Survey: Young Malaysian Travellers Willing To Spend Average RM9,000 On Holidays

(Image: Malay Mail/Devan Manuel)

A survey by digital travel booking platform Klook has shown that millennial and Gen Z travellers in the Asia Pacific region are quite willing to splurge on their holidays. Specifically, the Travel Pulse survey noted that 81% of Malaysian travellers said that they are willing to spend an average of RM9,000 on their holidays – more than double the average monthly income across Asia of approximately RM4,800.

The survey also highlighted that experiences have become the new travel currency; about 81% of Malaysian millennial and Gen Z individuals in the survey said that memorable experiences are now a priority in their travels. In comparison, 90% of the overall survey participants said that they would invest in memorable experiences during their trips, including visits to theme parks, outdoor adventures, cave exploration, massages and hot springs, as well as island tours.

Aside from that, it was also revealed that Malaysian travellers favour travelling to Japan, Thailand, and Indonesia as their top destinations, with over 59% of them planning their trips about two to six months ahead of time. It was further found that 64% of Malaysians polled preferred to travel locally, and 87% enjoyed short-haul travels too (described as flights that take up to three hours in duration).

(Image: The Star/Lim Beng Tatt)

Aside from these details about Malaysian travellers, the Klook Travel Pulse survey also shared other discoveries found about Asia Pacific millennial and Gen Z travellers in general. For instance, one in five Gen Z individuals in Asia – and one in four millennials in Asia – is willing to spend nearly RM14,000 (about US$3,000) for holidays. Most of them are also now relying on social media platforms as their primary inspiration tool, shifting away from previous generations who typically depend on traditional sources like tours and search engines to plan their trips. Additionally, many check online reviews before making any bookings (nine out of ten travellers), such as for accommodations or an experience package.

“Experience and activities become the first thing they [young travellers] look at. This remarkable shift is a testament to their increasing desire for authentic experiences, with their decisions fuelled by social media over traditional sources like search engines and travel guides,” said the chief operating officer and co-founder of Klook, Eric Gnock Fah.

Gnock added that the rise of social media as a travel inspiration and planning tool – especially those that exist as mobile apps and come with short-form videos – is largely attributed to their interactive nature.

The Klook Travel Pulse survey was conducted in July 2023 with a total of 2,400 respondents across 12 markets, including Malaysia, Singapore, Thailand, Hong Kong, and Japan.

(Sources:
The Star
,
TTG Asia
)

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

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Allianz General Raises Awareness On Necessity Of Fire Insurance

(Image: The Malaysian Reserve)

Insurer Allianz General Insurance has urged the public, especially owners of commercial properties, to recognise the necessity of fire insurance and safety precautions for their assets. This is considering the rising number of fire incidents in buildings that was seen over the past few years.

In a media forum organised in partnership with the Fire and Rescue Department of Malaysia (Bomba) and Universiti Malaya’s Department of Building Surveying, it was revealed that Malaysia saw approximately 7,000 fire breakouts a year between 2019 to 2021, with losses estimated at RM1.12 billion per year. In comparison, the average of fire breakouts during 2010 to 2018 was 5,335 cases, with a total estimated loss of RM21.95 billion.

In light of this, chief executive officer of Allianz Malaysia, Sean Wang stressed that Malaysians, specifically business owners, need to change their mindset to prioritise safety issues over the cost and probability of insurance claim. This means they should always undertake a proper risk assessment of their premise, then decide on an insurance that fits their needs.

“This forum is about raising awareness, and to put it plainly, the issue is not that the sector is underserved. Unfortunately, it is the lack of the sense of vulnerability when it comes to fire safety or safety in general. To set things right, commercial insurance is not a buy-one-fits-all type of coverage. If you’re a business owner, having fire insurance is not a be-all, end-all,” said Wang.

Wang also added that when it comes to property damage, it is crucial for business owners to understand the basis of the sum insured in their insurance policies: either market value basis or reinstatement value basis. “It is vital that the value or sum insured for the insurance covers for the buildings, machinery, stocks, and the like is assessed and reviewed regularly,” Wang stated.

Meanwhile, the head of risk engineering and consulting of Allianz General, Syed Zain Syed Noh shared that the main causes of fire outbreaks at various properties are electrical short-circuit and electrical resistance that come from simple mistakes. Some examples of these mistakes include loose connections, electrical overloading, faulty electrical devices, and faulty cable insulations.

“For commercial properties, the lack of maintenance is one of the key causes of fire incidents due to old installations and equipment, improper installation, lack of regular inspection, and no supervision during operation hours. Most importantly, electrical fires are preventable, and it’s all down to managing risks and having actionable solutions,” said Syed Zain.

(Image: The Star)

Syed Zain also advised business owners to always review possible risks whenever they make any changes to their premises, such as expanding it or installing new storage technology. He urged them as well to always commit to the necessary safety standards and guidelines, and not be swayed by “shortcuts” that could provide them with temporary profit and benefits.

“Lastly, [business owners should] have a solid, reliable risk management that will help with the continuity of their business in the event of a disruption,” said Syed Zain, noting that a suitable insurance will assist in this.

(Source:
The Star
)

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Public Bank Credit Cards' Exclusive Camera Discounts

Get mom a shiny new camera from Fotokem at special discounted prices this Mother’s Day, exclusive to all Public Bank credit card and debit cardholders. The hard part is choosing which one to get:

Olympus VH510 NOW @ RM549 (RRP: RM749)

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Free Gift: 2 x 8GB SD Card and Case

This promotion is valid from 1 May till 31 May 2013 and is subject to available stocks. Additional discounts, vouchers, loyalty or corporate cards are not applicable to this promotion. Click
here
 for a full list of participating Fotokem outlets and promotion Terms & Conditions.

Get yourself a Public Bank credit card. Get the right card for you on
RinggitPlus.com

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UOB Malaysia Introduces Digital Account Opening On UOB Mighty App

UOB Malaysia has launched a digital account opening service that allows customers to open a personal bank account wholly through the bank’s mobile banking app, UOB Mighty. Customers can now open a bank account via UOB Mighty in just 10 minutes, reducing the average time to open account by 60%.

By digitalising the application and account opening process, UOB customers are able to apply for a bank account without having to fill in any paper-based forms. With the integration of the electronic Know Your customer (e-KYC) solution to verify and authenticate identities, new customers do not need to visit a branch to verify their identity for account opening.

“Upon submitting the application, they will receive a notification within two minutes on their application status through the app,” said managing director and country head of personal financial services Ronnie Lim. “Once the application is verified and approved, customers can then transfer funds to their new bank account to activate it. Within minutes, they will be able to start using their preferred deposits account to grow and to manage their finances.”

According to Lim, the digital account opening service is in line with customers’ shifting preference to bank online amidst the Covid-19 pandemic. The UOB ASEAN Consumer Sentiment Study found that more than half of its respondents preferred to open a bank online, while 67% were willing to apply for a financial product via the Internet or mobile banking. Mobile apps were favoured among 80% of respondents while web browsers stood at 70%.

“As a bank that has served Malaysians for 70 years and counting, our focus has always been on innovating and improving our financial products and services to anticipate the needs of our customers,” said Lim. “Our aim is for them to enjoy a seamless digital banking experience with a full suite of banking features, from account opening to performing transactions, at their fingertips any time of the day.”

UOB is currently offering customers bonus interest of up to 6.68%p.a. upon the opening of a savings account via the UOB Mighty app. Customers can also receive Shopee vouchers of up to RM248 when they apply and spend with UOB debit or credit cards. For more information on the UOB Mighty digital account opening, you can visit the
UOB website
 or download the mobile app.

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BigPay To Charge Up To 3% Fee For Credit Card Top-Ups, Introduces 0.5% Cross-Border Fee

BigPay has announced a revision to its credit card top-up fees, where all reloads made via Malaysian-issued and non-Malaysian-issued credit cards will soon incur a 1% and 3% fee, respectively – regardless of the amount topped up. On top of that, there will also be an additional cross-border fee of 0.5% for transactions made with overseas merchants that are charged in Malaysian ringgit (MYR).

