BigPay Unveils Fully Digital Personal Loan Facility

Following
a sneak peek last week
, BigPay has finally unveiled its first personal loan product as part of its launch of a wider suite of fully digital financial services and offerings. Rolled out via its wholly owned subsidiary, BigPay Later, the new product is dubbed BigPay Later Personal Loan, and aims to provide the public – especially the unserved and underserved groups – with convenience when applying for personal loans.

In a statement, BigPay said that the BigPay Later Personal Loan will offer competitive interest rates that are lower than standard credit card rates. The terms provided may, however, differ from user to user, depending on the customer’s spend history or tenure with BigPay. Long-time BigPay users with consistent payment history, for instance, may be allowed a higher loan amount with a lower interest rate.

Based on BigPay’s
Personal Loan Calculator on its website
, it seems that the minimum loan amount allowed is RM1,000, and the maximum is RM10,000. Interest rate, meanwhile, ranges between 3% to 12% p.a., whereas loan terms go from one month to six months. The calculator does note, however, that the figures calculated on it is meant only for estimation, and that users should refer to the BigPay app for the final amounts.

Aside from the interest rate, users who take up the personal loan should also note that they will be charged a small stamping fee of 0.05%. This fee will be included in the first monthly repayment. Late interest, on the other hand, may go up to 8% p.a..

The BigPay Later Personal Loan service can be found within the BigPay app under the “Payments” section, and users who wish to apply are not required to provide any documents. As this is a fully digital financial service, the entire process can be done within the app, with BigPay striving to provide approval within minutes. In the event of a longer process, BigPay said it will try to get back to the affected customer within one working day. Customers can also communicate with BigPay via the live chat function within the app if they have questions.

The financial service provider further shared that the BigPay Later Personal Loan also emphasises transparency, as its dashboard will feature a repayment schedule with a breakdown of repayment installments and an auto-payment option to prevent users from falling behind on repayments. Details – such as the principal amount, interest, late interest, and stamping fee – will all be clearly listed so that users are always aware of what they are paying for.

According to the chief executive officer and co-founder of BigPay, Salim Dhanani, the BigPay Later Personal Loan will help to democratise financial services within the country. “The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically ‘acceptable’ credit history which is required by traditional banks – this directly impacts the ability to build long-term financial standing,” he further commented.

The chief executive of BigPay’s parent company Capital A, Tony Fernandes also chimed in with a similar sentiment. “We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans, and other outstanding financial services,” he said, adding that the product is fully regulated by the Ministry of Housing and Local Government (KPKT).

That said, the BigPay Later Personal Loan is currently still in its beta phase, and has been rolled out only to selected users. It will be gradually made live to the public in the following six months, but you can register your interest in the product by putting your name on the
waiting list
 here.

(Sources: BigPay [
1
,
2
],
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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A Look Back at Budget 2015

It seems like only yesterday that we were prepping for Budget 2015. If of course in the time of one day we saw increased tolls, floating petrol prices, plummeting currencies and GST, GST everywhere.

Yes, 2015 has not been an easy ride on the pocket (nor the economy which is why
revisions were made to the 2015 budget
 this year) but some good things were at least announced way back when. We take a look at the highlights.

Budget 2015 Highlights

Budget 2015 was announced in October 2014. Whilst it carried the unpopular news of the impending GST, there were some additional good news to help spur the nation.

1) The abolishing of Sales and Service Tax (SST): With the coming of GST, it was announced that the SST would be abolished. However, this
caused much confusion with the charging of service fees in hotels and restaurants
. The simple situation is that service tax was abolished and is certainly not charged but a service charge will be as it has nothing to do with the government.

The SST was a tax levied on services provided. The service provider would collect this tax and funnel it back to the government. A service charge is a fee charged by the service provider for the service rendered. The two, though similarly named, are not the same as the latter does not go back to the government.

The SST was abolished but it doesn’t absolve the need to pay a service charge. Is that fair? More a matter to take up with the service provider than the government.

2) Implementation of infrastructure projects to ease transportation. Four new highways include the Sungai Besi – Ulu Klang Expressway (SUKE); West Coast Expressway from Taiping to Banting; Damansara – Shah Alam Highway (DASH); and the Eastern Klang Valley Expressway (EKVE). New MRT/LRT lines were also announced: 56-km Second MRT Line from Selayang to Putrajaya; and LRT 3 Project, which will link Bandar Utama to Shah Alam and Klang.

Malaysians could certainly do with better public transportation and road alternatives.

3) The creative industry received a boost in the form of a
Digital Content Industry Fund
 sitting within the purview of the Communications and Multimedia Commission with a figure of RM100 million.

4) Increased access to high speed broadband through an RM2.7 billion budget to build 1,000 new telecommunications towers and laying undersea cables.

5) TEKUN announced the provision of loans totalling RM3.1 billion to local entrepreneurs. The allocations were made according to particular demographic requirements with the first RM350 million to go to Bumiputera entrepreneurs; RM50 million to Indian entrepreneurs; RM50 million for young professional women entrepreneurs; and another RM50 million for armed forces veterans.

6) GST was announced with some of the more compelling exclusions including basic grocery necessities such as bread, fruit, coffee, and tea. It was further announced that petrol and the first 300 units of electricity consumption will not attract GST charges.

7) Income tax was reduced between 1-3% based on income tier for assessment year 2015 and onwards only.

8) To encourage repayments, it was announced that PTPTN borrowers would receive a 10% discount for diligent monthly repayments and a 20% discount for lump sum payments within a stipulated period.

9) A myriad of initiatives were announced to spur the growth of Bumiputera entrepreneurship and the participation of women in the workforce. Exact details of these allocations can be found in the
full transcript of the PM’s speech
.

10) The continuation of the Baucher Buku 1Malaysia (BB1M) to the amount of RM250 for all students.

11) Tax relief for treatment of serious diseases such as cancer, heart attack and kidney failure will be set at a maximum of RM6,000 instead of RM5,000 previously.

12) Financial assistance for poor families, children, senior citizens and the disabled (OKU) to be increased to RM350 for those working and RM200 for those not working. There was also an increase in tax relief for couples with disabled children from RM5,000to RM6,000.

13) More affordable housing units to be build under the People’s Housing Programme, and by the Syarikat Perumahan Negara Berhad.

14) An increase in BR1M from RM450 to RM750 (households) and from RM300 to RM350 (individuals) in three installments.

What’s in Store For Us This Year?

Due to the challenging economic changes that have befallen us this year and all the other bits that seem to affect the country; it’s going to be one of the most difficult budgets to predict. The government has also alluded as to the difficulty they faced in preparing it. They have promised “
a little something for everyone
” but reminded the
Rakyat
 not to expect too much.

What will be in store for us at 4pm and further in 2016? Check out our
Twitter
 and
Facebook
 pages for live updates later today.

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CIMB To Open Selected Branches This Weekend For Coldplay Fans

CIMB will be opening selected branches this weekend – 13 and 14 May – to accommodate Coldplay fans who wish to open bank accounts and receive their debit cards in time to buy pre-sale tickets for the band’s upcoming concert in Malaysia. This comes following CIMB’s earlier announcement that it is the main sponsor for Coldplay’s KL concert, and that CIMB credit and debit cardholders will be allowed to purchase exclusive pre-sale tickets on 16 May – one day ahead of the general public.

In a Facebook post today, CIMB stated that these selected branches across Malaysia will be open from 9.30am to 4.30pm, on both Saturday and Sunday, to meet the needs of interested individuals. Here’s the full list of branches that will be open:

CIMB also noted that individuals who wish to open a regular CIMB savings account will need to come by with supporting documents such as their IC, driving licence, as well as utility bills (for verification of address). Additionally, the minimum initial deposit for this account is RM250 – so do remember to bring these items along if you plan to visit these branches and open your CIMB account this weekend! You can find out more on
CIMB’s website here
.

Meanwhile, if you’re one of those who are planning to try for the exclusive pre-sale tickets on 16 May, remember to
take note of a few things
 so that you can enjoy a smoother purchasing experience! For instance, your ticket purchase must be paid with your preferred card (up to four tickets allowed per card) either on the
GoLive website
 or app – not through CIMB Clicks. Do also consider opening a GoLive account and logging in ahead of time, as the pre-queue starts at 9am (even though the actual pre-sale only starts at 10am).

Finally, ticket prices have also been revealed, and will start from RM228 upwards (excluding RM10 ticket fee per ticket and RM10 transaction fee). Make sure to check and confirm that your card transaction limits and funds in your bank account (specifically for debit cardholders) are set to accommodate your purchases. Other than that, good luck with your purchases!

