Finance Minister: Government Remains Proactive In Ensuring Ringgit And Financial Market Stability

(Image: Bernama)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has reiterated that the government continues to remain proactive in ensuring the stability of the ringgit and Malaysia’s financial market.

According to Tengku Zafrul, the country’s financial stability is maintained primarily through the implementation of prudent monetary policies by Bank Negara Malaysia (BNM). These include setting foreign loan limits to minimise the exposure of the government’s debt to the risk of currency fluctuations.

“We also ensure that the flexible exchange policy remains Malaysia’s first line of defence to absorb external shocks, while at the same time, ensuring that domestic lending activities continue to be supported,” the minister further said, adding that the resilience of Malaysia’s banking institutions against domestic and external risks is also amplified through robust risk management practices.

(Image: The Malaysian Reserve)

Additionally, Tengku Zafrul highlighted BNM’s international reserves – which stood at
USD109.2 billion
 as at 29 July 2022 – as a liquidity buffer during periods of large and uncertain capital flows. Under such circumstances, the reserves will enable an orderly adjustment of the ringgit’s exchange rate.

On the value of the ringgit against the US dollar, Tengku Zafrul acknowledged that the national currency had depreciated against the greenback by 6.5% between January to 9 August 2022. However, he commented that various other currencies had also depreciated against the US dollar during the period. These include the South Korean won, which fell by 9% against the US dollar, the UK pound sterling, the Japanese yen, and the Philippine peso.

Additionally, the finance minister emphasised that the
value of the ringgit needs to be measured holistically, and should not be viewed solely against the US dollar
. He highlighted that on average, the ringgit’s exchange rate is not as affected as the currencies of Malaysia’s other trading partners.

(Image: Reuters)

Furthermore, Tengku Zafrul noted that various external factors had contributed to the depreciation of the ringgit as well as most major and regional currencies. Citing the spike in inflationary pressures around the world as one of the factors, he explained that the situation had forced the US Federal Reserve and several other central banks to hike their interest rates faster in a bid to ease the rising inflation.

“The second factor is the geo-political situation in Russia and Ukraine, and the third factor is the economic slowdown in China, because China is Malaysia’s main trading partner and its conservative Covid-19 policy has caused the supply chain to be somewhat disrupted,” Tengku Zafrul further stated.

(Source:
The Edge Markets
)

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EPF Special RM10,000 Withdrawal: What To Know Before Applying

With the Employees Provident Fund (EPF) set to open applications for another withdrawal facility
on 1 April 2022
, EPF members will once more be allowed to take out up to RM10,000 from their EPF savings. This is in hopes that it will provide some financial relief those who are still struggling from the aftermath of the Covid-19 pandemic.

Here are some key details of the special withdrawal facility that you should know before applying for it, based on the FAQ that has been released by the EPF.

Who can apply for the special withdrawal facility?

Members who are aged below 55 years old are allowed to apply for the facility, including non-citizens and permanent residents. You are also required to have at least RM150 in your EPF savings during the time of application.

The FAQ clarified that members who have applied for previous Covid-related withdrawal facilities are also allowed to make another withdrawal via this latest facility, provided they have the required minimum amount in their EPF savings. Members of the civil service, too, may apply if they are in need of funds, but they risk using government shares that will need to be reimbursed at a later date.

How much can you withdraw via the special withdrawal facility?

Each member can withdraw between a minimum of RM50 to a maximum of RM10,000, depending on the amount that is available in your EPF savings. You are also required to maintain a minium balance of RM100 in your Akaun 1 after the withdrawal, in order to keep your status as an EPF member.

Note that the funds applied through the special withdrawal facility will be taken from your Akaun 2 first. If the amount in your Akaun 2 is insufficient, then you can access your Akaun 1 savings to top up the remaining amount required. Meanwhile, savings from Akaun Emas (for employees between the age of 55 to 60)
cannot
 be withdrawn under the special withdrawal facility.

Here are several scenarios provided by the EPF to illustrate how the procedure works:

When can you start applying for the special withdrawal facility?

Applications are set to take place between 1 to 30 April 2022.

How to apply for the special withdrawal facility?

Applications can only be done online via the
Pengeluaran Khas portal
, which can also be accessed directly from the i-Akaun mobile app. Alternatively, scan the following code to access the portal:

The EPF has also shared a detailed flowchart to guide those who wish to make an application:

Make sure to
check on various key details
 prior to making your application for a smoother process. Also,
take care not to be deceived by scammers
, who may attempt to present themselves as third parties assisting the EPF in the application process.

When and how will the funds for the special withdrawal facility be disbursed?

The funds will be disbursed starting from 20 April 2022, via one single payment to be credited into your current or savings account. To ensure that you receive your funds without any hitches, make sure that your bank account is still active, and is registered under your name; joint accounts or company accounts are not accepted.

Meanwhile, members who do not have bank accounts due to specific reasons – such as being ineligible to open a bank account, or are bankrupt – can request to collect their special withdrawal funds via standing instruction (Arahan Bayaran). The EPF cautions, however, that those who opt for this disbursement method may not receive their funds as quickly.

If you do collect your funds via standing instruction, you’ll need to wait for the EPF to contact you for collection, after which you can head over to any RHB Bank branches to cash it in.

As for those who do not have a bank account but are eligible to open one, you’re required to do so, and then resubmit your application for the special withdrawal facility.

Can you cancel your application or amend the withdrawal amount applied?

(Image: Malay Mail/Miera Zulyana)

Members are not allowed to cancel their applications after submitting it, and they are also not allowed to amend the withdrawal amount.

Do you need to replenish the amount that has been withdrawn?

Yes, you are required to replenish the full amount that has been withdrawn,
along with an additional 20% of the amount
. So for instance, if you decide to withdraw the maximum amount of RM10,000 from your EPF savings this time round, you’ll need to replenish a total of RM12,000 (RM10,000 + RM2,000) in the future.

Just like
i-Sinar
, 100% of your future contributions will be credited into Akaun 1 until the required amount is fully replenished. Once that’s done, your contributions will revert to the original distribution of 70% for Akaun 1 and 30% for Akaun 2.

The EPF explained that it is to ensure that members will have sufficient savings to live on upon reaching retirement. The percentage was determined based the estimated amount of dividend that a member may lose out on due to the withdrawal, calculated at the average of 5% annual dividend. This is because members are expected to take between four to six years to fully replenish the withdrawn amount (5% x 4 years = 20%).

When will you know if your application has been approved?

Applicants can check their application status starting from 9 April 2022, either through the Pengeluaran Khas portal (
Semak Status Permohonan
), or their i-Akaun (
Pengeluaran > Sejarah Pengeluaran
).

***

(Image: The Star)

This special withdrawal facility is the fourth of such aids to be provided by the EPF, with the first few being
i-Lestari
,
i-Sinar
, and
i-Citra
. As the government has reiterated numerous times, it is intended specifically for those who are still facing dire financial difficulties due to the Covid-19 pandemic, despite the country being on its road to recovery. As such, Muslim members should be aware that unless they are withdrawing these funds for essential reasons (
hajah asliyah
) – such as for survival or to repay immediate debts – they will be
required to pay a 2.5%
zakat
.

Finally, if you have any enquiries regarding the special withdrawal facility, you can head on over to the
official EPF website
, or reach out via the chat system ELYA. Alternatively, contact the EPF via any of their social media accounts, or call the dedicated hotline for this facility at 03-8922 4848.

(Source: EPF [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Ian X

    1 year ago

Hi, regarding the replenishment of funds withdrawn, in cases where the withdrawal comes solely from Account 2, am I right to assume the “replenishment” does not apply (including the 20% on top of the amount withdrew) since nothing was taken from Account 1?

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    Jeffrey

    1 year ago

    Reply to

        Ian X

bro, read carefully. it says any withdrawal (i.e. whether from Account 1 or Account 2) will be covered by future contribution with additional 20% i.e. 1.2 x the amount withdrawn and this total 1.2x will be deposited in Account 1 to force save by member. so balance after 1.2 x met will then revert back to 70%-30% as before. if you take out rm10000 now, future contribution amounting to rm12000 will be put into Account 1 first. any balance thereafter will be split 70%-30%

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Government Will Not Implement Petrol Subsidy Programme

The government has decided not to proceed with the petrol subsidy programme that was mooted by the previous Pakatan Harapan administration.

Deputy Minister of Domestic Trade and Consumer Affairs Dato’ Haji Rosol Wahid said that the decision was made at a meeting between his ministry and the Ministry of Finance on 9 July 2020. He revealed that the finance ministry will be preparing a Cabinet Memorandum on the government’s stand on the programme.

The deputy minister also cited several factors behind the decision to scrap the planned scheme. “The reasons for not implementing the PSP are first, to avoid misunderstanding among residents of Sabah, Sarawak and the Federal Territory of Labuan because only people in Peninsular Malaysia would be involved in this subsidy,” said Rosol. “And (second) to avoid creating a wide gap in petrol prices between Peninsular Malaysia, and Sabah, Sarawak and Labuan.”