With regard to the credit card top-up fee, BigPay has actually already introduced the
1% convenience fee for its users in Malaysia since June 2022
, alongside the new credit card top-up limit of RM10,000 per month. However, there was an allowance where the first RM1,000 reload for each month will be processed for free; this update essentially removes this slight leeway initially provided. In announcing this, BigPay also reminded that there are other free top-up options that its clients can tap into, namely via
DuitNow
.

Meanwhile, the 0.5% cross-border fee – which is applied to foreign transactions that are charged in MYR – will be charged in addition to any existing network charges. BigPay explained that in most cases, this will usually total to around 1.5%, although it may also be subject to changes. This fee is applicable to payments made through the physical and virtual BigPay card, for both online and in-person transactions.

BigPay further elaborated that it is forced to introduce these extra fees now in order to keep its business sustainable. “We want to continue improving and providing you with these services that you know and love, but we have to introduce fees for these because we incur costs when we make these services available to you,” it said.

Aside from these changes, other fees and charges that have been implemented by BigPay thus far remain unchanged. Some existing fees that you should be aware of as a BigPay user include its ATM withdrawal fee (RM6 per transaction for local withdrawals, and RM10 per transaction or 2% of withdrawal amount for overseas withdrawals), currency conversion fee (up to 1%, on top of network charges), and cash top-up fee (RM1 + 2% of the reload value, with specified caps). Meanwhile, BigPay’s annual fee is waived unconditionally.

These latest revisions are slated to take effect starting from 30 August 2023. If you have any enquiries regarding the updates, you can reach out to BigPay via its customer service team through the in-app chat, or by emailing
[email protected]
.

(Source:
BigPay
)

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MAS Offers Fixed Fare Deals For Economy Class, Starting From RM179

Between now until 13 September 2020, travellers can tap into Malaysia Airlines’ (MAS) latest Fixed Fares Deals promotion, which offers fixed fares for all economy seats on flights to domestic destinations, starting from RM179. The one-way, all-in fare is applicable for the travel period from now until 16 December 2020.

Depending on your travel preference, you can choose from MAS’ three Economy fare options: Lite, Basic, and Flex. For those travelling within the peninsula or within East Malaysia, you can book your seats at a price of between RM179 to RM259. Meanwhile, flights from Peninsular Malaysia to Sarawak will cost between RM239-RM319, whereas flights to Sabah are priced between RM299-RM379. Here’s the list of flight prices in full:

Destination

Lite

Basic

Flex

Peninsular and Intra Sabah/Sarawak

RM179

RM199

RM259

Sarawak

RM239

RM259

RM319

Sabah

RM299

RM319

RM379

To recap, the
Lite fare
 is best suited for those who are travelling light, with basic benefits such as complimentary meals, in-flight entertainment, and a 7kg cabin baggage allowance. The
Basic fare
 gives you slightly more perks, including an additional 20kg check-in baggage allowance. Meanwhile, the
Flex option
 is for those who want to take full advantage of MAS’ premium services, with advantages such as 35kg check-in luggage allowance, priority check-in, and the flexibility to board earlier on the day of travel (subject to availability).

(Image: The Star)

According to the group chief executive officer of Malaysia Airlines, Captain Izham Ismail, MAS hopes to further boost domestic travel via its Fixed Fare Deals promotion, with more than 300,000 seats on offer. He also noted that there has been a growing appetite for domestic travel since the start of the recovery movement control order (RMCO), with the highest bookings recorded during the long Merdeka weekend. Popular destinations include Penang, Langkawi, and Johor Bahru.

MAS’ Fixed Fare Deals promotion
 can be accessed via the airline’s official website, mobile app, or appointed agents. You can find out more about the deal through its promo page.

(Source:
Malaysia Airlines
)

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Alex Cheong Pui Yin

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

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UOB Is Updating Its Credit Card Account Structure Come September 2021

UOB Bank has announced that it is changing the structure of its credit card accounts to combine the card payment and charging arrangement for supplementary cardholders with principal cardholders. This change is slated to take place in September 2021.

“We are upgrading our system to provide you with a seamless payment experience and a better overview of your spending. Effective September 2021, the system upgrade enables your Supplementary card payment and charging arrangement to be combined with your Principal card. Hence, the Principal cardholder will have an overview of the spending on the Principal card and all its Supplementary cards,” said the bank in its announcement post.

(Image: The Star)

Under the present structure, each UOB principal and supplementary cardholder is assigned their own individual accounts. This means each supplementary cardholder will have their own credit card statements, allowing them to view their previous balance, subtotal, and minimum payment due. On top of that, they can also view the details of the supplementary card via online banking or the UOB Mighty mobile banking app.

Following the update in September, however, the principal and supplementary cards will be combined under only one account: the principal card account. Accordingly, the details of the supplementary cards (e.g. previous balance, subtotal, and so on) will also be parked and made assessible through the principal card account. As such, supplementary cardholder will no longer be able to view their credit card details – whether through credit card statements, online banking, or the UOB Mighty app.

Here’s a visual summary from UOB on how things will differ:

With this, UOB cardholders will need to take note of some key changes post-update, chief of which is that the total balances of the supplementary and principal cards will be combined. Correspondingly, only one minimum payment due will be shown in your credit card statement, and it is consolidated at the principal card level. You will also no longer need to make separate payments to your principal and supplementary card accounts. Instead, payments will only be charged to the principal card.

Aside from that, note that the Sales & Service Tax (SST) and annual fees are still charged for each principal and supplementary card – so no changes there. All standing instructions made through the supplementary cards will also remain unchanged unless you choose to cancel them via online banking or the UOB Mighty app. The auto fund transfer instructions for supplementary cards will, however, be discontinued.

(Source:
UOB
)

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Should You Take a Personal Loan to Finance Your Wedding?

Getting married? You have much to celebrate and even more so if you’re one of the lucky few whose parents’ are footing the bill. In these modern times however, most of us pay for our own wedding.

With lesser funds to spare, it’s no surprise when brides and grooms forgo a big shindig in favour of modest dinner parties after a formal registration ceremony at the government office.

Still, don’t let the ‘laid-back’ approach fool you. Between menu, venue, attire, hair and make-up, ceremonial affairs, and photography, even weddings that are void of bells and whistles can still run into the thousands. On the higher spectrum of extravagance, budgets can run over the RM200,000 mark.

If you’ve been saving up or wisely kept a wedding fund since meeting ‘the one’, good on you for planning ahead! But what if you don’t have enough or much at all for your big day, how would you go about funding this major life event?

A personal loan could help you with the shortfall but is it prudent to take one up for your wedding? We’ve drawn up the pros and cons to help you make your decision.

The Benefits to Taking a Personal Loan

The feeling of having enough resources to carry out your plans is like no other, but will the pros prevail over the cons for you?

1. You won’t have to burden anyone else

It’s no secret, weddings are stressful affairs because a major change is happening, in-laws are getting acquainted, and you’re trying to keep everyone happy.

Now throw in the money issue and watch the fireworks.

It’s a real blessing to be able to pay for the wedding on your own; you’ll lessen the load on your family and let them celebrate with you without the financial worry.

2. You can really make it your own

Here’ a sad fact: sometimes generous sponsorships aren’t so generous after all. Pledges from well-meaning relatives to help you pay for your wedding may come with strings attached.

Your personal loan, however, places you firmly in the driver’s seat leaving you and your fiancé to have the final say on your special day. You can always oblige to family requests but you do not have to be held ransom by it.

3. A day to remember

Weddings really are a joyous occasion to celebrate and you might want to do something a little extra, maybe out of the norm – and having enough resources will help you do just that.

Just think of the possibilities, you could do something fun like have your favourite local band play or let your guests feast on tasty treats from a decadent dessert table.

Your access to much-needed funds will give you the opportunity to make your wedding a magical and memorable day to look back on.

4. Saving cash in hand for more important matters

Some folk do have the money for a wedding but still opt for a loan. Why? Cash in the bank is worth a lot more to them than expected cash in future.

The rationale behind this is that the interest on a loan is a small price to pay to ensure you always have a nice emergency fund for other matters.

No one can really predict what will happen in future. Keeping cash handy will be much better to some folk than depleting the account and remaining debt free.