(Source:
CIMB
)

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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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Government Announces Wage Subsidy Programme 2.0 (WSP 2.0) For Companies Still Affected By Covid-19

Prime Minister Tan Sri Muhyiddin Yassin has announced a follow-up to the current Wage Subsidy Programme, which is slated to end on 30 September 2020. Dubbed the Wage Subsidy Programme 2.0, this updated initiative – introduced as part of the new KITA PRIHATIN Package – shares the same objective as its predecessor: to prevent employees from being let go and lose their income.

Under this new programme, only companies that are still facing an income loss of 30% compared to the previous year since the start of the MCO can apply. This revised requirement differs from the ongoing Wage Subsidy Programme, which is open to employers who have suffered an
income loss of more than 50% since 1 January 2020
.

The prime minister further clarified that companies must also be registered with the Social Security Organisation (SOCSO) by 31 August 2020 in order to be eligible for the new programme.

The Wage Subsidy Programme 2.0 is set to run for three months, starting from 1 October until 31 December 2020, and will continue to offer a RM600 salary to eligible employees (up to a maximum of 200 workers per company). However, companies that have never received aid via the ongoing Wage Subsidy Programme will be eligible for salary subsidies of up to six months (an extra three months) through this new programme.

A total of RM2.4 billion has been allocated for this new initiative, and it is expected to benefit 1.3 million employees.

The
ongoing Wage Subsidy Programme
 was first announced through the Prihatin Economic Stimulus Package back in March 2020, and was subsequently
extended in early June
 through the PENJANA economic recovery plan. The programme was said to have saved
2.4 million jobs as of June 2020
.

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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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    Ruth

    2 years ago

is the wage subsidy received, subject to income tax?

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Five Simple Ways To Ensure You’re Making The Most Of Your Investments

What’s your plan to build your wealth? Are you saving money and putting it into your savings account each month? Or, maybe you bought a few unit trusts from your bank, and an insurance policy from your cousin-agent? However you manage your money, how confident are you that you’re actually doing enough to be able to send your children to the best school available, or to retire the way you’ve been dreaming of?

Following a few basic rules and becoming disciplined about saving and investing can make the difference between reaching financial peace of mind or not. So whether you’ve been investing for years, or you’ve never invested before, here are a few things you should keep in mind to make sure you’re investing intelligently.

First, clearly identify your goals

How much money will you need to retire? How much money do you need to send all your kids to university, or to retire in the countryside and live off your savings? Whatever your goals are, the surest way to reach them is to understand what it takes to fulfil them, and then have a plan to get there.

A goal requires more than just a dollar value. Otherwise, it’s just a dream, and not a plan. Your goals need both a timeline and an exact amount needed. Then, you can build a savings plan by working backwards to figure out how much you need to save each month. If you can’t save that much each month, you either need to adjust your goal amount, or adjust your spending habits to accommodate your savings plan.

All these require some extensive calculations, which is usually a turn-off for many people. New investment players, such as
StashAway
, have built goal calculators to make goal-setting simple. StashAway’s feature will learn about you, your financial situation, and what you want to achieve, and then recommend to you not only a monthly savings plan, but will also build a personalised investment portfolio to get you there.

Second, saving is great, but investing is better

Let’s say you plan to reach RM1,000,000 and retire in 30 years. Saving RM2,000 each month for 30 years gets you only RM720,000; yet, if you invest those savings at 6% returns (after fees), they become RM2,000,000 with the power of compound interest. That quick math makes it clear that long-term investing can generate significant wealth for you. So, don’t leave your money under the proverbial pillow. Instead, let it earn compound interest and work for you. “Future-you” will live a more comfortable and fuller life, and would be begging you to start investing yesterday.

Third, take the right amount of risk for your timeline and your risk preferences

Not taking any risk by putting money under that proverbial pillow is a mistake, but so is takingtoo much risk. It can be true that taking higher risk can yield higher returns, but what’s missing in that adage is how long you’re investing. For a short-term investment period (3-5 years or less) with higher risk, you’ll face greater volatility, meaning you’ll likely get lower, or even negative, returns.

For longer-term goals (e.g., retiring in 30 years), you can afford to take more risk. Sure, markets will most certainly drop a few times in a 30-year timeframe, but when you stay invested over a long period of time, your investments will be rewarded when the markets bounce back way before you need your money for your retirement! In the long-term, taking higher risk will most probably reward you with higher returns, and that’s really where “high risk, high return,” is most applicable.

So be more conservative for your shorter-term goals (such as a house downpayment in 3 years), because you can’t afford to lose 20%-30% of your assets just six months before your down payment is due; otherwise, your dream 3-bedroom may have to be a studio! In summary: you can take more risk for longer term goals, less risk for shorter term goals.

This is why knowing your timeline before you start investing is very important.

With all that said, if you can’t stomach the ups and downs of the market even with a long-term time horizon, and you’re losing your sleep when your investment account is in the red, then acknowledge those feelings and don’t expose yourself to that much investment risk. If you take more risk than you should, you may end up freaking out when the markets volatility goes in the wrong direction, and making an irrational decision, such as selling your investments at the worst possible time (when the markets are down).

As you build your investment portfolio, make sure your start by looking at your timeline and your personal risk tolerance, and then choose an investment that is aligned with both.

Fourth, diversify, and never put all eggs in one basket!

There is taking high risk, and then there is gambling. Don’t treat investing as betting: you should not try to “get the right horse”. Instead, you should look to maximize the probability of reaching your goals. Any investment portfolio should include different asset classes, from US equities to Asian equities, from stocks in “consumer staples” companies to stocks in tech companies, from short-term government bonds to long-term government bonds, to corporate bonds, to gold, to real estate.

Traditional investment tools such as the examples above are usually risky and require plenty of monitoring, but new investment options are now becoming available to Malaysians. The Securities Commission of Malaysia has begun awarding licenses to investment technology players, such as
StashAway
, a robo-advisor. These companies manage portfolios with technology-driven algorithms, removing the human element (and risk) in your investment. Robo-advisors, such as
StashAway
, build diversified portfolios using ETFs (Exchange-traded Funds), and they’ll even build the diversified portfolios for investors.

If there is one golden rule of investment to follow, it is to never put all your eggs in one basket. If you put all of your savings to buy bitcoin in 2017, you probably know exactly what we are saying here.

Last, but definitely not least, keep costs low

A 1% per annum difference in fees can make a significant difference on your long-term returns. This is such an important topic that
we wrote an entire article on it
.

Most importantly, don’t wait

Don’t wait until tomorrow: set your financial goals and focus on how you can get there with a systematic, disciplined approach. Technology can help demystify investing, and start building a more reliable financial future for ourselves and our families. Robo-advisors, such as, StashAway can help all of us build a solid plan to reach our financial goals, and execute it in a few clicks without the need to become professional investors.

Head on to StashAway’s website to find out more today. There’s even
a special deal for RinggitPlus readers
!

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How to Boost Your Credit Score Right Before Applying for Loans

We all know how important a good credit score and credit history is when it comes to loan approvals. Large loans for big-ticket items like cars or houses will typically require banks to look through your credit history and make sure you’re a timely paymaster in good standing. That being said, any method of improving credit score is always welcome. What if we told you there’s an easy way to maximise your credit score right before your apply for your loans?

How Banks Collect Your Credit Score

A bank would take your latest
CCRIS
 (Central Credit Reference Information System) report to assess your credit history. The CCRIS report displays your total amount outstanding as well as your payment patterns for each facility that you have with all the banks and student loans which you have taken under PTPTN.

They then calculate your monthly commitments towards these debts, against your monthly salary. This is done to determine the percentage of your salary that is going towards commitments. As a general rule of thumb, banks will allow you to have a 40% debt service ratio before they further consider your application.

So, despite paying on time and in full every month and having good payment habits, you could still end up with your loan application being rejected for a poor credit score. This is because at the time they pull the report you may just have swiped your card for a RM10,000 honeymoon and that would contribute to your debt service ratio being high although you were intending to pay the full amount at the end of the month.

How Do You Fix This?

Timing is important in this aspect. When you are intending to make a purchase for your big-ticket items such as a home or a car, try to clear up as much debts as possible on your record. We would recommend taking a two month head start. If you think you can do it within the month itself, be sure to make all your payments and clear those pesky credit card debts particularly, before applying for your housing loan.

At the point of application, try your level best not to make any further big ticket expenses on your credit cards as well to ensure your outstanding debts remain low. The report produced will then show that your total amount being owed to the banks are low and with a good credit history of paying on time would in turn give you a slight boost to your credit score.

Boost Your Score Now!

Of course there is no guarantee that your loan will be approved as all banks have different rules and regulations that they use to determine a loan approval, but this is a good way to increase your chances.

If you would like some futher tips on how to manage some credit card debts, do check out our article on
“4 Credit Card Habits of People with Excellent Credit”

Be sure to try out these tips when applying for your next big ticket item. If you would like to apply for a home loan, check out our website and use the
comparison tool
 to find one that works best for you.

