Standard Chartered Tweaks PrivilegeSaver Account, Adds Cap On Interest

Standard Chartered Bank will introduce some changes to its PrivilegeSaver savings account. The main tweaks involves the distribution of bonus interest, as there are now caps on the amount you can earn interest.

Previously, account holders could earn up to 6% p.a. on the monthly average balance (MAB), as long as certain conditions were fulfilled, which makes it one of the
best high-interest savings accounts in Malaysia
. Effective 1 February 2020, there are now certain caps on the amount of MAB you can earn bonus interest on.

This sounds a bit confusing, so we’ve laid the changes out in a table below. The main mechanics of the Privilege$aver account remain unchanged: you can still get up to 6% p.a. in interest once you fulfil the Save, Spend, and Invest/Insure requirements. The base interest rate remains the same at 0.5% p.a. and the bonus interest rates for fulfilling each requirement in a month are also unchanged.

Bonus Category

Requirement

Bonus Rate

Previous Cap (MAB)

New Cap (MAB)

Save

Single deposit of min RM3,000 in fresh funds

2.0%p.a.

None

None

Spend

Min spend of RM1,000 on Standard Chartered credit cards

1.5%p.a.

None

RM100,000

Invest/Insure

Purchase of regular monthly investment or insurance (min RM1,000)

2.0%p.a.

None

– RM20,000 for purchase value of min  RM1,000/month

– RM100,000 for in purchase value of min RM6,000/month

*MAB = Monthly average balance

To sum up, those who fulfil the credit card Spend requirement will now get bonus interest credited on up to RM100,000 of their MAB, where previously it would apply to the whole of their MAB.

The same mechanics apply to Invest/Insure: your qualifying purchase will allow you to receive an additional 2.0% p.a. on up to RM20,000 of your MAB with your investment or insurance amount is a minimum of RM1,000 a month. But, if you spend more than RM6,000 a month on investment or insurance, the bonus interest will apply on up to RM100,000 of your account balance.

These changes are more likely to affect those who have a higher account balance in their Privilege$aver. The Save requirement remains unaffected, whereas only those who have more than RM100,000 in their bank accounts will see the effects of the interest cap for Spend. The category that will see the biggest impact is Invest/Insure, due to the lower cap of RM20,000 and the steep requirements needed to push that cap to RM100,000.

The revision to the Standard Chartered Privilege$aver will kick in on 1 February 2020. Standard Chartered has extended the Privilege$aver up until 31 January 2021 (it was set to expire at the end of this month), so it’s likely that we’ll see these terms in place for the next year at least.

(Source:
Standard Chartered
)

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Jacie Tan

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EPF Set To Launch New Facilities i-Sayang and i-Lindung In 2022

(Image: The Edge Markets)

The Employees Provident Fund (EPF) is set to launch two new facilities soon, as part of its continuous effort to improve the well-being of the Malaysian public. Dubbed i-Sayang and i-Lindung, the two facilities are among several other initiatives that EPF hopes to also explore in providing better retirement outcomes for its members.

Specifically, the i-Sayang facility will allow for husbands to voluntarily transfer 2% of his EPF contributions to his spouse’s account. It is expected to be rolled out in the first quarter of 2022. Additionally, EPF members can soon tap into the i-Lindung facility to make withdrawals from their Akaun 2 via the EPF platform in order to purchase life and critical illness insurance.

(Image: The Star/Azman Ghani)

The chairman of EPF, Tan Sri Ahmad Badri Mohd Zahir said that on top of these two schemes, the provident fund is also exploring initiatives such as the gradual approach towards mandating legal EPF coverage to non-agriculture informal sector workers. “We will also be advocating our voluntary excess scheme where members can compel their employers to increase their EPF contributions to more than the 11% statutory rate,” he said during the opening of the 9
th
 International Social Wellbeing Conference (ISWC) 2021, an annual event aimed at examining and improving social protection ecosystems.

Tan Sri Ahmad Badri also took the opportunity to reiterate that many EPF members are now at risk of falling into old age poverty. This is due to the large-sum withdrawals made via the
i-Lestari
,
i-Sinar
, and
i-Citra
 facilities in order to survive the financial difficulties brought on by Covid-19. In total, RM101.1 billion has been withdrawn under the three facilities.

(Image: Bernama)

“The situation is that 48% of EPF members below age 55 have critically low savings. This is a 28% increase in members reaching critically low EPF savings from before the pandemic,” Tan Sri Ahmad Badri stressed, adding that it is estimated that only three out of ten adults in Malaysia are covered by some form of social protection.

Meanwhile, the chief executive officer of EPF, Datuk Seri Amir Hamzah Azizan highlighted another worrying concern that has been exposed by the pandemic: an intensified problem of inequality. This issue was already prevalent well before the pandemic, but was made worse with the onslaught of Covid-19.

“While many nations have tried to stem the Covid-19 impact through intensive and short-term mobilisation of resources, these initiatives can only be temporary fixes, and not long-term solutions that are able to protect the lives and livelihood of the people,” said Datuk Seri Amir. As such, he hoped that participants of the ISWC 2021 will strive to contribute to finding the necessary resolutions.

(Sources:
EPF
,
The Star
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Andrew drew

    1 year ago

Untuk apa bikin begini ni kan duit kami.kalau yg masih bujang b40 macamana.

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Citi’s Campaign Offers Up To RM500 Cashback For Travel And Overseas Spend

(Image: The Edge Markets)

Citibank is currently running its Sep-Oct 2022 Travel and Foreign Spend campaign to offer eligible credit cardholders cashback of up to RM500 when they hit a specified cumulative amount for travel and overseas spend. On top of that, the bank is also offering a separate RM3,000 cashback to 15 top spenders during the campaign.

Set to run until 31 October 2022, the campaign is open to all principal cardholders of Citi credit cards, excluding Citi Business Signature Card (Business Underwriting), Citi Business Gold Card (Business Underwriting), and Citi Travel Account Card. Eligible cardholders will be able to earn cashback worth either RM150 or RM500 when they meet the following cumulative spend during a campaign month:

Cumulative spend in a campaign month
Cashback amount (per month)
RM3,000 – RM5999.99
RM150
RM6,000 and above
RM500

Transactions that qualify for this promotion include local spend (travel expenses only) as well as overseas spend (all expenses). Travel expenses that are accepted under local spend include payments for airlines, lodging, travel agencies, as well as tourist attractions.

Meanwhile, payments such as existing monthly recurring or auto-billing payments and instalments made under Citibank Flexi Payment Plan or Citibank Easy Payment Plan do not qualify for this campaign.

Citibank has allocated RM200,000 for each campaign month, with the cashback reward offered on a first-come-first-served basis. Each cardholder is eligible to receive a maximum of one cashback reward in each campaign month:

Campaign month
Period
Month 1
1 – 30 September 2022
Month 2
1 – 31 October 2022

If you win any cashback rewards, they will be credited into your most active card account within eight weeks from the end of the campaign period. This will also be reflected in your monthly credit card statement.

In addition to these monthly cashback rewards, eligible cardholders will also stand a chance to win another RM3,000 cashback – by becoming one of the 15 top spenders during the campaign period! If you manage to secure the top spender prize, your relevant particulars will be announced on Citibank’s website within eight weeks from the end of the campaign, and the cashback prize will also be credited into your most active account. Do note that each cardholder is also only allowed to win this prize once throughout the whole campaign.

Finally, you are not required to go through any registration process to participate in this promotion; all qualified transactions by eligible cardholders will be automatically tracked for the campaign.

(Source:
Citibank
)

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CIMB Opens Application For New CIMB Travel Cards, Reveals Cardfaces And Additional Promo

A while back, CIMB had shared a fair bit of details regarding its new set of CIMB Travel credit cards, which were intended to replace the bank’s
discontinued Enrich co-branded cards
. These early details included the cards’ Bonus Points earning rates as well as travel benefits.

With the cards – consisting of the CIMB Travel Platinum Credit Card, the CIMB Travel World Credit Card, and the CIMB Travel World Elite Credit Card – now officially open for application, CIMB has officially revealed the new cardfaces as well as release further information on some of its card benefits.

As a pleasant surprise, the bank also announced an additional annual fee waiver promo for those who are interested in applying for the cards.

Cardfaces and minimum income requirements

As you can see in the image above, the design of the new CIMB Travel credit cards take on a clearly minimalistic theme. Aside from featuring a clean background of solid colour, the cards also come stamped with CIMB and Mastercard’s logo, as well as a simple motif of flight route with a plane, signifying – you guessed it – travel.

The CIMB Travel Platinum Credit Card and CIMB Travel World Credit Card are both coloured a metallic platinum and navy blue, respectively. Meanwhile, the grayscale and embossed Mastercard logo gives the CIMB Travel World Elite Credit Card a premium look.