This is a matter of preference of course and there is no right or wrong.

The Drawbacks of Taking a Personal Loan

Nevertheless, while it might please you, your future spouse and even your family to have a grand affair enough to put the Kardashians to shame, can you contend with the drawbacks?

1. Starting out your life together in debt

The dreaded debt after the big day is probably the greatest concern for anyone considering a personal loan to finance a wedding. No one wants to embark on marital bliss with heavy loan repayments down the road.

The best way to avoid getting saddled with burdensome debt is to make sure you can afford the repayments.

Consider this example – if you earn RM4,000 a month and want to borrow RM25,000 at 7% interest rate (which is extremely low as far as personal loan rates go) over the next five years to finance your wedding, your approximate repayments would come in at RM563 per month.

Is this an amount you can reasonably afford?

If you’re not sure, use our
personal loan calculator
 to help you figure out exactly how much you can realistically borrow and comfortable repay. This will help you plan and budget effectively to sidestep heavy debt.

2. You may need to put other major decisions on hold

Add your personal loan to all other borrowings you and your spouse have already accumulated along the way such as car loans, credit cards and even education loans, are you in heavy debt?

If yes, then consider how this will affect the decisions in the next stage of your life.

Buying a house and having children may need to take a slight pause till your earnings are strong enough to contain your debt.

3. Spending more than you should

Having more money to spend for your wedding might tempt you into unnecessarily extravagant frills and add-ons.

You might be tempted to take a larger personal loan than necessary for the extras thinking: I can always repay it later.

You can take a personal loan and avoid this problem of course, by simply taking only what you need according to your wedding plan and budget.

Saying “I Do” to a Personal Loan

Ideally your wedding day, whether modest or momentous, is going to cost you and while we’d like to rely on the goodwill of friends and family to help with financing by way of
ang pows
, it’s not always a practical approach for all.

You might have to fund at least a portion of the celebration even if you are receiving help from those around you.

In this dollars and cents world, even a simple ceremony can amount to a lot. Taking on a personal loan can be an amazing little helper to support your wedding plans, but is it right for you?

Here are some handy hints to help you decide.

You could consider taking on a personal loan if you:

Have steady income that can cover repayments over its tenure;

Are on the same page with your partner about how much money you should borrow;

Done your research and already have a reasonable costing plan for your wedding; and,

Have emergency savings ready to keep all your loans and other expenses covered for a period of 3-6 months.

That said, you might want to skip personal loans for the time being if:

Your job and income are unstable;

You have too many prior commitments and debts to repay;

Your savings and cash flow are limited at present; and

You don’t completely understand the terms of your personal loan.

Whether or not you take out a personal loan, remember that it is completely possible to make your wedding a dream come true no matter the budget.

On a mushier note, recognise that your wedding will be special because it’s YOUR big day. Just think of all the rest as the cherry on top of an already wonderful journey.

If you have decided to take on a loan to finance your wedding, you will need to find the best loan to suit you. Depending on your situation and occupation. Whether you are a
civil servant or GLC worker
; on a
lower income
; or looking
for a fast approval loan
; there’s sure to be one for you. Don’t fall in any of the aforementioned brackets? Then simply head to our
personal loan calculator
 to find the perfect loan for you circumstances.

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Wahed Invest To Readjust Allocation For Several Diversified Portfolios

Robo advisor Wahed Invest has announced that it will be upgrading several of its diversified portfolios with new asset allocations in a bid better serve its customers.

“In line with our mission to offer high quality investment portfolios to you, we would like to inform you that our diversified portfolios now carry the following allocations,” the robo advisor noted in an email to its investors, sharing further details in the table below:

As you can see, this update will affect five of Wahed Invest’s diversified portfolios, starting from the Moderately Conservative portfolio all the way up to the Very Aggressive portfolio. Meanwhile, the allocations for the Conservative portfolio and six
thematic portfolios
 will remain unchanged.

In comparison with the previous allocation, the new distributions of the affected portfolios will have a heavier emphasis on global stocks. To illustrate, here’s the current and new allocation for the Very Aggressive portfolio:

Existing allocation
New allocation
65% Global stocks

– Wahed FTSE USA Shariah ETF
86.5% Global stocks

– 65% Wahed FTSE USA Shariah ETF
– 21.5% Wahed Dow Jones Islamic World ETF
12.5% Sukuk

– RHB Islamic Bond Fund
– Malaysia Maybank Sukuk Fund
–
20% Emerging market stocks

– VP-DJ Shariah China A-Shares 100 ETF
– MyETF MSCI Malaysia Islamic Dividend
12.5% Emerging market stocks

– VP-DJ Shariah China A-Shares 100 ETF
2.5% Cash
1% Cash

The Moderately Conservative portfolio also shows a similar leaning, as is shown in the comparison below:

Current allocation
New allocation
12.5% Global stocks

– Wahed FTSE USA Shariah ETF
25% Global stocks

– 15% Wahed FTSE USA Shariah ETF
– 10% Wahed Dow Jones Islamic World ETF
75% Sukuk

– RHB Islamic Bond Fund
– Maybank Malaysia Sukuk Fund
65% Sukuk

– 32.5% RHB Islamic Bond Fund
– 32.5% Maybank Malaysia Sukuk Fund
5% Emerging market stocks

– VP-DJ Shariah China A-Shares 100 ETF
– MyETF MSCI Malaysia Islamic Dividend
–
5% TradePlus Shariah Gold Tracker
5% TradePlus Shariah Gold Tracker
2.5% Cash
5% Cash

This update is clearly Wahed Invest’s effort to accommodate its investors’ growing appetite to diversify into global stocks, as well as to incorporate the new Wahed Dow Jones Islamic World ETF (UMMA) – alongside the
Wahed FTSE USA Shariah ETF (HLAL)
 – as part of its offerings. To note, the
Wahed Dow Jones Islamic World ETF
 was recently launched on NASDAQ in early January 2022. It is described as the first shariah-compliant and ESG-aware ETF to debut on the US stock exchange.

The new allocations for these affected portfolios is set to come into effect by the end of January 2022.

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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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6 Credit Card Benefits Most People Forget About

Some people have cultivated an unrealistic fear of credit cards due to people overspending and ending up in huge amounts of debt. But when used right, a credit card can not just stretch your ringgit and make payments on later date, it could also bring a tonne of value.

Here are some benefits that people tend to forget to maximise when spending on a day to day basis.

Points Multiplier

Many people could earn a lot more in rewards, if they consciously make their purchases a little more strategic. Most credit card rewards are pretty straight forward, you get one point for every ringgit you spend.

But in order to get higher returns, you could use a
Standard Chartered Visa Platinum
 that provides up to five times the reward points, for dining and expenditure at departmental stores. Imagine, with the Christmas season around the corner and kids going back to school, that expense could easily rack up a bill of RM3,000 to RM4,000.

You just have to make sure these expenses happen in a departmental store, and you could earn 15,000 to 20,000 points instead of earning at a rate of one for one.

No Late Fees

If the reminder on your phone didn’t jog your memory to settle your credit card bill on time, fret not, the
Citi Simplicity
 credit card does not charge late payment fees. That is a fantastic benefit for those of us who are busy with work and tend to allow the little things slip our minds.

While it may be difficult to believe your eyes, the
Citi Simplicity
 credit card even offers you cashback of up to 10% for paying your bills on time. This is just the perfect card to have. By doing right, you get rewarded, forget to pay and there will be no late payment fees imposed.

Travel Privileges

Using your credit card to book your flight will also provide you with a free travelling privileges. The
AmBank Visa Platinum
 card provides personal accident, travel insurance, and compensation for delayed flights, missed flights, lost luggage or delayed luggage.

On top of that, you can travel in comfort and in style. You are given access to airport premium lounges in 17 different International airports, as long as you swipe three transactions while you are overseas.

No Overseas Mark Up

The
Hong Leong I’m Card
 does not charge any overseas processing fees when you swipe while being abroad. Any additional charges made will be reimbursed back to the card holder upon the following month’s bill cycle.

That way, you can swipe your card while you’re in a foreign land without the worry of any surprise charges when you get back home.

