CIMB DURIAN-i Campaign Offers Exclusive Monthly, Year-End Prizes

CIMB is currently running a campaign to promote the launch of its new Daily Unrestricted Investment Account-i (DURIAN-i), allowing accountholders to win exclusive monthly and year-end prizes such as an Apple iPhone 14 Pro and Samsung Galaxy Z Fold4. Already ongoing, the CIMB DURIAN-i Riuh Durian Runtuh campaign is set to run until 31 December 2023.

For context, CIMB’s DURIAN-i is a
shariah
-compliant daily investment account, where you’ll be able to reap the fruits of your investments in the form of monthly profits. The minimum initial investment stands at RM50, and you’re required to always maintain a minimum balance of RM50 in the account after opening one. The account also allows you to tap into selected shopping, dining, and travel privileges and deals offered via a Mastercard debit card.

With regard to the DURIAN-i Riuh Durian Runtuh campaign itself, all accountholders are eligible to participate by meeting specified savings and spend conditions via the account. This then earns them a number of entries, which puts them in the running to win the following monthly or year-end prizes:

Category
Winners
Details
Number of winners
Monthly prizes
1
st
 prize
2
nd
 prize
3
rd
 prize
Consolation prize
Samsung Galaxy Z Flip4 5G (8GB + 512GB)
Samsung Galaxy S23 (8GB + 256GB)
Samsung Galaxy A34 5G (8GB + 256GB)
RM100 cash (credited into DURIAN-i)
3
6
12
167
Year-end prizes
Grand prize
2
nd
 prize
3
rd
 prize
Consolation prize
Latest Apple iPhone (at 31 Dec 2023) or Apple iPhone 14 Pro 256GB
Samsung Galaxy Z Fold4 (12GB + 256GB)
Samsung Galaxy S23 (8GB + 256GB)
RM1,000 cash (credited into DURIAN-i)
3
6
12
79

Meanwhile, here are the transactions and banking activities that you can perform to earn entries to participate in this campaign and win the prizes:

Transactions/criteria
Entries earned
Entries for monthly prizes
Every incremental RM100 average balance in DURIAN-i for the month
Two purchase transactions with your debit card for the month
Two online transactions via CIMB Clicks for the month
1x
1x (maximum)
1x (maximum)
Entries for year-end prizes
Every incremental RM400 average balance in DURIAN-i for the year
Six purchase transactions with your debit card for the year
Six online transactions via CIMB Clicks for the year
Minimum one payment to selected charitable and
zakat
 bodies (minimum RM50)
1x
1x (maximum)
1x (maximum)
2x (maximum)

To select the winners for monthly prizes, CIMB will use a randomiser programme to shortlist potential winners from a pool of eligible customers within eight weeks after the last day of a campaign month. Upon being shortlisted, these individuals will be contacted via SMS, and then required to answer one question correctly. Those who do so the fastest will be confirmed as the winners.

A similar process applies to the selection of year-end prize winners; a group of potential winners, too, will be shortlisted using a randomiser programme within eight weeks from 31 December 2023. Following that, they will be contacted via SMS to answer one question correctly. The fastest 100 individuals to reply will win.

If you do manage to win, the prizes will be couriered to you or credited into your DURIAN-i within six to eight weeks after the announcement of the winners. Note that each eligible customer is only entitled to win one monthly prize every three months, and one year-end prize throughout the whole campaign period.

Those who are interested to participate in the campaign can open their DURIAN-i at the nearest CIMB branch today and plant a minimum initial investment of RM50. No registration is required for this campaign.

(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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Things You Are Wasting Money On At Work

We always think that to make money we need to spend money. No doubt that may ring true to some extent, but how it is being spent, is important. Many don’t think twice to over analyse the work routine budget and this could be where the financial pitfall has been staring you in the face.

Let us shed some light on a few areas you may have been overlooking.

Expensive Clothes

One of the first rules that we were taught by our parents or countless articles on how to secure that job was dressing to impress. While that is a great rule to go by, your entire wardrobe does not have to be branded or bought from Armani Exchange, Lacoste, Sacoor and the like just to impress.

Most people can’t tell the difference between a silk RM200 tie as compared to one bought at a departmental store for RM50. The ties serve the same purpose and the brand won’t really get yourself extra recognition.

If your office allows you to wear casual clothing, there’s no harm in dressing down a little as long you aren’t required to go out and meet clients for business meetings. The casual clothes can double as your normal outing attire as well as your office clothes. That spells out savings.

Phone Bills

For the sake of convenience we tend to call clients with our mobile phones instead of using the office phone. If you were in sales and were constantly out of the office, maybe it would be good to plan and schedule as much of your calls as possible in the morning before you head out.

These type of phone bills are costing you more money without you realising it. On top of that, clients like how you are always on their beck and call, so they expect quick replies on e-mails and queries as well. You don’t only spend your calls on them, you also end up burning through your personal data as well. Just for that you end up taking a bigger data plan to accommodate your client’s needs.

The best way to avoid this from happening is structuring your day as much as you can. Some of the most successful people do this and set a time for responding to clients calls and e-mails. This not just saves time to be more productive, it also helps to cut down on some phone bill charges. Also remember that if you’re using your personal phone for work purposes, you should be entitled to claim those expenses from your employer. Don’t forget that these costs can add up quickly.

Transport / Commuting

Analyse your working habits and routes you take to work. Could you actually end up saving if you used the public transport a little more often? Maybe it could be of further benefit to combine your own transportation with public transport to garner better savings.

Imagine having to head down to Jalan Bukit Bintang which has a never ending traffic jam. You could hop into a taxi or a ride sharing service, and head on down there. If you get stuck and it seems close enough to the client’s office, you could get down and walk the rest of the distance. If you were driving, there is no way you can just leave your car in the middle of the road and walk over to the meeting place and pick your car up later.

Instead of always jumping into your car out of habit when heading over to a client’s office, why not check out a ride sharing app, train and other feasible options to see how much it will cost to head there. You could save on petrol, parking and possibly toll charges.

Change Your Routine and Save More

Now that you have been enlightened on a few areas that you may have been splurging on for the sake of work, you can scrutinise it further and attempt to save more. The thing to remember is, there is nothing wrong in wearing a simple yet decent t-shirt to work instead of a fancy business shirt. Nor is it wrong for you to reply clients a little later instead of instantly to plan out your day and get the most of it. Not to mention picking the right mode of transport could save you a tonne of money.

If you need to spend your money, make sure you get the most out of your expenses and be rewarded for every Ringgit spent. Sign up for one of the many credit cards offered on our
website
 and compare them with our tools to ensure you get one that is best suited to you.

If you have any tricks and tips on saving at work, tell us in the comments below.

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Everything You Need to Know About Zakat in Malaysia

What Is Zakat?

Zakat is an obligation in Islam to make contributions towards the less fortunate. It is one of the five pillars of Islam and is intended to redistribute wealth between the rich and the poor as well as cleanse the wealth of those who pay zakat. There are two types of zakat you should know about: zakat fitrah and zakat harta.

Zakat Fitrah

Zakat fitrah is a small levy that must be paid by all Muslims every year without fail, regardless of age, gender, or wealth. Usually, Muslims settle their zakat fitrah during the holy month of Ramadan as they are obligated to pay it before the start of Eid prayers. The rate for zakat fitrah is equivalent to the value of a bushel of rice weighing 2.7kg. This rate is a remnant from the time when people used to pay their zakat fitrah with actual bags of rice; now Muslims simply pay the equivalent value of the amount.

So, how much is that really in actual Ringgit? Each state declares the zakat rate for the year based on the current price of its local rice, and the amount of zakat fitrah per person usually remains below RM10. However, those who are capable can choose to pay zakat fitrah according to the price of the rice brand they consume in their household, which may be more expensive.

Zakat Harta

You are required to pay zakat harta once a year if you meet the minimum requirements to do so. There are several types or categories of zakat harta, namely:

Zakat on earnings

Zakat on business

Zakat on savings

Zakat on gold and silver

Zakat on EPF

Zakat on farming

Zakat on livestock

The most relevant type of zakat harta for most Malaysians would be the zakat on earnings. Muslims who have been employed for more than a year and awarded an income that is above the set minimum amount are obliged to perform their zakat on earnings. The minimum amount, called
nisab,
is the equivalent of 85g of gold and differs from state to state on a periodical basis. For example, the
nisab
for zakat harta in the state of Selangor for the period of July to December 2018 was set at RM14,162.

Generally, Muslims who meet the
nisab
’s requirements are mandated to contribute 2.5% of their income as
zakat
. Their income includes all types of wages, remuneration, payments, or proceeds obtained from their work such as salaries, bonuses, commissions, royalties, freelance payments, and rental income.

