Bank Islam Launches BangKIT Microfinance, A Social Finance Initiative

Mohd Muazzam Mohamed, CEO of Bank Islam and Mohd Nazri Chik, General Manager, Strategic Relations, Bank Islam

Bank Islam Malaysia Berhad has launched a new Islamic social finance initiative, BangKIT Microfinance. The innovative product is funded by a sadaqah instrument, via an Islamic crowdfunding official portal – the first of its kind in Malaysia.

BangKIT Microfinance is designed to assist selected unbanked and underbanked micro-entrepreneurs to obtain capital start-up or expand their businesses, subsequently building a credit record to qualify them for future financing. It provides financing from as low as RM500 to RM3,000 for start-up businesses, and RM3,000-RM20,000 for business expansion. The repayment period is between 6 months to 3 years and it is offered under the al-Qard (interest-free) contract. Customers will be provided with structured entrepreneurship training to ensure business sustainability.

The microfinance facility is funded by Sadaqa House through donations made by corporate institutions and members of the public. To start off, RM2 million has been allocated to BangKIT Microfinance, with the target of benefiting more than 200 microentrepreneurs. Eligibility criteria for BangKIT Microfinance include having a registered business with SSM, an acceptable and viable business plan with positive cash flow to repay the loan, and an account with Bank Islam.

“Islamic banking has great potential to utilise Islamic social financial instruments such as zakat, waqf, and sadaqah,” said YB Dato’ Sri Mustapa Mohamed, Minister in the Prime Minister’s Department (Economy), who officiated the launch ceremony. “These instruments should not be limited to the provision of basic needs and livelihoods of the needy or for religious purposes such as the construction of mosques and madrasahs only. It can be expanded to help the underprivileged and the community who are severely affected by the uncertain economic situation, to enable them to be independent and sustainable in the long run.”

The launch of BangKIT Microfinance is the main highlight of Bank Islam’s Social Finance Month celebration throughout November 2020. On top of that, Sadaqa House Bank has introduced its new official portal to expand the potential of the Islamic crowdfunding platform, as well as a new #KitaBantuKita Campaign to raise funds for those burdened by the third wave of Covid-19. For every RM10 contribution made to the campaign, Sadaqa House will match RM10 up to a maximum of RM500,000.

You can find out more about these initiatives on the
Bank Islam
 and
Sadaqa House
 websites respectively.

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Jacie Tan

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KPDNHEP: 112.5% Increase In Complaints Related to E-Commerce Last Year

There has been a 112.5% increase in complaints about online shopping scams last year in comparison to
5,415 complaints received in 2019
, said the Domestic Trade and Consumer Affairs Ministry (KPDNHEP). This is attributed primarily to the rising trend of e-commerce as more people move from offline to online shopping.

According to the Domestic Trade and Consumer Affairs Minister, Datuk Seri Alexander Nanta Linggi, unethical and illegal marketing tactics are on the rise as online retailers continue to grow in number. One of such ways employed to increase profit-making include “yo-yo pricing”, he said – a method where merchants increase the price of their products when there is low supply, and then decreasing it when there is ample supply.

Aside from that, KPDNHEP also received complaints about predatory pricing, where prices are pitched beneath manufacturing costs in order to drive competitors out of business. “Another strategy often deployed is when retailers mislead consumers through fake discounts, which allegedly took place during the highly anticipated 11.11, Black Friday, and 12.12 nationwide sales,” said Datuk Seri Alexander.

(Image: Sinar Harian)

On top of these, consumers also face several other risks, including identity theft and credit card fraud. “Fraudulent offers and transactions are also increasing at alarming rates. In addition, e-commerce platforms are increasingly vulnerable to a growing illicit industry distributing harmful, unsafe, sub-standard or faulty products, including counterfeit and pirated products. In Malaysian, there have been a total of 2,997 cases of counterfeit products reported from 2017 to 2020,” the minister added.

Datuk Seri Alexander further reminded consumers that there are a few ways to protect themselves in the face of these problems, chief of which is to file a direct complaint with the e-commerce platforms. He said that most platforms will have policies in place to deal with such deceptions.

“For example, Shopee prohibits price manipulation and fake discounts as it creates a false impression of the product prices. Listings with misleading discounts will be suspended by Shopee for a first offence, with no penalty as warning. Similarly, sellers on Lazada are not allowed to offer misleading discounts during campaign periods and risk having products removed if found to be in breach of policy,” explained the minister.

(Image: Reuters/Darren Whiteside)

Alternatively, consumers can file their complaints through other parties, such as KPDNHEP’s Consumer Complaints Management Centre and the National Consumer Complaints Centre.

All that said, Datuk Seri Alexander urged consumers to always remain cautious when purchasing items online, such as carrying out their own research on pricing and quality beforehand. “Online shopping platforms should also consider improving their policies when it comes to allowing businesses using their platform to arbitrarily price their goods. These platforms should heighten their controls over businesses, so that when a problem such as fake or misleading discounts arise, these issues may be dealt with speedily to the consumers affected by such tactics,” he said.

(Source:
The Malaysian Reserve
)

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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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Here’s How To Get An Extra RM600 Cashback With Alliance Credit Cards

As Malaysians, whether it’s shopping for essentials or dining out during the weekends, we always hope to get more value for our money – for example, a buy 1 free 1 deal on laundry detergent, a free gift for spending a certain amount, or a delicious dessert on the house at a restaurant.

Of course, while it’s important to know what to save and splurge on, the Alliance Bank Visa Credit Cards will reward you nonetheless, especially with their latest cashback campaign.

Get Up To RM600 In Cashback With The Alliance Bank Visa Credit Card

From 1 May 2022 to 31 July 2022, the Alliance RM600 Cashback Campaign allows new cardholders to get up to RM600 in cashback with their new Alliance Bank Visa Credit Card.

Applicants must first apply for either an
Alliance Bank Visa Signature, Alliance Bank Visa Infinite, or Alliance Bank Visa Platinum
card to participate. Once approved, here’s how you can obtain cashback throughout the campaign period:

Up to RM150 Cashback
 – Activate and perform 5 retail swipes with a minimum spend of RM80 per transaction.
Up to RM360 Cashback
 – Spend a minimum of RM2,500 a month.
Up to RM90 Cashback
 – Sign up for Balance Transfer or Fast Cash with your new card.

Now, how do you incorporate these spending requirements into your current spending limits?

One of the ways would be to spend your Alliance Bank Visa Credit Card on your weekly grocery runs or other essential products for your household.

Spending a minimum of RM2,500 a month can sound hefty at first, but using your new Alliance Bank Visa Card for bill payments, shopping, or even refuelling could get you there, and you may find yourself with up to RM360 in cashback.

Do take note that insurance payments, e-wallet reloads, and payments made to government bodies are excluded from this campaign’s retail spending requirements.

Apart from the very rewarding cashback campaign, the 3 types of Alliance Bank Visa Credit Cards also offer cardholders exclusive benefits and rewards.

A Card For The Finer Things

If you’re looking for all-around rewards for your day-to-day retail spending and occasional holidays, then the Alliance Bank Visa Signature Credit Card would fit your lifestyle nicely.

With up to 5% cashback on your retail spendings such as groceries, dining, petrol, bill payments, online purchases, and more, the Alliance Bank Visa Signature Credit Card also gives you 2x Complimentary e-Hailing Rides to the airport worth RM80 per ride. Additionally, you would also be eligible for a 0% Balance Transfer and Fast Cash.

A Card To Live A Life Of Luxury

For avid online shoppers and travellers, the Alliance Bank Visa Infinite is your infinite rewards partner. With no expiry date on Timeless Bonus Points (TBP) earned, you can redeem and reward yourself with lifestyle merchandises and vouchers at any time.

For every online purchase and e-wallet reload, you’ll be rewarded with 8x TBP; 5x TBP for groceries, dining, and overseas spending, and lastly, 1x TBP for every contactless payment, and entertainment spendings, auto-billings, and other retail transactions.

Every Alliance Bank Visa Infinite cardholder is also eligible for a 0% Flexible Payment Plan for flight ticket purchases, hotel bookings, and overseas spending.

A Card For Limitless Rewards

With the Alliance Bank Visa Platinum card, you can earn up to 8x Timeless Bonus Points (TBP) for every online transaction and e-wallet reload, 3x TBP for every RM1 spent overseas, and 1x TBP for all other retail purchases. Your Timeless Bonus Points redeemed will never expire, so you’re free to redeem and reward yourself anytime.

Moreover, your annual fee is automatically waived in the first year.

***

With specific card rewards and the chance to get up to RM600 cashback, you’ll be spending to save on most of your spending during the campaign period. Apply now for either an
Alliance Bank Visa Signature, Alliance Bank Visa Infinite, or Alliance Bank Visa Platinum
to start getting rewarded. For more information, head to
Alliance Bank’s campaign page here!

