AIA Now Offers Insurance Benefits For Mental Health

AIA Bhd has become the first insurance company in Malaysia to offer insurance benefits for mental health conditions. This benefit will live under
AIA’s A-Plus Health medical rider
, which has been enhanced to now cover psychiatric consultation fees for six mental health conditions.

The six mental health conditions are major depressive disorders, post-partum depression, schizophrenia, bipolar disorder, obsessive-compulsive disorder, and Tourette syndrome. Those under the A-Plus Health medical coverage can claim up to RM1,500 per year in psychiatric consultation fees when visiting any private or government hospitals. The benefit isn’t much, but it is an encouraging sign that insurers are now looking to add mental health coverage in their policies.

A-Plus Health is a medical rider that can be attached to a regular premium investment-linked insurance plan by AIA. All new and existing customers of A-Plus Health are entitled to this benefit without any increase in premiums or insurance charges. The benefit is also offered under A Plus Health-i, which is the Syariah-compliant version of the rider.

“Mental health continues to remain a challenge for both the public and health industry due to the lack of data and understanding,” said Heng Zee Wang, Chief Marketing Officer of AIA Bhd. “One of the first steps we thought to address was seeking treatment, often one of the first barriers in the journey to mental health recovery.” Zee Wang added that AIA hopes to enable more Malaysians to take that first step to seek professional help with this new feature.

AIA Singapore had introduced coverage for five different types of mental health illnesses earlier this year in January, a move that was lauded by our
Deputy Health Minister Dr Lee Boon Chye
. According to the deputy minister, mental health was a major problem in Malaysia, but proper coverage provided by insurance companies would help those who require assistance in times of need.

Statistics show that mental health is no trivial matter in Malaysian society; the Ministry of Health’s National Health and Morbidity Survey 2015 revealed that 4.2 million Malaysians suffer from mental health problems, with a two-fold increase in prevalence between 1996 to 2015.

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Jacie Tan

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Hong Leong Islamic Bank Wins IRBA Excellence Award For Islamic Digital Banking

Hong Leong Islamic Bank (HLISB) has been awarded the IRBA Excellence Award 2020 for Islamic Digital Banking for being a frontrunner in innovating and shaping the Islamic digital retail banking landscape in Malaysia.

The award was given as part of the global Islamic Retail Banking Awards (IRBA), which are assessed based on an efficiency model developed by the Cambridge International Financial Advisory (Cambridge IFA).

“We are very honoured to win this award of excellence,” said Jasani Abdullah, CEO of Hong Leong Islamic Bank. “It validates the trajectory and effort of our entire team aimed at achieving our goal of providing an unrivalled Shariah compliant digital Islamic banking experience, combined with a human touch and empathy, which we believe adds value to the interaction and relationship we have with our customers.”

(Image: The Star)

Jasani added that the bank has embraced a digital-at-core ethos that puts customers at the centre of the HLISB’s products and services offerings. Throughout its digital journey, HLISB has achieved numerous milestones in digital retail banking, such as its digital Amanah Saham Nasional Berhad initiatives, reimagining its high-profit savings account Pay&Save-i with a built-in multi-currency feature, and its simplified online zakat payments process through HLB Connect.

HLISB was also the first bank in Malaysia to offer a digital onboarding experience for Malaysians wanting to open a bank account through the
Apply@HLB mobile app
. Furthermore, HLISB was the first Islamic Bank to enable Term Investment Account-i via a digital channel in lieu of the traditional investment experience.

(Source:
Hong Leong Bank
)

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Adidas Offers 50% Discount On Already-Discounted Items In Massive Online Sale - Ultraboost For Just RM274.50

Adidas is holding one of the biggest sales events it’s ever held on its online store. From now until 30 April 2020, you can get 30% off all regular-price items, and a whopping 50% additional discount on already-discounted items!

According to the brand’s announcement on its website, customers will be able to
enjoy 30% off regular-priced items
, applicable almost storewide. Additionally, you can tap into
an extra 50% discount for items that are already on promotion
, making for a pretty steep cut in price. Note that these rebates will only be reflected after you have added the items into your cart, which means that the prices that you see on the website are not the reduced rates.

That said, exclusions do apply. Certain items, such as the Yeezy range and some new arrivals, will not be part of the sale. Also, like most deals, this sale is not applicable with other discounts and vouchers.

Depending on your selection of items, the sale can let you save quite a hefty sum. For instance, if you decide to buy the
Superstar shoes
 (regular price RM420) and the
Ultraboost 19 shoes
 (regular price RM780, promotional price RM549), you can save about RM400 in total after applying a 30% discount on the Superstar shoes and another 50% discount on the Ultraboost 19 shoes. And that’s not even including the price cut that was already applied for the promotional price of the Ultraboost 19 shoes.

This is likely one of the rarest opportunities to grab a pair of comfortable
Ultraboost running shoes
 for about a third of its retail price. Given the steep discounts, most popular sizes are already sold out, but there’s definitely a steal for everyone.

Plus, we also found that you can get a hidden additional discount of 5% on your cart if your total checkout is above RM2,000. This is the only discount that stacks with the 30%/50% discounts – any birthday or other promo codes will not stack.

In addition to the discounts, Adidas is also providing free delivery for all purchases. “To all our athletes, teammates, and friends across the country, due to the current situation, please expect some delays in your orders as we try our best to deliver them to you. To compensate for the late delivery, we will provide free delivery for all your orders,” said the sports brand in its website. Note also that Adidas is offering extended 60-day free returns via post if your purchases don’t fit – check out the
COVID-19 page
 for more info.

To save even more, make your payments with
credit cards that reward you for online purchases
. Adidas does allow payment via cash on delivery, but considering reports that
banknotes could contribute
 to the spread of Covid-19, it would definitely be a better idea to switch to contactless payment options wherever possible.

Head on over to Adidas’ website to find out more about the
Get Fit From Home! sale
. or just jump to the
Adidas Outlet
 where everything listed is eligible for the extra 50% discount.

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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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Preparing to Study and Move Overseas

First and foremost, congratulations on getting into an overseas university. If you are intending to study in Australia, the semester will be starting in approximately a month. You are probably excited and anxious all at once.