How To Pay For Zakat

Muslims in Malaysia are encouraged to make their zakat payments to the government’s zakat collection centres for proper distribution to the needy. One way you can pay for your zakat is through a monthly salary deduction scheme. In order to avoid a clash with the monthly tax deduction (potongan cukai bulanan) for income tax, employers can make adjustments so that the monthly zakat deduction is taken from the monthly tax deduction.

Here are the other methods through which you can pay for zakat:

Online through each state’s official zakat board website

Internet banking

MYEG

In-person at an official zakat board branch

Over-the-counter at the post office

Selected bank counters or ATMs

Official agents.

If in doubt, make sure to check your respective state’s official zakat website for legitimate methods of payment.

Zakat Reliefs And Rebates

Just like you have tax reliefs and rebates when paying income tax, the zakat system also has its own reliefs that allow the payer to make deductions from the amount they have to pay. Referred to as the
had kifayah
 (minimum needs for an individual or family), it again varies from state to state as it is determined by each state’s Islamic religious council.

The type of expenses that can be deducted from your zakat calculations include self, wives, children, parents, EPF deduction, education, and so on.

Zakat As Income Tax Rebate In Malaysia

One perk of making zakat payments is that it acts as a rebate for your annual income taxes. A tax rebate is a reduction in the actual amount of income tax you have to pay – unlike tax reliefs, which merely reduce your chargeable income amount. Furthermore, the cap on the amount of tax rebate you can claim for zakat is subject to the maximum of tax charged.

All this means that zakat payment can help reduce the amount of income tax you pay tremendously. In fact, this rebate can sometimes be enough to reduce your amount of income tax to RM0. Here’s an example. Let’s say after all your tax reliefs and tax deductions, your tax amount comes up to RM450, and the amount of zakat you have paid in the same assessment year is RM500. Since you are allowed to deduct the amount of tax rebate for zakat subject to the maximum of tax charged, your required amount to pay will be reduced to RM0.

********

During the holy month of Ramadan, it’s good to remember that zakat isn’t meant to be about rules and calculations, but about being grateful for what you have and fulfilling your obligations towards those who are in need. To find out more about zakat, enquire with respective religious authorities of the state where you are employed.

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    TTT

    2 years ago

What if the zakat is paid by non muslim, still eligible for tax rebate?

1

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    Muhsin Nor Paizin

    1 year ago

    Reply to

        TTT

Base on ACP 1967 Section 6A. (3):  “A rebate shall be granted for a year of assessment for any zakat, fitrah or any other Islamic religious dues payment of which is obligatory and which are paid in the basis year for that year of assessment to, and evidenced by a receipt issued by, an appropriate religious authority established under any written law.”

It does not say anything about the religion of the payer. However I think it was never been tested or used (regarding of this) before. You may try 🙂

0

Reply

    John

    1 year ago

    Reply to

        Muhsin Nor Paizin

There’s a debate where rich Muslims never pay income tax, only Zakat. The issue is how can it benefit the country when Zakat cannot be used outside of religious purposes or country’s development. This is a serious issue

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    Anonymous

    1 year ago

    Reply to

        John

you need to understand how buying power works.

0

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    Lol

    5 months ago

    Reply to

        John

You do realizes that zakat is just a rebate for tax right? Zakat is also only 2.5%. So no, the rich can’t avoid paying taxes because in Malaysia taxes is more than Zakat so yeah don’t have to worry there. Second, zakat actually not for religious purposes, in fact Islam don’t even allow it to be used like that, plus unlike other religion Islam as a religion don’t actually use that much money in their prayer, they don’t burn incense, they don’t have religious ceremony that needed a lot of money from the people. No priest, no monks, no guru
…
Read more »

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Luno: Over RM827 Million Worth Of Transactions Processed In Malaysia Since 2019 Relaunch

Digital asset exchange Luno revealed that it has processed over RM827 million worth of transactions since relaunching its operations within Malaysia in late 2019. With more than 180,000 users and over 90% of the local regulated digital asset exchange market share, this makes Luno the largest cryptocurrency exchange in the country.

Luno had actually been operating in Malaysia since 2015, but it was prevented from receiving new customers starting from January 2019 due to regulation issues. It was required to obtain a licence from the Securities Commission (SC), which was eventually granted in October 2019. This subsequently led to the relaunch of Luno’s operations as the
first SC-approved cryptocurrency exchange
 in Malaysia.

Initially, Luno dealt exclusively in Bitcoin and Ethereum, but has now expanded to include Ripple and Litecoin as well. At present, Luno stores more than RM165 million on behalf of its customers across the four approved cryptocurrencies.

“It is very encouraging to receive such a great reception from Malaysian customers. Investment in cryptocurrency have been increasing steadily in Malaysia with many investors looking to cryptocurrencies as a good store or a start to their investing journey,” said the country manager of Luno Malaysia, Aaron Tang.

Tang also said that 68% of Luno users buy cryptocurrencies for investment purposes as they look for alternative investment vehicles to diversify their portfolios. Additionally, most of these users fall within the age bracket of 30 to 49 years old.

According to Tang, Luno has also introduced several new features in Luno to prioritise customer security and usability. One such feature is the ability to make deposits via FPX, allowing for instantaneous transactions and, consequently, an improved user experience. The cryptocurrency exchange also launched a Repeat Buy feature, enabling users to schedule automatic purchases.

On top of that, Luno has struck a
partnership with blockchain intelligence company, IntoTheBlock
, to provide users with better trading signals and data visualisation tools, intended for those who are into trading cryptocurrencies. It has also updated the trading view on its desktop application, as well as added market and stop-limit orders to its services. To briefly explain,
market order
 is an order that is placed by specifying the amount that you wish to trade, which are then carried out immediately at the best available rate in the market. Meanwhile,
stop-limit orders
 is a function where your orders to buy or sell an asset is activated only when your specified price for trade has been triggered.

Additionally, Luno has been collaborating with the SC to generate a collection of informational content aimed at educating Malaysians on the safety and risks of trading digital assets. “Over the last few years, the infrastructure that allows people to invest in cryptocurrencies have come a long way. Regulated cryptocurrency exchanges must meet stringent anti-money laundering laws and investor protection requirements. Luno has provided simple access users from all walks of life who are now able to directly access powerful online trading tools, which have historically been limited to professional investors,” said Tang.

Tang further hoped that the improved conditions brought about by regulated cryptocurrency exchanges, as well as continued governmental recognition will provide a conducive environment for users to purchase and trade digital assets safely.

Moving forward, Luno is looking to roll out various other new features, including new cryptocurrency offerings and deposit/withdrawal options. It also plans to introduce a service called the
Savings Wallet
, which is said to offer a targeted rate of 4% interest per annum (subject to market situation). That said, the Savings Wallet is currently still under review by local regulators, although it has already been made available in other markets.

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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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Boost Launches Kongsikan KeberkaTEN Ramadan Campaign With Special Offers

Boost has kicked off its “Kongsikan KeberkaTEN Ramadan” campaign in conjunction with the upcoming month of Ramadan. To celebrate the occasion, it is rewarding its customers with a variety of deals, cashback and exclusive gifts. Here’s a list of offers that you can take advantage of.

Every Friday in April, from 12 pm to 4 pm, you can redeem
duit raya
 worth RM10 for free via the BoostUP Rewards catalogue, which comes in the form of Partner Wallet credit that you can utilise with a minimum spend of RM100. Note that the credit redeemed must be used for payments with Boost (excluding P2P transfers, investment-related products, donation and
zakat
), to be utilised by 5 May 2022. Be sure to mark 1, 8, 15, 22 and 29 April in your calendar, so you don’t miss out on the
duit raya
.

Concurrently, Boost is also giving away 100,000 bonus
Boost Stars
 to 10 lucky winners every week, starting from 1 April to 5 May (a total of 50 winners during the whole campaign period). To participate in this giveaway, simply spend RM50 using Boost to gain one entry; those with the highest entries will win the prizes, which can then be used to redeem rewards ranging from food vouchers, gadgets, household appliances, and more.

