Open Today, Invest Right Away With HSBC Investment Account

As investors, the initial challenge is commonly how to start investing. Apart from taking the time to understand different investment options, or allocating a certain amount to invest, many investment platforms and financial institutions ease the startup process of investing.

Notably, HSBC now provides both beginner and seasoned investors a quick, convenient, and easy way to invest in unit trusts by opening an investment account online via HSBC Online Banking.

Start Investing In 4 Steps

To start investing in HSBC’s wide range of unit trusts, first, you need to open an investment account. Follow these easy steps to start:

Step 1:
Log on to HSBC Online Banking with your HSBC Account and click on “Open an investment account.”
Step 2:
 Review your details and tick the declaration box.
Step 3:
Select your preferred investment account: HSBC Bank UT Investment Account or HSBC Amanah UT Investment Account.
Step 4:
 Agree to the Terms & Conditions and submit!

Once done, you’ll be able to see your unit trust investment account number reflected immediately in your account summary. You can now start investing in unit trusts through HSBC’s investment platforms like EZInvest and Unit Trust Browser ( UTB).

Do note that the Online Investment Account Opening platform is available for existing HSBC customers only. To open a HSBC Current or Savings Account, head to
HSBC’s website
 to do so in just 3 easy steps.

Access To EZInvest & UTB

Through the ease of creating an investment account online with HSBC, users will also be able to gain access to HSBC’s noteworthy investment platforms such as EZInvest and UTB.

EZInvest via HSBC Malaysia Mobile Banking app offers investors a simple and easy way to invest in unit trust funds from as low as RM500, with the option of subsequent monthly contribution from as low as RM100. Investors can choose from selected unit trust funds available that are diversified across local, Asia, and global markets, and are also catered to investors of different risk appetites. Investors can easily get a daily updated view of their portfolio performance and conveniently buy or sell with just a tap.

UTB allows investors to compare unit trusts and transact online. Investors will have access to HSBC’s full range of unit trusts and compare them in terms of performance, volatility, holdings, risk ratings, and more to help them better understand and find the right funds.

UTB investors can have access to over 80 unit trust funds that span across a variety of asset classes, geographical exposure, and risk levels, as well as Shariah-compliant and ESG funds.

There are several tools that investors can utilise to deepen their knowledge and understanding to make better-informed decisions before investing such as interactive performance charts, fund comparison tools, and filter functions. Depending on an investor’s objective, strategy and risk class, the platform also features in-depth fund profiles, risk-return profiles and other quantitative analyses by Morningstar.

Furthermore, the selling, buying, and switching funds is made simpler with the UTB at a competitive and affordable sales charge. Investors can also set up recurring investment deposits and plans across MYR and other foreign currencies.

***

For those looking for a convenient way to start investing in unit trusts or simply looking to diversify your investment portfolio, why not open an investment account with HSBC through their Online Investment Account Opening platform. With the instant ability to invest, along with platform access to EZInvest and UTB, you’ll be exposed to a wide range of unit trust funds and the ease of buying, selling, and switching funds at your fingertips. For more information,
click here to head to HSBC’s website.

Note: This material has not been reviewed by the Securities Commission Malaysia (SC).

Important Risk Warning

• Unit Trusts are investment products and some may involve derivatives. The value of investments, unit prices and income distribution may go down or up, and the investor may not get back the original sum invested. Past performance of a fund should not be taken as indicative of its future performance. In a worst case scenario, the value of fund may worth substantially less than the original amount you have invested (and in an extreme case could be worth nothing).

• The investment returns, repayment of capital and distribution payouts are not guaranteed. Investors and potential investors must not solely rely on the content in this website to make investment decisions. Investors are advised to read carefully and understand the contents of prospectus and consider the general risk factors associated with investing in unit trusts in addition to other specific risks uniquely associated with the fund. All the relevant risk factors are set out in the relevant prospectus for the fund.

• You are advised to carefully consider your own circumstances, including not only the product risk level of your selected investment, but also your financial situation, investment knowledge and/or experience, investment objective and preferred investment period. Switching of fixed deposits into any Unit Trusts beyond your risk appetite is highly discouraged.

• When you subscribe into any Unit Trusts with us, the investment amount will be deducted directly from your settlement account(s) with us. Investors and potential investors are reminded not to provide cash for investment purposes to any HSBC employees. Pre-signed forms are also strictly prohibited.

• Before you make any investment decision, you may wish to engage or speak to your relationship manager to understand more about any investment product including the applicable charges, investment objective and return expectation. For first time investors, you should also be made aware of your cooling-off rights for eligible funds.

• Unit Trusts are NOT protected by Perbadanan Insurans Deposit Malaysia (“PIDM”).

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About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Hong Leong Lifetime 4.99 percent Balance Transfer

Great Credit Card Balance Transfer Offer From Hong Leong

Customers signing up for a new credit card from Hong Leong Bank can choose a
great 4.99% pa Balance Transfer offer
 – no strings attached.

If you’ve got a current credit card debt that you’re struggling to pay off at 18% APR, why not get a new card, transfer your balance, and enjoy a lower interest rate on your debt? You have nothing to lose but a heap of worry over debt – so
go ahead and apply
.

Not sure how to make the best use of a credit card balance transfer? Go and read the RinggitPlus.com Team’s excellent advice in our investigative article:
How Do Balance Transfer Credit Cards Work?

Oh, and that Hong Leong Balance Transfer? Here are the
Terms and Conditions
.

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How to prepare for a home loan

So you’ve done all your research on which banks offer the best home loans; read all the RinggitPlus
guides
 to personal home loans; went through your accounts and expenses with a fine-tooth comb and decided that you are ready to be a home owner.

Congratulations, you have just made one of the biggest decisions of your life. Before you take that giant leap forward it might be worth your time to have a read through this article just in case you overlooked a few things. Nothing major but sometimes a little housekeeping goes a long way in making the loan application process a little less stressful.

How much can you
really
 afford?

There are three things you need to know before you even walk into a bank: margin, tenure and lock-in period. Yes, you’ve done your calculations and know how much you need to loan but sometimes things look different on paper than what it actually is.

Always have a Plan B. Ask the bank officer to play around with the numbers and consider all possible options. Also ask about the bank’s policy on early settlements and lock-in periods. Life is full of uncertainties and you might like to get ahead of your mortgage and retire early, for example. Even if it seems like an unlikely situation it’s always reassuring to know you have options.

It’s the small things that count

Remember you’re the customer and the bank is providing a service and profiting from it. If you’re not happy about the standards of their service and policies make it known and if nothing is done to rectify the issue, don’t hesitate to shop around for another bank. Other things to keep in mind:

·        Administration fees and charges – Most competitive banks have done away with all these and as the customer you have the right to question your bank about all charges.

·        Online facilities – Online banking in Malaysia is still in its infancy but some major names are leading the pack towards paperless transactions. Some banks allow you to submit your loan applications online and track its progress. The bolder ones will even promise to contact you in 48 hours. That’s how eager they are to do business with you!

·        Ease of payment – How does your bank deal with your installments? Does it have 24-hour kiosks or online payments? It may sound trivial right now but this is something that you’re going to doing for a very long time on a monthly basis. Can you afford the time for over-the-counter transactions?

Documentations

Unfortunately the era of completely paperless transactions is still a faraway dream for us and you will be asked for copies of important documents. Some of documents commonly asked for include:

Photocopies of your NRIC (or passport for non-residents)

Income statements (3 or 6 months depending on the type of loan)

Proof of your other existing loans (e.g. car loans)

Personal details of your guarantor if your application requires one

Booking receipt of your desired property

Educational qualifications

Latest EPF or LHDN statements

To minimise the hassle of your application process (and unnecessary charges) you might want to call up your bank and enquire about the type of documents they need. The more prepared you are, the less stressed out you will be if you need to make any adjustments in your financing later on.

Good luck!

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Maybank 2 Gold & Platinum Cards Review 2018: Evergreen Essentials

Since its inception in 2011, the
Maybank 2 Gold
 and
Platinum
 credit cards have been an evergreen staple in every financially savvy Malaysian’s wallet. The Maybank 2 is a unique offering from Maybank as you get two credit cards when you apply: one is a Maybank 2 American Express Card and the other a Maybank 2 Mastercard or Visa.

What’s even better is the fact that the Maybank 2 Gold and Platinum share virtually the same benefits, which means you’re not missing out on much if you don’t qualify for the Maybank 2 Platinum cards. For many, this is the best credit card to own thanks to its combination of good cashback and low income requirements.

The American Express factor

The real attraction of the
Maybank 2 Gold
 & Platinum Cards lies in its TreatsPoints and cashback benefits – up to 5x TreatsPoints on virtually every RM1 spent and 5% cashback on weekend expenditure.

