Did You Know You Could Insure Your Home and Everything in it?

Home, they say, is where the heart is and purchasing one will be the single biggest, necessary investment the average wage earner will ever make.

Just as valuable as the place of dwelling itself are its contents – your personal belongings which you have carefully picked out to create the place you call home.

Synonymous to life insurance, home and contents insurance does exist to spare you the heartache of worrying about what you can afford to repurchase while you mourn the losses of an unexpected strike of destruction.

For anyone who’s been a victim of theft, flood or accidental fire – the heartache involved in the loss itself is only made worse by the effort required to rebuild.

Should you take out a home and contents insurance policy? We break down the facts to bite sized pieces in hopes it will help you make a decision.

The Basics of Home Insurance

Also labeled building insurance for non-residential use of premise in certain parts of the world like our own, home insurance provides coverage only as far as its name.

Insurance companies may provide a combination of structure and contents coverage (i.e. belonging within the building) but also provide the option of personalised coverage, meaning you get to pick only what you think you will need to insure.

Leaving that discussion for a little later, home insurance coverage is limited to claims concerning the bricks and mortar part of the home only, which also includes fitted fixtures like kitchen cabinets or wardrobes as well as any outbuildings like fences, walls and gates.

Its primary purpose is to serve as a safety net for your owned property in case of unexpected damage inflicting incidents like natural disasters, flash floods, fires and riots amongst many other stipulated occurrences.

So if you happen to have moved into an area which you know nothing about, its best to keep safe from unexpected damages that can be caused by any of the above. While home insurance is big in countries that fall within the Ring of Fire, an array of other damages have been tabled in efforts to localise the global product.

Of course dealing with issue at this point would seem like a walk in the park with
personals loans
 amongst other legitimate quick-cash programs, but sometimes you may end up needing much more than your loan limit allows. Which brings us to our next point – what if your personal belongings were severely damaged in the process too?

Household Contents Insurance

This is where household contents insurance comes into play – at a time when the disaster that struck showed no compassion, this comes running to the rescue.

Covering household goods and personal items belonging to you, to members of your household and to any domestic employees permanently residing with you at the time of devastation; you can breathe easy knowing everything will be paid.

Most policies would look after incidents such as fire, burst pipes, armed robbery, lightning, flash floods and other items included in the long list of coverage are refrigerator, dining set, air-conditioners, desktop computers, washing machine and other electrical or non-electrical appliances.

In not too many words, it covers items that you could and would take along with you if you were moving from one place to another. However, different coverage spans require different payment brackets because policies tend to be item focused.

Household contents insurance also have caps to each item, therefore you would need to purchase a separate policy to cover a valuable item completely.

Conversely, content insurance might have a little twist to the plot whereby policies are disseminated based on valuation of personal items at the time of purchase or time of destruction.

This means that the plasma screen which you bought for RM4,500 three years ago might only trigger a coverage of RM1,000 and not its original value – if based on time of destruction. Sure, you could use a
credit card
 and swipe your home back into shape, but again, credit limits may be a hampering factor.

Thanks to the customisable nature of such policies – do be clear with your insurance agent about your needs so you can buy the best policy for you. Always remember though, to read the fine print!

To Insure or Not to Insure?

Picking home and/or household contents insurance is somewhat similar to that of life insurance, it requires deft attention to detail and should always match your wants and needs.

At the end of the day, it sounds like a pretty damn good deal considering the amount of paperwork and torment you’d have to deal with should, God forbid, any of the listed unfortunate events befell you.

It’s easy to put a price tag on the structure of your home, or some of the items that decorate your living room, heck, even essential documents. But why should you shoulder the burden alone when you can be prepared with help if calamity struck?

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Austin Victor

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AmBank Reveals Supported Cards, Exclusive Promos For Apple Pay

Aside from
Maybank
and
Standard Chartered
, AmBank has also been confirmed as one of the banks that enabled support for
Apple Pay
, which has officially made its way to Malaysia. With this, the bank’s Apple Pay page has now also gone live, providing its customers with key information, such as which AmBank cards can be linked to Apple Pay and more.

In its FAQ, AmBank confirmed that all AmBank and AmBank Islamic credit cards can be linked to Apple Pay for use, with the exception of the AmBank UnionPay credit card. The AmBank Debit Mastercard, too, is excluded from this support. Additionally, you can add your AmBank or AmBank Islamic card to a maximum of four devices (per card).

AmBank also clarified that the transaction limit for Apple Pay payments is only subjected to the credit limit of the customer’s card. This is unlike contactless or payWave transactions made using physical AmBank credit cards, where there is a RM250 limit per transaction (after which you must key in your PIN) or RM750 cumulative limit daily.

To celebrate the arrival of Apple Pay, AmBank has rolled out several campaigns that reward customers who tap into the sought-after payment method. One promo, for instance, allows you to earn 50% cashback on your first Apple Pay transaction (capped at RM20), while another offers RM50 cashback with a minimum spend of RM849 at selected merchants via Apple Pay. There also exclusive sign-up offers of up to RM218 cashback for new AmBank cardholders who tap into Apple Pay.

(Source:
AmBank
)

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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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Exploring UOB Asset Management’s Winning Strategies That Won 3 Awards

Recently, the Refinitiv Lipper Fund Awards 2021 has announced the winning funds in the Malaysian market. For those who are unfamiliar with the Refinitiv Lipper Fund Awards, for over 30 years and across 17 countries worldwide, these awards are an acclaimed industry achievement given to honour funds and fund management firms that have proven their reputation as outperformers.

Using Refinitiv’s — one of the largest financial market data providers in the world-renowned independent fund data and proprietary methodology, the awards measure risk-adjusted performance relative to peers for the most accurate and unbiased assessment.

To that, UOB Asset Management (Malaysia) Berhad has won three Refinitiv Lipper Fund Awards this year, namely the Best Equity Asean (Malaysia) (won by United Asean Discovery Fund) in the three-year category, Best Mixed Asset MYR Balanced — Global (Malaysia) in the five-year category (won by United Bond & Equity Strategic Trust), and Best Mixed Asset MYR Conservative in the three-year category for the second consecutive year (won by United Income Plus Fund).

 Let’s take a closer look at the winning strategies that led these unit trust funds to outperform their peers.

What’s more, until October 2021, UOB Asset Management is bringing their up to 5% sales charge down to 0% on all four unit trust funds mentioned above in celebration of these award achievements.

So, if any of these award-winning or new Islamic unit trust funds have caught your attention, why not capitalise on the 0% sales charge to maximise your gains?
 Contact a UOBAM representative here
 to learn more of their full repertoire of conventional and Islamic investments, or to sign up for this celebratory campaign.

Disclaimer:

This information and content are prepared by UOB Asset Management (Malaysia) Berhad 199101009166 (219478-X). This information has not been reviewed by the Securities Commission of Malaysia (“SC”). The information contained herein has been obtained sources believed in good faith to be reliable; however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance.

Investors are advised to read and understand the contents Offering Documents including any supplementary prospectus/information memorandum thereof or replacement prospectus/information memorandum, as the case may be which has been registered with the SC.

The PHS is available and that investors have the right to request for a PHS. For copies of the Prospectus/Information Memorandum and PHS, please visit UOB Asset Management (Malaysia) Berhad or its authorised distributors’ offices to obtain a copy. Any issue of units to which the Prospectus relates will only be made on receipt of an application form referred to and accompanying a copy of the Prospectus. SC’s approval or authorisation, or the registration, lodgement or submission of the disclosure document or any relevant agreement or contract to the SC does not amount nor indicate that SC has recommended or endorsed the product or service. You should be aware that investments in the Fund carry risks. An outline of some of the risks is contained in the Prospectus and Product Highlights Sheet. Unit prices and income distribution, if any, may rise or fall. Please consider the fees and charges involved before investing. Where unit trust loan financing is available, you are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units. The awarder of the Refinitiv Lipper Fund Award is not in any way related to UOB Asset Management (Malaysia) Berhad. Neither UOB Asset Management (Malaysia) Berhad nor its authorised distributors or agents guarantees any returns on the investment.

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Sasha Belani

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American Express Cards – All for Stylish Mums and Tots

Perfect for a Mother’s Day outing, American Express cards are offering a 10% discount on matching Mom & Tots outfits from Mothers En Vogue.

Valid exclusively at Mother’s En Vogue’s outlet in Pavillion, Kuala Lumpur, choose from an array of adorable matching tees for mom and baby.

Only with payment using your American Express Credit or Charge Card.

Haven’t got an American Express card? Get one from
here
.

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Diana Chai

Diana Chai

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Legacy Planning Goes Beyond Life Insurance - Here’s Two More Aspects To Consider

In Malaysia, it is often seen as taboo to talk about legacy planning. While death is a natural and inevitable event, many are not comfortable discussing what happens when they pass on – which leaves some consequences to the family and loved ones.