Easy Payment Plans

More often than not, people assume that only certain stores offer an
Easy Payment Plan (EPP)
 for any purchases that are made within the store. Like in Harvey Norman stores, the big ticket items tend to have a 0% instalment plan.

But if you were to review your credit card rewards, you may find out that any accumulated expense in a single receipt may be broken down into an EPP, just by a simple telephone call to the card centre.

Balance Transfers

In case your spending gets a little out of hand, one of the best ways is to pay off the balance is by using another credit card. While you can’t just swipe the card to pay off another, that would result in a never ending cycle.

What you have to do is, have sufficient credit limit on the second card to transfer a part of the outstanding balance if not all, to the new card. This is similar to an EPP which will allow you to stretch the outstanding balance at a lower interest over a longer period of time.

The advantage of using a
balance transfer
 over an easy payment plan is, you can accumulate small transactions and transfer it over as a combined sum. An EPP on the other hand requires a single transaction to have a minimum price.

Staying Ahead

There are countless credit card benefits available that it becomes difficult to keep track of each reward. The best way to stay ahead of the game is to visit the bank’s official website, or use the banking app to search for deals within your area to enjoy additional rewards before you start swiping that card like Zorro.

If you realise that you are in possession of the wrong type of credit card, hop on over to our
comparison tool
 and let us assist you to pick out the best one that will work for you.

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Hidden Money Lessons in Chinese Zodiac Mythology

Chinese New Year is upon us! The time of year where we celebrate fireworks, mandarin oranges, and
ang pows
. It’s also time to honor the exalted values of the festival. Namely luck, joy, and our favourite, prosperity.

But ang pows and prosperity aren’t the only things that tie this holiday with money. Did you know there are hidden financial lessons in the ancient mythology behind Chinese New Year as well?

First Off, a Little History

We all know about the Chinese Zodiac to some degree. After all, 2016 is the Year of the Monkey, as all the malls and supermarket deals like to remind us. But what’s the story there?

Legend has it that the Jade Emperor (the mythical God-King of ancient China) decreed that the years on the calendar would be named after each animal in the order in which they finished a great race.

The little tricks and accidents that the animals get into serve to colour the story with some fun details that explain why each animal arrived at their point on the calendar. It’s within this legend that we can find some choice teachings in regards to financial management.

The Rat and the Ox

In the fable, the Great Race was to take place but a large river stood between the contestants and the finish line. The Ox was the strongest animal, accustomed to crossing rivers. The rat knew this and hopped on the Ox’s back. Just as the Ox got out of the water, the rat jumped off and crossed it the finish line ahead of him, putting himself in first place.

The Lesson:
 You might be small, without the ability to win the financial race. But with a little help from someone with better know-how than you; you could certainly finish the race.

Of course, we don’t condone any form of cheating to get there – just leveraging on the strengths of others such as a good financial advisor or hey, a site like this to help you get ahead of the money race.

The Goat, the Monkey, and the Rooster

In the great race, all 12 animals as mentioned earlier, had to cross a powerful river before reaching the finish. The goat, the monkey, and the rooster climbed on a raft together and weathered through the river using teamwork and arrived at the Jade Emperor’s feet right about the same time.

The Lesson:
 Working together towards a financial goal or splitting an expense with other people can make things an easier and smoother ride. Sharing resources and working with each other are important not just for our community but also so that we can achieve greater things together.

If you are lagging behind in your money goals – why not rope in a friend or your partner to pace you? It could be just the ‘raft’ you need in your money journey.

The Dragon and the Villagers

Everyone assumed the dragon would win the race because he could fly but he only ended up coming in fifth. When asked about this, he told the Jade Emperor that he had stopped along the way to help some villagers and the rabbit who needed a little help along the way.

These stops made the dragon late and the mighty favourite to win was only in at fifth place – after the rabbit he assisted!

The Lessons
: Whilst what the dragon did was noble indeed, the rules of the race didn’t afford him leeway. The financial world works in the same way.

Be careful not to allow your efforts to help others be it in monetary form or by backing a risky investment derail your efforts to achieving financial success and ‘winning’ the race.

The Dog and the Pig

Remember that river all the animals had to cross? The dog enjoyed swimming in it too much that he spent too long in the river, making him the second last animal to finish the race.

The pig on the other hand, took a snack break, which led to a nap. Which led to the Jade Emperor almost cancelling the race because it took the pig too long to finish. When he finally did, he was the last one to arrive.

The Lesson:
 The dog parable teaches us not to expend our energy or resources doing things that don’t get us anywhere. While it’s nice to have fun with the money we make, we should remember to be responsible and not play around too much with the money we make.

As far as the pig story goes, the lesson is.. don’t be lazy. That one’s obvious.

There’s a lot to be learned from the vibrant stories and mythology surrounding Chinese New Year. It’s no wonder that these fables have long endured well into the 21st century.

Speaking of which, did you know the story behind the
ang pow
? Check it out
in our previous article
.

We’re pretty stoked to be celebrating the holiday soon! Have you discovered other hidden money lessons in tucked away in history or folklore? Let us know in the comments section below!

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Ahmad Mudhakkir

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You Can Now Settle Your PJ Council-Related Bills AT MBPJ’s Self-Service Electronic Kiosks

(Image: Selangor Kini)

MBPJ has launched five new self-service electronic kiosks located in Petaling Jaya, making it easy and convenient for the public to settle Petaling Jaya City Council-related bills.

Deputy mayor Johary Anuar mentioned that the kiosks allow the public to settle a wide range of bills including assessment, compound, rental, and deposits. The machines accept cash, debit, and credit cards as payment methods – even American Express cards are supported! The machines are also equipped with security measures, allowing it to detect and reject counterfeit notes.

(Image: Selangor Kini)

The kiosks are located around Petaling Jaya: two at the council’s headquarters near Civic Centre, two at the council’s tower (Menara MBPJ), and the last one at the Kota Damansara branch. To ensure convenience to the public, the kiosks are accessible daily including public holidays from 7.30am to 9pm.

The new payment kiosks were the result of a one-year trial run since 22 January 2018 which recorded 622 transactions with bill settlements of RM295,280 in total.

(Source
: The Star
)

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How to Get Truly Comprehensive Insurance

We all know how important it is to have insurance, but finding the right kind of insurance takes a lot more than knowing which premiums are the most affordable. After all, just being covered is quite different from being truly protected.

To save money, you might be tempted to choose the cheapest option available. However, doing that might mean being left high and dry in a time of need if you aren’t properly covered. Watch the video below to make sure you’re not caught in a nasty mess without a safety net!

So, to avoid having any bad situations happening to you while unprotected, you have to determine whether your
health insurance
 is giving you the most comprehensive protection you can afford. But what does comprehensive mean? A number of things, namely…

Protection for Unlikely Candidates

With
life insurance
 for example, some insurance providers automatically refuse you if you are diagnosed with certain health conditions. This is especially true for the 3 “high conditions” (high blood pressure, high cholesterol, and high BMI). These 3 conditions are found to be steadily increasing in Malaysia which means these are the very people who would need life coverage.

However, many are unable to qualify for a decent life insurance because of these diagnoses. Even worse is that those with these conditions are more inclined to suffer from certain
critical illnesses
 (heart attack, kidney failure, stroke, and cancer), leaving them doubly unprotected.

With a policy like
Allianz 3H Cover
, you can still get good coverage even if you have high blood pressure, high cholesterol, and/or high BMI. It is a life insurance policy with the option to add on critical illness insurance to protect against the 4 most prevalent critical illnesses that affect those in this situation.

Thus, comprehensive can mean providing protection to you, even when you may not appear to be an ideal candidate to other insurers.

Total Protection for Your Wellbeing

The scope for comprehensiveness when it comes to
medical insurance
 is usually signaled by availability of panel hospitals, outpatient treatments, surgical fees, ambulance fees, and plenty of other perks that come along with your medical card or
Takaful medical card
. However, what if you have a condition which needs to be carefully monitored and managed? Will your insurance provider go the extra mile to protect your wellbeing?

What if that condition was diabetes? Malaysia has one of the highest prevalence rates for diabetes but most medical insurance providers will reject an applicant with diabetes on sight.