The secret sauce for the Maybank 2 cards is the American Express card. It’s easily the best entry-level credit card in the market, and the only reason why you should be getting the Maybank 2 cards. When using the Maybank 2 Amex card, you get 5% cashback for weekend all weekend spending, capped at RM50 per month. This cashback isn’t limited to specific categories like dining or petrol – the only requirement is that you use the card on Saturdays and Sundays.

In addition, you get 5 TreatsPoints for every RM1 spent with the Amex card (for institutions of education, insurance providers, utilities, and Maybank 0% EzyPay Instalment Plan, the rate is set at 1 TreatsPoint for every RM1). For the Maybank 2 Mastercard/Visa, you get 1 TreatsPoint for every RM1 spent. The points are awarded for both local and overseas spend.

Maybank recently revised its
TreatsPoints redemption rates
, which is now set at
500 TreatsPoints = RM1 starting from July 2018
 (it was previously set at 400 TP = RM1), giving it an effective cashback rate of 0.2%. If you spend with the Amex card, you get 5x TreatsPoints which means it’s an additional 1% rebate in TreatsPoints. It’s not much, but it is still one of the better bank rewards points system as the redemption rates are still solid (if not as valuable as before). For example, you can redeem a RM100 Aeon voucher for 57,500 TP, or 1,000 Enrich air miles for 10,000 TP.

If you opt for the
Maybank 2 Gold Platinum Card
, you have the added benefit of free travel insurance from Etiqa. You get travel insurance coverage of up to RM1,000,000 and travel inconvenience coverage up to RM2,500 for missed connections, luggage delay, and baggage loss.

Free for life with zero fine print

On top of that, the Maybank 2 Gold and Platinum cards are free for life, with no strings attached. There are no minimum spending or swipes required – you won’t ever be required to pay an annual fee for these cards. Plus, its low annual income requirement of just RM30,000 (or RM2,500 a month) means even a fresh graduate can start making more out of their money with the Maybank 2 Gold credit card.

Virtually no drawbacks

If there is anything to pick on about the Maybank 2 Gold and
Platinum
 cards, it’s the fact that every benefit of the cards is limited to the Amex card. Regardless if you opt for the Visa or Mastercard, the only perk you get from either card is 1 TP for every RM1 spent – which makes it no better than plenty of cards in the market. Note that you also won’t be eligible for cashback when you use the Maybank 2 Visa or Mastercard.

And, while this is less of an issue compared to a year or two ago, it must be said that there are still a noticeable number of merchants and retailers that do not accept Amex cards. This is especially prevalent in smaller outfits like cafes and even some supermarkets.

In situations like these, it pays (literally) to have some backup credit cards that may offer some sort of benefit. In this case, cards such as the
Public Bank Quantum
 or even the
Maybank FC Barcelona Visa Signature
 are solid alternatives when you can’t use your Maybank 2 Amex.

Verdict: A must-have credit card, period

Although virtually every perk of the
Maybank 2 Gold
 & Platinum cards are centred on the Amex version, you automatically get the Amex and Mastercard/Visa cards as a pair anyway. As we’ve highlighted, there are more outlets that accept Amex cards today, and the 5% weekend cashback as well as 5x TreatsPoints make the card a very solid choice – though you probably should tweak your grocery shopping and petrol pumping habits to maximise the benefits of the card.

What’s more, the requirements for these cards aren’t demanding, either. Like other Platinum cards, you’ll need to earn RM60,000 a year to qualify for the
Maybank 2 Platinum Card
, but the minimum annual income for the Maybank 2 Gold Card is entry-level at RM30,000 per annum – that’s just RM2,500 a month. To top it off, the Maybank 2 Gold & Platinum Cards is free for life for both principal and supplementary cardholders.

Finally, you can make the entire application process hassle-free if you apply for the
Maybank 2 Gold
 or
Platinum
 credit cards via RinggitPlus. The XpressApply feature simplifies the application process – no need to worry about waiting for phone calls or filling in forms! Plus, you even get a free juicer upon activation of your card.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Ridiculous Courtroom Arguments Made to Avoid Paying Money

Courtroom cases on TV are always emotionally charged, aren’t they? Betrayals, broken hearts, and tearful confessions lead us to believe that listening in on courtroom arguments must be intensely powerful stuff. But sometimes, they can be powerfully ridiculous instead.

Real life legal cases are much more mundane, people suing one another for money or regular people just there to pay off a summons. In situations where the cases involve money, one party is always either trying to get some from the other, or trying to avoid paying them. Here, we explore the times courtroom arguments get weird when somebody really doesn’t want to open their wallets too wide.

This Man in Yellow Spandex is Not Human

What’s the difference between a doll and a toy? According to United States law, the former is
taxable at 12% while the latter is taxed at only 6.8%
. With a chance to halve their tax rate, Toy Biz, Inc. (as it was called at the time), a subsidiary of Marvel Comics decided to argue that their action figures were not dolls, but toys.

Their argument relied on the law’s description of dolls, which had to “represent only human beings and parts and accessories thereof”. [The company sued](
http://www.cit.uscourts.gov/SlipOpinions/Slip_op03/slip-op
 03-2.pdf) for a declaration that the action figures represent non-human characters with features that do not exist on regular humans. They won the case and were granted tax reimbursements on previous toys. As a bonus, they no longer have to pay the 12% doll tax on all their action figures.

Now of course (
12 years after the case was closed
) the tariff laws have been changed to eliminate the distinction between dolls and toys, making them both exist in the same category. Looks like common sense wins out… eventually.

The Popcorn is Hot by Accident

On the subject of odd tax laws, let’s talk about food tax. In the American state of California, what they deem as ‘food for home consumption’ is exempted from sales tax. Sounds like a good way to charge people who eat out more and encourage
home cooking
, which is healthier anyway.

The problem however, is that the law didn’t actually define ‘home consumption’ very well. If you go to Starbucks in California for example, a hot chocolate incurs sales tax while a cold drink does not. Why? Because heating up a food items implies that the food in question is meant to be consumed right away.

This became the point of contention is the case of
Century Theaters vs. California’s Board of Equalisation
. The theatre argued that the popcorn they serve should not have sales tax incurred on them, since even though they were served hot; the heat came only from the
dehumidifier lamps used to keep them dry
. Since there is no ‘intention to heat’ the popcorn should not be taxable. They won the case and sales tax is no longer applied to movie theatre popcorn in California.

What is a Tomato?

No, really now, what is it? They argued this in court because… you guessed it. Vegetables and fruit are taxed at different rates. The rule at the time, (The
Tariff Act of March 3, 1883
) says that tax must be paid on imported vegetables, but not fruit. Trader Frank W. Nix,
brought this matter to court
 in order to recover duties paid under protest.

The argument was that botanically, a tomato is a fruit of the vine. What settled the score for this dispute however was not what the dictionary said, but what common parlance dictates and how tomatoes are used. True enough, tomatoes were ruled as vegetables and continued to be taxed as such. Just goes to show that intelligence means knowing a tomato is botanically a fruit, but wisdom is knowing not to put them in a fruit punch.

Jaffa Cakes Are Cakes

Well if a thing has ‘cake’ in the name, why even argue the point? Say it with us now: Taxes. In the United Kingdom,
value added tax
 (VAT) is payable on chocolate-covered biscuits, but not on chocolate-covered cakes. Chalk that up to the Brits and their enthusiasm for tea. The rule seem simple enough, until jaffa cakes came along.

McVitie’s Jaffa Cakes are a biscuit-sized cake that’s covered in chocolate. A point that had to be defended by McVitie’s at a VAT tribunal back in 1991. The argument against jaffa cakes was that due to their size, shape, and the fact that they were often eaten in place of biscuits, jaffa cakes are technically biscuits and should be taxed as such.

The tribunal also offered the argument that the product is presented as a snack and eaten with the fingers, like a biscuit, rather than with a fork as a cake might be. McVitie’s of course insisted that the product was a cake, and
produced a giant jaffa cake
 to prove their point.

The court found in favour of McVitie’s and ruled that the jaffa cakes, were indeed cakes and the VAT should not have to be paid on them in the United Kingdom. We like to think that seeing a giant cake brought into the courtroom probably swayed the judge’s decision somewhat.

That Bear is a Criminal

We’re cheating a bit with this one since the person doing the suing isn’t really avoiding payments. Rather, he was trying to avoid spending even more money on a particularly annoying problem he had to deal with.

Zoran Kiseloski of Macedonia is a beekeeper and he hasn’t been harvesting as much honey as he should since his haul keeps getting intercepted by a local bear. He’s tried to keep the animal away by using a generator, lighting up the area, and even by playing thumping Serbian turbo-folk music.