While it can be lots of fun to be in another country to experience the four seasons of the year, different food, meeting different people, expanding your horizons by competing on a different scale of students and other perks that come with spending time abroad, here are a few things you ought to prepare before you embark on this great adventure.

Paperwork

The most important thing to have in order before you head out is the necessary paperwork. Ensure you have passed the necessary health exams, bought the necessary student insurance and attain your visa. Be sure to also have copies of your passport and other forms of identification in case you misplace or lose your documents while you are there.

Health Screening

A health screening could be one of the areas that could save you a tonne of money as treatment overseas could be expensive. Before leaving to a foreign country, be sure to get the necessary immunisation before travelling. You wouldn’t want to be treating yourself for chicken pox all by yourself while you are homesick. On top of that, pay a quick visit to your dentist to ensure you get your teeth checked. Again, visits to dental clinics can be extremely costly to your wallet and skew your budgets. As the saying goes “prevention is better than cure”.

Foreign Currency

Keep yourself abreast of foreign exchange rates. If you are going to Australia, it would be good to know if you are buying the Australian Dollar cheap or expensive. If the exchange rates are high, it would be advisable to buy smaller quantities and buy a bigger quantity later on when the rates are lower.

Ensure you bring sufficient amount of cash and not put it all in a bank draft. The reason for that is some banks require you to get your student ID before opening your account. On top of that, it could take up to three to five working days for your bank draft to be cleared and the money deposited into your account.

Apparel

Having the right attire for the climate is vital. Particularly if you are experiencing winter for the first time, you may need to buy a jacket or two before leaving. Do some research online and check out some prices of jackets overseas as you could possibly get cheaper winter clothing while you are overseas rather than buying it locally. Buying it locally before going overseas can be expensive as our stores do not cater for winter and these niche stores tend to charge a hefty amount.

Accommodation

Unless you are staying on campus, be sure to have your accommodation sorted out before hand. Make all your deposits and ensure you have a place to stay when you land. If you are staying off campus it would be preferable have a hotel set up for a day or two when you arrive to ensure you aren’t left stranded with no place to stay when you arrive on a cold winter’s night. Staying on campus during your first semester is always a great idea as you are able to mingle and accustom yourself to the surroundings before trying to move out and live off campus for a the full local experience.

Phone Plans & Internet

The most vital piece of equipment people live by in their daily activities, mobile phones. Be sure to check out internet and phone plans before you head over there. Some phone plans and contracts are really worthwhile as they come with free phones. Knowing what the market has to offer via online channels would make it easier for you to do your shopping rather than hunt down each shop and inquiring what they have to offer. Whilst it isn’t the worst idea to hop on a bus and explore all the different shops, it might be a good idea to minimise one’s travelling cost and do the research beforehand so you know where to go when you get there.

Looking at the bigger picture here, how else are you going to give your parents a call and let them know you’re safe and send over updates about your new home?

Safe Travels & Good Luck!

Truth is, you can prepare and plan as much as you would like to, at the end of the day you will come across situations you will need to figure out. That is how you can grow and experience the amazing things along the way.

However, don’t leave everything to chance, especially in terms of emergency funds. Be safe and be prepared for unexpected expenses with a credit card. If you would like to apply for one for yourself or a supplementary card for your children heading abroad, do check out our
credit card comparison tool
 and pick one out that suits your needs.

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Credit, Debit Cards Now Accepted At Putrajaya Toll Plaza On MEX

Six lanes at the Putrajaya Toll Plaza on the Maju Expressway (MEX) have been enabled with the ability to accept credit or debit card payments for toll fees, starting from today. This marks the start of the Works Ministry’s (KKR) initiative in implementing the open payment system in stages at a total of 12 selected highways.

For motorists’ convenience, the six lanes at the Putrajaya Toll Plaza that have been equipped to accept credit and debit card payments will be indicated with the open toll payment system logo. The logo was launched yesterday by the Works Minister Datuk Seri Alexander Nanta Linggi.

Additionally, the minister said that the new payment system will eventually be enabled for all 25 Touch ‘n Go (TNG) lanes at all three tolls along MEX, namely the Putrajaya Toll Plaza, Salak Selatan Toll Plaza, and Seri Kembangan Toll Plaza. This is expected to be completed by the end of next September.

Datuk Seri Alexander also revealed that the testing of the open payment system has been conducted on MEX since July 2023 to ensure the readiness and smooth implementation of operations. “The Works Ministry has always been informed about the level of readiness and progress of testing, which is now being carried out in stages by the Malaysian Highway Authority (LLM) together with the [other] highway concessionaires,” he said.

The minister further stressed that the implementation of the open payment system needs to be carried out with care. The technical aspects, security, legislation, and handling of the toll transaction record – for instance – must be carefully monitored so that the comfort and safety of motorists can be guaranteed.

Finally, Datuk Seri Alexander Nanta Linggi reminded all motorists to always ensure that their debit and credit card balances are sufficient before going through the toll plazas. They should also make sure to tap the right card at the designated terminals to ensure smooth payment.

The idea of the open toll payment system has actually been
mooted since the start of 2022
 – which allows motorists to pay their toll fares using other methods aside from Touch ‘n Go-related channels – but it was only in May this year that the Works Ministry announced that
12 highways will be involved in the initiative
. Other highways, aside from MEX, that will also support the open payment system include:

Ampang-Kuala Lumpur Elevated Highway (AKLEH)

Butterworth-Kulim Expressway (BKE)

Damansara-Puchong Expressway (LDP)

Duta-Ulu Klang Expressway (DUKE)

Guthrie Corridor Expressway (GCE)

New Pantai Expressway (NPE)

Penang Bridge (JPP)

Shah Alam Expressway (KESAS)

SMART Tunnel

Sungai Besi Expressway (BESRAYA)

Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT)

Sharp-eyed motorists travelling along KESAS and LDP have also recently reported that they saw
MyDebit terminals installed at selected toll booths
 along these highways. The full implementation of the system on all 12 selected highways will involve 31 toll plazas and 81 lanes in total.

(Sources:
The Star
,
New Straits Times
, Works Ministry [
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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Smart, Wearable Technology : Is It Worth The Hype?