In reality, legacy planning is an important step in financial planning, as it allows your loved ones and next of kin to preserve your assets and carry out any requests you may have upon your passing. Unfortunately, most people see legacy planning as just life insurance payouts upon your death when in fact, there are two more aspects that are just as important.

In this article, we will discuss the two aspects of legacy planning that are just as important as life insurance: estate planning and pre-planning.

What Is Estate Planning?

An estate is the collective assets of an individual in all forms, such as cash, investments, properties, and so forth. Estate planning refers to an individual’s instructions for the executor regarding the deceased’s assets, which is all included in a will which is legally binding.

When a person passes away without a will, his or her assets are frozen and unfortunately it can be a messy affair for loved ones, because it is usually a long process to recover them – in many cases, it may take years and worst still, some assets remain unclaimed if the next of kin and loved ones do not know the assets are under the deceased’s name.

Therefore, it is extremely important that you have a will, especially if you are in your advanced years.  There is also a misconception that a will is permanent once you have done it – in reality, a will can be amended as many times as you wish in your lifetime, as long as it is validated in order to be legally binding.

For example, if you have grandchildren that you wish to pass some assets to, your current will can be amended to include it. Or if a beneficiary of your will passes away before you do, you can amend your will accordingly as well.

Finally, will-writing is not as costly as many assume. All law firms offer comprehensive will-writing services, but depending on the firm, prices may vary. There are other services that offer affordable will-writing too, but just be sure that they are legally binding before proceeding.

What Is Pre-Planning?

Now, this may be a term that’s not very common, but pre-planning is becoming an increasingly popular part of legacy planning. Essentially, pre-planning is the set of instructions of how you would like to be celebrated after your passing and paying for it in advance.

Interestingly, pre-planning is a concept that has been around for centuries. In Western cultures, there are instances of pre-planning as far back as the 19
th
 century, where “Burial Clubs” operated by churches, associations, or trade unions existed to help members cover for funeral expenses.

Over time, this practice evolved to also include the individual’s requests including how they wish to be celebrated and remembered in their final send-off, and pre-paying for it in advance, relieving any financial stress in this aspect to your loved ones during the emotionally challenging period.

While pre-planning may seem morbid, it has gained popularity because of several advantages. For instance, there’s the financial aspect – these days, funeral expenses can be anywhere from a few thousand Ringgit to tens of thousands of Ringgit, which is a huge single expense at a time where your loved ones are grieving your loss. Pre-planning allows you to assume financial responsibility for this expense, and some funeral homes even offer long-term instalment packages to make it less burdensome.

Interestingly, some individuals do their pre-planning early as a hedge against inflation. While many know about the rising cost of living, the “cost of dying” also increases with every passing year. Pre-planning allows individuals to “lock” today’s prices and protect their loved ones from paying the large as-need prices when you pass on in the future.

Besides that, pre-planning is also beneficial for your family and loved ones. Some pre-planning packages include a dedicated hotline that your loved ones can contact to initiate the process. The funeral home will then take charge of all aspects, relieving this burden from your loved ones and allowing them to focus on remembering and healing.

Today, funeral homes offer various pre-planning packages to cover the needs of people from all walks of life.

Nirvana – The One-Stop Solution For Pre-Planning Needs

As the leading bereavement care provider in Malaysia, Nirvana is a household name in the industry, with a reputation for professional and outstanding service. Thanks to over three decades of service in Malaysia, Nirvana offers end-to-end arrangements that cover various price points and needs.

Meanwhile, its pre-planning packages offer comprehensive solutions and flexibility to suit your individual needs and wishes. Nirvana also provides arrangements for different religions as well as cultural considerations. As part of this, Nirvana has Malaysia’s first professional all-female services team to offer the highest possible respect and honour. For loved ones, Nirvana is one of the few integrated bereavement care providers to offer a dedicated careline that is available 24 hours a day, with service assistants and consultants ready to render assistance during stressful situations.

Finally, Nirvana provides flexible payment options for its pre-planning packages, including interest-free instalment payment plans, so you and your loved ones do not need to worry about funeral and bereavement expenses when the time comes.

*****

As mentioned earlier, legacy planning goes well beyond the life insurance payouts to your loved ones upon your passing. Estate planning ensures your loved ones may inherit your assets in the way you wish to distribute them, while pre-planning ensures you are celebrated and remembered without the financial burden of funeral and bereavement costs.

With an extensive selection of packages, pre-planning is easier than ever before. Head on to Nirvana’s website to find out more.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Bitcoin Price Surges To New All-Time High After Successful Launch Of First Bitcoin-Linked ETF

(Image: CoinDesk/Cheyenne Ligon)

Bitcoin has climbed to a new all-time high of more than US$65,000 (over RM270,000) yesterday, buoyed by the successful launch of the first Bitcoin-linked exchange traded fund (ETF) on Tuesday (19 October 2021).

The spike – which reached over 7% in the day – came as investors celebrated the debut of the ProShares Bitcoin Strategy ETF (BITO) on the New York Stock Exchange (NYSE) in the previous session. At the peak of last night’s excitement, Bitcoin’s value even briefly soared as high as US$66,928.67 (about RM278,322.00) before dipping back slightly, currently hovering at the US$64,000 mark.

BITO – as an ETF – does not invest directly in Bitcoin, and therefore, does not reflect the current price of Bitcoin itself (also known as spot price). Instead, it trades in futures contracts that are tied to the cryptocurrency, which means that it is based on the speculative future price of Bitcoin (futures price).

While the new product may sound somewhat risky to some investors, a key perk to the Bitcoin ETF is that it will provide a new way for conventional investors to gain exposure to Bitcoin, namely through brokerage accounts. Specifically, it could encourage those who possess a brokerage account “but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider…or are concerned that these providers may be unregulated and subject to security risks” to begin investing in cryptocurrency.

(Image: Bloomberg)

Since its launch, BITO has seen a
 jump of 4.8% in price
, to close at US$41.94. In fact, BITO raked in
more than US$1 billion worth of asset under management
 in just two days, making it the fastest ETF to reach the US$1 billion mark.

In April 2021, Bitcoin rose to a peak of over US$65,000, before eventually suffering a
massive plunge in the 2021 Crypto Crash in May
 and the cryptocurrency token touched lows of US$28,000 in the months after. The new all-time high marks a spectacular turnaround of Bitcoin prices and highlights the level of volatility that crypto investors experience.

(Sources:
Reuters
,
Yahoo Finance
)

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Alex Cheong Pui Yin

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IKEA Online Store Malaysia Officially Opens: Here's What You Need To Know

(Image:
The Malaysian Reserve
)

Given the sheer number of visitors, it would seem like shopping at IKEA is almost a national pastime for Malaysians. After all, what’s there not to love? You get to spend hours admiring showroom after showroom of tastefully arranged furniture, purchasing as many items as you can to try and recreate that interior Scandinavian feel. After that, you can stop for a signature curry puff or a plateful of meatballs.

All the same, there are times when you wish you could get your IKEA loot without weaving through the heavy-duty trolleys, errant toddlers, and adolescent hand-holding couples fuelling their premature domestic dreams. Now that IKEA has officially opened its online store in Malaysia, you can finally have your IKEA haul ordered and sent to your home with a few clicks on their website.

News of the IKEA online store in Malaysia, which was
first announced last year
, seemed a long time coming given IKEA’s popularity and growth in Malaysia. IKEA Damansara, the company’s first store in Malaysia, receives about six million visitors per year. Together with IKEA Cheras, the Klang Valley outlets are two of IKEA’s most visited stores globally. Although IKEA has made expansions into Johor and soon Penang, the opening of the IKEA online store now allows the furniture giant, as discovered by local tech site
SoyaCincau
, to cater to a much larger audience.

So, what do you need to know about shopping online on
IKEA’s web store
?

(Image:
IKEA Singapore
)

How to shop online at IKEA

Unlike other e-commerce sites, IKEA integrates its online store into its main site. You can browse through the various categories and products just like before, with the only difference being the ones that are available for purchase online will have a bright blue “Buy Online” button for you to click on. According to IKEA, you should be able to find almost everything from its physical stores in the IKEA online store. They will also be priced the same, unless there is a store- or online-specific promotion.

Once you’ve added your items into your shopping cart, you will be asked to key in your details and select your shipping method in the checkout page. Once that has been selected, you will begin the payment process – note that for now, the IKEA online store in Malaysia only accepts Visa and Mastercard credit and debit cards, as well as online transfers via FPX. There is no instalment payment plan option as well.

IKEA online store delivery terms

IKEA has two delivery options: parcel delivery and truck delivery. Parcel deliveries, which cost RM40 for West Malaysia, are for orders less than 24kg in weight and a maximum length of less than 1.6 metres. Truck deliveries enable you to order a whole truckload of furniture for a set price, which varies based on your location.