(Image: The Sun Daily)

Besides that, Rosol added that the ministries wished to avoid creating doubts among the people on the transparency of the subsidy scheme. He quoted the example of
M40 Malaysians
 being able to enjoy discounts via a petrol subsidy card as one aspect that could give rise to such doubts.

Rosol was replying to a supplementary question from Shaharizukirnain Abd Kadir (PH-Setiu) on the government’s plans on petrol subsidy.

The petrol subsidy programme was first announced by the then-Finance Minister Lim Guan Eng in
November 2018
, targeted specifically at the lower-income group of Malaysians. After nearly a year of waiting for its implementation to take place, the scheme was finally slated to start on
1 January 2020
, only to be
postponed indefinitely
 as the former government required more time to work out the details.

(Source:
The Edge Markets
)

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    Tungku Zafrul

    3 years ago

They don’t dare to implement the subsidy programme as they need votes. Do we have so much money to pay for all?

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5 Winning Gifts For Your Father's Finances

This weekend we will all celebrate the first man in our lives and many will want to celebrate with a good gift and a nice meal to show appreciation for all he has done. That said, fathers can be notoriously uncomfortable with excessive displays of affection and are often too practical to enjoy a bouquet of flowers or ornamental gift. It makes the idea of gift-giving a little more difficult than during Mother’s Day.

However, his practicality could make a financial type gift the best kind to give him. We run down some ideas suitable for every budget that will hopefully help him in his financial goals.

Big Budget: A Fixed Deposit Stash

If limited funds is not really a problem to you;
a fixed deposit
 is a handy instant emergency stash to give dad that will reward him with continuous interest as long as he doesn’t withdraw. There’s little or no maintenance required and all he has to do is literally watch his fund grow larger.

Even if dad already has a good many stashes of his own or a comfortable retirement pot – one that came from a child is sure to be special. Fixed deposits in certain banks can be opened for as low as RM500 and up to any amount you choose. There are also
special fixed deposit products for seniors
 that feature specific benefits for dad over and above the regular fixed deposit.

Recurring Budgets: Medical Insurance or a Supplementary Credit Card

Have you arrived in life where your stable, comfortable income makes you contemplate giving dad the gift that literally keeps on giving? If so, you could consider a
medical insurance plan
 or a supplementary credit card.

Medical concerns are often a parent’s greatest concern, so a good policy will afford them peace of mind. If they already have one – you could volunteer to add a top-up amount for more coverage or opt to undertake payment henceforth.

A supplementary credit card is another idea of a gift that can be used by your dad when he really needs it any time later on. When you were young, you were probably given one yourself; so for dads no longer in the workforce, this could work as a good emergency plan. Of course, how much you will have to foot depends on how much dad uses.

Medium Budgets: The
Ang Pow

If you don’t have enough for a fixed deposit account or to keep paying for an insurance policy – sometimes it doesn’t hurt to just offer dad an
ang pow
 of however much you can afford to either add to his coffers or buy himself something nice.

Many people lament the lack of sentimentality attached to giving the gift of money but it’s usefulness in a time of rising inflation cannot be denied. It’s definitely practical; suited to whatever you can afford; and it will give dad the opportunity to do with it just what he likes.

Modest Budgets: Financial Management Tools

For many young people starting to work, getting dad an expensive gift may be out of the question. But this doesn’t mean there isn’t anything useful you can do to help dad continue to build his financial empire.

Dads who are still active businessmen or working individuals will be looking for ways to further themselves in their business and financial literature could help. Whether it’s just a tome
on personal finance
 or more
technical finance related topics
; you’re bound to find something useful and within your budget if you know dad’s needs well enough.

If dad isn’t a business person or simply has no need for such reading; there’s also the option of purchasing a personal finance app for his
Android
 or
Apple
 device to make budgeting and managing money easier. There are an abundance of paid apps from as low as RM4.20 with a myriad of features to help dad keep abreast of his money matters.

Dads are the awesome, practical stalwarts in the family and though they may not like a huge fuss made in their honour, a good, useful gift is sure to make waves and remind him about how much he matters without the pomp. Again, it’s not really about how much is spent but how useful it ended up being.

Happy Father’s Day to our first heroes!

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Introduction to Personal Loans

There will be a time when you’ll need a sum of cash in hand that you may not have at that moment. For whatever reason you need them, one of the fastest ways to get the cash you need is to apply for a personal loan from your friendly neighbourhood bank.

Whilst many people know about personal loans – that is, they know it’s a way to get money – very few realise what they are signing up for when they sign on the dotted line.

So before you so, take a quick look at our simplified, no-holds-barred look at personal loans.

What is a personal loan?

Banks are in the business of lending for big ticket items, such as houses and cars. With this kind of borrowing the banks use the asset (the house or car) as a ‘guarantee’ for repayment. So if you don’t repay, they will take possession of your property.

But what if you just need money – not for any big purchase but lots of little ones? Or for an emergency? Or maybe you need cash for home renovations or even to further your studies. Unfortunately, you can’t put your upcoming Master’s degree down as security.

This is where personal loans can be useful. With a personal loan you can pretty much do anything you like with the money lent to you. But because the bank does not have an asset to secure your repayment, personal loans are harder to get approved, and often come with high interest rates.

The bank is taking on a bigger risk by lending to you with no real guarantee of repayment, so as with any high-risk venture, they expect to be paid more for it. Wouldn’t you also want a higher return for a riskier investment portfolio?

Personal loan interest rates are often fixed and charged every year on the full amount you borrowed and not on a reducing balance like a home loan. This means that no matter how much of your loan you repay – even in the final year of payment – you will be paying the same amount of interest you did on day one.

Bank Negara Malaysia has set the maximum number of years for repayment at 10 years, though the usual amount of time banks will give you is between 7-8 years.

Where do you get a personal loan?

The first place you would look would of course be a commercial bank, be it local or foreign. The commercial banks are the preferred route for most people as the rates offered are lower than alternative lenders, like licensed moneylenders.

Banks are also licensed institutions regulated by Bank Negara and thus abide by government policy and lending laws. This applies both to conventional and syariah-compliant personal loans, so it’s the same if you apply for a
CIMB Bank personal loan
 or a
RHB Islamic personal loan
.

Of course, a bank’s requirements for loan approval will be stringent and many checks will have to be done before you get your hands on some money.

Banks calculate all your payments to ensure you can afford them. If they have denied you a loan on the basis that your income is insufficient; it probably is just so.

The Good

You can get a personal loan for as low as RM2,000 up to RM250,000 depending on your income level.

In most cases, the interest rate will remain the same throughout the life of the loan.

Many banks offer a better interest rate if you have a good credit score.

It is easy to apply for a personal loan; especially from banks you are already have an account with.

The Bad

The interest rates can be high. The larger the amount you borrow and the longer you take to repay it, the more you have to pay in interest.

There will be extra costs such as processing/documentation fees, stamp duties, as well as early settlement fees/penalties if you pay off your loan before the end of the tenure.

You do not save any money by paying more to the personal loan unless you opt to reduce the tenure of your loan from the outset.

Anything else I should know?

Interest rates:
 Personal loan interest rates are lower than credit cards but higher than home or car loans. They are usually in the region of 5% p.a. and up, though some special types of loans like the
BSN personal loan
 for government servants are noticeably lower. Express loans (where money is given to you within 24 hours) can have even higher rates. Personal loan interest rates are usually calculated on a fixed basis (calculated based on the amount borrowed and not the balance at the end of each month/year).

Loan tenures:
 Personal loan tenures can be between 1-10 years but how many years you get will depend on your credit rating and income. It is always
best to take the shortest tenure
 you can afford because you will pay much lower interest.

Do you really need this loan?
 One of the
most important questions
 to consider before taking on debt is to ask if it is necessary or if there is no other way to get the extra money.

Fees:
 You will be charged fees to so you won’t get the full loan amount.

Check out our
FAQ on personal loans
 for answers to common queries.

Getting a personal loan can be a great help if you understand how to use it to your advantage. Interest rates are usually lower than a credit card; it offers you instant cash in cases when your card just won’t do the trick; and the structured payments allow you a more disciplined approach to repayment. Unlike a credit card where you are able to pay just the minimum, a personal loan requires you to pay a set amount, thus ensuring that you will pay off the loan in full at the end of the loan tenure.

When you really need cash for emergencies, a personal loan can be a life-saver. Just
find the best loan for your needs
 and income with the lowest interest rate. Remember to try to pay off the amount as quickly as possible too.

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Experian To Host Credit Health Month In June, Offers 50% Rebate On All Products

Credit reporting agency Experian is once again hosting its annual Credit Health Month (CHM), set to take place throughout June 2022 and supported by its Uplift Your Score campaign. The campaign – which will see some exclusive offerings being provided – aims to educate the public on the importance of maintaining good credit health and managing personal finance, especially amidst the current challenging living conditions.