What do a soccer ball and a watch have in common? The answer is simple; both objects are now equipped with modern, sophisticated technology that transcends their existing functions as an athletic gear and decorative accessory.

Let’s be honest; we can be a little too reliant on technology sometimes. If you are thinking that’s you, well, you’re not alone. For certain individuals, technology is viewed as an object of fascination, and more of than not, they take pride in having and wearing it too.

Still, is it truly worth spending your hard-earned money on? Read on as we list down the reasons why you should or shouldn’t invest in these smart, wearable tech.

What is Wearable Technology Anyway?

Wearable technology has been around over the past 100 years, believe it or not. Take aerial photography for instance. Long before drones are used to collect carefully-timed shots from various locations in a clandestine manner, someone had the forethought to think ahead and created something to do just that. In 1907, a German inventor came up with a brilliant idea of inventing a small, automatic camera strapped to a homing pigeon to carry out works of espionage.

 Image courtesy of Wikimedia Commons

His name? Julius Neubronner. Born in a family of apothecaries, Julius was known as the creator of pigeon photography and despite the eventual discontinuation of his invention via advancements in science, these spying pigeons have indeed proved that wearable technology is something that has its roots right in the history of the world.

How About Wearable Technology Now?

Even though the idea of commuting anywhere with a jetpack or a hoverboard (as Back to The Future once predicted) is still far from reality, there are a number of other wearables that have definitely been given a whole new lease of life. Here is a list of things that are virtually non-existent a decade ago and yet it is now sneakily creeping its way into the very heart of every ultimate consumer.

Fitness Tracker

 Image courtesy of Brookstone

Also known as an activity tracker, a fitness tracker is a wearable device or computer application that monitors and tracks the wearer’s daily activity. Among the metrics that are measured by these devices include distance walked or run, calorie consumption, quality of sleep and in some instances, it can even show you your WhatsApp notifications so that you’d know who’s looking for you when you are on the wheel or making a vigorous dash in your neighbourhood.

Some of the popular brands include FitBit, XiaoMi, Garmin and Moov.

Get It
: If you want something that is able to track your personal goals as accurately as possible, look no further as the features of these devices are made for it specifically!

Pass
: If costs are a concern, you might as well pass on it as even the most basic Xiao Mi heart-rate tracking fitness band is priced at RM89.90. Save that money and top it off with a bit more cash for a
gym membership
 that’s more likely to help you achieve your
fitness goal
.

Smart Jacket

Simply said, it’s a denim jacket that comes with a smart sleeve and an equally as smart snap tag. Made with bike commuters in mind, the Levi’s Commuter Jacket taps into the Jacquard™, a thread technology patented by Google and comes with touch and gesture interactivity woven into the sleeve. The selling point for the jacket? Control music, screen phone calls or get directions, all of which is made possible with a tap or brush of the cuff.

Get It
 : Are you a hardcore denim fan with a cool USD$300 lying around? The
Levi’s
 Commuter Jacket is all yours then.

Pass
 : If hygiene is a concern, then you may want to avoid this as the smart jacket was designed to handle up to 10 washes with the snap tag removed. Each wash will cause a value depreciation of USD$30 for your precious jacket so yes, talk about sending money down the drain indeed.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
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Smart Soccer Ball

You may be thinking, really now, a smart soccer ball? Don’t be surprised but that’s what leading sports brand
Adidas
 and
Wilson
 have been working on. By incorporating augmented reality and sensors in a match-quality ball, it is believed that this interactive system will help improve your soccer skills, unlike a normal conventional ball. What sets this ball apart from other less sophisticated ones is that it claims that it helps to develop the users on-pitch abilities so that you can learn to strike like a pro.

*
Get It *
: Planning to make it to the big league someday? A smart soccer ball might help pave the way to your athletic stardom.

** Pass **: If you want it immediately, as at the time of writing, there are no more smart soccer balls available in Malaysia. Bringing in a smart soccer ball will set you back by approximately USD200 and that’s not including
shipping fees
 which will add on another USD$30-50. We’ll let you do the math.

Read Also :
Could Watches Be a Smart Investment?

Smartwatches

 Image courtesy of The Prime Watches

Think smartphone but it a smaller package, sleeker design. That’s exactly what a smartwatch does, apart from telling the time of course. While wristwatches are at the risk of falling to technological redundancy, the newer generation of smartwatches can definitely do more than just basic arithmetic.

From running apps to streaming music, it’s powerful processor ensures that all these activities can be performed seamlessly apart from moonlighting as a trendy accessory. Wearable smartwatches are generally divided into three operating systems, the first being iOS (Apple) , the second being Android Wear and the third being original OS that are developed by the brand themselves.

Famous brands that tap into the business of smartwatch includes Pebble (acquired by FitBit but still available for sale in Malaysia, Asus, Motorola, Samsung, LG and even luxury brand Michael Kors.

Get It
: If you are looking for an accessory that prioritizes function while maintaining it’s visual appeal, you can’t go wrong with a smartwatch.

** Pass **: Want a fuss-free device? Give these watches a miss then as the battery life for these watches can be notoriously short from heavy usage. You may even spend more time charging it rather than actually using it so that’s almost defeating the purpose of owning a smartwatch. Also, you may face issues if the brand gets acquired by

a competitor and support for the said product are then discontinued.

Aside from that, fixing a smartwatch is not exactly a simple stroll to your nearest neighbourhood shopping mall. With selected individuals having the expertise of repairing a smartwatch, you may be subjected to hefty service fees.

To Buy or Not to Buy?

So, should we embrace smart wearable technology into our hectic, fast-paced lives? There are both pros and cons in doing so and if saving money is something that ranks high on your list, then it’s best for you to pass up on all of these wearable techs then, as tempting as it is to succumb to these emerging trends.

Planning to get any of these items but don’t have the means to do so? That’s alright, you can always rely on
an EPP (Easy Payment Plan)
 to have your back, so long as you have a credit card in hand.

If your current credit card doesn’t come with EPP services, that’s alright. All you need to do is to take a look at our list of credit cards and check out our
comparison tool
 so that you’d know which credit card can help you own that awesome piece of wearable technology at an affordable price.