Exasperated that his efforts did not work at all, he decided to
sue the bear
 for damages. The court, possibly annoyed at this turbo-folk raver covered in bees, found the bear guilty of theft and criminal damage. Because the animal had no owner and belonged to a protected species, the court ordered the state to pay for the damage to the hives – around US$3,500. We can bearly believe it ourselves.

Never let anybody tell you people don’t do crazy things for money. Or in these cases, to avoid spending money. Do you have stories about people arguing their darndest to avoid parting with their cash? Let us know in the comments section below!

Images via Wikimedia Commons,
Go Figure Action Figures
 and Ryan Poplin’s
photostream
.

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About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

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PLUS May Soon Enable Debit And Credit Cards As Payment Options For Toll Fares

PLUS has hinted that it will soon include debit and credit cards as additional payment options for motorists travelling along the North-South Highway (PLUS). This is on top of existing methods, including the Touch ‘n Go (TNG) RFID, PayDirect, TNG card, and SmartTAG – although the latter two are set to be gradually phased out in the future.

According to the dedicated PLUS RFID website, the debit and credit card payment method is currently being tested at selected toll plazas. However, it did not name these specific trial spots, so you may just stumble upon them during your travels. Additionally, PLUS did not share any launch dates, merely stating that it is “coming soon”.

If PLUS successfully rolls out this debit and credit card payment method, motorists will doubtless be able to enjoy more payment alternatives and much better convenience when passing through toll plazas. Currently, drivers using RFID and PayDirect to pay their toll fees must ensure that their TNG eWallet are always topped up to avoid any mishaps (although you can also activate the Auto-Reload feature). This preparation applies to SmartTAG as well. With debit and credit card payments activated in the future, you can avoid such hassle.

To note, PLUS had actually attempted to
introduce debit and credit card payments for highway tolls once before
, by linking them to the TNG RFID. However, the plan eventually fell through, and motorists are currently allowed to only link their RFID to the TNG eWallet as the sole source of fund.

Aside from this, PLUS also reiterated that toll transactions using RFID technology for Class 1 vehicles will be implemented along the
North-South Expressway route starting from 15 January 2022
 from 10pm. With this, motorists travelling along the Juru toll plaza (Penang) to the Skudai toll plaza (Johor) will be able to pay their toll fares using the TNG RFID.

(Sources:
RFID
,
Amanz
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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The 3 Important Medical Conditions That Affect Your Personal Finances

“Your health is your wealth” is a popular saying. And it’s closer to the truth than you think. If you’re serious about keeping your finances in good health, it’s important to do the same for your
body
 too.

Why? Because your health and medical condition can negatively affect your personal finances in ways you may not realise. There are in fact, three major medical conditions that are more likely to impact your finances much more than others:

Source:
World Health Organisation

What is more worrisome is that you can have two out of these three conditions without ever noticing any outward symptoms.

How Exactly Do They Affect Your Personal Finances?

#### It Costs More to Keep Yourself Healthy

Hypertension and high cholesterol, if left ignored for long enough, can eventually require expensive medication to keep them under control. These expenses also tend to be recurring, and managing these conditions will be long-term.

Your Energy Levels Will Be Affected

These conditions can contribute to poor stamina and a lower level of focus which will affect your ability to be productive. Not only will your performance at work be affected, sufferers of these conditions also tend to have less energy to carry out day-to-day tasks, and will therefore be more likely to spend more on convenience services (food delivery, ridesharing, cleaners, etc), thus creating a vicious cycle that worsens your condition

Negatively Impacts Your Insurance

Serious
critical illnesses
 are not the only things that can drive your premium up. Medical conditions like the three described above can also make insurers drive up your premium, limit your coverage, or even decide not to cover you at all.

That being said,
Allianz
 has a plan specially designed for those who suffer from High Cholesterol, High Blood Pressure, and High Body Mass Index. The basic coverage provides protection against Death as well as Total and Permanent Disability (TPD), and there is also an optional rider which can protect you against 4 major critical illnesses associated with these 3 High conditions.

Allianz 3H Cover
 will protect you in four key ways:

Death and TPD Protection
 provides coverage of up to RM200,000 together with the balance in the investment account upon death and TPD.

Optional Critical Illness Coverage Rider
 provides additional coverage of up to RM200,000 upon diagnosis of any of these 4 critical illness conditions: heart attack, stroke, cancer and kidney failure.

Long Term Peace-of-Mind
 with coverage up to 85 years old.

Complimentary Added Coverage
 where you receive a 50% increase in your death and TPD coverage and the ability to upgrade your critical illness plan to a comprehensive 36 critical illness plan if your health condition returns back to normal.

Do you or somebody you know have one or more of these three High conditions? Then, you may want to learn more about Allianz 3H Cover, check out
their official website now
.

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Hong Leong Bank Opens Application Of Credit Cards Secured With FD Pledges

Hong Leong Bank (HLB) has launched a year-long campaign that allows selected customers to apply for secured credit cards from the bank by making a fixed deposit (FD) pledge. Secured credit cards are credit cards that are backed by a collateral, such as your FD or savings accounts.

From now until 31 December 2021, HLB’s campaign is applicable exclusively to anyone who are unable to provide the relevant supporting income documents that are typically needed for a credit card application. They can apply for their cards by placing an FD of between RM2,000 to RM50,000 with the bank, and then pledging these FDs as security for the credit limit assigned to their secured credit card.

(Image: The Sun Daily)

According to HLB, the credit limit assigned to your card will be based on the amount of FD that you have pledged at a 1:1 ratio. In other words, if you pledge an FD of RM2,000, then the credit limit of your new card will also be set at RM2,000. Here’s the full list of credit cards that you can apply for through this campaign, and the minimum FD pledge amount that is required for each card:

Cards

Minimum FD pledge amount required (RM)

Emirates World Elite

50,000

Emirates World

20,000

Emirates Platinum

12,000

The Store & Pacific Platinum

12,000

The Store & Pacific Gold

2,000

AirAsia Platinum

12,000

AirAsia Gold

2,000

GSC Platinum

12,000

GSC Gold

2,000

Sutera

12,000

Essential

2,000

WISE

2,000

I’M

2,000

Naturally, you won’t be allowed to withdraw, assign, or transfer the FD amount that has been pledged. You are, however, allowed to top up any additional sum in order to increase the credit limit of your credit card.

Note as well that the cardholder must be the sole owner of the FD; joint accounts are not eligible for this campaign. Other FD plans that also do not qualify include:

Flexi fixed deposit

Junior fixed deposit

Fixed deposits placed for Malaysia My Second Home Programme (MM2H)

Any Islamic fixed deposit

Any minor/trust fixed deposit account

Fixed deposits from another banking institutions

Fixed deposit/e-FD pledged as collateral for a banking facility

Other than that, there is no limit on the age of applicants interested in tapping into this campaign. HLB’s website also said that there is a high approval rate for the applications made. If you’re interested, you can make your applications both online via HLB’s website, or at a bank branch. Alternatively, head on over to HLB’s website to find out more about its
secured credit card campaign
.

To clarify, pledging FDs to secure credit cards is actually quite a common practice – though it is not one that’s widely publicised. Many other banks provide a similar service, as it allows those without fixed incomes (freelance, retirees) as well as those without a credit history (fresh graduates) to apply for these products. Customers simply need to ask if the bank offers this option.

HLB also isn’t the first bank to market its secured credit card programme as a campaign. Affin Bank launched a
programme for its Affin Duo credit cards
 awhile back, allowing fresh graduates to apply for the
Affin Duo cards
 by placing a pledge amount. Unlike HLB’s campaign which requires an FD pledge, however, Affin Bank’s programme asks for its applicants to
pledge a savings account
 instead.

(Source:
Hong Leong Bank
)

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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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    Loke

    1 year ago

How long must we keep our money in the FD account?

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    Pang Tun Yau

    1 year ago

    Reply to

        Loke

For as long as you wish to own the card. If I’m not wrong, a bank may allow you to remove the FD pledge if and when you can meet the card’s eligibility requirements and approved accordingly (essentially requiring you to make a fresh application).

1

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    Joanne

    7 months ago

Why do HLB still asks to provide relevant supporting income documents when I tried to apply on their website?
https://www.hlb.com.my/en/form/credit-card.html

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    Mr Law

    2 months ago

what are the other fee required for the pledge FD  credit card

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    Rudy

    28 days ago

    Reply to

        Mr Law

Not sure about HLB but most banks don’t require other fees.

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PEMERKASA: Key Initiatives For SMEs And Businesses

Yesterday, Prime Minister Tan Sri Muhyiddin Yassin unveiled yet another stimulus package aimed at boosting the nation’s recovery amidst the challenging Covid-19 economic landscape. Worth RM20 billion, the PEMERKASA stimulus package will focus on five key areas this time, including controlling the spread of Covid-19, driving economic recovery, and strengthening Malaysia’s competitiveness.

