4 Factors to Consider Before Getting a Balance Transfer

Carrying heavy credit card debt? If so; you’ve probably been thinking about shedding that hefty interest rate by applying for a balance transfer (BT). No doubt, you can save a tonne of money on interest payments if you use it right. But a BT may not be for everyone. In fact, you may not even qualify for one in the first place.

Before you increase your heart palpitations with another bank rejection notification or plunge yourself into further debt; consider these factors before applying for a BT.

Can Your Credit Limit Support the Transfer?

Although, banks make it clear in the details of a BT; few people take notice of the fact that the credit limit of the card receiving the transfer needs to be enough to accommodate the transfer. For instance, say Bank A’s card is offering a super BT rate and you want to transfer your balance from your Bank B card. Bank A has a limit of RM10,000 but you’ve used upRM2,000. Bank B contains a balance of RM9,000. Until you free up RM9,000 on Bank A’s card; your BT application will not be approved or will be partially approved.

In the event you are applying for a new card for the transfer; you may have to request a specific limit to ensure it can accommodate your balance.

Can You Afford the Set Repayment Amounts Every Month?

Most, if not all, BTs will set a fixed amount you have to pay every month in order to enjoy the promo rate. Failure to do so will result in either you losing the preferred interest rate or incurring additional fees. Neither of these is a situation you want when the point of a BT was to save money. Ask the receiving bank about their policies on BT repayment and the set amount you will be required to pay. You will then need to make a commitment to repay this amount diligently every month.

Is the Tenure Long Enough to Repay the Full Transferred Amount?

A 0% interest rate for 6 months is tempting but if you have a balance of RM15,000; will you be able to repay the whole sum in 6 months to make the most of your promotional BT rate? If not; you might want to perhaps consider a different plan, such as 3% for 12 months or 5% for 18 months*. It is not to say that you must prolong the agony of repayment but you will save more by choosing the right plan instead of taking a short 0% BT and paying 18% on the remaining amount for however long it takes to clear the debt.

Can You Resist the Urge to Spend on Another Card?

The trap many ‘serial debtors’ fall into is when they take a BT on a new credit card and end up piling more debt onto it leaving them with more debt than before. The now empty card from which they transferred the balance will be filled too in no time. For example; you may already have 2 credit cards from Bank C and D but you take a 3rd From Bank E for the preferred BT rate. You transfer the debt from both Bank C and D onto the new Bank E card but instead of cancelling the other two cards you continue to spend on them. You also maximise the available limit on the Bank E card. Before you know it; you’ll be stuck with 3 full credit cards!

When taking a BT on a new card; you will need to be disciplined enough to cancel the other two cards and resolve not to add anymore onto the new card. If this seems too hard a task – a BT may not be the debt answer you seek.

You can definitely save a lot of interest charges on a low rate BT but it’s not always the best solution for everyone; or it may require more forethought before application so definitely consider these factors before hitting the ‘apply button’!

Interested in a BT but don’t know which bank offer would be the best for you? Let us help; find the best BT credit card for you with our
handy comparator
.

*Interest rates in the example are for illustration purposes and are not to be taken as the general average of offered BT rates.

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6 Part-time Ways to Make Money

Are increased costs of living getting you down? Or perhaps you’ve decided to be a stay-at-home parent after the arrival of your bundle of joy. Whatever the reason; you need money but haven’t the option of a full-time job.

Whilst we aren’t promising a treasure trove of riches awaiting you beyond each of these ideas; the added income on top of your partner’s or your own full-time job may be just what the money-doctor ordered. Here are five ways to earn some ‘pocket money’ in your free time.

1. Embrace Online Selling

With people more and more willing to shop online – there’s no reason you can’t make some healthy side money from selling items online.

It also works great as a side business as you don’t need to physically man a shop 8 hours a day and still take advantage of consumer eyeballs online 24/7.

With selling sites like
Mudah.my
,
Lelong
, and
Carousell
 – you don’t even need any website know-how to get started. Just upload a photo of your goods and handle customer queries on the go.

Sourcing items for sale has also never been easier with sites like
Alibaba
. Many Malaysians have also turned their overseas vacations into sourcing trips for cheaper items or one-of-a-kind items they can sell upon their return.

2. Give Tuition

If you enjoy teaching but don’t want to be tied to the usual school period; tutoring might be the answer. Whether you have a few years of teaching experience under your belt or are university student; you can earn a side income through tutoring.

Primary and high school subjects shouldn’t pose too much of a problem for anyone with a university degree and you can teach at your leisure. If you have your own transport, you can make a lot more by offering private house calls to select students.

The tuition rates differ depending on your qualification and teaching experience. Though you can decide your own rate – keeping prices competitive will definitely offer you better chances at success.
MalaysiaTutors site
 provides an approximation of tuition fees as a guideline, so if you are not sure how much to charge, perhaps you could start from there.

3. Car advertising

Have you come across a taxi or a car plastered with advertising stickers? If you didn’t know this already, those moving advertisement billboards could earn you cash.

According to
Malaysian Digest
, advertisers rent private cars as an advertising medium and pay a rental payment of RM500 each month. They are required to clock in 18 kilometers per day or 125 kilometers per week.

A GPS tracking system will be installed into your car to track the distance. You can sign up for contract from minimum of 3 months or as long as the advertisers decide to keep it running. But if they decide to sign up for a year contract, you can get an RM1,000 as a bonus.

Once the contract is over, the GPS system and advertisement stickers will be removed. They will repaint your car if necessary. If you are interested, you can apply with the relevant ad companies such as
Moola
.

4. Run a Marathon – or 5

Run for good health or run for the prize. Whether you’re putting your endurance to a test or for the fun of it, marathon running is definitely one hobby that pays in more ways than one.

If you’ve had a taste of running for a marathon and enjoyed it, it’s time to step up. Get yourself into the top three to win yourself cash prizes, trophies and an all-round sense of achievement.

There are many marathons you can enter in a year if you’re game. Keep yourself informed about new marathon events with
Run Society
 to ensure you don’t miss out.

5. Game-On

Do you live and breath gaming? If you’ve been ‘training’ everyday, earning yourself the ‘expert’ label in DOTA, Call of Duty or any simulation game; well it’s time to get out of the house (or the cyber cafe) and get your team to sign up for competitions.

The challenges you encounter playing in a large crowd not only make you a better player, you could score some delicious cash prizes and possibly endorsement contracts that will keep you playing for money over and above the competition cash prize.

Don’t keep those gaming skills to yourself; check out
e-sukan
 for the latest updates on gaming competitions.

6. Fabulous Freelancing

With a trusty laptop, you can work on the go, at home or any wifi-enabled cafe. If you struggle to meet ends meet, freelancing gives additional side income to help pay the bills.

If you’ve had to quit your day job, taking up a few freelance projects offer you a source of cash-flow without compromising on your need for personal time. You can fish around at freelancing sites such as
PartTimePost
,
You.my
 and
Jobless
. You can expect to find job opportunities as a web designer, copy writer and data entry.