Are there any other wearable technology devices that we have missed out on? Let us know your thoughts in the comment section below.

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Affin Bank Renews Rebate Campaign For BHPetrol Touch & Fuel Mastercard

Affin Bank has renewed the fuel rebate promotion for its Affin Bank BHPetrol Touch & Fuel credit card, extending it by another five months. The promotion, which was scheduled to end on 30 November 2019, offers 10% rebate at BHPetrol on weekends, and 2% on weekdays.

There is no minimum monthly spend required to qualify for the rebate; all you have to do is be an Affin Bank BHPetrol principal cardholder. The rebate is capped at RM50 per month and will be automatically reflected in the cardholder’s following monthly statement.

On its own, the Affin Bank BHPetrol credit card gives you 1 AFFIN Rewards Point for every RM1 spent on retail transactions – which isn’t as directly rewarding as the BHPetrol Rebate Campaign’s benefits. In fact, it’s the campaign’s generous 10% rate on weekends and RM50 monthly cap makes the BHPetrol Touch & Fuel Mastercard one of the
best petrol cashback cards
 out there.

The petrol rebate campaign will run for the next five months until 30 April 2020. You can read more about the Affin Bank BHPetrol credit card when we first covered the
promotion
, or take a look at the
benefits of the card
 if you are considering this card.

(Source:
Affin Bank
)

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What Kind of Broke Are You?

They call the richest among us the 1% for a reason: the majority of people don’t have tonnes of money just lying around all the time. In fact, all of us have experienced being broke at some point. But did you know there are
different kinds
 of broke with their own causes, effects, and implications?

Broke vs Poor

Before we get into that, we think it’s important to clarify the distinction between being broke and being poor. Poor means you don’t have as much money as most other people, whereas broke means you temporarily have restricted access to cash.

Typically, being broke is the result of your own decisions, while being poor is a result of your economic environment. Everyone can be in one or both or either of these states at one time, but for this article, let’s focus on the ways you can have absolutely no money on hand.

Cash Broke

At the lowest level, it’s the most common form of being broke everybody is familiar with. It literally means having no cash in your wallet. You may have bank cards, but no access to ATMs, or just enough coins and banknotes, but not in the currency you need them in. Slight bummer, but very temporary.

At the highest level however, being cash broke can also mean having no access to any of the money in your bank. This can happen if your accounts get frozen for suspicious activity. To avoid missing commitments should this happen to you, keep petty cash handy in or around your house or car. You never know when you need some cash.

Paycheque to Paycheque

This form of broke is slightly more difficult to detect, thus making it a silent but deadly killer to your finances, if you’re not careful. Living paycheque to paycheque means you’re always looking forward to your next pay day to barely meet your commitments. This often doesn’t look like being broke, until you meet an unexpected expense or realise you can’t afford a sudden necessity.

As a rule of thumb, if you’re always counting down the days to your next pay, you may already be this kind of broke. To avoid this, have a cushion of at least several months worth of savings and invest a sizable chunk of your income for peace of mind.

Legally Bankrupt

Declaring yourself legally bankrupt is a financial move where your assets are completely cleaned out and distributed amongst your creditors to pay off your debts over a period of time. While bankrupt, you won’t be allowed to leave the country, your credit history will go down the trash up to the next 10 years, and virtually no bank will want to even look in your direction.

You have to be in absolute dire straits to fall to this level of broke and we do not wish this on anyone. If you worry about getting to this point, know that Bank Negara states that you need to
owe a minimum of RM30,000
 before you can be declared bankrupt. So to avoid bankruptcy, just… don’t owe the bank so much.

Now that you know the different types of being broke, you can check to see which kind you are, and work to get out of there as fast as you can! To avoid not having a safe amount of cash or funds in your account, we recommend investing your money. Fixed deposits are an easy way to get started, and our
comparison tool
 can help you choose the best one for you!

How broke and which kind of broke are you? Share your thoughts with us in the comments section down below!

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Does Your Insurance Cover Against Terrorist Acts?

Recently Damansara Perdana was evacuated due to a bomb scare. Residents were forced out of their homes as authorities safely disposed of several home-made explosives. Thankfully, nothing bad happened to the residents or their property. But what if something did? Would you be prepared for such unfortunate incidents? In these increasingly unpredictable times, it pays to know how well you can protect yourself when it comes to these terrible occurrences.

Is Your House Protected?

Home insurance is something we’ve talked about in previous posts and it’s a way to get your property protected, yes. But in the case of a terrorist attack, your insurance may not cover it exactly. Some insurance policies protect your house against fires, lightning strikes, and explosions, while some also protect against impact damage from a third party’s vehicle.

However, you’ll find that “acts of terror” isn’t a box you can tick on your insurance claim form as yet. This means even though you’re more likely than not to be protected by some acts of terrorism, you may not be 100% in the clear. We recommend calling up your insurance provider to make sure what you’re covered for and get extra protection if you feel you need it.

Are You and Your Family Protected?

While no insurance covers terrorist attacks directly, what you can do to protect yourself is via medical coverage. Several medical insurance policies like
Manulife’s ManuMedic
 allow you to have your whole family covered under the same plan. This way, even if you or any of your family members get involved in some form of attack, you don’t have to worry about medical expenses.

Another way to protect your loved ones is to get a life term insurance plan. These types of plans like
U for Life
 for instance, ensures that your loved ones can stay on their feet should the worst happen and they can no longer rely on you to help them out financially.

The truth is, we may never know what will happen to us while we’re out and about so it’s important to keep ourselves protected. Insurance is one of the ways for us to buy some peace of mind and keep ourselves and our family safe.

To find out the most affordable and useful insurance plans that benefits you, your loved ones, and your hard-earned possessions, check out
the insurance sections
 of our website. Do you have anything to contribute to the story? Share your thoughts with us on the comments section down below!

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Life Insurance Basics In Malaysia

Most Malaysians have some sort of vague understanding of what life insurance is. Basically, it’s one of those things that we all know that we should get at some point in our lives, because it will provide financial protection for both ourselves and our loved ones. However, this knowledge isn’t really enough for you to differentiate between the different types of life insurance policies out there, let alone pick the best one for you.