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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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6% Digital Tax On Google Services In Malaysia Begins 1 January 2020

Google Malaysia has announced that it will begin charging a 6% digital tax for its paid services in Malaysia starting from 1 January 2020. This is following the recent revision of the Service Tax (Amendment) 2019 Bill, approved by Dewan Rakyat in April 2019.

For now, Google confirmed that the 6% digital tax is applicable for G Suites services, but a spokesperson says to “wait for further announcements” for other Google-owned services, such as YouTube Premium, YouTube Music, and Google Play purchases (including apps, in-app purchases, and Google Play books and movies). Any changes in pricing will be notified to users via email.

“We always comply with the tax laws in every country we operate in, and we continue doing so as tax laws evolve. To be in compliance with Malaysia’s new Sales & Services Tax, we will charge a 6% Services Tax to our clients in the country, starting January 1, 2020, once the law comes into effect,” said a Google spokesperson in a statement.

The search giant has also notified its users that the Service Tax charged on user purchases will be visible as a separate line in “Transactions” under “Billing & Payments”.

The
new digital tax
 was first raised during the Budget 2019 tabling, and was subsequently
confirmed in April this year
. It is imposed on all foreign digital service providers, and is expected to also affect popular streaming services, digital advertising services, as well as digital game distribution companies. This includes major names such as Netflix, Spotify, and Steam.

The amendment was done with the intention to create equal opportunities between foreign and local players, as well as to generate more revenue for the Malaysian government. It was reported that the country’s tax revenue could increase by more than RM2.4 billion per year with the introduction of this digital tax.

(Source:
The Star
,
SoyaCincau
)

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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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Why You Should Have Your Credit Card with You When You Travel

Do you think about
the form of currency
 you’ll be using when you’re traveling? Exchanging some banknotes for the local currency is of course what most people do, but is cash really the best way to carry around your funds in a completely new country?

While holding and seeing the local currency in your hands is part of the experience of travel, we think it might be better and safer to use a credit card. Why? We’re glad you asked!

Credit Cards Can be Used Anywhere

If you’re going cashless and think it’s better to use a debit card instead, you should know that some merchants might decline foreign-issued debit cards due to security reasons. On the other hand, if you are using credit cards, then you won’t be having this issue.

Most merchants internationally are happy to accept credit cards, foreign-issued or not. Plus, you often automatically get to enjoy
attractive conversion rates
. Just make sure to instruct the cashier or teller to charge your card in the local currency. Don’t forget to contact your issuer and have them activate the overseas flag, too (if necessary).

Credit Cards Are Easier to Carry and Conceal

No matter what kind of traveller you are, it’s likely you’ll be carrying around quite a few items on you as you walk around. In addition to your keys, wallet, and phone, you probably are also carrying a camera, guidebook, passport or even a mini first aid kit.

With all this stuff on you, it just makes more sense to
carry a credit card
 instead of wads of cash. For one, you can hide it better and still have access to your funds if you get mugged or misplace your wallet.

Carrying a ‘fake’ wallet with some small bills while hiding your card elsewhere is also a great deterrent against robberies. Think of it as just another way to keep your funds safe in a place you’re not familiar with.

Credit Card Charges are Reversible

Another safety factor that credit cards provide you is protection from
fraudulent charges
. While we’re sure our readers are savvy enough not to give away their credit card details to just anybody, but while travelling, you never know what might happen.

Miscommunication, stolen cards, or misappropriation of your credit card information can still happen. In this case, you can report the fraud and still be okay financially as your credit card provider can activate the chargeback feature and reject the transactions that are not performed by you. Debit cards and cash offer no such protection in this case.

Credit Cards Get You Travel Rewards

One thing about swiping credit cards overseas is that apart from giving you peace of mind, you will also be able to glean all the
great travel rewards
 from doing so. Travel-centric credit cards will not only reward you for expenses made overseas, they also offer travel-related perks and goodies.

Some cards grant you exclusive airport lounge access, travel insurance, special discounts for hotel amenities, and plenty other benefits alongside. None of which you can get just by using your debit card or hard cash.

But Do Remember That…

Just because using credit cards overseas can be advantageous, doesn’t mean there aren’t precautions you have to take. Be wary of foreign merchants or locals double billing you or adding extra charges on the bills you receive.

As long as you’re vigilant with your credit card use you can enjoy the perks and benefits of international spending, cash-free. And if you do not have a credit card that you can use to reap rewards yet, fret not as we have you all sorted out in that matter. All you need to do is to
great travel rewards
 check out our comparison tool for credit cards and pick out the card that ticks all of your boxes in the right way.

Apply and get more value (free flight tickets to 19 attractive destinations etc) from selected credit cards via our
Travel Getaway Campaign
.

Do you have anything that you would like to add about going on your travels with a credit card? Let us know in the comment section below!

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Ahmad Mudhakkir

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Alliance Bank Sure Gifts with Balance Transfer and Fast Cash

Having trouble staying managing credit card debt? If your

statements are hovering above the RM5000 mark maybe a low-interest balance

transfer might help you get on top of your finances.
Alliance Bank is holding a

promotion
 for new and existing credit cardholders offering balance

transfers as low as 8.99% p.a. for up to 36 months.

And as part of the promotion Alliance Bank is giving away

electronic gifts such as the Samsung Galaxy S4 and a Sony 32” inch flat screen

tv, which are also up for grabs if you apply for a Fast Cash personal loan. This

is not your usual ‘spend n win’ type of promotion as all successful applicants

will be guaranteed a gift. The type of gift is determined by the amount

transferred or loaned.

This offer starts on 17 Jun and ends on 30 Sept 2013.

For full details, interest rates and a list of available

prizes up for grabs please refer to the
Balance Transfer
 and
Fast

Cash
 Terms & Conditions page.

Don’t waste time skimming through pages and pages looking

for the perfect credit card.
RinggitPlus

can help you find the right one based on your spending habits.

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Brendon Lee

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How to Know if Your Hobby Can Make You Money

Did you know your hobby could potentially yield handsome gains? We’ve listed the signs that could spell profit for your passion project, Ka-Ching!

Some hobbies are so much more than just a pastime, creative vehicle or way to stay active. In fact, your leisurely crafts could bring in handy spare cash to supplement your salary.

But how do you gauge if your hobby has what it takes to offer up a lucrative side income? Just look out for these three all-important signs that hint money-making prospects:

1. People Want to Buy What You Make

You may have started your hobby just for fun, but what if someone offered to pay for the end product? Well, you’re definitely on the right track if people want to buy what you haven’t even started selling yet! Once you discover that the fruits of your hobby are salable, find out if the offer is sufficient to make an actual profit.

Are buyers willing to pay enough to cover the costs of your time, effort and materials? Here’s what you can do to find out; test the waters by hawking your stuff online or setting up a booth at a weekend bazaar to see if your items can sell for a fair price. If people are buying, this is certainly a good sign.

2. People Offer To Pay You To Teach Them

If you’re highly practiced or knowledgeable on your weekend interest to the extent that people are willing to pay for your tutelage – take this as a mark of possible profitability.

You could simply create group classes at home or easier still, just make videos. In fact, YouTube and other streaming sites are rife with how-to videos that teach and guide interested learners to bake, dance, speak a new language and even play an instrument. How you would earn here is through your video’s view count, ad revenue and other sponsorship. It may not be your ticket to early retirement, but it’s definitely one way to add to your bank balance.

3. Others Are Making Money From the Same Hobby

If fellow hobbyists are earning, then there’s a chance you could too. Since now there’s proof that a market exists for your brand of craft, take advantage of the demand available and advertise your specialties.

As always, going online is a great starter option because you can avoid having to spend money to market your stuff. Utilise all social media options and e-marketplaces as well to promote your handiwork and perhaps kick-start your side income.

The Next Phase of a Money-Making Hobby

Now that you recognize the signs, you might also want to consider taking your hobby to the next level by transforming it into an actual business. Find out if this is the right move for you with these
tips
.

Speaking of side incomes, did you know that simply placing your money in an FD can easily rake in extra cash? Take a peek at our
fixed deposit comparison page
 to see which banks are offering the best rates for your savings.

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ringgitplus

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The launch of iPhone 5c and 5s

With the release date of September 20th for US, Australia,

Japan and elsewhere, fans are already seen making walkways and pavement

roads their second home for the next week. Just to become the first few to get their hands on the new iPhones, some have purchased tents, chairs and even used up all their annual leaves!

How far would you go to get your hands on a new smartphone or any other gadget?

Are people really
queuing up
 this early because they need a smartphone badly? Are they a victim of a devious marketing scheme? Or for the sake of fitting in with the latest trend in society?

Furthermore, not everyone can really afford a smartphone that costs above RM2000. They must be really stretching their budget… Or maybe even borrowing some money. Hmm…

Doubtful Fry is doubtful.

