Income Tax Malaysia: What’s New For YA 2022?

Malaysians filing taxes for the year of assessment (YA) 2022 will see the introduction of several new tax reliefs and a number of updates to existing ones. There are also a number of special tax benefits – introduced as part of previous Covid-19 economic stimulus packages – that are coming to an end in YA 2022, or are further extended to YA 2023 (and beyond).

When filing your taxes this year, it’s good to know of these updates to ensure you are maximising your tax benefits. After all, these benefits are readily available to all taxpayers, so not claiming them is simply leaving money on the table!

New tax initiatives applicable for YA 2022

1) Purchase, installation, or rental of charging equipment for electric vehicles

(Image: Free Malaysia Today)

The government introduced this
 new tax relief of up to RM2,500
 as a way to encourage public interest in adopting electric vehicles (EV) within Malaysia. Specifically, it is allowed for these four types of payments on EV charging facilities:

Purchase/Hire-purchase of EV charging facility

Rental of EV charging facility

Subscription for use of EV charging facility

Installation cost of EV charging facility

Note that the EV charging facility installed
must
 be for your personal use, and not for business use; the tax relief is not applicable otherwise. The tax relief is currently provided for YA 2022 and YA 2023.

2) Tax relief for medical expenses expanded to include mental health

The income tax relief for medical examinations (claimable up to RM1,000) has been expanded to cover the
 consultation costs of psychiatrists, clinical psychologists, and licensed counsellors as well
 – applicable for self, spouse, or child. To tap into this tax relief, you must make sure that the expert consulted are properly registered:

Psychiatrist as defined under the Mental Health Act 2001 (Section 2)

Clinical psychologist registered with Malaysia Allied Health Professions Council

Counsellor registered with Board of Counsellors

Prior to this, the tax relief for medical examinations – which is a sub-category under the tax relief provided for medical expenses – was only applicable for complete medical examination for self, spouse, and child, as well as Covid-19 detection tests (including purchase of self-detection test kits).

3) Tax relief limit for SOCSO increased and expanded

(Image: Harian Metro)

The tax relief that can be claimed for contributions to the social security protection scheme under the Social Security Organisation (SOCSO/PERKESO) has been increased from RM250 to RM350. Its scope is also expanded to include employees’ contributions through the Employment Insurance System (EIS); this was previously excluded.

4) Tax relief for EPF expanded to include voluntary contributions

The tax relief for EPF contributions (claimable up to RM4,000) was previously provided only for mandatory contributions by employees in the private sector (non-public servants). For YA 2022, this tax relief is expanded to encompass voluntary EPF contributions, and will apply to those who are self-employed in the gig economy as well as pensionable civil servants (who make voluntary EPF contributions too).

Here’s a table from the Inland Revenue Board to summarise this update (which shows you the tax relief allowed for life insurance premiums as well since it is typically lumped together with the EPF tax relief):

Special tax measures/incentives extended from YA 2021

1) Special tax relief for personal computer, smartphone, or tablet

(Image: Malay Mail/Shafwan Zaidon)

This special tax relief of RM2,500 was originally introduced as part of the
 PENJANA economic recovery plan
 back in 2020 to encourage the work-from-home (WFH) culture during the onslaught of Covid-19. Originally meant to last from June to December 2020, it was eventually extended twice: until the end of 2021 under the
 Permai stimulus package
, and then
 until 31 December 2022
.
No extension
 has been provided after that, which means YA 2022 is the last time you can tap into this tax relief.

If you’re not already aware, this special tax relief is provided on top of the existing tax relief for lifestyle purchases (which is also set at RM2,500). For example, let’s say you’ve bought a laptop at the price of RM3,500. You can claim RM2,500 under the tax relief provided for lifestyle purchases, and the remaining RM1,000 under this special tax relief for personal computer, smartphone, or tablet.

2) Special tax relief for domestic tourism expenses

(Image: Malay Mail/KE Ooi)

Similar to the above special tax relief (for personal computer, smartphone, or tablet), the RM1,000 special income tax relief for domestic tourism expenses was also introduced under
 previous economic stimulus packages
 to help boost the tourism industry during Covid-19. It was extended once to 31 December 2021 as well, and then again
 until the end of 2022
.

As there are
no further extensions
 provided after that, YA 2022 is also the last time you can claim this tax relief. It covers a range of tourism-related expenses, including:

Payment for accommodation (must be registered with the
 Commissioner of Tourism Malaysia
)

Payment for entrance fees of tourist attractions

Purchase of domestic tour package through licensed travel agents, inclusive of fees for local tour guide services, purchase of local handicraft products, F&B, and transportation (including hop-on hop-off buses)

3) Tax relief for upskilling & self enhancement courses increased

(Image: Microsoft)

The government has increased the tax relief limit for self-enhancement and upskilling courses from RM1,000 to RM2,000 for YA 2022, in a bid to encourage Malaysians to pick up new skills to venture into new fields. Of course, you will need to check that the courses taken are recognised by the Department of Skills Development under the National Skills Development Act 2006.

First announced under Budget 2021 to help unemployed individuals regain their employability, Malaysians were allowed to claim a lesser amount of RM1,000 from the total education fees relief of RM7,000 for upskilling or self-enhancement courses in YA 2021. It was slated to end in 2022 (but was subsequently extended to YA 2023).

4) Tax relief for childcare centre and kindergarten

(Image: Malay Mail)

For YA 2022, parents paying fees to registered childcare centres and kindergartens will be allowed to continue claiming an increased tax relief of RM3,000. This increased limit has also been extended to YA 2024.

Prior to this, parents were only allowed to claim a relief of RM2,000 for this expense category, but it was increased to RM3,000 under the PENJANA stimulus package during Covid-19, to be provided until the end of 2022, but was subsequently extended until YA 2023 under Budget 2022. Then, it was extended once more to YA 2024 under the revised Budget 2023.

5) Tax deduction for Covid-19 donations

Taxpayers who have contributed donations in the country’s fight against the Covid-19 pandemic can still continue to enjoy tax deductions, restricted to 10% of their aggregate income (inclusive of other forms of donations made to other organisations as well). Essentially, donations of this nature will continue to be accepted for tax deductions
until
 the government officially declares that the pandemic is over
.

***

With this, we hope that you will not miss out on these new and special tax reliefs, in addition to the
 usual ones
! If you need in-depth help on filing your income tax form for YA 2022, our comprehensive
 YA 2021 income tax guide
 is also available as well. Alternatively, check out all of our
 income tax-related articles here
.

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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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Maybank Updates Daily Transaction Limits For Individual, Sole Proprietor Accountholders

(Image: The Star)

Maybank has announced that its individual and sole proprietor (business) accountholders will be provided with a new daily limit for selected transactions, including interbank GIRO (IBG) and DuitNow transfers, as well as DuitNow transactions. This is set to take effect starting from 18 June 2022.

With this, Maybank’s individual accountholders will now see their current daily limit for the following transactions updated to a new amount:

Transactions
Current daily limit
New daily limit (18 June onwards)
– Interbank GIRO (IBG) and DuitNow Transfer (to account)
– DuitNow transactions
RM30,000
RM50,000
RM50,000* (combined limit for IBG, DuitNow Transfer, and DuitNow)
* Higher transfer limit allowed based on total investable assets with Maybank

Meanwhile, the following changes will apply to sole proprietor accountholders:

Transactions
Current daily limit
New daily limit (18 June onwards)
3
rd
 party
RM30,000
RM100,000
– Interbank GIRO (IBG) and DuitNow Transfer (to account)
– DuitNow transactions
RM30,000
RM50,000
RM100,000 (combined limit for IBG, DuitNow Transfer, and DuitNow)

Maybank further clarified that all the above changes will be reflected on the Maybank2u website and app, as well as the MAE by Maybank2u (MAE) app.

“To check or change your transaction limits, log in to Maybank2u web, go to ‘Settings’ and select ‘Pay & Transfer’. Please note that this action will require TAC authorisation via SMS to complete,” the bank stated. It also reminded customers to never share their TAC, login username and password, as well as other banking details with anyone.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Liverpool vs Barcelona, Credit Cards Edition: Which Team Wins?

Liverpool’s miraculous Champions League semi-final performance saw the English side overthrow Barcelona’s three-goal first-leg lead, comprehensively beating the Spanish champions 4-0 and secure a spot in the Champion’s League final. Liverpool may have proven themselves the victor on the field, but when it comes to the respective teams’ credit cards, which football club’s credit card would emerge the winner?