Here’s a basic breakdown of what you need to know about life insurance.

What is life insurance – and why do you need it?

Life insurance provides you or your beneficiaries with a payout (called a benefit) if you happen to die or suffer from total and permanent disability (TPD) during the policy period. The “death” part is pretty self-explanatory, but for those of you who didn’t know, TPD is the state you are in when rendered unable to ever work again due to injury or sickness.

When you die, it’s not just your life that is lost – technically, the income that you bring in is lost as well. That’s why it is important to have a life insurance policy that kicks in to provide those you have left behind with financial backing since you are no longer around to make that contribution. And if you’re rendered with TPD, not only will you and your family lose your source of income, but you will also have to find ways to cover the costs of your care as well.

Term life vs whole life insurance

Earlier, we mentioned that life insurance policies provide a payout in the case of a triggering event “during the policy period”. This is important because there are two main types of life insurance policies: term life insurance and whole life insurance.

Term life insurance only covers you for a set timeframe – this could vary from a 5, 10, 20, or even 30-year period depending on the term that you choose. If you die or suffer from TPD during this period, your loved ones will receive the benefit, but if you do not, you and your beneficiaries will not receive anything. You can choose to discontinue the plan after your policy term is up or renew it up until a certain age.

On the other hand, whole life insurance covers you for the rest of your life. Once the policy is in effect, and as long as you pay the required premiums, you do not have to worry about your coverage ending. Your beneficiary will always receive the benefit payout, no matter what age you pass away.

The advantage of term life insurance policies is that it is affordable. The premium of a term life policy is significantly lower compared to a whole life policy with the same sum of coverage. Whole life insurance has a higher premium because it covers you for a lifetime and also comes with cash value. However, even though the premium for whole life insurance is higher, it usually stays the same throughout the policy, whereas the premium for a term life policy usually increases when you renew it.

Savings and investment-linked life insurance

Whole life insurance policies usually have a cash value, arising from a savings or investment feature that is coupled with your insurance coverage. Whenever you make a premium payment, the amount would be split between the death benefit and savings cash value or your investment funds for investment-linked policies.

Policies with savings features work similarly to a savings account, where the accumulated amount earns a specified interest rate over time. Meanwhile, with investment-linked policies, you invest in funds of your choice in accordance with your risk preferences. For investment-linked insurance policies in particular, you can expect a gradual increase in premiums over time – which you wouldn’t face with traditional whole life insurance policies.

You can use the cash value of your life insurance policy a number of ways. You can borrow from the cash value of your policy, make a direct withdrawal from it if you need the money, or use it to cover the premium payments of your policy. You can also surrender your policy entirely, although this would mean that you forfeit your right to the death benefit payout in exchange for your cash value. Lastly, you can opt for a life insurance settlement by selling your policy to a third party.

How insurance premiums work

Besides the type of insurance policy, you should understand the other factors that can affect your eligibility and also the price of your premium. When you buy an insurance policy, your insurer will look at your medical history, occupation, and so on to see if you are eligible. You may also have to undergo a medical examination to assess your level of health. Generally, it’s not too difficult to qualify for life insurance – although you may be rejected if you have a specific existing health condition, are bankrupt, or have a criminal record.

Most people are aware that the premiums for insurance policies are cheaper when you purchase the policy at a younger age. However, you can also expect your premium to be priced higher due to factors like lifestyle choices. So, if you’re a 40-year-old race car driver who smokes and sky-dives as a hobby, you’ll probably have to pay a higher premium than a 20-something office worker with a clean medical history. And of course, don’t forget – the larger the amount you want to be insured for, the higher your premium will be.

***

Yes, getting a life insurance policy is important, but it’s also equally important that you are aware of the different types of plans and how they work before purchasing one. Remember, life insurance policies will only cover you as long as you pay the premiums (or have enough cash value in your whole-life policies to cover the premiums), so you need to be sure to pick a life insurance policy that you know you can afford. After all, insurance policies are a long-term commitment and having the right understanding can potentially save you tens of thousands of Ringgit in your lifetime!

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    Henry

    3 years ago

Question, what if i am a retiree, and the life insurance assured is RM100K (insured 30 years ago), and cash value is RM50K.

The protection of RM100k is relatively small (for TODAY cost of living), do you think we should surrender this life policy and convert to/purchase diff plan, such as Medical care ?

Thank you

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Malaysia’s Biggest Car Sale On Mudah.my Lets You Enjoy An Extra 10% Discount On Selected Vehicles

As the country progresses towards the Recovery Movement Control Order (RMCO), Mudah.my has launched
“Malaysia’s Biggest Car Sale”
 in support of the Government’s Short Term Economic Recovery Plan, which aims to stimulate the recovery of the second-hand automotive industry, besides providing Malaysians a platform to purchase cars at great value according to their needs.

Happening now until 15 July 2020, this initiative led by Mudah Auto of Mudah.my sees over 1,600 second-hand car dealers on Mudah.my who will be offering
a minimum of 10% extra
discount
, on top of their listing price.
To date, there are 7,000 new second-hand cars added to the over 80,000 second-hand motor vehicles already listed on Mudah.my. So you can be sure to find one that matches your lifestyle, at unbeatable prices.

In addition to supporting the government’s recovery plan, Malaysia’s Biggest Car Sale is also part of Mudah.my ongoing #supportlokal initiative that sets to empower Malaysian businesses to grow and to recover in this challenging time.

According to Gaurav Bhasin, CEO of Mudah.my, “As a proudly-Malaysian focused brand, Mudah.my’s mission is to democratise commerce by empowering every Malaysian to sell or share with one another.”

To add to the excitement, Gaurav Bhasin has also announced that Mudah.my is aiming for an entry into The Malaysia Book of Records for Malaysia’s Biggest (Online) Car Sale. Once Mudah.my cinches the title, it will mark Mudah.my’s achievement as the first ever marketplace to secure a spot in the Malaysia’s Book of Records. But beyond that, it will also serve to prove Mudah.my’s commitment to provide its users with only the best deals, explained Gaurav Bhasin.