Maybe Will Smith was right;

“Too many people spend money they haven’t earned, to buy things they don’t need or want, to impress people they don’t like”

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Matthias Sim

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3 Easy Steps to Start Practising Conscious Spending

If you like reading personal finance sites, you’ve probably seen the term ‘conscious spending’ being thrown around a lot. Many articles advocate it’s use – but what is it exactly?

You could use many different definitions but the gist is the same: it’s about being aware and in control over every ringgit you spend. Sounds easy enough, you think: isn’t all spending conscious? I mean, you can’t be unconscious and open your wallet to pay…

Well, maybe not in the physical sense but you can certainly be doing it automatically without any real thought. Let us show you how you can be unknowingly spending unnecessary cash and what you can do to stop!

What Unconscious Spending Looks Like

It would be difficult for a lot of individual expenses to be tagged unconscious but there are tell tale signs of unconscious spending that you can pick up on instead.

Do any of these sound like you?

1)
You don’t know your credit card balances
. Not knowing the balances on your credit cards is an often dangerous indication that unconscious spending and debt is getting the better of you.

2) You often find yourself
unexpectedly broke before the month end
. If you have consciously tracked your money and spent within budget, this should not happen to you. Even if something has happened to cause the shortfall – you would know about it and it won’t be so unexpected.

3) You find many
purchases or subscriptions lingering around that you never knew you had
. A bad memory is one thing; but finding too many items around the house that you don’t recall needing nor buying – something’s amiss!

The above signs show the presence of unconscious spending. To nip this habit in the bud and truly enjoy every ringgit you spend – we recommend just three easy steps.

1. Get on Top of Your Assets and Liabilities

This means, getting a full and clear idea of all the amounts you owe as well as your incoming cash so you can plan clearly and concisely where you money is going each month.

The last thing you want is to have more bills each month than you know what to do with.

Once you have all the numbers – make firm budgets every month for following so you don’t end up spending on unnecessary late fees and having a shock every time you open your credit card bill!

Pay Your Liabilities and Yourself First

Every month, make paying your bills the first thing you do. After that, pay yourself! This means, setting aside the many saving pots you need to take care of yourself through life such as emergency savings and retirement savings.

Once you’ve done with the important yet dreary bits – you can get to the part we all like: unabashed spending for fun!

At this point, depending on how much you earn, you may not have a king’s ransom to spend on entertainment and leisure but that doesn’t mean you can’t have a good time.

All you need to do is employ the three-step-decision-making process to your buys and spends!

Employ the 3-Step-Decision-Making Process

Buying and spending with the additional money you have will be all the more rewarding if it is something you really derived pleasure from. To decide if this is the case, ask yourself these three questions before opening your wallet each time:

1) Can I afford it? Here’s where the earlier steps come in handy. You can now safely decide if you can afford the purchase or not.

2) Do I really want this or am I doing this out of habit/pressure? Peer pressure in spending is very real even in our adult years. Identifying it is half the battle won.

3) What is the opportunity cost for this and am I willing to take it? Spending on item A as opposed to item B results in the opportunity cost of enjoying item B. Before spending, ask yourself if it is a cost you are prepared to absorb.

You will notice that the ‘need’ point never came up in our thought process list. Forcing people to only buy what the need or are sure they will use often is the definitive way of ensuring they fail in they’re financial goals.
In his article on conscious spending – personal finance guru Ramit Sethi
 makes an important point:

“Conscious spending is about putting your money in the best places that make the most sense for you.”

It does not need to make sense to anyone else or follow hard and fast rules of frugality. If you’ve done the necessary to take care of your finances – you will find that by and large, your finances will take care of you.

Do you have any other tips? Let us know in the comments!

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Diana Chai

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CIMB Debit MasterCard and Hello Kitty make you feel like a hundred bucks

If you’re a CIMB Debit MasterCard holder and Hello Kitty fanatic, you won’t want to miss this
exclusive promotion on the Hello Kitty Diamond Collection
.

Just fill up this
mail order form
 with your personal and account details and then submit it to purchase a wide range of Hello Kitty toiletries at amazing prices.

With perfumes, shower gels, body lotions, lip gloss and much more to choose from, you might not be able to look like your favourite feline friend, but you sure can feel like her!

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S P Setia Is Having Its Biggest Property Sale With Rebates Up to 48% NOW

Setia City Residences, Setia Alam

As Malaysians settle into the new normal, purchasing a new home may sound far-fetched. But with Setia NOW offering rebates up to 48% on its selected 1,600 properties, and with the government reintroducing the Home Ownership Campaign (HOC), the idea of owning a new home for a fresh start seems perfect right now.

From NOW until 31 July 2020, you can browse through
S P Setia
’s wide selection of properties, which include terrace houses, semi-detached homes, villas, bungalows condominiums and, serviced apartments – with prices starting from RM577,000 – before rebates! Furthermore, you’ll be glad to know that most of these properties are all ready to move in.

Known for its uniquely vibrant design concepts and strategic locations, Setia offers a list of properties catering to different lifestyles and household sizes where you’re bound to find one that makes a perfect abode.

Which means that if you’ve been eyeing the exclusive resort-style Setia City Residences serviced apartment in Setia Alam, you’ll be excited to know that with the Setia NOW campaign, you can own it at a great rebate!

In addition to the rebates, home buyers will also get to enjoy a package of deals as part of the Setia NOW campaign. Enjoy zero booking fees, zero down payment, and zero legal fees with your new home!

Additionally, for properties that are priced from RM300,000 to RM2.5 million, you’ll get to enjoy free Memorandum of Transfer (MOT) as well as a full stamp duty exemption on loan agreements as part of the Home Ownership Campaign (HOC) initiatives.

With all those savings, you’d get the flexibility to set the financial goals for your next plans – be it for honeymoon funding, furnishing your new home, or setting it aside to further strengthen your savings for emergency times.

Elizabeth Falls Signature’s 1 ½ Storey Bungalow in Setia Eco Park, Setia Alam

And the best part? Setia NOW campaign’s offer is not only limited to Setia’s selected properties in the Klang Valley, but also covers selected properties across regions in Johor, Penang and Kota Kinabalu – offering more Malaysians the option of elevated living in Setia’s homes.

Elonia, Double storey Terrace in Bukit Indah, Johor Bahru

Besides that, if you’re an entrepreneur or someone who is looking to start a new business, Setia NOW also has the option of commercial buildings for you across the regions. From shop lots located in Temasya Glenmarie, Shah Alam, semi-detached factories in Setia Business Park, Johor Bahru, to boutique retail offices in Kota Kinabalu, Sabah –Setia NOW helps you to kick-start your business endeavour with great savings.

Temasya Eight at Temasya Glenmarie, Shah Alam

Aeropod Commercial Square, Boutique Retail Offices in Kota Kinabalu, Sabah

Furthermore, you’ll be glad to know that most of these properties are all ready to move in. This means that for those whose plans to purchase a new home were put on hold due to the recent Covid-19 situation, you don’t have to wait much longer because your dream home is complete!

Setia Sky Vista Condominium, Relau, Penang Island

This is a great opportunity to seize that dream property you’ve been thinking of. With rebates plus additional benefits, this is a deal worth considering. For more information about the campaign, visit
 Setia’s website
 NOW!

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    Ken Lee

    3 years ago

Any landed properties wth good rebates in Klang valley?

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Is Your Landlord Bad News?

Renting property is, for many Malaysians, an accepted way of life. It affords them mobility (the ability to up and leave at a month’s notice), less responsibility for maintenance and a ready-to-live-in residence minus the hassle of renovation and touch-ups.

Tenants from hell are the staple stories of every landlord coffee shop gathering but can the situation be reversed? You could very realistically find yourself dealing with a pretty crummy landlord.

Here are some of the common quirks of a bad landlord that you shouldn’t have to put up with!

1. Refusal to Repair Structural Damage

Has the pipes started leaking, the roof damaged or the wall cracking? These are all problems the landlord is required to fix for you and if it is not done in a timely manner (or at all) – you have a right to demand it be done.

Many busy landlords own more than one property and this often makes them negligent in their responsibility to keep the house in good repair. If you are forced to fix any damage out of your own pocket – inform your landlord that you will be deducting the cost from the rental owed to him!

2. Showing Up for Inspection Without Notice

Granted that it is within a landlord’s right to visit the property to make sure you aren’t misusing it in any way, but he/she needs to give you notice before the fact. Usually, tenancy agreements state that three days notice must be given but you will have to check yours for the exact number.

Landlords are not allowed to interfere with your enjoyment of your home and if they do show up unannounced, you are at liberty to not let them in!

3. Willy-Nilly Increasing Rent

The point of a tenancy agreement isn’t just to make sure that you pay the rent you agree to but also to safeguard your interests in the matter. For the time stipulated in the agreement, you should not be asked to pay more rent as and when the landlord so chooses.

