acquisition model proves successful, the government will apply it to acquire the concessions of other tolled highways in the future, including intercity highways.

(Source:
The Star
,
Malaysiakini)

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Busting 5 Myths About Financial Advisors

The current COVID-19 pandemic has been a hard lesson learned for most of us, especially in terms of our finances. It has also raised questions about how well Malaysians are with their personal finances. In fact, the RinggitPlus Financial Literacy Survey 2020 found that 53% of us Malaysians cannot survive more than three months with our current savings.

Perhaps this is the right time to bring into light the role of a Financial Advisor, whose goals are to help you determine both short and long-term financial goals – according to your current financial standing and then to help you work your ways into achieving those goals by providing you with a well thought out financial plan.

However, despite the advantages that a Financial Advisor can contribute to the betterment of your financial wellbeing, not many understand what exactly Financial Advisors do besides the popular misconceptions that they are similar to insurance agents or a financial products salesman who only seek to earn their commission.

The Role of A Financial Advisor

The term Financial Advisor encompasses many different aspects of financial advice, including those of a wealth planner and a financial consultant.

In definition, a financial advisor offers professional financial advice and assistance to help clients reach their short and long-term financial goals. A session with a Financial Advisor usually begins with an assessment of a client’s current financial situation and what their financial goals are.

With that information, a Financial Advisor will then be able to identify areas for improvement, as well as offering services such as investment advice and management, wealth management, debt management, budgeting, insurance suggestions, tax planning, retirement planning, and estate planning.

Discussions with a Financial Advisor can involve calculating how much you need to save for retirement, creating an adequate emergency fund, recommending specific investments or providing complete investment management, refinancing strategies to improve your cash flow and pay off debts, and so on.

Nevertheless, many remain unconvinced about the need for a Financial Advisor’s services, mainly due to a number of misconceptions and myths. Here are five of the common ones, as well as explanations on why these misconceptions are incorrect.

Myth #1 – Financial Advisors Are Only For The Wealthy

One of the top misconceptions about Financial Advisors is that they are only for those who are rich enough to afford one. In reality financial advisors are beneficial for anyone who would like to build themselves up financially, and seeking professional help to get on the right path and avoid costly financial mistakes could likely prove valuable in the long run.

Moreover, the earlier you start planning and strategising financially for the future, the better your money can work for you.

Myth #2 – Financial Advisors Are Untrustworthy

This second myth may have stemmed from the misunderstanding of the role of a Financial Advisor from an aggressive insurance agent or financial products salesman who introduce themselves as “wealth planners”, “financial consultants”, or anything that sounds similar to a Financial Advisor. As explained earlier, this is simply not true.

On that note, trust is an integral part of hiring the right Financial Advisor – after all, you would be spilling information and details you may not even share with your significant other! It is understandable that although there may be some bad apples in the world of financial professionals, it is important to keep in mind that not all financial advisors are dishonest.

A true Financial Advisor treats their clients with respect, cares about their financial goals, and works with their client’s best interest in mind. An efficient financial advisor will gladly educate their clients on investments at the best of their ability, as well as have the patience to openly explain various financial concepts, risks, and fees.

One of the key takeaways of a trustworthy Financial Advisor is that they will regularly ask to meet up to discuss and review your portfolio because financial advisory is an on-going process instead of a one-off arrangement.

Myth #3 -Financial Advisors Sell Unnecessary Products & Services

Relevant to Myth #2, this next misconception is often associated with the untrustworthiness of financial advisors.

Usually, a Financial Advisor will first determine your needs, objectives, and financial circumstances before advising and recommending any products or services. Since Financial Advisors are paid by the hour or by the session and not by sales commissions, there is less incentive for them to recommend a financial product – unless they deem it suited for your needs.

Myth #4 – Financial Advisors Will Take Full Control Of My Accounts

When working with a financial advisor, you are requested to provide accurate information as well as to keep your advisor informed of any changes to your financial circumstances to ensure that the right advice, products, and services remain applicable and relevant.

If your Financial Advisor is allowed to handle your money, they are first required to create a separate client account to be held in trust. Ultimately, you will always have the final say on what to do with your money.

Myth #5 – Financial Advisors Have Costly Fees

It is common to believe that Financial Advisors are generally expensive, but it actually depends on the asset size of their clients and could
range from RM1,000 to RM20,000 a year.

It is best to also note that fees are charged based on the on-going advice and 6-month to a year’s management of your finances, and can always be discussed with your Financial Advisor.

After all, the core principle of financial planning is to ensure good and strong financial standing, to avoid dire financial mistakes, and to gain control of your finances throughout all stages of your life.

***********************

So those are the five myths that we hope will help you open your mind towards the purpose and benefits of engaging with a Financial Advisor – if you are seeking to improve your financial wellbeing or to achieve a certain financial goal that you feel is difficult to achieve on your own.

Meanwhile, if you are interested to engage with a Financial Advisor, UOB Kay Hian’s Wealth Advisors could be who you can seek professional financial advice from.

Introducing The Financial Advisors Of UOB Kay Hian

UOB Kay Hian offers a comprehensive range of financial products and services for individuals, private wealth, and corporate institutions, which inc
lude brokerage services with a variety of equities and derivatives, investment banking and services, corporate advisory, wealth management, and financial services such as structured financing.

With their
4-Step Portfolio Advisory Approach
 that involves understanding, planning, implementing, and managing – you’ll be rest assured that UOB Kay Hian is dedicated to helping you meet your financial needs, objectives, and ultimately, financial freedom.

UOB Kay Hian also has an online platform,

UWEALTH
 powered by Morning Star, where you can easily access your portfolios, transactions, investments, market insights, and more.

To learn more about UOB Kay Hian’s Wealth Advisors and how they can help you move towards achieving your financial goals, head to
UOB Kay Hian’s website
 today and get in touch with a representative today!

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Katrina Balan Quiroz

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

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Government May Consider Banking In E-Tunai Payment For Those Without Smartphones

(Image: The Sun)

Malaysians who are eligible for the recently launched e-Tunai Rakyat programme, but do not possess smartphones to claim their RM30 might just be able to get their share of the e-cash awards via bank deposits instead.

“We can study the matter in the future. Let’s run this programme first (e-Tunai Rakyat) and look at its development. If there are many complaints about this matter (the request to bank in the RM30), we will consider them,” said Finance Minister Lim Guan Eng.

Should that happen, the allocation will be made into the bank accounts of beneficiaries who are also recipients of the government’s Bantuan Sara Hidup (BSH) programme.