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Alibaba’s 11.11 Sales Hit US$30 Billion In A Day

Alibaba’s Tenth Singles’ Day turned out to be the largest ever, recording a whopping $30.7 billion in sales in just 24 hour. More than 180,000 brands participated in this year’s Alibaba Double 11 sales, and it is expected that some one billion packages will be delivered to customers after this event in China alone. Within half an hour of the Singles’ Day bonanza, Nike, Uniqlo, Adidas, Xiaomi, and Apple had already crossed 100 million yuan in sales.

The shopping extravaganza consisted of everything from electronics, luxury, and even vehicles. A total of US$30.7 billion was made in a single day compared to last year’s US$25.3 billion, setting a record for Alibaba. This year is the first for Alibaba to extend its Singles’ Day sales to Southeast Asia subsidiary Lazada, Ele.me, Koubei, Hema, and other business units.

Alibaba kicked off Double 11 with its fourth annual countdown gala to announce the start of Singles’ Day sales. International artists and performers such as Miranda Kerr, Mariah Carey, and Cirque du Soleil were featured in the gala.

Despite the slowing growth in China’s online shopping industry and an escalating US-China trade war, Alibaba still managed to hit an all-time high sales margin in its ten years of Double 11 history.

(Source:
Business Wire
,
The Star
,
Livemint
)

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#SaveMoneyWithHann - What's New With The RM35b PENJANA Economic Stimulus Plan?

So we’ve had the weekend and a few days to digest the announcement of the latest Covid-19 triggered economic stimulus in Malaysia, the “Pelan Jana Semula Ekonomi Negara” or Penjana for short. This is the fourth economic stimulus package by the government in its multi-tiered efforts to restore the economy:
Feb-2020 – RM20b –
2020 Economic Stimulus Package
March-2020 – RM230b –
Prihatin
April-2020 – RM10b –
2nd Extended Prihatin ‘Top-up’ for SMEs
June-2020 – RM35b –
Penjana
So what are the key differences?
While the first economic stimulus package was geared towards industries impacted by Covid-19 pre-MCO (tourism, retail), and Prihatin (+Extended Prihatin) was a large hammer to stomp out any risk of total economic collapse as a result of the MCO (i.e., limiting damage to all industries, across both demand and supply).

So what’s new with Penjana (vs Prihatin)?

In contrast with the giant CPR device that was Prihatin, Penjana appears to be a targeted scalpel approach to reflect new realities of our economic mix, for example:
It’s smaller (RM35b vs RM250b)
Incentives for gig workers and flexibility of work (both Flexible Working Arrangements (FWA) and childcare)
Digital focus on business support initiatives (e.g. Shop Malaysia Online, eCommerce, Digital Adoption, e-wallets and digitalisation of government etc.)
Helping specific economic sectors that the government sees as either needing the most support (e.g. property, cars, tourism, arts, culture, events) or that need additional focus in a post-pandemic world (agriculture/food sector)
My team has done a whole bit on
summarising Penjana
 here, and the MOF has helpfully prepared a booklet for download
here
.
First Penjana Thoughts: Tips for Salaried Workers
If you’re still employed, not been put on unpaid leave, and earning a salary, here are some tips and reminders for you to note over the next 3-6 months.

Be prepared for government-supported salary cuts by your employer.

Unlike in Prihatin, the Wage Subsidy Programme (giving out a subsidy to employers in exchange for not laying off anyone or reducing salaries for anyone) will now allow employers to continue receiving a (smaller) subsidy to reduce pay of those employees.

Get a new PC / Laptop / Smartphone via your employer first before buying it for yourself.

This used to be classified as a BIK (benefits in kind) which was taxable but you now have up to RM5,000 worth of tax exempted amounts if you received a laptop/smartphone/tablet from your company. Plus, there’s a special RM2,500 individual income tax relief to purchase the same 3 items, on top of the standard RM2,500 lifestyle personal relief.

Increase your job productivity at home.

If you have not taken the opportunity during the MCO (and CMCO if relevant to your employer) to showcase/increase your productivity levels, perhaps with expectations of a quick “return to office” after a few weeks, this might now be the time to. This is likely to be accelerated and made permanent by tax deductions about to be given to your employer for Flexible Work Arrangements (FWA). This means that employees who can demonstrate similar/increased productivity despite being at home will likely be assessed favourably going forward.

Hold off on the big car/house purchases till Q3 2020.

While the Home Ownership Campaign and sales tax exemptions on car sales has been announced, I’d suggest to wait until the property developers and car manufacturers have had some time (a few weeks at least) to digest and reprice their inventories. As a consumer you don’t want to caught flat footed by making a rash purchase before all companies have finished repricing their goods.

First Penjana Thoughts: Tips for SMEs

As an SME owner myself (RinggitPlus is an SME…), I can certainly say that the battery of initiatives and incentives given by the government in Prihatin, Extended Prihatin and Penjana can be overwhelming. I’ve covered both
Prihatin+Extended Prihatin
 and some quick
Post MCO fixes
 in previous posts, but Penjana comes with a couple of complexities, that is:

What to do will differ depending on which industry you’re in

What to do will differ depending on how ready your business is to sell to or service customers online.

Regardless of that, I believe the following thoughts might still be relevant:

Grants vs Loans - which do you need?

A grant is money from the government given to companies (and sometimes individuals) for specific reasons (R&D or Economic Sector Development). Usually not repayable unless certain grant conditions are not met, such as missing milestones or outcomes. Loans are exactly what they are, repayable (with interest) over time. Check out all the relevant digitalisation (particuarly the SME Digitalisation Matching Grant and the Smart Automation Grant) and recovery grants available, but with loans, be sure to first establish whether your business has a short term liquidity issue (take a loan to tide you through) or a long term solvency issue (take any grant you can, and then restructure your business).

Call your banker to convert your Special Relief Facility (SRF) application into the PSF (Penjana SME Financing)

Sounds like a different scheme, but in reality very similar (3.5% p.a. flat rate with 6 month moratorium at the start), the couple of differences being a Penjana maximum amount of RM500,000 and a RM2bn allocation vs RM1m and RM10bn allocation for the SRF in Prihatin. If you were told “sorry SRF is full, your application is pending” in May now’s the time to chase up to be first in line for the PSF.

Maximise Tax incentives for 2020.

From hiring unemployed people, to offering devices directly to staff to work from home (rather than buying company PCs and leaving them in the office), to strategising Flexible Working Arrangements (eg 50% in/out of office).

Obviously the quick tips and reminders above are highly dependent on which situation/industry you find yourself in, but one thing is clear regardless of whether you’re an individual or an SME owner ->
You need to get informed (hopefully reading this helps) and act quickly.
Overall, Penjana looks to tick all the right boxes and focuses help in areas which needs it the most, but the best way to describe it is a “getting-Malaysia-back-to-work” and a “getting-Malaysians-spending-again” plan, with notable absences of cash handouts do the M40 / B40 segments a la Bantuan Prihatin Nasional (BPN).
Remember, “getting-Malaysians-spending-again” is needed to plug the hole in our economy (as stated by PM Tan Sri Muhyiddin Yassin, the country suffered an economic cost of RM2.4b per day for every day in the MCO), but you can’t save the economy if you yourself are not “saved” first. As before, think of it like the oxygen mask in an airplane. In an emergency, you should put one on for yourself first before helping others in your care (in this case, the economy).
Just lost your job? or SME Owner facing insolvency? Drop me a comment below (or feel free to email me directly) and I’ll be more than happy to help if I can.

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Digi Offers Senior Citizens RM10 Rebate For Postpaid Plans, Every Month For Life

Digi has introduced a RM10 monthly rebate for life for all its registered postpaid subscribers aged 60 years and above.

This lifetime rebate applies to all voice and broadband postpaid plans. Therefore, regardless of what plans a postpaid customer opts for, they will be able to enjoy the RM10 rebate across the board.

From 30 September onwards, Digi has been sending out in-app notifications to all eligible customers to activate the rebate via the MyDigi app. Once redeemed from the “Box of Surprise” section on MyDigi, this rebate will be automatically applied to bills for the following months.

Similarly, the telco will also be sending out these same notifications to other customers when they reach 60 years of age.

Digi’s Yellow Heart programme
 is an ongoing initiative designed to empower communities with better connectivity and technology, and this rebate is a part of it. Since June 2019, the telco giant has also been offering a similar rebate to people with disabilities.

As Digi’s Chief Corporate Affairs Officer Joachim Rajaram puts it, “We are constantly thinking of different ways to include many more Malaysians as the world becomes increasingly digital, either through new connectivity options for easy access to the Internet or digital solutions to power their everyday life.”

(Source:
SoyaCincau
)

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Standard Chartered JustONE Platinum Mastercard Review: The Breadwinner’s Choice

(
Update 28/12/2022:
Standard Chartered Bank has revised the benefits of the JustONE Platinum Mastercard since this review was published. The contents of this review are no longer accurate.
)

While the most popular cards are all about low barriers of entry with modest benefits, crafting a card that’s suited to a particular niche is more challenging. Today, we take a look an example of such a card: the
Standard Chartered JustONE Platinum Mastercard
.