Whilst we’re not saying any or all of these part-time payouts will be enough to solely keep you financed – the added income is always welcome. Although, some people have definitely made big money and even careers out of the suggestions above, it’s best to approach each suggestion with a ready hand for hard work and a healthy dose of realism.

Good Luck!

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    Anonymous

    1 year ago

Really helpful tips and information..Thank You!!

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Moo-re Savings from Jackcow with AmBank credit cards

Save 6% off your online splurges when you shop at
http://www.jackcow.com
 with your Ambank credit cards.
Jackcow
 is the latest trend in online mass shopping. It offers a huge array of discounted deals which propagates on social media marketing and good old word-of-mouth.

Get a
6% discount off
 the final prices when you make an online transaction at Jackcow.com with any Ambank credit card. There is no limit to the amount of purchases allowed so start calling your family and friends and share the good news!

Offer is exclusive to products that carry the ‘AmBank 6% Extra Discount’ icon.

Thinking of getting an AmBank card but not sure which one to choose? Check out RinggitPlus’s
credit card aggregator
 for the card that suits you best.

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Citi To Gradually Disable Samsung Pay For Credit Cardholders From 17 June 2023

Citibank has announced that it will begin disabling Samsung Pay for its credit cardholders in stages, starting from 17 June 2023. This comes as the bank continues its gradual process of exiting the local retail banking landscape.

“No action is required from you, as your Citi credit card(s) registered to your Samsung device(s) will be removed automatically,” Citi further highlighted in its notice to its customers.

Understandably, with this update, Citi cards can no longer be added to Samsung Pay. The Citi Pay with Points feature – which lets Citi cardholders redeem their available Citi Points/Miles on their cards to offset a transaction – will also be terminated for Samsung Pay.

For context, Citi sold its consumer banking business in Malaysia (along with those in Indonesia, Thailand, and Vietnam)
to UOB Bank back in January 2022
 – approximately nine months after announcing its intention to
exit retail banking in as many as 13 markets
. Following that, UOB has also shared
its timeline for the migration of Citi’s products and services to its own ecosystem
 – a process that is expected to continue until the end of this year.

Citi customers who have any enquiries regarding the migration process in general – or regarding the upcoming disabling of Samsung Pay – may contact Citi through its customer service, or speak to its branch officers. Alternatively, you can reach out to the bank via its
social media
.

(Source:
Citi
)

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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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Win iPhone 14, Apple Watch Series 8, Or Get RM800 TNG eWallet Credit

Looking to apply for a credit card? The Unbox This Week credit card campaign is back as usual with amazing gifts when you sign up!

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

From 8 to 15 May 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, RHB, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – iPhone 14

the iPhone 14? You can

win one now when you apply for a Citibank Credit Card! Featuring a larger screen for more viewing, users will also enjoy sharper colour accuracy for your photos, action mode for more stable handheld videos, and more.

If you’re not selected, you will still walk away with guaranteed Apple Airpods.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM800 TNG eWallet Credit

Get RM800 TNG eWallet Credit guaranteed to you when you apply for an HSBC Bank Credit Card! Share it with loved ones, spend it on essentials, or save it for later – it’s all up to you.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Standard Chartered Bank – Apple Watch Series 8

Here’s another opportunity to win an Apple product – the Apple Watch Series 8 – when you apply for a Standard Chartered Credit Card!

Stay healthy with the ultimate fitness companion that is always ready with an always-on Retina display and nifty features like advanced health sensors, safety functions, and more.

If you’re not selected, you will still walk away with guaranteed RM600 TNG eWallet Credit.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Dash Cam 1S

Take home a guaranteed Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Dash Cam 1S  when you apply for a new Alliance Bank Credit Card.

The Xiaomi Mijia Water Dispenser C1 comes with handy features like fast heating, temperature display, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Xiaomi 70mai Dash Cam 1S that lets you capture footage while you’re driving with a 130° wide angle view, and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

RHB – RM500 TNG eWallet Credit

Score guaranteed RM500 TNG eWallet Credit when you apply for a RHB Credit Card this week! Get extra to spend on tolls, parking, or save it up for emergencies – it’s your choice.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Public Bank – Xiaomi 70mai Dash Cam 1S

Every vehicle owner could use a dash cam. Take home a Xiaomi 70mai Dash Cam 1S, guaranteed to you, when you apply for a Public Bank Credit Card.

A dashcam is becoming an essential device for every vehicle owner and the Xiaomi 70mai Dash Cam 1S is equipped to provide 130° wide angle views as well as  automatic emergency recording.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 15 May 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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EPF Recorded Drop In AUM For The First Time In History In 2022

(Image: BusinessToday)

The Employees Provident Fund (EPF) said that it recorded a dip in its assets under management (AUM) for the first time in its history in 2022, which was attributed to the huge outflow of funds due to the multiple special withdrawals allowed during Covid-19.

According to the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan, the provident fund’s AUM dropped marginally by 0.7% from RM1.01 trillion in 2021 to RM1 trillion as of 31 December 2022. This came after a total of RM145 billion was withdrawn by members via four withdrawal schemes between 2020 to 2022, namely
i-Lestari
,
i-Sinar
,
i-Citra
, and
an RM10,000 special withdrawal facility
.

Compounded by the challenging market condition in general, Datuk Seri Amir Hamzah explained that the EPF then had to rely on its diversification strategy – in asset classes, geography, and approaches – to achieve a sustainable performance. For instance, an active liquidity management was adopted to minimise the impact of the fund withdrawals; this was demonstrated in the EPF’s diversification into foreign assets and currencies.

(Image: The Star/Faihan Ghani)

In turn, the EPF was able to obtain additional gains with profits from non-domestic sources to boost its overall return. To note, the EPF’s foreign investment made up 36% of its investment assets as of 31 December 2022, contributing 45% of the fund’s total gross investment income.

Meanwhile, the chairman of the EPF, Tan Sri Ahmad Badri Mohd Zahir noted the investment climate is expected to continue being challenging in the short and medium term of 2023. Drawing from World Bank statistics, he said that emerging markets and developing economies will likely experience a growth deceleration of 2.7%, as compared to 3.8% in 2022. This is due to factors such as weaker external demand, high inflation rates, and further tightening of financing policies by central banks around the world.

“The continuing uncertainty underscores the need for a thoughtful approach that focuses on building resilience, while aligning with the EPF’s long-term investment objectives, in accordance with our strategic asset allocation,” said Tan Sri Ahmad Badri.

(Image: The Star)

That said, the EPF reassured that it is confident in its existing investment strategy as the fund is looking at things on a long-term basis. “We are guided by asset allocation, [and] we have stringent allocation for the mid to long term. The fund has good fundamentals, good returns, and good dividend-paying stocks. These are companies that [we] continue to have [in our pockets],” said the chief investment officer of EPF, Rohaya Mohammad Yusof.