The
e-Tunai Rakyat initiative
, which saw
380,000 applications
 made on the first day itself, is currently disbursing its RM30 digital credit to eligible individuals through Touch ‘n Go eWallet, GrabPay, and Boost. Each e-wallet provider also sweetened the incentive with offers of
extra bonuses
.

Guan Eng has previously assured that all eligible Malaysians will get the RM30 incentive, as long as they apply within the initiative period. If you have yet to
claim your e-Tunai Rakyat credit
, you have until 14 March 2020 to do so.

(Source:
The Sun
,
Malay Mail
)

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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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You Snooze, You Lose: All Touch 'n Go RFID Fitment Centres Will Be Closed From 12 - 14 February

Touch ‘n Go has dropped a bombshell for those who have not yet gotten their free RFID tags: today is the last day you can get the RFID tags fitted for free as the company announced that all fitment centres will be closed from 12-14 February.

In two Facebook posts that have surprisingly not gone viral, Touch ‘n Go stated that all RFID fitment centres will be closed from 12-14 February for system maintenance. Worse, the latest post revealed that
only 16 fitment centres
in the entire country
 will be open today for free RFID tag fitting. 14 of them are in the Klang Valley, while the remaining two are in Johor.

This is due to the fact that the other fitment centres around the country have run out of stock for RFID tags. Over the weekend the company also posted on its Facebook page of 21 fitment centre locations that will no longer be open as they have run out of RFID tags.

Ever since Touch ‘n Go announced that it will be charging
RM35 for new RFID tag fittings from 15 February
, many fitment centres saw a spike in customers eager to get theirs for free. Over the weekend we even saw crowds forming at the RFID registration counters at popular fitment centres such as Petronas TTDI and The Starling Mall.

Image circulating on Facebook of the crowd of people at Petronas TTDI waiting to get their RFID tags fitted. (Image: Rohaidzad Rashid)

In any case, for those who have not yet got their free RFID tags, it looks like that ship may have sailed – unless you live or work close to any of the 16 fitment centres
and
can get some time off work to get it done.

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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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    LuvlyBelle (@Luvly_Belle)

    3 years ago

DTOX CBJ said they have no more stickers though I went pretty early this morning. Kinda fishy arrangement his sudden closure 3 days before 15th Feb.

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    mhc moo

    3 years ago

good luck to you. nobody will install on the 15th

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Economists: More OPR Hikes Expected In 2023 To Tackle Core Inflation

Several economists have commented that Bank Negara Malaysia (BNM) will likely continue to increase the overnight policy rate (OPR) next year, until it reaches a neutral rate of 3.25% to 5.00%. This is as the central bank maintains its calculated approach in battling inflation within the country.

According to a professor of economics from Sunway University Business School, Dr Yeah Kim Leng, Malaysia can anticipate more policy rate increases in 2023, as the central bank attempts to reign in the core inflation rate that has shot up to 4% year-on-year at the end of September 2022. Core inflation is defined as the change in prices of goods and services, excluding those from the food and energy sectors (due to their more volatile fluctuation).

“The increase will help to moderate demand pressures, so that inflation expectations can be managed without resulting in higher inflation. However, given that the interest rate is still below the neutral rate, we expect the central bank to continue its normalisation given that the pre-pandemic interest rate ranged between 3.25% and 5%. We may see the central bank continue to push towards raising the interest rate to the neutral rate,” said Professor Yeah, adding that the pace and the amount of increase will be based on the prevailing inflation as well as growth momentum.

The professor also stressed that inflation is a global problem, and not just exclusive only to Malaysia. In fact, many central banks were caught by surprise at the magnitude of the surge in inflation rate. “Although the central bank does not have an inflation target, a comfortable inflation level whould be around 2.3% to 3.5%. But we also note that inflation will remain elevated in the post pandemic environment as well as supply chain disruption caused by the Russia-Ukraine war,” he said.

Similarly, MIDF Research also believes that BNM will continue hiking the OPR, and will, in fact, do so earlier next year as opposed to later. “With the rising core inflation trend and stronger-than-expected domestic demand, we expect the central bank to front-load its monetary bullets to pre-pandemic levels at 3% by January 2023,” it said in a statement.

The research house does also acknowledge, however, that BNM’s decision will be determined by the stability of Malaysia’s economic growth, the pace of price increases, and further improvement in macroeconomic conditions. It also said that this policy rate normalisation is necessary to avoid risks that could destabilise the country’s future economic outlook, including persistently high inflation and a further rise in household debt.

Meanwhile, the chief executive officer of Fortress Capital Asset Management, Thomas Yong compared Malaysia’s OPR with the United State’s interest rate, which has also been seeing consecutive increases over the past months, and
at a far more aggressive rate
. He highlighted the impact of the widening difference in both countries’ interest rates, noting that this could cause Malaysia’s currency to continue weakening against the greenback.

“Having said that, the strength or weakness of the ringgit is likely to move in line with regional currencies given the strong trade relations regionally. The US dollar strengthening has been universally observed against all currencies, rather than just the ringgit. At some point, concerns of a runaway US dollar exchange rate will subside and real transactional demand should then set the rate of exchange,” Yong elaborated.

Last week, the Monetary Policy Committee (MPC) of BNM had elected to bump the OPR up by yet another 25 basis points (bps),
raising it from 2.5% to 2.75%
. It is the fourth consecutive hike in 2022, with the first three hikes taking place in
May
,
July
, and
September 2022
. BNM noted in its statement then that the latest decision was driven by Malaysia’s improving economic activity in the third quarter (3Q22), which is expected to continue going forward.

(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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    Rosli

    9 months ago

We have a solution to tackle the inflation.

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Stand To Win A Macbook Air When You Shop With Atome For Raya

The holy month of Ramadan is here. For many Malaysians, the Ramadan month is a good opportunity to prepare for the Raya season – when friends and families meet up at each other’s homes and celebrate the season with good food and high spirits. Thus, it’s no surprise that many of us have already started sprucing up our homes and picking out outfits for the impending occasion.

If you’re looking to shop during this festive season, why not shop online through Atome and get your Raya items by paying ⅓ of its price for your first payment? Atome, one of Malaysia’s leading Buy Now Pay Later (BNPL) platforms, has partnered with over 6,500 online and offline merchants across fashion, beauty, electronics, and more. All you need to do is shop for your item of choice and pay for it over 3 monthly installments.