The Standard Chartered JustONE Platinum Mastercard is one of the more interesting cashback cards in Malaysia. It offers cashback for petrol, online, and auto-bill payments – a good mix of cashback categories, and one of very few cards to offer cashback for bills. While it looks like a generalist entry-level cashback credit card, you need to be understand its mechanics to maximise the cashback benefits.

At its most rewarding tier, the Standard Chartered JustONE Platinum boasts a 15% cashback rate and up to RM60 in cashback a month. The potential cashback earnings are generous, so let’s see how this card stands up when we take a closer look.

15% Cashback With RM60 Monthly Cap, But…

Like an increasing amount of cashback credit cards in Malaysia, the
Standard Chartered JustONE Platinum Mastercard
 employs a tiered cashback rate system where you’d need to spend more to get a higher cashback percentage. The lower tiers aren’t particularly enticing, and the card only gets rewarding when you hit the last tier, which unlocks when you spend RM2,500 and above for that month.

Monthly retail spend
Cashback rate
Cashback cap
Below RM1,000
0.2%
RM2
RM1,000 – RM1,499.99
5%
RM12
RM1,500 – RM2,499.99
10%
RM28
RM2,500 and above
15%
*RM60

*Cashback for online purchases will be capped at RM30 per month.

As mentioned above, the tiered cashback rates are applicable to three categories: petrol, online purchases, and auto-bill payments (only for insurance, telco, and utilities). For other categories of spend, the cashback rate is fixed at 0.2% regardless of spend amount.

You’ll also notice that there is a sub-cap of RM30 a month for
online transactions
, which you will have to take into account when planning on how to maximise your cashback through your monthly spend.

Maximising Cashback With The Standard Chartered JustONE Platinum

Unfortunately, Standard Chartered did not include groceries as one of the categories applicable for cashback. It would have made this card arguably one of the best cashback credit cards around as it would cover virtually every essential expenditure in a regular household in a single card. Nevertheless, the three categories still cover quite a large amount of the general family expenditure for the month, and these days you can always get your groceries on online platforms like Lazada and Shopee. More importantly, it is one of the few cashback credit cards left that offer cashback for utilities bills.

To maximise the cashback on the Standard Chartered JustONE Platinum Mastercard, you’ll need to first ensure your monthly expenditure is above RM2,500 to unlock the 15% tier. Remember also that while the higher cashback rates only apply to the three categories, retail spending outside of these categories still count towards the minimum retail purchase requirement; chances are, you will find yourself using the JustONE Platinum on expenditure outside of the cashback categories to hit the highest tiers.

Let’s break it down further with some calculations on the highest tier of cashback. The RM60 cap clearly isn’t 15% of RM2,500; this means that the effective cashback returns are actually lower at 2.4%.  Taking the cap into consideration, you technically only get cashback returns for auto-billing, petrol, and online spend up to an expenditure amount of RM400 (note that the RM30 sub-cap for online transactions is met with RM200 in spending). The rest of the RM2,100 needed to unlock the tier can be used on other things like groceries, dining, and so on. Supplementary cards count towards this retail purchase requirement, which also make it easier to reach the overall RM2,500 monthly expenditure.

All things considered, this card is genuinely useful for a specific type of user. In particular, the breadwinners of the household will find this a pretty useful card. Those with children may find it easy to hit the RM2,500 threshold, which means you can actually get RM60 cashback each month just by paying for the essentials; in a year that amounts to RM720, which is one of the highest among cashback cards in Malaysia.

Entry-level requirements

The
Standard Chartered JustONE Platinum Mastercard
 is surprisingly easy to apply for. The minimum annual income is just RM36,000, or RM3,000 a month. Of course, it should be noted that even though a fresh graduate can qualify to apply for this card, it doesn’t necessarily mean they will be able to take full advantage of the card’s benefits.

If you earn the minimum RM3,000 a month, you will not be able to comfortably spend RM2,500 just to get the RM60 cashback. Moreover, there is a RM250 annual fee for this card, which is free for the first year. After that, your cashback earnings will still outweigh the cost of the annual fee if you’re earning RM60 in cashback a month, but it’s something to think about if you’re not tapping into the full potential of the JustONE Platinum’s cashback offerings.

Conclusion: A Genuinely Useful Card For The Family Man

From our analysis, it is clear that despite its low barrier of entry, the
Standard Chartered JustONE Platinum Mastercard
 is more suited to bigger spenders rather than fresh graduates. For those who are looking for cashback cards that yield similar returns for much less monthly spend, you can check out the
Maybank 2 Gold
 and the
Public Bank Quantum
 credit cards instead.

But for the breadwinners – and by extension the person who pays for the bills every month – this is a credit card that yields one of the
highest cashback amounts in the market
. The caveat is simple: you must be confident of your capability to hit that RM2,500 expenditure every month, and this must include spending on petrol, auto-bill payments, and online expenditure.

If you feel that this is the right card for you, then go ahead and apply for the
Standard Chartered JustONE Platinum Mastercard via RinggitPlus
 today.

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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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Here are the RinggitPlus.com iPad mini & voucher giveaway winners!

iPad mini winner

Kristina Musina

2 x RM500 IKEA voucher winners

Sherry Crow

Kooi Yunn Chai

8 x RM50 Tesco voucher winners

Wendy Wong

Phil Ong

Jeffrey Liew

Mazliza Mahdzar

Nazreen Fathimah

Florence Francis

Aini Akmalia

Badiuzaman Mohd Noor

Congratulations to all our winners! We hope you enjoy your prize. If you didn’t win this time, don’t worry because we’ll be having more competitions in the future.

Be sure to register on our site or connect with us via the channels below so that you won’t miss out on any of them.

RinggitPlus.com

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Confirm Jimat Life Hack to Help You Save More with Stackable Vouchers on Lazada

Let’s get straight to the point, you need to get your Baju Raya and a list of things to spruce up your home before Raya. Now where can you go to hunt for good quality products at affordable prices and enjoy fantastic discounts?

Jualan Raya Mega Lazada – Value-for-Money Deals for Ringgit-Savvy Consumers

Whether you’re shopping for Ramadan, Raya, your daily necessities or coveted branded items, there’s a number of ways you can save when shopping on Lazada. Be sure to check out these promotions from Lazada from 4 April 2023 onwards:

Crazy Brand Mega Offers
 – Between 12 pm to 2 am, enjoy deals with discounts of up to 90% off when you shop from your favourite brands on LazMall.

Mesti Beli Deals
 – Refreshed daily, Mesti Beli Deals comprise a range of products with the lowest prices guaranteed. Some of the brands with special offers during the Jualan Raya Mega are Apple, Samsung, Honor, OPPO, Dyson, Panasonic, Toshiba, Skechers, Bosch, Clarks, and Blackmores, among many others.

Super Seller Spotlight
 – Collect vouchers from Super Seller stores and enjoy discounts from 20% off storewide  on Lazada from 12 pm to 2 pm and 8 pm to 12 midnight.

LazFlash
 – Limited-time only flash deals where you can enjoy products up to 90% off.

All you have to do is click on the ‘
Voucher
’ Page to collect all the available vouchers.

You may be wondering, “Which voucher, promotion or discount is applicable for my purchase?“ The details below might help. But remember to check the validity and the terms and conditions:

Free Shipping Voucher
 – Why pay for delivery charges when you can get it for free! Enjoy
Fast and Free Shipping
 when you shop on Lazada. Just click on the ‘Free Shipping’ icon on the ’Home’ tab and collect the vouchers.

Everyday Cashback
 – This is a cashback reward that you earn when you shop on Lazada. During Jualan Raya Mega Lazada, certain purchases might be applicable for a cashback reward of up to 44% (capped at RM10) offered by participating brands or sellers with the Everyday Cashback badge. Enjoy amazing cashback of a percentage of your spending, which can be used for your next purchase.

Lazada Bonus
 – Lazada Bonus is a special reward when you spend a certain amount during Lazada’s Mega Campaign or seasonal Sale. Up until 6 April, Lazada Bonus can be collected and redeemed to enjoy RM9 off for every RM90 spent*.

Lazada Platform Vouchers
– Other than vouchers from the flagship stores of brands on LazMall, or sellers on Lazada Marketplace or LazGlobal, you may also collect Lazada platform vouchers. You may just save on bulk purchases or enjoy even more savings when you purchase products from selected categories!

Bank Vouchers or Payment Vouchers
 – Your selected payment method may also allow you to earn additional savings. If you pay using a participating bank’s credit or debit cards, or opt to pay using either Lazada Wallet, Touch n’ Go LazPay eWallet, or LazPayLater, you may enjoy special discounts and rebates. Simply collect the vouchers from the Voucher Channel and utilise these payment methods during check-out to unlock even more savings.