On its CHM landing page, Experian shared that its latest data on 5.7 million Malaysians indicated that most consumers were able to maintain high credit scores amidst the financial difficulties brought on by Covid-19. Despite this, it is crucial that they
re-evaluate their credit positions
 to secure a stronger financial standing moving forward, especially in light of the recent
increase in the overnight policy rate (OPR)
 and rising costs of living.

With this in mind, Experian is rolling out some exclusive CHM offers and activities in June, one of which is a 50% discount on all of Experian’s products (promo code:
EXPCHM22,
to be applied automatically during checkout). These include its Personal Credit Report Plus (PCRP), TrackMyID, JagaMyID, JagaMyID Plus, MyBiz, and MyJob – each product catering to different needs. With this, the products will be going at the following promo price this month:

Product
Normal price
Promo price during Credit Health Month
Personal Credit Report Plus (PCRP)
RM19.50
RM9.75
TrackMyID
RM31.80
RM15.90
JagaMyID
RM63.60
RM31.80
JagaMyID Plus
RM99.00
RM49.50
MyBiz
RM35.00
RM17.50
MyJob
RM26.00
RM13.00

On top of the promo, Experian will also be organising free webinars during the month to help the public build their knowledge regarding personal finance, as well as uplift their credit scores. One webinar that is already open for registration is “Realiti vs Fantasi”, which will discuss how you can achieve your financial goals. Various other offerings and activities will also be revealed at a later date.

The chief executive officer of Experian, Dawn Lai said she hopes that the agency’s Credit Health Month initiatives will empower Malaysians and enable them to make informed credit and financial decisions.

“Experian believes that the lending ecosystem in Malaysia is fast evolving and consumer literacy on financial knowledge is a fundamental life skill that one must have. As we work with traditional banks and neo-lenders, our ability to make sense of these new credit facilities have been added to our Credit Health Month knowledge base so that Malaysians can get the right tools, knowledge, and insights to best manage their credit portfolios to face the financial challenges ahead of us,” said Lai.

(Sources:
Experian
,
Business Today
)

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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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Apple Stock Hits The $1 Trillion Mark

Consumer-technology company Apple Inc has come a long way since it was run out of a garage in Silicon Valley in 1971. It is now the only company to have a current market value of $1 trillion – and the first US public company to have reached this cap.

Apple’s shares rose by 2.9% to close at $207.39 on Thursday, bringing the tech giant’s market value to $1.002 trillion. The stock threshold needed for Apple to officially hit the trillion-dollar mark was $207.04, based on its latest share count of 4.83 billion as of 20 July. Its stocks have been rising since Tuesday when the company reported better-than-expected results for the three months leading up to June.

For the sake of perspective, $1 trillion in US dollars equals to RM4,080,500,000,000 in Ringgit Malaysia. According to
calculations by CNBC
, if you had invested $1,000 in Apple shares ten years ago, your investment would be worth more than nine times that amount today – including price appreciation but excluding dividends.

The only other company to have crossed the trillion-dollar threshold was PetroChina in 2007, although the stock fell below that mark soon after that. Apple’s fellow tech giants Amazon, Alphabet Inc, and Microsoft Corporation are not far behind the threshold today, with each company being valued at more than $800 billion each.

Given the volatile nature of the stock market, it is uncertain whether Apple will maintain its value at the $1 trillion mark. However, given the company’s strong foothold in the market for personal computers and smartphones, as well as its diversification into other profit sources such as apps and music streaming, it is unlikely that Apple will be headed for a noticeable decline in value any time soon.

(Sources:
Bloomberg
,
Market Watch
)

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The Worst Mistakes People Make with Their Rewards Credit Cards

Ever wish you can get flight tickets or cool gadgets for free? Forget signing up for contests and lucky draws, a rewards credit card is the answer to your freebies prayers. With some planning, it can be an immensely useful financial tool to help you save more money in the long run.

But
, no matter how good a
rewards credit card
 (or anything, really) it is, misuse will render it useless – even downright harmful to your finances. Here are some of the mistakes you do
not
 want to make with a rewards credit card:

Not Understanding Your Credit Card Reward Programme

Not all reward programmes are straightforward, and no two of them are the same. As the credit cardholder, the ownership is on you to learn and understand the what and the how of it all – what purchases are eligible for reward points? Are there any purchases that can qualify you for extra reward points? How long before your points expire?

If you don’t take the time to understand your credit card’s reward programme, you could be missing out on valuable opportunities to earn multiple reward points – and the chance to have extra points to redeem gifts from your credit card provider.

Take for example HSBC Visa Signature; it gives you
8 reward points
 for every Ringgit you spend at
overseas retail stores
, and
5 reward points
 for every Ringgit spent at
participating shopping malls in Malaysia
. On top of the reward points that you can collect from your retail purchases, it also gives you
8 reward points
 for every Ringgit you spend
online in foreign currency
 as well as
5 reward points
 for every Ringgit you spend
online in Ringgit Malaysia
 (RM).

Of course, these are just some of the purchases that are eligible for reward points offered by
HSBC Visa Signature
. When you’ve familiarised yourself with the reward programme offered by the HSBC Visa Signature – or any other credit card – you can plan your purchases ahead and reap more reward points!

You can use these points later on to redeem for things like air miles or house appliances. It’s amazing how much cash you can save with a rewards credit card – so long as you don’t overspend!

Letting Your Rewards Points Expire

This is possibly one of the most wasteful mistakes any credit cardholder could make. Reward points usually come with an expiration date (depending on when you earn them). So, if you don’t check your accumulated reward points regularly, you might miss out on a huge chunk of points that could make the difference between being able to redeem a brand new smartphone or a lunchbox set.

Be sure to regularly check your total accumulated reward points and when they expire. You can usually get updates on your total reward points on your monthly credit card statement or via your online banking account.

Lose Reward Points Due to Outstanding Payments

There’s nothing more frustrating than seeing all your accumulated reward points go to back to zero because of missed payments. Most credit card providers have a clause in their credit card application forms (or agreements) which gives them the right to withhold – or even forfeit – your reward points when you let your account go into arrears.

Not Choosing the Right Rewards Credit Card for Your Spending Habit

Everyone has a different spending habit. If you are married with child(ren), your expenses might lean more towards groceries and retail purchases (especially at departmental stores). In this scenario, you should opt for a rewards credit card that gives you bonus points when you spend on groceries and retail purchases.

On the other hand, if you’re a working professional who travels often and tend to do your shopping online or at local malls, a multi-reward programme from credit cards like HSBC Visa Signature might suit your spending habit perfectly.

Not only it gives you 8 times the reward points when you use it on overseas spending, you also get complimentary access to selected Plaza Premium Lounge in major airports in the world!

If you’re interested in HSBC Visa Signature, now would be a great time to apply for it as HSBC is giving away up to 100,000 reward points for free when you sign up for it! This offer lasts for a limited time, so if you feel like it’s the right rewards credit card for you, click the button below for more details and apply for your very own HSBC Visa Signature credit card!

Also, stay tuned for more money-saving tips from us soon! Have you done any of these rewards credit card mistakes? Share your thoughts and experiences with us in the comment section below!

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Samsung Member’s Day Gives Some Love For Out-Of-Warranty Phones

Samsung Malaysia is offering to repair out-of-warranty Samsung phones at zero labour charge, as part of its Member’s Day service campaign that will take place on every last Saturday of the month from June until August 2019.

Available at various Samsung service centres nationwide, customers may simply walk in and receive a complimentary phone health check-up and receive a free cleaning kit. Samsung will also waive all labour charges for any repairs conducted after the check-up for out-of-warranty devices. In addition, service centres in Plaza Lowyat and Wisma Bentley are also offering free engraving service for your Samsung device on the service day.

Samsung Member’s Day will be available at the selected authorised service centres listed below.

State

Branch

Address

Operation Time

Kuala Lumpur

Plaza Lowyat

Lot 4-28, 4th Floor, Plaza Lowyat, No.7 Jalan Bintang, Off Jln Bukit Bintang, 55100 Kuala Lumpur.

Mon-Sun: 10am-8pm

Kuala Lumpur

Pandan Kapital Shopping Complex

L2/23D, Ground Floor, Pandan Kapital Shopping Complex, Persiaran MPAJ, Jalan Pandan Utama, Pandan Indah 55100, Kuala Lumpur.

Mon-Sun: 10:30am-8pm

Kuala Lumpur

The Gardens Mall

Lot T-242A, T-242B &243, 3rd Floor, The Gardens Mall, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur.

Mon-Sun: 10am-10pm

Kuala Lumpur

Pavilion

Lot 1.19.00 Level 1, Pavilion Kuala Lumpur, 168 Jalan Bukit Bintang, 55100 Kuala Lumpur.