Besides that, there’s a slew of cashback offers during the campaign:

Participating merchants
Cashback
Offer period
Cold Storage, Giant, and Mercato, among others (in-store)
Up to RM10 cashback Partner Wallet with a minimum spend of RM30*
* Each merchant has its own T&C
1 March – 7 May 2022
ZALORA, Haurabelle, Watsons, and
others
 (online)
RM5 cashback with a minimum spend of RM80 (capped at 2 times per user)
*
T&C
21 March – 24 April 2022
ZCITY (online)
RM2 cashback with a minimum spend of RM30 (capped at 5 times per user)
*
T&C for ZCITY
21 March – 21 May 2022
WOWShop (online)
RM5 cashback with a minimum spend of RM60 (capped at 2 times per user)
*
T&C for WOWShop
21 March – 21 May 2022
ePheeLive (online)
RM20 cashback with a minimum spend of RM120 (capped at 5 times per user)
*
T&C for ePheeLive
21 March – 21 May 2022
Isetan (in-store)
RM10 cashback with a minimum spend of RM100 (capped at 1 time per user)
*
T&C for Isetan
25 March – 31 May 2022
Bata (in-store)
RM10 e-wallet credit to be gained by scanning or keying in the promotional QR code:
bata10

(capped at 1 time per user)
*
T&C for Bata
28 March – 31 May 2022
McDelivery, KFC Online, Pop Meals, and
others
 (online)
RM2 cashback with a minimum spend of RM30 (capped at 5 times per user)
*
T&C
21 March – 24 April 2022
McDonald’s, KFC, Texas Chicken, and more (dine-in)
Up to RM10 cashback
*T&C is not yet available
16 April – 16 May 2022

On top of that, Boost has collaborated with UnionPay to offer up to RM20 cashback when you shop in-store with selected stores – including Econsave, Eco-Shop and Petron – from 15 April to 31 May. You will also stand a chance to drive home a brand-new Perodua ATIVA when you shop at these stores, subject to the terms and conditions.

Throughout April, Boost is also hosting Ramadan Bazaars in several locations across Malaysia, with offers of free credits in your Bazaar Wallet and more cashback. You can enjoy a free RM3 Bazaar Wallet when you pay for your meal using the Boost app. Furthermore, you can earn up to RM10 cashback when you pay using Boost DuitNow QR. As the details are not out yet, keep a lookout for updates on the
campaign’s website
.

As Ramadan is about sharing with the community, Boost is also encouraging its users to donate to the less fortunate. The company has pledged to contribute an additional RM1 for every RM10 donated by its users to
selected NGOs and religious institutions
. Users who would like to contribute can transfer funds or convert their Boost Stars to be donated to these organisations.

Additionally, Boost is offering convenience to its Muslim users to pay their
zakat
via the eZakat feature within its app.

”The blessed month of Ramadan is a time of self-reflection, spending time with the family and giving back to the community. To ensure that Malaysians can observe the holy month with convenience, we have curated practical deals that meet the diverse needs of our users preparing for Ramadan. They can save more, enjoy fantastic rewards, and contribute to the community to help lift some of the
rakyat
’s burden. We hope our offline and online offerings go some way in helping Malaysians forge ahead with optimism and have an even more meaningful Ramadan this year,” said Boost Life CEO Ungku Norliza Syazwan Ungku Halmie.

(Source:
Boost
)

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Dude, Where's My Credit Card?

So the (almost) unthinkable has happened: You’ve lost your credit card. Unfortunately, there isn’t a missing card alert you can put out to get the whole police force looking but there are other ways to deal with this.

Firstly, don’t panic. Breathe into a paperbag if you have to (I am kidding). But whatever you do; the best thing to have with you at a time is your wits. Then follow these easy steps.

Make Some (Mental & Written) Notes

The first thing you need to do before even calling your bank is to note these things down:

What time do you estimate your card went missing? (if you’re not sure; note the last time you saw it or used it).

If you know exactly when you lost your card; you now need to remember the time you last used; where and how much.

With this info in hand; you can proceed to call your bank because you can be sure; they are going to ask you these questions.

Call the Emergency Number for Credit Card Loss

All banks will have a special customer service line, round the clock to deal with loss credit cards. If you haven’t got this written down somewhere on your person; you can surf the bank’s website to get it. The bank will ask you when and where you suspect you lost your card. As an added bit of info; they may even ask you where you last used your credit card to check if any fraudulent charges have been made on the card yet.

They will then proceed to cancel your card – rendering it unusable to anyone who may have taken it.

Make a Police Report

Your bank has already cut your credit card and any fraudulent charges should no longer be your problem but there’s no harm in taking precautions. Report the card missing/stolen and provide the full credit card number to the police in your report. Let them know what time you called the bank to cancel and what your last spend on it was. Whilst the police don’t need to know this info
per se
 and it doesn’t really prove much; it shows the bank that you are transparent. You don’t mind recording this information as an official police statement.

Once you have a copy of your report; append a photocopy along with a letter to your bank reminding them of both the cancellation phone call and the reminder that you should not be held responsible for any charges on the card after you’ve effectively cancelled your card. Again, none of this is an absolute requirement but it really makes a difference if there should ever be a dispute between the bank and yourself regarding the card cancellation.

As always; keep copies of all letters and documentation. The certified police statement copy should be with you. Send the bank a photocopy.

Phew; the worst is over now – but there are a few more steps you will need to take to get all your financial dealings in proper order again.

Cancel All Standing Instructions and Payments

Did you use that particular credit card for any auto bill payment? Or perhaps you linked it to your Paypal account – proceed to remove and update this information. The last thing you want is to find yourself literally in the dark when Tenaga Nasional Berhad cuts your electricity for failing to pay your bill on time.

Scrutinise the Last Bill You Receive

Chances are you didn’t lose your card on exactly the last day of your usual billing cycle so there will be another bill coming to you even after you’ve cancelled the card. Make sure you take a good look at the statement to make sure no charges were made after your reported cancellation.

And that’s it! Your bank will likely send you your new card in about two weeks to a month so you’ll be ready to swipe again. But before you go signature-happy; take these following precautions to ensure that if this does happen again (we certainly do hope not, though!); you will be able to react better.

Save the bank phone number in your phone.

Save credit card receipts for at least a month before discarding them.

Scrutinise your bills every month. Your card doesn’t need to physically go missing in order for fraudulent charges to be incurred.

Write down important numbers in a safe place at home including the bank’s phone number and your credit card numbers in case you lose your handphone as well (as in the case of snatch thefts and lost handbags).

These things happen to the best of us. Don’t beat yourself up about it. The most important thing is to know the steps to take when the unfortunate does happen.

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RFID Is Slated For Implementation In Southern Region In Early 2021

(Image: Bernama)

Come early 2021, motorists travelling from the southern region of Malaysia can expect to enjoy a smoother driving experience as the Radio Frequency Identification (RFID) technology will be installed at several highway toll plazas in the area by then.

This update came following the implementation of the RFID pilot tests that are ongoing at
nine toll plazas in the northern states
, namely Kedah and Penang, since 22 July.

“We are at the trial stage in the northern states, we will try (the RFID system) in Johor, and then we will try for all (open and closed highway system nationwide). We have to test again to gauge the effectiveness of the system and to improve it to benefit over 1.7 million highway users,” said the director-general of the Malaysian Highway Authority (LLM), Datuk Mohd Shuhaimi Hassan.

At present, the RFID technology is already installed at
62 open-system toll plazas
, including highways such as the North-South Expressway (PLUS), Shah Alam Expressway (KESAS), and Damansara-Puchong Expressway (LDP). Following that, it was slated for expansion to
all toll plazas nationwide
 – including 83 closed toll systems from the North to South – starting from 1 April 2020. However, the plan was
postponed due the implementation of the movement control order (MCO)
, which began in mid-March.

The implementation of the RFID technology is intended to facilitate the subsequent adoption of a Multi-Lane Free Flow (MLFF) system for a better and speedier toll payment experience. The government aims to achieve its MLFF vision within the next three years.

(Source:
Malay Mail
)

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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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CIMB Partners With Fave To Enable BNPL Service For Cardholders

CIMB Bank has entered a strategic partnership with Fave to enable the latter’s buy-now-pay-later (BNPL) service, FavePay Later for its credit and debit cardholders. With this, CIMB’s total of 8.4 million cardholders will not only have access to the flexible payment option at over 15,000 merchant locations, but also the chance to enjoy stacked rewards from CIMB and Fave.

In a statement, CIMB said that this partnership will allow its customers to split their purchases with participating merchants into three interest- free instalments through the FavePay Later service (with up to RM4,000 FavePay Later credit). This is provided you pay on time; for late payments, FavePay Later charges a penalty fee of 1.5%.

Aside from that, CIMB cardholders who tap into FavePay Later will also be able to earn CIMB bonus points, as well as up to 15% cashback with their purchases at selected merchants. With regard to the cashback rewards that can be earned, it may be provided to you either as a partner cashback reward (which you must use with the same brand again) or a Fave cashback reward (which you can use at any outlets that accept FavePay).

If you’re interested to tap into this service, all you need to do is save your CIMB debit or credit card in your Fave app as a preferred payment option. Following that, make sure to select FavePay Later when you make payments at any Fave online or offline merchants.