Aside from the cardfaces, CIMB also revealed the minimum income requirement for all three cards, listed as below:

CIMB Travel Platinum Credit Card
: RM24,000 per annum

CIMB Travel World Credit Card
: RM100,000 per annum

CIMB Travel World Elite Credit Card
: RM250,000 per annum

Marriott Vacation Club: Complimentary 4-night stay

Alongside the above info, CIMB also released additional details regarding a hotel benefit that is specific to the CIMB Travel World and CIMB Travel World Elite Credit Cards: a complimentary 4-night stay at participating Marriott Vacation Club properties.

Prior to its launch, CIMB did not make known some of the terms and conditions to this particular perk, such as which particular property that cardholders can apply to. Now, it is revealed that cardholders will be able to choose their complimentary stay from one of the two following resorts, along with their respective package details:

Properties
Package details
Bali Nusa Dua Gardens (Bali, Indonesia)
– Guestroom accommodating up to 2 adults
– Complimentary in-room check-in
Mai Khao Beach (Phuket, Thailand)
– Apartment with two bedrooms, accommodating up to 6 persons
– Complimentary in-room check-in

Not only that, depending on availability upon request prior to travel date, cardholders may also be eligible for an upgrade to a preferred room category and/or additional nights at a discounted rate.

More importantly, this offer is only available for reservations made from now until 31 October 2023, with travel dates being valid for 18 months from the date of booking (and 30 days or more from the date of the registration of the package). Additionally, each cardholder is only limited to one redemption of the complimentary 4-night stay hotel perk.

We did a quick search of the room rates for both resorts, with Marriott’s Bali Nusa Dua Gardens starting from RM827 and Marriott’s Mai Khao Beach larger accommodation starting from RM1,105. This perk alone already makes the CIMB Travel World and Travel World Elite a highly rewarding card.

Additional promo: Annual fee waiver

As had been
revealed earlier
, both the CIMB Travel World or CIMB Travel World Elite Credit Cards come with an annual fee charge of RM554.72 and RM1,215.09, respectively (while the fee for the CIMB Travel Platinum card is automatically waived). This fee can be waived (50% or 100%) when you spend a specified minimum amount per annum.

In conjunction with the official launch of the cards, however, there is now an ongoing campaign between today until 31 December 2023 that allows new cardholders to enjoy these same 50% or 100% waivers at a discounted total spend (within 60 days from card approval date).

Here’s a table to summarise the key details that you need to know:

Cards
Annual fee waiver
Original annual spending requirement
Total spending requirement under campaign
(within 60 days from card approval date)
CIMB Travel World Credit Card
50%
100%
RM60,000 & above
RM120,000 & above
RM1,000 & above
RM3,000 & above
CIMB Travel World Elite Credit Card
50%
100%
RM120,000 & above
RM240,000 & above
RM1,000 & above
RM3,000 & above

***

The new CIMB Travel credit cards have stirred up quite a bit of interest within the air miles credit card community. With the ability to earn up to 10 Bonus Points for every RM1 spent,
increased flexibility in air miles redemption
 via Bonus Points (as compared to the previous Enrich cards), and various other new perks, these new cards can be serious contenders within the air miles card space.

Meanwhile, if this is your first time hearing about these new CIMB Travel Credit Cards, head on over to
our previous coverage here
 to find out more about them.

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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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    Ben

    10 months ago

New cardholders to enjoy these same 50% or 100% waivers at a discounted total spend (within 60 days from card approval date) is for the first year only?

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    Indie

    10 months ago

Do these cards

1. Get points from reload into eWallets?

2. Have Krisflyer for points redemption?

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Real-life superhero pays parking fines

There’s a real life superhero roaming the

streets of Manchester, and his super power is using his money to pay random parking fines ( leaving a calling card at

the scene, so you’ll know it’s him)!

And when he’s not doing that, he’s doing all the other superhero stuff: helping ladies carry

their shopping, moving furniture, handing out umbrellas when it’s

raining to shoppers and just being an all-round good guy.

Called Captain Manchester, he wears a

homemade black and red outfit with a mask and aims to do as much good as

possible to those around him. He had lost his job a few months ago, so he made

the decision to do something to fill the time while he looked for a new job.

According to the caped crusader, “I’ve always been a fan of comics so I thought it would

be a nice idea to help a few people out while I have time on my hands.” It seems the Captain has some super supply of money too despite being unemployed.

Too good to be true? Yea, must be an advertising win. It turns out that Captain Manchester is working with
Forever Manchester
 and
Tunafish Media
 in order to promote

the Captain Manchester comic, and revenues from the sale of the comic will be

given to the Manchester community.

We’d definitely like a Captain KL/PJ. Especially around our office in Redberry City. Especially.

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Michelle Brohier

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CIMB Cash Rebate Platinum Mastercard Benefits Revised, Now Includes 12% Weekend Dining Cashback

CIMB Bank has revised its benefits of its
Cash Rebate Platinum Mastercard
, which now makes it a lot more attractive. With a new 12% weekend dining cashback with zero minimum spend, this card definitely would appeal to plenty of Malaysians.

The CIMB Cash Rebate Platinum Mastercard is one of CIMB’s most popular cards in its lineup. Thanks to a combination of low requirements and a then-attractive cashback benefit that also included online spend, it proved a popular card among the early adopters of online shopping. However, the card’s
benefits revision in November 2017
 removed the online cashback benefit, and imposed a heavy RM3,000 minimum spend amount to be eligible for 5% cashback.

The
new weekend dining benefit
, which goes into effect from 15 May 2019, is exempted from the RM3,000 minimum spend requirement. That means cardholders will enjoy 12% cashback on weekend dining regardless of the amount spent for the calendar month. Weekend dining cashback is capped at RM30 a month.

However, CIMB is removing the 2% cashback on foreign currency spend benefit. For most cardholders, this won’t make much of a difference, compared to weekend dining cashback benefit. Beyond that, the other card benefits remain unchanged. Depending on the minimum spend, cardholders will get 2% or 5% cashback on cinema, petrol, groceries, and standing instructions on mobile phone and utility bills. For all other spend, cardholders get 0.2% unlimited cashback.

With this cashback revision, the
CIMB Cash Rebate Mastercard
 certainly becomes a lot more appealing. However, the
terms and conditions of the weekend cash rebates
 indicate that this is a limited-time campaign; it is at the bank’s discretion to extend this offer.

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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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iflix Allows Free Access To iflixVIP Content For All Malaysians

Local entertainment service, iflix, has announced that it is giving all Malaysians free access to its iflixVIP content following the enforcement of the movement restriction order nationwide.

You can redeem your free access anytime between now and 31 March 2020, and it will be valid for a month from the date of your redemption. To do so, you will only need to key in the voucher (
tonton_iflix
) – no need to fill up any forms.

iflix – which carries entertainment from various countries, such as the US, Hong Kong, Korea, China, and Japan – offers its content through two packages: iflixFREE and iflixVIP.

Content offered as part of the iflixFREE package can be viewed for free, although you will have to contend with intermittent advertisements during your viewing experience. If you subscribe to iflixVIP, however, you’ll be able to unlock premium access to extra content and features, as well as get ad-free viewing for your shows.

iflix
 is not the only entertainment service to have opened up free access to otherwise locked content. Both
Astro
 and
unifi
, too, are giving complimentary access to locked movie channels to help their customers cope during this 14-day period of movement restriction order. The order was imposed by the government to curb the spread of the Covid-19 pandemic in the country.

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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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Government To Table Bill To Abolish GST Next Week

(Image:
Malay Mail
)

Minister of the Prime Minister Department Datuk Liew Vui Keong announced the government will be tabling the motion to abolish the Goods and Service Tax (GST) and the bill for the implementation of the Sales and Service Tax (SST) next week.

According to Datuk Liew Vui Keong, the GST motion is likely to be tabled on Monday with the SST bill on a later date within the same week.

“Of course we have to do it at this meeting, because the SST comes into effect on Sept 1,” Datuk Liew Vui Keong said.

The government will replace the GST with
the SST
 which will be set at 10% for sales and 6% for services.

(Source:
The Star
 and
Malay Mail
)

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Flood Victims To Receive One-Off 100% TNB Bill Rebate For December 2021

(Image: The Malaysian Reserve/Muhd Amin Naharul)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that Tenaga Nasional Berhad (TNB) will be providing a one-off 100% rebate to domestic customers who are affected by the floods. This will apply to their December electricity bills, and is expected to benefit 72,000 individuals.

“This doesn’t involve factories, this is for houses. This is an extension of the assistance given, so the December electricity bill is given a rebate. I have also asked TNB to help bottom 40% income homes affected by the floods when the electricity supply is reconnected,” said the prime minister, adding that the utility company is already carrying out free wiring inspections at affected houses in Selangor, Pahang, and Kuala Lumpur.