Acknowledging the importance of collaboration between Mudah.my and its fleet of car dealers to make Malaysia’s Biggest Car Sale possible – Peter Wong, Head of Mudah Auto also thanks those who have been working together to boost sales through Mudah.my’s 8 million monthly users.

With over 80,000 options already available, you might want to check out
Malaysia’s Biggest Car Sale on Mudah.my
 or download Mudah.my app to browse through available cars. If you’re looking for a second-hand car with great value, you don’t want to miss this out!

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Grab Acquires Robo-Advisory Start-Up, Bento; To Be Rebranded As GrabInvest

(Image: FintechNews Singapore)

Grab has acquired Bento Invest, a Singapore-based robo-advisory start-up. This acquisition will enable the technology giant to venture into the retail wealth management industry, offering relevant digital solutions to its network of users and partners via the Grab app.

Following this, Bento will be rebranded as GrabInvest, serving as the fifth business vertical under Grab’s financial services arm, Grab Financial Group. The other verticals include GrabPay, GrabRewards, GrabFinance, and GrabInsure.

GrabInvest essentially aims to tackle the general public’s lack of access to affordable wealth management products and retirement planning solutions.

“The launch of GrabInvest brings us a step closer to democratising access to affordable financial solutions that will help them achieve the financial stability they need well into their retirement years,” said the senior managing director of Grab Financial Group, Reuben Lai.

(Image: TechCrunch)

GrabInvest hopes to achieve its goal through the adoption of a low-cost model to keep operational expenses to a minimum, and by introducing the services on a familiar platform. It will also prioritise transparency with its policy of zero hidden fees, as well as abide by the consumer protection standards as outlined by the Monetary Authority of Singapore (MAS).

While the new business vertical has its eye set on the Southeast Asia market, it will focus on Singapore as its first market, launching its products in the first half of year 2020.

Grab has been aggressively expanding in in the financial services space in recent years, and is currently vying for one of Singapore’s two digital full bank licences. It is rumoured to be interested in
bidding for one of Malaysia’s five digital banking licence
.

(Source:
The Straits Times
,
Vulcan Post
)

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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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Standard Chartered Renames JustOne Platinum Mastercard To Simply Cash Card, Revises Cashback Benefits

Standard Chartered has announced that it is revamping its JustOne Platinum Mastercard credit card, which is to be renamed as the Simply Cash credit card with revised cashback benefits. The revisions are set to take effect starting from 1 December 2022.

For context, the existing JustOne Platinum Mastercard card allows you to earn up to 15% cashback on three spend categories – petrol, online, and grocery purchases (capped at a total of RM60) – tiered based on how much you spend per month. To unlock the maximum 15% cashback, you must achieve a monthly spend of RM2,500 and above. Meanwhile, monthly expenses of less than RM2,500 will only net you between 0.2% to 5% cashback:

Spend per month
Cashback awarded on petrol, online, and grocery
Cashback cap per month
< RM1,000
0.2%
RM2
RM1,000 to RM1,499.99
1%
RM10
RM1,500 to RM2,499.99
5%
RM20
RM2,500 and above
15%
RM60

Come 1 December, cardholders will still be able to earn up to 15% cashback under the new Simply Cash credit card, but the spend categories that you can earn cashback on have been updated to petrol, e-wallet, as well as grocery and dining. The cashback earning structure is now also simplified to the following:

Spend per month
Cashback awarded on petrol, e-wallet, as well as grocery and dining
Cashback cap per month
< RM2,500
0.5%
RM12.50
RM2,500 and above
15%
RM60

Note that aside from the total monthly cashback cap, there are also sub-limits on the amount of cashback you can earn for each spend category (these sub-limits also existed for JustOne Platinum Mastercard). Each category is capped as such:

Petrol
: Up to RM20 cashback

E-Wallet
: Up to RM20 cashback

Grocery and dining
: Up to RM20 cashback

On top of that, Standard Chartered also clarified that only expenses with selected e-wallet service providers and grocery merchants will earn cashback under the Simply Cash credit card. Here’s the full list for your convenience:

Participating e-wallet service providers
Participating grocery merchants
Boost
GrabPay
Lazada Wallet
ShopeePay
Touch ‘n Go (TNG) eWallet
AEON
AEON BiG
Ben’s Independent Grocer
Cold Storage
ECONSAVE
Everrise
Giant
Jaya Grocer
Lotus’s
Mercato
Mydin
Servay
Village Grocer

Furthermore, cardholders should be aware that the minimum cashback redemption amount is now set at RM30, and redemptions must be performed in multiples of RM30. As always, all cashback rewards must be redeemed before its expiry date, which will be indicated in your monthly credit card statement.

Aside from these revisions, other terms remain unchanged as the JustOne Platinum Mastercard card is revamped to the Simply Cash card. The minimum annual income requirement will still be set at RM36,000, and the annual fee is at RM250 (first year waived).

Overall, the new Simply Cash credit card is set to offer better convenience with its streamlined cashback earning tiers and updated spend categories. Existing users who have been tapping into the JustOne Platinum card’s 15% cashback benefit will only need to make slight changes to their spending style to continue enjoying the Simply Cash card’s perks, such as spending via e-wallet now instead of on online expenses previously.

For those who spend less than RM2,500, however, you will get better earnings with other cashback cards, such as the
UOB One credit card
, which offers up to 10% cashback on petrol, dining, groceries, and Grab (minimum monthly spend requirement RM500 or RM1,200). Alternatively, you can also consider the
Hong Leong Wise card
, which gives you up to 8% cashback on online & e-wallet spend, groceries & essentials, petrol, and dining (minimum monthly spend requirement RM500).

In its announcement, Standard Chartered did not share details regarding the transition process for existing JustOne Platinum Mastercard cardholders. You can, however, contact the bank’s Client Care Centre at 1300 888 888 or email them at
[email protected]
 if you have enquiries.

Finally, it may be worth noting that this renaming exercise is not exclusive only to Standard Chartered Malaysia’s JustOne Platinum Mastercard card. Standard Chartered Singapore, too, is
renaming an existing card – the Unlimited Cashback credit card – to Simply Cash credit card
. The Simply Cash credit card (Visa) has also
been available in Hong Kong since 2017
.