According to CIMB, this collaboration was spurred on by the changing consumer spending behaviour in recent times, with retailers seeking to adopt not just digital payment methods, but also solutions that improve the accessibility of their products and services. Consequently, BNPL and online instalment plans have quickly grown to become a complementary service to normal credit card services.

CIMB also cited a research report that highlighted Malaysia as a regional hotspot for BNPL, with an estimated compound annual growth rate (CAGR) of 49% between 2022 to 2028.

In line with this, the chief executive officer of group consumer banking for CIMB Group, Samir Gupta said that the bank is excited to enter this fast-growing space with Fave as its partner. “This service [FavePay Later] provides customers with an alternative and flexible payment option as they transact digitally in today’s mobile-first environment. This partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians,” he said.

(
CEO of Fave,Joel Neoh
)

Meanwhile, the chief executive officer of Fave, Joel Neoh highlighted that this collaboration has also opened up an opportunity for the platform to extend its BNPL service to debit card customers. “This collaboration has enabled us to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation,” he stated, adding that the partnership will also empower its retailers by growing their customer base and basket size, as well as retaining their customers via easy-to-use technology.

To celebrate this partnership, CIMB is currently running a campaign that offers up to RM30 cashback to customers who link their CIMB cards to the Fave app and shop with FavePay Later. Specifically, existing FavePay Later users will be able to enjoy RM25 off (minimum spend RM150, promo code “CIMB25”), while new FavePay users can get RM30 off (minimum spend RM100, promo code “CIMBNEW”). The campaign is set to run until 31 December 2022.

FavePay Later itself was
rolled out back in mid-2021
, aiming to tap into a market where cash-strapped consumers were seeking easier access to credit and merchants were looking for new ways to boost their sales. Some popular brands that have enabled support for FavePay Later include Al-Ikhsan, PUMA, Box of Bricks, Focus Point, and Jakel.

(Sources:
CIMB
,
Fave
)

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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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Are Malaysians In Denial Of Their Financial Reality?

Many think that they are managing their finances well. However, the RinggitPlus Malaysian Financial Literacy Survey 2019 (RMFLS 2019), in partnership with Visa International, revealed the exact opposite.

The survey found that while 69.3% of Malaysians claim to be in control of their finances, an alarming 53% of respondents admit that they are not able to survive more than 3 months with their savings. The findings further revealed that about 43.4% of Malaysians spend exactly what they earn or more, showing a 10% increase, compared to last year (33%).

“Our annual survey plays a critical role in providing us with insights to drive our mission for the nation – saving Malaysia one wallet at a time. With these findings, we are switching gears to place even greater importance on our battle to proliferate the nation’s financial literacy. The strong support from Visa International this year has enabled us to tap into a wider audience pool, making our survey results more representative of our population,” said Liew Ooi Hann, Chief Executive Officer (CEO) of RinggitPlus.

“It is time for Malaysians to take action and we hope this year’s results act as a wake-up call. The lack of awareness on personal finance is an ongoing challenge for us all. What’s more alarming to us is that people are in denial of their financial reality. Another insight we learned is that some Malaysians, while knowing the importance of financial management, do not take active measures. For example, we found that 38% of the respondents who believe their Employees Provident Fund (EPF) savings is not enough for retirement do not have a retirement plan to compensate for that,” Hann added.

“We are proud to partner with RinggitPlus in conducting this survey. At Visa, improving lives and economies around the world is always at the core of what we do. We are excited to see the leading fintech thought leader, Jirnexu, drives the same vision as us through RinggitPlus,” said Ng Kong Boon, Visa Country Manager for Malaysia.

“Through this survey, we now understand better how Malaysians manage their money and this is important to us, as we strive to cater to the needs of our local users. The findings are instead very alarming. Now that we have identified the gaps in financial knowledge, we hope to work with various partners to address this,” added Ng.

The RMFLS 2019 received over 8,000 responses from people across the country, from which stratified sampling was conducted to achieve a more representative sample of the Malaysian population.

Survey key findings:

● 31% of Malaysians admit that they are not in control of their finances, and 43% spend exactly or more than they earn monthly.

● 37% of those who earn less than RM2,000 do not save at all.

● 54% of them can survive less than 3 months with their savings, and 20% of respondents can survive less than a month.

● 89% of respondents say that EPF savings is not sufficient for retirement, yet despite this, 38% of respondents do not have a retirement plan.

● Only 32% of respondents are aware of what a credit score is and the need to check it regularly.

Mission: Marching with the nation for a better Malaysia

The recent launch of the National Strategy for Financial Literacy 2019-2023 highlights the urgent need and the Government’s efforts to address financial illiteracy in the country.

The annual RMFLS is RinggitPlus’ way of contributing to this mission. Ultimately, they believe that the nation gets better when every Malaysian becomes financially literate.

The full survey report may be downloaded
here
.

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The One-Stop, Virtual Scholarship Fair Simplifies Students’ Journey To Search For The Ideal Scholarship

For students, the next step to furthering your studies is an exciting journey. A world with new friends, new environment, and new adventure for some. The same goes for parents, as you reminisce about your very own experience, that you’d only hope for the best possible education for your children.

But first, preparing yourself or your children for this new adventure is important and it all starts with an extensive list of to-dos from researching for an ideal programme, the best institution to pursue the programme in, getting the right scholarship with consideration of your financial capability, to preparing copies and copies of your official documents for more than one submission.

It’s a process one has to go through in order to further your studies, but this time around – Scholarship2u’s
Virtual Scholarship Fair (VSF) 2020
 aims to help you simplify your journey to the right institution with the right scholarship.
Happening this 10.10.2020 until 11.10.2020
, VSF will bring hundreds of local and international institutions with scholarships up to one billion offered to you – with only one instant application – virtually.

A Virtual Scholarship Fair For Multiple Levels Of Education

VSF offers students a convenient, online access to a variety of local and international education institutions and available scholarships, and a simplified application process to all aspiring students in different levels of education from A-Level, Foundation, Pre-U, Undergraduate to Postgraduate.

If you’re wondering how simple it can get,
here’s how VSF 2020 work:

You Only Need A Free Scholarships2u Student Account & One Set Of Documents

To participate in VSF,
you can register an account on Scholarship2u’s official website here for free.
 Upon registration, you will be able to create your student profile where you can upload all relevant documents into your account. This set of documents will be set of documents Scholarships2u sends out to your ideal educational institutions and scholarships application. So ensure that all your documents are correct, and clear for viewing.

Next, once you’re all set up – you may
proceed to register to attend the Virtual Scholarship Fair here
, where you get to apply to over hundreds of educational institutions and worth up to 1 billion scholarships offered.

By signing up for VSF, you’ll also get access to informative contents uploaded to VSF by over hundreds of local and international education institutions such as UK, USA, Switzerland, Spain and more. And just like a physical fair, you’d get to browse through educational “booths” set up by participating institutions – only virtually – and talk to their representatives about any questions you might have via live video chat.

You Will Be Systematically Matched To The Most Suitable Scholarships

With VSF, there is no need to prepare multiple copies of your documents when you’re applying for more than one college or university and scholarships programmes. After exploring participating education institutions virtually, and whenever you’re ready,
simply take the Scholarships2u Scholarship Benchmark Testing (SBT) test,
which will help match you to the most suitable scholarships according to your interests, fortes and examination results.

The SBT test is one of the eligibility criteria that allows Scholarships2u to match you to the right scholarships available by comparing your STB test result and desired study destination against other applicants. This way, Scholarships2u helps to filter only the best options for you, with improved chances of acceptance under the guidance of professional study counsellors.

Refer 5 Friends To Enjoy Free Scholarship Benchmark Testing

The Scholarship Benchmark Testing is currently priced at USD30, or est. RM124 for every student. However, VSF is excited to reward you with a complimentary Scholarship Benchmark Testing, when you refer VSF to 5 of your friends!

Explore Your Options In A Safe Space

Last but not least, as VSF takes place virtually, you get to explore your options comfortably from home and away from the risk of current Covid-19. And the best of all, VSF will walk you through an exciting fair experience, just like a physical fair full of friendly interactions – but only more convenient with everything under one virtual roof.

If you’re looking forward to furthering your study either locally or internationally,
don’t forget to register your FREE student account with Scholarships2u now.
 Once your student profile is all set up – you will be on your way to achieving the next step of your dream education this 10.10.2020!

However do note that, although the VSF will take place from 10.10.2020 to 11.10.2020, you are encouraged to submit your application on the 10.10.2020 itself, as VSF is keeping the virtual gate open until the next day to accommodate their international participants due to differing time zone.

You can sign up for the fair here today
, and save the date 10.10.2020 for application – it’s that simple!