This year, Atome has launched AtomEid – their own Ramadan and Raya shopping campaign for the year 2023. You’ll be able to shop, earn rewards, and win special prizes through bonus challenges and giveaways.

Complete Challenges and Win

Stand a chance to win a Macbook Air when you complete the Atome+ Raya Bonus Challenge. The Atome+ Raya Bonus Challenge consists of 2 mini challenges – where you can also earn points or redeem attractive prizes when you complete each challenge.

Here’s what you can win by completing the challenges:

Challenge #1 –
Make 1 order with Atome from 1 – 30 April 2023 and get 1x free chance to Spin The Wheel and win attractive rewards.

Challenge #2
 – Redeem any Atome+ Rewards from Atome’s curated list. Complete both challenges and stand a chance to win a Macbook Air!

Weekly Prizes Await

On top of the bonus challenges, Atome users will also be eligible to take part in the weekly prize giveaway happening during the AtomEid campaign. All you would need to do is shop with Atome from 22 March – 30 April to stand a chance to win the prize of the week.

The giveaway will be happening over a total of 6 weeks, so there will be plenty of opportunities to win a prize!

Save More This Season

In the spirit of AtomEid’s #RayaDuluPayLater philosophy, both existing and new users will get vouchers during this period, thus saving more. Existing users will be able to get RM5 off, with a minimum spend of RM120, and new users will be able to get RM18 off, with a minimum spend of RM180.

On top of that, spike vouchers are available on the app on certain dates. You’ll be able to get RM50 off, with a minimum spend of RM600 when you shop via Atome. Keep your eyes peeled on the app, as these vouchers are only available up to a limited amount of redemptions and on certain dates only!

***

So what are you waiting for? Sign up and download the Atome app to shop with exciting deals and stand a chance to win prizes this festive season. Check out the
AtomEid campaign
and the
Atome+ Raya Bonus Challenge
 now.

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Budget 2020 Malaysia: 8 Key Highlights

(Image: NSTP)

Last Friday, Finance Minister Lim Guan Eng tabled Budget 2020 in Parliament. It was the second Budget tabled by the Pakatan Harapan government, and expectations were rife to see what new measures the government would introduce, or which initiatives it would decide to extend.

We’ve rounded up the key highlights of Budget 2020 so that you can get up to speed on what has been announced.

1) Fuel Subsidy For Eligible B40 Vehicle Owners Too

The week before Budget 2020 was announced, the Domestic Trade and Consumer Affairs Ministry announced a
new fuel subsidy targeted
 at Bantuan Sara Hidup (BSH) recipients in the B40 group. However, Finance Minister Lim Guan Eng revealed during the tabling of Budget 2020 that
non-B40 vehicle owners
 will also be eligible for a petrol subsidy.

The same vehicle ownership eligibility criteria apply to both B40 and non-B40 individuals:

cars with an engine capacity of 1,600cc and below

cars with an engine capacity over 1,600cc but 10 years and older

motorcycles with an engine capacity of 150cc and below

motorcycles with an engine capacity over 150cc but 7 years and older.

While the B40 group will receive their petrol subsidy in the form of a bank transfer once every 4 months, eligible non-B40 recipients will receive a petrol card called Kad95. This card will grant the same set of subsidies as given to the B40 group – 30 sen/litre limited to a monthly cap of 100 litres for cars (RM30 subsidy for cars per month) and 40 litres for motorcycles (RM12 subsidy for motorcycles per month).

Kad95 should be implemented in stages during the first quarter of 2020.

2) Maternity Leave Extension And Other Employment Changes

The government believes that the local labour market should be modernised and employment conditions of workers in the country enhanced. It proposes to
review the Employment Act 1955
 with a focus on the following points:

Increase maternity leave from 60 days to 90 days, effective 2021.

Extend the eligibility for overtime from those earning below RM2,000 to those earning less than RM4,000 per month.

Improve current protection measures and procedures for handling sexual harassment complaints.

Introduce new provisions to ban discrimination based on religion, ethnicity, and gender.

The government will also look into increasing the minimum wage in major cities to RM1,200 per month next year. In last year’s Budget, the minimum wage was increased to RM1,100 nationwide.

3) Minor Income Tax Changes

As promised by Guan Eng in the lead-up to 11 October, Budget 2020 did not see many big changes to the current taxation situation in the country. However, the Finance Minister did announce several minor updates in relation to income tax in the upcoming year.

For starters, the government has introduced a new band of income tax that will affect those who earn more than RM2 million per year. This group will be taxed at a rate of 30%, a 2-point increase from the current rate of 28%. The new band is expected to affect about 2,000 top income earners in the country and is aimed at ensuring a more progressive person income tax structure.

Besides that, it was announced that the current income tax relief for medical treatment of serious illnesses will be expanded to include fertility treatment. This move, alongside a new category of EPF withdrawals for fertility treatment, is meant to address the issue of Malaysia’s falling fertility rate. The income tax relief for childcare will also be increased from RM1,000 to RM2,000 next year. Lastly, the tax deduction on donations will be expanded and its maximum cap increased from 7% to 10%.

4) MySalam Takaful Expanded To Include Middle Income Malaysians

The MySalam programme was introduced during Budget 2019 as a takaful programme for the B40 group. It offered a payout of RM8,000 upon a diagnosis of any one of the 36 critical illnesses covered, as well as a RM50 daily hospitalisation allowance (for up to 14 days) for those warded in government hospitals.

Now, the
MySalam scheme
 will be expanded to cover all Malaysians with a gross annual income of RM100,000 and below from 2020 onwards. This means that anyone earning under RM8,333.33 per month will be eligible, thus including the middle-income group in this scheme’s benefits. The payout received by this group will be RM4,000 instead of the RM8,000 for the B40, but the hospitalisation benefit is the same. Thanks to this expansion, MySalam will cover another 5 million Malaysians.

In addition, the number of critical illnesses covered under MySalam is increased from 36 to 45, including polio and terminal illnesses. Finally, MySalam will cover those aged up to 65 years old instead of the current age limit of 55 years old – allowing an additional 1.5 million individuals to enjoy its benefits.

5) B40: Extended Bantuan Sara Hidup Aid And PeKa Coverage

The
Bantuan Sara Hidup (BSH) programme
 will be expanded to include single Malaysians above 40 years old who are earning below RM2,000 per month. This will mean that another 1.1 million single individuals stand to benefit from the BSH scheme. Furthermore, all disabled persons aged 18 and above who earn less than RM2,000 per month will also receive the BSH aid of RM300.