However, at the end of the period stated in the agreement, the landlord is well within his right to increase rent – you can always decide if you want to continue with the rental in such a case!

4. Foregoing Fire Insurance

Depending on the terms of your tenancy agreement, your landlord is tasked with taking out and paying for fire insurance for the house. The details of this may differ and usually will not cover your furniture (you can purchase your own home contents insurance if you like).

This may not seem like a big deal to you now but if your neighbour’s house unwittingly catches fire and your home is caught as well, you’ll be happy to know your landlord did his duty and paid his fire insurance premiums!

Protecting Yourself

Bad landlords can certainly put a damper on your home life happiness. The best way to safeguard yourself is to read the terms of your tenancy agreement carefully before signing. Ask your agent all the necessary questions and keep it handy for reference in the future.

Of course, as with anything in life – renting is a two-way street. If you hope for good treatment from your landlord; do return the favour by taking care of his property and paying rent on time!

If however, you’re tired of being a pawn in someone’s rental investment game – why not consider buying your own place? Plenty of schemes exist and more are in the works to help Malaysians own homes. Mortgages don’t have to be a bother either if you take a look at our
home loan calculator
 for your house buying needs.

Whatever you choose, good luck!

*Disclaimer: The above points were taken from generic landlord covenants in a Malaysian tenancy agreement. To be sure if they apply to you; do refer to your own agreement. This article is not meant to constitute legal advice.

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RinggitPlus Introduces Beginners Investment Workshops, Seats Now Available For Purchase Through Lazada

RinggitPlus Academy, our popular personal finance workshop, has introduced a new session dedicated solely on investments for beginners which will kick off in May 2021. Seats are now available for booking online through
our official Lazada store
.

The RinggitPlus Academy is a financial planning workshop designed for Malaysian working adults, and is conducted by RinggitPlus co-founder and Licensed Financial Planner (CFP), Hann Liew, as well as Azril Ikram, an Islamic Financial Planner (IFP) with RinggitPlus. Previously only available to corporate clients, we have now opened up the RinggitPlus Academy sessions to all Malaysians to help equip working adults with the necessary skills to manage their finances prudently.

As its name implies, “
RinggitPlus Academy – The Ultimate Investment Guide For Beginners
” is a new, comprehensive two-hour session that will cover two main segments: Investments and Debt Optimisation & Leveraged Investments. Over the course of the workshop, participants will be guided through a range of topics suited for both first-time investors and those seeking to learn more, such as:

Techniques on investment fundamentals

Building an investment portfolio that is suited for your risk profile

Deep dive into investment “wrappers” such as unit trust funds, ETFs, and more

Understanding asset allocation and the impact of diversification

Key principles of leveraged investing

On top of that, the session will also include a live Q&A session with our licensed financial planners, and participants gain access to RinggitPlus financial tools such as our Budgeting Calculator and Retirement Calculator.

The “RinggitPlus Academy – The Ultimate Investment Guide For Beginners” workshop will be fully conducted online with the first session taking place on 22 May 2021 (Saturday) at 10am. The session will be conducted in small groups to allow better interaction between the host and participants – and therefore seats will be limited. In the event all slots are reserved, don’t worry! We are already working to set additional sessions in June.

As part of the launch on Lazada, the “RinggitPlus Academy – The Ultimate Investment Guide For Beginners” workshop will be offered at
a special discounted rate of just RM68 (RRP RM128)
. To book a session for yourself or a loved one, simply place an order for the session in Lazada and leave your email address in the “Chat Now” section after you have placed your order. We will then email you the Zoom link two days before the session.

So, ready to level up your investment strategies? Head on to
our official Lazada store
 and
book your slot today
!

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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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Lazada Campaign Offers Up To RM20 Discount For Mastercard World And World Elite Credit Cardholders

Lazada has partnered with Mastercard to run a campaign that lets Mastercard World and World Elite cardholders enjoy discounts of up to RM20, provided they use the cards to spend twice every three months during the campaign period, and meet a specified minimum requirement. Already ongoing, it will continue until 28 February 2023.

Cardholders who wish to join the campaign must first save their Mastercard World or World Elite card as a payment method on Lazada’s payment page. Then, use the saved card(s) to make at least two transactions on Lazada (website or app) within a stipulated period of three months, as per the following schedule:

Period 1
: 1 March 2022 – 31 May 2022
Period 2
: 1 June 2022 – 31 August 2022
Period 3
: 1 September 2022 – 30 November 2022
Period 4
: 1 December 2022 – 28 February 2023

Depending on which card you own, the minimum spend requirement will differ. Those who hold a Mastercard World card are required to make valid transactions with a minimum spend of RM100, whereas Mastercard World Elite cardholders must hit RM150. If you meet the requirements, the rebates will be provided to you in the form of Lazada vouchers.

Do note that Lazada Wallet reloads do not count as eligible transactions for this campaign. Lazada further clarified that each customer is allowed to earn only one voucher during each cycle of period, per card. So if you do maximise the rewards of this campaign with both the Mastercard World and the World Elite card, you can technically earn a total discount of RM160 throughout the whole promotion period.

The discount vouchers will be awarded on a first-come first-served basis, with 27,600 vouchers allocated for Mastercard World cardholders (each cycle of period), and another 1,100 vouchers for Mastercard World Elite cardholders (each cycle of period). Winners will receive the vouchers in their Lazada in-app inbox within 20 days from the end of the month during which they make their second successful transaction.

Do also be aware that each voucher has a 60-day validity period from the date of issuance, and they must be spent using the same type of card that it is earned with. So for example, if you win the discount voucher by spending on your Mastercard World credit card, then it must be spent using a Mastercard World credit card as well.

Finally, make sure to check the vouchers for other specific terms and conditions.

(Source:
Lazada
)

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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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    Lai hon sen

    1 year ago

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BNM: Rural Residents, Micro-Entrepreneurs Encouraged To Adopt E-Payment Methods

(Image: Bernama)

Bank Negara Malaysia (BNM) deputy governor Datuk Marzunisham Omar has urged residents in rural areas and micro-entrepreneurs to adopt e-payments as they offer various benefits, instead of merely sticking to conventional payment methods.

“More consumers and merchants have started to familiarise themselves using various e-payment facilities such as debit cards, credit cards, QR codes, internet banking, and e-wallets during the recent Covid-19 pandemic. All transactions can be carried out at your fingertips, including paying bills, repaying loans, and transferring money to children who are studying,” said the deputy governor during the launch of the e-Duit Desa programme in Jeniang.

Additionally, Datuk Marzunisham stressed that e-payments should be considered as an alternative payment method that can help to save time and effort when performing transactions, and enable merchants to become more competitive as well. “Transactions can be recorded directly, facilitating account management and loan applications in the future. Traders do not have to worry about providing small change to return the balance either,” he shared.

(Image: Bernama)

Datuk Marzunisham further stated that the use of e-payments in rural areas is already on the rise, but it is necessary to help the people understand how to use them safely and avoid getting scammed. In light of that, BNM will work hand in hand with Malaysian banking institutions to increase public awareness as well as encourage more people to switch to e-payments – with e-Duit Desa being one of many initiatives that have been lined up to this end.

The e-Duit Desa programme in Jeniang is the first of such programmes to be implemented in Kedah, and seeks to help build the residents’ confidence in the use of e-payments. Ultimately, it is hoped that the district will eventually go cashless.

(Sources:
BNM
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Islamic Launches First Islamic Corporate Card With Charity Feature

Maybank Islamic Berhad has launched the new Islamic Corporate Card, the first in the market with a feature that channels a percentage of customer spending to charitable causes. Maybank Islamic will contribute 0.1% of all customer spending using the Maybank Islamic Corporate Card on overseas merchants to selected charity bodies.

The overseas merchants include stores like eBay US, Amazon US, and Apple Store US. Besides the charity element, the Maybank Islamic Corporate Card offers 0.3% cashback for local spend and 0.7% cashback on overseas spend, for both retail and online purchases. The card also provides a digital Shariah-compliant payment platform to assist businesses with the management and planning of their operations.

According to Dato’ Mohamed Rafique Merican, CEO of Maybank Islamic, the new Maybank Islamic Corporate Card embodies the Islamic finance values of equitability and social well-being, and is aimed at meeting the increasing demand by Shariah compliant and halal-conscious businesses. “Maybank Islamic is committed to provide Shariah-compliant financial solutions that meet the needs of our customers and create a positive impact to the community,” he said.

(Image: Bernama)

Datuk Hamirullah Boorhan, Head of Community Financial Services Malaysia of Maybank said, “As the market leader in cards, we are constantly looking for new value-adding offerings for our customers. The new Maybank Islamic Corporate Card caters to an increasingly conscious corporate customer segment by providing an alternative which they feel is better suited to their beliefs and values.” He added that having Visa and Mastercard as partners would assure customers of a safe and smooth card experience either locally or overseas.