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How Close Are You From Being Completely Broke?

Believe it or not, it’s often the little things that end up causing major financial repercussions. Not saving, overspending, and failing to see the signs that you are heading towards an empty pocket happens all too easily.

Here are some of the red flags that could mean that you’re well on the highway to a financial danger zone:

Are You Being Refused for Credit and Other Financing?

When your credit card or other loan applications are being turned down due to a poor debt-to-income ratio. This is often an indication of rapidly declining financial health, and the best way to counter this is to always be a step ahead of your finances by keeping track of your credit history.

The Fix:
 Start by periodically checking your credit report from credit reporting agencies such as
CTOS
 or
RAM Credit Info
. Prioritize your most pressing debts and pay them off as soon as possible. Experts recommend either paying down the debt with the highest interest first or conversely, clearing off the smallest ones to see your overall debt reduce. Both methods work if you stay consistent and keep at it.

Are You Living Paycheque-to-Paycheque?

If you find yourself out of cash in the middle of the month or are desperately hanging on until your next payday, chances are you aren’t managing your finances well. It only makes matters worse if you’re struggling to pay off all your bills on time, as paying late will incur late payment fees – not something you want to waste your already limited money on. Moreover, if any unexpected financial mishaps were to happen – a car breakdown, losing your job, or falling ill – it could topple your precarious financial situation.

The Fix:
 Try to bring in more cash – while we know that this is easier said than done , it’s a necessary step to steer yourself away from being broke. Check out our article on
how you can make money from home
 for ideas on how to generate extra cash without quitting your job.

Are You Taking Out Loans To Cover Monthly Expenses?

If you need to rely on small loans from family members or are simply going over your credit limit on a regular basis just to take care of your bills, then it’s clear that you are spending way
too much
 and earning way too
little
. You need to realise that people won’t always be able to lend you money, and when those little trickles of financial assistance dry out, you’ll find yourself in a sticky situation.

The Fix:
 Make a list of all of your expenses and trim the fat wherever you can and focus on saving for at least the next six months. Downgrade utility services, reduce spending on clothes (at least for the time being) and put an end to that
gym membership
 you rarely go to.

You Don’t Have An Emergency Fund

If you are overspending, it leaves you little room to save, and this can put just about anybody on a financial downward spiral. Granted, saving on a humble income is hard, but that doesn’t mean you should ditch the practise completely.

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

The Fix:
 Start putting a small amount aside each month, even as little as 10% of your income as soon as you receive your salary. This way you’ll slowly build up a reserve to cushion you in times of financial emergency. Set an automatic transfer or deduction on your bank account if you don’t think you’ll be disciplined enough to make a manual deposit each month. Do check out our
article
 for more tips on building a decent emergency fund.

Do You Whip Out Your Credit Card For Small Purchases?

If you are relying on your credit cards for every little purchase you make, you could soon run into heavy debt that will only be made worse if you are constantly paying the bare minimum each time your credit card statement arrives. This could wreak havoc on your credit score and put you on the receiving end of unattractive interest rates.

The Fix:
 Plan your credit card swipes to fully take advantage of cashback rewards and discounts only when lucrative promotions are available. Otherwise, use cash and avoid overspending “just for the reward points”. If you are looking for a credit card with a low interest rate that is still big on discounts and cash rewards, we recommend using our
comparison page
 to find the best one that suits your spending style.

Have something to contribute to the article? Share your thoughts with us in the comments section down below!

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BNM: 2020 Recorded Biggest Increase In Cash Circulation In 10 Years

(Image: New Straits Times)

Bank Negara Malaysia (BNM) has noted that cash still ranks significantly in importance among the Malaysian public, as evidenced by its annual growth of 14.3% in 2020. This is the highest increase in currency in circulation (CIC) to be recorded in the last decade.

Revealed in the central bank’s Annual Report 2020, this surge in CIC is despite the implementation of movement restrictions and the rapid acceleration of e-commerce and online spending seen last year. For comparison, the CIC was 7.3% in 2019, and averaged at 8.9% in the last 10 years. BNM also said that there was approximately RM130.4 billion worth of bank notes and coins in circulation at the end of 2020.

“The significant increase in demand, which can also be observed in other countries, was due to members of the public and small businesses engaging in precautionary behaviour, as they sought to hold more cash during the Covid-19 pandemic,” the central bank said.

BNM also added that with the public being more tight-fisted with their cash, the central bank received 23% fewer deposits from financial institutions during the year. This meant that there were less fit bank notes that could be issued into circulation.

To cater to this surging demand for cash among the public, BNM said it executed three action plans – the first of which is using its buffer, comprised of additional currency stock that the central bank maintains at above normal consumption level. The buffer stock is meant to ensure that there will be sufficient cash to meet surging demands by the public during unforeseen events. Having an adequate buffer had proved to be crucial to BNM during the Covid-19 pandemic throughout 2020.

Aside from that, BNM also worked closely with its strategic partners in the cash industry, particularly financial institutions and cash in transit (CIT) companies. This made sure that cash was continuously available at more than 12,000 automated teller machines (ATMs) nationwide.

Thirdly, BNM ensured the business continuity of the Automated Cash Centre, with minimal disruptions impacting its operations and processes. For context, the Centre carries the capacity and capability to process significant volumes of banknotes for issuance into circulation by implementing split operations and back-up teams.

Additionally, BNM highlighted that in an effort to maintain the currency’s quality, it processed 2.3 billion banknotes in 2020 and shredded 23.3% of these notes that do not meet the central bank’s quality standards. To compare, BNM processed 2.9 billion bank notes and shredded 20% of it in 2019.

BNM also noted that ongoing efforts have contributed to Malaysia’s consistently low rate with regard to counterfeit banknotes. At the end of 2020, Malaysia’s counterfeiting rate was recorded at less than one piece per million (ppm) banknotes, which is well below other benchmarked countries. In 2019, the nation’s counterfeiting rate was one ppm.

(Sources:
Bank Negara Malaysia
,
Malay Mail
)

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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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MAS Returns With Stimulus Cuti Malaysia Campaign 2.0, Offers RM100 Travel Vouchers

Malaysia Airlines (MAS) is bringing back its Stimulus Cuti Malaysia campaign in collaboration with Tourism Malaysia, with a limited offering of RM100 travel vouchers for eligible Malaysians. The voucher is applicable for immediate booking and travel until 31 December 2021.

Provided on a first-come first-served basis to the first 6,500 eligible Malaysians, this campaign is open only to Enrich members. Upon logging into your Enrich account, you must register for the vouchers via the
campaign page
, during which you are required to upload a scan copy of your NRIC. Successful applicants will then receive their RM100 travel voucher via email, which can be redeemed for Economy and Business flights to any domestic destinations.

Note that you can only register and obtain the Stimulus Cuti Malaysia travel vouchers for up to eight passengers (adults and children, infants not included). Also, the vouchers can only be used for flights that are booked on the MAS website or mobile app; they are not applicable for bookings made via the contact centre, ticket offices travel agents, or any other ground channels.

Additionally, MAS clarified that these vouchers can be combined with other existing MH vouchers during the time of booking, up to three vouchers in a single transaction per passenger. However, it is not valid for Enrich Points redemption bookings.

One important point to note is that passengers who have tapped into the benefit of the first Stimulus Cuti Malaysia campaign will not be eligible for this second round of the promo. For context, MAS rolled out the
Stimulus Cuti Malaysia 1.0 campaign
 back in 2020, offering up to RM200 flight discounts.

(Image: The Star)

The group chief marketing and customer experience officer for MAS Berhad, Lau Yin May said that this is in support of the government’s initiative to revive the country’s domestic tourism. “We foresee a positive trend in forward bookings that reflects customers’ confidence in travelling and believe that the reopening of more domestic destinations will further accelerate the recovery of the travel industry and country’s economy,” she said.

(Source: Malaysia Airlines [
1
,
2
])

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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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Maybank FC Barcelona Visa Signature Review: Cashback King For May & August

(
Update 28/12/2022:
Maybank has revised the benefits of the Maybank FC Barcelona Visa Signature card since this review was published. The contents of this review are no longer accurate.
)

There aren’t many football-themed credit cards left in the Malaysian market, but even fewer are these cards worth your time if you are not a fan of the featured club. The Maybank FB Barcelona Visa Signature credit card is an exception, and if you haven’t yet heard about it, you should pay closer attention to it this month because this is one of the best credit cards for cashback in Malaysia.