The EPF recently announced a dividend rate of
5.35% for Simpanan Konvensional and 4.75% for Simpanan Shariah
. This will see a total payout of RM45.44 billion and RM5.70 billion for those saving in Simpanan Konvensional and Simpanan Shariah, respectively, bringing total payout amount for 2022 to RM51.14 billion.

(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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Application For RM200 eBeliaRahmah Credit To Begin On 26 June

The Ministry of Finance (MoF) has announced that the eBeliaRahmah initiative is set to begin next week, starting from 26 June 2023 (8am) until 22 August 2023. This means that full-time students who are aged between 18 to 20 years old this year will be able to register for the initiative during this period to redeem the one-off RM200 eBeliaRahmah credit from approved e-wallets.

In its statement, MoF also revealed that three e-wallet service providers have been selected to participate in this initiative, namely Boost, Setel, and Touch ‘n Go (TNG) eWallet. In addition to the one-off RM200 e-credit, the three e-wallet service providers will also provide additional incentives in the form of vouchers, cashback, and rewards points during the programme – although these details have yet to be revealed as of yet.

MoF further clarified that while the registration period for eBeliaRahmah will run from 26 June to 22 August, the e-credit provided can be used all the way until 31 August; any remaining amount upon reaching the deadline will be forfeited. Additionally, it can only be used for offline purchases with merchants who accept DuitNow QR payments.

Meanwhile, the FAQ on the
official eBeliaRahmah website
 also shared some additional info regarding the application process of the initiative. For instance, you must have completed the eKYC process through your preferred e-wallet in order to redeem your eBeliaRahmah credit, and the e-credit will be credited to your account within three working days from your registration date.

For context, the eBeliaRahmah initiative was introduced during
re-tabling of Budget 2023 earlier this year
, and takes its cue from similar programmes in the past, such as the
eTunai Rakyat initiative
 back in 2020, as well as
eBelia in 2021
. The new programme has a budget allocation of RM400 million, and is expected to benefit approximately two million eligible youths.

(Source:
Ministry of Finance
)

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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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CIMB Upgrades CIMB Clicks Mobile App For A More Personalised Experience

CIMB has released an updated version of its CIMB Clicks mobile banking app, which it claims to “bring personalisation to a whole new level”. Aside from a new login feature and home screen design, the upgrade also introduces a “personal financial assistant” and a new section that highlights exclusive personalised deals.

With this update, the CIMB Clicks mobile app now has a Quick Login function that lets users access the home screen and various other features via biometric verification (face and fingerprint ID). Once you’ve logged in with the Quick Login function, the session will be remain active for a period of 30 days, where you can immediately get to your home screen without logging in again.

However, Quick Login only allows quick access to limited features, such as viewing your account balances and performing transactions of up to RM250. To perform other actions, you’ll need to enter your password for added security. Aside from that, the upgraded CIMB Clicks app has also enabled the QR Pay function, which is easily accessible through the new home screen.

Additionally, the new CIMB Clicks mobile app features the integration of EVA (Enhanced Virtual Assistant). With EVA now included as part of the CIMB Clicks mobile app, users can tap into several new bonus features. For instance, the spend analyser is a new function where EVA categorises all your expenses so that you can track your spending patterns. Meanwhile, the proactive payment reminder function enables EVA to analyse your payment history so that it can remind you of selected upcoming payments – including merchant bill payments, JomPAY, as well as CIMB credit cards and loan payments.

The app has also been updated to let users easily view personalised offers that are most relevant to them. These will appear as banners in a new section below the dashboard of your CIMB Clicks app so that you can get to them conveniently. Meanwhile, you can still check out all other available CIMB deals by clicking on the “Deals” icon.

For more information about the upgraded CIMB Clicks mobile app, check out its
FAQ
 here. Alternatively, download or update your app for these latest functions via
Google Play
 or the
App Store
.

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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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Boost Introduces New Features And Rewards Programmes

This November, Boost will be adding three new features to the popular e-wallet app. Users can look forward to a new cashback feature just for online shopping and the ability to pay with Boost at UnionPay QR merchants in Malaysia. Perhaps most notably, the e-wallet will also be making some changes to its current Shake Rewards programme, upgrading it to the new BoostUP feature.

More than just cashback with BoostUP

According to Boost, BoostUP will be a step up from the e-wallet’s original Shake Rewards programme. Previously, Boost users would get cashback from their Shake rewards. Once BoostUP starts on 1 November, you will earn coins for every transaction as well as Shake rewards – which have been expanded to offer more than just cashback.

The new Shake rewards offer users extra coins, prizes like smartphones or household appliances, or a coveted Golden ticket. A Golden ticket would earn users a big-ticket experience like a Mediterranean cruise, romantic getaway, and so on. Meanwhile, coins can be used to redeem prizes from Boost’s rewards catalogue, which include premium gadgets, entertainment and gaming content, cashback, and vouchers.

Furthermore, Boost will be introducing membership tiers for its BoostUP rewards programme. Boost users will be encouraged to make more frequent and higher-value transactions in order to progress to the next tier, which will give them even more rewards and benefits with BoostUP.

CashUp offers automatic cashback for online shopping

Starting in the second week of November, Boost will also have a new feature specifically for online shopping, CashUp. By clicking through to over 100 online retail stores like Zalora, AirAsia, and JD Sports via the Boost app, users can earn cashback from their purchases. It is similar in nature with what some cashback sites are currently doing, and at the launch event Boost did mention that it is partnering with one of the popular cashback platforms to power CashUp.

With CashUp, users can earn double or more rewards by earning cashback for their purchases and by paying with Boost at Boosted partner stores. Boost even gives you the option to use other payment methods for your online transactions through the app, so you can still double dip on rewards by using
cashback credit cards
, for example.

You can track your earned cashback through the CashUp page on the Boost app. Once the transaction has been validated by the respective online merchant, you can transfer your cashback earnings directly into your Boost wallet. These cashback earnings have no expiry date and can be used for all normal Boost transactions once they are transferred into the Boost wallet.

Wider merchant reach with UnionPay QR

The third feature introduced by Boost is the UnionPay QR payment service. First
announced way back in 2018
, Boost will be accepted at any UnionPay QR merchant in Malaysia, which will bring its total number of merchants to 125,000 nationwide. According to Boost, it also has plans to allow users to pay with Boost at 11 million UnionPay QR merchants across 31 countries in the near future.

Like BoostUP, the UnionPay QR payment feature will be available from 1 November onwards. Up until 31 December, you can get an instant cashback of RM3 when you activate the UnionPay QR payment service in your Boost app. If you spend a minimum of RM300 using the new feature at Duty Free, Dimensi Exklusif, or Colours and Fragrance at any Malaysian airport, you will also earn an instant cashback of RM30.