Additionally, Datuk Seri Ismail Sabri shared that the government will also increase the initial allocation of RM100 million that was set aside to drive post-flood recovery efforts. He did not, however, name a specific amount as of yet.

Meanwhile, the president and chief executive officer of TNB, Datuk Ir. Baharin Din said that this decision to offer the rebate was made after getting approval from the government to assist the flood victims. “The rebates and provisions that we’ve provided reflect the core values of TNB employees, including concern for and a sense of solidarity with the people,” he commented in a statement.

Aside from this one-off rebate, TNB had previously announced that it is setting aside
RM4 million as flood relief assistance
. Of the amount, RM2 million will be channelled through Yayasan Keluarga Malaysia, while the remaining is to be offered directly through TNB’s own Tabung Warga TNB Prihatin (TWTP).

(Sources:
TNB
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Govt Considering Implementation Of Capital Gains Tax, Windfall Tax

(Image: Bernama)

The government is considering the implementation of a capital gains tax as a means to refill the funds spent on Covid-19 efforts. This is in addition to the possibility of a one-off higher tax rate imposed on companies that have generated windfall profits during the pandemic.

“The government is looking at a few ways in which it can increase its revenue, including implementing the taxing of capital gains on shares and also imposing a one-off higher tax rate on companies that have obtained extraordinary profits during the pandemic,” said the deputy finance minister II, Yamani Hafez Musa in the Parliament yesterday, adding that the extra revenue will be used to assist the recovery of selected groups.

Yamani also said that they will first need to obtain feedback from stakeholders before making any decisions. “The government needs to take into account the views and feedback of affected stakeholders to ascertain the effects of imposing these taxes, so that it does not affect Malaysia’s economic standing and competitiveness, specifically in attracting foreign investments,” he further commented.

(image: Malay Mail/Firdaus Latif)

Finally, Yamani Hafez shared that the government is also in the midst of looking for a viable solution to offer an interest-free loan moratorium for borrowers. The solution must take into account the long-term effects on various parties, including borrowers, depositors, investors, financial institutions, and the economy, he said.

As such, the government is currently still in talks with financial institutions as it involves a commercial decision between bank managements.

(Source:
The Edge Markets
)

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Yamani Hafez Musa

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Wahed Invest Launches Shariah-Compliant US Stock Portfolio In Malaysia

Wahed Invest has launched its Wahed FTSE USA Shariah ETF (HLAL) in Malaysia, which will provide local investors with exclusive access and passive index exposure to a Shariah-compliant US equities exchange traded fund (ETF).

With this, you will be able to invest in large- and mid-cap firms within the United States, encompassing sectors such as technology, energy, and healthcare. The fund has a total of 219 constituents (as of June 2021), with major names including Apple, Tesla, and Intel. Here’s a list of the top 10 constituents of the fund, along with the net market capitalisation and the weightage that each carries within the fund:

You can also see the sector breakdown of the fund here; the technology sector is a dominating sector with almost 35%, followed by healthcare and industrial goods and services at 22.27% and 8.92%, respectively:

In introducing the fund, Wahed Invest clarified that 97.5% of your investment will be distributed to the Wahed FTSE USA Shariah ETF. The remaining 2.5%, meanwhile, will be allocated as cash. Wahed Invest also noted that the Wahed FTSE USA Shariah ETF is a low-cost fund, with an expense ratio of 0.50%.

Another benefit to the fund is that it uses the FTSE USA Shariah Index as a benchmark index. The FTSE US Shariah Index is one of the world’s leading index that has been fully certified as shariah-compliant through the issue of a
fatwa
 – based off principals determined by its shariah consultant, Yasaar Limited. It essentially monitors the constituents of the parent FTSE USA Index based on their businesses and financial ratios to confirm their shariah status.

The Wahed FTSE USA Shariah ETF (HLAL) had actually
first debuted
in the United States back in 2019. Listed on Nasdaq, it was Wahed Invest’s first ETF. You can find out more about the fund on
Wahed Invest’s website
. Alternatively, here’s the
latest factsheet of the Wahed FTSE USA Shariah ETF
.

(Source:
Wahed Invest
)

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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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How to buy a house for the first time

Like marriage, buying property can be a long and expensive commitment.  Once you have chanced upon a house you could see yourself living in, the very first question you should ask yourself is “Can I afford it?” It’s important that you don’t go into the property game with rose-tinted glasses.

Can you afford a new home?

Usually banks are willing to approve a loan on the condition that the monthly mortgage repayments are no more than one third of your gross monthly income. That’s not because they are mean with their money, it’s because the bank doesn’t want your home loan payments to cripple you so much that you spend the days of your life eating nothing but maggi mee for breakfast, lunch, and dinner.

The common measure of eligibility is known as a Debt Service Ratio or DSR for short. This is the ration of your monthly installments to your monthly income.

DSR = monthly installments/monthly income

It’s important to learn a few of these terms before you meet your bank loan officer, as you don’t want to sound like you’re fresh off the boat.

Most banks in Malaysia can offer borrowings for up to 90% of the purchase price of the property with the balance paid by the borrower as a one off deposit, also known as a down payment. When a bank looks through your home loan application, they’re not only looking at your DSR, they also want to see what other financial commitments you are currently handling. The loan officer will look at debts on car loans, education and any other property to determine your credit worthiness.

And yes, they’ll be using a credible (pun intended) agency such as CCRIS, to check that you have some kind of credit history, and that you have a good record of making monthly payments on your household bills and loans.

Before we look at the different types of mortgages, let’s take a look into the working mechanisms of a home loan.

How does a home loan work?

Financial institutions will act as lenders and will earn a profit from the interest they charge on the borrowed sum. Borrowers will have to pay monthly installments consisting of a portion of the principal plus the interest.

Many banks use floating interest rates to calculate monthly repayments, which changes when the BLR fluctuates, resulting in higher or lower charges. The BLR is determined by Bank Negara from time to time after considering economic conditions.

To offset this scenario, most banks have evolved to allow for excess repayments deposited to a current account linked to the home loan, which lowers interest charges as it is calculated based on the difference between the amount in the current account and the home loan, and can potentially shorten your loan tenure. This method is called a reducing balance and home loans using this method are called flexi loans.

How excess repayment on a flexi loan can save you money

Say you would like to borrow RM200000 from a bank, which has an interest rate of 4.5% and a maximum tenure of 30 years. In the table below, with the help of some simple math, I will show you how much you can save with extra repayments on a fully flexible home loan.

What happens when you pay in excess of your monthly installments?

Monthly Installments (RM)

Extra Payment (RM)

Total Paid (RM)

Interest Savings (RM)

Tenure (Years)

1013.37

0

164,813.20

0

30

1013.37

500

76,698.35

88,114.85

16

1013.37

1000

50,679.14

114,134.06

11

1013.37

1500

37,974.79

126,838.41

8

1013.37

2000

30,416.12

134,397.08

7

Surprised by how much you can save with just RM500 extra? I am too! You don’t have to do it every month, but only when you think you have enough money lying around and you can already shave off at least a year or two of your tenure.

There are a few exceptions where banks or lenders use fixed interest rates to calculate monthly installments (such as AIA home loans). There are also multi-tiered fixed rate home loans, where different periods of your tenure corresponds to different interest rates determined by the bank, removed from market rates. This can be beneficial for those that have a strict plan for their finances for the foreseeable future as you will be protected from market rate fluctuation. Is there a catch? You will be paying slightly higher interest, and though you are saved from paying more should the BLR rise, you also lose out on a lower rate when the BLR falls

The BLR has been a steady 6.6% as of late. Other banks such as Standard Chartered may use different rates such as
KLIBOR
, which is usually more risky.

Example of calculations based on BLR: Hong Leong is currently offering an interest rate of -2.2 BLR on their Mortgage Plus home loan which means 6.6 (BLR) – 2.2 = 4.4%.

But the lowest interest rate is not the only thing you should be looking at, because as the saying goes, the devil is in the details. Before singing on the dotted line, one should take a look at the fine print.

What to look out for

It would be to your advantage to also look up product disclosure sheets available on most bank websites, for more in-depth information regarding your potential home loan package before heading to the nearest bank to meet with a mortgage officer. Signing off on a document you have barely understood, or even read is bad news though sadly, very common.

A product disclosure sheet may contain significant information about a certain financial product including any risks and benefits, overall product costs, including but not limited to miscellaneous fees and charges, or whether they are able to finance your insurance. This information isn’t usually advertised outright, but you’ll be glad you thumbed through the bank website to find it.

Many things can overshadow the benefits of an attractive interest rate, especially accounts which requires regularly servicing such as excess cash withdrawal fees and monthly maintenance fees.

Alternative ways to pay down a home loan

You may be aware that it is possible to finance your mortgage using your EPF account, but how do you actually do it? Savings from your Account II, where 30% of your EPF funds are allocated, can be withdrawn to buy a property whether as an individual or a joint agreement with a partner of family member.