The Maybank Islamic Corporate Card is the first Islamic corporate card in Malaysia to be offered in both Visa and Mastercard. However, it is not the first time that Maybank Islamic has embedded a charity element in one of its cards, as the
Maybank Islamic Mastercard Ikhwan Card
 also comes with a charity feature. By contributing 0.1% of all consumer expenditure using the Maybank Islamic Mastercard Ikhwan, Maybank Islamic has allocated more than RM3 million in charity funds based on total customers’ transactions since the launch of the card in June 2014.

Maybank Islamic expects to issue about 45,000 of the new Maybank Islamic Corporate Card within the next five years. It is available to both existing and new customers of Maybank and you can visit the
Maybank2u website
 for more information or get in touch with your corporate account relationship manager.

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Luno Partners Again With Shopee To Offer Cryptocurrency Deals From As Low As RM0.50

From today until 31 January 2021, Luno will be partnering once again with Shopee to provide its customers with some special deals. During this year-end promotion by the cryptocurrency exchange, you’ll be able to purchase vouchers from as low as RM0.50, and redeem them via the Luno mobile app or website to get Bitcoin, Ethereum, Ripple, or Litecoin. This is in addition to a chance to win Bitcoins worth up to RM500 per person.

At present, there are four Bitcoin vouchers that are on sale on Luno’s Shopee page, with some catering exclusively to new customers. If you are a new Luno customer, you will be entitled to vouchers that gives you free Bitcoins valued at
RM15
,
RM25
, and
RM100
 when you buy a minimum amount of the cryptocurrency.
(note: the links are only accessible on mobile browsers as these are digital vouchers on Shopee)

These vouchers are priced between RM0.50 to RM10 (giving you a discount of up to 97%!), and you will need to take the following steps to redeem them as a new Luno customer:

Download, register, and verify your identity on the Luno app or website.

Once verified, go to “Rewards”, and choose “Enter Code” to key in your unique Shopee promo code

Next, go to “Wallets” on your home screen, tap on “Deposit”, and transfer a deposit amount into your Luno account. Be sure to transfer enough that you can purchase the minimum Bitcoins specified in your voucher.

Tap on “Buy” on your home screen, and purchase the minimum amount required.

Receive your extra Bitcoin in addition to the amount purchased!

Meanwhile, existing customers can tap into vouchers that let you buy Bitcoins at a discounted price. Available on Luno’s Shopee page at the moment are vouchers that let you get
RM50 worth of Bitcoins at the price of RM45
.
(note: the link is only accessible on mobile browsers as these are digital vouchers on Shopee)

Aside from these deals, Luno said that customers who purchase the vouchers and redeem them within the promotion period will also stand a chance to win up to RM500 worth of Bitcoins per person.

According to the country manager of Luno Malaysia, Aaron Tang, this latest partnership is the third time Luno has collaborated with Shopee. “This year alone, we’ve seen a huge rise in cryptocurrency investors in Malaysia. In terms of our user base, we have more than 180,000 users who trade and invest in our platform. Being a regulated exchange allows us to explore new ways of expanding access to cryptocurrencies for users in Malaysia. An innovative approach is to leverage the breadth and depth of the leading e-commerce player like Shopee,” he said.

(Image: The Star)

Luno – which is the first Securities Commission (SC)-approved digital asset exchange in Malaysia – has been operating in Malaysia since 2015. However, it went on a temporary break in early 2019 until it
obtained its licence
 from the SC in October 2019. Following its subsequent relaunch, Luno reported that it has processed over
RM827 million worth of transactions
 within Malaysia.

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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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Editor’s Note: Introducing The New And Improved RinggitPlus Blog!

You may have noticed that articles on RinggitPlus have a completely new look recently. I’m happy to announce that as part of RinggitPlus’ commitment to quality content, we’ve revamped our blog and given it the upgrade it deserves.

This isn’t so much a cosmetic upgrade as it is an overhaul. Thanks to the hard work of our talented developers and UI designers, we have a new blog platform that lets us do so much more for our readers. I’m excited to share some of the massive improvements and optimisations we’ve made to the RinggitPlus blog.

Future-Proofing The Backend

The single biggest upgrade we’ve done was to power the blog with its own content management system (CMS). Leveraging on WordPress, a CMS used by
over a billion websites
 around the world, we’ve not just plugged a supercharger into our old engine, but substituted it with a brand new one that’s better suited for today’s media landscape.

We’ve migrated our entire content library from way back in 2013 over to WordPress, a painstaking process that is a lot more complicated that it sounds. Meanwhile, our front-end developers went out of their way designing a UI that retains the RinggitPlus identity, from the fonts all the way to the colour scheme.

But we aren’t doing this just so we can look back at old content. With WordPress we can explore new forms of content thanks to the tools that are now at our disposal. Not only that, daily news content can also be produced quicker, reaching our readers faster.

All that said, I’m very aware that the blog is still quite bare and basic, and will still have some niggling bugs and various housekeeping issues. Please excuse this as we overcome these growing pains as quickly as we find them, and know that we are working hard in the background to flesh out the site. Here’s where we could use some help: if you notice a bug on the RinggitPlus blog, please drop a comment or let us know on our social media pages! I really appreciate that.

OmniSearch Box

The other core aspect of the blog update centred around content discoverability. We had seven years’ worth of content, but no way to find them. We knew we had to fix this, but also to find a way to link it back to the RinggitPlus home page. Here’s where the new OmniSearch box comes into play.

Located at the top of both the RinggitPlus home page and the RinggitPlus blog, OmniSearch serves as a search tool that is available anywhere in the RinggitPlus domain. With the OmniSearch box, the results you’ll get from any keyword will include relevant content as well as related financial products hosted on the main RinggitPlus.com page.

For example, entering “Maybank” will not only yield all blog articles that contains the keyword, but also all Maybank financial products – sorted by type (credit card, fixed deposits, loans, etc).

I think OmniSearch works absolutely fantastic, as it covers the possible intent of RinggitPlus users. Whether you’d like to read the latest news, bank promotions, credit card reviews, or even to find out more about a particular product, OmniSearch has got you covered.

A Renewed Focus To Empower All Malaysians

RinggitPlus exists with a goal to help Malaysians make better financial decisions. This means not only making it easier for Malaysians to apply for financial products, but arming them with the knowledge of
how
 to use them. With a strong commitment to our editorial code, you can expect unbiased and factually correct organic content on the site.

With a brand-new CMS, an expanding editorial team, and a renewed focus to be Malaysia’s leading personal finance platform, I’m very excited with what’s to come in 2020.

I hope you are, too!

Pang Tun Yau

Senior Editor, RinggitPlus

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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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The RinggitPlus Malaysian Financial Literacy Survey Is Back, And We Need Your Help

Since 2018, the RinggitPlus Malaysian Financial Literacy Survey helped highlight the plight of Malaysians who struggle with money management – no thanks to poor financial literacy standards. In the years since, we’ve collaborated with various parties to ensure that there is an actionable plan to address the various reasons why 46% of Malaysians are effectively living paycheck to paycheck, or why 22% of Malaysians have savings that can only cover them for a month.

At RinggitPlus, we believe that we should play an active role in helping Malaysians kickstart their journey towards better financial management through
RinggitPlus Academy
, our HRDF-claimable financial management workshop that covers the essentials of personal finance, and
RinggitPlus Financial Planner
, our one-to-one licensed financial planning service with the lowest rates in the industry to make it accessible to more Malaysians.

Now, it’s that time of the year when we kick off another RinggitPlus Financial Literacy Survey. We want to know how you’ve been doing financially in this challenging year, and as such, we’ve expanded the survey to cover a few other areas – you’ll find that we’ve included topics such as investments and cryptocurrencies, for example.

But we need your help. In order to get results that are statistically representative of Malaysia’s population, we’ll need as many of our readers to complete the survey. Our previous survey results have been picked up not just by news outlets to further shed light on the state of financial literacy in the country, but also in academia as well as by our governing bodies as they shape further strategies to tackle this issue. So every one of your completed surveys will help!

So take a few minutes to
complete our survey
 when you are able to – the survey will be open from now until the end of this month. We will release the results in a virtual press conference in mid-October. See you then!

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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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Solid Reasons to Start on Your Bucket List Before Retirement!

It’s the trendy thing today to have a bucket list and after the famous movie of the same title – many people got their pens and notebooks out to write up their own.

There’s certainly much to be said for the benefits of setting amazing, inspiring goals to keep you going through life but whilst many people know what they want to make up their list – they aren’t always too specific about when these should come to pass.

Many certainly do wait until after retirement because they believe they will have the most time and least responsibilities then. We can’t argue with that fact but there are also solid reasons why you should get cracking on your bucket list items right now!

1. Reducing the Strain on Your Retirement Nest Egg

While you’re still young, fit and employed; there are many more money making opportunities for you so using the cash needed to fund a couple of bucket list items can be replenished.