However,
Allianz Diabetic Essential
 is designed for those with Type 2 Diabetes and is meant to be the medical protection solution that’s missing in the market. This comprehensive policy takes special care for those who have diabetes (it’s the first policy specifically for diabetics in Malaysia) and caters its coverage especially for them.

Not only does it cover blood tests, kidney tests, and most necessary medical examination costs, it also allows customers to enroll in their Diabetes Care Programme where a licensed physician is provided to be the customer’s personal health advisor. These health advisors are meant to provide answers and develop a personalized care plan to empower enrolled customers to manage their diabetes.

Here, comprehensive means thorough understanding of the policyholder’s experience and drawing insight to provide them with the protection they need.

Compare the best
Allianz
 insurance for medical cards here

Compare the best
Allianz insurance
 for critical illness here

Above and Beyond Value Added Elements

The most basic (mandatory) motor insurance bought by motorists allows vehicle owners to be protected from having to pay damages of another car in the event of an accident. A more involved policy might include protection from theft and fire damage, but the more common option for a wider range of protection would be ‘comprehensive motor cover’, which includes all the above as well as losses/damages due to accidents.

However, the additional services offered for similar types of coverage can vary greatly. So make sure you do your research! If you buy
comprehensive motor cover from Allianz
, you get access to Road Rangers, their nationwide motor accident assistance program.

Allianz Road Rangers offer:

Access to a 24-hour call centre that you can contact in case you meet with a road accident

A Bike Brigade who will arrive first at the accident location and provide assistance

Towing service of your damaged vehicle to the police station and help in lodging a report at the station

An Allianz Authorised Panel Repairer or a franchise workshop upon your request

Assitance in your claims process at the police station

Ride-sharing coupons to get home from the accident scene

Deliver of your vehicle to your home once it’s repaired

All these added value elements show a truly comprehensive process which takes care of the customer as well as their vehicle. Not only is your car protected, but you also get everything done to make things go as smoothly as possible from the moment the accident happens, all the way to getting you home, and getting your car back again.

Flexibility to Address Various Needs

As far as home insurance is concerned, you have your houseowner policy, which protects your house from fires, car crashes, natural disasters, etc. Then there’s the householder policy, which covers the contents of your property and the personal effects belonging to you or your family.

But considering the many different ways that people can own and use property, these solutions may be overgeneralized. Some may not be getting the full protection they need, while others may be stuck paying for more protection than they want. Allianz Smart Home Cover offers a customizable home insurance, which allows you to mix and match protection components for the best fit that suits your needs.

Depending on how you mix and match it,
Allianz Smart Home Cover
 can offer protection for homeowners, renters, landlords and/or first time home buyers. Mortgage loan installments, home repairs, and even runaway tenants can be covered if you need to.

All of these elements can be put together in many different permutations and allow for personalisation so you can get covered in exactly the way you need to, and pay accordingly. In this case, the breadth of possibilities to address various needs make for a comprehensive approach to protection.

Coverage All Over

So when you’re looking for insurance, remember to keep in mind that not all policies are equal even if they might seem that way. Because coverage isn’t just about the money, it’s also about being cared for and having the peace of mind to focus on the important things in your life instead of worrying about what can go wrong. To find out more about comprehensive insurance,
check out Allianz for protection from A to Z
.

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UOB credit card and debit card promotion on Steve Madden shoes

Are you Steve Madden-mad yet? You soon will be with this UOB credit card and debit card promotion.

Just purchase a minimum of two items at any Steve Madden store in Malaysia or Singapore from now till 31 January with your UOB credit card or debit card and
enjoy an additional 10% off
 their still on-going Year End Sale.

Terms and conditions
 apply.

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Standard Credit Cards: 20% Off New Balance

The next time you’re shopping for New Balance products don’t forget to pack your Standard Chartered credit card for a 20% discount on normal priced items.

This promotion is valid till 30 June 2013 and not applicable to other promotions, discounts or vouchers. Only Standard Chartered credit card and debit cardholders are eligible for the discount.

For further details please read the
Terms & Conditions
 of this offer.

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Credit Card Splash and Dash

What

is the Credit Card Splash and Dash?

No Folks,

it’s not the great train robbery. The credit card splash & dash is a sneaky

trick to earn cashback on a RM10,000 purchase with only a RM2,500 limit credit

card. Don’t pinch yourself, you’re not dreaming and while it may sound too good

to be true, the credit card splash & dash is completely legal and 100%

possible. So before we get down to the juicy details, here’s a little

background information.

Credit

Cards have a Good and Bad Side

Just like

Dr. Jekyll and Mr. Hyde, credit cards have a good side and a bad side. If you

use them the rightway, they’ll

shower you with rewards, if you don’t, they’ll punish you with late surcharges

and hidden fees.

For those who’ve had credit card problems, or

tend towards undisciplined overspending, you will find this article less

useful. However for the debt-free and disciplined, there’s profit to be had as

long as you strictly follow a simple golden rule:

Always pay off your credit card

bills on time!

For the more forgetful, the best way to

accomplish this is by setting up a direct debit from your current or checking

account to pay your credit card in full each month. By choosing direct debit,

you will only be borrowing credit for a short period of time so the credit card

will not charge you any interest.

We Malaysians have the impression that credit

cards equal debt. But if we break a credit card down, they in fact have two

functions:

They let you pay for things

They let you borrow for things

By increasing #1 and reducing #2, credit

cards become a useful tool that can literally earn you RM100′s or even RM1,000s

per year.

What

is a Credit Card Direct Debit?

A credit

card direct debit is a pre-authorized payment system where the balance on your

card is automatically deducted from your bank account at the end of the month.

For Example,

If you

charged RM1000 to your card this month then the credit card company will

automatically deduct RM1000 from your account.

Setting up a

credit card direct debit means that you’ll be paying more (and reaping the

benefits) rather than borrowing more (and paying the late payment interest).

Once you’ve set up a credit card direct debit system to help you with the

timeliness of your payments, you’re all ready to Splash and Dash.

Splash

and Dash

Suppose

you’re interested in buying a RM10,000 LCD TV but you only have a RM2,500 limit

on your credit card.

Step 1:

Splash

“Splash”

your credit card with extra funds by transferring RM7,500 from your current/savings

account into your credit card.Be sure

to do so at least a few days before you make your purchase to make sure then

funds clear into your credit card.

Step 2:

Dash

“Dash” down

to your friendly electronics store and make your RM10,000 purchase.

Step 3:

The Reward

Now that

you’ve made your purchase, you can now enjoy your cashback and rewards points

on the entire sum of RM10,000 (as opposed to absolutely nothing if you chose to

pay by cash).

A Word

of Caution…

Credit

card companies can be sticky with large purchases at times so be sure to inform

them in advance that you’ll be making a big transaction to avoid them flagging

your card as stolen. The last thing you want is your card getting

declined….that would definitely ruin the mood.

Be aware

of maximum credit balances. Some credit card companies have a maximum balance

on their cards so you might want to find out what that is. To earn more

rewards, request for a higher credit limit on your card.

pictures courtesy of Freedigitalphotos.net

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Malaysia Home Loans - the basic facts

As you take your first step onto the property ladder one of the most important aspects to consider will be your financing options. With so many banks aggressively pushing their mortgage packages at you it can get a bit overwhelming. If you make the wrong choice or are not prepared with the right information you could end up with a home loan that doesn’t suit your budget and a monthly prepayment plan that’s a huge burden to manage.

At RinggitPlus we believe that everyone should enjoy financial freedom, the first step toward this goal is to empower ourselves with knowledge. To get you started, we have put together a mini-guide for your benefit. Think of it as a checklist of things to consider before you decide to make that down payment on your dream home, or even the commitment towards a home loan.

How much can I borrow?

Generally, you want to be comfortable with a monthly installment that is less than one third of your monthly income. You should also take into account other commitments such as your car loan and/or credit card repayments. Don’t over commit yourself with too much debt, have a think about your savings plan and lifestyle spending choices.

Choosing the right type of home loan

Traditionally, most Malaysian banks have offered either a conventional fixed term loan or flexi-loan. However these days it is not unusual to find banks offering multiple loan packages in which installment plans are tailored to your personal finances.