Meanwhile, the government is also expanding the scope of its PeKa B40 programme. PeKa B40 is a healthcare protection scheme designed for B40 Malaysians, covering a wide range of common medical treatments such as medical examinations and medical aids. It was originally only open to BSH recipients and their registered spouses aged between 50-60 years old, but will be expanded to cover BSH recipients aged 40 and above starting next year.

6) Tackling The Youth Unemployment Issue

In his Budget 2020 speech, Guan Eng stated that there were more than half a million unemployed Malaysians in 2018 – with about 290,000 of these being youth up to 24 years old. One of the ways in which the government is seeking to tackle this problem is through the
Malaysians@Work programme
. Under this scheme, there are two initiatives – for graduates and youth in TVET courses – which are targeted to help youth unemployment in particular.

Graduates@Work, which is aimed at graduates who have been unemployed for over 12 months, will give graduates a wage incentive of RM500 per month for 2 years and their employers a hiring incentive of RM300 per month over the same period. Meanwhile, Apprentice@Work hopes to encourage more youth to enter TVET courses by offering trainees on apprenticeships an additional RM100 per month for their allowance as well as giving participating companies additional tax incentives.

7) Empowering Women In The Workforce

Besides the proposal to increase the period of maternity leave, Budget 2020 has introduced other sound schemes to help remove some of the barriers against Malaysian women in the workforce and other areas.

The Women@Work incentive, for instance, is aimed at providing 33,000 job opportunities per year for women between 30-50 years old who have taken a break from their careers. Women returning to the workforce will receive a wage incentive of RM500 per month for 2 years, while their employers will receive a hiring incentive of up to RM300 per month for 2 years. Moreover, the current income tax exemption for women returning to work will be extended up to 2023.

Budget 2020 also provides opportunities for women in business, with a new Skim Jaminan Pinjaman Perniagaan (SJPP) allocation of RM500 million in guarantee facility earmarked for women entrepreneurs. SME Bank is also setting up a new fund where the government will provide an annual interest subsidy of 2% specifically for women entrepreneurs, offering loans of up to RM1 million per SME.

Lastly, RM10 million has been allocated to further promote women in sports to nurture the successor generation to the legacies of Datuk Nicol David, Pandelela Rinong, and the like.

8) Addressing The Property Sector

In Budget 2019, the government introduced a Fund for Affordable Homes and an extended Home Ownership Campaign, with both efforts aimed at providing financial support and incentives to home buyers looking to purchase property.

This year, the government will be extending the Youth Housing Scheme by Bank Simpanan Nasional from 1 January 2020 to 31 December 2021. The scheme offers a 10% loan guarantee to enable borrowers to get their full financing and RM200 monthly instalment assistance for the first two years – limited to 10,000 home units.

The government is also lowering the threshold on high rise property prices in urban areas for foreign ownership to RM600,000 next year. Previously, the threshold was set at RM1 million for foreigners and it is hoped that this move will reduce the supply overhang of condominiums and apartments.

As for the real property gains tax (RPGT) on properties disposed of after 5 years, the government has responded to the public view by revising the base year for asset acquisition for assets acquired before 1 January 2013. Previously, the base year was set at 1 January 2000 – it will now be set at 1 January 2013.

***

For a full overview of Budget 2020 and how each of its proposals affect you, check out our
infographic on Budget 2020 and You.

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Visa Study: Malaysians Will Retain “New Normal” Shopping And Payment Habits Post-Pandemic

(Image: The Star/Raja Faisal Hishan)

Payment service provider Visa has commented that most Malaysians will retain “new normal” shopping and payment habits in their daily lives even after the pandemic is over. This observation was made based on Visa’s latest Consumer Payment Attitudes study – which was conducted between August and September 2020, across eight markets in Southeast Asia.

According to the study, 45% of its Malaysian respondents said that they will continue to utilise cashless payments post-Covid-19, whereas 30% will go on to shop at big marketplaces online. Additionally, 39% and 31% of respondents will also keep buying from local and home-based businesses, respectively.

Aside from that, Visa’s study also revealed that more than four out of ten Malaysians shopped online through websites or apps for the first time during the Covid-19 pandemic. More than three in ten did the same through social media channels.

In terms of payment behaviour, 63% of respondents said that they increased their use of contactless card payments. In fact, Malaysian cardholders made an average of seven contactless payment transactions for every ten transactions. Meanwhile, 88% of those surveyed made use of home delivery services, of which 36% are first-time users.

Aside from that, there has also been an increased preference for digital commerce platforms. Online shopping through mobile applications and websites has grown by 83% while shopping via direct delivery over phone orders went up by 65%. Malaysians are also flocking to shop at online marketplaces (48%) and home-based businesses (44%).

The country manager for Visa Malaysia, Ng Kong Boon said that these “new normal” payment habits have come about because personal safety has become a priority for consumers. “We believe that due to the Covid-19 pandemic, digital commerce and consumer payment behaviours have transformed and will soon become the new normal. The pandemic has accelerated the nation towards a cashless society as we see more new users of digital commerce and more Malaysians carrying less cash in their wallets compared to pre-Covid-19 period,” he shared.

The Visa Consumer Payment Attitudes study has engaged more than 7,500 consumers as respondents.

(Sources: Visa,
Bernama
,
Digital News Asia
)

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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 Does Investing Work?

For those of you already familiar with terms like asset classes, stocks, bonds, and dividends, please look away. This is a guide for absolute beginners who have zero experience or knowledge in investing and want to know everything from top to bottom to get started. Here we go!

What Exactly is Investing, Really?

When you’re investing your money, it means you are spending money in the hopes of getting some financial returns out of it. Just as your monthly salary is the reward you get for investing your time and energy into your job, a financial investment is when you put in your money into an investment vehicle in return for monetary gain.

I Make Enough At My Job, Why Would I Do This?

Because as much as you make now, you’re still exchanging your time and energy for money. Eventually, as you reach retirement age, you won’t be able to expend as much effort and time towards your job.

Therefore, using some of the money you already have to generate more money is a good way to help you reach your retirement goal faster and give you more time to spend the money you’ve been making. So if you have some funds in your bank just sitting there doing nothing, you’re better off investing some of it.

That Sounds Like a Lot of Work…

It is. The way all money generates more money is in its use as capital. For example, you can use some of your savings to buy an ice-cream shop (this is your capital). You then pay the cost of running the shop until your profits from selling exceed your expenses.Those profits will then have to exceed your initial capital for your investment to be considered lucrative.