For West Malaysia, truck deliveries to Zone A are priced at RM98, RM163 for Zone B, and those living in Zone C will pay RM258. Make sure you
read the FAQs
 on the website for any additional charges you may incur, as you may have to fork out extra if there is restricted access in your building. If you wish to have your product assembled for you, it will cost you 10% of the product price, and if you request for a drilling service, that’s RM4.50 per hole.

Remember to choose your delivery slots wisely and to plan ahead – delivery to condos and gated residences are not available after 5pm on weekdays and not available at all on weekends.

Unfortunately, you cannot pick up your online orders in any of the IKEA outlets. IKEA’s parcel deliveries in Peninsular Malaysia take place within three business days from the date of order. Truck deliveries for IKEA online typically take place within 2–5 days from the date of order, and longer for the peak season. You can also track your orders online.

IKEA online store ships to East Malaysia, too

IKEA’s online store and delivery covers Sabah, Sarawak, and Labuan as well. Unfortunately, the prices for this region are markedly higher, with parcel delivery costing RM100 and truck delivery costing a whopping RM675 including shipment. A slightly cheaper option for East Malaysians would be to opt for Click & Collect, where you can pick up your purchases from hubs in Kuching, Miri, or Kota Kinabalu for RM575.

Do note that there is an extra charge to take note of for Click & Collect in East Malaysia – there is a storage fee of RM23 per day if you do not collect your order from a hub within five working days.

Should you shop at IKEA online?

The delivery costs charged by IKEA may be a bit steep for some, especially in comparison to other e-commerce websites. However, depending on where you live and what you’re buying, it can be well worth the money (and frankly a steal if you get an entire truckload of stuff delivered for only RM98). There may be a couple of additional conditions here and there, but the website is pretty transparent as e-commerce sites go and seasoned online shoppers will have no problems shopping there. You also won’t have to deal with the crowds and traffic conditions going to the physical stores.

But most importantly, the IKEA online shop also maintains its return policy of allowing an exchange or full refund within 100 days, as long as the item is returned unassembled in its original packaging. Some types of items like fabric and electrical appliances are not covered by this policy, but interestingly enough, you can return a used mattress if you decide you don’t like it. You’ll have to call their hotline for assistance or return your product in-store with a printed copy of your emailed tax invoice. Read more about the
IKEA return policy here
.

Now that you can finally order your IKEA items online, you can save even more money by ordering them with the right cashback credit cards. Head on to our handy
cashback credit card comparison tool
 to learn more.

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    Azie ismail

    2 years ago

hi i would like to buy shopping bag  tq

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Asians worried about the economy, reports GfK

Much has been said in Malaysia about rising debt,

unaffordable housing and increasing prices. It would appear,
in

a recent global survey done by GfK
, that the whole Asia Pacific region is

concerned about job losses, inflation and recession.

GfK polled over 40,000 consumers around the globe which

includes 11 countries within the Asia Pacific region on various topics. Two out

of every 5 respondents expressed concern about money, employment and the

economy.

“Consumers in

Singapore (65%), Thailand (55%), China (51%) and Indonesia (39%) expressed

their greatest anxiety towards inflation; those in Taiwan (57%), Korea (51%)

and Japan are mostly worried about recession and unemployment…

The survey also revealed

that consumers have been treading carefully when it comes to their regular

expenses as seen in their conscious reduction in spending on various aspects of

their life. In their effort to cut cost, the first that most often will be

struck off from their list of regular activities is dining out at restaurants,

something which over a third (34%) of respondents said they have done in the

past 12 months. Nearly a quarter (23%) also stated buying less clothing and

shoes.”

The report quoted Regional Director for GfK Consumer Trends,

Jodie Roberts who emphasised that merchants could benefit from this trend, not

simply by offering low priced products and services but to provide
real value
 to customers.

“An important point

for companies to note is that these behaviors remain even as the economic

environment improves, and thus companies which are able to deliver on value –

which is not necessarily about lowest price – will benefit from this consumer

trend,” Roberts concluded.

Respondents to the study also shared ways through which they

saved money: using coupons, using less or going without an item, shopping at

discount stores, purchasing energy-saving products, buying in bulk to get

greater discounts, switching to cheaper brands, etc.

Besides economic concerns, crime and lawlessness also rank

among the top four worries in the region, particularly in Malaysia (67%),

Vietnam (55%) and India (51%). With the recent shootings, bombings and acid

splashing – it’s no wonder Malaysians topped the others on this issue.

*Picture courtesy of Nicole Victor.

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Diana Chai

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The Kinds of People Who Should NOT Have Credit Cards

Even if you really want a credit card to enjoy the discounts, perks and reward points that come with, it may not be a good idea if you bear similarities to the people on the list below:

1. People Who Are Impulse Buyers

Impulse buyers have difficulty sticking to a budget and purchasing only necessities. Thus, an instrument with a seemingly unending supply of cash such as a credit card (shopaholics can be bad at recognizing limits) may be too tempting in the hands of these people.

The Remedy:
 If you are an impulse buyer, you may still be able to swipe a credit card without going overboard by simply setting a lower credit card limit. But if you just can’t trust yourself, go with a debit card instead and practice healthy spending habits before you ‘graduate’ to credit cards. FYI,
cashback credit cards
 are the best choice for ‘fresh grads’ who love shopping as the cards help you to save by giving a certain percentage. of your expenditure back.

2. People Who Don’t Completely Understand How Credit Cards Work

Don’t scoff at folks who don’t have a thorough understanding of how credit cards function as two-thirds of Americans don’t know – and about 64% of the Gen-Y crowd in Malaysia lack an understanding of financial products. This means that the majority is spending without grasping the severity of their swipes, potentially leading to greater debt.

The Remedy:
 If you too are in the dark about credit cards, simply take the time to learn more about them before signing up. Call up banking customer service lines and ask about the products you are interested in. You can also check out our many
credit card
 articles online to ensure that you get the most out of your card and not the other way around!

3. People in Heavy Debt

Racking up a large credit card bill will only push persons in heavy debt further into it, especially if they have a spending problem. And the more in-debt one is – the closer one gets to bankruptcy; a credit card will only compound the issue in these situations.

The Remedy:
 The first thing to do when you find yourself in such a circumstance is to start paying down the debt with highest interests and eventually work your way into clearing them all off before you seek a new credit card. Another option is to consider if a (low-rate or zero-percent) balance transfer is right for your situation; it could help you consolidate your bills and save on interests.

4. People Who Don’t Pay Bills On Time

Your credit card bills unequivocally need to be paid on time and if possible, in full before the grace period expires. If you constantly space on paying your phone or cable bill, you might be the kind of person who forgets your credit card bill as well.

The Remedy:
 The good news is that there is a simple remedy to this problem – just set up an automatic payment from your bank account. A direct debit can be used to pay your credit card bills in a timely fashion; do check on your bills before the debit date to ensure no fraudulent expenses are being charged. To help you manage your bill easily, why not opt for
zero annual fee credit cards
?

Become More Creditworthy

There are tonnes of benefits to having credit cards and you should not have to forgo them. Thus, if you find yourself resembling the people who (probably) shouldn’t hold a credit card – you can certainly make changes to your financial habits and become creditworthy. This way, you too can enjoy more value for money as well as the security that comes with a credit card.

Here’s a quick recap on how to improve your chances of getting approved for a credit card in the future:

Practice good spending habits with a low-limit credit card or debit card first.

Check your credit history and clear all debts.

Learn more about credit cards,
interest rates
 and other related
topics
.

Set up automatic payments to avoid late charges and penalties.

If you are indeed ready for credit cards i.e. with stable earnings, good credit history and well-organized financials, then head on over to our
comparison page
 to discover the perfect card for your needs.

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BNM Enables Online Individual Registration For eCCRIS, Starting Today

Starting from today, Malaysian individuals who wish to register for eCCRIS will be able to do so directly online, without having to visit any Bank Negara Malaysia (BNM) or Credit Counselling and Debt Management Agency (AKPK) branches.

According to a
guide shared by BNM
, those who wish to register for eCCRIS will now only need to head on over to the eCCRIS website and click on “Register Now” to begin the process. Note, though, that in addition to having a MyKad, you must also have an activated internet banking facility in order to tap into this new function.

Once you’ve clicked on “Register Now”, you’ll be prompted to enter and confirm your personal information, after which your identity will be verified digitally. This involves an RM1 transfer to a designated BNM account via internet banking; the money will be automatically refunded to you within two working days upon successful registration.

Once registered, go ahead and perform your first login on the eCCRIS website by keying in your MyKad number and the 6-digit OTP that has been provided to you. This OTP is valid only for seven days, so make sure to perform your first login before it expires. From there, go ahead and set your user ID, password, as well as other personal security requirements – and you’re done! You can now log in to the eCCRIS website to access your CCRIS report anytime you want.