The new features coincide with the second year of operations for the homegrown e-wallet. As said by Boost CEO Mohd Khairil Abdullah, the launch of the new features is important as it sets the tone for the next phase of Boost. He expressed hopes that the updated features would encourage the cashless lifestyle in Malaysia and give users more rewards the more they transact with Boost.

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Dim Sum and more at Dynasty Dragon with RHB Credit Cards

RHB Credit and Debit cardmembers enjoy a 20% discount at the Dynasty Dragon seafood restaurant on dim sum and anything off the ala carte menu. If that wasn’t enough to get you salivating, there is also a chance for regular diners to score RM100 vouchers every month.

To qualify for the above, you simply pay with your RHB Credit or Debit card. To win a voucher, you will have to be in the top 20 frequent diners at Dynasty Dragon per month until the end of the promotion period. Should there be a tie, the winner will be the biggest spender on the particular RHB card.

Vouchers are not exchangeable for cash and valid for dine-in only.

Promotion valid until 30 September 2013. Voucher winners will be announced on 31 October 2013 via rhb.com.my and winners will be contacted.

Dynasty Dragon outlets:

Berjaya Times Square

IOI Mall, Puchong

Summit USJ, Subang

Klang Parade, Klang

SS Two Mall, PJ

Brem Mall, Kepong

C180, Balakong

For full terms and conditions,
click here
.

To get your own RHB Credit card, check out our
credit card comparison chart
.

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DBKL To Offer Special Compound Notice Rates Until 30 June 2022

(Image: Malay Mail/Zuraneeza Zulkifli)

Kuala Lumpur City Hall (DBKL) is running an initiative to offer special rates for compound notices, in conjunction with the commemoration of Federal Territories Day (1 February) and the golden jubilee of Kuala Lumpur City (1972 – 2022). Already ongoing, the public can take advantage of it until 30 June 2022.

In a statement, DBKL said that the special rates covered unpaid traffic compound notices and scheduled rates for offences based on the general offence compound notes. It also specified that the initiative will not apply to blacklisted offenders and general offences that are not in the scheduled rates.

For traffic offences specifically, the special compound rates are offered as per the following schedule:

The scheduled rates for other offences based on the general offence compound notes also saw substantial rebates, with some of the rates reduced from a maximum of RM2,000 to RM100. These include the offences of trading without licence and keeping dogs without licence.

Finally, DBKL noted that the public can check and pay their compound notices at all DBKL payment counters if they have a copy of the original notice or a printout from SPJ system. Those who do not have their notices, on the other hand, should pay in cash at all Pos Malaysia counters nationwide. Meanwhile, members of the public who prefer to pay online can do so via JomPAY through banking apps, or the MOBIS-DBKL app.

(Sources:
DBKL
,
Malay Mail
)

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Alex Cheong Pui Yin

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

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PM: Mechanism For Targeted Subsidies Not Ready, Still Needs To Be Fine-Tuned

(Image: Malay Mail/Yusof Mat Isa)

The mechanism for targeted subsidies is not ready as of yet and still needs to be fine-tuned, said the Prime Minister Datuk Seri Anwar Ibrahim. This comes as the government continues its efforts to ensure that such financial aids are going to those who are truly in need of it, instead of being taken advantage of by affluent individuals.

The prime minister explained that there is a dedicated team working on the targeted subsidy schemes and proposals, but he is not yet satisfied by what has been presented thus far. Specifically, he is not fully convinced of the effectiveness of existing proposals, and would like to take time to review them properly before making any announcements.

“Look at the electricity and diesel subsidies. People with Mercedes and Rolls Royce are enjoying this subsidy. If they don’t use it for the main car, they abuse the system to fuel their second car so that’s why we need more time. If it’s ready, I’ll roll it out tomorrow, but for now, we need to work on it further,” said Datuk Seri Anwar.

(Image: The Sun Daily)

Meanwhile, back in May 2023, Deputy Finance Minister I, Datuk Seri Ahmad Maslan revealed that the
mechanism for targeted subsidies was 75% complete
, and that it may be announced during the tabling of Budget 2024. The national budget for the next year is expected to be presented in October.

The issue of targeted subsidies has made headlines over the past few years, especially during the Covid-19 pandemic as the country’s
national debt hit a whopping RM1.5 tril
lion
 and the government sought ways to better manage its assistance programmes. Anwar’s administration is the latest in line to push for a
revamp of the country’s existing blanket subsidy policy
, and has, to date, specified that it will implement targeted subsidy for
fuel
,
electricity tariff, and haj
 – with the benefit withdrawn for high-income households.

More recently, Economic Affairs Minister, Rafizi Ramli, has also announced that the government is set to
shift away from the existing B40/M40/T20 income categorisation
 – which only looks at a household’s income – in its implementation of targeted subsidies. Instead, it will rely on net disposable household income, which takes into consideration a household’s income as well as expenses.

(Source:
Malay Mail
)

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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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EPF Addresses Concerns About i-Sinar Withdrawal Facility, Explains Reasons Behind Decisions

(Image: Focus Malaysia)

The Employees Provident Fund (EPF) has offered more clarity with regard to the i-Sinar facility, following some questions submitted from the media. In its response, as compiled by Bernama, the provident fund addressed various issues brought up, such as the public’s disappointment with the revised facility and certain aspects of the application process.

EPF i-Sinar and the application process

On the matter of the public’s dissatisfaction with the conditions put in place for i-Sinar, which they said were troublesome and difficult, the EPF commented that there are actually no conditions for the facility’s application. Instead, what was outlined were the
criteria to ensure that the application matches the EPF’s internal data
, which will speed up the approval process; members who fulfil the criteria will have their applications approved immediately. Additionally, the process of verification is also necessary to avoid fraud and improper withdrawal of i-Sinar funds by third parties.

The EPF also explained that it is not possible to provide a blanket approval for i-Sinar based on the applicants of
i-Lestari
 because the situations under which both facilities were launched were very different. It said that the country’s economic activity had been almost fully halted earlier in the year, whereas the economy now is almost back to normal. To clarify, i-Lestari allows EPF members below the age of 55 to make withdrawals of up to RM500 per month, for a total of 12 months, until 31 March 2021.

On top of that, the EPF said that members who did not suffer a 30% reduction but still need financial assistance, as well as those whose new income is less than previously, can also apply for the i-Sinar facility. “There is still latitude under Category 2 to consider applications from all members who are affected by Covid-19. If you have suffered a reduction in income or salary and have the supporting documents to show for it, you are encouraged to apply on 11 January 2021. The EPF will still consider your application,” said the provident fund.

For context, applicants that fall under Category 2 are members whose total income (including base salary and other benefits such as allowances and overtime) has been reduced by 30% and above.

The EPF also commented that the staggered payment method is more suitable than a one-off payment for a few reasons. The provident fund chose this method based on data on the current liabilities of its members, as well as the need to spread out the period of assistance due to the uncertainty of the pandemic.