We take a look at the
Maybank FC Barcelona Visa Signature
 and the
Standard Chartered Liverpool Cashback Card
 to see which is the better cashback credit card.

Maybank FC Barcelona Visa Signature

The Maybank FC Barcelona is a straightforward cashback credit card: it offers 2% cashback on all retail purchases, capped at RM50 with no minimum spend requirement. As a major bonus, the card increases its cashback rate to 10% at a RM100 cap during the months of May and August, which is when football season ends and begins each year.

Standard Chartered Liverpool FC Cashback Card

The Standard Chartered Liverpool FC Cashback offers varying cashback rates depending on how much you spend each month. You are eligible for cashback as long as you spend a minimum of RM500 a month and get the highest rate of 5% when you spend RM1,500 and above. Like the Maybank FC Barcelona (besides in May and August), monthly cashback is capped at a maximum of RM50.

Monthly Retail Spend

Cashback

Cap

RM500 – RM799.99

2%

RM10

RM800 – RM1,499.99

3%

RM25

RM1,500 and above

5%

RM50

Which card gives the better cashback returns?

We start off by looking at how much is the maximum total cashback each credit card can give you in a year. With the Maybank FC Barcelona, you can get a promising RM700 in cashback returns a year – but that’s only if you spend RM1,000 a month in May and August, and RM2,500 per month for the rest of the year. This means you have to spend a total of RM27,000 in a year to achieve that maximum RM700 in cashback.

Using the Standard Chartered Liverpool card, you get a lesser amount of RM600 total yearly cashback at the highest rate of cashback offered – but you only need to spend RM1,500 a month (RM18,000 per year) to reach this maximum amount.

Clearly, the range of your expenditure plays an important part in determining which is the right cashback credit card for you – so let’s compare the two cards based on the differing amounts of monthly spend.

Breaking it down

For those who spend above RM2,500 a month

Verdict:
 The FC Barcelona takes the lead here. 2% of this amount would allow you to hit that RM50 of cashback each month, and you have the bonus months of May and August to give you an extra RM100 of cashback in a year compared to the Liverpool FC Cashback.

For those who spend over RM1,500 a month

Verdict:
 The Liverpool FC Cashback springs a counter-attack by earning RM50 worth of cashback by spending this much each month. If you were using the FC Barcelona’s 2% rate of cashback, you would have only earned RM30 of cashback.

For those who spend about RM1,000 a month

Verdict:
 This falls within the range of the Standard Chartered Liverpool FC’s 3% cashback rate, which is still higher than Maybank FC Barcelona’s 2%. But be wary of this offside trap: the cashback for this tier is capped at RM25, which may clip your returns the more you spend.

For those who spend around RM500 a month

Verdict:
Here is where the Maybank FC Barcelona scores again. If you’re spending below RM800 a month, both cards offer the same cashback rate, but the Standard Chartered Liverpool will cap your effective cashback earnings. And of course, for monthly spend below RM500, you don’t get any cashback from the Liverpool card.

Watch out for the exclusions

Of course, there’s no use comparing the cashback returns blindly without taking into consideration the restrictions of each card. Starting from 1 June 2019, the FC Barcelona Visa Signature will
not be giving cashback for spending on utilities and government bodies
. Meanwhile, the Standard Chartered Liverpool does not offer cashback for petrol and insurance transactions, although they do count towards the minimum spend requirement.

Therefore, when calculating your monthly expenses to see which card you want to get, make sure to take these exclusions into consideration. For example, not getting cashback on utilities transactions may be a deal breaker for you – although you can just as easily get another credit card to get cashback specifically for
paying your utility bills
.

Check the eligibility requirements

The Maybank FC Barcelona Visa Signature scores major points for being free for life with no strings attached, while the Standard Chartered Liverpool FC Cashback has an annual fee of RM175, waived only for the first year. However, Standard Chartered is running a promotion until 31 October 2020 where cardholders get to redeem an official Liverpool Football Club jersey for free when you pay your annual fee. The 2019/2020 home jersey is worth RM299 – well above the card’s annual fee.

As you know, you’ll have to spend more on the Maybank FC Barcelona than the Standard Chartered Liverpool to get the maximum monthly cashback, and the minimum income requirements of each card reflect this accordingly. You need to earn RM48,000 per year or RM4,000 a month to qualify for the Maybank FC Barcelona. For the Standard Chartered Liverpool, those who earn a minimum of RM36,000 per annum (RM3,000 per month) can apply.

Final score: which is the better cashback card?

You should be able to see from our examples above that there is no definitive winner when it comes to these two cashback credit cards; it really does depend on each individual’s monthly expenditure and spending patterns. Just like with actual football clubs, the Maybank FC Barcelona Visa Signature may be more than a credit card, but someone else may argue that the you’ll never walk alone with the Standard Chartered Liverpool FC Cashback Card.

But here’s an overhead kick to end this match: if you spend above RM2,500 a month and use
both
cards, splitting RM1,500 on the LFC card and the remaining RM1,000 on the FCB card will yield RM70 in monthly cashback (and RM150 for May and August!) But would you use a card bearing a club crest that’s not the one in your heart? That’s a penalty we’ll leave you to decide.

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Jacie Tan

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Report: Malaysian Companies Expected To Increase Salary Budget For Employees In 2023

(Image: Malay Mail/Shafwan Zaidon)

Global advisory, broking, and solutions company WTW said that companies in Malaysia are likely to increase their budgets for employee salaries by 5% in 2023. Revealed in its Salary Budget Planning Report 2022, the increase is attributed primarily to the competitive labour market conditions and inflationary pressures brought on by the rising cost of living.

According to the managing director and head of work rewards business (South Asia, Asean, and Malaysia) for WTW, Tan Juan Jim, Malaysian companies have taken steps to increase their salary budgets through various strategies in response to global salary budget trends. These include optimising total rewards for their employees, as well as adjusting prices where relevant.

“Companies are taking multiple actions, which include enhancing employee experience and modifying their compensation programme, to address the labour shortages issue in Malaysia. Some companies are also making more frequent salary increase adjustments (and) in fact, 40% of organisations are even considering biannual salary increases to attract and retain talent,” Tan further commented.

(Image: Malay Mail/Choo Choy May)

Tan also noted that companies have been compelled to review their people strategies due to compounding economic conditions, such as the current high inflation rates and the uncertainty of how long-lasting it would be. One popular method involves tapping into non-monetary benefits for employees, including telehealth services.

“With significant risks in the local economy, continued high inflation and employers grappling with talent supply challenges, organisations must be more creative to address attraction and retention challenges. For instance, information technology skills are one of the most sought after by companies now, with 71% of the organisations reported experiencing problems to retain and attract digital talents,” Tan shared, adding that companies can consider addressing these challenges by adopting pay-for-performance models, or hiring candidates with higher-order thinking (HOT) skills.

Similarly, WTW Malaysia’s associate director of rewards and data intelligence, Michael Ng also echoed Tan’s belief that many companies will seek to improve their employee remuneration packages by offering alternative or new well-being programmes. “Other than salary increases, more than 60% of companies are taking non-financial measures, offering more workplace flexibility to address the competitive labour market and inflation pressures,” he said.

(Image: Malay Mail/Choo Choy May)

Ng also foresees that local companies will rely on ongoing discussions of median salary increase expectations to guide their retention and attraction strategies. He further explained that employees will likely only gain a 1% real wage increase, calculated based on an expected 5% overall increase and an inflation rate of 4%. Given these figures, he believes that wages can actually be increased further.

Additionally, Ng stressed that two-thirds of organisations – especially those in the digital, production, and engineering fields – are having trouble attracting and retaining employees. “Since three years ago, employers find that it is getting harder to retain employees in anticipation of 2023, and learning from the pandemic and various uncertainties surrounding the market, employers had learned new ways of attracting and retaining employees,” he said.

On the topic of in-demand jobs, Ng stated that many companies are seeking to fill technology-related roles, including business analysts, data engineers, machine learning engineers, business intelligence analysts, and customer intelligence analysts. This trend is likely to continue in 2023 as Malaysia’s digital economy expands, he said.

(Source:
The Sun Daily
)

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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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Exemptions For Driving Licence, Road Tax Renewals Extended Until 31 May

The Ministry of Transport has extended the exemption for private vehicle owners to renew their driving licenses (LM) and motor vehicle licences or road tax (LKM) from 1 April to 31 May 2021.

“However, drivers must have a valid motor vehicle insurance and present their e-cover notes to traffic enforcement personnel upon request,” said transport minister Wee Ka Siong. According to the minister, the exemptions are made in a bid to tackle overcrowding in public spaces.