All of that takes a lot of work, time, and risk. It would be much easier if you can just pay somebody to take care of that ice-cream shop for you. Thankfully, investment vehicles offered by banks do exactly this. You put your money in one of these investments and a third party will help use that money to generate income for you.

What Kinds of Investment Vehicles Are We Talking About?

Generally there are 4 types of investment, (also known as ‘asset classes’):

Cash

The interest you get over time when you save your money in a bank

Bonds

Where you loan out your money to a company or the government and they generate profit for you

Shares

Where you buy part of a company to get a percentage of their profits (also called ‘dividends’)

Property

Where you invest in a building and get returns based on people who pay to use that building

All of these investments rely on using your money as capital in order to turn a profit on a sale or business. They do the dirty work of managing that business for you and you just wait for the profit to roll in.

Wait a Minute, Businesses Sometimes
Lose
 Money, Don’t They?

Sometimes, yes. This is why you often hear of people ‘diversifying their portfolio’, which means investing in a lot of different asset classes to balance out the risk of losing money. That’s the thing most people are apprehensive about when it comes to investing: the fact that there is some potential to end up with less money than you started.

However, there are certain investments that can guarantee you don’t lose your capital.
Fixed deposits
 for example, function like beefed up savings account that can net you solid returns with no risk of losing capital.

Investing, just like business, requires a certain understanding of the risks involved. It can be a lucrative way to help you make more money if you’re keen on trying it out of course. Is there anything unclear about investing that we didn’t manage to cover in this article? Drop your question in the comments section below and we’ll help you out!

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Maybank Makes Secure2u Authorisation Mandatory For Transfers To Favourite Accounts

Maybank has announced that starting from 10 July 2023, all online transfers to favourite accounts – including subsequent transfers – will need to be authorised via Secure2u. This expands from Maybank’s previous requirement, where only first-time transfers to favourite accounts needed Secure2u authorisation.

This latest update will impact all customers who conduct any subsequent transfers to favourite accounts come 10 July. These include third-party transfers, GIRO transfers, as well as DuitNow transfers via account numbers, mobile numbers, and ID.

The new verification requirement also came following Maybank’s recent announcement that it has
completed its transition from SMS one-time passwords (OTP) to Secure2u
. This means that aside from transfers to favourite accounts, other online transactions and banking activities carried out on the Maybank2u web, the Maybank2u app, and the MAE by Maybank2u (MAE) app must also be verified via Secure2u – and not SMS OTPs. Similarly, online debit and credit card transactions, too, will go through the same authorisation process.

Maybank customers should also take note that
Secure2u is now only accessible via the MAE app
 – unlike before, where those who had previously activated the security feature on the Maybank2u app can still continue to use it on the older app. If you need guidance on how to (re)activate Secure2u on your MAE app, here are the few steps that you should take to do it – although it’s a pretty straightforward process!

Launch your MAE app and tap on ‘Secure2u’ under Quick Actions

Tap on ‘Activate Now’, confirm your mobile number, and key in your OTP received via SMS

Enter your IC number, and confirm your device name

You should also be aware that there is a minimum 12-hour cooling period when you are activating Secure2u on your MAE app for the first time, or on a new device. As such, it would be a good idea to perform the activation earlier instead of waiting until you need to carry out an urgent transaction.

(Source:
Maybank
)

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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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Travel Hacks Helping You Save When You Travel In 2019

One of the most popular new year resolutions is to travel and see the world. But most of the time, the expensive flights and accommodation are enough to put many off travelling far. It doesn’t have to be this way! Here are a couple of our best travel tips to help you save when you travel.

Use Your Credit Card Effectively

It may sound counter-intuitive when many other places suggest against the use of credit cards when you travel, but there are actually several benefits.

In essence, owning the
right credit card
 would give you a wide variety of benefits. For starters,
cashback credit cards
 save you a portion of your spending. Some even have dedicated cashback benefits for overseas retail transactions!

Besides that, some
travel credit cards
 also offer
complimentary access to airport lounges
 in Malaysia and globally. You may be traveling on a budget, but it doesn’t mean doing so has to be uncomfortable. Not only that, some travel credit cards also offer incentives when you book hotel rooms or tourist attraction tickets with the card.

Finally, many credit cards offer complimentary travel insurance when you use them to pay for your flights – so you’ll have peace of mind when your baggage is lost or damaged, or your flight is delayed.

One final note: do remember that using your credit card overseas incurs a foreign transaction fee which is added into the converted amount. The fee varies between banks and credit cards, ranging from around 1-3% of the transacted value.

Always Buy Travel Insurance

There’s a famous saying of “better safe than sorry” that everyone should always keep in mind. You should always get yourself insured when you travel to avoid hefty medical expenses in the event something happens during your trip, and be compensated for delayed/cancelled flights or loss of luggage.

In fact, most
travel insurance policies are actually very affordable
, and starts from just a few Ringgit a day for extensive coverage. Of course, the further you travel, the more expensive the insurance policy will cost, but in all honesty, getting travel insurance is just as important as getting reliable internet connections while abroad.

Note that if you plan to do some extreme sports, most standard travel insurance policies won’t cover you in the event of an accident. You’ll need to get specialized policies for that.

Withdraw Sufficient Cash Before Your Trip

While credit cards and debit cards can be very convenient and safe, not all retail shops would accept credit cards. Smaller shops or those off the beaten path may only accept cash. And in countries like China, shops that accept Visa or Mastercard are extremely rare – cashless transactions are usually done via e-wallets or locally-issued cards.

Therefore, while you should make the most out of your card rewards, you should always carry along sufficient cash to last the trip just in case. This will help you avoid making expensive cash advance facilities on your credit card in emergencies.

Plus, if you’ve got extra foreign currency at the end of your trip, it’s a solid excuse to return to the country again in the future!

Use Online Aggregators

Finally, we have one of the most useful and important tip that travelers should be aware of. You’ll find aggregator sites for everything from flights, accommodation, tickets, and even unique experiences!

Accommodation aggregators such as Agoda, Booking.com, and Expedia are extremely popular because of the amount of hotels you can book on their platforms, and the ability to sort options by price, hotel ratings, locations, and even amenities. It’s also common for these aggregators to bundle packages for flights and accommodation at lower prices. The trade-off is that the arrangement may not be as flexible, but you stand to save quite a chunk of money.

If you prefer to search for flights yourself, services like Skyscanner and Google Flights are great tools. Like the aggregators above, they pull flight options from virtually all major airlines that fly to your desired destination. You can sort by price, total flight duration, and even by airline alliance (so you can fly with airlines that earn your desired air miles!)