(Image: Mashable)

According to the EPF, it has decided to provide applicants of i-Sinar with a balance of RM100,000 and below with a first payment of up to RM5,000 as there are more expenses at the beginning of the year, such as school fees. Additionally, the staggered payment option is also more appropriate to help the EPF balance its cashflow and current investments.

Aside from that, the EPF reminded that money withdrawn via i-Sinar must be replenished. According to the provident fund, all future EPF contributions of affected members will be channelled to their Akaun 1 until the amount taken out is replenished. After that, the contributions will revert to the original ratio of 70:30 for Akaun 1 and Akaun 2.

EPF i-Sinar and the impact on the EPF’s investments

(Image: Bernama)

Meanwhile, the EPF also reassured members that its investments have proven to be resilient so far despite the challenges faced during the global economic slowdown. This is chiefly due to its diversification of investment across domestic and global markets, alongside efforts to ensure that it has sufficient cash flow at all times for emergencies, such as the current pandemic.

“Fundamentally, the EPF is a long-term investor and every investment decision made will continue to take into account its responsibility to sustain members’ funds even in unprecedented situations like this pandemic. At the moment, and guided by i-Sinar’s existing structure, all of the EPF’s actions will ensure that there is no impact to the domestic market,” said the provident fund.

Additionally, the EPF cautioned members to consider carefully before withdrawing from their EPF savings. “While the EPF understands the need for members to withdraw from their savings to survive these difficult times, we hope members can plan beforehand on how much is needed so that they can fulfil today’s needs while minimising the impact on their future retirement,” it said.

The EPF also encouraged members to get help from its Retirement Advisory Services (RAS) officers to come up with a financial strategy and to re-plan for their retirement. The RAS is a free consultation service offered by the provident fund to its members.

***

If you need detailed information on i-Sinar, head on over to the
i-Sinar portal
 or the official
EPF website
. Alternatively, you can also check out our
comprehensive guide on the facility here
, which we will update regularly as more information are revealed.

(Source:
Bernama
)

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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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RinggitPlus COVID-19 Financial Wellness Survey: 51% Of Malaysians Cannot Survive More Than 2 Months With Their Savings

A survey recently conducted by RinggitPlus has revealed that a majority of Malaysians are not financially prepared in times of emergency. During this COVID-19 pandemic, most Malaysians are worried about their job and income security, with a majority not being able to survive more than two months with their savings.

The RinggitPlus COVID-19 Financial Wellness Survey, involving 1,019 respondents from around Malaysia, found that 51% of respondents are not able to survive more than two months, echoing
the findings of the Department of Statistics Malaysia
. The respondents are also most worried about job and income security, which has become non-existent due to the sluggish economy.

One of the most interesting findings from this survey was the fact that despite the very real risk of running out of money in the near future, many Malaysians do not wish to tap into their EPF savings (directly or indirectly via the EPF’s
i-Lestari platform
 or the
reduced contribution rate
). Among respondents who claim that they are not able to survive more than two months with their savings, 44.7% are not reducing their employee contribution rate to free up additional cash, while 42% are not taking up the i-Lestari withdrawal with the prime reason being that it is meant for their retirement.

In addition, the survey found that a staggering 47% of respondents have outstanding credit card debt, putting them in a very tough spot. With many local companies cutting costs by laying off staff, putting them on unpaid leave, or reducing salaries, this group will face the real risk of not being able to repay their debts and accrue more debt from sky-high credit card interest charges.

With COVID-19 shredding economies around the world, governments scrambled to put together packages to ensure the economy stays afloat. In Malaysia, the government introduced the RM250 billion
PRIHATIN Economic Stimulus Package
, and an additional Enhanced package specifically for SMEs and businesses affected by
Covid-19
.

However, the stimulus packages does not seem to be enough to alleviate the worries of the everyday Malaysian. Only 31.8% of respondents who are employees have stated they will withdraw RM500 per month from their EPF savings. On top of that, most salaried employees actually prefer that the Government reduce their income tax rate instead of cash handouts to targeted groups via Bantuan Sara Hidup (BSH).

As for respondents who are business owners, 57% of them claim that their businesses cannot survive for more than 3 months despite cost-cutting measures, and require financial aid.

Overall, the findings of the RinggitPlus COVID-19 Financial Wellness Survey highlights the plight of the everyday Malaysian, who feel that the Government’s PRIHATIN stimulus packages do not seem to be enough to counter the financial impact of COVID-19 in Malaysia. It also highlights the need for basic financial literacy among Malaysians, as a majority do not have the proverbial umbrella ready for the rain.

The full report can be downloaded here:
RinggitPlus COVID-19 Financial Wellness Survey Report

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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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PLUS And CIMB To Roll Out RFID Next Year, Multiple Payment Options Accepted

(Image: Ezna Khalili)

Starting next year, motorists on PLUS expressways will be able to use Touch ’n Go’s RFID tags at the toll booths. However, users won’t be limited to just the Touch ’n Go (TNG) eWallet to pay. The RFID tag can be linked to your bank account, credit card, or debit card as well the TNG eWallet, giving Malaysians the option to choose from a variety of cashless payments for the first time.

This effort is a result of a settlement between PLUS Malaysia Berhad and CIMB Group Holdings Berhad, whose joint-venture company is Touch ’n Go Sdn Bhd (TNG). CIMB has a controlling 52% stake in TNG, PLUS has 28%, and MTD Equity Sdn Bhd has 20%. This settlement, which was reached last month, puts an end to
PLUS and CIMB’s dispute
 over PLUS’ decision to launch its
own toll collection system
 using RFID.

“It is the intent of CIMB and TNG to roll out the open payment facility to all toll highway concessionaires across Malaysia in the future,” said the joint-venture partners in a statement. “Over time, this RFID-driven payment mode is expected to replace the TNG card that has been the de facto mode of payment for toll transactions across the country.”

The new system will be available at 10 open-toll system plazas managed by PLUS by 1 January 2020. For the 83 closed-toll system plazas on the PLUS expressways, the service will be rolled out by 1 April 2020.

The open-toll system plazas charge you for travelling through a specific section of the highway, like with most highways in the Klang Valley. However, the closed-toll system calculates your toll fare based on your entry and exit points, charging you upon exit. Recently, PLUS stopped allowing highway users to
reload their TNG cards
 at both its entry and exit points.

According to CIMB and PLUS, there will be no disruption to the current card, SmartTAG or PayDirect services available while the new payment scheme is being coordinated in collaboration with the Ministry of Transport, Ministry of Works, and the Malaysian Highway Authority.

PLUS manages a total of 7 expressways in the country, including the New Klang Valley Expressway (NKVE) and the North-South Expressway, the longest expressway in the country.

(Source:
The Edge Markets
)

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Standard Chartered Introduces Its First Pet-Friendly Branch At Plaza Arkadia

Standard Chartered has introduced its first pet-friendly branch at Plaza Arkadia in Desa ParkCity, Kuala Lumpur, in a bid to integrate with the community. Additionally, it has also extended the branch’s banking hours from the usual 11am – 5pm to 11am – 7pm (Monday to Saturday) to cater to the needs of the neighbourhood.