Individuals whose driving licence or road tax has expired between 1 February and 31 March 2021 must make their renewals within 60 days from 1 April to 31 May 2021. Similarly, those with licences expiring between 1 April and 31 May must renew them within 60 days from 1 June to 31 July.

The transport ministry had provided the exemption for renewals
earlier this year
 for the period of 1 February to 31 March due to the enforcement of the second movement control order (MCO 2.0) in the country. A similar exemption had been introduced during the
first round of MCO
 last year.

(Source:
Malay Mail
)

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Jacie Tan

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CIMB cardholders get 10% off Star Trek: The Exhibition

You might not have a spaceship to boldly go where no one has gone before. But if you’re a true blue Trekkie, you’ll probably agree that going to
Star Trek: The Exhibition
 is the next best thing.

Which is great because
CIMB is giving its credit card holders 10% off tickets and merchandise at the exhibition,
 currently being held at Pusat Sains Negara.

Regular ticket prices are RM20 for adults and RM10 for youngsters aged 3-17. Get ready to be beamed up to pure Star Trek awesomeness. You’ve only till 31 March to do so.

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Maybank Offers Targeted Repayment Assistance Programme To Continue Supporting Customers’ Recovery

(Image: The Star)

Maybank has said that it will continue to support customers who are still recovering from the financial repercussions of Covid-19, despite the complete reopening of Malaysia’s economy. This will be done via the resumption of a targeted repayment assistance programme – which is now open for application.

According to a statement the bank, the assistance programme will be made available to individual customers who have experienced loss of employment or at least 50% reduction in income. Small and medium enterprise (SME) and non-retail customers who have experienced a decrease in revenue can also apply.

Depending on your financial situation and types of loans, you’ll be entitled to different assistance packages.

Customers
Loan types
Assistance packages
Individual and SME customers who experienced loss of employment
– Mortgage loan/financing-i
– Salary loan/financing-i
– ASB loan/financing-i
– Education loan/financing-i
– SME loan/financing-i
Payment deferment for six months, followed by a reduction of 50% instalment for nine months
Individual customers who experienced loss of employment
– Hire purchase loan/financing-i
Payment deferment for six months (with extension of tenure)
Individual and SME customers with at least 50% reduction in income
– Mortgage loan/financing-i
– Salary loan/financing-i
– ASB loan/financing-i
– Education loan/financing-i
– SME loan/financing-i
– Hire purchase loan/financing-i
50% reduction of instalments for six months
Individual customers with at least 50% reduction in income
– Credit card/credit card-i
Convert outstanding balance on credit cards to an instalment programme of 36 months

(Image: The Edge Markets)

Note that all customers must also meet the following criteria in order to qualify for this programme:

Not enrolled under an existing repayment assistance programme as of the application date
Loan/financing is not in in arrears for more than 90 days as of the application date
Loan/financing was disbursed on or before 30 September 2021

Those who are eligible and wish to apply for the programme can do so by emailing their applications to Maybank at
[email protected]
 (individual customers) or
[email protected]
 (for SME customers). Make sure to also submit all the required supporting documents; individual customers, for instance, can choose to provide either their EPF statements, income tax assessments, salary slips, or official letter confirming a reduction in income. You can find out the exact documents required on the the
Maybank2u Covid-19 Repayment Assistance page
.

Maybank further said that its repayment assistance programme will complement the
existing Financial Management and Resilience (URUS) programme
, which is made available to B50 customers until 31 March 2022. This targeted loan repayment assistance programme is also likely an effort to abide by Bank Negara Malaysia’s (BNM) directives, which had previously said that banks in Malaysia will continue to offer targeted loan repayment assistance to borrowers following the expiry of the
second loan moratorium (offered in June 2021)
.

Prior to this, Maybank had already provided various other forms of relief programmes for its customers under the government’s stimulus packages, including
PEMERKASA Plus
 and
PEMULIH
. As of 31 December 2021, Maybank had close to RM80 billion of loans and financing that were placed under such programmes, although the amount had gradually reduced in February 2022 as customers’ financial burdens began to ease with the economy’s reopening.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Apple iPad Air & Guaranteed Xiaomi Mi Watch Lite Are Up For Grabs With 5 Participating Banks

The Unbox This Week credit card campaign is serving up big prizes and guaranteed gifts with 5 participating banks!

For those who are new to this campaign, the Unboxing This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll get to take home some great prizes.

For this week (13 – 20 September), our featured bank partners include
Citibank, HSBC Bank, Standard Chartered Bank, CIMB, and Maybank.
So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

The Big Prize: Apple iPad Air

Stand a chance to win an iPad Air when you apply for selected cards from any of the banks listed below through us! The iPad Air will be given to 50 randomly chosen successful applicants who submit their application from 13 to 20 September and meet individual bank requirements to be eligible for the prize.

Fitted with an A14 bionic chip, the iPad Air features one the fastest CPU and graphic performances, and works seamlessly with the Apple Pencil and Magic Keyboard so you can write emails, create spreadsheets, and more. It also has an all-screen design with a 10.9-inch Liquid Retina display, which is beautiful to look at, be it when you’re watching your favourite programmes or working on your projects.

Read on to find out the individual bank requirements:

Citibank: Activate and spend a minimum of 8 retail transactions on your new card within 60 days upon gaining approval. Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion.

Apply for a Citi credit card here.

Standard Chartered Bank: Activate your card within 30 days upon approval to be eligible for this prize. Do be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign.

Apply for a Standard Chartered Credit Card here.

HSBC Bank: Activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval. Current cardholders and applicants who were denied within 6 months prior to this campaign, as well as those who have cancelled their HSBC credit cards within 6 months prior to this campaign are not eligible for our campaign.

Apply for an HSBC Credit Card here.

CIMB Bank: Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, you do have to activate and spend any amount to meet the requirements of the campaign and be eligible to win the prize. Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the 6 months are not eligible for this campaign.

Apply for the CIMB e Credit Card here.

The Guaranteed Gift: Xiaomi Mi Watch Lite For Selected Cards

Not just a smart watch, the Mi Watch Lite has up to 9 days worth of battery life and over 120 themed watch faces with  a variety of watch face function customizations to satisfy your ever-changing style.

Equipped with GPS+GLONASS positioning and multiple smart sensors, the Mi Watch Lite can accurately track your trajectory, speed, distance, and calories burnt. It can also measure any changes in heart rate, providing a clear picture of your overall workout performance.

This gift is guaranteed for all successful applicants. Existing cardholders of any Maybank Credit Card and those who had cancelled any of his/her Maybank Credit Card within 6 months before the date of application are not eligible to participate in this campaign.

Apply for a Maybank Credit Card here.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 20 September (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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HSBC Credit Cards

Maybank

RinggitPlus Unbox This Week Campaign

Standard Chartered Credit Cards

Xiaomi

Xiaomi Mi Watch Lite

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Chee Jo-Ey

Chee Jo-Ey

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Government Confirms No Rise In Electricity & Water Tariffs; Reverses Decision On Floating Prices For Chicken

(Image: The Star)

Prime Minister, Dato’ Sri Ismail Sabri has announced that there will not be any increase in the tariffs for electricity and water in Peninsular Malaysia. In addition, the decision to remove ceiling prices for chicken has been reversed, with a new ceiling price to be announced at a later date.

The announcement appears to quell recent concerns that
electricity tariff rates may go up
 due to the large price hikes in coal, which contributes to almost 50% of Malaysia’s power generation needs. Since the Russia-Ukraine tensions began, coal prices have surged 400%.

(Image: The Star/Lim Beng Tatt)

Separately, the government has also made a swift U-turn on its decision to
remove the ceiling prices for chicken in the country from 1 July 2022
, which was announced just two days ago. However, the Prime Minister stated that there will be a new ceiling price that will be announced at a later date. Currently, the ceiling prices are set at RM8.90 per kg for standard chicken, and RM9.90 per kg for super whole chicken in Peninsular Malaysia.

“This decision proves that the government is committed to safeguarding the interest of Keluarga Malaysia so that they are not burdened with the rising cost of living,” he said.

Meanwhile, the decision to remove ceiling prices of chicken eggs and subsidies for bottled cooking oil from 1 July 2022 remain in place.

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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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You could see your name on the Forbes list, too

So recently Forbes announced its
much-anticipated list of the 50 richest Malaysians.
 Not surprisingly, it’s one that’s still dominated by the usual suspects – Robert Kuok, Ananda Krishnan, Tan Sri Lim Kok Thay and the like.