The deputy governor of BNM, Marzunisham Omar said that this update will enable the Malaysian public to access their credit reports more effortlessly. “These enhancements make it more convenient and safer for individual users to register for eCCRIS and have access to their CCRIS reports, all from the comfort of their homes,” he commented.

(Image: NSTP/Muhd Zaaba Zakeria)

Prior to this, Malaysians who wish to register for eCCRIS must first visit a BNM or AKPK office to perform a one-time registration. They’ll need to verify their identity at a CCRIS kiosk, after which a 6-digit PIN will be sent to them. The PIN is then used for the first login on the eCCRIS website.

Finally, BNM noted that this new online registration feature is enabled only for Malaysian individual users. Companies and non-Malaysian individuals are still required to register via eLINK on BNM’s
TELELINK website
.

(Source: Bank Negara Malaysia [
1
,
2
,
3
])

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Alex Cheong Pui Yin

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

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    Harisliang

    1 year ago

What is ECCRIS for and does it help for a person that are having bad debt financial??

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Save on Income Tax by Spending on These 5 Items

The saying goes that you have to spend money in order to make it. Taking that little nugget of wisdom for a twist; it is true that in income tax at least; spending money can save you money when it is time to file!

We all are now aware of the fact that income tax reliefs and rebates exist but few actually take the effort to claim these reliefs. Why not claim something that is in existence for your benefit? Well, mostly it is because you didn’t file all the receipts!

We at
Ringgitplus have talked about last minute spending to save on income tax
 but how much more can you save by planning a little earlier? Like right now? Last minute action drastically reduce the number of reliefs you can spend on to be eligible so, it’s time to get cracking!

Even if the last thing on your mind right now is income tax filing for 2015; keep these 5 spending items in mind and horde those receipts!

Get Educated

It’s hard to enroll for any course or certification in December as you rush to meet tax deadlines – but you can from now til December. Education fees up to RM5,000 are allowed reliefs so now may be the time to take that post-graduate you always wanted.

Even if nothing so fancy; maybe that certification in Microsoft Excel so you can finally figure out how the sum button works? We don’t know but if you’re getting educated and a tax relief out of it – it’s probably worth pursuing.

Insure Yourself

There are a lot of things that could go wrong with your health. Just Google any symptom you have and you’ll probably find that the possibilities range from nothing to fatal cancer.

We’re sorry to be flippant but the truth is one really never does know; and with private hospitals charging RM11,000 for a dengue case (true story); you’d need a hefty donation to be able to afford medical fees today.

Insurance, especially for medical claims is important and even more so because you can claim tax relief of up to RM3,000 per year on premiums paid. You’re welcome.

Psst: Clueless about policies? Check out our
medical card insurance policy comparison page
 to find the most competitive package.

Get Yourself Checked

Quite linked to the point above; many insurance underwriters will require you to present yourself for medical checks to ensure you are not lying on the application form.

Kill two birds with one stone (probably not the best metaphor) by getting a full medical check this year thus satisfying your insurance underwriter and earning a tax relief. Call your local GP and have him pull out the X-rays, ECGs, Ultrasounds and syringes because you’re going to get yourself checked!

Medical checks are tax exempted for up to RM500 yearly so tell your doctor to cap the bill to that amount.

Donate, Donate, Donate

Donations have been
popping up in the news lately
 but not for the right reasons. How about countering the bad rep the word has received by giving to someone truly in need and saving on your income tax?

According to our friends at
Savemoney
:

…you can deduct up to 7% of your Taxable Income for gifts to charities and institutions which are approved by the government (not all charities are approved, so be sure to find out before you donate away!), unless you are giving to a few selected government-related bodies, where there is less restrictions on the amount deductible from your income.

Find a charity that fits the bill and donate religiously until the end of the year. As long as it is within the 7% threshold – you’re good for a deduction! What’s even better is that you get the absolute satisfaction of donating to a good cause.

Contribute Voluntarily to PRS

At first sight of this item on the relief list we wondered how one can involuntarily contribute but brush aside the comical image of a PRS officer threatening contributors at gunpoint.

Nonetheless, deciding to contribute to an additional retirement fund is not only good for your senior years; it’s good for your wallet next year too. You can claim relief of up to RM3,000 for contributions made into PRS.

If you’re wondering what the scheme is about; check out
our guide
 and
comparison to EPF
.

Of course, these are just some of the big ticket items you can do right now. As listed in out last minute spending for tax reduction article; you could also buy more books at Big Bad Wolf, get some sporting equipment (no, the Wii version of exercise does not count) or buy a new laptop.

There is also an RM1,000 relief for each child under 18 but we left that out as it may be a tad difficult (re: impossible) to make another child in 5 months. Also, it’s not really saving when you think about how fast RM1,000 will run out on diapers alone.

Have we missed a relief or do you have a plan of action to save on tax? Let us know in the comments.

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Celcom Allows Users To Trade In Unused Internet Quota For Cashback With Boost

(Image: MalaysianWireless)

Celcom is collaborating with Boost in its newly launched MEGA postpaid plan to offer a unique proposition to its customers: the ability to trade in unused internet quota for cashback with Boost at the end of each billing cycle.

Given that both companies are owned by Axiata, it is an interesting collaboration between two different entities within an organisation. Available only for 2 months, this deal is offered exclusively to customers who subscribe to the Lightning Mobile Internet Speed package, which is part of the newly launched Celcom MEGA postpaid plan. For every 10GB unused internet quota traded in, you can receive a RM5 in return.

Celcom’s new MEGA postpaid plan is a plan that seems to prioritise flexibility for its users, allowing them to choose their plans based on their internet needs and preferences. There are two packages available, each targeting a different need.

(Image: The Star)

To tap into the MEGA postpaid plan, you will first start off with a base package that costs RM80 per month, giving you unlimited calls to all networks and 30GB data. Following that, you can choose to top up with either of the following packages, with an additional fee:

Unlimited Mobile Internet Quota (for those who need unlimited data)

Lightning Mobile Internet Speed (for those who prefer fast internet speed)

Unlimited Mobile Internet Quota

This package further lets you choose from another two plans: Unlimited M (+RM18 per month) and Unlimited L (+RM68 per month).

The Unlimited M plan gives you unlimited internet, HD video streaming, and 5GB monthly hotspot. However, your internet speed will be capped at 5Mbps.

The Unlimited L plan, on the other hand, offers unlimited internet, HD video streaming, and 10GB monthly hotspot, with internet speed limited to 15Mbps.

Lightning Mobile Internet Speed

You can choose from the Lightning M Pass (+RM18 per month), Lightning L Pass (+RM68 per month), or Lightning XL Pass (+RM108 per month). The three plans will give you an additional 10GB, 30GB, and 70GB of high-speed internet, respectively.

Subscription to the Lightning XL Pass also entitles you to free roaming in 12 countries, such as Singapore, Thailand, Bangladesh, Sri Lanka, and Nepal.

***

The
Celcom MEGA postpaid plan
 does not lock you in for the packages for any period of time; you are allowed to change your package once every month if you feel that your current one is not suitable for you. You can also opt to go with just the basic MEGA plan, without any add-on packages.

(Source:
Lowyat.NET
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Anonymous

    1 year ago

Is this still available? I mean trade the data with boost

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Poll: Shopee Is Malaysia’s Preferred E-Commerce Platform

A survey by Ipsos found that Shopee is the leading platform for Malaysians’ online shopping needs, with 82% of respondents saying that they had used it over the past six months.

The respondents of the survey had stated their preference for Shopee due to the platform’s user-friendliness, speed of delivery, and reliability of reviews, beyond price and promotions.

“Malaysia has many new players emerging or entering the country over the recent years,” said Lars Erik Lie, associate director of Ipsos Public Affairs. “Among all, Shopee has a substantial lead among Malaysia’s e-commerce platforms ― the platform is strongly positioned as the leader, and tends to be recommended by its users.”

Shopee’s next nearest competitor, Lazada, came a distant second in the poll, with 31% of respondents saying they had shopped once on the platform. After that, the next most used platform was Facebook (18%), GoShop and Mudah (both at 6%), and then TaoBao and Instagram at 5%.

The poll also indicated that Malaysians were increasingly embracing e-commerce, with nearly 1 in 2 respondents saying they had shopped online at least once in the past six months – primarily for clothes and shoes. “Fashion items remain key for e-commerce platforms, but pandemic and MCO has helped everyday items like home care products and food to become important categories,” said Lie.

Fashion items attributed for 47% of all sales, with home care products making up 35% and accessories 33%. This was followed by beauty and cosmetics (32%), groceries (27%), electronics (24%) and home appliances (20%).

(Image: The Star/Raja Faisal Hishan)

Lie commented that while physical retailers have faced continuous uncertainty, e-commerce platforms have been thriving through the pandemic. However, despite e-commerce becoming a mainstay, these platforms still have some way to go in terms of reaching older generations and all corners of the country.