The easiest approach here is to do a comparison of all the interest rates and service charge. Generally speaking, the simpler plans, such as fixed term loans, tend to offer slightly lower interest rates. Be mindful of loans that offer a lot of fancy benefits as they usually come at the cost of a monthly account fee, or higher interest rates. Flexi-loans might be more attractive to business people who benefit from the convenience of an overdraft and the use of a cheque book. For those on a fixed budget banks will recommend a more straightforward plan, such as a conventional fixed term loan.

These days, more and more banks are moving towards semi-flexi loans, with some offering to waive maintenance fees and advance payment notices. whilst maintaining attractive interest rates. Keep in mind that not all of the offers are in black and white and details could vary depending on your income and credit score. Always double check with the loan officer and don’t be afraid to ask for extra privileges. Remember: if you don’t ask, you don’t get.

Regardless of which type of loan you choose, make sure it’s really the right one for you because you’ll be subject to a lock-in period with your lender for two to three years. This means you will not be able to refinance your property with another bank, nor settle your loan in full. Doing so will usually incur a 2-3% penalty based on your initial property financing.

Invisible costs

Purchasing a property can come with hidden costs. These could pop up either in the initial buying process, or during the loan tenure. Here are a few things to watch out for:

Insurance
 – Your home will probably be the biggest investment you will ever make, so protecting it is mandatory. You can purchase either a Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT). Depending on the terms of conditions, most of these insurance plans will ensure that your current home loan will be settled should you face total and permanent disability, or death.

Stamp duty and legal fees
 – You will need to hire a lawyer to prepare your sales and purchase agreement in addition to your loan agreement, and pay the necessary government stamp duties according to the stipulated regulations. Note that some banks offer a fee waiver or discount on stamp duty. Always ask about fee reductions when taking to your loan officer.

Delays and penalties
 – The process of purchasing a property is long and drawn out. Take note that you may be penalised if there are any delays in the completion of the paperwork. Speak to your lawyers and ensure you are aware of any deadlines for payments and draw-downs.

Building maintenance fees
 – A common burden for those buying an apartment or condo. This is a monthly fee that must be paid to enjoy the services offered in your condominium.

Utility deposits
 – Basic necessity bills required to obtain electricity, telephone and water supply.

Quit rent and assessment fees
 – Your annual quit rent covers the tax for the land your house is built on. The assessment fee is to be paid twice yearly to your the local council, according to the locality of your property.

Once you are armed with correct and adequate information, and once you have invested some time doing the number-crunching, this process will not be quite so scary. Your first home loan will be a commitment that you will be able to manage with confidence.

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3 Ways To Boost Your Retirement Fund

Preparing for retirement is not a topic that many are fond of discussing. Some believe that they can begin saving later or only start thinking about it when nearing middle age. According to a survey conducted by RinggitPlus in 2022,
82% of Malaysians
 believe that their EPF savings are insufficient for their retirement. At the same time, half of those surveyed have not begun planning or made any effort to supplement their EPF savings.

You can never be too young to start planning for your retirement, and your 20s could be the ideal time to grow your savings. During this period, you have a higher risk appetite as well as longer investment horizon, and thus there is bigger potential for you to reap the benefits that come with compounding interest.

What can you do to ensure your retirement fund will be sufficient to support your preferred post-retirement lifestyle? You can start by planning and taking action as early as possible! It is critical that you prioritise your retirement savings because once you can no longer earn a steady income, your retirement savings may be the only source of funds you have to keep you afloat throughout post-retirement life.

Having a nest egg for your golden age is critical. Not having a retirement fund that can sustain your post-retirement life may force you to return to the workforce or risk poverty.

If you want to learn more about how you can encourage better growth for your retirement fund, continue reading Hong Leong Asset Management Bhd’s Infographic on
3 Ways to Boost Your Retirement Fund
.

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PRS

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Lisa Ameera Azman

Lisa Ameera Azman

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    Anandapraksh

    1 month ago

PRS, in not a saving which has good returns, just keep with EPF.

The only benefit is the tax benefit for the 3000 deposited.

Other wise it is loss making.

5

Reply

    Rzl

    1 month ago

PRS is sampah … Give me negative return after 8 years.  The only positive with PRS is their bosses all drive big cars

2

Reply


MYTHEO Introduces USD Cash Trust Portfolio

Digital investment management platform MYTHEO has introduced a new offering dubbed the MYTHEO USD Cash Trust Portfolio (MUST), which seeks to help its investors preserve their capital and liquidity via the US dollar (USD). Aside from serving as an avenue for investors to diversify into a safe haven currency during current uncertainties in the market, the portfolio also aims to deliver a competitive yield.

In a statement, MYTHEO explained that MUST taps into a USD cash account facility to achieve its objectives, and that investors will be allowed to keep their investment proceeds in USD instead of having to convert them into ringgit. This, in turn, means that they will be able to better manage exchange rate fluctuations.

Additionally, being able to keep their earnings in USD also means that investors will have immediate access to USD funds to reinvest – if they want – when opportunities appear. With this, they will not need to incur additional foreign exchange risks, or lose time in the process.

Meanwhile, the projected rate of return for MUST stands at 2.58% p.a. (gross interest rate recorded as of 30 September 2022). MYTHEO also noted in its
FAQ
that it will accrue the interest on a daily basis, and post the actual interest monthly at the start of the following month. As for fees, investors will be charged a management fee of 0.5% p.a. on their investment value.

To subscribe to MUST, you are required to be an existing MYTHEO client with a minimum total assets under management (AUM) of US$10,000. You can either subscribe by switching from an existing USD-based portfolio, or by selecting MUST as an option when initiating a withdrawal or closing request. Direct subscriptions and withdrawals are disabled for MUST.

Finally, MYTHEO also reminded investors that although the USD is considered a safe haven currency and does provide some returns now, it should only be seen as a short-term investment option. This is because cash does not serve as a good hedge against inflation, which may lead to the erosion of purchasing power in the long term. As such, MUST investors should always remain alert to the availability of any other satisfactory investment opportunities and reinvest their money soon.

(Source: Mytheo [
1
,
2
])

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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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PRIHATIN Economic Stimulus Package: Tiered Discounts On Electricity Bills For Residential Consumers

Residential electricity consumers across Malaysia will be granted up to 50% discounts for electricity bills, depending on their usage rage. This initiative, which starts from 1 April 2020, was announced by Prime Minister Tan Sri Muhyiddin Yassin during the reveal of the Prihatin Economic Stimulus Package.

The discounts will granted in tiers based on the total monthly consumption of each household, with higher discounts given for the lower usage tiers. The tiered discounts will last for a period of six months until 30 September, and will be offered as follows:

50% discount for electricity use less than 200kW (or up to RM43.60)

25% discount for electricity use between 201kW to 300kW (or between RM43.70 to RM77)

15% discount for electricity use between 301kW to 600kW (or between RM 77.10 to RM231.80)

2% discount for electricity use more than 600kW (or RM231.90 and above)

Meanwhile, selected businesses in the tourism sector will continue to enjoy a
flat 15% discount
 on electricity bills, previously announced in the first
Economic Stimulus Package 2020
. These include hotel operators, travel agencies, local airlines offices, shopping malls, convention centres, and theme parks. Other commercial consumers, industrial, and agriculture categories, too, will remain entitled to a 2% discount on their electricity bills for a period of six months.

According to Tan Sri Muhyiddin, this initiative is jointly subsidised by the government and Tenaga Nasional Berhad (TNB), as well funds from Kumpulan Wang Industri Elektrik (KWIE). It will see the allocation of an additional RM530 million for this measure.

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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 Myths That Are Stopping You From Getting Your First Credit Card

There’s a lot to navigate when you first enter the working world after graduation and getting your first credit card isn’t any different. You have to learn to separate fact from fiction, because fiction could be keeping you from the reaping benefits of owning a credit card.

Having a credit card is one of the best and easiest ways to build a healthy credit score and even save money thanks to the perks that come with it. However, some millennials who have just entered the workforce have misconceptions about owning credit cards. We’ve compiled some of the most common credit card myths that are preventing young working adults from getting their first card, and the truths that debunk them.