These folks all made it there thanks to a mix of financial savvy, hard work, the right connections and a bit of luck. They are proof of the fantastic capabilities our fellow Malaysians have in running mega business concerns not just locally, but around the world.

In fact, this year we have 14 billionaires in the country compared to 11 in 2012. So clearly more and more of us are getting better at this wealth-building thing as time goes by.

If you’re sitting there in your snug little cubicle reading this, wondering when will it ever be your turn to hit the big time, the RinggitPlus team has got some great news for you.

Maybank is happy to help you start off on your path to riches with
a seminar about capitalising on the stock market by Wealth Mentors.
 Best of all, it’s FREE for Maybankard holders.

So if you’ve got a Maybankard in your wallet, we highly recommend that you clear your schedule and make your way down to the talk at one of the locations near you. You’ve got nothing to lose and everything to gain, really.

And who knows? It could just turn out to be that first step to getting your name on the Forbes Malaysia’s 50 Richest list sometime down the road. You’ll thank us for sharing this with you then!

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John Royce

John Royce

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Futu Officially Launches Investment Platform moomoo In Malaysia

Hong Kong-based Futu Holdings has officially launched its investment platform, moomoo, in Malaysia, with the aim of enabling better access to investment opportunities and promoting financial inclusion. This comes following the company’s recent success in obtaining an approval-in-principle (AIP) from the Securities Commission Malaysia (SC) to operate in the country via its wholly-owned Malaysian subsidiary.

In a statement, Futu highlighted that its platform is equipped with “highly intuitive tools, features, and functions”. Chief of all, moomoo clients will be able to invest in a variety of assets, including stocks and exchange-traded funds (ETFs). They will also be able to trade shares of companies in different regions – including the United States, Hong Kong, Singapore, and China – under one account.

In addition to these capabilities, retail investors using moomoo are encouraged to adopt a “self-directed learning approach to securities and derivatives trading”. Essentially, this means you’ll be given access to exclusive market data, financial news, as well as investor education materials via the platform.

(Image: PRNewsfoto/Futu Holdings Limited)

During the launch, Futu noted that Malaysia is the second Southeast Asian (SEA) market in which moomoo is launched – its first was Singapore, back in 2021 – and that the country is set to be a catalyst for growth for the platform. This is attributed to Malaysia’s business-friendly environment, educated talent pool, and high digital literacy levels.

Senior partner and senior vice president of Futu Holdings Limited, Robin Xu also highlighted that the company is committed to empowering all of its clients on their investment journey. “Our world-class research and development capabilities and long-standing business success in serving over 20 million users worldwide allow us to provide better tech-driven solutions to the market, enabling everyone to be equipped with the necessary access, tools, and knowledge to make informed decisions along the investment journey,” he said.

Xu also said that Futu’s success in obtaining the AIP from the SC is a considerable achievement for the company as it marks a “giant leap in its Southeast Asia business expansion plans”. Futu began its venture into securities trading in 2011, and has grown since then. Now, aside from Singapore and Malaysia, its moomoo platform is also available in the US and Australia. It also has another proprietary digital platform called Futubull.

(Sources:
PR Newswire
,
moomoo Malaysia
)

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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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    Anonymous

    3 months ago

So when and how can we can invest in their platform?

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    Akmal Jaafar

    2 months ago

    Reply to

        Anonymous

I would also like to know

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    C G

    28 days ago

now.. moomoo just told me that it’s still not open for Malaysians

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Guaranteed Apple AirPods, RM600 Cash via DuitNow, RM600 Lazada e-Vouchers, RM280 Firefly e-Vouchers & More

November is upon us and we here at RinggitPlus are giving you guaranteed gifts with selected credit cards!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (1 – 8 November), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, CIMB, and Alliance Bank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank: Guaranteed Apple AirPods

Get the Apple AirPods when you apply, get approved, and spend with a Citibank credit card. Take it with you on your daily morning walks or plug them in during work, the Apple AirPods can fit seamlessly into your day with its minimalistic design and rich high-quality sound.

To be eligible, remember to activate and spend a minimum of 8 retail transactions on your new card within 60 days upon approval. Once the bank has confirmed your eligibility, you’ll receive instructions from us via email on how you can claim your gift.

Please take note that current card members and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citibank credit cards can
head on over here to do so.

HSBC: Guaranteed RM600 Cash via DuitNow

Spend, save, or invest the guaranteed RM600 Cash via DuitNow when you apply, get approved, and spend with your new HSBC credit card.

Upon approval, activate your new card and spend a minimum of RM1,000 within 60 days to take home your prize.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months prior to this campaign are not eligible to take part in this campaign. Otherwise, you can apply for your
HSBC credit card here
.

Standard Chartered Bank: Guaranteed RM600 Lazada e-Voucher

The famous double-date sale is coming up this month and this guaranteed gift is perfect for you to save on your Lazada cart! Just apply, get approved and spend with a Standard Chartered credit card to get the guaranteed RM600 Lazada e-Voucher.

Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign in the past six months. If you qualify, then you can
apply for your new Standard Chartered credit card here.

CIMB: Guaranteed RM280 Firefly e-Voucher

Whether you’re heading to a holiday destination or looking to visit your loved ones back at your home state, save on flights with a guaranteed RM280 Firefly e-Voucher when you apply, activate, and swipe any transaction amount with a new CIMB e credit card.

Please take note that existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB e credit card in the past 6 months are not eligible for this campaign. Otherwise, you can apply for a
CIMB e credit card here.

Alliance Bank: Riino EVolution V8 Super Cyclone Vacuum

With its Super Cyclone Technology that consumes less electricity yet more suction, the Riino EVolution V8 Corded Vacuum (585F) is suitable for all surfaces and particles for a cleaner home. Get this guaranteed home appliance when you apply, get approved, and activate your new Alliance credit card.

Upon approval, you just have to activate to meet the requirements of the campaign and be eligible to get the prize.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign.
Apply for an Alliance Bank Credit Card here.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 8 November (1 pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

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

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TNG eWallet Launches GOprotect Insurance Hub

Touch ‘n Go (TNG) Digital has announced the launch of GOprotect, described as a “a one-stop insurance hub” housed within TNG eWallet that lets users purchase various insurance offerings via the app.

Within the new GOprotect tile that you can find in your TNG eWallet app, you’ll be able to view and purchase all the six different insurance products that have been rolled out by TNG eWallet thus far, namely:

WalletSafe
: Protection for your TNG eWallet credit and GO+ balance

SafeTrip
: Travel insurance

SafeHome
: Fire insurance plan for your home

CI Insure
: Critical illness insurance that covers the top five critical illnesses in Malaysia

CarInsure
: Car insurance

MotoInsure
: Motorcycle insurance

In addition to that, you’ll also be able to obtain quotes for free from several insurers to compare before making your actual purchase, including AIA Malaysia, Allianz, Etiqa, MSIG, Takaful Ikhlas, Takaful Malaysia, and Zurich Takaful.

TNG Digital further highlighted the convenience of purchasing your insurance via its TNG eWallet app; with GOprotect, users can purchase an insurance in less than three minutes, and you can also easily access your policies through the “My Policies” section at any time (found within the GOprotect tile). Additionally, TNG eWallet will ensure that your transactions are secure through the implementation of its
safety and security measures
.

Chief executive officer of TNG Digital, Alan Ni said that the company has always envisioned TNG eWallet as a one-stop alternative to banking solutions, enabling users to access a full suite of financial services products conveniently. The launch of GOprotect is one step towards that ambition.

“TNG eWallet already has more than two million policies issued since the launch of its first insurance product in July 2021. In 2022 alone, we managed to issue 1.5 million policies and we plan on doubling the number of policies this year. We will continue to improve the overall insurance penetration, especially amongst the B40 group, which is still very low at only 30%,” Ni further said.

TNG eWallet first ventured into insurance products with the introduction of
CarInsure
 in July 2021, followed by other subsequent offerings, such as
WalletSafe
 and
SafeTrip
. Prior to the launch of GOprotect, all of these insurance offerings were simply grouped under an unbranded “Insurance” tile in the TNG eWallet app.

With the launch of GOprotect, Ni said that TNG eWallet is looking to introduce more value-for-money insurance products in the near future. In the meantime, TNG eWallet users can tap into a campaign held in conjunction with this launch, where they can win 100% cashback when they purchase an insurance plan via GOprotect. Running until 31 May 2023, only six lucky winners will be selected each day.