This will not be the case when you are down to your savings during retirement.

As is, retirement nest eggs are not quite as large as they need to be for many Malaysians. The added strain of adding these exciting bucket list goals to it will not be doing the bank account any favours!

Some bucket list items include the opening of a business or running of a shop – it is much less risky to opt for a
low interest business loans
 in your early years to do this than gamble your retirement nest egg. Even if the business doesn’t do well; you can still earn to repay your loan without touching your retirement fund.

Starting to tick off your goals now mean you have the option of working extra hours or taking on side jobs to ensure it doesn’t eat into your savings – something you’ll find much harder to do after retirement.

2. You’re in Your Prime and Able to Rough it!

Did you want to travel top European countries? It will be much easier to do so as a fit and young lad who can rough it in backpacker hostels and taking in the sites on foot. Many young backpackers can deal with the strain of sleeping in train stations or pulling all-nighters to save a bit of cash here and there.

This will not be so easy when you’re aged and are forced to keep to strict diets or medication plans to manage some of the usual health hazards that come with old age.

This is not to say that there aren’t fit seniors who could put 20-somethings to shame; but the odds are it would be much safer for a younger person to brave the elements in a super budget trip.

3. You’ll Have More Lead Time to Properly Plan, Prioritise and Budget

Many people make bucket lists when they are young. This means a lot of what goes in may be influenced by their peers, their station in life or just current fads. Sometimes, the only way to find out if these items do fit your constantly evolving self is to actually do a few at a time.

For example, say you are suddenly taken by art. Your bucket list includes completing a painting, visiting the old Masters and taking a course in Art. You might scramble to do all this after retirement just to tick it off but what if you start your first class in the middle of an Italian city (where you hope to stumble on some Old Masters!) and find you absolutely hate the darn topic? It’s much too expensive to turn back now.

When you have more time to plan – you can start with the lowest cost item and see how you feel about the rest as you go through life’s motions and your budget priorities! If you do decide you cannot stomach half of the items on your bucket list now that time and tide has changed your perspective – there’s still time and budget allocation to switch priorities!

4. You Have Less Commitments to Pay When Younger

Few people realise that getting older doesn’t mean less money going out – it often means more. There is often a need to give your children financial aid, pay more for insurance premiums and complete your mortgage payments before you leave your full-time job. Couple this with point 1 (reduced earning power) and you have a recipe for Bucket List Back-Out.

Life may also present you with more necessary medical bills or check-ups later in life. Even if you remain relatively healthy; check-ups to ensure this state of health will be more frequent and likely more thorough.

You may be tempted to think that one must always suffer early so one can enjoy later but sometimes, having a little enjoyment before the well runs dry could be a better option. In the end, all of it depends on your situation and what’s on
your
 bucket list!

Need a loan for a business or to make those goals a reality before your salaried time runs out? We’ve got the range of loans on our
personal loan calculator page
 for you to find what you need.

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Win Harimau Malaya merchandise with Bank Islam debit cards

In conjunction with the newly launched Team Harimau debit

card Bank Islam is offering cardholders a chance to win autographed merchandise

from Malaysia’s national football team. The campaign runs from 22 May till 31

August 2013. Prizes up for grab include 10 autographed Harimau Malaya team

jersey and 10 autographed match soccer ball each month.

Eligibility for these prizes is entry based. Cardholders

will earn 10 entries for every RM1 retail spend and 20 entries for every RM1

they spend in Al Ikhsan. One entry will also be automatically awarded for

successful applications of Team Harimau debit card. Each participant is only

eligible to receive one prize per category once throughout the campaign period.

Selection of winners will be based on a random selection engine with the final

result at the sole discretion of Bank Islam.

Please refer to the
Terms

& Conditions
 page for further details.

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6 Good Money Habits (That Look Like Bad Ones!)

Some actions seem counterintuitive or plain insane but then they turn out to be the right decision – like having breakfast for dinner – it doesn’t sound right, but it works! Similarly certain good money habits may appear a little impractical or odd but look closer and you’ll see that these might actually help you save more, waste less and keep your finances more secure.

Here are six good money habits that don’t look it from the outside:

1. Spending Less on Insurance

If insurance is a way to use money to keep ourselves protected, then it makes sense that spending more on it means we’re better protected. And spending less means we’re losing out.

However…

Even though it is touted everywhere that one needs insurance in case of unfortunate incidents, spending too much on unnecessary insurance plans can turn out to be a waste of money. Think very carefully before buying insurance for which you may already be covered or is redundant i.e. personal accident coverage that comes with your existing health policy or insuring your car beyond the market value with a market value policy.

2. Holding Less Cash and Paying More Than Your Credit Card’s Minimum

Cash is king. You can use it in more places with a lot less hassle and as long as your minimum is paid, you won’t have any bank troubles. Having little cash on hand and paying more than the minimum seems like a waste, right?

However…

While it may seem like a good idea to pay only the minimum on your credit card and hold a ton of cash in hand, you’ll be better off clearing accumulated credit card debt instead. This way you can reduce the interest costs associated as well as place yourself in a less risky financial position.

3. Swiping Your Credit Card Just to Collect Points

The primary use of a credit card is to spend money you don’t have in hand yet. Swiping just to earn points you might never use seems silly, especially if you have cash on hand to pay for the thing.

However…

If you do have cash in the bank, you can use your credit card to enjoy rewards that you wouldn’t normally get by paying with cash. For instance, your card may provide extra points or discounts for grocery purchases which are a necessary expenditure in any case. Points can also be used in more places and for more things that you expect. Points expire, too, so it’s best to get in on some exclusive rewards and gifts as long as you’re already shopping.

4. Paying For Large Purchases with Credit Instead of Cash

Cash is a lot safer and paying in one go is also more satisfying than swiping a card. Also, a large purchase means the interest rate attached will end up costing more money in the long fun.

However…

Your reasons for paying in cash may include saving on credit card interests and engaging in a straightforward transaction, but carrying large amounts of cash is neither practical nor safe. In addition, you can actually skip paying interests if you pay off your swipes within the interest-free period or take advantage of zero-interest,
Easy Payment Plan (EPP)
 options where available.

5. Saving Less Money

If you want to retire with money, you do need to save up. A lot. So saving less money seems like the most counter-intuitive way to go about that.

However…

You should definitely save your money but once you have a reserve that can last you the next six months; you might want to think about growing your money instead. A savings account is good, but an FD might be better in this case. You can also consider low-risk investments apt for individual investors such as unit trusts, Amanah Saham Bumiputera (ASB) and saving bonds.

6. Not Going For The Biggest Discount

Shopping for items that have been heavily discounted is a win-win for both customer and merchant. They get to be rid of their unsellable products and you get to buy things for cheap! So going for the biggest discount makes the most sense, right?

However…

Even though something is being sold with a huge discount, it does not always equal the best deal. Consider the effects of being penny wise, but pound foolish and spending on things that are supposedly a bargain (read: “
What NOT to Buy at a RM5 Store
”). Sometimes, spending now for extra quality may be worth the money you’ll save on the cost and hassle of repairs or replacements in the long run.

One awesome money habit that practically no one can dispute is the practice of saving a portion of your paycheque for a rainy day. Use a high-interest savings account to maximise the potential of your hard-earned cash; check out our
comparison page
 to find an account just right for you.

Have anything to contribute to this article? Do share your thoughts with us in the comments section down below!

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DOSM: Fresh Graduates Were Paid Minimum Wage In 2020

Fresh graduates who entered the job market last year received lower starting salaries compared to those who joined the year before, the Department of Statistics Malaysia (DOSM) found. In fact, said DOSM chief statistician Mohd Uzir Mahidin, most of them were earning salaries comparable to the minimum wage.

The majority of new degree graduates last year earned between RM1,001 and RM1,500 per month, compared to the RM2,001-RM2,500 average salary in 2019. Malaysia’s legal minimum wage is set at RM1,200 per month while the minimum hourly wage is RM5.77.

“At the same time, the monthly income of Malaysian PhD and Master graduates in 2020 remained in the range of RM5,001-RM10,000, while diploma graduates were the majority in the range of RM1,001-RM1,500,” Mohd Uzir told
The Malaysian Insight
.

(Image: New Straits Times)

The chief statistician explained that in an economic downturn, the data on average wages could be distorted due to the “composition effect” or major changes in employment. “When most of those who have lost their jobs are low-paid workers, this increases the average wages of the remaining employees,’’ he said. Mohd Uzir added that preliminary data showed that about two-thirds of countries saw slower average wage growth in the first half of 2020.

Meanwhile, according to the Ministry of Higher Education, Malaysia recorded 318,593 graduates in 2020, lower than the 346,686 in 2019. Malaysian graduates comprised 95.8% (305,301) in 2020, a 7.6% drop compared to 2019 (330,557). “The graduates’ employability, which encompassed employment, continued study, skills improvement and waiting for a job placement, was at 84.4%,’’ Mohd Uzir revealed.