Not the hotel-staying type? Peer-to-peer site Airbnb is a favourite among seasoned travelers for its ability to offer unique accommodation owned by locals. We’ve come across listings such as yachts in Barcelona, wooden cabins beneath the Northern Lights in Sweden, and even love hotels in Japan. Most of the time, prices per night are lower than hotel rates, and they
always
 deliver a unique experience. Speaking of which, Airbnb has been curating “experience” packages that you can try, which are locally-inspired activities like making your own tatami mats in Osaka, go on a bushwalk in Perth, or even making your own soup dumplings in Shanghai.

Finally, sites like Klook offer advance ticket purchases for popular tourist attractions at discounted prices. You’ll find tickets for attractions like Disneyland, to day-trip tours in popular cities around the globe.

Be sure to combine the savings you get from these with the best cashback credit cards to maximise your savings!

Travelling Comfortably Doesn’t Have To Be Expensive

Travelling abroad has never been more accessible, and should not be considered a luxury. Thanks to budget airlines and online aggregators, anyone can broaden their horizons and see the world. By using the right tools at our disposal, a great travelling experience can be memorable, exciting, and affordable.

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Olivia Song

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ShopBack Officially Launches Its BNPL Payment Option, ShopBack PayLater

Shopping and rewards platform ShopBack has officially launched its ShopBack PayLater, a buy-now-pay-later (BNPL) service that lets users split their purchases into three monthly instalments with zero interest. This is with the aim of offering the public a flexible payment option while using ShopBack, and also kicks off a global rebranding exercise for the platform across its markets in Asia Pacific.

According to
ShopBack’s FAQ
, users using its PayLater service will need to make an upfront payment for the first instalment, while the second and third instalments will be paid in 30 and 60 days from the checkout date, respectively. Additionally, the second and third instalment payments will be automatically deducted from your default credit or debit card in your ShopBack account on the scheduled due date (ShopBack PayLater does not accept payments made via prepaid cards and e-wallets).

ShopBack also emphasised that there are no interest or hidden fees charged for its PayLater service.  Late payments, however, will incur additional charges as per the following rates:

Order value <RM100
: Additional RM7.50
Order value <RM500
: Additional RM25
Order value of RM500 and above
: Additional RM75

ShopBack PayLater will be made available at over 2,000 online and physical stores. Popular brands include Malaysia Airlines (MAS), Love Bonito, ZALORA, JD Sports, and Royal Sporting House.

Note, however, that only selected merchants offering ShopBack PayLater will allow you to earn cashback through your BNPL payments. As you can see in the diagram below, some merchants may fall under the “PayLater Only Merchant” category (i.e. accepts ShopBack PayLater as payment method, but no cashback), so you may want to check beforehand:

If you do earn cashback from your purchases, however, the rewards can be used to offset your subsequent purchases or ShopBack PayLater instalments. You can also monitor your expenses by checking your spending limit and tracking your upcoming bills via the app.

To give ShopBack PayLater a try, you’ll need to first activate the service via your ShopBack account. Simply fire up your app and tap on “Interest-Free PayLater” on your home screen, followed by “Activate”. As with most payment apps, you’ll be required to verify your identity using your MyKad, as well as provide other personal details. Additionally, you’ll need to link a credit or debit card issued by a local bank.

Do also be aware that most users will start with a credit limit of RM1,600, although this figure may be updated and adjusted based on their repayment history.

In celebration of this official rollout, ShopBack is currently running a campaign where new users can enjoy
25% off (capped at RM25)
 for their first ShopBack PayLater bill with no minimum spend. The campaign is set to run until 31 August 2022. On top of that, there are also prizes worth up to RM50,000 to be won when you make an in-store transaction with ShopBack PayLater on selected dates at participating stores.

To note, the ShopBack PayLater service is actually powered by hoolah, a BNPL firm that ShopBack acquired back in December 2021. In its FAQ, ShopBack explained that the payment services of ShopBack PayLater is provided by hoolah (such as the payment accounts and domestic money transfers), while ShopBack provides the user interface via its app. Users who already have a hoolah account (separate from ShopBack) can maintain their account separately, but cannot use it to make payments with ShopBack PayLater.

You can download ShopBack for free on
Google Play, the App Store, or Huawei AppGallery
.

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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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Win an iPhone5 By Reloading with Citibank Credit Cards

Citibank is giving its credit cardmembers a chance to win an Apple iPhone 5 in the
Citi Mobile Reload
 promotion. Starting from 1 May 2013, any Citibank credit cardholder who tops up their Hotlink account with at least RM30 will be eligible to win either an Apple iPhone5 or a Samsung Galaxy S3 Mini.

This is a multiple-entry based contest and each cardmember is allowed as many entries as possible. There are several ways to generate entries and depends on the purchased top-up amount:

To qualify for entries participants must purchase their top-ups with a Citibank credit card via SMS or Citibank Online. Contest ends on 31 July 2013. Each month 20 participants will be shortlisted and be required to answer one question correctly. The participants will be ranked on how fast they can provide the correct answer. The first prize winner will receive an Apple iPhone5 and the three runner-ups will receive a Samsung Galaxy S3 Mini each.

For further contest details please refer to the
Terms & Conditions

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Brendon Lee

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Introduction to the credit card

While the expression cash is king still

rings true, many would agree that the next best thing to cash is a credit card.

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 upfront. It is

actually a type of unsecured loan where the cardholder can spend on purchases

using the card based on a credit limit set by the card issuer.

The good side

Practical

and convenient
– Having a credit card allows you to

buy almost anything even if you do not have enough cash on hand. As most cards

are widely accepted across the globe, shopping overseas with a credit card

would be a breeze.

Security

– Buying high-priced items with a credit card will

save you the trouble and danger of carrying huge amounts of cash with you when

you shop.

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 calamities such

as a medical emergency.

Savings

and privileges
– Nowadays, credit cards offer perks

including cash back, reward programs or special privileges such as discounts at

selective merchants. Cardholders can actually save money by using their credit

card wisely.

The bad side

Overspending
 – Since shopping with a credit card is so easy, one might be

tempted to swipe at every single opportunity. You could end up spending more

than you can afford.

Risk

of debt
 – By paying a minimum amount and not

settling their full outstanding card balance or transferring their outstanding

card balance to other credit cards, cardholders could end up with a ton of debt

or potentially even face bankruptcy.