(Source:
TNG eWallet
)

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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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Fight Rising Prices with The Best Cash Back Credit Cards

Are you fed up with watching you grocery bills and petrol expenses rise faster than your salary? Do you need help beating back those never-ending living expenses? You’re in luck because the RinggitPlus team has picked out the best cash back credit cards to help you fight these battles. If you’re not 100% sure how cash back credit cards work then have a look at our introductory post,
What is a Cash Back Credit Card?

Heavy Hitter Credit Card Cash Rebates

The
Citibank Cash Back Platinum
 &
UOB ONE Card
 offer a wide range of cash back rebates, including 5% on petrol, 2% on pharmacies, 2%, on groceries, 2% on mobile bills and 0.3% on everything else.

UOB also gives selected additional rebates such as 5% on GSC Cinemas and 2% on BHPetrol. Out of all these categories, the petrol cash back is capped at RM30 per month, groceries is capped at

RM60 for Citibank and RM30 for UOB, and mobile is capped at RM6 for UOB.

We know that all these different cash back rebates and caps for different categories can be pretty confusing, but if your monthly credit card spend is over RM3,000 then these cards will reward you. Taking the Citibank Cash Back Platinum as an example, even if you hit the limit for petrol and groceries, you would have earned RM90 and there is still room for further rebates on other categories.

Weekend Warrior Credit Card Cash Rebates

If you do most of your shopping on the weekends then
The Maybankard 2 Gold Cards
 (you get one American Express and one MasterCard) is right for you.  The American Express offers 5% cash back on all weekend retail spending with no restrictions on certain categories like petrol or groceries. The maximum total monthly cash back is a very fair RM50.

Another great weekend cash back card is the
HSBC MPower Visa Platinum Credit Card-i
. If your total monthly credit card bill is over RM1,501 then this card offers up to 8% cash back on petrol, groceries and dining spent on weekends. The regular cap for cash back is RM50 a month but HSBC rewards big spenders by increasing the maximum cash back to RM100 if your monthly credit card bill is over RM5,001.

Digital Diehard Credit Card Cash Rebates

If your daily routine revolves around Zalora and Groupon then the
UOB VOX Card
 is the answer to all your prayers. UOB are offering 5% cash back for all on online purchases with a maximum of RM50. This card also gives up to 3% on retail purchases (but your previous statement balance must be RM8,000 and above to enjoy 3%).

Ol’ Faithful Credit Card Cash Rebates

The
OCBC Titanium MasterCard
 is probably the best all-round cash back card here. This card has a RM50 maximum monthly rebate and 5% cash back on petrol, groceries, utilities and dining. While this might seem fairly standard, we like this card because there are no restrictions on which days you earn the cash back and there are no caps on specific categories. As long as your monthly total spending on petrol, groceries, utilities and dining hits RM1,000 (and let’s be honest, it isn’t hard to do!), then you will be rewarded with RM50 of cash back. Easy peasy.

The RinggitPlus Team’s Advice

If you’re a big spender the
Citibank Cash Back Platinum
 &
UOB ONE Card
 will suit you well, but if you tend to spend more on the weekends then look into the
The Maybankard 2 Gold Cards
 and
HSBC MPower Visa Platinum Credit Card-i
.

If you can’t get through the week without a new Groupon deal then you have to checkout the
UOB VOX Card
.

Last but not least, if you want a straightforward and simple credit card which consistently delivers your RM50 monthly cash back then the
OCBC Titanium MasterCard
 is the one for you.

Cartoon Source:
The Punch

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3 Reasons KITA Mekar Would Make A Great Home Address

Artist’s Impression

As one reaches adulthood and financial stability in life, having a space to call their own usually becomes a life goal. Whether it’s through renting or buying, many like the idea of having their own privacy, freedom to decorate based on their aesthetics, and rooms dedicated to their liking, such as an entertainment room, personal study, home office, or even a home gym.

However, for those looking for a more permanent home, perhaps to grow their own family into, finding one that checks all their boxes and fits their budget may not be something very straightforward. Instead, it’s more circumstantial and would involve a compromise of some sort, e.g., a more central location instead of more square footage, better facilities instead of easier accessibility to highways.

Introducing
KITA
 Mekar

Launched in 2018, KITA @ Cybersouth is a gated and guarded township situated in the up-and-coming southern corridor of Greater Klang Valley – more specifically in Dengkil, near Cyberjaya and the Multimedia Super Corridor (MSC Malaysia). Within KITA @ Cybersouth’s Malay-reserved land lies KITA Mekar, a residential neighbourhood consisting of three types of homes.

Here are three reasons to consider making KITA MEKAR your new home:

1. Amenities & Facilities Dedicated To Joy & Convenience

Artist’s Impression

Living in KITA Mekar means you’ll get to enjoy over 30 facilities within the neighbourhood. Let’s say you’ve been busy at work for an entire week and miss spending quality time with your children – why not spend some hours with your little ones playing hopscotch? You could also accompany your elders as they soak in the warmth of the golden hour during evening walks in the many gardens.

Beyond the neighbourhood, residents can find services and amenities that most would need such as healthcare, police stations, shopping malls, educational institutions, and daily services like laundry and such. All these can be found just minutes away by car.

2. Affordable Homes In The Greater Klang Valley Area

Artist’s Impression

While property prices have seen a rise in recent years due to inflation, this does not mean that finding a home that both provides sufficient space and comes with an attainable price tag is impossible.

Artist’s Impression

At KITA Mekar’s Malay reserve neighbourhood, a townhouse starts from RM429,000, while a double-storey home starts at RM575,000, which makes units at KITA Mekar affordable when compared to most landed properties within Klang Valley. Single-storey units have been fully sold.

3. Multi-Generational Homes For All Stages Of Life

There are three types of properties available at KITA Mekar, namely single-storey terraces, double-storey terraces, and townhouses.

Single-storey terraces would be fitting for the elderly who prefer having the obstacle of a staircase removed from their home. This means they can easily access all corners of the house without needing to exert energy into climbing the stairs in their 1,094 sqft home. Alternatively, those who don’t require the extra bedroom could also opt for the single-storey terrace to minimise cleaning spaces!

Artist’s Impression

Double-storey terraces in KITA Mekar have a built-up size of 1,447 sqft and also offer four bedrooms, with an additional bathroom, which makes it a great option for growing families. Residents can also opt to convert the extra room into dedicated spaces for entertainment, working out, or even a home office.

For those looking to enjoy a landed-living experience and facilities, KITA Mekar’s townhouse can be considered. Buyers can choose from either the ground floor for easy access or the upper floor for extra privacy. The ground floor is sized at 1,346 sqft whereas the upper floor measures 1,483 sqft.

***

If you’re looking for an affordable home that you can call your own, consider becoming a resident of KITA Mekar’s gated and guarded neighbourhood. Besides the variety of homes on offer, there are plenty of outdoor spaces to make grand memories in. Plus, it’s close to UiTM Dengkil, Heriot-Watt University, D’Pulze Shopping Centre, Multimedia University, and is a convenient drive to MSC Malaysia’s Special Economic Zone and high-technology business district.

Visit
KITA Mekar’s website
 for more information.

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Lisa Ameera Azman

Lisa Ameera Azman

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Transport Minister: CNY Flight Tickets For 2023 Are Available For Early Booking

Transport Minister Datuk Seri Dr Wee Ka Siong said that flight tickets for the Chinese New Year festive season in 2023 are already available for sale, and urged travellers to book their flights early. This is so they can avoid having to purchase expensive tickets at a later date.

According to the minister, the price of these tickets currently range between RM300 to RM400. “People should buy early if they have plans to go home. Otherwise, any later or last-minute purchase will result in high ticket prices. This is because all flight tickets are determined through dynamic pricing mechanisms,” he added.

Aside from that, Dr Wee also commented on the issue of expensive flight tickets during the current Hari Raya festive season. He cited the ongoing Russia-Ukraine crisis as a key factor for the price hike as the war has affected global oil prices. This, in turn, influenced flight ticket prices for all domestic and international flights.

To illustrate his point, Dr Wee said that a flight ticket to China previously cost only several thousands of ringgit. At present, however, the price of such tickets has increased to tens of thousands of ringgit. “It’s not to say they do this deliberately, but it was due to the increased oil prices. And we have to consider the demand too,” he said, adding that he has tasked the Malaysian Aviation Commission (MAVCOM) to monitor the prices.

Finally, Dr Wee urged all public transport operators – including airlines, trains, and buses – to put in place an integrated approach, where they come up with additional routes during peak seasons. This is to ensure that the high demand for travel from the public during these periods can be adequately met.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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How do Islamic Credit Cards Work?