Aside from financial aids provided for individuals, the PEMERKASA stimulus package also features numerous initiatives for small and medium enterprises (SMEs), as well as businesses in the tourism and retail sector. Here’s a list of financial aids that these businesses can look forward to:

Initiatives For Entrepreneurs, SMEs, And Businesses

Financing Aids For SMEs And Other Businesses

(Image: Hari Anggara)

The Geran Khas Prihatin aid has been renewed for the third time (GKP 3.0) to alleviate the financial burden faced by SMEs due to Covid-19. Previously offering a one-off assistance of RM3,000 to eligible businesses, this latest version will provide RM1,000 instead. Applications are set to begin from 1 April for SMEs that were not approved for the aid prior to this.

Aside from that, Bank Negara Malaysia (BNM) has also increased the Targeted Assistance and Rehabilitation Facility (TRRF) by another RM2 billion. With this, the total allocation for this facility – which is intended to support affected SMEs in the services sector – now stands at RM4 billion. Applications are open until 31 December 2021 or full utilisation of the available fund.

Microcredit Facilities For SMEs, Entrepreneurs, And Other Businesses

(Image: The Straits Times)

The government will provide an extra RM500 million for the microcredit facility aimed at assisting SMEs, in addition to the original RM1 billion that was already earmarked via Budget 2021. This fund will be disbursed through several programmes under Bank Simpanan Nasional (BSN), TEKUN Nasional, MARA, and SME Corp. Specifically:

BSN

RM300 million will be channelled to assist SMEs via loans with a funding limit of RM50,000, at a reduced interest rate of 3% instead of the previous 3.5%. The loan tenure will last for five years, and instalment payments will only start after the sixth month.

TEKUN NASIONAL

There are three programmes under TEKUN Nasional that SMEs and entrepreneurs can enroll for:

Informal Funding Scheme
: TEKUN will provide additional funding of RM60 million for entrepreneurs in the informal sector. Small-scale businesses operating from home and night markets will be allowed to borrow up to RM5,000.

TEKUN Mobilepreneur
: Intended for entrepreneurs who provide delivery services via motorcycles, this programme will be expanded to include the financing of new purchases or repairs of motorcycles with a limit of RM10,000. On top of that, a 100% exemption of excise duties on locally assembled motorcycles (150cc and below) will be provided starting from 1 April to 31 December 2021.

TEKUN POS-preneur
: A new programme for those who earn their income through delivery contracts. It will provide financing assistance of up to RM30,000 for vehicle repairs, and up to RM50,000 for the purchase of vans or lorries.

MARA

RM50 million will be disbursed via MARA’s Micro Prihatin Business Financing Scheme, targeted at assisting 1,000 bumiputera micro-SMEs. The maximum amount that can be borrowed is set at RM50,000 with an interest rate of 3%.

SME Corp

Local SMEs can borrow up to RM250,000 at an interest rate of 3%. A total of RM50 million has been earmarked for this assistance.

Financial Aids For Digitisation Of Businesses

The government has also allocated more funds for several existing and new facilities that are meant to aid businesses in digitalising themselves.

The current
SME Automation and Digitalisation Facility (ADF)
 will receive an additional RM700 million to help Malaysian SMEs that wish to purchase equipment and assets required for their automation and digitisation aspirations. On top of that, the
SMART Automation Grant (SAG)
 will receive a further injection of RM50 million to provide more matching grants for SMEs and mid-tier companies in the services sector that wish to leverage on technology for better efficiency.

RM50 million will also be provided to the Industry4WRD programme under the Ministry of International Trade and Industry (MITI). The Industry4WRD programme was launched back in 2018 to drive the digital transformation of the manufacturing and other related services sector in Malaysia.

Meanwhile, the Malaysian Industrial Development Finance (MIDF) will allocate RM200 million as financial aid for companies that wish to upgrade themselves via automation, digitisation, and the utilisation of green technology. The interest rate will be set at 3% instead of the original 5% for a period of 12 months, starting from 1 April 2021.

SME Bank also has a financing fund worth RM200 million to help companies purchase machines so that they can automate their processes and reduce dependency on foreign workers. A grant incentive of up to 20% on the value of the machines will be given.

Financial Aids For Cooperatives

The Cooperative Commission of Malaysia (SSM) will provide financing initiatives of up to RM100,000 without collateral to help affected cooperatives. The funding application will be simplified, and the process will be accelerated by providing repayment flexibility six months after funding approval.

Aside from that, a separate RM50 million from the SSM’s Revolving Capital Fund will also be allocated to help more than 14,000 cooperatives. The Digitalisation Matching Grant that was previously offered only to companies will now be extended to cooperatives as well, allowing them to expand their business activities on digital platforms.

Marketing Initiatives For SMEs And Businesses

While there is limited information for now, the government has said that it will introduce the eBizLink initiative, a virtual and hybrid digital marketing platform, as well as the Globepreneur initiative to highlight more SMEs that have the potential to enter the international market.

Additionally, the ceiling for the Market Development Grant (MDG) will also be increased from RM300,000 to RM500,000 per company for businesses that participate in international exhibitions. Essentially, the MDG is a grant that is intended to assist eligible businesses in carrying out export promotional activities.

Aids For Female, OKU, And Other New Entrepreneurs

(Image: Malay Mail/Hari Anggara)

Women entrepreneurs will be assisted via the
SME and MicroSME e-Commerce Campaign
, as well as the
Shop Malaysia Online programme
, with an injection of an additional RM30 million. This will provide greater opportunities for them to access online markets and expand their businesses. BSN will also provide RM50 million for the new PEMERKASA-NITA Microfinance Scheme to encourage women entrepreneurs to venture into business.

Meanwhile, the government will provide an allocation of RM20 million for programmes that support disabled and elderly entrepreneurs, such as the marketing of their baked good and handmade products. These programmes come under the purview of the Women, Family, and Community Development Ministry.

Additionally, disabled entrepreneurs will be able to tap into a microcredit scheme set aside especially for them. With a total fund of RM25 million, eligible applicants can get loans of up to RM50,000 at an interest rate of 3% from this Skim Mikrokredit ISTIMEWA.

On top of that, the government is also injecting more funds into entrepreneurial training programmes for youths, such as the Pemerkasaan Ekonomi Komuniti Bandar Programme and the Tunas Usahawan Belia Bumiputera (TUBE) programme. The New Gen Entrepreneur Online Bootcamp (N-GENE) programme will also be introduced for the purpose of preparatory training and online business coaching for about 2,000 youth entrepreneurs.

These young entrepreneurs will also have their own microcredit financing scheme by the name of PEMERKASA-Belia. Similar to the Skim Mikrokredit ISTIMEWA for disabled entrepreneurs, these applicants will also be able to borrow up to RM50,000 at an interest rate of 3%.

Lastly, in a bid to encourage the growth of entrepreneurship within the country, the Companies Commission of Malaysia (SSM) is providing free business registrations for individuals from selected groups who aspire to become entrepreneurs. These include those from the B40 and disabled community, as well as full-time students in institutions of higher learning.

Initiatives For The Tourism And Retail Industry

Exemptions Of Taxes And Duties

In a bid to boost the recovery of the tourism industry via domestic tourism, the government has extended the
exemption for tourism tax and services tax for hotel accommodation
 until 31 December 2021. On top of that, tourists can also enjoy reduced entrance fees for entertainment premises within the Federal Territories following the introduction of an exemption on entertainment duty. This applies for premises such as theme parks, stage performances, sports events, and movie screenings.

Individuals who purchase tourism packages from tour agents that are registered with the Ministry of Tourism, Arts, and Culture (MOTAC) are also eligible for tax relief of up to RM1,000.

Leeway In Tax And Levy Payments

Companies from the tourism sector and a few other industries, such as cinema and spa operators, will be allowed to delay their payments for monthly income tax between the period of 1 April until 31 December 2021. Affected tourism and retail companies will also be allowed to hold off on paying the Human Resources Development Fund (HRDF) levy until June 2021.

Financial Aids For Tourism Players

(Image: Bloomberg)

The
third Wage Subsidy Programme (WSP 3.0)
 will be extended for an additional three months for companies involved in tourism, retail, and wholesale trade, as well as businesses that were closed during the movement control order (MCO). This will involve an extra allocation of RM700 million on top of the RM1.5 billion that was provided for the original WSP 3.0 (between January until June 2021). This extension is expected to benefit 400,000 employees and 37,000 employers.

Meanwhile, 5,000 tour agencies that are registered with MOTAC will also receive a one-off Special Assistance Grant of RM3,000, whereas another 4,000 registered homestay operators will get a cash assistance of RM600.

Extension Of Electricity Bill Discount

The
existing special electricity bill discount of 10%
, which is provided for businesses in six commercial sectors – will be extended for three more months, until 30 June 2021. The six sectors include hotel operators, theme parks, convention centres, shopping malls, local airline offices, and travel agencies.