A Football-Themed Credit Card Unlike Others

Usually, football-themed credit cards have good perks for the team featured on the card, but not really useful in general. The
Maybank Manchester United Visa
 and Visa Infinite cards are two such examples. It does not offer any cashback, and instead gives TreatsPoints bonuses when Manchester United wins a Premier League match. Even then, the 5x bonus TreatsPoints do not apply for petrol transactions. It gives 10x TreatsPoints and various discounts for use in the Manchester United Megastore and stadium tours, but that wouldn’t matter much if you’re not a fan.

Now, the
Maybank FC Barcelona Visa Signature
 credit card is different. Not only does it offer some discounts when used in its online store, stadium, and FCBotiga retail outlets, the biggest draw for this card is a whopping 10% cashback for the months of May and August, with a generous RM100 monthly cap. This card is useful in other months as well, with 2% cashback with a cap of RM50 per month.

Cashback King for May and August

(Image: Malay Mail Online)

Launched in October last year
, the
Maybank FC Barcelona Visa Signature
 was designed to complement the football season: May is when the European football season ends before the summer break, and August is when the European leagues start again.

While the Maybank FCB Visa Signature does not offer TreatsPoints, the cashback feature is quite significant. No other credit card in Malaysia offers 10% cashback with virtually no strings attached – there is no minimum spend, no packages to choose from, and no cashback tiers. The only caveat is that the 10% cashback is only available in May and August every year.

For other months, the 2% cashback for all purchases isn’t very high, but is good enough to complement other cashback credit cards with higher rebates.

Premium Card, Low Requirements

Perhaps the most interesting aspect is the fact that the
Maybank FCB Visa Signature
 card is surprisingly easy to apply for. Every Visa Signature credit card available for application on RinggitPlus has a minimum annual salary of RM70,000; only the
CIMB Visa Signature
 has a lower RM60,000 annual income requirement; that card’s benefits pale in comparison to the FCB Visa Signature’s.

In contrast, the Maybank FC Barcelona Visa Signature credit card’s minimum annual income requirement is just RM48,000 – that’s RM4,000 a month for a Visa Signature card! To put in further perspective, most Platinum credit cards have a minimum RM60,000 annual salary requirement – and Visa Signature cards are supposedly one tier above Platinum.

And, because it’s a Visa Signature card, it comes with the various perks associated with it as well. These include 24/7 Visa Signature customer service, Visa Concierge Service & Global Assist, and even complimentary travel insurance coverage if you purchase the flight tickets using the card.

Not only that, this card is one of the few premium cards in its class that is free for life – there is no annual fee for the Maybank FC Barcelona Visa Signature card, nor is there any minimum usage per year requirement as well.

Surprisingly Few Downsides

We tried very hard to look through the product disclosure sheet for any shortcomings, but as far as we can tell, the only main downside is the fact that this card does not offer Maybank TreatsPoints in addition to the cashback.

That makes the
FCB Visa Signature
 only absolutely useful for two months in a year, and in other months, the 2% cashback is nonetheless still decent if you do not have (or have maxed out) other better cashback credit cards, such as the popular Maybankard 2 American Express or Public Bank Quantum cards.

The interest rates charged on outstanding amount is nothing out of the ordinary, and as far as we can see, there are no hidden charges beyond what is normally stated on other credit cards.

Verdict: A Must-Have Card In Your Arsenal

(Image: forum.lowyat.net)

In all honesty, the
Maybank FC Barcelona Visa SIgnature
 is one of the best cashback credit cards in Malaysia today. The fact that the cashback requirements are so uncomplicated makes this an easy card to own as part of your cashback credit card collection. Check out how the card compares with the rest of the
cashback credit cards available in Malaysia
, and you can
apply for the card from RinggitPlus and get a juicer as a sign-up gift
!

When paired with other great cashback credit cards, you could be looking at some serious savings in cashback every month for day-to-day expenses.

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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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Senior Minister: No E-Bazaar Or Any Type of Ramadan Bazaar Allowed

(Image: New Straits Times)

Senior Minister for Security Datuk Seri Ismail Sabri Yaakob has announced that the government will not allow Ramadan bazaars in any form. This includes drive-through, pack-and-pick, and e-bazaar models that have been previously put forward as alternatives to the traditional Ramadan bazaar.

According to the minister, the National Security Council had met and decided that any form of business related to Ramadan bazaars or food stalls would be prohibited. Even e-hailing drivers would not be allowed to go to bazaars to pick up food after receiving orders.

“E-hailing, any form of bazaar – if there are 50 stalls, for example, this cannot be done. Bazaars are not allowed, but existing e-hailing operations that are being carried out now such as food delivery to houses can still go on,” said the senior minister.

(Image: New Straits Times)

This new announcement may throw a wrench in some of the ongoing plans by various parties to launch Ramadan e-bazaars, such as Grab’s partnership with the Selangor and Kuala Lumpur state governments. Last week, Grab revealed its plans for a
Grab e-Bazar Ramadan
 which would allow customers to have bazaar food delivered from bazaar merchants’ stalls.

Nonetheless, seeing as e-hailing services are still allowed, some online food delivery platforms may still be able to deliver bazaar food to customers’ homes – as long as the foodstuff is not prepared in a central kitchen or bazaar grounds. For example, the
Penang council
 has said that its Jom Beli Online (JBO) food delivery platform will not be affected by the ban as existing sellers could operate from their stalls and Ramadan sellers could operate from their homes. However, there has not been any further clarification by Putrajaya on this matter.

(Source:
Free Malaysia Today
)

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Kardshoppe, Maybankard Cardmember’s best friend

Kardshoppe is a catalogue

that holds information of promotions, savings, discounts or rebates under

different sections. Keep in mind however, that these promos are exclusively for

Maybankard Cardmembers.

Some of these

sections are Sights and Exploration, where it is about savings on hotel

accommodation in Malaysia, and in some places internationally. As an example,

Hotel Equatorial is offering savings for accommodation at their hotels in

Malaysia, Shanghai as well as in Ho Chi Minh City.

Treats for Taste

Buds on the other hand, as the name suggests, is on restaurants and eateries.

From desserts at Baskin Robbins to having a meal at hotels or restaurants, Maybankard

Cardholders can now have the privilege of knowing where they can enjoy a meal

while saving their money through discounts and savings.

Health products

and services as well as grooming and beauty products can be expensive. Kardshoppe

can help you as they provide information for Maybankard Cardmembers to enjoy

rebates and savings on these items. Examples are products from GNC, Mary Chia

and LifeCare.

Not to forget that Maybankard Cardmembers get to enjoy EzyPay, where it is an interest-free installment plan when you pay for products or services via your Maybankard Mastercard or Visa Credit Card at selected merchants. For Maybankard Cardmembers can now browse through Kardshoppe to see which items can be purchased under the EzyPay feature.

If you need to get your hands on a Maybank credit card let
 RinggitPlus
 help you find the best one that suits your needs and spending habits.

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TNG Introduces ParkInsure, Insurance For Accidents At Parking Areas

Touch ‘n Go (TNG) has rolled out a personal accident insurance via its TNG eWallet called ParkInsure, which provides monthly coverage to protect against misfortunes that could happen at parking areas – provided you use a linked TNG card to enter the compound. These include accidental deaths, permanent disablement, forcible car break-ins, and snatch thefts – among other things.

ParkInsure is available as either a conventional insurance or a takaful plan, underwritten by Allianz General Insurance and Zurich General Takaful Malaysia, respectively. Depending on your preferred plan, there are some differences in the benefits that you are entitled to, as can be seen below:

Benefits
ParkInsure coverage (conventional insurance by Allianz General)
ParkInsure coverage (takaful plan by Zurich General Takaful)
Accidental death/permanent disablement
RM70,000
RM70,000
Snatch theft inconvenience benefit
RM1,500
RM1,500
Forcible car break-in
RM1,500
RM1,000
Key reimbursement
RM100
RM200
Car accident
Not applicable
RM200
Transport allowance (transport charges for trip to hospital due to an accident)
RM200
Not applicable
Reimbursement for loss of enhanced TNG NFC Card (due to snatch thefts or car break-ins)
RM10
Not applicable

Both plans cost RM5 per month (not including the 6% sales and services tax (SST)), and will be renewed on a monthly basis; payment will be deducted from your TNG eWallet each month, two days prior to the expiry of your chosen plan. Do also be aware that you can only purchase these ParkInsure plans for yourself as the subscriber and the insured must be the same person.

To purchase the plans, tap on the GOprotect tile, followed by ParkInsure. From there, you’ll be prompted to choose a TNG card from your eWallet account to link to the plan; remember, you must use this linked card to enter parking areas if you wish to enjoy the coverage offered by your ParkInsure plan – otherwise, you will not be protected. Also, note that you cannot remove or unlink the TNG card from ParkInsure during the plan coverage period (except for lost, stolen, or expired cards).