An Islamic credit card varies from a conventional banking credit card but essentially, both cards carry out the same function.

Using an Islamic card also allows you to make upfront purchases and pay for all of it on a later date. However, Islamic credit cards function on different fundamentals as conventional banking cards do.

Islamic cards are Shariah compliant and therefore limits purchases to halal transactions only. In most cases, this would relate to the food and beverage industry. Bars and restaurants that serve alcohol or any form of non-halal eateries will not accept an Islamic credit card. These aren’t the only differences from standard credit cards however.

How Else is it Different?

An Islamic card uses the concept of
Ta’widh
 for its transactions. This is an agreement between the financier and the recipient. The bank acting as the financier, is obliged to provide funding and the recipient is obliged to make payments in return for the financing he receives.

Like all credit cards, you make payments upon the stipulated statement date. However, if your surpass the deadline or do not cover the full amount, the credit card company does not charge you interest. It instead charges a fee or what is called a profit rate on the remaining balance.

This is because it is against Islam to impose interest, which is known as
riba
. That does not mean there are no charges involved. To counter that, the Islamic credit cards charge a fee or profit rate instead.

Another concept that it uses is Ujrah where a payment is made in exchanged for services, benefits and privileges that are being offered to the cardholders. This is how credit cards like
CIMB Islamic MasterCard
, can charge a fee for services like its cash advance feature.

Why Should You Get It?

We are familiar that purchases on Islamic credit cards are limited to products and services that are halal in nature. That obviously takes a part the purchasing options away for the non-Muslims, making them lean toward a conventional banking card.

However, one of the greatest benefits you would receive on an Islamic card is, there are
no compounding interest or fees
 incurred on outstanding balances.

If you do tend to make partial payment on your cards, non-compounding fees or interest could save you some money.

Takaful Benefits

It is almost impossible to stress how important an insurance policy is to one’s life, especially in a time of need.

Having an Islamic credit card ensures you enjoy complimentary Takaful protection whenever you travel, which is similar to the credit card benefit conventional banking provides you.

However, certain banks like
Bank Rakyat Gold Credit Card-i
, takes it a step further. Should you endure some form of permanent disability or suffer from death, the credit card offers a complimentary family Takaful benefit that clears off all your outstanding balance.

The beneficiary of the card holder will also receive a compassionate sum of up to RM1,000. That would at least help to keep your estate and other assets untouched, as the credit card company will not be siphoning off a portion for all the outstanding debts, leaving your family with lesser.

Not Just for Muslims

Islamic credit cards are not specifically made for those who are of Muslim faith. In fact, anyone can apply for an Islamic card and enjoy all the great benefits.

Even if you would like to use it to kick a bad habit, taking up an Islamic credit card could help to steer you away from those bars after work, since it will not be accepted there.

On a more practical note, it provides you with non-compounding interest for all your balances being carried forward and you can sleep peacefully knowing that any of your outstanding balances will be taken cared of, should your health suffer.

If you are unsure which credit card is best for your needs, head on over to our
Islamic credit card page
 and choose one from all the different cards available.

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Gavin Pereira

Gavin Pereira

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Guaranteed Gifts And The Apple iPad 8th Gen Are Coming Your Way This Week With 5 Participating Banks

UPDATED [19 August 2021]

It’s that time of the week again — a fresh new round of the Unbox This Week credit card campaign is back with gifts that will add more worth to your application!

For those who are new to this campaign, the Unboxing This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this week (16 – 23 August), our featured bank partners include

Standard Chartered, HSBC Bank, CIMB Bank, Maybank, and Citibank.
So, if you’ve considered applying for a credit card with any of these banks, now’s a good time to get more out of your application!

Citibank – Guaranteed RM600 Cash via DuitNow

From 17 to 23 August, Citibank is giving away a guaranteed gift of RM600 via DuitNow when you apply for selected cards from Citibank through us!

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so.

HSBC – Apple iPad 8th Gen 10.2”

This week, HSBC wants you to add some fun to your life at home with the Apple iPad 8th Gen! There will be no dull moment with this handy gadget which you can bring along with you anywhere conveniently for some fun-filled entertainment.

Winners of this gift will be selected randomly. For those who were not chosen, you will still get to walk away with the Pensonic PVC-1000H vacuum cleaner.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift.

That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here.

Standard Chartered Bank – Guaranteed Vivo Y20

From 16 to 23 August, Standard Chartered is giving away a guaranteed gift – the Vivo Y20 smartphone

to ALL approved applicants so you can stay in touch with family and friends!

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your
new Standard Chartered credit card here.

Maybank – Guaranteed RM500 Lazada e-Voucher

We know some of you will need to top up your fridges or pantries online these days so we have a guaranteed RM500 Lazada e-Voucher that will be gifted to you when you apply, get approved, and spend with selected Maybank Credit Cards.

You’re required to activate and perform the first swipe of any amount to be eligible for this gift. This gift is guaranteed for all successful applicants. Existing cardholders of any Maybank Credit Card and those who had cancelled any of his/her Maybank Credit Card within six months before the date of application are not eligible to participate in this campaign.
Apply for a Maybank Credit Card here.

Updated: CIMB – Realme Watch S

From 19 August to 1 September, CIMB is giving away smartwatch Realme Watch S to randomly selected credit card applicants. Just apply, activate, and perform the first swipe of any amount to be eligible for this gift!

For successful applicants who are not selected, you will walk away with a RM100 Lazada e-voucher.

Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, you do have to activate and spend any amount to meet the requirements of the campaign and be eligible to win the prize. Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the six months are not eligible for this campaign.
Apply for the CIMB e Credit Card here.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 23 August (1pm), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Chee Jo-Ey

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Li Chun 2023: When To Deposit Money According To Your Zodiac Sign

We’ve barely put away the party poppers used for New Year celebrations, and the Chinese community is already pulling out red lanterns, paper ornaments, and firecrackers for yet another occasion! That’s right, we’re talking about Chinese New Year, happening earlier this year on 22 January 2023.

Amidst the flurry of getting ready for the upcoming revelries – cleaning the house, buying new clothes, preparing the angpows – remember to also save the date for
li chun
, which falls on
4 February
 this year (almost two weeks after the first day of Chinese New Year)!

If you’re familiar with this tradition, then you know the drill! But if
li chun
 is something new to you, then stick around to find out more about this one special day, which is said to be able to bless you with financial prosperity in the upcoming year if you take part in the tradition.

Li chun
 in a nutshell

Simply put,
li chun
 – with
li
 (立) meaning to start, and
chun
(春) meaning springtime, youth, or joy – is a day in the lunar calendar that marks the first day of spring and the “official” start of the new lunar year (not the Chinese New Year celebrations, surprisingly!). On this day, farmers during bygone civilisations would pray in hopes of a bountiful harvest in the coming year, starting with the very first seeds sown in new year.

This ancient practice eventually evolved into a symbolic act of “sowing” cash into bank accounts instead, as societies became more advanced. But the intention remains the same; it is hoped that with this, your finances – like the crops – will also benefit from a good “reap”.

Zodiac signs: The right time to make
li chun
deposits

(Source:

Way FengShui Group
)
Each icon in the table represents the timeslots that are good
for each zodiac sign to deposit money.

While the idea behind the tradition is relatively straightforward, the practice itself isn’t as simple as just depositing money into your bank account whenever you want during
li chun
! Depending on your Chinese zodiac, it is believed there are specific “auspicious hours” that you should take advantage of to make your deposits, and “inauspicious hours” that you should avoid to “preserve” your prosperity. Based on the lunar calendar,
li chun
 is set to take place on 4 February 2023, starting from 10.47am to be precise – and each Chinese zodiac sign can deposit their money according to the following schedule (each zodiac’s auspicious hours are marked using its representations!)

For convenience, most of you should probably take advantage of the earliest timeslots of between 9am to 1pm on 4 February to perform your
li chun
 deposits! In fact, some zodiac signs – such as the Ox and Monkey – lack good timeslots to make deposits if they miss that one window of opportunity, so remember to set your alarms!

Where to deposit your money?

Now that Malaysia has
 transitioned into the endemic phase of Covid-19
 (since 1 April 2022), you can expect many individuals – especially those from the older generation – making their way once again to automated teller machines (ATMs) to uphold the tradition. After all, what’s a little wait in the queue for the prospect of a prosperous year, right? (Actually, no, it can be a
really long wait…
if you’re unlucky.)