(Source:
Standard Chartered
)

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Alex Cheong Pui Yin

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A Collateral-Free Business Loan To Seize Opportunities This 2022

2022 is the year to seize opportunities, take risks, and achieve your business objectives.

Businesses are striving to rebuild, grow, and expand their operations after a tumultuous two years. To endure the consequences of the pandemic, some businesses relied on innovation and digital adoption while others chose to put their business plans on hold to save costs.

As Malaysia begins to recover, there are several methods for businesses to move forward, one of which is through working capital through financing.

Finance Your Business With UOB BizMoney

It is eligible for Malaysian registered sole proprietors, partnerships, and private limited companies. UOB BizMoney is a business loan that offers financing up to RM1,000,000 with flexible tenures of 18 to 60 months at an interest rate, from 0.42% per month.

UOB BizMoney is designed for SMEs who want to improve their business cash flow, tap into digital solutions, or expand their businesses. It aims to empower SMEs to leverage upcoming industry trends in 2022, namely sustainability, technology, and healthcare innovation.

No Processing Fees and No Collateral Required

When applying for a business loan, SMEs may face a few common roadblocks. Whether it’s having insufficient collateral or a lack of a business track record, it can deter businesses from moving forward and gaining traction against their competitors.

To overcome this obstacle, business owners can apply for a UOB BizMoney loan without putting up any collateral, or paying a loan processing fee. To qualify for UOB BizMoney Loan, businesses just require a guarantee from their shareholders or directors and a few documents for the application, subject to
UOB BizMoney’s Terms & Conditions
.

Get Liability Protection With PRULoan Protect

With flexible tenures of 18, 24, 36, 48 and 60 months, a typical repayment schedule with UOB BizMoney can look like this, depending on the financing amount:

Additionally, UOB BizMoney also offers business owners liability protection with PruLoan Protect. It protects your business by providing coverage against your loan in the event of an unfortunate event during the policy term.

Apply Now With RinggitPlus Xpress Apply

Business owners can apply through RinggitPlus at their fingertips for a quick and easy application process.

After completing the application form through the RinggitPlus chatbot, business owners will then receive a call from a representative from UOB Business Banking to further proceed with their application.

***

UOB Malaysia has been in the market for over 70 years and offers a broad range of products and financial solutions to appeal to every sort of business, including UOB BizMoney. With SMEs serving as the backbone of Malaysia’s economy, UOB Malaysia provides a sustainable financial future for all SMEs.

*The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision. The material has not been reviewed by the Securities Commission Malaysia (SC).

Footnote:

For full UOB BizMoney’s Terms and Conditions, please visit UOB Malaysia’s website for more information.

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Katrina Balan Quiroz

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Make your fortune with CIMB’s Fortune 10 Contest

We all keep telling ourselves that we should be saving more

of my money so it’s great when banks like CIMB throw out incentives such as the

‘
Fortune 10 Contest
’.

From 1 June until 30 September 2013 CIMB current and saving

account holders stand a chance to receive a bonus of 10% interest increment to

their balance when they make an average incremental deposit of RM500 to their

account.

The incremental average balance (IAB) is calculated by

comparing an account holder’s monthly average balance (MAB) against their

baseline balance (AKA the starting amount they had in their account before the

promotion started). The contest is entry based with every RM500 IAB counting as

one (1) entry.

For example a let’s say Ms X opens a new CIMB savings

account to benefit from this contest. Because her account was started after 1

June 2013 her baseline amount is zero. Her deposits for the entire promotion

period look like this:

Month

Monthly Average Balance (RM)

Incremental Average Balance (RM)

No. of Qualifying Entries

1 June

0

N/A

N/A

30 June

0

1000

(1000/500) = 2

31 July

1000

1500

(1500/500) = 3

31 August

2500

5000

(5000/500) = 10

30 Sept

7500

2500

(2500/500) = 5

Total Number of Qualifying Entries

25

CIMB customers with existing current or saving accounts will

also receive bonus entries called Loyalty Multipliers with rates that gradually

increase every month. Below is an example of how the bonus multipliers work:

Month

Monthly Average Balance (RM)

Incremental Average Balance (RM)

Loyalty Multiplier

No. of Qualifying Multipliers

31 May

10000

N/A

N/A

N/A

30 June

18000

8000

1

(8,000/500)x1 = 16

31 July

12000

2000

2

(2,000/500)x2 = 8

31 August

10000

0

3

Not eligible

30 Sept

15500

5500

4

(5,500/500)x4 = 44

Total Number of Qualifying Entries

68

Prizes

A total of 2500 shortlisted candidates will be eligible to

win the 10% increment bonus monthly prize throughout the promotion period.

Participants will be shortlisted via an automated selection system 2 to 3 weeks

after the end of each monthly tracking period. Shortlisted candidates will be

contacted by CIMB representatives and required to answer 2 questions correctly

to qualify for the monthly prize.

At the end of the promotion period, 10 participants will be

randomly shortlisted for the RM10,000 cash grand prize. The selection process

is similar to the monthly prizes, participants who answer the questions in the

fastest time will qualify for the grand prize.

Each participant is only eligible to win one (1) monthly

prize and one (1) grand prize throughout the promotion period.

For further details on this promotion please refer to the
Terms

& Conditions
 page.

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Brendon Lee

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Government To Draw Up National Policy On Social Protection

(Image: The Sun Daily)

Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed has said that the government will formulate a national policy on social protection to serve as a comprehensive framework. This is to better provide social assistance and protection to various targeted groups within the country.

“Reaching our goal of becoming a high-income nation by the end of 2025 will be a hollow achievement if income and regional disparities continue to widen and poverty rates remain high,” Datuk Seri Mustapa stated, adding that it is crucial for Malaysia to balance its economic growth with social development, and have a responsive social protection system.

(Image: The Malaysian Reserve/Razak Ghazali

“While poverty eradication has always been an important component of our development agenda, one of the most important programmes which will be implemented this year is eradicating hardcore poverty by the end of 2025,” Datuk Seri Mustapa added.