Mon-Sun: 10am-10pm

Selangor

Wisma Bentley Music

Level 2.02, Wisma Bentley Music, No.3, Jalan PJU 6/2, Mutiara Damansara, 47810 Petaling Jaya, Selangor.

Mon-Sat: 10am-7pm

Selangor

1 Utama Shopping Mall

S330C, Second Floor, One Utama Shopping Mall, 1, Lebuh Bandar Utama, 47810 Petaling Jaya, Selangor.

Mon-Sun: 10am-10pm

Selangor

Sunway Pyramid Shopping Mall

Lot F1.27, Sunway Pyramid Shopping Mall, No 3, Jalan PJS 11/15, Bandar Sunway, 46150, Petaling Jaya, Selangor.

Mon-Sun: 10am-10pm

Selangor

The Mines Shopping Mall

L4-07(1)(P), Level 4, The Mines, Jalan Dulang, Mines Resort City, 43300 Seri Kembangan, Selangor.

Mon-Sun: 10am-10pm

Selangor

Setia City Mall

Lot LG61, Lower Ground Floor, Setia City Mall, No.7, Persiaran Setia Dagang, Bandar Setia Alam, Section U13, 40170 Shah Alam, Selangor.

Wed-Mon: 11am-8pm

Selangor

i-City Mall

Lot L2-25, Level 2, Central i-City Mall, Jalan Multimedia 7/AH, CityPark, 40000 Shah Alam, Selangor.

Wed-Mon: 11am – 8pm

Negeri Sembilan

Terminal One Shopping Complex

F-17, First Floor, Terminal One Shopping Complex, 70000 Seremban, Negeri Sembilan.

Mon-Sun: 10am-8pm

Pulau Pinang

E-Gate

1-02-11, 1-02-12 & 1-02-13, E-Gate, Lebuh Tengku Kudin 2, 11700 Gelugor, Pulau Pinang.

Mon-Fri: 9am-6pm

Sat: 9am-1pm

Pulau Pinang

Sunway Carnival Mall

LG-15, Sunway Carnival Mall, 3068, Jalan Todak, Pusat Bandar Seberang Jaya, 13700 Seberang Perai, Pulau Pinang.

Mon-Sun: 10am-10pm

Pulau Pinang

Gurney Plaza

Lot No. 170-03-29, 30, 31, 32 & 33, Persiaran Gurney, 3rd Floor Gurney Plaza, 10250 Penang.

Mon-Sun: 10am-10pm

Johor

Molek Square

No. 27 & 29, Jalan Molek 1/5A, Taman Molek (Molek Square), 81100 Johor Bahru, Johor.

Mon-Fri: 9am-6pm

Sat: 9am-1pm

Johor

Batu Pahat Mall

Lot G-23A, Ground Floor, Batu Pahat Mall, Batu Pahat, 83000 Johor.

Wed-Mon: 11am-9pm

Johor

Johor Bahru City Square

Lot J3-02 & J3-03, Level 3, Johor Bahru City Square, 106-108, Jln. Wong Ah Fook, 80000 Johor Bahru, Johor.

Wed-Mon: 11am-8pm

Perak

Angsana Ipoh Mall

Lot G6, Tingkat Bawah, Jalan Hospital, Angsana Ipoh Mall, 30450 Ipoh, Perak.

Mon-Sun: 10.30am-10pm

Melaka

AEON Bandaraya Melaka Shopping Centre

Lot No. S05, Second Floor, AEON Bandaraya Melaka Shopping Centre, No. 2, Jalan Lagenda, Taman I-Lagenda, 75400 Melaka

Sun-Thu: 10am-10pm

Fri-Sat & PH: 10am-11pm

Pahang

Kuantan City Mall

L1-29, First Floor, Kuantan City Mall, Jalan Putra Square 6/1, Putra Square, 25300 Kuantan, Pahang

Wed-Mon: 10am -8pm

Sabah

Karamunsing Capital

No. H-0-2, Block H, Ground Floor, Karamunsing Capital, 88300 Kota Kinabalu, Sabah.

Mon-Fri 9am-6pm

Sat 9am-1pm

Sarawak

Song Plaza

No. 1, Ground Floor, Song Plaza, Lot 12168, Block 16, Jalan Tun Jugah, 93350 Kuching, Sarawak

Mon-Fri: 9am-6pm

Sat: 9am-1pm

This campaign is not valid with other promotions, vouchers, discounts, and privileges card and is not available to those associated with Samsung. For other terms and conditions, visit
Samsung
.

(Source:
Samsung
)

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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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TNG eWallet Introduces WalletSafe, An Insurance Plan To Protect Your eWallet Credit

Touch ‘n Go (TNG) eWallet has introduced WalletSafe, an insurance plan that offers a six-month coverage of up to RM25,000 for any loss of credits stored within the e-wallet. On top of that, you will also benefit from a 10x coverage of your eWallet balance in the unfortunate event of death caused by accidental means and Covid-19.

Specifically, the WalletSafe insurance plan – which is underwritten by AIA General Berhad – offers the following benefits:

Benefits
Cap
Compensation for any unauthorised transactions in your TNG eWallet or GO+ account* (wholly or partially lost)
*WalletSafe only covers unauthorised transactions made from the GO+ account, not the capital investment in GO+
RM25,000
Compensation of 10x your TNG eWallet account balance (eWallet and GO+) in the event of accidental death (within 365 days from the accident)
RM25,000
Compensation of 10x your TNG eWallet account balance (eWallet and GO+) in the event of death caused by Covid-19 (within 365 days from diagnosis)
RM25,000

The
FAQ
 for WalletSafe also clarified that the plan is open only to verified TNG eWallet users, provided they are Malaysians or passport holders who are legally residing in Malaysia, and are aged between 18 to 70 years old. Do note as well that the plan is only applicable within the country, and does not provide worldwide coverage.

If you are eligible and would like to give it a try, the plan is currently priced at a premium of RM1 (inclusive of fees/charges and tax) via a limited-time-only promo. Outside of this promo, WalletSafe can be subscribed for RM6.

The plan will kick into effect as soon as you have completed the payment via your TNG eWallet and AIA receives your application. A confirmation email and WhatsApp message will then be sent to you, containing your certificate number, effective date, and the expiry date of the certificate. You will also receive the e-certificate through the confirmation email. Meanwhile, those who are not eligible for the plan will receive an application rejection email, and the premium paid will be refunded to them.

TNG eWallet further clarified that each TNG eWallet account is only allowed to purchase one WalletSafe plan; you will not be able to purchase the plan for another person. WalletSafe is also not renewable, although you can repurchase it after the end of the coverage.

Finally, TNG eWallet emphasised that the claim process can be done online seamlessly, and that submissions will not require any physical documents.

(Sources: TNG eWallet [
1
,
2
],
AIA General Bhd
)

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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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Proposed Amendments To Hire Purchase Act Seeks To Prohibit "Rule Of 78" & Flat Rate Computation Of Interest

(Image: Paul Tan’s Automotive News)

As part of its second public consultation paper (CP2) released today, the Consumer Credit Oversight Board (CCOB) Task Force has also proposed several enhancements to the Hire Purchase Act 1967. Among others, the enhancements are focused on computation of interest – which will greatly benefit consumers who pay off their loans early.

Currently, hire purchase agreements for vehicles employ a flat interest rate and a lesser-known computation known as the “Rule of 78”. Also known as the Sum of Digits Rule, this method of computation frontloads the interest payment in the earlier part of the loan tenure. This means that a higher portion of the borrower’s monthly loan repayment goes towards paying interest rather than the principal balance.  As a result, borrowers who seek to settle their loans early will not save as much interest as they would expect.

Meanwhile, flat rate computation of interest bases the charges on the full principal amount instead of the outstanding amount they still owe (which is a separate method known as “reducing balance”). As a result, borrowers pay much more interest compared to the reducing balance method.

Here’s an example of how the Rule of 78 works in comparison to the reducing balance method, as provided in the
CP2 report
:

While it is still standard practice in many parts of the world, the both Rule of 78 and flat rate computation methods are recognised as unfair to borrowers and is prohibited in various countries. In the United Kingdom and United States, flat rate loans are only permitted if the total interest charged is equal to or lower than the total interest charged under the reducing balance method.

As such, the CCOB Task Force is proposing to amend the hire Purchase Act 1967 to prohibit both the Rule of 78 and flat rate methods in computation of interest, and employ the reducing balance method instead. If enacted, this will result in lower total interest charges for the same loan amount. The reducing balance method is also familiar to Malaysian borrowers as it is used in mortgages/home loans.

In addition, the reducing balance method also incentivises borrowers to settle their loans early. Since the interest charged is based on the outstanding balance, borrowers pay less interest if they repay ahead of schedule or settle the full amount before the end of the tenure.

(Image: The Star)

If the amendments are approved, it will only apply to new hire purchase agreements from the date of the enactment. Existing motor vehicle loans will not be converted to the reducing balance method, mainly because they are contractually bound.