So if you’re not so keen on queuing, there’s always the option to make instant online transfers via DuitNow instead, offering both convenience and flexibility for your schedule! While such transactions may have once been spurned by older folks – who typically did not consider them real “deposits” – there has been a growing acceptance of it since the pandemic, especially since digital payments and online/mobile banking have become such a big part of our lives today.

Another thing to think about when making your
li chun
 deposits is
where
 to deposit your money. Naturally, the most widespread practice is to deposit into your savings account, but why not also consider other avenues that can help you earn interest and actual monetary gains? These are some alternatives that are also open to you for your
li chun
 deposits:

1) Fixed deposits (FD)

Go for FDs if you’re someone who prefers a straightforward savings option to earn interest, especially since several banks may also run special
li chun
 FD campaigns with promotional interest rates closer to the date. Our
 Best Fixed Deposit Accounts article
 – which is updated on a monthly basis – also lists numerous FD promotions that you can tap into each month.

That said, one drawback to FDs is that your money must be locked in for a specific period to earn the interest offered, so make sure that you will not need your FD funds urgently in the immediate future. Additionally, some FD campaigns may require you to deposit quite a substantial amount to unlock the promotional rate – sometimes even up to RM10,000 – so do take this into consideration as well.

2) High-interest savings accounts

If you’re not too keen on locking your funds in for several months, then perhaps
 high-interest savings accounts
 may be better option for you instead! These accounts let you earn rates that are comparable than fixed deposits – or maybe even better, with some offering up to 4.15% p.a. – without giving up on the flexibility and convenience of savings accounts.

To earn these high interest rates, however, most high-interest savings accounts will require you to meet some extra conditions on top of depositing money. These could include spending a certain amount, or purchasing bancassurance/takaful products to earn bonus interest rates.

3) Cash management solutions

Generally speaking,
cash management solutions
 are better known for being investment instruments rather than savings avenues, so they can be an unconventional option to park your
li chun
deposits – but many individuals have begun utilising these solutions for their savings during the Covid pandemic.

Cash management solutions essentially tap into money market funds (MMFs) to deliver returns that are on par or higher than FDs, and typically has a low entry requirement (with some starting from just RM1). It also offers high liquidity; unlike FDs, you can withdraw your funds at any time without incurring penalties – making it a pretty popular option for many individuals.

That said, most cash management solutions are contained within a robo advisor app, which means that individuals who are not exposed to robo advisors may take some persuading to get onboard with it. There is also no absolute guarantee on returns, although money market funds are generally considered to be a low-risk instrument.

4) Investment products (EPF, PRS, and robo advisors)

(Image: Focus Malaysia)

If you’re open to even more unorthodox options to “plant” seeds for your future (in other words, retirement), consider making
 self-contributions
 to your Employees Provident Funds (EPF) account! EPF self-contributions can be done conveniently via online transfers, either through i-Akaun mobile app or internet banking. Otherwise, opt for assistance at EPF or bank agent counters if you require someone to guide you through the steps.

On top of that, another alternative is to invest in private retirement schemes (PRS), which you can access through your PRS account fund management platform, or third-party platforms like FSMOne. Given that both EPF self-contributions and PRS investments also offer tax deduction benefits, you’ll already be “reaping” some form of “returns” fairly quickly, on top of dividends that compound over the years. Just remember that both EPF and PRS deposits require you to lock your funds until retirement, so do ensure that the funds you deposit will not be needed for any emergency expenses.

To further stretch the concept of
li chun,
there is also the option to make investments via robo advisors. We’ve mentioned earlier that cash management solutions are often housed within a robo advisor app; most robo advisors also come with a separate investment feature that lets you invest in a portfolio as well. For instance, robo advisor StashAway – one of the better known in Malaysia – offers StashAway Simple as its cash management solution, but it also has a variety of other portfolios (such as General Investing,
Responsible Investing
, and
Thematic Portfolios
) available for those who wish to invest. Other robo advisors that you may have also come across in Malaysia include MYTHEO, Wahed Invest, KDI, and Raiz.

If you would like to find out more about robo advisors, here’s
one of our articles
 to share some key things that you should know about these platforms. We also have more in-depth articles that discuss
how robo advisors determine your risk appetite
 and whether you can trust them to
make the best investment decisions for you
.

Go big or go home:
Li chun
 tips this year!

If you’re a massive believer of
feng shui
 and would like to go all out for this year’s
li chun
, here are some additional things that you can do to “magnify” your luck – or just add to the festivities in general!

Tip #1
: Some
feng shui
 masters say that you can improve your chance at prosperity by wearing clothes in your auspicious colours for the year when you make your deposits! Go ahead and check out the
 full list here
 if you’re interested.

Tip #2
: Your
li chun
 deposits should contain numbers with prosperous connotations, such as RM28, RM80, or RM88. These “lucky” numbers might just influence how lucky you get in 2023!

Tip #3
: The 9am – 1pm timeslot on 4 February 2023 is considered to be the
most auspicious

li chun
 timeslot, so don’t miss out! Other timeslots (if you do have additional
li chun
 timeslots) are said to be good too, but why should you settle for
good
 if you can aim for
most auspicious
?

Tip #4
: Only one
li chun
deposit per person, unfortunately. Making several
li chun
 deposits during different timeslots won’t add to your
ong
…but good try (says the God of Prosperity).

***

Getting together with family and friends to observe the tradition of
li chun
 can certainly be a fun occasion, allowing bonds to grow and memories to be made (especially since this year’s
li chun
 falls on a weekend). But more importantly, let’s not forget the key lesson that underpins this tradition: the importance of saving and investing money (wisely). With that, we would like to wish you a very Happy Chinese New Year, and a prosperous year ahead!

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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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    Anonymous

    7 months ago

ALL NONSENSICAL SUPERSTICIOUS BELIEF.

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Public Bank Credit Card Campaign Lets You Earn 50% Monthly Cashback On Petron Fuel

Aside from getting access to a line of credit, we apply for credit cards to enjoy rewards or cashback opportunities. Some credit cards are designed to reward you for your lifestyle, meaning that you get to enjoy cash rebates every time you spend on items or services that are part of your everyday activities.

The Public Bank Petron Visa Card is one such credit card. As a dedicated petrol cashback credit card, it allows you to earn up to 5% cash rebate when you make fuel and non-fuel purchases at Petron service stations nationwide. As fuel expenses are repetitive, you could end up saving quite a bit.

Furthermore, for a limited time, new and existing Public Bank Petron Visa Cardholders can now enjoy 50% cashback on fuel at Petron service stations.

Fuel up at Petron for up to 50% cashback

Refuelling is part of every vehicle owner’s permanent routine with the only difference being the frequency. If you get on the road often for work, weekend getaways, or hometown visits across the country, you may consider getting the Public Bank Petron Visa Card.

Starting from now till February 2023, Public Bank is giving its Petron Visa Cardholders the opportunity to earn monthly cashback on fuel transactions, capped at RM50 per month for each account.

For
new cardholders
, follow the steps below to enjoy 50% monthly cashback:

Apply for Public Bank Petron Visa Gold Credit Card / Debit Card during campaign duration.

Spend a minimum of RM50 in a single receipt with your new card at Petron Service Station every Saturday and Sunday during campaign period.

Campaign ends on 26 February 2023.

For
existing cardholders
, here is how you can enjoy RM50 monthly cashback:

Register via SMS to participate. Text PBGM <space> 16-digit Principal Public Bank Petron Visa Card Number and send to 66300.

Spend an accumulative amount of RM1,500 per month with your Public Bank Petron Visa Gold Credit Card / Debit Card during campaign period.

Campaign ends on 28 February 2023.

After the campaign ends, you will still be able to earn cashback on fuel and non-fuel purchases at any Petron service stations in Malaysia via a tiered cash rebate structure. You can earn up to 5% cash rebate when you spend more than RM800 at Petron service station. Note that the monthly rebate is capped at RM50.

More cash rebates on retail purchases

When travelling on the road, especially for longer journeys, it’s important to take breaks and a Petron service station can make a great stop for you to re-energise. Whether it’s grabbing a snack or even repairing your car, Petron service stations are equipped to help you attain a smoother ride.

Cash MegaBonus lets Petron Visa Gold Credit cardmembers save even more with rebates on retail purchases. With a tiered cash rebate structure, Cash MegaBonus rewards you with cash rebates when you spend on fuel and non-fuel purchases at Petron stations. Additionally, you will enjoy unlimited Cash MegaBonus rebate of 0.1% on other local and overseas retail purchases as well for further savings.