Store Vouchers
– Certain flagship stores, sellers or stores on Lazada will reward you with rebates, so be sure to collect these vouchers directly from the product page or via Lazada’s Voucher Page . Here’s an easy jimat hack: if you’re shopping for multiple items, try to make a purchase from one store that carries all or a majority of the items you need – the bigger your basket size is upon check-out, the more savings you can enjoy. And remember to follow the store that you’re buying from to get an extra ‘follow’ discount.

LazCoins
 – Another extra reward for frequent shoppers and loyal customers is LazCoins. During the Jualan Raya Mega Lazada, customers can earn up to 1,100 LazCoins with a minimum spend of RM150 between 12 am to 2 am. LazCoins can then be redeemed until 6 April to enjoy discounts of up to 15% off.

Stand A Chance To Score Exciting Prizes With Lazzie Hunt

Users of the Lazada app can participate in the Lazzie Hunt and  stand a chance to take home awesome prizes such as an Ogawa EliteX 3D Foot Massager, DDPAI Dash Cam, and a GINTELL G-Flexi Portable Massage Cushion.

All you need to do is collect Raya Lazzies daily by either checking in, purchasing products, following stores, and sharing deals with friends and family. You can then exchange these Lazzies for a myriad of rewards such as Free Shipping, Store Vouchers, bonuses, special rebates, LazCoins, and more. If you are the lucky one that collects the most Lazzies, then these gifts could be coming home with you!

*Terms & Conditions apply.

***

So, remember the key to unlock more discounts and confirm jimat is the vouchers, and all you have to do is to collect, collect, collect! When you collect the vouchers, the system will automatically configure the best vouchers, discounts, and promotions valid and stack up those savings for your purchase. Just click on the ‘Voucher’ icon on the ‘Home’ tab. Alternatively, you could also collect them on the product description page itself or right before you check-out your shopping cart. Click on the top right corner where you’ll see ‘Get Voucher’, collect the vouchers, and the system will automatically reflect valid vouchers that you can use to offset your total.

You’ll be so excited when you see how much you manage to save, compared with the initial total amount! So make the most of your online shopping on Lazada during the Jualan Ramadan and Jualan Raya Mega this week.

Download the Lazada app on your smartphone on the
Apple App Store
 or
Google PlayStore
 and remember to follow Lazada Malaysia’s official
Instagram
,
Facebook
, and
TikTok
 to get the latest updates and special deals.

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Lisa Ameera Azman

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Enrich Introduces Lifetime Enrich Points That Do Not Expire Alongside Upgraded Online Platform

Enrich, the travel and lifestyle loyalty programme under Malaysia Airlines (MAS), has rolled out an improved loyalty management system that is expected to better enhance its members’ digital experience. This includes the addition of several new features – such as the new Lifetime Enrich Points and Elite Tier Purchase service – alongside the launch of an upgraded online platform.

Enrich members can now tap into an enhanced online portal that offers a more seamless and intuitive user experience. They’ll be able to access their accounts more easily, as well as manage their profiles, perform services such as buying and gifting points, and extending expiring points with less hassle. On top of that, with Enrich Online now available on mobile device, members will also be able to carry their digital cards everywhere and enjoy their privileges at eligible online and offline partners more conveniently.

The highlights of this latest update, however, is the introduction of two brand-new features: the new Lifetime Enrich Points and the Tier Purchase service. The Lifetime Enrich Points feature ensures that the Enrich Points earned during your Platinum membership do not expire throughout your membership (compared to a three-year validity previously). These Lifetime Points also stay evergreen even if your Elite status changes over time.

Meanwhile, the Tier Purchase service makes it possible for you to purchase Elite Points to fast track your Elite tier status, allowing you to access more travel benefits and lifestyle privileges (and of course, upgrade to Lifetime Enrich Points). In other words, you can now retain or upgrade your tier directly anytime, instead of having to accumulate the required amount of Points to qualify for a particular tier. Naturally, it will not be cheap to do so – but the option is there for those who wish to.

The group chief marketing and customer experience officer of Malaysia Airlines Berhad, Lau Yin May said that this marks a milestone in Enrich’s transformation from a conventional frequent flyer programme to a travel and lifestyle loyalty programme.

“With this new online platform, we take our members’ experience to the next level, providing them with a more personalised experience, convenience and seamless access to their accounts and services on desktop and mobile. Enrich members can continue to enjoy the Malaysian Hospitality service as we continuously strive to offer maximum value to all our members more exciting features to be rolled out over the next few months,” she said.

(Sources: Malaysia Airlines [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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MOF: Govt To Continue Tax Exemption For Foreign-Sourced Income

(Image: Bernama)

The government has made a turnabout on its decision to begin taxing foreign-sourced income in Malaysia starting from the year of assessment 2022 (YA2022). With this, individuals earning all types of foreign incomes will continue to benefit from tax exemption, and it has also been extended to dividend incomes earned by limited liability companies and partnerships.

According to the Ministry of Finance (MOF), this exemption will take effect starting from 1 January 2022 until 31 December 2026. The ministry also clarified that this exemption will be subject to selected eligibility criteria, which will be further detailed in the Inland Revenue Board’s (LHDN) guideline.

“For individual taxpayers, the government provides exemption to all individuals except those who conduct business partnerships in Malaysia, which will be subject to tax on foreign-sourced income received. Non-resident categories (individuals, companies, etc) remain eligible for income tax exemption,” the ministry noted.

(Image: Bernama)

For context, Malaysians earning foreign-sourced income were originally not required to pay tax on their gains, except for selected activities such as banking, insurance, and air and sea transport operations. This was provided with effect from 1998 (YA1997) for companies, and 2005 (YA2004) for individuals.

During the tabling of Budget 2022, however, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz proposed the withdrawal of the tax exemption on foreign-sourced income received in Malaysia. At that time, he stressed that this move was essential as a part of MOF’s revenue sustainability measures, adding that it is in line with international regulations. In response, several parties
urged the government to reconsider the plan
 as it could have significant repercussions.

Aside from announcing the government’s reversal in taxing foreign-sourced income, MOF also said that foreign-sourced income received in YA2022 will be exempted from Cukai Makmur as well. For context, Cukai Makmur is a one-off windfall tax (33%) that will be levied upon companies that profited more than RM100 million in YA2022.

(Source:
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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    Paige

    1 year ago

Are all foreign sourced income exempted ? I teach some online classes on Patreon which is a US based company , and I get paid every month via Pay Pal, is this income exempted from taxation also?

Thanks .

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PM: Budget 2022 To Focus On Three Key Areas

Prime Minister Tan Sri Muhyiddin Yassin has revealed that Budget 2022 will be tabled in Dewan Rakyat on 29 October 2021, with a focus on three main areas.

“I would like to inform that Budget 2022 will focus on three key areas, namely the agenda to drive economic recovery, rebuilding country’s resilience, and catalysing reforms – or Recovery, Resilience, and Reform,” said the prime minister during the ministers’ briefing session in the Special Meeting of the Third Session of the 14
th
 Parliament today.

For context, the three key areas mentioned are part of a
six-phase plan
 that had been previously announced to aid Malaysia’s economic revival following the Covid-19 pandemic. The full plan is comprised of 6Rs: Resolve, Resilience, Restart, Recovery, Revitalise, and Reform.

(Image: Sinar Harian)

“Towards this end, special focus will be given on efforts to revive the affected sectors, such as tourism, improve the capability of the public healthcare system as well as the social protection scope, and boost the digital economy to strengthen the nation’s competitiveness in facing the new normal globally,” Muhyiddin further explained.

The prime minister also stated that the government will take an unprecedented step in issuing a pre-Budget 2022 statement through the Ministry of Finance. This is in addition to the sharing of a public consultation document on the focus of policies, which is expected to be released in August 2021. These efforts are being taken to increase the transparency process, as well as to involve the public in the annual budget preparation, he said.

(Image: Mashable)

Aside from disclosing details on the national budget, Muhyiddin also stated that the 12
th
 Malaysia Plan (12MP) will be tabled on 20 September 2021. Together with the tabling of Budget 2022, both proceedings will see the government announcing the continuation of the National Recovery Plan (PPN), as well as refining any other necessary economic recovery measures to set the country on the right track again.

“Besides that, as a key element in presenting information on the implementation of PPN to the public, a National Recovery Plan portal is being developed as a one-stop reference centre, which will display the latest indicators as well as information related to PPN, the benefits, and also the latest standard operating procedures (SOPs), which will be more user-friendly,” Muhyiddin also shared.