***

With this, we hope that you now have an idea of some key initiatives from the PEMERKASA stimulus package that SMEs, MSMEs and other businesses can tap into! With the country now already in the fifth stage of a
six-phase strategy
 to improve the country’s economy (Revitalise), the government hopes not only jumpstart the economy, but also transform it into something better.

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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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How Malaysian Millennials Can Overcome Challenges And Save For Retirement

If you stop any millennial on the street and ask them whether they have started saving for retirement, there is a high chance that the answer will be no. In fact, we have the figures to show this: in a 2018 RinggitPlus survey, it was found that as many as
47% of Malaysians
 aged 35 years and above have not started saving for retirement. Moreover, that worrying percentage was shown to increase among the younger age groups of people surveyed. So, it does seem like millennials aren’t really putting much money aside for the future.

In this article, we will look into some of the possible reasons why this could be – and also offer useful tips on how the millennial generation can overcome this challenge.

Why millennials aren’t saving for their retirement

One reason why the millennial generation isn’t saving up for their golden years – and perhaps the reason most often cited by the media and older family members – is that millennials are simply spending more than they should.

It’s quite straightforward; if you are spending more than you should be, you’ll have less money to put aside for your savings – and even less to contribute towards retirement planning. A survey conducted by the
Asian Institute of Finance (AIF)
 found that many young millennials found themselves mired in debt due to impulse-buying behaviour, which was tied to the desire for instant gratification.

Of course, the lack of savings for retirement can’t be wholly explained by spending behaviour alone. For instance, the
World Bank’s Malaysia Economic Monitor
 report for 2019 found that the income growth for the young Malaysian worker was persistently “sluggish” compared to that of their older counterparts. The same report also found that more and more Malaysians believe that their salaries were not keeping up with the rising cost of living. Moreover, more and more young workers are seeking informal employment in the booming gig economy, where there isn’t any mandatory savings mechanism through the EPF.

The luxury of youth and compounding interest

According to Hann Liew, co-founder and Director of RinggitPlus, millennials may have their shortcomings and obstacles to face, but they do have one big factor on their side: time. “Statistics reveal how 68% of EPF members at age 54 had less than RM50,000 in savings, which is almost five times less than the set Basic Savings Goal of RM240,000 at age 55. Millennials have time on their side, and there aren’t many sure-fire ways to grow money than time and the effects of compound interest,” he said.

“For example, setting aside RM100 per month into a retirement fund that offers an average of 6% returns per annum can grow into almost RM47,000 in 20 years, and hit the RM100,000 mark in 30,” added Hann, who is a certified financial charterholder.

Reviewing daily expenses

Of course, even RM100 can be seen as a luxury to those living paycheck-to-paycheck. However, studies have shown that financial literacy does have a significant impact in reducing poverty by changing consumer behaviour. This is why prudent practices such as spending only on necessary items and budgeting against income still play a big part in good financial management. Malaysian millennials should take note of their income levels and household size when crafting a reasonable budget, so that they can adjust their habits accordingly.

Once you are sure that you have a reliable budget to follow, consider applying for cashback credit cards to get some money back from your necessary expenditure. Of course, you should be responsible with your credit card and use it on expenditure you would have to carry out anyway, such as petrol or groceries for example. “One tip I normally share is to ‘take out’ the monthly cashback earned and set it aside for savings. This way, you save even as you spend – without changing your lifestyle. Over a year, the cashback saved can turn into a surprisingly large figure,” said Hann.

In addition, Hann also suggested treating retirement as a “bill” to build a habit of setting money aside. “It’s definitely not the easiest things to do, especially when there are other things that may be more ‘urgent’ to pay for. But if you set aside even RM10 or RM20 to start off, you’ll be more likely to set aside a larger portion as your income grows.” The idea of treating retirement planning as a bill that you have to pay off will ensure that you view it as a serious financial commitment, rather than an afterthought once every few months.

Safe zones for young people to start saving early

With the issue of millennials not doing as much as they should to save, reliable public financial institutions like the EPF have an important role to play. The EPF provides a safe zone for the young to start saving early, as well as function as a safety net due to the mandatory contribution for those in regular employment. As for those in the gig economy or informal sector, the i-Saraan voluntary scheme can allow the self-employed to save for their retirement and thus benefit from the advantages of compounding returns too.

Moreover, once your EPF account has been buffered with enough savings to reach a certain basic level, millennials can even move on from merely saving to investing as well, thus allowing them to spread their wings even further. This can be done by diversifying savings in other EPF-approved unit trust funds via the i-Invest feature.

At the end of the day, it’s all about being smart and savvy with your personal finances and finding different ways to solidify your retirement plan. Saving for retirement isn’t something that can only be done when you have a high income and the perfect circumstances. Millennial or not, retirement planning is something that should be started in the present to secure a better future.

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Shell Malaysia Introduces Own Fuel Payment And Loyalty App, Shell Asia

Shell has introduced its very own fuel payment and loyalty app in Malaysia via a soft launch, allowing users to pay for their fuel conveniently from within their vehicles. Called Shell Asia, it also enables users to collect Bonuslink points digitally, as well as redeem exclusive rewards via an in-app gift catalogue.

The fuel payment feature for the Shell app is aptly named Shell Pay, which you can use after linking it to an approved payment method and switching on the GPS feature on your mobile device (within 50 metres from a petrol bay). At present, though, only credit and debit card payments are accepted on the app; Shell did not mention whether it will add other payment options in the near future.

Aside from that, Shell also highlighted that the app is currently undergoing testing at selected Shell stations, which means that this new payment feature is not fully accepted at all Shell stations yet. As such, if you’re interested to try out Shell Pay, make sure to check ahead of time and see whether the station that you’re headed to is enabled to support the app.

You can do so by launching the Shell app, then tapping on “Stations” at the bottom panel of your home page. This will let you view and locate Shell stations near you that have been enabled to support Shell Pay.

Do note, though, that to use the Shell app, you’ll need to have a Bonuslink card; you can either link your existing card to your Shell account once you’ve completed your app registration, or apply for a digital Bonuslink card within the Shell app itself (complete with a QR code). This card will then let you collect Bonuslink points as usual when you spend at a Shell station, at the standard rate of 1 Bonuslink point for:

Every 1 litre of fuel purchased (petrol and diesel)

Every RM1 spent on Shell lubricants and car care range sold at Shell stations

Every RM1 spent on convenience retail items (including Shell SELECT and deli2go)

These points will be credited in real time, and can be tracked within the Shell app. As with the usual Bonuslink points, they’ll also have a validity of three years, after which the points will expire.

Upon earning sufficient Bonuslink points, you can then check out the in-app gift catalogue, where you can redeem personalised e-vouchers to use or rewards to enjoy. To test out the new Shell Asia app, go ahead and download it for free from
Google Play
 or the
App Store
.

As most of you would know, Shell is not the first petrol brand in Malaysia to roll out its own fuel payment app. Petronas, of course, has had its own
Setel app since 2018
, along with a lightweight version –
Setel Lite
 – which was introduced for older phones just earlier this year. Meanwhile, Chevron – who manages Caltex – launched its own
CaltexGO back in 2021
.

(Source:
Shell Malaysia
)

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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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Prices Of Some Gardenia Products To Increase From 1 September

(Image: Berita Harian)

Gardenia Bakeries (KL) Sdn Bhd has announced that it will increase the retail price of some of its products from 1 September 2022. This will see a price increase of between 20 to 70 sen for 53 Gardenia products, covering a variety of breads, buns, rolls, spreads, and yellow noodles.

Based on a
price update notice
 to Gardenia retailers, some of the products that will go up in price include the 400g Gardenia Original Classic loaf, which will cost RM3 (up from RM2.80), the 600g Gardenia Original Classic Jumbo loaf, which will increase to RM4.30 (from RM4), and the 400g Breakthru Bran & WheatGerm loaf, which will cost RM3.50 (up from RM2.90).

In a statement, Gardenia said that the price increase was inevitable given the significant hike in the cost of ingredients. These include high protein flour, which is now 25% more expensive, and egg white powder, which now costs more than 100% of its earlier price.

(Image: Mashable SEA)

Gardenia further remarked that other factors, such as the impacts of the Covid-19 pandemic, the flooding in Shah Alam last December, the global supply chain crisis, as well as the implementation of the
RM1,500 minimum wage
, have also severely affected its operations, and led to its decision to raise the price of its products.

“Increasing the price of our products has always been the absolute last resort when all other efforts have been taken to maximise the efficiency of our operations,” Gardenia noted, adding that the new prices were decided after several months of conducting a thorough review and analysis and exploring available options.