“The bank’s unique proposition is in line with its aim to drive commerce and prosperity through a culture of inclusion by supporting local communities and offering banking solutions that fit well into customers’ lifestyle,” the bank further shared in a statement.

To celebrate the launch of the new pet-friendly branch, Standard Chartered is currently organising a campaign that lets you win an iPhone 14 Pro Max. Running from today until 4 December 2022, you will stand a chance to win when you follow
Standard Chartered’s Facebook page
 and take a picture of yourself with items in Plaza Arkadia or Desa ParkCity that feature the bank’s logo.

(Source:
Standard Chartered
)

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Revised Budget 2023 Highlights

Prime Minister Datuk Seri Anwar Ibrahim has retabled the national Budget for year 2023 in the Parliament today, introducing various adjustments and new initiatives to supersede the
previous Budget 2023 that was tabled back in October 2022
.

This time featuring an allocation of RM388.1 billion – up from the RM372.3 billion originally earmarked for the initial version of Budget 2023 – Datuk Seri Anwar, who is also the Finance Minister, said that the revised Budget 2023 contains efforts to address key issues afflicting the public, including the rising cost of living. It is also designed to help with other problems, such as the national deficit, digitalisation issues for SMEs and businesses, and food safety.

Themed “Developing Malaysia Madani”, here are several key highlights from the revised Budget 2023 that Malaysians should be aware of:

With this, we hope that you have an idea of what the revised Budget 2023 has to offer! You can also follow our
in-depth coverage of the national budget here
.

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Alex Cheong Pui Yin

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

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    dehab

    6 months ago

Stamp duty exemption for purchase of first home is not mentioned in the revised Budget 2023, what is stated is stamp duty exemption for transfer of property between family members.

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PM: Targeted Financial Assistance For SMEs And The Self-Employed Post-Moratorium

Prime Minister Tan Sri Muhyiddin Yassin has announced that local banks have agreed to provide financial aid in a targeted manner for SMEs, businesses, hawkers, and self-employed individuals who are still negatively affected by Covid-19 post-moratorium.

According to Tan Sri Muhyiddin, local banks have expressed their commitment to aid their affected customers once the moratorium ends in September, and are ready to provide assistance via a few different arrangements. Depending on the borrowers’ financial situation, the banks may offer one of the following options:

Paying only for interest for a specified period

Extending the loan repayment period to reduce instalment payments

Other suitable exemptions until the borrower gains a more stable financial footing

These aids for SMEs and self-employed individuals are some of
several initiatives introduced as part of the extended loan moratorium
. The extended loan moratorium is expected to benefit 3 million Malaysians, and eligible borrowers can start contacting their respective banks by 7 August 2020.

Tan Sri Muhyiddin Yassin also said that since the start of the moratorium in April, 7.7 million individual borrowers and 243,000 SME borrowers have benefited from the ongoing moratorium, which is valued at RM20.7 billion.

Additionally, the Malaysian public has shown some recovery in their finances as there are less people and businesses taking up the current moratorium. The prime minister said that the number of individual borrowers who opted out from the moratorium rose from 331,000 in April to 601,000 in July. Meanwhile, the number of SME borrowers who opted out also increased from 5,000 to 13,000 during the same period.

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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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MOT: 30-Day Extension For Driving Licence And Road Tax Renewal

The Malaysian public has until 30 September 2020 to renew their driver’s licence and motor vehicle licence, said Transport Minister Datuk Seri Wee Ka Siong. This follows as the exemption to those with road tax and licences that expired during the movement control order (MCO) period officially ended on 31 August.

“Due to the extension of the movement control order (MCO) after August 31 as announced in the special message of the Prime Minister Tan Sri Muhyiddin Yassin yesterday, then this exemption will be terminated through a specific revocation instrument,” said Wee in a statement. “However, members of the public with expired licences are still given time to renew them within 30 days until September 30.”

(Image: Malay Mail)

Earlier in March, the Ministry of Transport had issued a directive allowing drivers with
expired driving licences or road tax
 to be excused from renewing their documents during the MCO period – as long as the vehicle still had
valid insurance coverage
. It was stated then that expired licences or road tax would only have to be renewed within 30 days of the lifting of the MCO.

“Since the implementation of the recovery MCO, all RTD counters are fully operational as normal,” said Wee. However, he cautioned the public to always comply with standard operating procedures when visiting Road Transport Department (RTD) counters or any agencies in an effort to contain the spread of Covid-19.

(Source:
Malay Mail
)

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Maxis Introduces Faster Fibre Broadband Plans, Up To 800Mbps

Maxis has officially introduced three new
MaxisONE Home Fibre
 plans, offering significantly faster speeds of up to 800Mbps. Designed to complement its previous packages, Maxis Fibre plans now cater for those who need faster home internet.

The three new plans offer a huge jump in fibre broadband speeds, at 300Mbps, 500Mbps, and 800Mbps. Monthly subscription prices are priced accordingly, maxing out at RM299 for the 800Mbps plan. As before, all five plans come with unlimited quota and those from 100Mbps speed and above come with unlimited local voice calls as well.

The new plans mean that Maxis now offers up to 8x faster speeds compared to its previous plans; there were previously only two MaxisONE Home Fibre plans at 30Mbps for RM89/month and 100Mbps for RM129/month. Now, for only RM20 extra a month, you can get 3x faster Internet speeds on the new 300Mbps plan compared to the 100Mbps.

Interestingly, the 500Mbps and 800Mbps plans come with two free units of AirTies 4830 Mesh WiFi – which is the first time Mesh WiFi units are being offered as part of a broadband plan. Those on the lower-speed plans and non-Maxis customers can purchase the
AirTies Mesh WiFi
 from selected Maxis outlets at a retail price of RM300 per unit. A mesh WiFi network eliminates dead spots in a WiFi network by placing additional WiFi “units” around the home, resulting in a WiFi network that’s consistently strong throughout the entire house.

The new plans offer better value for money compared to TM’s Unifi fibre offering. Currently, TM only offers a 300Mbps plan as its maximum offering, even though it is upgrading older subscribers on the 100Mbps plan to 800Mbps as part of its ongoing
“Turbo upgrade”
 program. At a promotional price of RM199 per month, Unifi’s 300Mbps plan is a good RM50 more than Maxis’ 300Mbps plan.

The new MaxisONE Fibre plans are also immediately available for subscription as part of the
MaxisONE Prime
 plans, which
combine Maxis’ home fibre plan with a MaxisONE mobile plan
.

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Big Eats at Sushi King from Hong Leong Credit Cards

With Hong Leong Bank credit cards there’s no reason to deny yourself some Japanese treats now and then. From 1 April 2013 till 31 March 2014 Hong Leong Bank credit cardmembers can enjoy 10% discount off their total bill when they spend a minimum of RM60 on a single receipt at Sushi King.