(Source:
The Edge Markets
)

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Tan Sri Muhyiddin Yassin

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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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66,600 Households Receive Electricity Bill Rebate, But Another 68% Yet To Register

According to Energy, Science, Technology, Environment and Climate Change (MESTECC) Minister Yeo Bee Yin, a total of 66,600 poor and hardcore poor households have received their monthly electricity bill rebate of RM40 each. These households have been registered and verified under the e-Kasih system and received their rebates effective 1 January of this year.

Taking into account the poverty line income of 2016, MESTECC targeted a total of 208,800 e-Kasih households for the subsidy to be distributed to. However, the ministry’s data showed that a total of 142,200 households registered under e-Kasih had yet to register with the relevant utility companies to receive the assistance.

Yeo cited two reasons why the registration for the rebates did not hit the expected target. Firstly, the relevant heads of household could have their electricity bills registered under the names of other family members. Another reason could be that the target families are living in rented properties with their utility bills registered under their landlord’s name.

“In such cases, I urge those who are eligible to immediately register their electricity bill account with Tenaga Nasional Berhad (TNB), Sabah Electricity Sdn Bhd (SESB), or Sarawak Energy Berhad (SEB),” said Yeo.

The government announced the increase of the monthly electricity billing subsidy from RM20 to RM40 during the tabling of the 2019 Budget last November, with an allocation of RM140 million. Yeo stated that any savings made would be channelled to other aid programmes that would be announced in the second quarter of the year.

Members of the public can check their e-Kasih and rebate eligibility at the
MESTECC online portal
 or by calling the My Government Call Centre (MyGCC) at 03-80008000.

(Source: The Star
[1]
,
[2]
)

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iPhone 7 vs iPhone 6s: To Upgrade, or Not to Upgrade?

Frugal gadget fans who kept up with the announcement of the iPhone 7 last week know that it means the older models get cheaper. Which is
true
. This automatically means it’s better to go with an older iPhone, right? Well, not necessarily.

It’s entirely possible that the new tech is worth the extra cash and that the older model has been rendered obsolete! But how do you know for sure? Fret not, we’re here to do the homework for you and find out!

First Off: No Headphone Jack

Part of the big news is how Apple’s latest and greatest flagship phone has been revealed to have no headphone jack. Which means you can’t plug in your old wired headphones into the new iPhone without the use of a dongle.

Why? Because they’re introducing their new wireless headphones. Yeah, we’re not sure how this controversial decision is going to pan out either. Are you keen to try them, or would you rather stick to wired earbuds (and other iPhone accessories that use the headphone jack)? Your answer to that determines whether or not you should upgrade.

Advantage
: Neither. iPhone 6s if you hate dongles.

Performance

Apple has not yet detailed the iPhone 7’s exact processor models and clock speeds, but it claims that the first ever quad core processor in an iPhone will deliver 40% CPU performance gains and 50% GPU performance gains over the iPhone 6s.

Keep in mind however, that the iPhone 6s is already blazingly speedy. So this may not be a huge selling point for the iPhone 7 over the 6s. It does however, make the iPhone 7 the better choice if near future iOS versions demand greater performance capabilities.

Advantage
: Slightly towards iPhone 7

Cameras

The iPhone 7 comes with a significanlty larger f/1.8 aperture, optical image stabilisation, and a four LED flash with warm and cool tones. Which means the newest iPhone will have improved photo
quality
 in low light conditions, a weakness of most iPhone models until recently.

Their new 6-element lens, upgraded image signal processor, and added support for wide colour capture will also make the colours more accurate. Their front facing camera is also now up to 7MP and can capture 1080p video. None of which matters if you don’t use the camera that much, of course.

Advantage
: Strongly towards iPhone 7

Battery Life

The iPhone 6s has a 14-hour battery life whereas Apple claims the iPhone 7 can last 2 hours
longer than that
. How fast your iPhone loses charge depends heavily on how… heavily you use it.

But 2 hours really isn’t that much of an improvement. You would think they were going to use the extra space from the omitted headphone jack to put in a larger battery, but that didn’t seem to be a priority in the latest model. Maybe next year?

Advantage
: iPhone 7, but just barely.

Price

While the iPhone7 isn’t out yet, you can already pre-order them from 11street.my so we’re using those prices to compare with for now. We’ll also only show the prices for models of equivalent storage space. You can check out their full pre-order
listing
 to find the prices for the other models of iPhone 7 available.

iPhone 7: 32GB (RM3,899)

iPhone 7: 128GB (RM4,399)

iPhone 6s: 32GB (RM2,699)

iPhone 6s: 128GB (RM3,199)

Advantage
: iPhone 6s, obviously.

We hope with these new facts and information, you can help make a more informed decision on which iPhone you want to buy. Agree, or disagree? Maybe you think Android (or even Blackberry!) is better? Share your thoughts and ideas with us in the comments section down below!

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Are Your New Year Resolutions Set to Make You Broke?

It’s the middle of December and if you aren’t talking about Christmas; you’re probably talking about what kind of a year 2015 was and what you hope 2016 will be. No conversation about the new year will be complete without a discussion on new year resolutions.

Whilst ‘saving money’ is a very common item on most resolution lists – it is often followed by other resolutions that can sneakily undermine it’s effectiveness.

We took a look at the most common resolutions that crop up and how these promises are may wreak havoc on your finances if you didn’t plan them well enough.

“I Will Go to the Gym More Often”

Tied into the motivation to lose weight and be healthier; the resolution to go to the gym more often is not a bad one in itself. It’s just a little bit of a problem if you didn’t have a membership in the first place and need to pay for one!

Gym membership costs in KL range from RM160-RM250 per month depending on the package, plan and outlet location. Whilst this doesn’t seem like a lot; it adds up over the year. Couple it with parking fees and you’ve got a good lot of cash trickling out of your pocket – whether or not you actually stick to your resolution.

Fix
: Instead of vowing to go to the gym; why not find other ways to exercise for free? Some time back,
we did give you a few ideas on how to get fit without breaking the bank
, so check that out before you sign up for an expensive gym membership!

There are also smaller gyms peppered around the city in shoplots and apartments. You can even try
per-entry payment gyms
 just in case you end up not using the membership over time. Of course, do a cost comparison. If your per entry plan works out the same as a full membership then you can decide to invest in the latter.

“I Will Eat Healthier”

There are many ways one can opt to eat healthier but not all of them will be easy on the bank account. If it is choosing a sandwich over
roti canai
 for your breakfast – it’s not such a big deal but what if you suddenly decided it would only be organic and premium produce only?

Organic produce and premium groceries can cost more than 5x the price of regular grocery items and unless your budget is ready for such a splurge; you could find yourself in a bit of a hock.

Fix
: Do eat healthier but if you find organic produce too expensive to form the sole lining of your meal plans – opt to mix it up with non-organic produce too.

It would also help to
shop smart
 and
make use of credit card benefits when you buy your essentials
. You can get so much more for your money with a little know-how.

“I Will Spend More on Experiences”

It has often been said in many articles on the web that happiness is most often the by product of spending money on experiences as opposed to things. This encourages folk to resolve to spend more on experiences such as travel and going out.

Whilst it’s not a bad thing to want to cleave more happiness out of the money you spend – the risk is present that in the zeal to replace shopping with travelling, you end up spending more on the latter than you ever did when you were shopping.

Fix
: Avoid the risk of overspending on your vacations and new experiences by having a budget handy. Consider how much you spend on shopping in a year and make sure your new-found love for travel is not overtaking that amount by leaps and bounds.

You can also make use of our many tips on
how to save when travelling
 and use your
credit card for airmiles that translate into cheaper trips
.

Whilst new experiences are priceless to us – they have a very definite price tag when it comes time to pay up!

“I Will Make More Money”

Now who doesn’t want to make more money any time of the year? It’s definitely an honourable effort to want to work harder to earn more and we’re 100% all for it. If of course, it’s being done prudently.

The desire to hit the jackpot can sometimes make people a little less careful about the schemes they get into and where they decide to invest their money. Scams and get-rich-quick schemes abound in Malaysia and if one isn’t careful – the will to get more money is going to cost you.

Fix
: Invest your time, money and efforts the right way by doing your homework and talking to reputable professionals based on how you’d like to earn more money.

For example, if interested in investing, get in touch with a
Bursa Malaysia registered broker
 and get to know trading norms before jumping in headlong. For new business opportunities, always do your own homework and never commit ALL of your savings if you can help it. Talking to a personal financial advisor will help too.

Practice prudence when looking to make more money and you’ll be less likely to cause serious damage to your finances.

Don’t Forget the Money Aspect When Making Resolutions

Resolutions are all about helping us live better lives and in turn become better people. But in pursuit of these resolutions – don’t forget the attached money element. It always pays to
get your finances in order
 along with everything else.

There are always ways to achieve your goal without putting your financial empire at risk so do plan and execute your resolutions carefully.

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Diana Chai

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Boost e-Wallet Now Accepted At 800 Shell Stations Nationwide

You can now use the Boost e-wallet to make payments at over 800 Shell stations across the country, making it one of only two e-wallets to support petrol transactions in Malaysia.