In order to qualify, it is important that you have a Sale and Purchase Agreements which is no more than 3 years from the date of application, and have been approved for a housing loan from a bank certified by the EPF/KWSP, among other things that are listed
on their website
.

Even if you’ve already started paying your monthly loan installment; you can use funds from Account II to
reduce the sum borrowed
 or pay your monthly installments in advance.

But do you think it wise to do so? Your EPF is your retirement nest egg and already, it is widely known that most Malaysians won’t earn enough EPF contributions to get by in old age. Can you skip reducing it more? Always weigh the opportunity cost of one investment against another and work it out from there.

What’s in store in 2014?

There are a few things home buyers may need to pay attention to regarding the 2014 budget released by the government recently.

If you are planning to finance a home in the next couple of years, there is reason to be optimistic about house prices despite the exorbitant levels we currently experience, as an estimated 223000 units of affordable houses will be built jointly by the government and the private sector in the next year.

Under the 1Malaysia People’s Housing Programme (
PR1MA
), another 80000 units will be built at strategic places around the country with a budget of RM1 million and priced 20% below market rates, in an effort to provide affordable homes for Malaysians.

The government has also given an incentive to private developers to build medium-cost houses with the introduction of the Private Affordable Ownership Housing Scheme (MyHome). This in essence, is a subsidy of RM30000 to the developers for each unit built.

Putting it all into perspective

Perhaps it is time to take a breather and put all that we’ve talked about and everything else in between in order:

Find a modest home

Negotiate a selling price with the developer/agent

Ring a lawyer to acquire a Sales & Purchase Agreement (SPA)

Apply for a home loan with your preferred bank

Place a deposit on your mortgage

Sign the contract (Facility agreement)

Get the keys to the house

Pay your dues until the end of your tenure

Live happily ever after?

As a parting advice, always be in it for the long run. If you are capable of paying off more of your principal during the early years, please do so.

People often forget that inflation and fluctuating interest rates will in the future change our spending habits and increase our cost of living. You’d want to be ready for such eventuality.

At the end of the day, there is no one-size-fits-all deal. The decision depends on your current and likely future financial position.

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Public Bank Revises VIP Points and Air Miles Redemption Rates

Public Bank has announced a revision to the redemption rates of its VIP points and Air Miles points, which will take effect on 18 September 2019. The revised rates will affect the redemption of gift vouchers, Enrich Miles, and BIG Points from the Public Bank Preferred Redemption Rewards catalogue.

The
Public Bank Visa Signature
,
Platinum Mastercard
,
Quantum Visa
, and
Quantum Mastercard
 offer VIP points benefits, whereas the
World Mastercard
 (and previously the
Visa Infinite
) offer Air Miles points, so these are the credit cards that will be affected by this change.

Redemption Product

Points Required Currently

Points Required From 18 September

1,000 Enrich Miles

7,000 VIP Points

6,000 Air Miles (PB World Mastercard)

7,000 Air Miles (PB Visa Infinite)

10,000 VIP Points

8,500 Air Miles (PB World Mastercard)

10,000 Air Miles (PB Visa Infinite)

2,000 BIG Points

7,000 VIP Points

6,000 Air Miles (PB World Mastercard)

7,000 Air Miles (PB Visa Infinite)

10,000 VIP Points

8,500 Air Miles (PB World Mastercard)

10,000 Air Miles (PB Visa Infinite)

The increase in redemption rates means that cardholders will now need to accumulate more points to claim the same amount of air miles. As a result of these changes, the rates for claiming Enrich Miles and BIG Points using VIP Points have increased for all cards by as much as 42.8%. As for the Public Bank World Mastercard’s rates, they too have increased by a similar percentage of 41.7%. Public Bank World Mastercard holders now need to spend RM2.83 overseas to earn 1 Enrich Mile compared to the previous RM2.

Earlier in May, the
Public Bank’s Visa Signature’s Air Miles feature
 was removed from the card’s list of benefits. However, for cardholders who still have Air Miles to redeem, the redemption rate is also similarly affected.

The change in Public Bank’s redemption rates is not limited to air miles. It also affects the RM50 and RM100 gift vouchers on the Public Bank Preferred Redemption Rewards catalogue.

Redemption Product

Points Required Currently

Points Required From 18 September

RM50 gift voucher

21,300 VIP Points

26,300 Points

RM100 gift voucher

41,300 Points

51,300 Points

This revision follows a string of similar statements made by other banks over the last few months, announcing devaluations to their respective points redemption rates. Public Bank’s new redemption rates will be effective from 18 September, so affected cardholders may want to consider making some redemptions before then.

(Source:
Public Bank
)

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PTPTN Loan Repayments Collection For Q1 2019 Only 58% Of Target

(Image: The Star
)

PTPTN Public Affairs Department senior general manager Abdul Ghaffar Yusop has revealed that the corporation only received RM558 million in PTPTN repayment collections for the first quarter of this year. The body only received between RM150 million to RM180 million each month last quarter – well below the RM300 million per month it aims for. As a result, the cumulative outstanding loan amount stands at RM6.5 billion as of 30 April, with a total of about 350,000 defaulters.

At the current rate, PTPTN will only receive about RM2.2 billion in loan repayments by the end of the year – just slightly more than half of the RM4 billion per year it needs to continue providing loans for new and existing students. When asked if PTPTN still has enough funding to provide education loans, Ghaffar said “At the moment, we still have funds that were collected from last year. So we can utilise this.”

On 16 May, PTPTN began conducting a
public consultation programme
 that aims to find a viable repayment scheme that will benefit both the corporation and the borrowers from the feedback and ideas received. Nearly 100,000 responses have been collected so far, and PTPTN expects the programme to be completed by mid-June. The body will then submit a report to the Cabinet for a new loan repayment policy to be drafted.

(Source:
The Sun Daily
)

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What to Do When You Lose Your ATM Card

The rule of
triple tap
 is to help you go through your day while having the right items with you. The first tap is to make sure your wallet is with you, the second one is for your keys and the third is for your phone. With all of these three where they should be; you are ready to face the world, my dear friends (well, sort of).

However, what happens if the triple tap is incomplete: let’s say that your wallet has gone missing with your Identity Card (IC), ATM cards, and Credit Cards? ICs are simple enough to replace nowadays: you can simply head to
Jabatan Pendaftaran Negara
 to get a new one. The added security of a police report ensures that the authorities are on alert about possible identity theft.

On the other hand, ATM Cards can be rather tricky when lost. Stealing cash is a lot quicker and easier to do than stealing an identity with a photo (though not impossible!). So what should you do?

Report and Replace ASAP!

You might be thinking: “What a no-brainer,” but hear us out. The first thing you need to do is call your bank making it imperative that the number is saved in a place you can get to it quickly (emergency digit dial?). Time is literally of the essence because a swipe at the petrol kiosk is all a thief needs to make off with your money.

Once you’ve got the operator on the phone; inform them of the loss and ask to have the card immediately cancelled.

The operator will probably ask you a bunch of security questions, but in the end, the whole point is to stop your stolen card from functioning. Although, your card may not have been stolen and may simply be lying undiscovered under a Starbuck’s couch; this step is still necessary as a pre-emptive measure so that anyone who finds will not be able to cause any mischief with it.

Once you’ve deactivated the lost card, just head to your nearest bank branch and fill up the requisite forms. Your new card should be ready instantly and all you need to do is reset your password at the ATM outside. Easy-peasy.

Liability Limitations

Many ATM cards today are Debit cards too – making its loss even more dangerous. If you’ve lost your handphone as well, say during a mugging or snatch theft incident; it will be harder to report your missing card ASAP. In such a situation, valuable time may have lapsed before you find a phone to report.

Under the circumstances, it is important to note your bank’s liability limitations in the event of a theft. Generally, a bank will stipulate the maximum amount you will be liable for in the event of unauthorised charges. This means that if your card is used by the thief, you will have to pay up to the maximum liability limitation (approximately RM150 but this amount varies from bank to bank) even if the charges are not yours, if you can show that you had good reason for not contacting the bank before the charges are made.

However, if the bank can show that you did not have good reason to dilly-dally your notice to them about the lost card, they cannot be held responsible for your lost money.

In a situation where you are unable to make a phone call, find the next best move – is there a bank branch nearby or a police station? Although, a police report won’t help you cancel your card – it will be evidence of your attempt to notify the authorities of your stolen items and provide you with written, official reports for your bank to consider – hopefully alleviating the cost of bearing the lost amount all by yourself.

Please note however, that a police report isn’t a cancellation of the card and only a form of evidence to present your case to the bank in the event of a loss.

No doubt such a circumstance is unfortunate; you can take early precautions to minimise your losses.