Interest

payments
 – 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. In fact, 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. A

credit card only requires a minimum payment and the balance can be carried

forward and interest is charged.

Credit

limit
 – There is typically no spending limit on a

charge card while only a specific amount can be charged to a credit card.

Having a basic understanding of a credit

card is important before you actually sign up for it to avoid any possible

future complications.

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The World’s Thinnest Laptop Is Now Available In Malaysia

Acer has announced the arrival of two of its most premium ultra-portable laptops for the Malaysian market. The first, the Acer Swift 7, is the world’s thinnest laptop, while the other, the Acer Switch 7 Black Edition, is the world’s first fan-less 2-in-1 laptop with a discrete graphics card.

Acer Swift 7 – The World’s Slimmest Laptop

The Acer Swift 7 is a refreshed version of the older model with the same name. Measuring just 8.98mm thin, it is 1mm thinner than its predecessor while introducing new hardware such as built-in 4G LTE for constant internet connectivity even when on the move.

Powered by a 7th gen Intel Core i7-7Y75 with 8GB of RAM and 256GB SSD storage, this 1.2kg laptop also features a 14-inch Full HD IPS touch display. Besides the nano-SIM card slot for LTE, the Acer Swift 7 also features two USB 3.1 Type C ports (one used for charging), an audio jack, and a fingerprint reader for instant and secure logins.

Acer Switch 7 Black Edition – Premium 2-in-1 With Power

Meanwhile, the Acer Switch 7 Black Edition is a different beast to the elegant Swift 7. Acer designed the Switch 7 Black Edition to be a powerful road warrior of a laptop, offering the flexibility of a 2-in-1 design with the power afforded by the new Intel 8
th
 gen Core i7 processor.

Weighing in at 1.15kg (tablet portion only), the hardware spec is even more packed than the Swift 7. The Acer Switch 7 Black Edition is powered by an Intel 8
th
 Gen Core i7-8550U processor paired with 16GB RAM and 512GB of SSD storage. The display is a 3:2 aspect ratio 13.5-inch IPS touch display with a resolution of 2256 x 1504. Rounding up the internal hardware is a discrete Nvidia GeForce MX150 GPU, which is great for casual gaming.

There’s even space for a microSD card slot, a full-sized USB 3.0 port, a USB 3.1 Type-C port, a digitiser pen with integrated slot, and an audio jack. The full PC experience is completed with the packaged keyboard cover. Finally, the kickstand is an Acer-patented technology called Acer AutoStand, which automatically deploys and retracts for seamless one-handed operation.

Pricing and Availability

The Acer Swift 7 and Switch 7 Black Edition are now available in major retailers nationwide as well as the Acer Online Stores. The Acer Swift 7 is priced at RM6,399, while the Switch 7 Black Edition will retail for RM6,999.

From now until 30 September, all purchases of Acer products from the Aspire, Switch, Swift, Spin, and Predator series will be rewarded with free gifts, depending on the value of the products purchased. This is part of the ongoing
Acer Day “Play Music Together”
 campaign – head on to the website to check out the
full free gifts list
.

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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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Interest Will Still Accumulate During BNM’s Automatic Moratorium For Individuals And SMEs

Bank Negara Malaysia (BNM) has announced a six-month automatic moratorium on loan repayments to small and medium enterprises (SMEs) and individuals.

However, parties that do tap into this deferment should take note of one thing: your interest will continue to accrue on the deferred loan/financing repayments, and for conventional loans, interest will be compounded as both principal and interest portions will be charged interest during the six-month deferment. Quoting BNM’s FAQ on the matter:

“For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period.

For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit however will not be compounded in line with Shariah principles.

Banks are however not allowed to impose late penalty charges on the deferred amount.

In other words, the loan/financing repayment is just deferred by 6 months.”

In other words, it is not waived, and you will still have to pay the accumulated interest in the future. According to BNM, this will result in either a higher monthly installment after the deferment period, or an extended repayment period – both options take into account the additional accumulated interest. The main difference is with Islamic financing – Shariah principles forbid “profit charged on profit”, and as such, profit will only accrue on the outstanding principal amount.

As such, do check with your banks the what happens after the deferment. In its press release, the central bank also advised that borrowers should discuss with their banks on the options available to resume any scheduled repayments after the deferment period.

BNM’s automatic moratorium
, which is set to take effect from 1 April 2020, is meant to relieve the financial burden on those affected by the Covid-19 outbreak. It is automatically enabled for eligible individuals and SME loan financings, excluding credit cards.

Those of you who do not wish to take advantage of this measure will only need to continue with your current repayment, as per usual.

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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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AXA Affin Launches Affordable 3-In-1 Customisable Insurance Plan, AXA eCombo

AXA Affin has introduced a new customisable online insurance plan that combines medical, critical illness, and life insurance benefits into one comprehensive package. Dubbed the AXA eCombo, it is the first of its kind 3-in-1 plan comes with just one affordable monthly payment.

Under the AXA eCombo, customers get complete protection that addresses all their medical and life insurance needs through the AXA eMedic, AXA eCritical Early Care, and AXA eLife Protector+ benefits.

AXA eMedic includes access to over 150 panel hospitals with cashless admission up to an annual limit of RM100,000 with no lifetime limit.

AXA e-Critical Early Care offers a sum insured of up to RM250,000 covering 50 critical illnesses with 50% payout for early stages and 100% for advanced stages.

AXA eLife Protector+ provides a sum insured of up to RM250,000 with 100% payout for death and total permanent disability and 200% for accidental death.

“Customers want convenience, complete protection, and affordability in their insurance products especially given the higher risks we face in current times,” said Emmanuel Nivet, Country Manager of AXA Affin Malaysia. He explained that the emphasis is now on comprehensive coverage without the hassle of multiple policies, often with different companies and multiple premiums.

The AXA eCombo comes in three plans: Basic, Just Right, and Extended. You can get an immediate quote online, as well as customise the extent of coverage that you would like. One of the main highlights is the affordability of the AXA eCombo, with monthly premiums as low as RM71 per month.

Malaysians aged from 15 days to 49 years old are eligible for the AXA eCombo plan with coverage that extends to the age of 80. It is available exclusively online and you can apply in just a few easy steps that take about 10 minutes. Subject to terms and conditions, approval is instant and coverage is immediate.

Furthermore, from now until 31 December, customers who purchase the full 3-in-1 AXA eCombo package will receive a GrabFood voucher worth RM50. Find out more about the
AXA eCombo online plan
 here.