Unsurprisingly, the highest usage of e-commerce platforms came from those aged between 18-34, with the majority of buyers coming from the east coast at 62%. This was three times more than users aged above 50 who came in at below 20%.

(Source:
Malay Mail
)

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TM Offers 300Mbps Unifi Broadband Package For RM199/Month

(Image: SoyaCincau
)

Telekom Malaysia (TM) is offering its 300Mbps Unifi home broadband package at new promotional price of RM199/month. The fastest Unifi fibre broadband plan originally costs RM259/month, but the RM199/month subscription fee is now offered as a promotion until 30 June 2019.

The broadband plan comes with unlimited Internet quota as well as unlimited voice calls to all TM fixed lines nationwide. 600 minutes of talk time is included in the plan for customers to call other mobile and fixed networks in Malaysia. For subsequent voice calls, customers will be charged a flat rate of 10sen/minute. Besides that, the Unifi TV set-top-box is bundled together with the plan – with access to all available channels in Unifi TV (previously known as HyppTV).

The 300Mbps Unifi broadband plan costs only 25% more than the
RM159/month 100Mbps broadband + Unifi TV plan
 – but with 3 times faster download speed and an additional 100 on-demand blockbuster movies that usually costs RM10 individually. However, based on the
FAQ
 customers can only redeem 4 movies a month for 25 months.

Although the promotional fee comes with a 24-month contract, the subscription fee will remain the same after the contract period. For more information, check out the official
Unifi Broadband page
.

(Source:
SoyaCincau
)

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BNM Announces Automatic Moratorium On All Bank Loans For Individuals And SMEs; Deferment Of 6 Months

Bank Negara Malaysia (BNM) has announced a number of updates to provide some relief to those facing financial constraints due to the COVID-19 pandemic. Chief among these is the automatic deferment of individual and SME loans for a period of 6 months.

According to the country’s central bank, this move is designed to ease the cash flow of individuals and SMEs that are most likely to be affected by the ongoing pandemic. All conventional and Islamic banking institutions licensed by BNM will offer a deferment of all loans to individual customers as well as SME customers for a period of 6 months, with effect from 1 April 2020. The only two stipulations to this are that they are denominated in Malaysian Ringgit, and that the loans have not been in arrears for more than 90 days as at 1 April 2020.

In an FAQ released alongside the press release today, BNM stated that this deferment will be automatically applied to all loans that qualify based on the two stipulations above. This means that customers do not need to apply for the deferment, a marked difference to how it is currently where
customers are asked to apply for the deferment
 – and the decision to approve to be at the discretion of the bank.

This automatic deferment will kick in from 1 April 2020, and customers who wish to defer their loans for a period of six months do not need to do anything. For those who wish to opt out of deferring their loans, they simply need to continue making timely repayment of their current loans or financing.

However, note that interest on the loan will still accrue during the period of deferment. For Islamic financing, profit will continue to accrue, but in line with Shariah principles, such profit will not be compounded.

Finally, Bank Negara also stressed that this automatic deferment is only for a period of six months. Customers who require a longer deferment period are advised to contact their respective banks. In addition, the moratorium only applies to individuals and SMEs – corporate borrowers or customers may request for a deferment from their respective banks.

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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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    Heyjoe

    3 years ago

Do not need to do anything? If my loan auto debit, then how?

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    Pang Tun Yau

    3 years ago

    Reply to

        Heyjoe

Check with your respective banks’ FAQ. There may or may not be additional steps needed, but it varies by bank.

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4 Reasons Why You Need More Than One Savings Account in Your Life

Okay, so you’re no multimillionaire with funds enough for four different
saving accounts
 but having more money is not the only good reason to spread the ‘wealth’ however thin, so to speak.

Don’t believe us? Check out the four most compelling reasons you should consider more than one savings account!

You Can Control Your Spending

If you happen to be type who draws out money from your only and primary account for every single spend and rather not swipe the plastic – having multiple saving accounts is a great method to manually regulate spending.

The danger of withdrawing ALL your available funds with just one account is very, very real!

Having multiple accounts helps you keep the real savings away from everyday spending and it also allows you to cap budgets when you need to.

Are you going on a shopping trip? Take a
debit card
 linked to an account dedicated to such spending with a set limit so you know you won’t spend more than you should!

Easier to Achieve Different Financial Goals

The ultimate goal of savings is always that pot of gold at the end of the rainbow – but there will be other smaller goals necessary to reach as you go along such as
buying a home
 or paying for a wedding.

A sole savings account would put you on a single-track oriented route to a specific goal, and in the event various goals pop up along the way – one might not be able to see them clearly with a consolidated account.

Multiple saving accounts present goals a lot clearer, making your journey to multiple financial goals much easier to manage.

Each account can be dedicated to a specific goal and are able to be sealed off upon the holder’s request at the involved bank – the perfect way for one to kick-start necessary savings and work on several targets concurrently.

If one truly is serious about achieving these goals – irrespective of long or short term – latch on a time frame target for you to better manage finances along the way and not fall short.

You Get to Maximise Bank Benefits

Banks are known to offer competitive rates for various products like personal loans and credit cards, just to name a few – having accounts in multiple banks allow you to reap the benefits offered by multiple banks.

First, you would need to figure out the best annual interest rate (or one that does not charge annual fees) for your account that will hold most of your savings to push the benefit bar higher.

Subsequently, you would be at liberty to pick other banks to suit your other saving needs or goals – as mentioned before.

Being a patron to not just one bank permits you to take complete advantage over other products and benefits too. For instance,
credit cards
 – you would be able to pick from a wider selection for them to suit your lifestyle and spending habits.

If you stick with each bank long enough, you can reap loyalty bonuses as well as gain priority access to product launches like in-house investment schemes and many more.

No Panic in Financial Emergencies

In the event of a sudden need of cash, one with multiple savings accounts would need not worry about acquiring quick and liquid cash no matter when or where.

By having multiple accounts, chances are it would have been harder to dry up all your bank accounts. There’s sure to be money stashed somewhere.

If you haven’t had a head-start in saving up a large sum or would rather leave your savings idle, it makes your job of walking into banks to request a
personal loan
 much easier and probably even quicker as you already own accounts with them.

Moving Your Fruits to Different Baskets Yet?

Having one savings account works for many out there, but multiple savings accounts do indeed help you manage your finances better.

Having trouble scouring the net for savings accounts that suit you? Look no further,
let us help you out
. If you do have anything to add to the above piece, don’t be afraid to drop us your thoughts in the comments section below!

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Financial Education Network Launches Financial Literacy Month 2020

The Financial Education Network (FEN) has launched the Financial Literacy Month (FLM) 2020 to provide a variety of financial literacy initiatives and programmes for Malaysians throughout October. The introduction of these programmes, which are part of an ongoing effort to raise the level of financial literacy among Malaysians, is timely as many Malaysians are now facing considerable financial challenges following the onset of the Covid-19 pandemic.

Founded based on the theme of “Empowering Financial Freedom”, FLM 2020 offers more than 40 programmes to empower individuals so that they can learn to make informed financial decisions. It seeks to equip them with the necessary tools and knowledge to achieve their financial goals, manage their debts, and protect themselves from financial scams. As such, it covers a range of relevant topics – from insurance/takaful products to investments, to financial risk management – and is also targeted at Malaysians of all ages, including school children and youths.

The programmes offered through FLM 2020 are varied in format; they include introduction to self-help financial tools, financial education talks, webinars, quizzes, competitions, roundtable discussions, radio interviews, and virtual exhibitions. Here are some highlights that you can keep an eye out for during the month:

Investing Strategies During Recession

FE Talk: E-Payment Awareness

FE Talk: Awareness On Repayment Obligations Post-Moratorium

Briefings On Financial Fraud (Mule Accounts)

RinggitPlus Financial Literacy Survey (FLS) 2020

Financial Literacy Week

Build A Diversified Portfolio With Exchange Traded Bonds & Sukuk

Memilih Saham Menggunakan Analisa Teknikal

These programmes are organised by FEN members and partners, which include Bank Negara Malaysia (BNM), Securities Commission Malaysia, Ministry of Education, Ministry of Higher Education, Malaysia Deposit Insurance Corporation (PIDM), Employees Provident Fund (EPF), Permodalan Nasional Berhad (PNB), and Credit Counselling and Debt Management Agency (AKPK).

In its statement, FEN noted that FLM 2020 is designed to work hand-in-hand with the
National Strategy for Financial Literacy 2019-2023
, which centres around the following
five main strategic priorities
:

Nurturing values from young

Increasing access to financial management, tools, and resources

Inculcating positive behaviour among targeted groups

Boosting long-term financial and retirement planning

Building and safeguarding wealth

FEN also implied the necessity of FLM 2020 as many Malaysians have displayed poor financial literacy, as indicated in BNM’s Financial Capability and Inclusion Demand Side Survey (2018). In the survey, one out of three Malaysians showed low confidence in their financial knowledge and planning, whereas 52% of Malaysians do not have sufficient emergency funds set aside for unexpected events. Meanwhile, almost half of the Malaysian population are not confident of having enough retirement savings.