Meanwhile, Gardenia highlighted that it is maintaining the price of the 500g Gardenia Bonanza Keluarga bread at RM2.75. “Per 100g comparison, the Gardenia Bonanza Keluarga is also cheaper than the [Gardenia] Original Classic loaf,” it further said, adding that the bread is also more suitable for larger families.

At the end of last year,
Gardenia had already increased the price of its breads
, including the Gardenia Original Classic, Gardenia Bran & WheatGerm, Twiggies, Fluffy Buns, and Puazz buns. It cited the rising cost of raw materials and freight charges as the reasons for the price increase.

(Sources: New Straits Times [
1
,
2
],
The Star
)

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Guaranteed Gifts All The Way This Festive Week Including RM600 TNG e-Wallet Credit

In keeping with the spirit of celebrating, the Unbox This Week credit card campaign is back with roaring guaranteed gifts from participating banks!

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.

For this week (31 January – 7 February), our featured bank partners include

Citibank, HSBC Bank, and Standard Chartered 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 – RM600 Cash via DuitNow

This week, you will be walking away with a guaranteed RM600 cash via DuitNow when you apply for a Citibank credit card with us. Spread joy and transfer money safely and instantly to your loved ones via DuitNow!

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 – RM600 TNG e-Wallet Credit

Receive guaranteed RM600 TNG e-wallet credit when you apply for a HSBC credit card this week. Pay for your meals, shop for goods, and more with this extra credit in your e-wallet conveniently!

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 – Giordano Luggage Bag

Standard Chartered is now giving ALL approved applicants a guaranteed gift – a luggage bag by Giordano! Show off this sleek-looking hard-shell Giordano luggage bag on your next trip out of town!

Everyone’s a winner when you apply for selected Standard Chartered credit cards. 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
.

***

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 7 February (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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Ransomware: How to Avoid Your Laptop From Being Taken Hostage

Updated on 17th May 2017

It’s not just unfortunate humans (and pets, in some cases) that can be taken hostage and held for ransom. Nowadays, even computers and other smart devices can be similarly held hostage. If you’re already panicking, we urge you to calm down. Because below is a crash course on what it is, where it can get to, and what you can do to prevent your devices from getting infected by it.

What is Ransomware?

Just like other malware, ransomware is a malicious piece of software that either locks your computer down or encrypts your files and demand money from you before giving you access again.

Typically, there will be a window that communicates this message and will give you instructions on how to send them the money, usually in the form of an untraceable cryptocurrency like Bitcoin.

Like any other hostage situation, giving the attackers what they want is not a good idea because it only proves you’re willing to listen to their demands. This in turn, will boost their resolve and they may be open to demanding more from you. Also, this still does not guarantee the removal of said ransomware from your device.

How Can You Get Infected with Ransomware?

There are three major ways that ransomware can work their way into your device.

1. Malvertising

Where the malicious code is buried in web browser advertisements. The code finds flaws in the software that makes up the web ads and injects itself into your machine through your web browser while the actual advertisement is still loading.

Prevent This By…

Being wary of online ads with heavy animation or offers that seem too good to be true. Barring that, consider installing a reputable ad blocker or antivirus software and avoid clicking on ads that require Adobe Flash or Microsoft Silverlight.

2. Mobile

Both Android and Apple devices are at risk of this. These threats enter via bootlegged or unauthorised third party apps that lead to slowly escalating ransomware threats.

Prevent This By…

Being extra wary of third-party apps from untrusted sources. While some of these apps may look legitimate, several free apps may contain ransomware that can lock you out of your phone. Avoid installing apps with low ratings from developers with low reputability. Always know what you have installed on your phone and delete unused apps occasionally, to be safe.

3. Emails

93% of phishing emails
 are hiding some form of ransomware. It can be disguised as a Microsoft document, a link to fill out a form, call a phone number, or unsubscribe to a newsletter. Generally, if an email looks like it might be a scam pretending to look a lot like it came from a legitimate company, be very wary.

Prevent This By…

Never open any suspicious emails even if they look official. Odd subject lines, typos, or URLs that don’t have the correct domain are all attempts at phishing and should be reported as spam. Even if you think the offer from the site is legit, open a new window and do a search yourself about the offer being presented to you. If it turns out to be true, then you should be able to apply for it yourself without clicking on any links from your email. Otherwise, delete, delete, delete.

While we can try to give out tips to prevent these attacks from happening to you, one surefire way to be secure in the knowledge that your data will stay safe, is to back them all up on a regular schedule. The data in your PC is the most important thing about it, so be vigilant about this, and you never have to make an anonymous Bitcoin transaction to unlock your iPhone.

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

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How to Get More For Your Money When Shopping for Clothes

Clothes make the man (and woman); it can also make or break your bank account if you are not cautious. To help you get the most of your apparel investments, we’ve gathered a few important facts about clothes shopping that you may not know about.

Here is a quick shopping guide to maximise savings and to make buying clothes online or IRL much easier:

1. Know the Best Times to Buy

Always choose the off-season because discounts can be massive, sometimes up to 80% off retail prices. This way, you can get your hands on inexpensive clothes that are in great condition with the only setback being its lack of ‘fashion timeliness’. But if you aren’t fussy about trends, then this should not pose a problem.

Sale time may vary with different brands, but in Malaysia, you are likely to still find good sales in the lull period, which is often a month or two before a festive season starts. This is when stocks are being cleared to make way for the season’s new arrivals.

While at it, you can start marking your calendar for annual megasales events like the annual Malaysia Mega Sales and the Single Day Sales.

Bonus Tip
: If you are shopping online, you may receive discount vouchers/ discount coupons for your next purchase. Should you want to use them, it is in your best interest to check the discount you are entitled to and the expiry dates.

2. Know Your Best Fit

Getting the wrong clothing size can be a waste of money (and time) especially if the store does not take returns. If you are shopping online and end up with ill-fitting garments, you could also potentially lose precious cash on return fees.

Remember that clothing sizes generally differ with regions, brands and manufacturers; so your actual fit will vary with different pieces and brands. If you can’t physically try on an outfit for whatever reason, just measure a similar piece of clothing that you have in your possession. Then compare it to the specifications of a corresponding size guide.

Bonus Tip
: If you are shopping for babies and little children remember to go one size up as children often grow out of their clothing fairly quickly. Choose sizes that range from six to twelve months because these sizes often last longest for babies.

3. Know Where the Best Discounts Are ‘Hiding’

Believe it or not, the layout of a clothing store is sometimes cleverly designed to conceal the best discount items. What costs more will be front and centre, whereas cheaper items are often placed in the back or side racks; areas that wouldn’t normally get the attention of a shopper.

To ensure that you don’t miss anything good, try browsing the entire floor and focus on more obscured areas first. This way, if nothing in the bargain zone strikes your fancy, at least you tried! Now you can just continue on to new arrivals and other pricier pieces.

In fact, you will need this trick during any mega sale event as many retailers would do their pricier inventories up front.

Now you know how to get the most value when shopping for new outfits, but we’re not done yet, here are a couple of
shopping traps to look out for
:

Practice caution with online flash sales as you may be prompted to purchase items you wouldn’t normally wear just because of a supposed discount. Even though it says 90% off, the figure could be a completely made-up one.

Make sure you are not signed in to Facebook or other social media when go you “virtual window shopping” and be sure to clear your browser cache afterwards. If you don’t, you might find the items you browse repeatedly pop-up in your newsfeed or ad section, constantly reminding you to make the purchase.

Control your spending urges during any mega sale event. It is easy to get attracted to any discount signs in the mall, especially during sales carnival Malaysia. However, you need to control your urges to avoid making a huge dent in your wallet.

To double up on discounts and shopping promos, make sure you have the most rewarding credit card at your disposal. Cat-walk your way to our
comparison page
 and discover the best card for your fashionista needs.

Image credits: Joseph Brent’s
photostream

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KiplePay Can Now Issue Visa Prepaid Cards, Joins Visa Fintech Fast Track Programme

(Image: Business Today)

A partnership between KiplePay and Visa has now allowed KiplePay to issue Visa prepaid cards to its users. The company also became the latest to join Visa’s Fintech Fast Track programme.

According to the chief executive officer of KiplePay, Kay Tan, the partnership with Visa is an endorsement of KiplePay’s progress in the fintech industry. It will also allow the payment service provider to further develop its products and solutions for its users.

“Once we issue a Visa prepaid card, we are able to leverage on Visa’s global acceptance footprint. We’re extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers,” said Tan.

Tan added that KiplePay’s vision has always been focused on powering the masses, and that the company has been driving an inclusive cashless agenda across different communities. This ranges from instant disbursement of funds for government aids to powering small merchants and student communities.