Following a soft launch in selected Shell stations in April, Shell customers can look forward to more convenience and security when making payments. With the growing adoption of e-wallet use in Malaysia, Shell and Boost will expand the service to all Shell stations nationwide by the end of this month.

Mohd Khairil Abdullah, CEO of Axiata Digital Services Sdn Bhd (which owns Boost), shared his enthusiasm with the collaboration. “We are excited to play a leading role in turning Malaysia into a cashless society, in-line with the Government’s ambitions,” he said.

Here’s good news for Shell and Boost customers – in conjunction with the partnership, you can get RM5 cashback when you spend RM40 with the e-wallet at selected stations from 14 May to 14 June 2019. Each Boost user can enjoy this cashback twice throughout this campaign period.

With this announcement, Boost becomes only the second e-wallet app to support transactions at petrol stations.
Setel, an e-wallet from Petronas
, has been in operation since November 2018 – but the e-wallet currently only supports transactions made at Petronas.

Download Boost from the
Apple App Store
 or
Google Play Store
.

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Hayatun Razak

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Frequently Asked Questions About Medical Insurance

If you’re not familiar with the jargon that insurance companies use, buying a policy and getting your family covered for basic medical care can be very confusing. Here’s our handy guide to the top questions people have asked us about their medical insurance package.

Question 1: How do I use my Medical Card?

Once you’ve got a Medical Card, getting into a hospital and making claims is a much, much easier process. You only have to present your Medical Card at a Panel Hospital and get a doctors consent to be admitted. There’s a lot less waiting and tedious paperwork.

The best thing is that you won’t have to worry about settling your medical bills upfront, as most policies allow for cashless admission.  In many cases medical bills will be submitted directly to your insurer for claim evaluation.

Question 2: Am I insured when I am hospitalised outside Malaysia?

If you’re traveling a lot it’s great to make sure that you’re covered for any illness. You should know that there is such as thing as the
overseas residence clause
 that can catch you out if you’re studying or working abroad for an extended period of time. This clause let’s most medical insurance policies reject your claim if you’ve stayed overseas for 90 consecutive days. You know insurance companies like to reject claims if they can find a reason!

However, you might be able to get compensation for treatment received abroad under another clause called the
reasonable and customary charges
 provision. For example, if you have had surgery in Australia that cost AUD10,000 (about RM30,000) your insurance company might reimburse the amount you would have paid had the surgery been performed locally in Malaysia.

Question 3: What should I do if I am admitted to a non-panel hospital?

Don’t panic just yet! Let’s say that you’ve been involved in a motor accident or a sports injury and rushed to the nearest hospital that so happens to
NOT
 be on your insurer’s list of panel healthcare providers.

There are two phone calls you absolutely have to make – first is to your family (if they’re not by your side already), informing them that you’re doing fine, and another to your insurance agent, to inform him or her of your situation.

This way, your medical bills may still be payable by your insurer – you’ll just have to pay out of your own pocket first before you can file for a claim. Remember to keep all original copies of medical bills, medical reports, and letters from doctors as they are important  to make an effective claim.

Question 4: How are my premium payments calculated?

So you want to know what really goes into determining your insurance rates. Well, an insurance company will quote a premium amount depending on your risk – that is, how likely you are to make a claim, and how much will these claims cost. During the underwriting process, there are several factors to look at, and one of them is your occupation. Occupation types come in 4 flavours: Class 1, Class 2, Class 3, and 4.

Occupations in Class 1 and 2 generally face lower risk, for example work that require employees to only stay in the office –
because how exciting can a 9 to 5 desk job be?

Class 4 occupations face the highest risk, for instance crane drivers and firefighters. The higher the occupation class, the higher your annual premium. Other things that are taken into consideration would be your age, gender, and overall health.

Question 5: What is co-insurance, co-takaful, and deductibles?

Even with a medical card, you can still be on the hook to pay for a chunk of every instance of care you seek, be it for a drug prescription or doctor’s appointment.

These kinds of policies are ones that allow you to choose a co-insurance or co-takaful option – the practice of sharing the costs of medical treatment between you and your insurance company.

Similarly, a deductible is the money you pay to the hospital before your policy begins to cover your behind. For example, if you’ve chosen a deductible of RM2000, and your bill amounts to RM5,000, your insurer will only pay the remaining RM3,000.

The good thing about going for a plan with a deductible or co-insurance is that your premiums will always be cheaper, possibly saving you more money in the long run.

Question 6: What are the common reasons why medical claims get rejected?

You’ve probably heard from friends and family about how they’ve been denied insurance claims, but you’ve only heard one side of the story. Below are some of the most common reasons why you claims may be rejected:

Claim Within Waiting Period

Except for accidental injuries, medical insurance won’t cover for any medical cost charged in your name within 30 days from the date of activation of the insurance policy.

Exclusion Clauses

Having access to a medical card will not protect you from every imaginable condition, especially pre-existing illnesses! Read our ‘
5 Things Not Covered By Medical Insurance
‘ guide to find out more.

Unpaid Premiums

This shouldn’t come as a surprise – you’ll definitely run the risk of lapsing your insurance policy if you’ve failed to pay your premium past the due date.

Fortunately, if you have a medical plan riding on a conventional life insurance policy, there will be a
cash surrender value
 which will help to pay for your hospitalisation and surgical bills once your policy has been terminated.

Exceeded Your Limit

There are two limits that you need to keep tabs on: the annual limit, and the higher lifetime limit. If your latest hospital bill is RM80,000, but your annual limit is only at RM50,000, you will have to pay for the difference.

Many medical plans set their coverage to ‘as charged’, meaning your insurer will pay the total amount charged by the hospital – subject to both limits.

Always Plan Ahead

In the end of the day, you are responsible for your own health and well-being, so it totally helps to be informed about the details of your policy. Before deciding on a medical plan, with some proper thought and planning, you can keep your insurance costs as low as possible and enjoy only the coverage that you need. But most importantly, keep fit and stay healthy!

Do you have any lingering questions about your medical insurance plan? Ask in the comments below! To compare all medical cards in Malaysia, visit our
Medical Cards Comparison Page
 now!

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    hamidah

    3 years ago

can I know which company offers the best medical insurance to-date. my daughter of 25 years old is looking at buying medical insurance

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BNM Issues Draft Framework For Digital Banks To Enable Innovative Fintech

(
Image: FintechNews Malaysia
)

Malaysia may soon see five new digital banks in the local banking industry as Bank Negara Malaysia (BNM) has expressed the possibility of issuing up to five licences to qualified applicants to establish digital banks. These banks could conduct either a conventional or an Islamic banking business in Malaysia.

This comes as part of Bank Negara’s recent announcement of the exposure draft for the licensing framework for digital banks. It serves as one of Bank Negara’s many measures to enable innovative application of technology in the financial sector.

The new framework aims to find a balance between licensing digital banks with strong value propositions while safeguarding the integrity of the financial system as well as investors’ interests. That said, it also takes into consideration that these digital banks have not completed a full financial and economic cycle.

In a statement, Bank Negara emphasised that the licensed digital banks should be able to offer banking products and solutions to the underserved markets in Malaysia. Such banks should also provide meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers.

To demonstrate their profitability and trustworthiness, the digital banks will be required to go through a “foundational phase” of three to five years of operations, during which they must have an asset threshold of not more than RM2 billion. In this same period, they must also maintain minimum capital funds unimpaired by losses of RM100 million, and RM300 million thereafter.

Additionally, the digital banks will be required to comply with the requirements of the Financial Services Act 2013 (FSA) or Islamic Financial Services Act 2013 (IFSA), although they will be treated to a more simplified regulatory requirement during the “foundational phase”.

The exposure draft is issued together with two other Application Procedures to provide clarity on the procedures and criteria involved in the application process to be a licenced persons under the FSA and IFSA. The two Application Procedures are:

Application Procedures for New Licences under the FSA and IFSA

Application Procedures for Acquisition of Interest in Shares and to be a Financial Holding Company

Bank Negara aims to finalise the policy document by the first half of 2020 so that applications for licence can begin upon issuance of the document. The central bank invites feedback on the
exposure draft
, but they must be submitted by 28 February 2020 so that Bank Negara is able to meet its set timeline.

(Source:
Bank Negara Malaysia
,
Malaysiakini
)

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Find All Your Baby Needs With Discounts Up to 20% At Tesco Baby Fair 2020

It’s no doubt that babies bring joy to every family – but with the increasing cost of living today, even basic essentials for baby care such as diapers and wipes can prove to be taxing. We totally understand that as parents, you only want the best for your baby.

That is why, you might be delighted to know that from
 24 September 2020 – 7 October 2020, Tesco is bringing you its Tesco Baby Fair 2020
 with a variety of baby products at attractive discounts!