Lastly, the Covid-19 pandemic also caused a lower labour force participation (LFPR) among fresh graduates, although the overall LFPR of 83.9  last year was marginally above 2019’s 83.5%. “For the young age group of 24 years and below, LFPR was at 64.8% in 2020 compared to 70.2% in 2019,” he stated.

(Source:
Malay Mail
)

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Things That are Cheaper to Buy at the Last Minute

Good discounts come to those who wait! Yes, sometimes simply being patient can yield magnificent markdowns that help you get more bangs for your buck. We found that these buys are best postponed till the last minute:

1. Wet Market Produce

Just before the market closes, sellers become ‘softer’ with their bargaining prowess. You’ll see this especially with perishable food items that will spoil if not sold soon. Meats, chicken, fish and some veg usually get cheaper within one to two hours before closing time if still left unsold. Remember though, perishable foods will go to waste if not consumed or if there isn’t enough refrigerator space to store; avoid overstocking just because it costs less.

Note also that not everything is cheaper later in the day as prices for foods like onions, dried anchovies, potatoes, and garlic; often remain the same because they keep for longer. In fact, buying them at a supermarket might be cheaper.

2. Festive And Seasonal Items

Festive items usually get a bigger markdown closer to or after the intended holiday as it may be more cost-efficient to retailers to sell rather than store these items. Some shoppers prefer to stock up for the following year by buying when prices are low, and it’s not a bad idea if you can keep your buys in good condition till the next season.

Although these are more off-season than last-minute, the same discount potential applies for clothing, shoes and handbags, which often see hefty discounts just before the latest fashion season or when new stocks are about to come in. However, these sales are sometimes harder to predict as retailers may follow different stocking periods. You’ll be wise to research your favourite store online to get a better idea of when to buy.

3. Premium Seats at Concerts and Entertainment Events

Buying premium seats for concerts, sporting events and comedy shows doesn’t have to break the bank. You may be able to get them at a lower rate within 24 to 48 hours of the event, if a large volume of tickets are still left unpurchased. Getting your hands on these exclusive tickets for less spells a lot more value. Note however, that drops in price aren’t advertised; you’ll need to diligently check the sale site regularly to buy low.

Another option, which is somewhat controversial, is buying through scalpers who also sell online. Scalpers usually buy up tickets from official sellers then resell them on sites like eBay, usually at higher prices until the last minute which if unsold; drops severely. Buyers beware though; these resellers aren’t above selling fake tickets.

4. Auction Sniping

For those who love auction sites, this method of placing the highest bid at the very last minute (or second) could help win auctions. You can do it with an online service which works by automatically bidding for you at the last minute, based on the maximum amount you are willing to pay. You can also snipe manually but it will require consistently monitoring the auction.

In addition to upping your chances of winning the auction, bidding just before time runs out may decrease the overall price as compared to conventionally increasing your bid every step of the way. Note that with auctions, a low price isn’t always the aim; rather, winning the auction might be more important. To avoid getting carried away while raising your bid (manually), be sure to research prices, set your own maximum bid beforehand and stick with it.

5. Last-minute Hotel Bookings

This one is hotly debated; should you book in advance or wait till the last minute? Both have its own set of the pros and cons but discounts are still possible on each end. Booking in advance involves a ton of planning and refunds are usually difficult to obtain (if not impossible) if emergencies arise.

With last-minute bookings (within 24 hours of your stay) however, you may enjoy lower rates if rooms are available. How it works is that hotels and online boking sites would rather lose a bit on the rate to you than not make anything at all. Your potential savings of 10% to 40% might motivate you to wait it out all the more but the odds are still unpredictable.

Moreover, some hotels may even increase prices at the last minute if they have an influx of patrons. So while you can get lower rates by waiting, you might want to consider if the discounts are worth potentially ending up without accommodation at the last minute.

Even though it can be a lot kinder on your wallet to buy at the eleventh-hour, you’ll always have to contend with uncertainty. Waiting can be risky, but if you’re someone who enjoys the thrill of a hearty discount, it might not matter to you.

Save even more on shopping, travel and entertainment when you pay for it with a rewarding credit card. Don’t already have one? See our
credit card comparison page
 to find a card (or two) that comes with the best offers and discounts!

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Top Free Travel Insurance Credit Cards in Malaysia

What are the Benefits of Having a Travel Credit Card Insurance?

Having a complimentary
credit card travel
 insurance saves you the hassle of having to find and compare travel insurance policies from different insurance companies. Also, paying for your credit card’s annual fee will entitle you to a range of benefits such as cashback, reward points, and lifestyle discounts —  being awarded with free travel insurance can seem like a bonus.

If you are curious, get some extra reading done with our
travel insurance comparison
 article to properly distinguish the difference between the credit card and standalone travel insurance policies. But first, we will take a look at some of the best travel credit cards that provide you with protection during your travels.

Top Travel Insurance Credit Cards in Malaysia

AmBank World MasterCard

Travel Insurance
: Up to RM2,000,000

Coverage Condition:
 Charge travel ticket in full to credit card

Be guaranteed travel insurance protection of RM2,000,000 when you choose to charge the full fare of your plane ticket to the AmBank World MasterCard. The best part is, you’re not the only one getting insured — your family will too.

To add to that, you will also get double protection with AmProtector Insurance. Your credit card outstanding balance can be insured for up to RM50,000 in the event of the cardholder’s death, or total and permanent disablement, and all it takes is just 24 cents per RM100! To be eligible, you must be no more than 65 years old, and not been hospitalised in the last 12 months, or succumb to mental illness and physical injuries — all this really means is that you must be in good shape!

If you prefer hotel villas to cramped backpacker lounges, you will be pleased to know that this AmBank credit card will grant you a complimentary Hilton Premium Club Membership Card. You can enjoy up to 50% off on Hilton dining and room discounts in Malaysia, Thailand, China, and even the Middle East.

HSBC Premier World MasterCard

Travel Insurance:
 Up to RM 2,000,000

Coverage Condition:
 Automatic coverage

With the HSBC Premier World MasterCard, you can receive reimbursements of up to RM2,000,000 for flight and travel accidents — that would include any injury, illness, or stolen belongings. Speaking of your belongings, if you happen to lose your credit card, you will be able to contact HSBC at their free 24-hour hotline at 1-300-88-1388 or 03-8321-5400 (overseas).

That’s not the only reason why you’d want to have this credit card as your travel buddy! Even before you start packing for that awesome getaway, you will already enjoy 5x Reward Points when you purchase your airline ticket using the HSBC Premier World MasterCard. Whats more, you will again be rewarded with 10x Reward points when you spend on dining and hotel accommodation overseas.

Maybank Islamic Ikhwan Visa Infinite Card-i

Travel Insurance:
Up to RM2,000,000

Coverage Condition:
 charge travel ticket in full to credit card

This Islamic credit card from Maybank will make sure that your holiday will be smooth sailing all the way until the end, with up to RM2,000,000 travel personal accident insurance. You won’t have to worry about travel inconvenience either, with reimbursement if you miss your connecting flight, along with protection against lost and delayed luggage amounting up to RM5,000.

Being a premium credit card, there are other travel perks and benefits to be had here. First of all, if waiting in long queues is on your list of pet-peeves, you will jump for joy knowing that you will have preferential treatment at immigration counters all over the world with Visa Airport Speed Pass. Lastly, travelling shouldn’t be stressful, so Maybank will allow you to enjoy 5 complimentary access to airport lounges worldwide each year.

RHB Travel Money Visa

Travel insurance:
 Up to RM600,000

Coverage Condition:
Automatic coverage

Only principal card members of the RHB Travel Money credit card and their spouse or children under their care below the age of 23 can be covered under RHB’s free credit card travel insurance policy. You can be reimbursed for up to a maximum of RM600,000 for accidental death, total disablement, and lost of limbs – lost an arm swimming with the sharks in Australia? Make a claim! One thing to remember: In no event will the company pay out for more than one loss sustained by the covered person as a result of any one accident.

But you’d expect a credit card called the RHB Travel Money to deliver more than that, right? And deliver it does! Be awarded with 2X Reward Points when you spend on airline tickets, local cruises, travel packages, and duty-free purchases. With these points, you can start to redeem air miles such as MAS Enrich Miles and KrisFlyer Miles for Singapore Airlines flights.

Citibank PremierMiles

Travel insurance:
 up to RM300,000

Coverage Condition:
 Charge travel ticket in full to credit card

The Citibank PremierMiles Credit Card provides comprehensive protection comparable to a standalone travel insurance policy. Have 24 hours overseas personal accident coverage of up to RM300,000 by charging your travel ticket to your Citi PremierMiles Signature credit card. You will be covered for a maximum of 30 days.