This promotion is valid with other on-going promotions except Sushi King Card’s discounts and promotions. Click
here
 for a full list of participating Sushi King outlets.

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Save On Operational Costs With A Customised Business Logistics Solution Like Lalamove

Running a business can be incredibly challenging, especially when dealing with the logistics of managing your own delivery fleets. High vehicle maintenance costs, additional manpower expenses, and the need to constantly manage and track deliveries can lead to late deliveries and damaged goods, which will affect customer satisfaction and brand image.
Most consumers would be familiar with Lalamove, a widely known on-demand delivery service platform, that has coverage in four major cities in Malaysia – Kuala Lumpur, Penang, Johor, and Malacca. But did you know that businesses can customise their logistics operations with Lalamove?
Here are four ways businesses can maximise their operational cost efficiency by improving their logistics with a delivery service platform like Lalamove:

1.
Stack Your Multiple Deliveries In One Delivery Trip

As a business owner, increasing cash flow without overloading your current employees or sacrificing product or service quality can be a challenge. You can minimise your expenses by implementing cost-cutting measures such as by optimising your delivery route to save both time and money.
One of the significant advantages of engaging with Lalamove is the ability to streamline deliveries to multiple destinations in a single trip. The multistop delivery feature allows you to assign 19 deliveries to a single Lalamove delivery partner. By taking advantage of this feature, you will spend less than you would if you were to assign 19 delivery partners to their separate locations.
Another benefit of multistop delivery is the ease of communication. As the deliveries have been consolidated, you would only need to communicate with one person for delivery progress updates, rather than with multiple delivery partners.

2.
Expand Your Business

Every business needs to think about getting the most out of its marketplace, especially in order to increase turnover annually. A strategic option that you can pursue is to diversify your customer base by reaching out to similar customers in new markets. Consider exploring a different segment of your current customer base by selling your products and services to clients in various niches, sectors or geographical regions that are outside your existing territory.
With Lalamove’s long-haul delivery services, your business can now reach customers outside of your local demographic. By expanding your delivery reach, you can tap into new markets, increase sales, and gain a competitive advantage over businesses that are limited by their delivery capabilities.
Whether it’s reaching customers in neighbouring cities or across state lines, the ability to deliver anywhere in West Malaysia opens up new growth opportunities for your eCommerce business.

3.
Integrates With Existing Online Platforms

A cost-cutting measure you can take as a business owner is to digitalise your physical processes. By automating physical tasks, you can help free employees’ time and increase business productivity, by saving hours of manual effort daily. Thus, it makes sense to move some of your operations online, by selling your products on an eCommerce platform.
However, integrating delivery services into your eCommerce platform can often be a complex and costly process. Thankfully, Lalamove’s API and eCommerce plugins offer a seamless solution to simplify technical configurations, revolutionising the way your customers experience online shopping.
So what does this convenience mean to you? It means you don’t have to create a new website or hire people to code an app for the purpose of adding a delivery function to your existing platforms. With seamless integration, you can offer delivery options to your customers before they proceed with the payment for their purchases.

4.
Minimise Loss

Lalamove’s commitment to reliability and efficiency is further reinforced through its comprehensive GPS tracking system. Real-time tracking allows you to monitor the status of deliveries, enabling you to provide accurate updates to your customers. Lalamove’s account managers can also help optimise your delivery routes and ensure smooth operations, further reducing costs and potential delivery delays.
For added value, Lalamove provides goods protection promise and insurance coverage, safeguarding your packages during transit. This assurance gives you and your customers peace of mind, knowing that their orders are in safe hands and protected against any unforeseen circumstances.

***

Having a customised business logistics solution like Lalamove can be a game-changer for your online eCommerce business. By optimising delivery routes, expanding your business reach, integrating with existing online platforms, and providing reliable tracking and protection, Lalamove enables you to save more and improve operational cost efficiency.
Embrace the advantages of Lalamove’s wide range of delivery vehicles and make a significant impact on your eCommerce business’s success. Interested in booking a vehicle for your next delivery order?
Click
 here
 to sign up for a Lalamove Business Account for
FREE
 today and enjoy
up to RM120 off your first delivery
.

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Eloise Lau

Eloise Lau

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Maybank Offers Prizes Of Up To RM1,000 In Raya Credit Card Campaign

Maybank is running the Raya 100 – Celebrate Raya With Maybank Cards campaign, where eligible credit cardholders will stand a weekly chance of winning up to RM1,000 worth of Duit Raya cash prizes or assorted vouchers. Already ongoing, this campaign will take place over a period of 5 weeks and is slated to end on 31 May 2021.

Open to all new and existing Maybank credit cardholders, this campaign will allow you to win weekly grand prizes and consolation prizes of up to RM1,000 Duit Raya, as well as Shopee, grocery, and petrol vouchers worth an equal amount. The type of prizes that you get will, however, depend on the type of card that you’ve been using (Visa, MasterCard, or Amex):

Card spend

Prize

Prize details

Weekly winners

Total winners for whole campaign

Visa

Grand prizes

Shopee vouchers worth RM1,000

20

100

Consolation prizes

Shopee vouchers worth RM100

200

1,000

MasterCard

Grand prizes

Grocery vouchers worth RM1,000

20

100

Consolation prizes

Petrol vouchers worth RM100

200

1,000

Amex

Grand prizes

Duit Raya worth RM1,000

20

100

Consolation prizes

Duit Raya worth RM100

200

1,000

(Image: The Edge Markets)

If you’re interested in joining this campaign, you will need to first register your participation by sending an SMS (RAYA<space>12-digit NRIC number) to 66628. Once done, you can then begin to earn qualifying entries by spending a minimum amount on selected transactions each week. The spending requirements to gain qualifying entries are listed as below:

Qualifying entries

Spending requirements

1x entry

Every RM100 single transaction

5x entries

Every RM50 spent on the following:

Groceries

Departmental stores

Petrol

F&B

Contactless transactions

All online shopping/food orders (ex: Shopee, Lazada, GrabFood, and FoodPanda)

10x entries

New-to-bank principal approved cards

Do note that monthly instalment payments – such as EzyPay, EzyPay Plus, and fund transfers – are not considered as eligible spend. Additionally, split bills and repetitive retail transaction of more than five times from the same merchant in a day will also be disqualified.

Based on the qualifying entries earned, winners will then be selected on a weekly basis via a randomiser programme. You’ll also be happy to hear that each eligible cardholder is allowed to win more than one prize throughout the whole campaign period.

With regard to the delivery of the prizes, those who win the vouchers (Visa and MasterCard spend) can expect to receive their prizes via selected channels within six weeks after the announcement of the winners by Maybank. The announcement will be made on a weekly basis on Maybank’s website. Meanwhile, Duit Raya winners (Amex spend) will receive a confirmation letter or email within six weeks after the end of the campaign, with further details on how to collect their prizes.