Hopefully, now that these myths have been debunked, there’s nothing to stop young working adults from getting their first credit card and enjoying the benefits. It’s a good way to build a healthy credit score, learn financial responsibility, and earn cashback from your expenditure. The next time you hear someone sharing one of these credit card myths, be sure to set them straight, and advise them to look into the advantages of owning a credit card instead.

If you’re on the hunt for your first credit card, you can take a look at the
HSBC Amanah MPower Platinum Credit Card-i on the HSBC website
 or apply for it on the
RinggitPlus website
 today.

Disclaimer: The views and opinions expressed in this article are those of the author/RinggitPlus and do not necessarily reflect those of HSBC.

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Rolex Watches Have Outperformed Traditional Investment Assets In The Past Decade

Bob’s Watches, a leading reseller of Rolex watches, has revealed data that indicated the growing value of Rolex luxury watches as a form of long-term investment asset in the last 10 years. In fact, it noted that the brand’s watches has even outperformed traditional investment classes, namely gold, real estate, and stocks (based on the Dow Jones Industrial Average).

In its report, the reseller shared that when it came to a flat-out percentage increase, Rolex watches significantly outperformed both gold and real estate. “This is based on inflation-adjusted values for the price of gold provided by macrotrends.net and median sales price data for houses sold in the United States from the Federal Reserve Economic Data (FRED) database,” it explained.

Additionally, the report noted that while the stock market had continued to offer similar overall returns throughout the last decade, Rolex watches showed a noticeably higher appreciation percentage between 2017 to 2021. Not only that, this trend is expected to continue well into 2022.

The report by Bob’s Watches further highlighted the 10-year appreciation observed in the average price of pre-owned Rolex watches as “incredibly impressive”. “The average price of a used Rolex watch has gone from less than $5,000 in 2011 to more than $13,000 by the end of 2021. This increase is certainly noteworthy by all standards, but the amount that Rolex prices have gone up since the beginning of the pandemic (2020) is nearly equal to the total price increase that can be observed during the entire previous five-year period, and this trend shows no sign of slowing down as we enter the new year,” the reseller noted.

Aside from that, the report also named the Rolex Cosmograph Daytona as the highest appreciating Rolex model, with its value tripling over the past decade. According to the data collected, the average pre-owned price of a Cosmograph Daytona settled at more than $30,000 in 2021. Other models – such as the Air-King and the Date – on the other hand, showed a more modest appreciation.

(Image: Wall Street Journal)

Meanwhile, the chief executive officer of Bob’s Watches, Paul Altieri emphasised that Rolex watches have always been good investment over the years – but the last five years have been exceptional. He also remarked on the increasing global demand. “People have waited a year or two for their name to come up on the buyers’ list – they’re not going to flip it,” he said.

Enthusiasts of such high-end brands have long believed in the potential of collectible items as an alternative form of investment asset, ranging from watches and handbags, to art, classic cars, as well as rare alcohol and books. The interest in such products are primarily driven by their rarity, and investing in these items often involve a careful process that requires authenticity checks.

Sometimes also known as “passion investment””, the market has boomed over the past few years. In 2019, for instance,
designer handbags were named as the number one collectible investment
, with some brands experiencing a
valuation spike of an average of 83%
 in the last ten years. Meanwhile,
wine emerged as a winner in 2020
.

(Sources:
Bob’s Watches
,
Business Insider
)

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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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    Daniel G

    1 year ago

haha… what about designer bags such as Chanel? i think quite similar growth kan?

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    Pang Tun Yau

    1 year ago

    Reply to

        Daniel G

yeap, the value preservation on some of these luxury items is quite astonishing! i’ve been told that most of these products have their RRPs raised every year, and thus raising their value over time.

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OCBC credit cards’ 100+ privileges at the Curve

Did you know that your OCBC credit card gives you great privileges at the Curve?
You get more than 100 of them
, in fact!

These include promotions at fashion, beauty, health and home & living outlets, among others. Most of them expire on 28
th
 February, so better drop by
the mall
 soon.

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MIDF: Global Oil Price War Will Result In Lower Fuel Prices, But Budget 2020 May Be Revised

The global price of crude oil has seen some sharp plunges over the past week in what appears to be the start of an ongoing price war between Saudi Arabia and Russia. While this chain of events will most definitely result in lower fuel prices for Malaysians, it could also affect Malaysia’s fiscal capacity and thus prompt revisions to the nation’s Budget 2020.

MIDF Research said in a note that the fuel price for RON95 could drop to as low as RM1.32/litre, based on the assumption that the price of Brent crude oil falls to USD$35 per barrel. However, this can pose a problem to the Malaysian government given that Budget 2020 was drawn up based on the oil prices of USD$62 per barrel – an issue that can lead to a revision of the national Budget.

“[The] plunge in global oil price will suppress Malaysia’s fiscal capacity given that [the] previous Budget 2020 is based on the assumption of USD$62/bbl,” said MIDF. “The newly formed government will likely revise the Budget 2020 and we may see a reduction in government expenditure and investment.”

The research house added that it is expecting Malaysia’s GDP growth to be “under pressure” in 2020.

The Edge Markets previously reported that the Malaysian government gains
RM300 million
 for every US dollar increase in crude oil price. The assumption now drawn is that Malaysia loses the same amount with every US dollar drop in oil prices. Last year, lower oil and gas prices resulted in slower mining and quarrying sector contributions, which partly contributed to Malaysia’s GDP growth slowing year-on-year to 4.3% from 4.7% in the fourth quarter.

This latest oil price war began after Russia refused to support supply cuts recommended by OPEC in talks held last week, with the price of Brent oil
falling by 8.9% to close at USD$45.54 last Friday
. Over the weekend,
Saudi Arabia slashed
 its export prices in apparent retaliation, plunging the global oil price down further to USD$31 per barrel.

While there is a chance that Saudi Arabia’s decision could be short-lived, experts have predicted that any failure to result in Saudi Arabia scaling back its reactions could result in prices falling to the 2016-low of USD$26/bbl.

Last Friday
, the fuel prices for the second week of March in Malaysia for RON97, RON95, and diesel dropped to RM2.19/litre (-21 sen), RM1.89/litre (-19 sen), and RM1.96/litre (-17 sen) respectively. While the everyday Malaysian can rejoice over the lower fuel prices, it does seem that the experts have decided that the slump in oil prices – especially if prolonged – is unlikely to do the country’s economy any favours.

(Source:
The Edge Markets
)

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Jacie Tan

Jacie Tan

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More Ways to Host a Party on the Cheap

Imagine you’ve got a major event coming up, or a major anniversary, and you want to celebrate it with all your friends and loved ones. Whatever your reason for celebrating, you can be assured that there’s a more affordable way to do it, and we’ve discussed some
budget party tips before
.

Clearly, your party doesn’t have to be lavish and luxurious to be fun. You can keep things simple and humble, and yet have tons of quality time with the people you care about. If you’re looking for more ideas on what you can do to keep that party budget down, here are some more tips you can consider:

Have a Potluck

Rather than spend a fortune on catering, organize your attendees to see what they can each bring to the table. This will definitely save you several hundred Ringgit. For simplicity’s sake, you can ask everyone what they’re bringing on the RSVP so that there won’t be any overlapping food items.

You can provide some of the basic food items yourself, like drinks, fruit or dessert and assign the rest to your friends and family.

Have Your Party in a Free or Public Space

If you live in a small home that cannot accommodate all your guests, you may make a decision to rent an event space or hall. However, instead of renting, why not scout out public areas in your neighbourhood that can fit everyone.

This includes public parks or basketball courts. Alternatively, contact your local council and see if there are any public spaces you can use for free, like the local community centre or ‘balai raya’.

Pile Up on Veggies

Imagine if you’re hosting a barbeque and only feeding your guests chicken, beef , fish and other carnivorous selections and compare this with a party where there’s plenty of potatoes, pasta, rice, greens and salad mixed in with one or two meaty dishes.