Get Emergency Cash

Once you’ve reported the loss, you might be concerned about getting cash in the interim whilst your new ATM card is made. Luckily, for us many banks now offer cardless withdrawal services from an ATM. The amount is capped, usually at an amount below RM500 (however, the exact cap will depend on your bank) and you will have to run through a lengthy security questionnaire with the bank officer on the phone but it will give you money to tide you over.

The bank will use your phone number to transfer the code you need to withdraw so don’t use this method if you’ve lost ALL your belongings including your mobile phone!

This emergency bit of money will also help if you’ve lost your wallet and have no way of getting home or to the police station.

Protect Yourself

Losing your ATM card is a real hassle and can result in an empty bank account if you aren’t quick with the cancellation. Help protect yourself by practicing these easy-to-follow habits.

Do not keep your pin numbers anywhere in your phone, wallet or bag. Your PIN should be in your memory and written nowhere else. It’s best never to reveal this PIN to anyone.

Check your account activity often and remember how much you should have in your account at all times.

Have a plan of action for when you are caught in a snatch theft or have lost your belongings. It’s not about being overtly fearful but knowing exactly what to do if it happens.

Always keep records of your account numbers, customer service numbers and other important digits related to your account so that your reporting process can be done quickly and smoothly.

Understand your bank’s terms regarding the loss of Debit and ATM cards so you know just what to do and expect if such a thing befalls you. You will also know how far you will be liable so no extra unpleasant shocks.

There definitely looks like there are more steps before that you can take rather than after the fact. This is because, prevention is always better than cure. So be a cautious and most importantly, present in your surroundings to avoid falling victim!

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Yasier Mahayudin

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BonusLink Partners With Luno To Offer Bitcoin Vouchers At 85% Off

BonusLink has collaborated with Luno to offer Bitcoin vouchers at 85% discount. Available exclusively to BonusLink users via the BLINK app, the vouchers are applicable for new Luno users only.

For a limited time only, BonusLink users can purchase a RM100 Bitcoin voucher for RM15 or an exclusive redemption rate of 1,500 BonusLink Points via the BLINK app. Later in mid-September, a second voucher for RM150 will be available for 85% off also via the BLINK app. The promotion runs until 31 December 2021, but both vouchers have limited redemptions, so users should act fast if they wish to redeem them.

The RM100 digital voucher is valid with a minimum of RM500 worth of cryptocurrency purchase via the Instant Buy feature on Luno. To redeem the voucher, simply enter the unique BonusLink voucher code in Luno in the Rewards section before purchasing your desired crypto using the Instant Buy feature. The RM100 in Bitcoin will immediately be credited into your Bitcoin Wallet in Luno.

“The addition of LUNO to our partnership base is synergistic and attracts the younger segment of our base while also complementing the digital transformation efforts that BonusLink is undergoing. We continually strive to fulfill our singleminded mission of making every moment a Bonus for all our Members and Partners so that we effectively make life more rewarding, build deep and meaningful connections, and stay relevant in an ever-changing digital landscape,” said Lim Tecwyn, who leads the Transformation at BonusLink.

Commenting on the collaboration, Luno Malaysia Country Manager, Aaron Tang said, “Being a regulated exchange allows us to explore new ways of expanding access to crypto for users in Malaysia. An innovative approach is to leverage the breadth and depth of loyalty players like BonusLink. We expect this effort to drive massive awareness and adoption, making it easy for users on BonusLink to access crypto and begin their investment journey. We certainly look forward to working closely with BonusLink on further collaborations.”

The BLINK app has been refreshed this year to offer a suite of digital vouchers that can be purchased through the app using cash or BonusLink Points. The BLINK app is available on the
Google Play Store
 and the
Apple App Store
.

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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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This Is GO+ By TNG eWallet, The New Investment Feature That Earns Daily Returns

The new investment feature in Touch ‘n Go (TNG) eWallet, GO+, has now been made available to more users since
we first reported it
. Interestingly, the roll-out is several days ahead of its official launch – which is set to happen on 29 March (next Monday) – allowing these users an early opportunity to test out the new feature and its benefits.

Now that our apps have been updated with the new feature, let’s go through a deep dive of what looks like the first e-wallet in Malaysia to offer “interest” or returns to a user’s wallet balance.

What is GO+ by TNG eWallet?

Essentially, GO+ lets you earn potential daily returns on your TNG eWallet credit, provided that you park the credit under your GO+ account. The balance will be invested in a low-risk money market fund to provide you with income and liquidity.

The key benefit to using GO+ is that your TNG eWallet balance can now earn extra cash for you even as it sits within your e-wallet. Balances put into the GO+ wallet is invested into a money market fund managed by Principal Asset Management Berhad, called the Principal e-Cash Fund. With it, you’ll be able to earn returns on a daily basis, which will then be credited into your account the following day. The indicative return rate will vary from day to day depending on market conditions; as of the time of writing, the rate is projected at 1.47% p.a., which is a slight increase from 1.35% p.a. for the day before.

GO+ also has the convenient Quick Reload Payment service, which enables it to automatically reload your eWallet with the GO+ wallet to the exact amount needed if you have insufficient eWallet balance. So if, for instance, you have an eWallet balance of RM5 and a GO+ balance of RM10, and are paying for a meal that costs RM8, GO+ will automatically reload your eWallet with RM3 – allowing you to complete your purchase seamlessly. The Quick Reload Payment service supports all payments (retail, toll, and online payments), except for P2P transactions.

Aside from that, other GO+ benefits include the affordable initial investment amount (minimum cash in amount) as well as flexible withdrawal option (cash out). We’ll talk more about this in the coming sections.

Activating your GO+ account

GO+ is only available to Malaysian users above 18 years old with verified TNG eWallet accounts. The onboarding process isn’t complicated either; you’ll be requested to fill in some personal details and complete the verification process, and after that, you’ll be invited to “cash in” an initial investment amount into your GO+ account (at least RM10).

When you’re done, you’ll be able to see the total TNG eWallet balance, as well as a breakdown of the actual funds that are in your eWallet and GO+ account.

Cash In, Cash Out

After signing up, you’ll be allowed to carry out cash in and cash out transactions from your GO+ account. Simply put, cashing in money is the process of depositing money into your GO+ account, which can be done either via FPX (online banking) or from your existing TNG eWallet balance. Meanwhile, cashing out is when you withdraw money out from your GO+ account, transferring it back into your eWallet account or bank account.

Here’s a table to better explain the maximum and minimum amounts that you can cash in or cash out:

Cash in

Cash out

From TNG eWallet

From bank account (FPX)

To TNG eWallet

To bank account (FPX)

Minimum amount

RM10

RM10

RM10

RM10

Maximum amount

RM5,000

RM9,500 per transaction

RM5,000

No limit

For cash out requests, your money will be credited instantly if you choose to cash out to your TNG eWallet. If you opt to transfer to your bank account, however, your first cash out request will take between one to two business days to process (depending on whether you make your request before or after 4pm). Subsequent cash out requests to verified bank accounts will then take two calendar days.

Holding Limits For Your GO+ Account

TNG’s FAQ clarified that the maximum limit for your GO+ account balance is currently set at RM9,500. In other words, your GO+ account can only hold a total of RM9,500 at any one time.

Fees To Consider

As with other money market funds, there will be no application fee or sales charges when you cash in into GO+, but do be aware that there is a management fee of up to 0.45% p.a., and a trustee fee of up to 0.03% p.a..

According to the fund’s prospectus, both the management fee and trustee fee are accrued on a daily basis and will be paid monthly. Neither the prospectus nor TNG’s FAQ on GO+ indicates how these fees will be paid by the user – we’ll clarify with TNG and update this section when we get an answer.

Meanwhile, there are currently no charges or fees applicable for the cashing out of money from your GO+ account.

Explaining Indicative Return Rate

Earlier, we mentioned that GO+ lets you earn daily returns at an indicative return rate, which is then credited into your account the next day. But what is an indicative return rate?

The indicative return rate is basically the approximate return rate that is expected, predicted based on historical prices, past performances, and various other market volatilities. It is not the actual return that you will get; depending on market performance, the actual amount credited into your account may do better or worse than the indicative return rate. As such, the figure will fluctuate on a daily basis – though for low-risk investments such as a money market fund, the fluctuation spread is small and the actual return rate will not stray too far from what is stated.

In the case of the Principal e-Cash Fund, which is the underlying fund for GO+, it has investments in the following:

Money market instruments

Deposits (including cash (at bank) and placement of deposits)

Debt instruments

Any other form of investments as may be permitted by the Securities Commission from time to time

You may also want to find out about how Principal Asset Management prices its units to provide you with your returns. These information can be found in the
Principal e-Cash Fund prospectus
.

***

In promoting its new GO+ feature, TNG has also cautioned its users of some key details, namely that it is not protected by PIDM, and that it is not shariah-compliant. Its FAQ also advised that the feature should not be treated as e-money, nor is it similar to placing a deposit with a financial institution.