Tesco’s Top 10 Baby Essentials – All Under One Roof

Diapers, wipes or formula milk – find all your baby’s essentials under one roof here in Tesco. In line with Tesco’s motto “Penuh Nikmat, Semakin Jimat’, you can look forward to quality products at affordable prices.

Among the products on sale are Tesco’s exclusive range of baby care products and diapers, Fred & Flo. Designed to meet UK standards but with adjustments to suit South East Asian sizes and styles, these baby products stand out in terms of comfort and affordability. In fact, parents can look forward to discounts up to 20% on various products such as Fred & Flo Concentrated Anti-Bacterial Liquid Detergent (RM7.99), Fred and & Flo Liquid Cleanser for feeding bottles and nipples (RM7.99), and Fred & Flo Moisturising Baby Wipes 2 x 80s (RM8.99).

Other essentials to anticipate at low prices include Fred & Flo Disposable Baby Diapers (RM26.99 per pack) in sizes M to XXL as well as PETPET Disposable Baby Diapers (RM27.90 per pack) in sizes S to XL. Babies aged 1 to 5 months old go through an average of 10 diapers per day – that adds up to almost 300 diapers per month! So, be sure to take advantage of these discounted prices on disposable baby diapers to enjoy the most savings.

That’s not all, the Tesco Baby Fair 2020 also features products for toddlers and young children. Parents with children aged 1 to 9 years can find a variety of formulated milk powders for their little ones.

Look forward to discounts of RM20 off when you purchase two tins of formulated milk powder by Anmum Essential (RM82.90/unit) or Enfagrow A+ 360DHA Complex product range (RM99.99 – RM125.99/unit). Alternatively, get RM10 off when you purchase two tins of Similac Gold Gain (RM112.99 – RM119.99/unit) or PediaSure OHT Vanilla  1.6kg (RM138.99/unit).

In addition to that, keep an eye out for special discounts on Dutch Lady Milk Powder 900g pack (RM18.99). Available in an array of flavours, this Dutch Lady Milk Powder boasts protein, over 20 vitamins and 5 time more DHA.

Whether you’re shopping for formula milk powder, diapers, or gentle washing detergent, get your daily essentials conveniently while enjoying savings at the Tesco Baby Fair 2020.

You Can Shop At Tesco Baby Fair Online Too, On 3 Shopping Platforms

The top 10 baby products featured above are only the tip of the iceberg. Find the full range of baby necessities on sale during the Tesco Baby Fair 2020 — as well as more deals on groceries and household items —
right here on the Tesco Catalogue
.

Whether you’re heading Tesco near you for your weekly shopping or if you currently have a Tesco Online account, be sure to check out the Tesco Catalogue and make a list of your favourite products ahead of time to enjoy a seamless shopping experience. What’s more, with Tesco Online you are rewarded with Clubcard points and can also have your shopping delivered to your doorstep from the low rate of RM6 per delivery.

Alternatively, if you prefer carrying out your shopping on other platforms, Tesco baby products are also featured at the
Tesco Flagship Store on Lazada
 and
Tesco Store on Shopee Mall
. Enjoy the same quality and affordability on a range of products when you shop at either of these popular e-commerce sites.

So, go ahead and get your shopping lists ready for the Tesco Baby Fair 2020 from 24 September to 7 October 2020.

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Enrich Enables Touch 'n Go eWallet Reload PIN Redemptions Using Enrich Points

Enrich, the frequent flyer programme for Malaysian Airlines (MAS), now allows members to redeem their Enrich Points for Touch ‘n Go eWallet reload PINs. For a limited time, members can enjoy a 20% redemption discount too.

TNG eWallet reload PINs are the latest additions to the increasing amount of lifestyle redemptions offered by Enrich. Previously, members could redeem restaurant vouchers as well as Shopee vouchers. Now with TNG eWallet reload PINs, members have another way to redeem their Enrich points, and the redemption rates available are as below:

Enrich Points
TNG eWallet reload PIN
1,000 Enrich Points
RM10 TNG eWallet reload PIN
2,000 Enrich Points
RM20 TNG eWallet reload PIN
5,000 Enrich Points
RM50 TNG eWallet reload PIN

This essentially means that each Enrich Point is valued at just 1 sen, which is considerably lower than if you were to redeem the Points for flights – as shown by
our calculations here
, made based on an assumed flight back in 2020. That said, with flights and travel still being somewhat restricted for the immediate future, exchanging your Enrich Points for TNG eWallet reload PINs may actually work out for some people whose Points are expiring soon. This is unless you’re a Platinum member who is able to tap into the
Lifetime Enrich Points feature
, allowing you to enjoy evergreen Enrich Points.

Enrich is sweetening the deal with a limited-time-only introductory promo that gives you 20% discount on the redemption rate. This means that if you were to redeem the RM10 TNG eWallet reload PIN via this promo, you will only need 800 Enrich Points instead of the original 1,000 Points. Similarly, the RM20 and RM50 TNG eWallet reload PINs will cost only 1,600 and 4,000 Points, respectively. Under this offer, the value of each Enrich Point increases slightly, but not by much, to 1.25 sen.

Do be aware that redemptions can only be done at the Enrich Online portal, and not at any participating TNG merchant outlets. Also, take note of the validity period of the TNG reload PINs; once you’ve redeemed the reload PINs, you will have between today until 30 November 2021 to utilise them (of course, once reloaded, the value in your TNG wallet does not expire).

Enrich further clarified that there is no limit to the number of reload PINs that you can redeem, as long as you have sufficient Enrich Points to do so. The reload PINs redeemed will be sent to the email that you have registered in your Enrich profile.

(Source:
Enrich
)

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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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Grab Offers Huge Points Bonuses For Topping Up And Spending With GrabPay

Grab is once again holding its month-end GrabPay Power Up campaign, but this time, the tech giant is combining two standalone offers into one mega campaign that is very rewarding for GrabPay users.

On 28 and 29 April (that’s starting midnight tonight!), users be able to earn bonus GrabRewards Points just by topping up their GrabPay wallet. Meanwhile, on 30 April, users will be rewarded with up to 50x GrabRewards Points when they spend a minimum of RM180 with selected online merchants via GrabPay.

28 & 29 April: GrabPay Top Up & Earn Up To 9,000 GrabRewards Points

During these two days, users will be able to earn 2,500 GrabRewards Points when they top up their GrabPay e-wallet with a minimum of RM300, and 6,500 GrabRewards Points for a RM500 top-up.

Each user is allowed one redemption per category, which means that you can technically earn up to 9,000 GrabRewards Points through this top-up perk (by topping up RM300 and RM500 in two separate transactions). As before, the Points will be awarded on a first-come first-served basis until the allocated cap has been reached.

That said, the campaign page states that only selected users are eligible for these top-up incentives, although it did not list out the exact eligibility criteria. Nonetheless, if you’ve been planning a big purchase using GrabPay, there’s no harm testing it out with one eligible top-up first – the points will be awarded instantly if you are eligible.

Considering GrabPay only awards points for spending with the GrabPay wallet, these bonuses are definitely generous. Taking the
standard redemption rate of 800 points = RM5
, you’ll be earning RM56.25 worth in GrabRewards Points just by topping up RM800 (in two transactions of RM300 and RM500) – that’s an immediate 7.03% returns, and you can earn even more bonus points on 30 April!

30 April: GrabPay Power Up

On 30 April, GrabPay users will be able to dip into the following “Power Up” benefits by spending a minimum of RM180 with selected online merchants:

25x GrabRewards Points when you carry out online transactions via GrabPay (capped at 10,000 Points)

50x GrabRewards Points when you carry out online transactions via PayLater (capped at 10,000 Points)

Note that these bonus points awarded is on top of the usual points you earn – at Platinum tier you’ll be earning 3 points for every RM1 spent (which already yields a 1.875% return). The 25x bonus points earned is an additional 15.625% returns, for a total return of 17.5%. Add the 7.03% earned from the top-up campaign and you’re looking at an incredible
24.53% returns
 in GrabRewards Points!

The online merchants that you can spend with in order to qualify for this campaign range from fashion and personal care to groceries, F&B, and services. Some major names include Fashion Valet, Signature Market, BMS Organics, Domino’s, and Caring Pharmacy. The full list of eligible merchants can be found on the campaign page. Note that there are some merchants exempted from this campaign, including GrabGifts, FavePay, Carousell, FoneApp, Elinking, PosMalaysia, and all bill payments platform and/or insurance payment platforms.

Each user is entitled to two redemptions per category, although note that there is a limit of 8,000 redemptions for the 25x GrabRewards Points bonus via GrabPay, and 300 redemptions for the 50x GrabRewards Points bonus via PayLater. As always, these bonuses are also provided on a first-come first-served basis, so if you’ve got some major spending lined up and the merchant accepts GrabPay, you’ll need to be quick!

(Source:
Grab
)

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