Not only will you save quite a bit, you’ll make sure your guests get a healthy, balanced diet too. Thus, an excellent way of keeping your food costs down during a party is to have more vegetable dishes interspersed with only some meat.

Co-Host it

If there’s another friend, family or couple that’s celebrating the same occasion you are, why not team up and share the costs. This way, you won’t have to shoulder the budget on your own, and you’ll have plenty of free hands to help in the preparation and clean-up process.

Keep the Entertainment Free

Things like hiring a DJ, musician or a performer is going to cost money, so you can make do with some music from your mp3 player, or put on some
party video games
 like Dance Dance Revolution. Alternatively, you can bring out your card games or board games, or even coordinate with your guests to bring them along so that everyone can participate.

However, you don’t have to spend too much time making entertainment a priority, unless you’re hosting a children’s party or have to break the ice between a group of unfamiliar people.

Finally, do remember that parties are about having fun and not so much about how grand or upscale it was. People tend to remember good company and great experiences better than superficial stuff.

So if you’re ready to get cracking with the invites, but don’t have a good internet plan for your mobile,
here are some great internet deals
 to help you along. Have your own tricks for hosting a party on the cheap? Let us know in the comments below!

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Apple AirPods, RM600 Shopee e-Vouchers, Riino Airfryers & More Are Here!

The excitement continues with this week’s unboxing with guaranteed gifts when you apply for 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 (21 February – 28 February 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, and Alliance Bank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – Apple AirPods Pro Or Apple AirPods

Offering a magical experience with features like spatial audio and wireless charging, it’s no wonder that many have the AirPods on their wishlist. Great sound, immaculate design, and long battery life – it’s a pleasure to the ears.

Capped at 40 units, every 1st successful Citibank credit card applicant will get a guaranteed pair of Apple AirPods Pro, while every 2nd successful applicant receives a pair of Apple AirPods.

To be eligible for the Apple AirPods Pro or Apple AirPods, applicants are required to apply for a Citibank credit card, activate and spend a minimum of 8 retail transactions on their 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 before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Guaranteed RM600 Shopee e-Voucher

Be ready to ‘shop till you drop’ because this week, those who apply for an HSBC credit card will get the chance to go on a shopping spree!

Apply, get approved, and spend with a new HSBC credit card to get a guaranteed RM600 Shopee e-Voucher.

Applicants are required to activate their new card upon approval and spend a minimum of RM1,000 within 60 days to be eligible.

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

With advanced rapid air technology, the Riino 3.5L Airfryer should be a staple appliance in every home. Cook up a storm and impress your friends and family with every dish. Cleaning is also a breeze, as the air fryer comes with a removable non-stick inner rack.

Apply for a Standard Chartered credit card to bring home this guaranteed gift! 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. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – Guaranteed Logitech K380 Wireless Keyboard

Minimalist and practical, the Logitech Bluetooth Keyboard allows you to connect to up to 3 devices at once. Type on your laptop, tablet, or smartphone quickly and easily! With its lightweight body, you can take it anywhere with you, whether it’s in the office or to maximise your work-from-home experience.

Every successful Alliance credit card applicant is set to receive the Logitech K380 Wireless Keyboard. Applicants are required to activate their credit card upon approval to be eligible for 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 on hand to help you if you need us.

While this week’s flash deal ends on 28 February 2022 (11 am), 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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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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MTA: Insurance Coverage Must Be Made Accessible And Affordable For All

The chief executive officer of the Malaysian Takaful Association (MTA), Mohd Radzuan Mohamed has commented that insurance coverage needs to be made more accessible and affordable for the public. This is to encourage Malaysians to get themselves insured, as many are currently wary and reluctant to do so.

According to Mohd Radzuan, one key reason for this reluctance is the lack of awareness about the importance of being insured. He stressed that insurance knowledge is not a problem in Malaysia, but the people are just not aware of how crucial it is to have coverage. Instead, they view it as a luxury instead of necessity.

Mohd Radzuan also emphasised that insurance and takaful should be seen as a form of risk management instrument used to hedge against contingent or uncertain loss, as well as a means of protection from financial difficulties. “Sadly, those most vulnerable to financial loss are the ones least covered by insurance,” he said, citing victims of the
devastating floods in December 2021
 as examples.

(Image: Channel News Asia)

Mohd Radzuan further commended the government for its efforts in making insurance coverage more affordable via the Perlindungan Tenang Voucher (PTV) programme. However, he said that very few eligible individuals have applied for the programme, and that the insurance industry must work with non-governmental organisations to reach out to these target groups. Non-eligible individuals are also encouraged to contact their insurance companies to discuss their financial planning needs.

The PTV programme was
first introduced under Budget 2021
 to provide eligible B40 recipients with RM50 vouchers so that they can purchase Perlindungan Tenang products, including life and personal accident takaful. The amount was subsequently
increased to RM75 under Budget 2022
.

Finally, Mohd Radzuan urged the public not to shy away from purchasing insurance coverage because of the premiums. Consumers must understand that insurance coverage can be tailored to accommodate their needs, and it does not necessarily have to be expensive, he said. “Get the right information from the right people, and you will get the help needed,” he commented.

(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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Discounted Rides with GrabCar in Partnership with Visa

Avoid the hassle of parking and battling traffic jams by hopping on to GrabCar rides around the city. Grab, Southeast Asia’s leading ride-hailing platform is giving away an awesome deal exclusively for Visa card holders. Beginning now till 31st August 2016, you can enjoy RM5 off your next six GrabCar rides when you pay with your Visa credit or debit card. That is a total savings of RM30!

Paying via credit or debit card is also the best way to get around with GrabCar. Just book your ride, choose Visa card as your payment option, and hop on and off your ride! No promo code required, just ensure you use a Visa card and receive an automated RM5 discount! It is really a seamless travel experience!

So, if you are a Visa card holder and have yet to experience Grab, this is the perfect opportunity for you. Be sure to check out the
terms and conditions
 first, to confirm whether or not your card is applicable. Download the Grab app from either the
Apple App Store
 or
Google Play Store
 and register your Visa card.

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MAS Experiences Data Breach, Some Personal Details Of Enrich Members Compromised

Malaysia Airlines (MAS) has alerted its customers about a data security breach that involved some personal details of its Enrich members, spanning across an extensive period of about nine years.

“Malaysia Airlines was notified of a data security incident at one of its third-party IT service providers, which involved some personal data of members of Enrich, Malaysia Airlines’ Frequent Flyer Programme between the period of March 2010 and June 2019. The incident did not affect Malaysia Airlines’ own IT infrastructure and systems in any way,” explained the national carrier in an email to its customers.

(Image: oneworld)

According to MAS, the personal data that was compromised in the incident included Enrich members’ names, date of birth, gender, contact details, frequent flyer number, frequent flyer status, and frequent flyer tier level. Information regarding their itineraries, reservations, ticketing, ID cards, and payment cards was not included in the breach.

MAS also emphasised that it had no evidence of any personal data being misused as a result of the breach. Additionally, the incident did not disclose any account passwords.

“We are, nevertheless, encouraging Enrich members to change their account passwords as precautionary measure,” it said, adding that MAS will not be contacting members with regard to updating their personal information via telephone calls.

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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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KTM Passengers Can Enjoy 20% Off All Rides With New Discount Card

(Image: Berita Harian)

In an effort to boost ridership, KTM has introduced a discount card called the KTM XTRA20. This card offers cardholders 20% off all rides with the national railway company.

Transport Minister Anthony Loke said that KTM users can save up to RM60 a month on their transport spending with this card. As an early bird offer, a total of 20,000 KTM XTRA20 cards will be given free to KTM passengers; it will then charge RM3 per card.

KTM ridership has been declining ever since KTM fares were raised from 11 sen to 15 sen per kilometre in 2016, affecting both the middle class and B40 group. One of the other reasons why passengers stop using the KTM is due to delays caused by track upgrading and competition from the MRT services. From a healthy 50 million in 2015, the ridership figure fell to just 32 million in 2018.

Lastly, the Transport Minister also revealed efforts to improve KTM services, such as having a digital platform to display train arrival times by the middle of this year, and a new KTMB mobile app that is expected to be completed soon.

(Source:
Free Malaysia Today
)

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