On the other hand, GO+ takes advantage of existing investment tools, simplify it, and make it accessible to a much larger audience. For this alone, the team at TNG Digital has firmly disrupted the conventional perception of banking and investments – which is what fintech is all about.

All information in this article is derived from publicly available data, including the GO+ FAQ and Principal e-Cash Fund prospectus.

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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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    Bakrudeen Hassan

    2 years ago

Hi, may i know is the article has been updated with the latest information on the Syariah compliance and Management Fee section. Thanks

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Gear Your Business With These Tips For A Healthy Cash Flow

The efficient management of cash flow can ensure the success and sustainability of any business. It ensures that operations are constantly running smoothly, salaries are paid, the likelihood of expansion, and more.

In 2020, many were put out of business due to a drastic decrease in revenue which ultimately affected cash flow. And now with restrictions lifted and borders reopened, there’s now room for growth, expansion, and new opportunities for businesses of all sizes.

However, the critical goal of effectively managing and maximising your business cash flow remains, and here are some tips to consider.

Along with Quick Biz Financing-i and Biz Property Financing-i, CIMB offers a variety of SME Banking Solutions to assist SMEs on their business journey after a tumultuous past season. CIMB’s SME Banking Solutions include banking needs, financing, and digital solutions. For more information, head to
CIMB’s Business website here!

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision. The material has not been reviewed by the Securities Commission Malaysia (SC).

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Malaysia Saw More Than 80,000 Online Scams Since 2017, Nearly RM3 Billion Lost

(Image: Malay Mail)

Deputy Home Minister Datuk Seri Dr Ismail Mohamed revealed that Malaysia has seen a total of 89,798 online scam cases reported between 2017 to June 2022. This, in turn, translates to a cost of nearly RM3 billion to the victims.

The minister also noted that of the many types of scams, online shopping scams were the most rampant – topping the list with 32,791 cases. Other cases involved Macau scams, love scams, African scams, non-existent loans, and SMS-based scams. “The cases (involved) losses of RM2,971,534,364,” he clarified.

Additionally, Datuk Seri Dr Ismail shared that as many as 42,884 arrests had been made during the same period of time. Of these, 25,891 charges were subsequently filed.

“Aside from enforcement, the police have taken the initiative to educate the public regarding online scams through awareness campaigns. The police also cooperate with other agencies and NGOs so that the public receive information and are alert towards the latest criminal modus operandi,” Datuk Seri Dr Ismail further said.

Aside from the authorities, financial institutions such as Maybank, too, are doing their part by issuing
alerts of malware scams
 that involve the use of fake websites and malware-ridden apps to steal victims’ personal and banking details. Some industry players have also shared demonstrations of
phishing scams
 to raise public awareness.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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7-Eleven Stores In Malaysia Now Accept Alipay+

7-Eleven Malaysia has enabled support for digital payment system Alipay+, which in turn, allows the convenience store chain to also receive cross-border payments from selected tourists from Asia. Specifically, 7-Eleven can now accept payments from tourists via four Asian e-wallets, namely AlipayHK (Hong Kong), GCash (the Philippines), Kakao Pay (South Korea), and TrueMoney (Thailand) – all of whom have been onboarded onto the Alipay+ ecosystem.

“7-Eleven Malaysia is thrilled to enhance the traveller experience as tourists return to our beautiful country. By expanding Alipay+ coverage to all our stores, we are providing a seamless and convenient digital payment solution for visitors from around the world. As a key use case for tourism, our stores serve as a one-stop destination for travellers, offering a wide range of products, snacks and essentials,” said the assistant general manager for in-store services of 7-Eleven Malaysia, Chan Chee Weng.

To note, the integration of Alipay+ in over 2,400 7-Eleven stores in Malaysia was facilitated by payment gateway service provider Razer Merchant Services (RMS). With the addition of 7-Eleven outlets, Alipay+ is now integrated in more than 80,000 merchant touchpoints in Malaysia, including various retail, F&B, and hospitality outlets – such as Tealive, MyNews, Sephora, Watsons, Sports Direct, as well as duty-free stores.

(Image: The Star)

“Razer Merchant Services (RMS) strives to facilitate the digital transformation of Malaysian businesses through our partnership with Alipay+. Our collaboration deepens the close relationship with 7-Eleven and empowers 7-Eleven to tap into the vast opportunities of the digital economy by offering convenient payment for locals and tourists, enhancing the overall experience and driving growth,” said the chief executive officer of RMS’ parent company Razer Fintech, Lee Li Meng.

To clarify, Alipay+ is a suite of digital payment system and marketing solutions that allows local businesses to process a wide range of mobile payment methods from regional and global customers. Aside from Malaysia, it is also accepted in countries like the Chinese mainland, Macao SAR, Singapore, Thailand, Japan, and South Korea – just to name a few.

Meanwhile, prior to this latest addition of four new Asian e-wallets, 7-Eleven was already accepting e-wallet payments from Alipay – a digital wallet from China (separate from Alipay+, the payment system) – since 2016. This is on top of selected local e-wallets like Touch ‘n Go eWallet and ShopeePay.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Anonymous

    2 months ago

Nice

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Real Life: The Gen-Y Money Tracker

How many times have you heard about the bad money habits of

youths today? They don’t budget, they don’t save, they spend recklessly; you

get the idea. But that isn’t always the case and we found one guy who proves

it.

MindValley Motion Graphic Artist, Shan Vellu is 25 and works in the more affluent

part of the Klang Valley – Bangsar. At a glance, you wouldn’t think him

different from his gen-y peers (and he is a lot less intimidating than his photo looks!). He likes travelling, eating out and attending

concerts. But whilst enjoying his youth, Shan knows the value of money. For the

past three years, he tracked every ringgit he spent and created cool

infographics as photographic proof of where his money has gone in those years.

For many, even those much older, tracking money to this

minute detail isn’t high on their list of priorities so we had to ask the

question; what made you do it?

“Why did I start doing this? My dad. He often told me even, during

my university days, to keep track of how much I was spending to see where my

money goes. This would help me be smarter about how I spent it but I was never

disciplined enough to do it back then. That changed when I started working. I

did it for a year, and found the data interesting enough that I continued doing

it the following year and the year after (it was also when I decided to start

tracking the number of useless things I did with my money).”

Shan tracked his spending from the years 2011 to 2013,

publishing his numbers in a lively graphic which shows his spending clearly.

Being a graphic artist; the tools to make it were at his fingertips.

“Based on what I gathered last year, for this year I’ve

basically decided to cut down on three things – clubbing, eating out and my

phone bills and perhaps also look into investment options. Travel and concert

tickets are the only two things I wouldn’t enforce any strict budgeting on,

mainly because it’s the two things that I value the most in terms of experience

– and you can’t put a price on that.”

Not only does the graphics communicate Shan’s spending, it’s

also engaging and entertaining in layout and copy with sections dedicated to

regular spending, big purchases and even dating! Now, how many times have you

taken a girl out only to look into your wallet with dismay at the end of the

day?

Despite not having any personal finance training, Shan has

done what any advisor would tell someone to do if they wanted to turn their

finances around. He kept close track of his spending, created a visual for impact and used this to reassess his

spending habits.

If Shan’s amazing money tracking is anything to go by; Gen-y

could teach us a thing or two about innovative money management!

*All graphics have been compressed for website bandwidth optimisation. To see Shan’s graphics in full high-resolution glory, check his
DeviantArt
 post.

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Diana Chai

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Can Your Medical Insurance Cover Haze-Related Illnesses?

The worst of the haze enveloping Malaysian air seems to have passed, but the health implications from one of the worst episodes in recent memory will remain. With plenty of reports showing a marked increase in
patients seeking treatment for haze-related illnesses
, one question crossed our minds: will a medical card/medical insurance cover these haze-related illnesses?

As it turns out, the question required more than a few calls to insurance and industry experts, and we’ll share them in this article. But before we do, what can we classify as “haze-related illnesses”?

What are haze-related illnesses?

(Image: Reuters)

With the amount of pollutants in the air, it’s easy to conclude that respiratory issues are the main health hazard caused by the haze. Continuous exposure to particulate matter (PM), the main air pollutant in a haze, will lead to nasal inflammation, upper respiratory tract infections, and in sensitive groups, breathing difficulties and breathlessness.

In addition, the higher density of pollutants in the air will also lead to issues to sensitive parts of the body, especially the ear, nose, and throat (ENT). Mucus discharge is a common reaction to the pollutants irritating the body, which may lead to infection and inflammation. Less common (but still susceptible) is eye infections or conjunctivitis, which affected court proceedings recently.

These are the short-term issues that will arise from exposure to the haze. There aren’t many studies on the long-term effects, but there is evidence that links the haze to heart attacks, reduced lung development in children, and the development of chronic respiratory diseases in children.

Can medical insurance cover these issues?