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Jacie Tan

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Hit Your Fitness Goals Without Hurting Your Finances

First came the New Year’s resolutions that failed just in time for the cookie-binge that was Chinese New Year. The guilt to stay healthy and keep fit would have been sitting at the back of your mind the entire time but you put it aside for one more bite.

Now comes the point where you over-compensate and play catch up with the goals of losing weight or building some muscle.

Wanting to be healthy is great but did you ever stop to notice how much this whole ordeal of staying healthy is really taking out of your bank account? If you don’t; the only thing getting slimmer will be your wallet.

Here are some of the costs of being healthy that can sneakily cost you loads and how to deal with them.

Gym, Studio Memberships and Other Fees

Working out today has been marketed more as a lifestyle rather than an actual state of well-being. Such a lifestyle comes at a price. If you join a gym, a cross-fit center, kickboxing, rock climbing, or any sporting club/association; it generally cost you some fees. The longer the tenure you sign up for, the cheaper it gets.

So in your motivated state of mind, you would take the long term package, which you also justify as being the more economical choice. On average these membership fees would cost you approximately RM200 a month. Sounds reasonable, if that is your only cost to stay healthy.

It never is, the more results you want, the more you would end up spending. Most gyms will push you to sign up with a personal trainer, take an all-access pass packaged to multiple gyms and you will need to buy adequate gym gear for your extensive workouts.

Fix
: Try jogging in the parks around your area (at a decent hour mind!); doing indoor exercises from free YouTube videos or getting a cheap exercise DVD and yoga mat. For more
free exercise tips; check out our previous article
.

If you absolutely must have gym membership (there are no parks in your area and you work ungodly hours); sign up for as basic a package as you can. You don’t need multiple gym access as you will most probably end up at just one – and you can bring your own towels. Of course, say no to any add-ons.

Eating Clean / Healthy

Hitting up the cross-fit workouts at the gym isn’t going to give you the Gerrard Butler chiseled pecs and broad shoulders for your “This is Sparta!!!” moments nor would it give you the screaming curves and swerves of Gisele Bundchen without watching your diet.

Ever noticed that the healthier you want to eat, the more expensive the food is? First thing you would consider, is to cook your own meals. Salads, olive oil, lean meat and the ingredients required to make a healthy are generally pricey. Quality food cost good money.

If you ordered a a plate full of vegetables and a piece of thandoori chicken, would cost you more than just eating rice, fried chicken, vegetables. Essentially the same ingredients, without the rice but the price difference on the healthier meal is a little higher. It is expensive being Popeye.

Fix
: Moderation is the key to everything. Mix your organic produce with regular fare and buy seasonal veges for your meals. Cooking at home isn’t always cost effective if you are a single person and the produce wilts before you can eat it all.

But you can still look up healthy food delivery services or restaurants that offer value for meals on the go. Don’t be afraid to cheat once in awhile. Not only will cheat days help your wallet – it will keep you on the ball with your new healthy lifestyle.

Personal Trainers

It all depends on your fitness goals and type of activity you are undertaking. You can’t learn
muay thai
 without a trainer can you? You may think you know
muay thai
 from all the youtube or kung fu panda movies you watched, rest assured you would be better off with a trainer.

Getting a trainer is a great idea, if your goals require it. It is always advisable to get someone to teach you the tricks of the trade and to also help avoid injuries when hitting up the gym. Getting a trainer helps you to choose the right workouts for your desired results.

Personal trainers generally charge anywhere from RM40 – RM150 per session on average. If you use a personal trainer twice a week at a rate of RM75, that would add up to approximately RM600 a month. Since when did getting in shape become so expensive?

Fix
: Unless you treat your sessions more as a hobby than just a means to lose weight; an ex-personal trainer let us in on a secret – you only need one for a few sessions.

If you are opting to simply lose weight and learn the best workouts; you can get that from a few sessions – you don’t need a trainer indefinitely.

If however, you are willing to pay for one long-term because you have weigh-lifting goals or are partaking in particular dangerous workouts – then just make sure you are getting value for your money. Check that your trainers are certified and properly equipped to do what their supposed to!

Gadgets and Gear

Training properly requires a lot of proper gear and now days, gadgets have been integrated in to some workouts, especially running. You may think we are exaggerating the amount of tech people use just to run, but these are some of the things available for the serious runners.

Item

Price

Bluetooth Headphones

RM150

Sports Sunglasses

RM450

Chest Strapped Heart Rate Monitor

RM400

Running Attire – Dri Fit Cool

RM200

2 in1 running shorts

RM100

Strap for Mobile Device

RM80

Fitness Band with GPS

RM700

Running Shoes

RM350

GRAND TOTAL

RM 2,430

The reality is, even just running at the park would make you think most of them are testing out a beta version of the Iron Man suit. In all fairness, all sports now days require some sort of gear that cost quite a bit of money. Boxing gloves, Brazillian Jiu-Jitsu uniform, football boots, training shoes and the works. It all boils down to how serious you take the activity.

Fix
: Consider the items you really need for your workout and buy only that which you cannot do without. A lot of the frills are little more than ‘lifestyle’ buys and don’t really affect the quality of your workout.

Do you really need a fit-bit?

Supplements

Whey protein, mass gainer , amino acid, hydroxycut, fat burners, creatine are types of supplements people take to enhance their performance. There are a lot more where that came from, and the majority of people do not know what it does (this writer included).

There are people who spend lots of money on these supplements to get the desired results in the fastest way possible. These supplements average Rm150 -RM300 a month, depending on your needs. Who is to say what you really need? The guy selling you the supplements in the shop?

Unless you can afford a nutritionist or spend an inordinate amount of time doing your research, you could be very well be wasting money taking supplements your body doesn’t need.

Fix
: Get your health check-ups and do on occasion see a nutritionist to find out what you really need based on your goals.

In the End…

All the Hollywood poster models we see on a daily basis does not make it easy for us to be content with what we have. While there is no harm in wanting to stay healthy or look good, we can’t hide behind the truth that it is becoming quite an expensive lifestyle to maintain.

Unless your paycheques are in the ranks of “the wolf of wallstreet”, it would be advisable to spend some time evaluating each criteria mentioned above before over committing to your activities that could ultimately be draining your wallet.

However, for some folk, their workout routines are more than health and weight-loss methods; these are hobbies that fuel passion, provide an avenue for stress relief and a chance to socialise and connect with like-minded people.

As you wouldn’t tell an artist by hobby not to purchase expensive paints if he so chooses – if your workout is a hobby as well – then you do you!

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Gavin Pereira

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