Protection on the road

As many who choose the Petron Visa Gold Credit Card are probably travelling on the road frequently, Public Bank wants to ensure that you have protection wherever you go. Once you sign up for the Public Bank Petron Visa Gold Credit Card, you will receive a complimentary personal accident insurance with up to RM20,000 coverage.

In addition, you will also be able to access Flexipay Plan with the Public Bank Petron Visa Gold Credit Card 0% Instalment Plan whereby you can make a purchase first and repay later till 31 December 2022.

After learning about the benefits of the Public Bank Petron Visa Gold Credit Card, you may want to consider signing up for it. If you’re thinking of switching to the card, you may rest assured that Public Bank offers balance transfer at zero interest rate and low one-time upfront charges starting from 1% until 31 December 2022 with repayment terms extended up to 48 months. Moreover, you will also be glad to know that there is no annual fee for life without conditions.

Terms and conditions apply.

***

Over recent years, we’ve witnessed fuel prices going up. As being on the road and refuelling can be a huge part of one’s routine, it may do well for you to find ways to counter the rising inflation. If you’re thinking of getting a credit card, perhaps you could consider the Public Bank Petron Visa Card that comes with fuel cashbacks, insurance protection, and more for a smooth-sailing journey. What’s more, new applicants and cardmembers can now earn up to RM50 monthly cashback on Petron fuel purchases.

Apply for a Public Bank Petron Visa Card
here
. If you’re already a cardmember, learn more about the campaign
here
.

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UOB credit card and debit card promotion at Nine West

Does fashion get you all hot and bothered? UOB credit cards and debit cards will turn the heat way up high now that the Nine West Year End Sale is on.

Snap up a minimum of two items at any Nine West store in Malaysia or Singapore from now till 31 January and you’ll enjoy an additional 10% off them.

As usual,
terms and conditions
 apply.

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TNG: You Can Now Terminate Your RFID Tags Online

Touch ‘n Go (TNG) RFID users who wish to terminate their RFID tags can now do so conveniently via a dedicated online portal. This is in comparison with previous methods, which can be a bit of a hassle.

According to TNG, users who wish to terminate their RFID tags can go ahead and log in to their accounts on the
RFID portal
. From there, tap on the RFID tag that you wish to terminate and select “Terminate Tag” in a drop-down menu. You’ll also be required to provide a reason for the termination of your tag. Once your request is submitted, the RFID tag will be immediately terminated, and the status of the tag will also be updated to indicate the change.

Prior to this, users who wish to terminate their RFID tags are required to either email TNG or call its customer service centre. This process can sometimes take a while before the tag is actually terminated. Going back even further in time, RFID tag pilot testers in 2019 even had to submit their termination requests through Google Forms, where extensive details – such as their IC numbers, car plate numbers, and TNG eWallet app balances – were required.

In its
updated FAQ
 and
a social media post
, TNG also clarified that users only need to terminate their RFID tag if their vehicles have been stolen or sold to someone else. This is because the RFID tag is not transferable, and is unique to each registered customer and vehicle. As such, if you fail to terminate your RFID tags in such situations, the toll fare may still be deducted from your TNG eWallet when your sold or stolen vehicle passes through a toll booth. You will not be compensated for these fares.

Note as well that you do not need to terminate your RFID tag and purchase a new one if your current tag is defective. Instead, you can request for a replacement as all RFID users are entitled to one free replacement. This request can also be made via the dedicated RFID portal. Other functions that can also be performed on the RFID portal include activating a tag, submitting refund requests, and viewing your transaction history.

RFID was
first introduced back in 2019
, and is seen as the country’s first step to realising the Multi Lane Free Flow (MLFF) system. It was also recently used for a
fuel payment programme
 at selected Shell petrol stations in the Klang Valley.

(Sources:
Touch ‘n Go
,
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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#DuitTheEasyWay: Last Chance To Get Free RM1,000 PRS Youth Incentive

If you are below 31 years old and have not yet taken advantage of the PRS Youth Incentive, this is your last month to do so. This is a government incentive to encourage youths to have another savings fund for retirement, offering a one-off RM1,000 incentive for Malaysians aged between 20 and 30 who contribute a minimum of RM1,000 to a private retirement scheme (PRS).

What Is The PRS Youth Incentive?

The PRS Youth Incentive programme was first introduced four years ago during Budget 2014, offering RM500 as a one-off incentive for youths to contribute to PRS. Last year, the incentive amount was increased from the initial RM500 to RM1,000, but only for new youths who sign up for PRS. This programme will conclude at the end of 2018, which is why 31 December 2018 is the last day for youths to be eligible for this RM1,000 incentive.

The incentive is given out when an individual’s contributions to a PRS fund reaches a value of RM1,000. The incentive will then be automatically credited into that same PRS fund – the contributor doesn’t need to make any applications to receive it. The contribution doesn’t have to be made in a lump sum, either. You just need to accumulate at least RM1,000 in a single PRS fund before 31 December 2018 (RM1,000 spread out across more than one PRS fund doesn’t count). The incentive payments are given out bi-annually.

Because the PRS works like the EPF and less like a unit trust, you can’t withdraw funds from your PRS fund whenever your like. For more information about PRS and how it works, check out our
comprehensive PRS guide.

How To Get RM1,000 PRS Youth Incentive

Here’s how to get onto a PRS and qualify for that incentive. Visit the official Private Pension Administrator website,
open your PRS account
 (there’s a one-time RM10 account opening fee), choose a suitable fund, and put RM1,000 into one fund via PRS Online before the end of the year. It’s that simple!

The results of the recent
2018 Malaysian Financial Literacy Survey
found that almost half of Malaysians aged between 25 and 34 have not started saving for retirement – a troubling statistic that could lead these Malaysians to retiring with hardly any money in the bank. The PRS Youth Incentive is a good way to kickstart your retirement savings.

To find out more about the PRS Youth Incentive, head on over to the
Private Pension Administrator website
.

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CIMB Reminds Enrich Cardholders That Their Cards Will Be Discontinued By 1 April

CIMB Bank has reminded all existing CIMB Enrich credit cardholders that their cards will officially be discontinued starting from 1 April 2023, and that they should receive new replacement cards in the form of CIMB Travel credit cards to avoid disruptions to their spending.

For context, CIMB had announced much earlier – back in July 2022 – that it will be
discontinuing its Enrich credit cards
 and will no longer accept applications for the three affected cards, namely the CIMB Enrich Platinum, CIMB Enrich World, and CIMB Enrich World Elite credit cards. The bank subsequently launched its
new set of CIMB Travel credit cards
 in September to replace the discontinued cards, and noted that existing Enrich cardholders will automatically receive the new cards as replacements anytime between 21 October to 31 December 2022.

Naturally, the Enrich cards will be replaced according to their appropriate tiers, namely:

Existing card
New card
CIMB Enrich Platinum credit card
CIMB Travel Platinum credit card
CIMB Enrich World credit card
CIMB Travel World credit card
CIMB Enrich World Elite credit card
CIMB Travel World Elite credit card

In these previous announcements, CIMB also highlighted that Enrich cardholders will be allowed to continue using their existing cards until the expiry date of the card or 31 March 2023 – after which they will be discontinued, whichever date comes first.

Affected cardholders who have received their replacement CIMB Travel cards, meanwhile, can go ahead and activate their new cards to use them (this will automatically deactivate the existing CIMB Enrich card). They will also see their existing outstanding balance, auto-pay, auto-billing, instalments, and Zing Card reflected on their new cards. However, the bank also urged cardholders to monitor these transactions via online banking and credit card statements regularly to ensure that they are recorded.

If you have yet to receive your replacement CIMB Travel card to date, you can contact CIMB at +603 6204 7799 before 1 April to request for a replacement; your new card should arrive between seven to fourteen days. CIMB further said that those who miss the1 April deadline can also call to request for their replacement cards after that, but must do so within 30 days. After the grace period, they will need to re-apply for the card as a new applicant.

CIMB previously explained that the CIMB Enrich credit cards are being discontinued because the bank’s collaboration with Malaysia Airlines has ended. As such, the co-branded cards can no longer be offered. Meanwhile, the new
CIMB Travel credit cards
 come with plenty of new perks and privileges – including being able to earn up to 10x Bonus Points for every RM1 spent, as well as to redeem air miles from eleven frequent flyer programmes and rewards from three hotel chains (as opposed to before, where you can only redeem Enrich Points by Malaysia Airlines).

(Source:
CIMB
)

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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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