After making your payment, you will receive a confirmation email from TNG to let you know that your purchase has been successful. Your policy and takaful certificate, meanwhile, can be accessed from the “My Policies” tab in your TNG eWallet. In the event of an unfortunate event, policyholders can submit their claims through the insurers’ hotline within 30 days after filing a police report within 24 hours.

Chief executive officer of TNG Digital, Alan Ni shared that the introduction of ParkInsure is meant to serve as an extension to the usual motor insurance. “No matter how careful or vigilant people are, mishaps and unforeseen circumstances can happen, and they need to have adequate financial resources to get the necessary help at the crucial time,” he commented.

(Source:
TNG eWallet
)

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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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Citi To Transfer Ownership Of Consumer Banking Business To UOB On 1 November 2022

Citi said that it has successfully obtained a vesting order from the High Court to transfer its consumer banking assets and liabilities to UOB, with the transfer of ownership set to take effect from 1 November 2022. With this, UOB will soon assume responsibility for the issuance and servicing of all existing Citi-branded products and services.

In a notice to its customers, Citi explained that the vesting order was granted on 12 October 2022, and once the transfer takes effect on 1 November, the banks will go through a transition period before migration. During the transition period, Citi will provide UOB with a licence to use its trademarks for the consumer banking business, as well as the necessary technology services to continue serving its customers without interruption.

“This means your products and services will continue to be Citi-branded and served using Citi’s systems until such a period where the migration is complete,” said Citi in its email.

(Image: The Edge Markets)

Citi also reiterated that there will be no immediate change in the way that it serves its clients during the transition period, and that customers can continue to bank as they always have; no action is required from them as of now. You can still use Citi’s existing services and products – including online banking website, mobile app, and ATMs – as usual, and the ongoing transition will not alter the way you use and manage your banking accounts either.

Similarly, all credit cards and loan accounts held with Citi will remain active, and the benefits that you enjoy will also remain unchanged. All your existing Citi Rewards points and miles, too, are still valid, and you can continue to earn points for any eligible spend. This applies to existing standing instructions, recurring payments, and loan repayment arrangements as well; until the migration is completed, these instructions will remain uninterrupted.

Meanwhile, Citigold customers will be given access to 13 UOB Privilege Banking Centres across the country during this transition period. Those who are eligible for this benefit and would like to tap into it may arrange for an appointment with their existing Citigold relationship manager.

Aside from that, Citi also highlighted that clients’ Citi accounts will soon be recorded under UOB in their CCRIS report, following the completion of the transfer on 1 November. “Your account and transaction details in November will be reflected in your CCRIS report, indicatively from 15 December 2022,” it further said.

When the migration process commences at a later date – where clients’ cards and accounts are eventually migrated to UOB – will be given further notification ahead of time by key representatives of UOB. These representatives will then provide updates regarding any changes that are to be made to the products and services that you use, and will also guide you through the processes and steps that you need to take. In the meantime, however, those who would like to find out more about the transition process can refer to
Citi’s FAQ here
, which will be regularly updated with the latest information.

In April 2021, Citi announced its
exit from retail banking in a total of 13 markets
 across two regions – Asia, as well as Europe, the Middle East, and Africa (EMEA) – as part of its strategy to streamline its global business. It eventually agreed to
sell its business in Malaysia to UOB
 in January 2022, along with those in Indonesia, Thailand, and Vietnam. Following that,
Bank Negara Malaysia (BNM) provided regulatory approval
 for the acquisition in September 2022.

(Source:
UOB
)

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Alex Cheong Pui Yin

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

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UOB Completes Migration Of Citi Accounts To Its Ecosystem

UOB Bank has officially completed the migration of Citi accounts to its ecosystem over the weekend (14 to 16 July), with a majority of customers being notified of it late last evening. With this, Citi cardholders are now able to access and view their cards or statements on UOB’s online banking website or the UOB TMRW app.

As highlighted in
UOB’s timeline that was previously shared
, new customers can download the UOB TMRW app to view their banking accounts and details within the app, starting from today. You can do so from
Google Play
,
the App Store
, or
Huawei AppGallery
. Once you’ve downloaded the app, go ahead and register an account to get your online banking access on UOB TMRW; here are the steps shared by UOB:

Enter the necessary personal and account details.

For credit cardholders, complete the registration using your existing credit card number

For other products (such as current and savings accounts, and mortgage), complete the registration using your new UOB account number or debit card number (the new UOB account number should have been shared with you by now)

You will be able to view your account information on UOB TMRW after that.

For those who already have an online banking login credentials for both Citi and UOB (meaning that you were already both a Citi and UOB customer from before), just go ahead and log in using your existing UOB details to view your migrated Citi accounts.

For cardholders, specifically, you should also already be able to view your new UOB replacement cards within the UOB TMRW app. So if you previously held the Citi Cash Back Gold card as a Citi cardholder, for instance, you should now see the UOB ONE Classic card in your app (the replacement card for Citi Cash Back Gold). If you’re uncertain as to which UOB card you’ll be receiving as the replacement card for your existing Citi card, check out this
FAQ from UOB
.

Note that UOB is set to send out the new physical UOB credit cards to all existing Citi cardholders in batches starting from October 2023. In the meantime, you can continue using your existing Citi-branded credit card(s) to pay for your purchases as you enjoy the benefits of your replacement UOB card(s). Note that you will
not
 be required to make any applications for your UOB replacement cards, sign any forms or documents, or update any personal information (such as your address and phone number).

UOB further shared that the new UOB cards will retain your existing Citi card number, but your CVV and expiry date will be updated for security reasons. Otherwise, other details should remain the same, including your card’s credit limit (the credit limit of your migrated UOB credit card will be exactly the same as your current Citi credit limit).

In the event that you have trouble viewing your migrated Citi account(s), you can reach out to UOB’s customer service at 03-26128 121.

In a separate notice, Citi also alerted its outgoing customers that there will be a delay in the cashback disbursement for Citi Cash Back (Gold and Platinum) and Citi Business Platinum for the month of July due to the migration process. Specifically, cardmembers with statement dates ending on the following days will be affected:

Credit card
Statement dates ending on
Cashback treatment
Citi Cash Back Card (Gold & Platinum)
13, 14, and 15 of the month
Total cashback for July and August 2023 will be combined and reflected in August 2023 statement (to be sent by UOB)
Citi Platinum Business Card
13 to 31 of the month
Cashback for July and August 2023 will be reflected separately in August 2023 statement (to be sent by UOB)

For those who are unaware, UOB had
acquired Citi’s consumer banking business in Malaysia
 following the latter’s decision to
exit from retail banking in a total of 13 markets in April 2021
. Upon successfully
obtaining a vesting order from the High Court
 to transfer Citi’s assets and liabilities to its own ecosystem in November 2022, UOB had begun making preparations for the migration and to onboard existing Citi customers, including revising the benefits of certain cards – like the
UOB ONE Classic and Platinum
,
UOB Lazada card
, and the
UOB Preferred card
 – as well as
rolling out new ones
.

(Sources:
UOB
,
Citi
)

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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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    kokkumchuen

    1 month ago

i have difficulty log in and view my e-statement cause i use to be uob card member but i cancelled it for some time.please help me to resolve these problems tq.

0

Reply

    Wan Moses

    1 month ago

Not sure is meant by completing the migration because the system cannot handle it.

Unable to even register on the app to view anything. Now stuck without access to the now non-running Citi app as well as the incompetent UOB app.

Has UOB bit off more than it can chew?

8

Reply

    William

    1 month ago

    Reply to

        Wan Moses

I am also stucked. Can use my Citi card but cannot view anything in OUB in computer nor app.

Yes, I am of opinion UOB has rushed through this migration. Call centre Q for 30 minutes no answer. Chatbot Q for eternity no answer.

I will refrain from using my card until I pay a visit to UOB.

Yes. UOB has bit more than it can chew.

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Reply

    Geraldine

    1 month ago

    Reply to

        Wan Moses

Me too not able to register for UOB online banking login. Poor

0

Reply

    M M Chan

    1 month ago

Today is 19/07/2023, All my Citibank online transaction activity is STOP since 11/07/2023 as the data migration fail. Even up to today cannot login to UOB online to view my Citibank transaction. Number of call to UOB complaint on the failure. The customer service ONLY advise me to used others card to settle my issue. I not sure if your reports comment is just a commercial advertising articles as this do not reflect the actual condition we face.

0

Reply

    Kok See Hing

    1 month ago

I have been trying to pay my wife’s credit card. Failed 3 times. Called number given but cannot get through. Am I the only one with these issues?