To find out more about the
Raya 100 – Celebrate Raya With Maybank Cards campaign
, head on over to Maybank’s website.

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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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UOB Among Potential Bidders For Citi’s Consumer Banking Assets In Malaysia

(Image: Bernama)

UOB Bank has been named as one of the potential bidders that are looking to acquire Citigroup Inc’s (Citi) consumer banking assets in Malaysia. Other banks that are also in the pursuit include Standard Chartered Bank and Hong Leong Bank, said several industry sources.

To note, Citi’s consumer business encompasses credit cards, wealth management, and mortgages. Of these, the main draw for potential bidders lies in the credit card segment as Citi is said to be the third largest credit card player in the Malaysian market. It is behind only Maybank and CIMB Bank. Acquisition of the business will give the successful bidder an immediate boost in the credit card space, helping them to better compete with other rival banks.

“The Malaysia asset is one of the highly sought-after ones. Binding bids are due at end-September, so basically, it’s [this] week. Citi’s wealth proposition in Malaysia is compelling and the credit card business is very attractive… that’s what most of the banks are after,” said a source familiar with the matter. Citi’s credit card receivables currently stands at RM4.5 billion.

(Image: HRNEWS.my)

This bidding has come about as a result of
Citi’s exit from retail banking
 in Malaysia, along with various other markets across Asia and the Europe, Middle East, and Africa region. Announced back in April 2021 as a part of an ongoing review of the bank’s strategy, a total of 13 markets were affected, including Thailand, Vietnam, Indonesia, China, and Australia. The chief executive officer of Citi, Jane Fraser had justified the move by saying that the bank lacked the scale that is needed to compete in these markets.

Sources have also noted that Citi would prefer to sell its Asian consumer assets to one bidder rather than as piecemeals. That said, this preference may be difficult to apply to some of the affected markets.

(Source: The Edge Markets [
1
,
2
,
3
])

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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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Is it Good to Have More Than One Savings Account?

Most people probably have more than one savings account because their employer demanded they open a savings account with another bank for the ease of payroll. But is it actually a good thing to have so much of your money in different places at once? Let’s check out the advantages and disadvantages.

Pros:

Enjoy the Best Perks Of Every Bank
 – Having an account in two banks allows you to enjoy the different benefits such as dining, hotel, petrol, shopping discounts from each bank. Sometimes one bank may offer petrol cashback while another gives you better discounts at a selected store at your favorite shopping mall.

Better Budget Management
 – Having two accounts or more allows you to do better budgeting. Upon receiving your paycheque in your account, you could transfer out a portion and leave it in another account as savings. This way, you are less likely to overspend and dip into your savings.

Or in the case you have more than one source of income such as rental, having more than one account could ease your burden to monitor that specific income and tally up and do your taxes.

Backup Bank Account
 – In the unfortunate instance your funds in the bank gets stolen, having a second one would prevent you from being totally wiped clean. This will not only safeguard a part of your finances, it is also give you an added form of backup in the rare case your account gets frozen for some reason.

Cons:

Annual Fees
 – While there are benefits to having more than one account, the drawback is that you will have to pay each bank an annual service fee to maintain these accounts. The more accounts you have with different banks, the more money you could be wasting to maintain these accounts. In addition, each account that has a debit card more than likely levies a charge every few years for its renewal.

Difficult to Maintain
 – Having too many bank accounts could pose a problem when it comes to maintaining and watching over them. It is very likely you could lose track of how much is in each of the accounts. On top of that, some internet banking account access expires if you have not logged into them for awhile and could be cumbersome to keep doing so.

One or More?

Based on the pros and cons discussed above, it is reasonably safe to assume that the pros outweigh the cons. Having more than one is preferable to enjoy a wider range of benefits, better budgeting, and ease one’s accounting when it comes to tax assessment period especially if the person has more than one source of income.

If you only have a single account and would like to sign up for a savings account, drop by our
comparison page
 and apply for one now.

If you have any ideas to add on to these article, let us know in the comments below.

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Gavin Pereira

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How to Enjoy Back to School Sales (For Those No Longer in School)

When Do Back-to-School Promos Start?

It can start as early as two weeks after the school holidays have begun (much to the dismay of schoolkids everywhere!) and usually goes on for about a month. However, these promos vary with stores. To stay updated, just create a
Google Alert
 for all local back-to-school specials taking place.

Even if you don’t have a kid and don’t go to school yourself, you can definitely use back-to-school promos to your advantage and stock up on sale items.

Here is a list of the usual suspects that available with big discounts:

1. Stationery and Office Supplies

If you have a home office or simply need to stock up on pens, pencil and notepads, now is the time to do it. Discounts can be pretty hefty, especially if you buy in bulk. The best places to get these supplies are from bookstores and supermarkets.

2. Backpacks

Working adults often lug files, papers and other work essentials in a backpack, so if you want a new one, now is the time to buy. Supermarkets, uniform outlets, departmental stores, online merchants and bookstores carry the best discounts, so be sure to look there first.

3. Art Supplies

Lots of grownups still enjoy breaking out the water colour and art pads for a bit artistic fun now and then. If you are running low on supplies, just head over to any leading supermarket and you’ll likely finds stocks of colour pencils, drawing blocks and other art supplies selling with tidy discounts.

4. Food Containers and Drinking Bottles

These can actually be quite expensive, especially for ones with high-grade materials that are non-toxic and BPA-free. Food containers are necessary for any household – you can store leftovers in the fridge or emulate the kiddies and pack yourself a healthy snack for work. If you exercise outdoors, get a couple of drinking bottles while they are on sale. It’s often cheaper than the ones you’ll find at health stores or gyms, but they’ll work just as well.

5. Socks

School-grade socks can be sufficient to keep your feet warm at night or for use together with your sneakers and sport shoes. You’ll have to contend with basic whites or blacks only though as school socks aren’t typically allowed to be stylish.

6. Breakfast Cereals, Snacks & Hot beverages

Kids need to eat to before heading to school but we’re willing to bet that you too can enjoy these foods and beverages. Stock up your pantry for less with discounts and one-for-one offers on kiddie food items, available in most
supermarkets
. Don’t forget to check the expiry date before buying!

A Rewarding Way to Make the Most Out of Back-to-School Sales

Youngsters living in child welfare homes will need new supplies for the upcoming school year too. If you are able to pitch in;
Shelter Home
 requests manila cards, correction tape, folio and colour papers;
Precious Gift Home
 and
Living Hope
 need school shoes, uniforms, bags and stationery.

Here’s a
list
 of many more orphanages and child welfare homes in Malaysia that need assistance with school supplies and others.

Looking for even more ways to get discounts and freebies every time you spend? Then you’ll need a credit card with the best rewards available. Come on and check out our
comparison page
 for help with your research!

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Desiree Nair

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