If you own a
personal medical card
 (regardless whether they are standalone or a rider), it
may
 help cover for the treatment of haze-related illnesses. There is a big caveat though: almost all medical cards only kick in when a patient is admitted for treatment – so if the condition isn’t deemed severe enough, your medical card won’t cover for the treatment costs.

As for personal medical cards that cover outpatient treatment, things get similarly tricky. These cards usually have a set type of outpatient treatments that are covered, and haze-related issues may not be included. For example, some medical cards may cover outpatient treatment for severe asthma attacks (which also depends if the patient’s asthma is a pre-existing condition).

Similarly, haze-related issues that may appear to be covered by medical insurance are actually not. Some examples include allergic reactions, headaches, and dizziness –
unless
 the doctor deems it severe enough for you to be admitted.

Meanwhile, other illnesses may be more straightforward when it comes to medical card coverage. Treatment for bronchitis, for instance, is almost always covered as it requires hospitalisation.

On top of these, you must always remember to go to a panel hospital or clinic that is covered by your medical card for cashless treatment. You may still be eligible to claim if you go to a non-panel hospital or clinic, but the claims process may take a mighty long time – anywhere from 2-3 weeks to as long as 6 months!

The rule of thumb, according to those we spoke to, is simple: if your condition does not require hospitalisation or surgery, a medical card cannot be used to cover the treatment cost.

Company medical cards are completely different

Now, we’ve only covered instances for personal medical cards. What about company-issued medical cards?

They may seem similar, but depending on the coverage provided, your company medical card can be completely different when it comes to haze-related treatment.

Most company medical cards offer outpatient treatment at panel hospitals
and
clinics, for both treatment and consultation, which enable 100% cashless transaction for issues that are not normally covered by personal medical cards.

In the case of haze related issues, your company medical card can be beneficial as they may cover outpatient treatment that are not normally covered by personal medical cards, such as treatment of allergic reactions, headaches, and dizziness
without
 the need of in-patient treatment.

That said, be sure to double check what your company medical card covers, as some companies offer tiered coverage for different levels of employees (i.e., higher-ranking employees may receive medical cards with better coverage).

Don’t underestimate the importance of medical cards

Medical insurance is often perceived as “secondary” compared to life insurance, when the reality is that it is just as important to own as a life policy. Where the life policy will ensure your loved ones are financially covered if something happens to you, medical insurance is just as important – it protects you from not being able to afford medical treatment when you need it most.

This year’s haze also serves to highlight the importance – and benefits – of owning a company medical card. Rather than overlapping with a personal medical card, a company medical card actually serves to complement your existing card. That’s why many financial advisors recommend holding on to both a personal and company medical card.

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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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Malaysia And Thailand Enable Cross-Border QR Payment Between Both Nations

(Image: The Malaysian Reserve)

Merchants and consumers in Malaysia and Thailand will be able to make and receive instant cross-border QR code payments between each other, thereby increasing regional connectivity, financial integration, and consumer convenience. This came following a move by Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) to enable a cross-border QR payment linkage between the two nations.

According to a statement by BNM, the project to introduce the payment linkage between both nations had actually begun back in June 2020, and is expected to be implemented in a total of three phases. “Today (18 June 2021) marks the completion of the first phase in linking the real-time retail payment systems of DuitNow in Malaysia and PromptPay in Thailand,” said the central bank.

With this latest update, users in Thailand will now be able to make payments to Malaysian merchants by scanning DuitNow QR codes with their mobile payment apps. This includes cross-border e-commerce transactions.

The second phase of this project, meanwhile, will allow users in Malaysia to use their mobile payment apps to scan PromptPay QR codes to make payments to merchants in Thailand. This is expected to take place in the fourth quarter of 2021 (4Q21).

Finally, phase three is slated to go live almost a year after that – in the fourth quarter of 2022. In this final phase, the linkage will be expanded to offer cross-border remittances, allowing users in both nations to make real-time fund transfers by keying in information such as the mobile phone numbers of the recipient.

At present, two banks from both countries have signed up to participate in the linkage, namely CIMB Thai Bank and Public Bank Berhad. They have started offering the instant cross-border QR code payment service to their customers. More financial institutions are expected to come onboard soon to broaden the network of users and merchants.

Both BNM and BOT agreed that the retail payment linkage will greatly support post-pandemic economic recovery as well as strengthen economic ties between both countries. They also said that it represents a key milestone in the ASEAN Payment Connectivity initiative. Briefly, the
ASEAN Payment Connectivity initiative
 was initiated in 2019, involving eight ASEAN countries in total. It aims to reduce transaction fees for consumers, as well as promote financial integration between the involved countries.

(Image: BHarian/Sairien Nafis)

The deputy governor of BNM, Datuk Abdul Rasheed Ghaffour further chimed in to state that the retail payment linkage will provide users with a faster, cheaper, and more inclusive payment arrangement. “It will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen regional connectivity and financial integration,” he said.

Meanwhile, the deputy governor of BOT, Ronadol Numnonda noted the significance of such cross-border payment system linkages, and said that BOT has continuously pursued such initiatives. “This connectivity builds on our domestic payment infrastructure which will facilitate cross-border retail payment activities between the two countries during and after the pandemic. More importantly, it will also facilitate the cross-border trade and e-commerce, thus contributing to economic growth and digitalisation,” he said.

(Sources:
BNM
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Special Income Tax Relief For Lifestyle Expenses To Be Extended To December 2022

(Image: Malay Mail/Shafwan Zaidon)

During the tabling of Budget 2022, the government has proposed to extend the special tax relief of RM2,500 for the purchases of phones, computers, and tablets (lifestyle expenses) to 31 December 2022.

This special tax relief was originally introduced under the
PENJANA economic recovery plan
 as a way to boost work-from-home arrangements as Malaysia was forced into extensive movement control order (MCO) periods, and was supposed to last between June to December 2020. It was subsequently extended to 31 December 2021 under the
Permai stimulus package
.

The special tax relief is provided on top of the existing tax relief for lifestyle purchases, where taxpayers are allowed to claim up to RM2,500. These expenses include expenditure on personal electronic devices, sports equipment, reading materials, as well as Internet bills.

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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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    Hew

    1 year ago

Hi, I bought a tablet for RM3.5K. I have maxed out 2.5K claimed under Lifestyle expenses. Can I claim the remaining 1K under additional Lifestyle expenses?

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    gg.com

    1 year ago

    Reply to

        Hew

you will not get a reply. because ringgitplus doesnt earn any sort of money from being helpful . No monetization in replies. GG

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    Pang Tun Yau

    1 year ago

    Reply to

        gg.com

Actually… we did a whole article on this.

https://ringgitplus.com/en/blog/income-tax/confirmed-special-lifestyle-tax-relief-is-stackable-for-smartphone-personal-computer-tablet-purchases.html

Our editorial team is small, so we may not be able to answer all questions in the comments section, but we’re doing our best!

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Samsung Launches Pre-Order For Z Fold3 and ZFlip3 With Exclusive Gifts Worth Up To RM1,649

Samsung has opened pre-orders for its latest generation of foldable smartphones: the
Z Fold 3 and the Z Flip 3
. From now until 21 September, the South Korean company is also bundling freebies for each pre-order, worth up to RM1,649.

The two devices’ official retail prices have also been revealed: the Galaxy Z Fold 3 will retail from RM6,699 while the Z Flip 3’s retail price starts at RM3,999. As part of the pre-order, Samsung will bundle both devices with a one-year Samsung Care+ protection plan that’s worth RM799, and a Samsung Online Store e-voucher worth up to RM850.