In addition, the CCOB Task Force also proposed a few other enhancements to the Hire Purchase Act, including the display of the effective interest rate (EIR) to provide a better reflection of the cost of the loan, as well as the acceptance of digital and electronic signatures in line with recent advancements in technology to provide a more convenient solution alongside physical signatures.

The proposed amendments are just some of the main enhancements shared in the second consultation paper that is made available to the public. The CCOB Task Force is inviting feedback from the public and industry players from now until 15 May 2023, which can be emailed to
[email protected]
. For more information about CP2 and the Consumer Credit Act, visit
www.ccob.my
.

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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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Citi Malaysia Offers Automatic Moratorium With No Compounded Interest

(Image: The Edge Markets)

Citi Malaysia has announced that it will be waiving the compounded interest for conventional loans during the upcoming automatic moratorium. It is applicable for mortgage and personal loans during the six-month deferment period, which is slated to begin on 1 April 2020.

Additionally, the bank will not compound the accrued profit for its Islamic home financing, which is in line with Shariah principles.

The automatic moratorium offered by Citi Malaysia will be open to eligible individual and SME customers, for loans or financing that are not in arrears for more than 90 days as of 1 April 2020 and are denominated in ringgit. It excludes credit card balances.

As for other corporates affected by Covid-19, Citi Malaysia will review each moratorium request on a case-by-case basis.

Citi customers are also encouraged to reach out to the bank regarding their repayment affordability after the moratorium. If they wish, they may opt out of the moratorium and continue with their current repayment or payment terms.

(Image: Malay Mail)

“This is our first wave of relief and we are actively assessing the situation and listening to our customers. Our commitment to all our stakeholders and to the country is one of support and delivery of our best capabilities especially in these difficult times,” said the chief executive officer of Citi Malaysia, Lee Lung Nien.

Citi Malaysia’s financial relief measures are in line with Bank Negara Malaysia’s (BNM) recent directives for the
automatic deferment
 of individual and SME loans for a period of 6 months, as well as the conversion of
outstanding credit card balances
 into term loans. It is the latest of
several banks
 to have come forward to declare non-compounding interest for the period of the moratorium.

You can also find out more about other financial assistance offered by banks in Malaysia in our
article
 here.

(Source:
New Straits Times
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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BoostUP Is Now Available For Boost Users - Here's How It Works

The new rewards and loyalty programme by Boost, called BoostUP, is now live. Complete with its own points system, member tiers, and rewards catalogue, BoostUP is designed to be a step up from the e-wallet’s original Shake Rewards feature to reward users for using the e-wallet.

Previously, Boost users would get immediate cashback with every transaction from their Shake rewards. With BoostUP, transactions on Boost will earn you both Boost coins and Shake rewards – which now offer other, longer-term incentives besides cashback.

Get Boost Coins And Shake Rewards With Every Transaction

Through BoostUP, users will earn coins with every Boost transaction they make. As regular users of Boost may already know, Boost coins are used to activate Boost Missions, and this remains as a current feature of the Boost app. However, with the introduction of BoostUP, you can now save up coins to claim rewards from the Boost Rewards catalogue.

In addition to the Boost coins, you will also get a Shake reward when you make a transaction. Your Shake reward can contain one of the following incentives:

Cashback.
Although it is no longer automatically given for every transaction, you still stand a chance to earn cashback from your Shake reward. The maximum amount of cashback you could earn varies according to your Boost level.

Extra Boost coins.
Getting a Shake reward that gives you extra Boost coins will help you rack up your coins faster. Similar with the cashback benefit, the maximum amount of extra Boost coins you could earn depends on your Boost level.

Random prizes.
Users can win lifestyle prizes like smartphones or household appliances.

A Golden ticket.
Touted as the most desirable of Shake rewards, an elusive Golden ticket can get you a once-in-a-lifetime experience like a Mediterranean cruise or a day out with an A-list celebrity.

BoostUP Your Level

The BoostUP programme has four tiers: Level 1, 2, 3, and 4. The higher your level is, the faster you will earn Boost coins. Moreover, you stand to win a higher amount of cashback or additional Boost coins from your Shake rewards when you have a higher tier.

Tier

Benefits

Level 1

Earn 1 Boost coin for every RM3 spent

Win up to 3% in cashback or extra Boost coins (from Shake rewards)

Level 2

Earn 1 Boost coin for every RM2 spent

Win up to 4% cashback in cashback or extra Boost coins (from Shake rewards)

Level 3

Earn 1 Boost coin for every RM1 spent

Win up to 9% cashback in cashback or extra Boost coins (from Shake rewards)

Level 4

Earn 2 Boost coins for every RM1 spent

Win up to 17% cashback in cashback or extra Boost coins (from Shake rewards)

(Image source: Lowyat Forums)

According to Boost, you can level up your tier the by meeting two milestones: hitting a set number of transactions and also a set transaction value within 30 days. Nonetheless, there does seem to be some discrepancy in the progress tiers displayed by Boost. As you can see in each individual level page in the screenshots above, you need to make 15 transactions and spend RM450 to reach Level 2, make 30 transactions and spend RM1,200 for Level 3, and have 60 transactions with RM3,000 spent to reach Level 4. However, if you pull down your personal tier progress on your main rewards page, you will see that the milestones on this bar doesn’t add up with the ones on the individual level pages.

We must say, though, that the two-stage requirement to level up makes it makes it hard for users to level up. Boost has said before that most users use the e-wallet to pay for low-value transactions such as parking, so placing a spending requirement means a large group of users may not be able to level up their membership tier.

What Can You Do With Your Boost Coins?

Your Boost coins are used to redeem benefits from the Boost rewards catalogue. You can claim cash for your Boost Wallet, vouchers for online shopping, prepaid top-ups, and entertainment platforms, and also high-value items like Dyson hairdryers, iPhones, and even a Samsung UHD Smart TV. Of course, Boost coins expire after a year, so you would have to do a considerable amount of spending to earn the 106,000 coins required for the UHD TV.

Boost’s move away from randomised amounts of cashback towards this consolidated rewards system has a number of significant effects on the user. For one, BoostUP will be more rewarding to those who transact more with Boost – both in terms of number of transactions and transaction value. The structured rewards programme also means that you can now get a better grasp of the actual returns of using Boost (even if the Shake rewards received is still random). We will be breaking down the rewards programme further – specifically on the value of these Boost coins, so keep a look out on that soon. You can also find out more about the two other features introduced by Boost in its latest update, which are
CashUp and UnionPay QR
.

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myBSN and U Mobile users stand to win Samsung smartphones

It’s raining smartphones! Just top up a minimum of RM30 to your U Mobile prepaid via myBSN and you could
win yourself a Samsung Galaxy phone
.

The five highest top ups every month will win a Samsung Galaxy Note II, while the next ten will bring home a Samsung Galaxy Y. Pure and simple. You don’t even have to swipe your credit card.

Contest ends 15 March. Do have a run by the
T&Cs
 as well as
FAQs
.

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What's the real difference between RON95 and RON97 Petrol in Malaysia?

You’ve probably heard many ‘lively’ debates on both RON 95 and 97 in terms of performance, quality and most importantly, fuel pricing, as well justifications and questions about it’s price versus real quality value. But why should you care? Well, an average car-owning/driving Malaysian pays at least RM300 up to a whooping RM1500 on fuel each month! With such numbers, you want to be sure that what you’re getting is really what your car needs as well as is value for money.

How will you know that? Well, knowledge is power essentially so let us equip you. We run through the two types of petrol in Malaysia for your reading pleasure.

Get to know your RON

In case, you may have thought RON is an abbreviation for the name Ronald or Ronny at the nearest Caltex or Petron; let me explain in three syllables-
Research Octane Number
. The number of these octanes measure the quality and performance of the type of fuels used in vehicle on the road or on air. And, these numbers are labeled based on different grades of fuel available but mind you, a higher grade doesn’t necessarily equate higher quality as most of you would have thought but rather its ability to delay auto ignition.

RON 97 or RON 95?

Now that you get to know the basics behind the two RONs. Here is how you decide between them.

Normally, the air and petrol mixture is injected into the chamber and the cylinder compresses it before ignition. Ignition is caused by a spark given out by the spark plug at the precise time for complete combustion. However, a ‘knocking’ sound will occur when there’s too much compression causing the mixture of air and fuel to combust before the

actual spark plug. This will wreck your engine and much worse, burn your wallet in the process!

Does it mean you need RON97 for your car? Not necessarily. Since every car has a minimum compression ratio, the best way to know is to check your service manual to see which fuel type is recommended by your car manufacturer. As every car’s performance has its limit, there’s no need to waste the extra 60 sen on every litre. It’s not going to bring your car to full throttle and make you look as good as Vin Diesel. You’re probably going to get more of a resemblance by shaving your head.

Fuel Prices

Most of us drive a petrol car, and we are absolutely dependent on fuel no matter how much it cost us. Through the years we’ve definitely gulped down more than our fair share of
fuel prices changes
 . Check out how steadily fuel has been burning a hole in our pockets since 2010 in our comparison chart.