You can head on over to FEN’s website to find out more about
FLM 2020
, as well as to see the full list of programmes that are open to the Malaysian public throughout October.

(Source:
Financial Education Network
)

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About THE AUTHOR

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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Maybank Celebrates 10th Anniversary With Manchester United, Offers Attractive Promotions Until May 2022

Maybank is celebrating 10 years of its partnership with Manchester United, and is running several concurrent promotions to bring cheer to Maybank Manchester United credit and debit cardholders!

The Maybank x Manchester United 10 Years United Anniversary umbrella campaign has several promotions under its belt, and will reward Manchester United cardholders with perks such as 10x TreatsPoints, cashback rewards, discounts with selected merchants, official merchandise, and an all-expenses paid trip to catch Manchester United live at Old Trafford!

All of the campaigns are set to begin on 1 October 2021, although each will have its own cut-off dates. Two rewarding sub-campaigns that credit cardholders will want to keep an eye out for in particular include:

10x TreatsPoints (TP) When Manchester United Wins A Premier League Match

Period: 1 October 2021 – 31 May 2022

Maybank Manchester United Visa Infinite and Maybank Manchester United Visa Gold credit cardholders can earn a generous 10x TreatsPoints (TP) whenever United wins an English Premier League during the campaign period – which will last until the end of the current season. Note that this is only applicable for eligible retail purchases made on the match day, based on UK date and time. As usual, the following spending categories are also excluded from receiving the 10x TP reward:

The points earned will be credited to you within 12 weeks following the match won by Manchester United.

This effectively doubles the amount of TP cardholders can earn – currently, the Manchester United cards offer 5x TP for every RM1 spent when United wins a Premier League match. This already makes the Manchester United Visa Infinite one of the best air miles credit cards in Malaysia – and increasing the TP multiplier to 10x with no points earning cap means even those who aren’t Man Utd fans will want them to win!

10% Cashback Campaign

Period: 1 October 2021 – 31 May 2022

Open to Maybank customers who hold the Maybank Manchester United Visa Infinite credit card and the Maybank Manchester United Visa Gold credit card, you’ll be able to earn up to 10% cashback for your online retail expenses when you spend via the two cards.

Specifically, the perks that are available under this campaign include:

10% cashback when you make e-commerce transactions on every 10
th
 of the month (monthly cap of RM30)
1% cashback when you make e-commerce transactions on any other days except for the 10
th
 of the month (monthly cap of RM70)

There are no minimum spend requirements to fulfil, and the cashback earned will be credited into your account within 12 weeks from the last day of each campaign month.

***

Outside of these campaigns, these Maybank Manchester United Visa cards offer privileges that typically appeal only to the fans of the football club, such as special discounts on the United Direct Online Megastore, stadium tours, and 5x TreatsPoints when Manchester United wins a Premier League match. With these promotions, cardholders will now have more reasons to spend with them on a day-to-day basis.

Aside from the two deals mentioned above, devoted Manchester United fan members (who are also eligible credit and debit cardholders) may also want to look into several other promotions that are available. There are deals that could give them a chance to win an
all-expenses paid trip to Old Trafford
 to catch a live Manchester United match (along with other exclusive sessions), as well as
signed Manchester United official merchandise
.

Additionally, you can also tap into an additional
10% discount on any existing discounted Adidas products
, and up to
20% rebate at the United Direct online store
.

If you’d like to take advantage of any of the aforementioned campaigns, you can register your participation by sending an SMS (
MU10<space>last six digits of NRIC or passport number
) to 66628. Maybank also clarified that you will only need to register once even if you are looking to participate in several promotions.

(Source:
Maybank
)

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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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Binge-Watch Battle: Netflix vs iflix vs Netflix

The news that Netflix is now available to Malaysians caused immense rumblings on social media as TV/movie buffs clamoured to get their popcorn and watch themselves into a stupor.

But not everyone was convinced. Was the entrance of Netflix, really all it’s cracked up to be?

Our sister site Savemoney
recently shared a list of all the different types of paid video-on-demand services
 available in Malaysia now that Netflix is officially in the region. While looking through the feedback on the article, it’s clear that people who are looking for this service (legally) would want to know more about the differences between iflix and Netflix as well as the differences between Netflix US and Netflix Malaysia.

Since we were the comparison table gurus, Savemoney passed the baton to us to put these three services head-to-head to see which one is deserving of your chill time

iflix

Price:
 RM10 monthly, or RM8 per month for a yearly commitment

Availability:
 iflix is available on Android and iOS devices, as well as web browsers.

Experience:
 Solid, but not amazing. Some downtime happens occasionally and the site can be a little buggy at times. For a popular service that just launched a couple years ago, this is to be expected.

Exclusive Features:
 iflix is the only contender in this fight that carries regional content like Malay, Chinese, Tamil, Korean, and Filipino TV series as well as movies. Iflix also allows subscribers to download up to 10 titles onto their device for offline viewing. These titles stay in the device for 7 days before the user has to re-download.

Netflix Malaysia

Price:
 RM33, RM42, or RM51 monthly. The higher you go, the more devices you can connect to at the same time, and the higher the video quality will be.

Availability:
 Netflix is available on Android and iOS devices, web browsers, and even some gaming consoles.

Experience:
 Good. Downtime is uncommon. Netflix has been around for a quite some time and they know enough about streaming to get it right most of the time.

Exclusive Features:
 Netflix makes their own original content. Plenty of critically-acclaimed television series, movies, documentaries, stand-up comedy specials and reality TV shows are only available via Netflix.

Netflix US

Price:
 USD7.99, USD9.99, or RM11.99 monthly. The higher you go, the more devices you can connect to at the same time, and the higher the video quality will be. This does not include the fees you may have to pay for a virtual private network (more on that later).

Availability:
 To get Netflix US in Malaysia, you have to connect to a virtual private network (VPN). This essentially means masking and rerouting your web traffic to make it look like you’re connecting from the US. Using a VPN may require you to pay a subscription fee costing from USD3 up to USD10 depending on the provider. Here’s a quick and simple guide (out of many you can find online) on how to set up a VPN connection for yourselves.

Experience:
 Good. But this depends on the quality of the VPN you use.

Exclusive Features:
 Netflix US has a different catalogue compared to Netflix Malaysia due to broadcast and licensing rules.

But What About the Content?

Fear not, citizens, we at RinggitPlus like comparing things (as you’ll see on our nifty
credit card
,
personal loan
 and other
banking product comparison pages
). Below is a comparison table of the hottest TV shows right now and their availability across all three services.

The comparison table above is by no means complete. All three services have thousands of titles to go through but the above are the most popular ones across different genres. They also have multiple film titles that we haven’t even included in the table.

However, we hope the above can still help you make a more informed decision on which of these video-on-demand services you can have for your home’s entertainment needs.

Video-on-demand is a great way to manage your entertainment consumption by freeing up your time to watch what you want, when you want to watch it. Saving time is important, and as they say, time is money.

Do you use iflix, Netflix Malaysia, or Netflix US? Are there any video-on-demand tips you have that can save us some money and some time? Share your wisdom with us and let us know in the comments section down below!

Photo Credits:
Shardayyy via flickr
 and
Esther Vargas via flickr

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Ahmad Mudhakkir

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Malaysia’s Unemployment Rate In January 2022 Remained At 4.2%

Malaysia’s unemployment rate for January 2022 has remain unchanged at 4.2% since the previous month, according to the latest labour report of the Department of Statistics Malaysia (DOSM). However, the number of unemployed persons within the country showed some decline, dropping by 1.1% from 687,600 individuals in December 2021 to 680,400 in January 2022.

“The labour force situation continued to improve in January 2022, led by the continuous rise in employment while unemployed persons trended down,” said the chief statistician Datuk Seri Dr Mohd Uzir Mahidin in a statement.

The report also noted that out of the total number of unemployed persons in January 2022, 83.7% were classified as actively unemployed, described as individuals who are unemployed but are actively looking for jobs. This is a decline of 1.2% from December 2021, from 576,500 persons to 569,500 persons. Of these, 56.3% were unemployed for less than three months, and 7.5% were unemployed for more than a year. The inactively unemployed, too, reduced by 0.2% to record 110,900 persons, as compared to 111,100 persons in December 2021.

As for the number of employed persons, DOSM said that the labour force in January 2022 remained positive with an addition of 30,200 persons (0.2% month-on-month increase) to register 16.37 million persons. The employees category encompassed 76.7% of the employed persons group, posting a month-on-month increase of 0.1% from December 2021. This totals to 12.03 million persons, in comparison to December’s 12.02 million persons.