9

Reply

    Anonymous

    1 month ago

    Reply to

        Kok See Hing

Same problem. I am not sure if we are to pay to UOB bank and not Citibank but the transaction was rejected when I tried to pay to UOB.

2

Reply

    mel

    1 month ago

    Reply to

        Anonymous

hey mate, i just called uob CS ,  we will need to pay to UOB bank  (by select: credit card payment), insert your citibank card number, hope it helps, i did tried rm10 and it paid successfully

0

Reply

    TTH

    1 month ago

UOB, regrettably you are not in Citibanks league! You rushed the migration exercise and now you have caused one major catastrophe! Cannot use your app from Jul 17 . Stuck with anxiety whether funds in bank are ok.  Phone banking and chat phone recd no response after 30 mins or more! Hundreds in yr branch when I went for 3 straight days, yet inadequate advice recd. Sigh, what a horrible let down! Your programmers should be sacked .

1

Reply

    Geraldine

    1 month ago

I am a saving account holder with Citibank. Till today 22 July 2023, I still not able to register for the UOB online banking 😪 very very poor system

1

Reply

    Zack R

    1 month ago

How to pay my credit cards when i couldnt access the tmrw app or the internet banking to know how much i owe? No ccard statements also. Cmon UOB…if i fail to pay bcoz of this…r u gonna charge interest & late pymnt charges???

7

Reply

    Mikii

    1 month ago

    Reply to

        Zack R

I just tried again to logged in also cannot. Called them a million times to no avail. So what the fuck should i do with my payment? should i make transfer? how do i check statements??

1

Reply

    MOHAN RAAJ MUNUSAMY

    1 month ago

    Reply to

        Zack R

Yep, UOB failed big time. Now i am thinking to cancel Citi bank card.

2

Reply

    Anonymous

    18 days ago

    Reply to

        MOHAN RAAJ MUNUSAMY

I too. I want to cancel.

1

Reply

    Malkit

    1 month ago

I cannot acess my Citibank statement.  How!

3

Reply


#DuitTheEasyWay: Take Advantage Of The Entertainer App’s Buy 1 Free 1 Deals

Malaysians’ love for food is a well-known fact, but it is also one that is literally costing us quite a bit. In 2016,
Malaysians spent 31.2% of their monthly disposable income just on food
 and food away from home. With the high cost of living in urban parts of the country, enjoying a nice meal is fast becoming a “treat yourself” occasion.

Here’s where an app called
The Entertainer
 may help. The Entertainer is a mobile app containing a catalogue of buy-1-free-1 offers at participating merchant outlets throughout the country for a flat yearly fee. Each merchant offers a set number of vouchers that can be redeemed anytime throughout the year.

The main attraction of The Entertainer is its extensive list of food and beverage partner merchants where you can enjoy buy one, get one free deals on drinks or main course meals. The only conditions are that one buy-1-free-1 offer can be redeemed for every two patrons, and you can redeem up to four offers at a time. The Entertainer Malaysia’s F&B merchants include popular cafés, dessert joints, bars, casual restaurants, and even fine dining – these include San Francisco Coffee, Thai Hou Sek, Morganfield’s, Tonkatsu, and many more.

You can also find discount deals for beauty and fitness, attractions and leisure, services, hotels around the world, and fashion and retail – though this part is less extensive than the F&B list. The Entertainer also has family accounts, so an Entertainer member can share the benefits of their purchased product with four other family members.

The Entertainer app’s offers are valid on an annual basis from 2 January to 30 December each year. The Entertainer Malaysia 2019 is priced at RM180, but you can buy it now at an early bird price of just RM95. At that price you’ll easily make up for it with just two or three with the app – imagine two steaks or two glasses of wine for the price of one! The app also has a savings tracker, which is great if you’re extra
kiasu
.

With 2019 dawning upon us soon, maybe it’s a good idea to get the 2019 catalogue for half the price and spend the whole of next year making full use of the deals on
The Entertainer
.

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Should You Move Back Into Your Parents' Place?

Student loan, rent, credit card bills, utility bills and car loan installment; those are just some of the financial commitments most of us adults will have to fork out for every month whether we like it or not. It’s not uncommon for us to hear our friends – those who are renting out or even those with a property – grumble about how hard it is for them to cope financially, even on the first week of payday!

The fact is, most of Malaysia’s Generation Ys are struggling to stabilise their financial life. A study conducted by the
Asian Institute of Finance (AIF) in 2015 revealed that 75% of our Generation Ys have at least one form of debt or another
, so is moving back into your parent’s house a way to help your finances get back onto stronger, sturdier feet?

Let’s take a look on the good and bad of moving into your childhood home as a working adult (assuming your parents are okay with it), and how you can turn this to your advantage without regressing to your moody, slightly reckless teen-hood.

The Good

It’s A Stress Relief

Consider this; you’re neck-deep in debt and struggling to keep your finances afloat, or perhaps you’ve just lost your job and is now looking for ways to cut back on your expenditures. All these can lead to a serious stress, and one of the ways you can free yourself from some of your financial burdens is by moving back into your parent’s.

You Save A Ton Of Money

No more worries of having to pay utility bills, rent, and maintenance. Oh what joy! This is the time when you can really concentrate on building your emergency savings or pay off your debt, as you can channel all those excess money to rebuild your finances from scratch.

So. Much. Food

Remember the days when you have to survive on literally nothing but boxes of cereal, loaves of cheap generic brand bread, and instant noodles?
Gone
. Moms always have a knack for making sure their kids eat well, even when you’re an adult pushing 30. To her, you’re still her little baby who needs plenty of home-cooked food to grow bigger and healthier. You don’t have to pay for food, and you can pack delicious homemade food for your lunch time at work to further save money.

Read also:

Is Salary Advance An Acceptable Financial Remedy?

You Have Super Roommates

If there’s something strange in your neighbourhood, who you’re gonna call? Maybe not Ghostbusters, but your parents are definitely the ones who you can turn to for help no matter what. Think about all those times you’ve had to send your car for repairs and had to ask your parents to drive you to work, or the time you forgot to leave dirty dishes in the sink and they magically disappear an hour later, or those freshly laundered clothes waiting for you on your bed each night you get home from work.

No, those are not the works of house elves, people. As parents, they usually do all they can to try to help make your life a little easier.

Constant Companionship

Not to paint a picture of a spoiled child, but when all hope seems lost and you’re feeling down from all your struggles, some companionship and support might just be the thing to lift your spirits up. There’s nothing like warm support to help you get through all your hardships, and it also help to strengthen your family bonds.

The Bad

Lack Of Privacy

Of course, with your parents now constantly in the picture, it’s bound to feel like you’re a teen again; which means there’ll be a lot of questions like, ‘where have you been?’, ‘why are you working late?’, and ‘who are you going out with?’.

You’ll also have to be mindful of what you wear at home, and what time you get home from your night outs, and probably won’t be able to get away with a messy room as you did when you lived by yourself. No matter how old you get or how much you earn, parents will not see you as a peer. You’ll always be a child to them, which leads to constant worries and certain expectations on how you should and shouldn’t behave.

Your Peers Might Judge You

Not everyone can understand your financial struggles, and some of your peers might misinterpret your decision of moving back to your parent’s as a sign of parental dependency. That’s not something that any adult likes to hear, and sometimes it can undermine your self-confidence.

It’s Easy To Get Too Comfortable

Being back in your childhood home can invoke plenty of pleasant memories – back when your only monetary concern was whether or not your lunch money will be enough to buy Pokemon cards on your way home from school – which might make you complacent and forget about your goals.

How To Do It Right

Living with your parents might mean the death of your social life, or the rebirth of your financial life. All you have to do is to keep your goal firmly in mind, and follow the below steps to make it easier both for you and your parents;

Set a formal agreement with your parents before moving in
. Outline the reason why you’re moving in with them, the expected duration of your stay, and the contributions you’re expected to make at home – whether it’s the utility bills or chores.

Write down your exit strategy
, this should spell out your goals – whether you’re paying off a debt or looking for a new job – and the deadline for you to achieve them.

Be honest with your parents
. You don’t have to set up formal meetings with them, but have regular chats with your parents about your progress, and if there’s anything either of you could do to improve the situation. This shows that you respect them, and helps reduce any frustrations you might have with each other.

Be patient with them
. Like it or not, parents will always treat you like a child, and this means they might get upset with you at times. Do your best to stay calm and rationalise any issue that might arise, or just take them with a pinch of salt.

Stay focused on your goals
. It’s too easy to lose your focus when living in comfort, but you don’t want to keep informing your parents every time you want to head out for a lunch date, do you? Work towards achieving your financial goals quickly, only view living with your parents as a temporary setup.

What are your thoughts on this? Share your ideas and opinions on the comment section below!

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