Fuel Pricing Through the Years

Date

RON95

RON97

3rd Dec 2010

RM1.90/litre

RM2.15/litre

5th May 2011

RM1.90/litre

RM2.90/litre

5th July 2012

RM1.90/litre

RM2.60/litre

4th Sept 2013

RM2.10/litre

RM2.85/litre

8th Sept 2014

RM2.10/litre

RM2.75/litre

Prices sourced from various news report: The Stars Online and Paultan.org.

Still think a higher RON is worth the money?

Drive efficiently

Unless you plan to convert to hybrid, there is really not much you can do about the price hike situation. But if your car really isn’t maximising the pumping of RON 97 then switch to save some dough! The way you drive will also do wonders to your fuel spending:
Drive efficiently
, plan your trips or car pool with a friend or a colleague who lives nearby.

Still can’t get your fuel spending under control? Why not get rewards and cashback through fuel
credit cards
 to get more bang for buck?

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CIMB To Remove Credit Card Benefits For E-Wallet Transactions, Revise Pay With Points Conversion Rate

CIMB Bank has announced that starting from 8 August, all e-wallet transactions performed using CIMB credit cards will no longer be eligible for any cash rebate, rewards, or bonus points – with the exception of the CIMB e Card. Additionally, the bank is also revising its Pay With Bonus Points (BP) conversion rate, increasing it from 400 BP for RM1 to 500 BP for RM1.

Following this latest update, a majority of CIMB credit cardholders using e-wallets will be affected as they are bound to the terms and conditions of CIMB’s Member Rewards Programme – which essentially means that they can no longer double dip into their credit card and e-wallet perks. Some cards that will be affected include the new
CIMB Travel cards
, which have been immensely popular as they offer up to 10 BP for selected spend, including local online spend (currently inclusive of e-wallet as well).

Here’s the full list of cards that will be impacted by this revision:

CIMB Petronas Visa Infinite-i

CIMB Petronas Visa Platinum-i

CIMB Travel World Elite

CIMB Travel World

CIMB Travel Platinum

CIMB Platinum/-i

CIMB Cash Rebate Platinum

CIMB World Mastercard

CIMB Visa Signature

CIMB Visa Infinite/-i

CIMB Preferred Visa Infinite/-i

CIMB Petronas Mastercard Platinum/-i

The one exception to this revision is the CIMB eCredit Card, which will continue to earn you up to 12x BP on e-payments, including e-wallets. Specifically, the CIMB eCard allows cardholders to earn 12x BP for online shopping, food deliveries, e-wallet payments, auto-billing, and in-store contactless transactions on every 28
th
 of the month (referred to as eDay). Outside of eDay, you’ll earn 3x BP on similar transactions. Meanwhile, all in-store PIN purchases will net you 1x BP, regardless of whether it is eDay or not.

Aside from announcing the revision on e-wallet transactions, CIMB also said that starting from 8 August, the conversion rate for its Pay With BP feature will be revised upward, where you’ll need 500BP in order to redeem RM1. At present, you only need 400BP to redeem the same value.

In line with this revision, CIMB stated that its Member Rewards Catalogue for 1 April 2023 to 30 April 2024 (and gifts offered for redemption) will only be valid until 7 August 2023. After that, a new Member Rewards Catalogue for 8 August 2023 to 30 April will apply.

Given that there’s still some time before this update takes place, CIMB customers can quickly redeem their BP with participating Pay With BP merchants at the existing rate. Some brands and merchants that you can consider checking out include Cold Storage, Giant, Baskin Robbins, Machines, and Harvey Norman. Here’s the
full list of participating merchants
 for your convenience as well.

(Source: CIMB [
1
,
2
])

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CIMB Petronas Visa Platinum-i

CIMB Platinum/Platinum-i

CIMB Preferred Visa Infinite

CIMB Preferred Visa Infinite Credit Card

CIMB Preferred Visa Infinite-i Credit Card

CIMB Travel Credit Card

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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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    Daeng D

    1 month ago

I guess, if no points at all given for ewallet usages, people might as well just use debit card/fpx to topup their ewallets.

Whats the point keeping so many credit cards right? Especially now that ewallet payment is everywhere. Capping would have been better instead of totally removing it. Oh well, what do i know ~

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Store Brands vs. Name Brands – Which Brings You More Value for Money?

Trying to save more on your grocery expenses? The solution could be as simple as switching brands.

A trip to your favourite grocery store is usually on the list of things to do whenever precious weekends roll around. And if you are on a tight budget, this might be an especially penny-pinching activity. However, if you are willing to step out of your foodstuff comfort zone, you might just #GetMore value for your grocery money.

Today, we’re serving you food for thought to help you reconsider your allegiance to certain brands and save more in the process.

What’s in a Brand?

Brands are mostly made up of perception, preference and consistent quality. People keep with certain brands over the years for these exact reasons, in addition to the familiarity they promise.

But are we missing out on more value by simply staying loyal to a name brand? Let’s find out:

Here are ten common grocery list items pitted against each other, name brand vs. store brand – guess who wins the price war?

No.

Store Brand

MYR

Regular Brands

MYR

Store-Brand Savings

1

Tesco Everyday Value Cornflakes 500g

8.99

Kellogg’s Corn Flakes Breakfast Cereal 500g

13.79

35%

2

Tesco Value Spaghetti 500g

3.99

San Remo Spaghetti 500g

4.35

8%

3

Tesco Everyday Value Pure Apple Juice 1 Litre

4.09

Marigold 100% Apple Juice 1 Litre

6.49

37%

4

Tesco Everyday Value Oyster Flavoured Sauce 250g

2.09

Adabi Oyster Flavoured Sauce 255g

4.55

54%

5

Tesco Strawberry Jam 454g

5.99

Steffi’s Choice Strawberry Jam 450g

12.29

51%

6

Tesco Everyday Value Digestive Biscuits 400g

4.49

McVitie’s Digestives Original 400g

8.35

46%

7

Tesco Everyday Value Sardin Sos Tomato 425g

2.89

Ayam Brand Sardines in Tomato Sauce 425g

7.99

64%

8

Tesco Tuna Chunks In Olive Oil 185g

4.65

Ayam Brand Light Chunks Tuna Olive Oil 185g

5.69

18%

9

Tesco Everyday Value Chicken Frankfurter 340g

2.39

Ayamas Chicken Frankfurter 340g

2.79

14%

10

Tesco Everyday Value Hawaiian Chicken Pizza 120g

1.99

Tricious Hawaiian Chicken Pizza 140g

6.39

69%

*We used Tesco as an example because of its relatively extensive range of food products.

Note:
 Prices are correct at the time of research and do include promotional pricing for both store and regular brands.

Who Won?

Based on the products listed above, the store brand appears significantly cheaper in comparison to its popular name-brand equivalents (approximately
43% lesser
).

So what could account for such a gaping price difference? Here are some reasons that explain why name brands may not always be the more valuable choice:

Promotional Costs

While promotional costs vary across the board for consumer food products, it does take up a significant portion of the designated retail price.

The cost of promotional marketing is then passed on to the consumer, thereby increasing the price of your favourite ‘branded’ grocery items.

Conversely, store brands have the ability to subsidise these costs and sell their products more cheaply.

Food Quality Perception

The supposed higher quality of foods produced by a name brand compared to a store brand is highly debatable.

Consider that the cost to produce both brands may actually be the same, but name brands appear more expensive due to promotional costs. And customers are even willing to pay more because there is an inherent belief that store-brand products have inferior quality or production standards.

In actual fact, both store and name brand food items have to adhere to the same set of regulations in Malaysia under the Food Act 1983 (other regulations include Food Regulations 1985 and Food Hygiene Regulations 2009). In other words, store brand items are just as safe for consumption and by some accounts may boast even better quality.

How You Can #GetMore Value with Store-brand Food Items

Here are a couple of tips on how you can make the switch to store brands without compromising on your favourites:

Do a taste test

Supermarkets constantly hold taste tests on the weekend to help shoppers try new products. Thus, if you are thinking of possibly switching to a cheaper option, do give the promoters a bit of your time and sample the free grub. It is a rather effective, zero-cost way to choose the most valuable option.

Nevertheless, if the taste does not sit right with you, then just go ahead and stick to your original brand. You’re clever enough to know that ‘value’ and ‘cheap’ are not synonymous.

Get in on promos

For name-brand items that you simply will not sacrifice for the sake of lower prices, try looking for ways to buy them at a discount. One such method is to utilise your points, coupons and vouchers to help you reduce costs.

You might also want to sign up for a rewarding
credit card
 that provides cash back rebates for grocery swipes. Some plastics offer up to an unbelievable 10% cash back for grocery shopping and this could save you loads when buying more expensive, name-brand treats that you simply find impossible to give up on. If the array of credit cards out there happen to confuse you, use our
cash back credit card comparator
 to figure out one that works to your financial advantage best.