The own-account workers category, meanwhile, made up 16.9% of the total employed persons group – showing an increase of 0.6% since the previous month to register 2.66 million persons. Finally, the remaining number of employed individuals fell under the unpaid family worker (3.1%) and employer (3.3%) categories.

(Image: New Straits Times)

Moving forward, Datuk Seri Uzir said that he expects the unemployment rate to further improve in the following months. “A healthier economic outlook is anticipated in the months ahead, reflecting by the Leading Index, which was continuously above 100 points and rising in December 2021. This positive outlook will lead to the increase in business activities, thus creating more labour demand in the economy. Creation of more job opportunities will encourage more labour participation, hence fostering the labour market to be more vibrant in the forthcoming months,” he said.

(Source: DOSM [
1
,
2
])

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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6 Tips to Get Your First Home Financing Approved

Thinking of starting a family and buying your very first home? It can be a daunting prospect, with the down payment and the high legal costs – let alone preparing for the long and complicated home financing application process.

But with early and careful preparatory measures, owning your dream home doesn’t have to be difficult. Here are the 6 tips you should follow to help get your very first home financing approved:

We hope you found these tips helpful to help you secure your first home financing. If you’re still searching for the perfect home financing to help you achieve your dream home, have a look at what
BSN MyHome/i Youth Housing Scheme
 has to offer!

It’s the solution to all first-time home buyers as it offers up to 100% home financing! Here are some interesting things you should know about the
BSN MyHome/i Youth Housing Scheme
:

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PLUS Enables Card, E-Wallet Payment At Selected R&Rs Along North-South Highway

Motorists travelling along the North-South Highway (PLUS Highway) can now pay for their purchases at selected rest stops (R&R) using debit and credit cards issued by Visa and Mastercard, as well as various e-wallets. Accepted e-wallets include Boost, GrabPay, MAE by Maybank2u (MAE), MPay Wallet, ShopeePay, and Touch ‘n Go (TNG) eWallet.

Prior to this, R&Rs along the North-South Highway only accept cash as the sole method of payment. Now, the R&Rs that are adopting these cashless payment methods include:

R&R Rawang Arah Utara
R&R Ulu Bernam Arah Selatan
Hentian Sebelah Sg Buloh Arah Selatan
Hentian Sebelah Serdang Arah Utara & Selatan
Hentian Sebelah Nilai Arah Selatan
R&R Dengkil Arah Utara & Selatan
R&R Seremban Arah Utara
R&R Tapah Arah Utara & Selatan
Hentian Sebelah Simpang Pulai Arah Utara & Selatan

(Image: The Star)

A few of the e-wallets that have been enabled at these R&Rs will be running some exclusive promos in conjunction with the rollout of this initiative. If you’re travelling any time soon, you can enjoy the following rebates at the selected R&Rs:

GrabPay
: RM3 rebate with minimum spend of RM6 (capped at 10,000 customers)
ShopeePay
: RM3 rebate with minimum spend of RM6 (capped at 10,000 customers)
TNG eWallet
: RM3 rebate with minimum spend of RM5 (capped at 33,000 customers)

Already ongoing, all the promotions listed above will run until 31 March 2022.

Aside from enabling cashless payment methods for R&Rs, PLUS had also previously mentioned that it may soon allow motorists travelling along the North-South Highway to
pay for their toll fares using debit and credit cards
. The payment method is currently being tested at selected toll plazas, although no specific locations have been announced. At present, motorists are only able to pay for their toll fares using the TNG RFID, PayDirect, TNG card, and SmartTAG.

(Source:
Paul Tan’s Automotive News
)

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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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The Ultimate Guide to Buying Your First Insurance Plan

With the seemingly endless variety of policies and insurance providers – not to mention all the jargon – it’s entirely possible to get overwhelmed when buying your insurance policy for the very first time.

Here’s what you need to know before buying any kind of insurance policy:

1. Is This The Policy I Need?

The point of having an insurance policy is to have a financial safety net to fall back on in case of an unfortunate event. So if you own a car, you’d need car insurance to pay for the damages in the case of an accident. If you’re a homeowner, you’ll need home insurance to guard your finances against a burglary or even a flood – you get the picture. However, this doesn’t mean that you should buy every type of policy that is available in the market. Buy only what you need to protect you (and your loved ones) from financial mishaps.

Medical insurance is always good to have even if your company provides a group coverage. You never know when you might leave your company – voluntarily or otherwise. Besides, it might be more difficult to purchase an affordable medical insurance policy after you’ve left your job – especially if you have a pre-existing medical condition.

Bonus Tip:
 Avoid having overlapping policies and paying more money for insurance policies you don’t need. For instance, most credit card providers provide complimentary travel insurance when you purchase airline tickets with them, so check with your credit card provider before buying a standalone travel policy.

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

2. Can I Afford This Policy In The Long Term?

This is the most important question that you need to ask yourself before purchasing any insurance policy. After all, it’s better to have some coverage that you can afford than none at all. If you opt for a comprehensive policy but can’t afford the premium, sooner or later your policy will lapse, which puts you at a loss.

This is especially the case with life insurance policies that do not have a cash value (savings built up) attached. If you fail to pay the premium within the stipulated timeline, your policy will be cancelled without any hope of getting a refund.

Read also:

How (and Why) To Apply For Medical Insurance

3. Which Channel Should I Use To Buy My Policy?

Most insurance providers give you the option to buy certain insurance policies directly from them, online, or via an insurance agent. Each of these methods come with its own pros and cons. When buying from insurance agents, you will be paying more to account for their commissions. However, when it comes to making claims or answering any inquiries, you can count on your agent to simplify the process and provide you with all the right answers.

If you’re buying a policy online, know that the option is not offered by all insurance providers and may not be available for all insurance types either. But policies sold online are often cheaper (by 5% to 10%) and easier to purchase.

Buying a policy directly from an insurance provider (over-the-counter or over the phone) is similar to buying online in the sense that it’s cheaper than buying from an agent. Just bear in mind that you will not receive the same level of support you’ll get with an agent.

4. Can I Omit Any Details About Myself?

Always remember that the insurance provider have the full right to deny your claims if you don’t fill out your policy application truthfully. It’s easy to fall into the temptation of falsifying some of your personal or health-related details in order to get your policy approved, but having a policy that is at a risk of being annulled is like paying for something that might come back to bite you in the bum later – which defeats the purpose of having an insurance policy in the first place.

Always provide transparent and factual information about yourself, especially those that concern your medical history.

5. What Should I Know About The Insurance Policy?

Make a point to do your research on any insurance policies that might have piqued your interest before purchasing them. Take your time to think it through, and make the effort to learn some of the insurance lingo to have a better grasp on the products. It’s always good to learn new things, and knowing the insurance jargon in particular will help you understand and compare the policy’s benefits and limitations better – which will aid you in making a more informed decision.

Don’t hesitate to clarify any part of the insurance policy that you’re struggling with with an insurance agent or provider. It’s best to know all you can about a policy now than suffer a rejection due to exclusions that you didn’t even know existed.

Bonus Tip
: As you read the product brochure or disclosure, check out this
glossary
 list from Bank Negara to improve your insurance vocabulary.

If you are ready to buy your first insurance plan, remember that shopping around is always the best policy. Have a look at the available insurance products in the market on our
comparison page
 and let us help you make your first insurance policy purchase!

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Maybank Revises Operating Hours For Customer Service Hotline Due To Covid-19 Spike

Maybank has revised its customer service hotline operating hours from 9am to 6pm, from Mondays to Fridays. This is due to the recent spike in Covid-19 cases.

“The team will, however, continue to operate 24/7 for critical services such as lost or stolen cards, fraud-related issues, ATM/self-service terminal queries, and Maybank2u password-related matters,” the bank shared in a statement. Maybank’s customer service hotline originally also operates 24 hours per day, seven days a week (including holidays).

Maybank further noted that customers can also email their enquiries to
[email protected]
 or connect with its personnel via the live chat function on the Maybank2u website.

Meanwhile, numerous Maybank customers who tried calling the hotline yesterday have commented on the bank’s social media that they were repeatedly put on hold for an extended period, with some even up to an hour. Others also said that their calls failed despite trying several times. This includes the hotline for premier card services.

Yet other customers reported that alternative communication channels – such as emails and the live chat – received no replies from the bank. Maybank, in turn, said that it is currently experiencing a high volume of calls and is operating on minimal resources, but promised to assist its customers accordingly.

Maybank’s Customer Care Hotline is 1-300-88-6688 (Malaysia) or +603 7844 3696 (overseas).

(Source: Maybank [
1
,
2
])

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Alex Cheong Pui Yin

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#SaveMoneyWithHann: Prihatin Economic Stimulus Package 2020 - What It Means For The Economy And Your Wallet

I was hoping to start this #SaveMoneyWithHann web series on a more positive note. Unfortunately, we as a nation are facing an unprecedented (and never before seen) situation in our health, economy, business, and personal money matters.