Samsung Galaxy Z Fold3

 Samsung Galaxy Z Flip3

Here’s a quick look at
Z Fold3
 and
Z Flip3
 pre-order deals that are available:

Models
Retail Price
Colour
Exclusive Gift(s)
Galaxy Z Fold3 5G (256GB)
RM6,699
– Phantom Black
– Phantom Silver
– Phantom Green
– Samsung Care+ Protection Plan (1 year) worth RM799
– Samsung Online Store e-voucher worth RM850
Galaxy Z Fold3 5G (512GB)
RM7,099
– Phantom Black
– Phantom Silver
– Phantom Green
– Samsung Care+ Protection Plan (1 year) worth RM799
– Samsung Online Store e-voucher worth RM850
Galaxy Z Flip3 5G (128GB)
RM3,999
– Cream
– Phantom Black
– Green
– Lavender
– Samsung Care+ Protection Plan (1 year) worth RM699
– Samsung Online Store e-voucher worth RM600
Galaxy Z Flip3 5G (256GB)
RM4,199
– Cream
– Phantom Black
– Green
– Lavender
– Samsung Care+ Protection Plan (1 year) worth RM699
– Samsung Online Store e-voucher worth RM600

On top of the pre-order deals for the two phones, Samsung Malaysia has also announced pre-orders for another gadget that was also launched alongside the Z Fold 3 and the Z Flip 3: the new Galaxy Watch 4 series (Bluetooth version). Available for both the standard
Watch 4
 model and the
Watch 4 Classic
 model in differing sizes, the prices begin at RM899 and RM1,299 respectively – along with exclusive freebies as well. You can check them out here:

Models
Retail Price
Colour
Exclusive Gift(s)
Galaxy Watch4 Classic 42mm (Bluetooth)
RM1,299
– Black
– Silver
– Samsung Online Store e-voucher worth RM250
Galaxy Watch4 Classic 46mm (Bluetooth)
RM1,399
– Black
– Silver
– Samsung Online Store e-voucher worth RM250
Galaxy Watch4 40mm (Bluetooth)
RM899
– Black
– Green
– Silver
– Samsung Online Store e-voucher worth RM150
Galaxy Watch4 44mm (Bluetooth)
RM999
– Black
– Pink Gold
– Silver
– Samsung Online Store e-voucher worth RM150

Of course, all the above pre-order deals are available on a first-come, first served basis. To tap into any of them, head on over to the
Samsung Online Store here
. Alternatively, you can also check out Samsung’s flagship store on
Shopee
and
Lazada
– although neither seem to be offering any additional gifts at the moment.

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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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Are Travel Packages Better Than Planning Your Own Trip?

If you’re planning to travel sometime soon then you probably have already been thinking about whether to plan everything yourself, or pay for a travel package. Each of these options have their own pros and cons of course, so we thought it would help if we laid them out and compare the two so you can see which one is the best fit for you.

Benefits of Travelling by Yourself

Travelling by yourself can sometimes end up being way cheaper than with a travel package. You don’t have to pay for visits or rides to places you don’t want to go, and you can even make the trip as short as you want so you don’t have to stay at pricey hotels. In between, you can add ground arrangements if you wish.

For those who enjoy the freedom of travelling, going by yourself allows you to have your “me time” while if you are adventurous type, you get ample time and opportunity for some activities that travel package might not have like river rafting and adventure sports. Besides, you also can understand and participate in that country’s culture.

Drawbacks of Travelling Alone

You need to do the homework yourself. That is to say, you have to book hotels, travel, decide on ground arrangements, find locations, and everything else on your own. Travelling is about enjoying yourself, so if you’re doing too much work for it, it might end up not being so fun for you.

Alertness on safety must be very high as visiting a country you don’t know for the first time can present some hazards if you don’t know what you’re doing.

Benefits of a Travel Package

Typically, going with a travel package is a safer experience compared to going out on your own. Your guide will know about the area, can speak the local language, and can give you useful safety information.

Travel packages are also more structured. You can focus on enjoying yourself and relaxing instead of fretting over where to go or what to do next.

Drawbacks of a Travel Package

As a travel package is properly planned for you, do expect to pay a little bit more for such arrangements. But sometimes, you might find it priced competitively compared to travelling by yourself.

For the price that you have paid and if there are some activities not to your preference, you might not have the flexibility to opt out and ask for refund. Sometimes, leaving the tour might incur a penalty charge.

Finding a perfect travel package might not be easy unless it is customized. You might not be able to escape those group shopping or go to some destination you like; like looking for hidden gems such as wet markets or tiny mom-and-pop shops.

How to Choose?

If you value adventuring on your own and don’t mind not knowing what you’re getting into a lot of the time, then traveling by yourself is for you. It’s more work, but since you’re into that kind of thing, this is the way to go.

But if you want a smoother planned trip guided by people who can give you plenty of information, and you don’t like to burden yourself with planning, then you should get a travel package. It might be pricier, but such is the price for convenience.

Can Travel Package Be Affordable?

Of course it can! Hong Leong Credit Cards offer a 0% Installment Payment Plan for up to 18 months with a minimum spend of RM500 at Star Travel until 31 March 2019. This means when you purchase a travel package (they can help you to customize too), you can pay it off via affordable monthly instalments instead of a heavy lump sum. All this at 0% interest, as well.

Not sure which travel package to go for? Don’t fret, Hong Leong’s #Hello Trip of a Lifetime campaign lets you book a 5-day trip to Japan at only RM341.11 per month, a 10-day trip to New York from RM703.05 per month, a 9-day trip to Spain at RM633.23 per month, and many other affordable trips as well! Visit
their official website for more details
!

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MAS Campaign Offers 50% Bonus Enrich Points For MATTA Fair 2023

(Image: MATTA)

Malaysia Airlines (MAS) is currently running a MATTA 50% Bonus Enrich Points campaign in conjunction with the upcoming MATTA Fair (September 2023), which allows passengers who purchase full-fare tickets for domestic and international travel from MAS to earn an additional 50% Enrich Points, on top of the base points awarded. Open to all Enrich members, you can buy your tickets from today until 9 September 2023, with the travel period being from today until 31 March 2024.

According to MAS, this promotion is applicable for purchases (Economy Class, Business Class, and Business Suite one-way and return tickets) made via the Malaysia Airlines website, mobile app, contact centre, ticket offices, as well as official travel agents. The bonus Enrich Points earned will be credited within 14 days after the end of the campaign period, but you must complete your journey in order to be eligible for it.

MAS also noted that there is no limit to the bonus Enrich Points that can be earned, but the Points obtained will not contribute to the accumulation of Elite Points that are used to qualify or upgrade your Enrich Elite tier status. Additionally, if there are missing bonus Points, make sure to submit your claims within six months after the end of the promotion period; any claims made after this deadline will not be entertained.

(Image: Harian Metro)

For those who are not yet an Enrich member, but would like to tap into this promo, make sure to register for your membership via the MAS app or website with the code (ENRSAVE) before purchasing your flight tickets.

Aside from this MATTA 50% Bonus Enrich Points campaign, MAS – who is the official airline partner for the current MATTA Fair – is also making various other discounts and deals available to customers in conjunction with the fair. These include a 35% discount for selected international and domestic flights by MAS and 25% discount on all ancillaries for seat selection, lounge, baggage, and other items. You can also enjoy 40% discount on domestic and international flights by MAS’ subsidiary Firefly, as well as 20% discount on all flights by MASwings.

(Source:
The Star
)

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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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LIAM Extends Additional Aid For Affected Policyholders, Valid Until 31 December

Following the country’s third wave of the Covid-19 pandemic, the Life Insurance Association of Malaysia (LIAM) and its member companies have announced that it will extend additional aids for affected policyholders until 31 December 2020.

According to the president of LIAM, Loh Guat Lan, the additional measures are some of the immediate initiatives implemented to ease the burden faced by policyholders and their family members. The aids come in the form of financial assistance, including cash benefits, hospitalisation allowance, and lump-sum death/compassionate benefits. Depending on the life insurer, policyholders may be able to access benefits such as:

Financial assistance and support programmes for customers affected by Covid-19

6 months of premium relief of up to RM3,000 due to retrenchment (provided policy has been in force for at least a year prior to retrenchment)

Special death benefit payment ranging from RM5,000 to RM15,000 for frontline medical workers

Cash relief ranging from RM1,000 to RM5,000 for customers diagnosed with Covid-19

Cash benefits/hospitalisation allowance ranging from RM60 to RM250 per day and up to 30 days of hospitalisation

Special lump-sum death/compassionate benefits ranging from RM5,000 to RM20,000 upon the death of the insured

“We would like to advise affected policy holders to contact their insurance companies to find out on the additional benefits that they are eligible to claim and to check on the terms and conditions of their health insurance policy,” said Loh.

LIAM and the Malaysian Takaful Association (MTA) have also previously announced
two relief measures for policyholders
 under the
Prihatin Economic Stimulus Package
 in March. This includes a deferment period for life insurance policyholders and family takaful contributors who are affected by the pandemic, where they can postpone their regular premium payments for 90 days without affecting the policy coverage.

The assistance is offered to Covid-19 patients, individuals who are quarantined or have suffered a loss of income, as well as SMEs that experienced losses due to the pandemic. To date, over one million policyholders have benefited from the premium deferment relief, involving a total of over RM1.6 billion premium payment.

(Image: Asia Insurance Review)

Meanwhile, the second relief measure involves the extension of flexibilities to reinstate or preserve life insurance and family takaful protection. In other words, life insurers and family takaful operators will extend the period during which policyholders can reinstate their lapsed policies. Insurance companies may also provide other forms of support to help their clients keep their policies in force, such as restructuring policy features by lowering the sum assured or temporarily shortening the policy duration.

Both of the ongoing aids have been made available since 1 April, and will continue to prevail until 31 December 2020.

(Source:
LIAM
)

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Covid-19

Covid-19 Insurance Coverage

Family Takaful

LIAM

Life Insurance Association of Malaysia

Malaysian Takaful Association

MTA

PRIHATIN Economic Stimulus Package

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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