Choosing Wisely to #GetMore Value for Your Grocery Budget

While it may not seem like a lot of money right now – opting for the cheaper alternative may save you plenty down the road.

Choosing which products to save and splurge on will take a bit of time and experimentation but you can expect significant savings in the long run.

It’s satisfying to know that your money is being put to its best use, so when you do have the opportunity to enjoy high value for lower costs, you might want to jump at it. And who knows, you may actually like store-brand products better.

Did you like learning how to #GetMore when grocery shopping in this article? Follow our #GetMore hashtag on your favourite social media channels as we bring you more tips on how you can get more for your money in everything from travel to shopping and dining until the close of 2015. Who wouldn’t like to #GetMore for their money?

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Desiree Nair

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Is Bitcoin Really the New Gold?

While saving money is important, investing it is really how we can grow our money the best way. And if you’ve been keeping up with investment news, you’ll have heard about how the cryptocurrency bitcoin have surged in value and how people have been clamouring to get in on the action. Some have even claimed that
investing in bitcoin

is comparable to

investing in gold
.

But how true is that? And should you start investing in bitcoin right away? Let’s find out.

Wait a Minute, Bitcoin and Gold Are Totally Different Things…

On the surface, yes. One is a shiny mineral with various industrial applications and aesthetic value, and the other is a cryptocurrency that exists digitally. However, both of these have some important similarities when looked at as investments.

Both are
not tied to any government currency
, which means they won’t be affected by geopolitical instability. This makes both investments attractive for people who are sceptical of traditional financial institutions or those who prefer to keep their finances separate from regular fiat currency.

Gold and bitcoin are also tremendously hard to counterfeit. Gold’s 5000-year old history of being traded as currency means we’ve developed a myriad of ways to weigh, track, and detect the purity of the metal. Bitcoin on the other hand relies on its encrypted system and complex algorithms (attributed to its blockchain technology) to ensure that no counterfeiting or fraudulent transactions with fake bitcoins could ever take place.

Another important similarity between the two is scarcity. The world’s gold supply is technically finite, and the more we dig up, the costlier it is to look for more, which in turn, will drive the price of gold even higher. Bitcoin also has a finite supply. The way bitcoin is set up, computers can mathematically “mine” for bitcoin, but there is an imposed limit to the number of bitcoins they can mine. Once
this limit of 21million units
 is reached, there will be no more bitcoins, and where there’s a limited amount of something while demand is high, prices naturally increase to follow.

Okay, But Why is Bitcoins’ Value Getting Higher Recently?

There are several reasons for this, but without getting too technical, part of it has something to do with bitcoin’s underlying technology and efforts this year
to upgrade the system
 to support faster, smoother transactions to help support its increasing popularity. In anticipation of this uptick in transaction volume and subsequently after the upgrade went live,
prices soared
.

A unit of bitcoin climbed from RM4,021 on March 16th to RM18,424 on August 16th. That’s a value of
358%
 from its starting price
for that period of 5 months
.

In comparison, gold prices per kilogram for the same period increased from RM165,756 to RM172,648. A value that is only
104%
 of its starting price
for the same 5 months
.

That Sounds Great! I Should Get Some Bitcoin Right Away!

Whoa, hold on now. Just as with any hot new investment, you shouldn’t leap in head first without really knowing what you’re getting into. Especially since bitcoin is an entirely new asset class under cryptocurrency.

Since August, its value has actually dipped over some
recent regulations by China
. And while we’re on the subject, the legal standing of bitcoin remains a hotly discussed issue with widely differing opinions across the financial world. Countries have elected to
tax it
,
encourage it
,
develop entirely new laws for it
, and even
ban it
 outright.

As far as Malaysia is concerned, while Bank Negara
does not recognise it as legal tender
 and does not regulate bitcoin operations
. This doesn’t mean you still can’t invest in it of course. It just means that if merchants offer to do business with this currency, that transaction isn’t recognised as legal. Which is tricky since bitcoin transactions are also non-reversible, so if you’ve been defrauded or scammed out of your bitcoin, there’s no getting them back.

An important thing to keep in mind is that unlike gold, bitcoin cannot function as a store of value. Since bitcoin is not linked to any government currency or any intrinsic value like gold, its price can just as easily drop to zero if enough people lose interest.

Another point against bitcoin is that it can’t yet be easily exchanged for cash. Unlike gold, which has an established history of trade and equally legal and valuable across country borders,
bitcoin has different legalities and laws surrounding it
 and is more difficult to convert into cash in hand.

This is not to say you shouldn’t invest in it if you want to, we just want you to be aware of what you’re getting yourself into if you do. Remember: we’re a website with financial tips and stories, not an investment advice blog. All investments come with their own risks, and since bitcoin is a particularly new asset class, be careful and don’t expect too much!

Got it. So How Do I Get My Hands on Some Bitcoin?

Right now the most economical way to get some bitcoin is to buy them. There are a few ways you can do this:

Buying directly from sellers via bank transfer:
LocalBitcoins
,
Remitano

Buying from a private bitcoin exchange (much like a money changer) via bank transfer:
XBitAsia
,
Luno

Buying from a private bitcoin exchange via debit or credit card:
Cex.io

And even from a
Bitcoin ATM machine
 in Ipoh:
PinkExc.co

A Word of Caution

Bitcoin’s decentralisation, detachment from government economy, and (near) untraceability means it’s also highly attractive
for people who conduct illicit dealings
. From demanding ransoms, money laundering, to the purchase of illegal goods, bitcoin has been the go-to currency.

With its current popularity as an investment asset, be aware that some people might take advantage of this and try to scam you by offering to “sell” bitcoins they don’t have. Be wary when using peer-to-peer trading services and make sure only to use trusted services.

Good as Gold?

Bitcoin is experiencing a bit of an upswing and is forecasted to
continue is ascent
, and it just might be a good addition to your investment portfolio. However, if you’re still on the fence about investing in it or even in gold, you can start small by
setting up a fixed deposit account
. It functions the same as a savings account with a higher interest rate, which makes it a good place to start. Good luck out there!

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Ahmad Mudhakkir

Ahmad Mudhakkir

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4 Financial Alternatives to Duit Raya

Who doesn’t love a fat
sampul
 of
duit raya
 on Aidilfitri? The culture of giving
duit raya
 has been around for as long as I can remember. The beauty of the act itself is something that will always be special.

But if you are keen to try a new way of giving this Raya; we’ve come up with a few ways you can do that. Here are 4 different ways to give out
duit raya
 to your loved ones and at the same time help lay a brick for their future.

1. Unit Trusts

For a parent expecting a child; planning to have a child; or has recently had a child; giving out
duit raya
 to their offspring in the form of a Unit Trust is a great idea.

It does not have to be a whopping RM1,000. Even an RM20 fund will help them kick-start saving for their newborn.

This will serve as a starter to encourage the parents to save more for their child. The Unit Trust account will also bring in more capital gain when the child grows up. It’s a gift that keeps on giving!

2. Open an SSPN Account

Our friends at SaveMoney have an excellent guide on the SSPN account in case you weren’t familiar with the concept. The SSPN account is a savings account created by
PTPTN
 for the purpose of saving for your child’s education.

In order to obtain funding for education in future from PTPTN; a student will need to have an SSPN account.

By opening an SSPN account, the child will have a gift that will serve him in the future. The introduction of an education fund is the best gift you can give a child.

3. Open a Savings Account

Opening a
savings account for children
 will help nurture the saving habit beyond the coins in their coin box.

The parents of the child may already have a savings account but you could give this as an additional pot where the child can not only save his other collected monies – he can feel like a real grown up managing a bank account all by himself!

4. A Fixed Deposit

For those thinking of a really big
duit raya
 offering – for a child, a parent or a spouse – consider the benefits of a
good fixed deposit
. Many fixed deposits can be started with a minimum fund of RM500.

As far as gifts go; this is a good gift to ensure the money is available for use but also provides the interest earning option to the recipient with no fuss or fund knowledge required of the recipient nor the giver.

A Gift of Love

For parents and adults out there preparing for Aidilfitri and planning to give out
duit raya
, I applaud you. It is not just an act of giving but also an act of love.

The ‘cue’ before the
duit raya
 giving is the most unique. It is usually during the early morning before the
Solat Sunat Aidilfitri
 and right before the group of guests is about to leave the visited house.

There is also the usual reminder that comes with the
duit raya
 packet: “Jangan belanja yang bukan-bukan.” (Don’t buy anything nonsensical), “Belajar rajin-rajin.” (Study hard) and many more that show you the additional care and concern our elders have for us.

These are just some of the small reasons that make
duit raya
 giving so meaningful to me and, and I’m sure to many of you readers as well. We hope that in simply changing the way we distribute these packets of love; we can give our loved ones more lessons or opportunities to grow wealth for a better future.