(Ng Kong Boon from Visa)

Meanwhile, Visa’s country manager (Malaysia), Ng Kong Boon, said that KiplePay’s enrollment as a partner of its Fintech Fast Track programme and a principal card issuer will enable Visa to reach out to underserved segments in Malaysia. “This is aligned with our objectives and the government’s goal to accelerate the use of digital payments in the country,” he said.

Visa has been actively expanding its Fintech Fast Track programme in Malaysia, encouraging fintech companies to tap into its network to explore new digital payment and commerce opportunities. The programme allows them to access and collaborate with Visa’s network of enablement partners across the fintech payment process, including issuance, push payments, and value-added services.

Through their partnership, KiplePay and Visa aim to enhance their e-wallet products, including money withdrawals and access to 61 million merchants in more than 200 countries. They also plan to use features such as loyalty programmes, mobile discounts, peer-to-peer transfers and personalised e-wallet services to encourage KiplePay customers to make online and offline payments through a single app. Additionally, KiplePay e-wallet users and white label customers will also be allowed to link their e-wallet offerings with a physical or virtual Visa card for a more seamless payment process.

KiplePay, which was founded in 2017, has been working in the present economic climate to bring new payment solutions for the Malaysian public and business community to operate in the “low-touch economy”. Previously, the company has collaborated with Bank Islam to pioneer
kipleUNI
, an e-payment facilities for universities in Malaysia. It also launched a digital platform initiative with the Coalition of Malay Small Traders to help its traders resume their businesses during the Covid-19 pandemic.

(Source:
The Star
,
The Edge 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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2018 Sabah Public Holidays – Long Weekends and Fun Things to Do

Sabah has a slightly different set of
public holidays
 compared to the peninsular states. With more ethnic groups like Kadazan, Murut, Suluk and many others, the people of Sabah not only celebrate the national holidays, but additional ones like Good Friday and the harvest festival. To take advantage of Sabah’s public holidays in 2018, the following dates are the ones you should be taking note of.

Good Friday – 30 March (Friday)

Harvest Festival – 30 May and 31 May (Wednesday and Thursday)

Governer of Sabah’s birthday – 6 October (Saturday)

The Harvest Festival is celebrated on the 30th and 31st of May, every year. It is to give thanks to the spirits, for the crops they have received during the year. This year, those in Sabah have the potential of linking up a few public holidays to create a six day stretch. Wesak, a national public holiday lands on the 29th of May, which incidentally connects to the harvest festival dates to create a three day holiday succession. By adding just one day’s leave on the 1st of June, you will get the entire week from Tuesday till Sunday.

With all those Sabah public holidays lining up ever so perfectly, here are a few things to do besides the usual Mont Kinabalu expedition.

Tanjung Aru Beach – Kota Kinabalu

Nothing helps to bring your stress levels down, like being on a beautiful, nice and clean beach.
Tanjung Aru beach
 is the perfect escape, where you can laze around and just feast on different types of food and drinks along the beach throughout the day.

If you get a little bit restless, you can always join in a game of volleyball, snorkle or ride a jet-ski to have a little bit of fun. You can be rest assured that the beach is well maintained, as the big resorts like Shangri-La operate along this beach.

Enjoy the sunset and check-in to a hotel within the area for a nice weekend and do it all over again the very next day. A quick check on
Agoda.com
 revealed that hotels within a one kilometre radius cost anywhere between RM100 per night, for the smaller hotels, and up to RM1085 for the premium spots. It would be wise to swipe that
credit card
 to garner a fair bit of rewards while you are at it.

Zipline from Gaya Island to Sapi Island – Kota Kinabalu

For the thrill seekers who find roller coasters a little too mainstream, zipline from Sapi Island right into Gaya Island at speeds of up to 60km/h, over a 250 metre stretch. If the thrill of the ride doesn’t get to you, the view overlooking the clear blue waters as you zip down is bound to take your breath away, one way or the other.

According to the
Coralflyer
 website, the thrilling adventure costs RM68 per person and lasts for approximately 45 seconds. With that in mind, be sure to enjoy your time up there and capture all those Instagram moments properly, there is no second take. Be advised that there is a weight limit of 120 kgs for this thrilling ride. Children that are too small can be attached to their parent’s rig or an instructor will ride along with them.

It takes approximately 15 minutes to travel from Kota Kinabalu to Sapi Island via speed boat. The boats are accessed at Jesselton Waterfront Jetty and the
ticket price
 for a round trip costs RM23 for adults and RM18 for children. Make sure you get there in the daytime as it operates from 10AM to 3.30PM.

Bornean Sun Bear Conservation Centre (BSBCC) – Sandakan

According to the
BSBCC
 website, the Bornean sun bear is the smallest bears in the world but are on the verge of extinction due to deforestation, pet trade and commercial hunting. Fingers crossed these bears stay with us for a long time, but just in case, you should get a glimpse of them. There are 44 cuddly looking bears at the exhibit and the centre has replicated its natural habitat to ensure its preservation. While they are labelled as the smallest bears, they grow between up to 150cm in length and weigh up to 70kgs.

The exhibit was never opened to the public till 2014. It only cost RM 5.30 for adults and RM 2.10 for children. With those prices, it is definitely something to see and learn about in case these cute little bears go extinct for some unfortunate reason. The BSBCC website also states that they even accept credit cards, which means you should be trying to garner rewards even for ticket prices this low or souvenirs purchases.

Visit the Turtle Island – Sandakan

For those who have a little more in their expense account, experience something out of this world. Here is an opportunity to witness another animal that is sadly on the endangered list. The trip allows you to capture the moment and watch sea turtles come to the shore and lay its eggs. The rangers then take these eggs and keep them out of harms way, from natural predators. If you are lucky, you could witness the eggs hatching and watch the little turtles being released back into the sea for the first time. The amazing experience provided by nature is definitely something the kids should witness as well.

According to the
Sabah Tourism website
, the Selingaan Island, which is an hour boat ride, only accommodates 50 people. It can be booked via the official tour company, Crystal Quest, costing between RM650 to RM800 per person. That only gets you on to the island, provides food, accommodation, and your trip back to the jetty in Sandakan. The entrance to the park requires another RM60 and RM10 for taking photographs, which goes back into the conservation programme.

Securing Your Holidays

The Sabah public holidays in 2018 are filled with opportunities to visit some, if not all of the wonderful places stated above. Depending on your taste for adventure, some of you may have even seen all of this within the last few years. If that is the case, broaden your horizons and fly directly to another country and discover what other adventures awaits you. To make your holidays more affordable and convenient, head on over to
Agoda
 to breeze through deals for accommodations.

Your public holidays are precious and should be protected. Make sure you have travel insurance to ensure you are compensated for any flight delays, cancellations or even baggage that may not arrive. On the plus side, you will even have protection in case of any medical emergencies while being abroad. There are a variety of policies available but you should use our
comparison tool
 to pick one that suits your travel plans best.

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Setel Rolls Out EV Charging Feature

Petronas-backed fuel e-payment app, Setel has introduced a new electric vehicle (EV) charging feature, which will help its users to locate, activate, and pay for EV charging stations via the app. On top of that, they’ll also be able to earn Mesra points through these transactions.

According to Setel’s website, users can begin utilising the Setel EV charging feature by first locating the nearest charging station via the Search function in the app. There are currently only five locations that support this new Setel feature, namely:

Lotus’s Kepong
EV Connection Workshop
ACO HQ Johor Bahru
Carsom PJ Automall
Shangri-La’s Rasa Sayang Resort Penang

Depending on which station you visit and the types of current provided (AC or DC), you may be able to use the Setel EV charging feature for free, or at a rate of RM0.50 (15 minutes) or RM1.20 (per minute).

Once you’re at the station, go ahead and tap on “Start Charging” after parking your car next to the charger. You’ll then be prompted to select your charger from an available list; note that each location above will also have different types of connectors available, so be sure to check that your selected station has a charger that is compatible with your vehicle before making your way there.

Once the charger is connected, plug the charging cable into both the charger and your vehicle, and the charging process will begin! Setel’s FAQ noted that you are required to bring your own charging cable for locations with AC slow chargers, whereas a cable will be provided for locations with fast DC chargers.

You can check on your charging status and rates from your Setel app; once you’re ready to stop, simply unlock and unplug the connector from your car or the charger. While Setel does not impose a maximum time limit that you can spend at these charging stations, it does mention that “you can be considerate to others [other EV users] at the dedicated bay and disconnect your cable right after you’ve completed charging.”

Once you’re done charging, your total amount will be deducted automatically from your Setel Wallet, and you’ll receive a digital receipt. If you’ve linked your Mesra card to your app, you’ll also earn points for the transaction.

Setel shared that this feature was rolled out as part of its long-term plan towards sustainability, in support of global efforts towards decarbonising road transport. It also said that it is working to make this feature available at more locations soon.