Both principal and supplementary Citibank PremierMiles cardholders will have overseas medical expenses insurance for up to RM50,000 to help make payments for hospital bills. If you suffer from a severe medical condition that requires you to be flown to the nearest hospital or back to Malaysia, all travel expenses can be covered for up to RM75,000.

But your biggest concern would probably be loss of luggage and personal belongings. In the event that your baggage and other personal items are lost or damaged while on your trip, the Citi PremierMiles Signature will have you insured for RM12,000. Other stand out benefits include home care in case of burglary, and compassionate visit allowance of up to RM5,000.

Can you rely solely on your credit card travel insurance coverage?

Most credit card travel insurance coverage are made as a “one-size-fits-all” deal, making you unable to customise your coverage according to your travel needs. Because you will not be consulting an insurance agent, and undergo the underwriting process, the insurance policy will not take into account your age, health condition, your travel destination, or how long you wish to travel for.

To pair up your credit card coverage with a
travel insurance plan
 for complete protection seems like the best way to prepare for a holiday full of fun and adventure abroad. Ultimately, having a worry-free holiday is as simple as getting the right travel insurance — ask the right questions, get the right plan, and know exactly what you will be covered for!

To find out more, take a look at our listing for the
top travel credit cards
 in Malaysia.

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Gibraltar BSN Introduces GoXtra Care Critical Illness Plan

Gibraltar BSN has launched a new comprehensive critical illness plan called GoXtra Care. The plan provides multiple lump sum payments of up to RM2 million for 151 conditions from early to advanced stages and 10 special conditions.

With GoXtra Care, customers can receive up to 350% of their coverage amount upon diagnosis of any three out of these five critical illness groups: cardiovascular and circulatory system, brain and disability, major organs, neurological disorder, and cancer. The special condition benefit also provides up to 10% of the coverage amount following a diagnosis that will require invasive treatments for coronary artery disease, diabetes complications, or mental illnesses.

Furthermore, customers can benefit the coverage reset feature, which automatically resets your coverage amount to 100% if no other claims are made within 12 months after the first early stage critical illness claims. Besides that, the plan also offers a death benefit and comes with optional premium waiver riders.

“With Malaysia’s increasing medical inflation, treatment for critical illness conditions can be extremely costly, resulting in financial burden to the customer,” said Lee Kok Wah, Chief Executive Officer of Gibraltar BSN Life Berhad. “With that in mind, we designed GoXtra Care to cover our customer’s extensive financial needs by allowing multiple claims from different illness groups.”

GoXtra Care
 is available to those aged between 18 to 60 years old, with a coverage term of up to 80 years of age. The minimum sum assured is RM40,000 and the maximum coverage goes all the way up to RM2 million.

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CIMB Malaysia Exclusive Coldplay Pre-Sale Tickets: Everything Cardholders Need To Know

By now, most Malaysians are already aware that popular rock band Coldplay will be performing in Malaysia in November 2023. But more importantly, CIMB has also announced that it is the official sponsor for the band’s KL concert, with CIMB cardholders being allowed to purchase exclusive pre-sale tickets one day ahead of the general public!

As you can expect, this news has whipped up quite a frenzy among CIMB customers, with many asking about the pre-sale mechanics as well as terms and conditions – so here’s a quick roundup of what we have gathered and confirmed with our friends at CIMB.

1. Pre-sale tickets will go live one day ahead of the general sale.

The pre-sale will open on 16 May, from 10am to 11.59pm. The general public, meanwhile, has to wait until 17 May – a day later – to get the tickets. You’ll need to make your purchase and pay with your preferred card either on the
GoLive website
 or app –
not through CIMB Clicks
.

You’ll also need a GoLive account in order to purchase the tickets, so it’d be a good idea to set up your account and log in ahead of time as the pre-queue starts at 9am (which is when you’ll see the “Buy Now” button activated). You can
register for pre-sale access here
, and set a reminder for yourself as well.

2. Pre-sale tickets are exclusively available only to CIMB credit and debit cardholders.

CIMB has also clarified that both CIMB credit and debit cardholders (Visa and Mastercard) can purchase tickets through the pre-sale. This is a pleasant surprise – debit cardholders are usually exempted from campaigns and promotions. (It also means more competition to buy the tickets!)

3. Each CIMB cardholder may only purchase a limited amount of tickets.

Some other details that you should also be aware of is that you can purchase
up to four tickets per CIMB card
 (note that this is different from
cardholder
), and this exclusive pre-sale offer is only applicable for CIMB cards issued in Malaysia. Unfortunately, there’s no info on the total amount of pre-sale tickets that are up for grabs, and there are also currently no special rates or offers provided for CIMB Preferred customers (although this might just change!).

Hi, thank you for writing to us. It is referring to 4 tickets per CIMB card at the moment. Thank you.
— CIMBMalaysia (@CIMBMalaysia)
May 10, 2023

Hi, there’s no special rate for CIMB Preferred at the moment. You may refer to
https://t.co/oYLVFZZ7wZ
 or download GoLive app for all the details. Thank you.
— CIMBMalaysia (@CIMBMalaysia)
May 10, 2023

4. Yes, your family/friends CAN use their CIMB cards to purchase a ticket for you.

In case you need any further confirmation, you’ll be glad to know that tickets purchased using CIMB cards are not tied back to the cardholder – so they can purchase them for friends/family/acquaintances on Twitter. Each CIMB card can purchase up to four tickets, after all.

**********

Alongside the serious questions regarding ticket purchases, both CIMB customers and netizens have also responded to CIMB’s announcement with plenty of humour. Many said that they’re now going to go renew their CIMB debit cards, while some wondered if it would be possible to apply for CIMB credit cards today and get them in time for the pre-sale. Yet others joked about contacting CIMB to increase their credit limit just to purchase Coldplay’s concert tickets.

@CIMBMalaysia
 is it possible to apply for cimb credit card and get it before the 16th so i can use it for coldplay pre-sale????
— Elaskis (@Elaskis1)
May 10, 2023

I might get cimb credit card just for coldplay presale 👀👀👀
— . (@winediam0nd)
May 10, 2023

cimb: what purpose you want to increase the credit limit?
me: to buy concert tickets
cimb: is it for coldplay?
me: yes 😂
— sèr⁷ (@sarah_shabani)
May 10, 2023

Of course, there are also those who have gone around asking for favours from CIMB cardholders, or those who offered to perform such favours (with service charge!).

First thing first kena tanya shuben boleh pergi tengok Coldplay tak and then baru minta adik belikan ticket on my behalf. Sebab dia cimb cardholder. 🤌🏻
— Min (@taysmn_)
May 10, 2023

Aku ada CIMB. Sapa2 nak aku belikan tiket Coldplay boleh. Caj boleh kawtim 🤌
https://t.co/V1SPnCUJf2
— FZeneca (@pacikpami)
May 10, 2023

Jokes aside, Coldplay’s performance – themed “The Greatest Live Music Show Ever” – is certainly a highly anticipated event. It’s the first time ever the band is performing in Malaysia, and even
Prime Minister Datuk Seri Anwar Ibrahim extended a warm welcome
 to them via his social media accounts. For those of you who will be battling it out for the tickets come next Tuesday and Wednesday, we wish you nothing but the best!

(Sources:
CIMB
,
GoLive Asia
)

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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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Shopee Introduces New 3.15 Consumer Day Mega Sale

Shopee is introducing a new online mega sale day. Dubbed the 3.15 Consumer Day, it is touted as the first mega sale of the year. However, it is not a one-day only event – it is happening now till 15 March and will bring the excitement of Shopee’s year-end festivals to all users.

According to Shopee, part of the inspiration behind the 3.15 Consumer Day is the fact that more Malaysians than ever are purchasing items online, all year round. The pandemic clearly accelerated this adoption, and Shopee aims to meet this increased demand for online shopping.

In a first, Shopee also introduced its first athletes as its 3.15 brand ambassadors. The first is Datuk Pandelela Rinong, one of Malaysia’s most successful Olympics medalists, and the other ambassador is Datuk Abdul Latif Romly, the two-time Paralympics gold medalist and the current world record holder for the men’s Long Jump T20.

As you can expect from a Shopee mega sale, there is a huge amount of activities running during this 3.15 Consumer Day. Kicking off with the opening day sale on 3.3, Shopee is offering free shipping vouchers with zero minimum spend, a Nissan Almera through the special Spin & Win minigame, and is also working with its partner merchants to offer 95% discount vouchers. There will also be a special Sampul Misteri game on Shopee Live, which will also be aired on TV3 where lucky shoppers can win cash prizes.

The Shopee 3.15 Consumer Day is happening now with a grand finale on 15 March. If you’ve been looking to stock up on everyday essentials or reward yourself with some self love, do check out
Shopee’s 3.15 Consumer Day main page
 for some great deals.

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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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