Selamat Hari Raya Aidilfitri and Maaf Zahir Batin!

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Yasier Mahayudin

Yasier Mahayudin

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Maybank To Permanently Move Secure2u Activations From Maybank2u App To MAE App

Maybank has notified customers that it is permanently moving its Secure2u activation from the Maybank2u app to the MAE by Maybank2u (MAE) app, effective 26 September 2022. On top of that, the bank is also enhancing the Secure2u feature on the MAE app with a 12-hour activation period when customers enable it on a new device, starting from 8 October 2022.

In a notice, Maybank clarified that this decision to move the Secure2u activation from the Maybank2u app to the MAE app will only affect new Secure2u activations. So if you’ve already activated Secure2u on your Maybank2u app prior to this, you can continue to use it on the app to approve your transactions as usual. However, Maybank strongly encourages users to switch over to the MAE app for all Secure2u approvals as it is planning to
phase out the Maybank2u app eventually
, leaving MAE app as the bank’s sole mobile banking app.

In addition to that, Maybank noted that it is also taking steps to boost its online banking security by introducing a 12-hour activation period to the Secure2u feature. Essentially, this means that you’ll need to wait for 12 hours before you can begin using Secure2u to authorise transactions if you were to enable the feature on a new device. “This helps to prevent unauthorised approvals,” the bank further stated in its notice.

If you’re prepared to activate Secure2u on your MAE app, the process to do so is quite straightforward, as you can see here:

Launch your MAE app and tap on “More”, then “Settings” at the top of your screen

Tap on “Maybank2u” and log in, then enable Secure2u by tapping on the toggle button

Confirm your mobile phone and authorise the change by keying in the One-Time Password (OTP) sent to you via SMS

Maybank describes Secure2u as a “safer and more convenient way to authorise your Maybank2u and MAE transactions” in comparison to its predecessor, SMS TAC, which has been
phased out by the bank
. Secure2u utilises two authorisation methods: Secure Verification and Secure TAC. To explain, Secure Verification pushes a notification to your smartphone so you can approve or reject a transaction, whereas Secure TAC produces a six-digit TAC within the app to authorise your transactions. The feature was initially enabled only on the Maybank2u app, and was
eventually made available for the MAE app in April 2021
.

Aside from permanently moving its Secure2u feature, Maybank had also recently announced that it is
shifting selected functions of its Amanah Saham Nasional Berhad (ASNB) services
 from the Maybank2u app to the MAE app as well. This shift is also set to take effect in October 2022.

(Source: Maybank [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Ong Soon Teck

    5 months ago

Why must I install Maybank MAE App to do online banking? isn’t this against consumer choice and privacy? Maybank is forcing their customers to install this App on their phone and claiming that it is safer than their SMS TAC. Well, I’m not to sure about that, after using it for awhile, I uninstalled it from my phone. But now I can’t do my online banking as I usually do from my computer. This is an unfair practice.

2

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    Anonymous

    4 months ago

MAE support only one account, for those who have more than ONE account, game over. Such a useless app. Try going to Play store app review and you know what I mean.

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    tracy

    13 days ago

the bank is also enhancing the Secure2u feature on the MAE app with a 12-hour activation period when customers enable it on a new device, starting from 8 October 2022. – Where are you get this information that is starting from 08.10.2022?

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    Pang Tun Yau

    13 days ago

    Reply to

        tracy

you may click on the source links to Maybank’s notices and announcements page to see the information

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    Tracy

    12 days ago

    Reply to

        Pang Tun Yau

Yes. I clicked. I don’t see the date 08 october 2022. Can show?

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    Tracy

    12 days ago

    Reply to

        Tracy

My scam case happened on 09.10.22. My first time register MAE app and Secure2u on 12.10.22. I able to perform the online transaction without waiting 12-hour activation. So, your information is very important to me.

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    Pang Tun Yau

    10 days ago

    Reply to

        Tracy

the source links go to Maybank’s Secure2u FAQ page and additional resources. It also appears the 8 October notice was amended, but other news publications have also reported on it:

https://www.lowyat.net/2022/285679/maybank-fully-migrate-to-secure2u-june-2023/

https://amanz.my/2022357750/

https://zinggadget.com/2022/09/16/maybank-mae-app-secure2u/

https://technave.com/gadget/Maybank-All-new-Secure2u-activations-will-be-permanently-moved-to-the-MAE-app-starting-October-31814.html

if you were able to do so, you should speak to the bank.

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Guaranteed Apple AirPods, Firefly e-Voucher, And More Gifts Await This Week

The Unbox This Week credit card campaign is back with awesome gifts from five participating banks!

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

For this week (6 – 13 December), our featured bank partners include

Citibank, HSBC Bank, Standard Chartered Bank, and Alliance Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple AirPods

Apply for selected cards from Citibank through us this week and you might take home the Apple AirPods

Pro! Whether it’s to complement your active lifestyle or get some work done without distraction, the AirPods

Pro will see you through it all with Active Noise Cancellation for immersive sound and a more customisable fit for all-day comfort.

This week, successful applicants will be in the running to take home the AirPods 3.0 and AirPods Pro, respectively. Both gifts are capped at 20 units each. Those who are not selected will still walk away with an AirPods 2.0.

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 – RM700 Cash Via TNG E-Wallet

This week, credit card applicants will get to take home guaranteed RM700 Cash via TNG E-Wallet when they apply for a credit card with HSBC! From paying tolls to shopping for groceries, this gift can do it all!

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 – RM180 Firefly e-Voucher

Standard Chartered is now giving ALL approved applicants a Firefly e-Voucher worth RM180! If you’re ready to fly back to your hometown and reunite with family and friends, this gift can come in handy for you.

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.

Alliance Bank – Giordano Luggage Bag

This week, we have Alliance Bank once again joining the party with a guaranteed Giordano Luggage Bag. Keep your belongings secure in a sturdy luggage bag without having to forgo style!

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, 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 13 December, 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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DOSM: Mean Monthly Salaries In Malaysia Increased By 3.5% In 2021

Mean monthly salaries and wages received by employees in Malaysia have increased by 3.5% in 2021, from RM2,933 in the previous year to RM3,037. This was revealed in the latest Salaries & Wages Survey Report 2021 released by the Statistics Department of Malaysia (DOSM).

“The increase in monthly salaries and wages was contributed partly by economic and social activities that continued in the second half of 2021 after the country was hit by the Covid-19 pandemic,” said chief statistician of DOSM, Datuk Seri Mohd Uzir Mahidin in a statement, adding that this clearly signals recovery in the Malaysian economy. In comparison, the
mean monthly salaries and wages in 2020 fell by 9%
 – a first-time decline since DOSM started the Salaries & Wages Survey Report in 2010.

Gender-wise, the average monthly salaries and wages of male employees was reported to have increased by 4.1%, from RM2,963 in 2020 to RM3,085 in 2021. Female workers, meanwhile, saw a hike of 2.7% in their average monthly salaries and wages, from RM2,889 in 2020 to RM2,968 in 2021.

Similarly, the median monthly salaries and wages also recorded an increase of 9.1%, from RM2,062 in 2020 to RM2,250 in 2021. “In 2021, it was found that the median monthly salaries and wages received by male workers was RM2,315 and female workers RM2,145 – an increase of 10.6% and 6.2% respectively compared to 2020,” DOSM shared.

Other than these data, the Salaries & Wages Survey Report 2021 also highlighted various other key statistics regarding the monthly salaries and wages of employees in Malaysia. These include the 3.4% hike in the number of salary and wage earners in Malaysia in 2021, which increased from 9.4 million people in 2020 to 9.7 million people.

Additionally, the report noted that urban areas have higher mean and median monthly salaries and wages as compared to rural areas. Specifically, urban areas have mean and median salaries of RM3,188 and RM2,438, respectively, while rural areas have mean and median salaries of RM2,166 and RM1,520. Other information shared include the mean and median salaries by age group, category of skill, education level, as well as by state.

(Sources:
DOSM
,
Malay Mail
)

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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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5 After-Sales Car Service Myths In Malaysia

Buying a car is a momentous occasion in many people’s lives. There’s nothing like the way you feel when you drive your new ride home and bask in that new-car smell. But what about how you treat your car after you’ve bought it? You shouldn’t care any less about getting the best for your car once you’ve purchased it.

If you want to give your car the quality of after-sales care that it needs, you’ll need to know what’s good and bad for it first. To help with that, we’re debunking a few after-sales car service myths that could be costing you proper maintenance and even extra money in the long run.

Hopefully, you can now see that not all rumours about after-sales car service out there are true. In fact, authorised service centres can help you to save money in the long run! Moreover, car dealers like Volkswagen are willing to put their money where their mouth is when it comes to offering warranties and quality assurance for your car.

Find out more about Volkswagen’s after-sales car services and privileges by heading over to the
Volkswagen Cares website.

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Automobile

Car Maintenance

Car Service

Volkswagen

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ringgitplus

ringgitplus

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