(Sources:
Setel
,
The Star
)

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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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AmBank Launches New Business Credit Cards, AmBank Visa Platinum Business And Visa Infinite Business

  (Image: The Edge Markets)

AmBank has launched two new business credit cards, the AmBank Visa Platinum Business Card and the AmBank Visa Infinite Business Card, to serve the various needs of Malaysian business owners. Both cards are designed to offer improved convenience, especially in terms of payments and the ability to streamline and consolidate their corporate expenses under one account.

Specifically, the AmBank Visa Platinum Business Card is targeted at SME customers, offering 1x AmBonus Point for every RM1 spent on eligible local expenses, and 2x AmBonus Points for overseas spend. Note that AmBank defines overseas spend here as only card transactions made outside of Malaysia; all online transactions performed with overseas vendors are not eligible to earn 2x AmBonus Point.

Other perks that AmBank Visa Platinum Business cardholders may also enjoy include 2x access to the Plaza Premium Lounge and rebates via the Club Marriott Malaysia annual membership. These are in addition to complimentary personal accident and travel coverage valued at RM30,000 and RM1 million, respectively, as well as an interest-free repayment period of 28 days (after billing period) and easy payment plans for better cash flow optimisation.

Meanwhile, the AmBank Visa Infinite Business Card is designed for larger corporations, such as wholesale banking and business banking customers. These cardholders can earn up to 1% cashback on overseas transactions and selected business expenses – with no cap on how much you can earn and no minimum spend requirement. The cashback rewards that can be earned are tiered as below:

Expense category
Cashback
Overseas transactions (excluding online transactions)
1%
Petrol, airlines, hotel, and F&B
0.5%
Other spend (excluding cash advance, JomPay, and government services)
0.1%

Moreover, cardholders will enjoy 5x complimentary access to the Plaza Premium Lounge, rebates via the Club Marriott Malaysia annual membership, and travel insurance coverage of RM2 million. They can also tap into a similar interest-free repayment period of 28 days (after billing period) and easy payment plans.

Retail banking manager director of AmBank, Aaron Loo said that the two new cards are meant to fill a critical gap in the needs of business owners, especially as they are still recovering from the setbacks caused by Covid-19. The bank also hopes to assist SMEs as a largely underbanked and underserved segment, citing data from Visa’s SME Digital Banking Study.

Country manager of Visa Malaysia, Ng Kong Boon, further said that providing SMEs with payment cards will encourage business owners to embark on their digitalisation journey. “Digital payments can also help SMEs to have better visibility of their expenses, which will lead to an improved cash flow for their businesses,” he said.

Both the AmBank Visa Platinum Business Card and the AmBank Visa Infinite Business Card do not come with annual fees; eligible cardholders can utilise it for free for life, with no added conditions.

(Sources: AmBank [
1
,
2
],
The Edge Markets
)

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Top 5 Graduation Gifts For a Financial Headstart

Graduation is a time of great promise. Done with one stage and on to another; the next part of life is true adulthood and some of the decisions made during the time of graduation will shape how the future will play out.

If someone special in your life is graduating; a good friend, relative or even your child; you might be thinking what best to get him/her as a graduation gift. The most common gifts these days are usually flowers, cash
Ang-pows
 and sometimes (for someone who’s got a CEO for an uncle) a car. But you may not have such funds available or wish to give a more meaningful gift.

What will be a good graduation gift to give your newly, formally educated friend/relative a friendly headstart in building his/her finances and future? We found 5 awesome options.

1. A Budget Planner

Yes, it is pretty old school and you might wonder why anyone would choose to buy paper stationery in a time of laptops, tablets and smart-phones. But it is believed that
writing down your budget and commitments helps you translate them into achievable action plans
.

For this purpose, encourage your fresh graduate to put things in writing where money is concerned. You can get a decent
Flipchart Easel for RM160+ at Lelong.com
 or opt for a planner journal (RM50 or less) at your nearest bookstore.

2. Units From Amanah Saham Nasional (or a Similar Unit Trust Product)

With different investment products offered;
ASN units
 can be purchased for your young graduate to get them started in the investment game. At RM1 per unit – you can buy as many as you can afford and then allow them to take it up from there. You can also opt for any other unit trust programme you prefer offered by financial institutions.

Although, it isn’t the most exciting nor glamourous of gifts; it will certainly set the recipient on the right path to building a financial legacy.

3. A Limited Subscription to LinkedIn Premium and/or Jobstreet Priority Application

Young graduates will be facing an uphill task in hunting for the right job and making the right connections. Instead of leaving it to luck, why not invest in giving them a little push in the right direction?

The Jobstreet Priority Application is extremely affordable, with entry-level packages priced at only RM45 for 6 months. However, the LinkedIn Premium service is rather pricey (around RM110 per month) but offers them the chance to connect to a wider pool of potential employers and networks worldwide.

4. A Job or Character Building Seminar

Many people scoff at attending lectures and seminars but the experience may be useful for a young graduate in search of his dream career. Depending on the industry the graduate has been trained in; you can pick and choose useful seminars.

Alternatively, general or motivational seminars may also help them build character and confidence to face the working world. Do a quick Google search or check out
All Events KL online
.

Seminar prices can vary greatly. From as low as RM50 and up into the thousands; prices are usually determined by the duration and level of expertise of the speakers.

If you’re stuck for good options,
TEDxKL
 will be happening this August, 2015 and early bird tickets are already available at RM80 (RM150 normal price). A platform for pioneering minds the world over, the KL instalment of TEDx is an awesome event for young people to gain new insights and motivate themselves to achieve bigger and better things.

5. Vouchers and Prepaid Utility Cards

A Touch n’ Go (TnG) card, an internet subscription for a few months or a prepaid topup for them to make calls and connect can also be useful gifts for a graduate plunging full force into the job market. The TnG is a very useful gift that they can use while using public transport or at tolls if they will be driving to work.

The same goes for the internet and postpaid plans, which can be subscribed to according to your budget and then used for numerous networking endeavours. This is a smart gift that does not need to have a particular long lasting effect but does give them a boost during those tough job hunting days.

At the end of the day, the choice is of course yours. Sure, you could just go the flowers and Carebears route but all your graduate will essentially be receiving is more stuff to horde or throw away later. Why not make the gift something useful?

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Lenovo Malaysia Launches 2023 Generation Devices, Including Yoga Book 9i And LOQ Gaming Laptops

Lenovo has launched its latest line-up of 2023 generation devices in Malaysia, including the Yoga Book 9i and the new LOQ series of gaming laptops. Now available for purchase in Malaysia, here are a few things to know about these new launch models.

Lenovo Yoga Book 9i

First announced at the Consumer Electronics Show (CES) 2023 in January, the Lenovo Yoga Book 9i is the world’s first full-sized OLED dual-screen laptop with a detachable keyboard, offering multiple modes of usage – up to six different modes dubbed MultiMode+: Laptop, Tablet, Display, Tent, Book, and Scroll, all catered to the evolving needs of consumers today.

Powered by the latest 13
th
 Gen Intel Core i7 processors, the Lenovo Yoga Book 9i features a starting weight of 1.34kg and a thickness of 15.95mm. The device is also carbon neutral-certified, with its top cover made of 100% recycled aluminium and plastic-free packaging. As for its price, the Yoga Book 9i has a starting price of RM9,499.

Lenovo LOQ Gaming Laptops

Aside from the Yoga Book 9i, Lenovo also rolled out its new Lenovo LOQ line of gaming laptops in this latest launch, which is inspired by the brand’s higher-end Legion gaming laptops. Under this new line of mid-range gaming laptops, you’ll find a selection of four models, with a variation of screen sizes and processors:

Lenovo LOQ 16IRH8 (Intel-based, 16-inch)

Lenovo LOQ 16APH8 (AMD-based, 16-inch)

Lenovo LOQ 15IRH8 (Intel-based, 15.6-inch)

Lenovo LOQ 15APH8 (AMD-based, 15.6-inch)

The Intel-based models will feature the latest 13
th
 Gen Intel Core i7 H-series CPU, whereas the AMD-based models will be equipped with up to an AMD Ryzen 7 HS-series CPU. Meanwhile, all LOQ laptops are powered by NVIDIA RTX GPUs with GSYNC, and the displays feature minimum 144Hz refresh rates.

The Lenovo LOQ gaming laptops has a starting retail price of RM3,699.

***

The new Lenovo Yoga Book 9i and LOQ gaming laptops are available for purchase on
Lenovo’s official online store
 or at any Lenovo excusive stores, as well as its official online stores on Lazada and Shopee. For selected devices, you can opt for an instalment plan using HSBC credit cards.

In addition to the introduction of these new models, Lenovo’s 2023 generation devices that were also rolled out as part of the latest lineup of devices included the Legion Pro 5i, Lenovo Tab P11 (2
nd
 Gen), as well as the Lenovo IdeaPad Duet 5i.

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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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