Malaysia is sadly, but correctly shutting down movement and businesses from March 18 to May 12 (so far). The fact that Malaysia partially locked down the country before the Covid-19 situation got even worse is a testament to the relative preparedness of healthcare system that we have (globally we can see how each country is dealing with this, some worse than others).

Unfortunately, the Movement Control Order of March-May 2020 will have a devastating and terrible impact on jobs, income and financial positions of many Malaysians.

Covid-19 recession? How bad can it be?

In short, bad. Previous “financial crisis” events, while definitely bad, were not on a scale close to this. Where the Asian Financial Crisis 1997-1998 was a
regional
 (Asian countries) crisis, and the Dotcom 2001 or the Global Financial Crisis 2008-2009 were
sector-driven
 crises (the tech and financial sectors respectively), the Covid-19 pandemic affects every single major sector of the economy (tourism, retail, manufacturing, etc.), and every single country in the world (180+ countries are impacted heavily).

I could get into the economic specifics and data points backing my statement above, but more importantly we looking at a terrifying outlook, where we’d face at least 12 months of:

job losses and unemployment

business insolvencies (most people say bankruptcies)

bearish investor (eg. stock market) returns

To ease the situation, the government announced the RM250 billion Prihatin Rakyat Economic Stimulus Package on 27 March 2020, followed up with an extra RM10bn a week later for SMEs. This was RM230+10 billion of new stimuli to add to the RM20 billion package announced by Interim Prime Minister Tun Dr. Mahathir Mohamed on 27 February 2020.

What is the Prihatin Rakyat Economic Stimulus Package 2020?

It’s basically a RM250 billion fiscal, financial, and monetary package aimed at responding to the economic and financial damage of the Covid-19 crisis affecting the national economy, local businesses, and of course, the rakyat.

Was it good enough? Well, at RM250bn, it amounts to roughly 17% of our country’s GDP, and is supposedly
one of the largest in the world
.

My amazing editorial team led by Pang has been working round the clock to list down and analyse each line item of the package, to give everyone a good sense of what it means for each one of our readers, and you may check them out
here
.

RM250 billion stimulus?! How can the Government afford this?

It’s a little complicated, but there is something that all countries have to manage which is their budget deficit. It is the difference in the spending (eg. schools, hospitals, civil service salaries, #Budget2020 goodies etc.) and income (taxes, investment income, petroleum dividend etc.) of a country.

If a country spends more than they earn in a year, this is a budget deficit which has to be funded by loans issued out by the government (our government has set a self-imposed limit of 55% of GDP for total debt/loans outstanding).

In general, developing economies such as Malaysia don’t have as much leeway to increase their debts compared to developed ones (where debt-to-GDP ratios can exceed 100%) because of investor concerns on default. Malaysia’s is currently is at 52.5% but this is likely to go up as a result of the Prihatin stimulus package to somewhere between 55% – 59% depending on how the economy fares in 2020.

However, if the government itself raised spending by RM250 billion (~17% of GDP) in the stimulus package, we would have increased that level by way more (ie. even 70%+), but the actual fiscal spend by the government is actually only RM25 billion, with the rest coming from other parties such as EPF via individual contribution reductions and withdrawals (RM41 billion), BNM for the 6-month loan moratorium (RM100 billion), and other GLCs/agencies (such as TNB, PTPTN etc.).

Are you affected? These are the financial aid schemes you may be eligible for

At times like these, it is crucial to know what assistance the government has to offer. The Prihatin stimulus package has something to offer for consumers and businesses alike, and here’s a breakdown of the most important ones:

For Employees & Households (including B40 / M40 groups)

(Image: Malay Mail/Firdaus Latif)

Bantuan Prihatin Nasional (BPN)
 – Direct cash payments in April and May 2020 to households and individuals in the B40 and M40 groups:

RM1,600 – to B40 households earning RM4,000 monthly and below

RM1,000 – to M40 households earning between RM4,001 and RM8,000 monthly

RM800 – to B40 individuals earning RM2,000 monthly and below

RM500 – to M40 individuals earning between RM2,001 and RM4,000 monthly

Bantuan Sara Hidup (BSH)
 – Direct cash payments to individuals above 40 years earning less than RM2,000 monthly, and B40 households (additional to BPN).

RM200 in March

RM100 in May

RM50 in the form of e-Tunai

PTPTN loan repayment holiday

1.5 million borrowers will have loan repayments postponed until 30 September 2020

Bank Negara Malaysia (BNM) –
6-month moratorium
 for consumer loans and 36-month credit card balance conversion

6 months deferment for Home Loans, Personal Loans and Car Loans from April – September

Here’s
why you should take it
 regardless of your financial situation.

Credit Card Conversion to Term Loans – try not to take this one unless you really have to. My suggestion would be to take all the other deferments first and see if you can pay off your credit card with the installment savings.

TNB Household discounts

up to 50% discount off electricity bill for all households

Free Internet & Data from Telcos

1GB daily free from the 4 major telcos

EIS for Employees
 forced on unpaid leave

RM600 monthly for 6 months from March 2020

For Self-Employed, Frontliners & Students

Cash payments
 to various groups:

RM500 for e-hailing drivers

RM400 per medical frontliners (Doctors, Nurses etc.)

RM200 for all other frontliners (Military, Police, Customs, RELA etc.)

RM200 for students in IPTA / IPTS / Form 6

For SMEs & Corporates

A
bunch of measures announced in March
, and a bunch more the
2nd time round in April
:

SME Financing Schemes

Special Relief Facility (SRF) – up to RM1 million at 3.5% p.a. (flat).

Agrofood Facility (AF).

SME Automation & Digitalisation Facility (ADF).

0% Microcredit interest for TEKUN – RM10,000 per loan.

Wage Subsidy Programme

RM600 per month to keep employment of workers up to salaries of RM4,000 monthly for Large Businesses (200+ employees);

RM800 per month to keep employment of workers up to salaries of RM4,000 monthly for Medium Businesses (76-200 employees);

RM1,200 per month to keep employment of workers up to salaries of RM4,000 monthly for Small Businesses (1-75 employees);

All provided the company makes no retrenchments, unpaid leave, or salary cuts for 6 months from the start of the subsidy applied.

Applications start with SOCSO from 9 April 2020.

Grant for Micro SMEs

One-off RM3,000 grant to micro-enterprises (no definition yet, but my guess would be sole proprietors and businesses with 1-5 employees, SME Corp defines it as such and adds RM300,000 annual sales as a maximum).

BNM Loan Moratorium

6 months deferment for Property Loans, Term Loans and hire purchase agreements from April – September 2020.

Here’s
why you should take it
 regardless of your financial situation.

Additionally, licenced money lenders (not under BNM’s purview) are encouraged to offer the same 6 month moratorium.

EPF – Employer Advisory Services

The EPF will offer advisory services to businesses affected by Covid-19, including suggestions of government aids to keep staff employed and help businesses stay afloat.

HRDF levy exemption for 6 months

Exemption on the 1% from April to September 2020.

RM50 bilion Danajamin – minimum RM20 million for businesses

Mainly for Larger Corporates

TNB tiered discounts
 – for 6 months:

50% discount for electricity use less than 200kW

25% discount for electricity use between 201kW to 300kW

15% discount for electricity use between 301kW to 600kW

Others:

Rental exemption for GLC-linked buildings, with a call for private landlords to do the same to enjoy a tax deduction equal to the rent deduction for 3 months.

Foreign worker levy reduction by 25% for all ending between 1 April and 31 December 2020.

SSM document submission extension for 30 days for all who were supposed to submit documents (annual returns etc.) during the MCO.

Survive Financially And Then Realign

Despite being an unprecedented amount, is the RM250bn stimulus enough? It’s hard to say, but given the damage done to the economy, I certainly hope so. What’s more important is that our government needs to react quickly to the science (on the health side) and the data (on the economic side, such as unemployment rates etc.).

Whether you’re an individual, an SME or a household, all our focus should be on getting through not just the disruption to our lives from the MCO, but also as we go into a post Covid-19 world.

Next week, I’ll be sharing some thoughts on surviving and adapting to a post-MCO Malaysia, and some ideas and tips on where to start, where to optimise financially, and how to get through this tough financial time.

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Hann Liew

Hann Liew

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    Lenny Len

    3 years ago

Dear Sir, could you clarify how the 3 months rental income tax deduction works ? Do give an example

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    Hann Liew

    3 years ago

    Reply to

        Lenny Len

Hi Lenny, thanks for the question. As of early May, the tax rules are still to be gazetted (so it’s not yet in force, but I will describe what has been announced). For any landlord to an SME (as defined by SME Corp), if you reduce rental rates by 30% or more in April to June 2020, the amount reduced can be used to reduce chargeable income for the 2020 tax year. So, for ease of calculations, if you are an individual or a corporate with a tax rate of 24%, and you give a 50% rental discount (say from
…
Read more »

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