In this regard, Datuk Seri Mustapa said that the government is currently running the first phase of the
Keluarga Malaysia hardcore poverty eradication programme
 in 80 identified locations. The localities include urban and rural areas, as well as
orang asli
 settlements throughout the country.

Additionally, Datuk Seri Mustapa said that the government has also established a dedicated poverty unit within the Economic Planning Unit and at the state level, to enhance the integrity of the eKasih database and coordinate relevant programmes. To note,
eKasih
 is a national poverty database that was developed to collect information on Malaysia’s poor households, and manage the assistance provided to them.

(Image: Bernama)

On top of these efforts and various other existing programmes, Datuk Seri Mustapa also noted that the government will prioritise new initiatives to tackle poverty and socioeconomic issues among the people. This is to be carried out under the 12
th
 Malaysia Plan (2021-2025), which also focuses on the social protection of the people.

“Emphasis will be placed on new approaches in addressing poverty, reducing disparities between low and high-income groups, more equitable
bumiputera
 socioeconomic outcomes and enhancing the socioeconomic status of the
orang asli
,” Datuk Seri Mustapa explained.

Ultimately, Datuk Seri Mustapa said that the successful implementation of the numerous programmes in place will help narrow the development gaps among the people in the country.

(Source:
The Edge Markets
)

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The Pros and Cons of Increasing Your Credit Card Limit

What is a Credit Limit?

Your credit limit is the amount of money a bank or card issuer is willing to extend to you. When you spend, you take up a portion of your available credit and paying it down will free up credit (up to its limit) once more.

Under
Bank Negara Malaysia
 guidelines, those earning under RM36,000 will have a credit limit of two times their monthly salary per issuer and a maximum of two issuers only.

Thus, if you are earning RM3,000 per month, your maximum limit will be RM6,000 per issuer and you may not request a credit limit beyond this.

Types of Credit Limit Increases

Typically, you can request for temporary or permanent increases. A
temporary increase
 is immediate and usually easy to apply for, often requiring only a phone call or online application. It is aimed for emergency situations or short-term needs and the amount approved will be smaller.

However, note that only cardholders in good standing will be extended this service and there is usually a charge every time an increase is requested

A
permanent increase
 on the other hand will require an application with your income documents and can take time to process as your card issuer reviews your status before approving or denying your request.

Banks may also offer you an increase without you requesting one when you update your income and employment situation.

Why You Might Want To Increase Your Credit Limit

These situations may call for a credit limit increase as your need for access to more funds grows:

You Are Travelling Overseas

If travelling to a country with a higher exchange rate, your limit may not be sufficient to cover spending over extended holidays. When you use your card to book travel accommodations, a large amount may be reserved off your card that could make it reach its maximum spending limit rather quickly. With a higher limit, you should be able to use your card to book a hotel room and still pay for your purchases.

A temporary increase may be sufficient for short holidays but a six-month sabbatical in Europe may require a permanent increase.

Your Earnings Have Improved

If you’ve secured a higher position with better salary, you might want your credit limit to reflect your new status and to accommodate your spending needs.

In addition, with stronger earnings, your financial goals may change. You may aspire to invest your money or buy a house. At this point, you would not want to dip into your reserves or interrupt savings goals – and this is where a credit card with a higher limit can be beneficial.

You Want To Give A Supplementary Card to Family Members

The limit on a credit card is divided among the principle card and the supplementary, thus there is less credit to spread on a card with a lower limit.

Increasing your limit would mean more money to share among the cards. Caution is warranted because all spending accumulated on the supplementary cards are the responsibility of the principal cardholder. Carefully plan how much you assign to each supplementary cardholder to limit your risks.

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When You Might Need to Hold off On Increasing Your Limit

Even with positives on its side, increasing your credit limit could be the wrong choice in certain situations. For instance, if
you have trouble sticking to a budget
, access to more funds will only make it harder for you to control spending.

In addition, if
you’ve only had your credit card for less than a year
; requesting for more money so quickly could imply desperation for funds and this may hurt your credit score if a review is done.

Also, if
your income situation has not changed vastly
 or if higher earnings are marked by increased financial commitments, your ability to repay greater credit extensions may not have improved. Thus, in these instances, you would do well to reconsider increasing your limit.

The Offer Matters

If you have decided to accept an offer from your card provider or if you have requested for one yourself, do pay attention to the terms and conditions of your limit increase.

If the offer comes with higher interest rates and less favourable terms, think long and hard before accepting. Your repayment affordability should be top priority as banks could penalise you with a lower limit or higher interest rate if you do not pay your bills as they come due.

If you are not satisfied with the terms, consider getting another credit card instead. Use our
comparison page
 to find a card with the most affordable rates and best offers available!

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Flexi Payment FAQs

All you need to know about Credit Card Flexi Payment Plans

Have you come across adverts from banks offering Flexi Payment Plans? These offers are really great way to buy that laptop, smartphone, washing machine or fridge and spread the payment over several months. Read on and we’ll give you the basics:

1.  What is a Flexi Payment Plan?

A Flexi Payment Plan is a programme that allows credit card holders to make purchases and then later convert them into affordable monthly instalments. The interest rates on Flexi Payment Plans are always lower than your standard credit card interest charges.

2.
How does it work?

After you have purchased a retail item with your credit card, you need to contact your credit card issuer and inform them that you wish to transfer that purchase onto a Flexi Payment Plan. You need to do this before the next statement date for your card.

Once the conversion has been approved, the total amount will be blocked, but the amount equivalent to the monthly repayment will be progressively restored to your card’s credit limit.

3.
Can the supplementary cardholder apply for this facility?

Yes they can, but the request must be done by the principal cardholder.

4.
What is the minimum and maximum amount? How long is the tenure?

Depending on the banks, the minimum amount can be as little as RM500. The maximum amount depends on your available credit balance. Some banks cap the amount at RM30,000 to RM50,000.. The tenure can be as short as three months or as long as three and usually varies in-line with the minimum amount.

5.
How many purchases can be converted?

This varies from bank to bank. Most banks only allow a single transaction to be converted into flexi payments. However,
Citibank
 and
Hong Leong
 let you transfer multiple transactions onto their Flexi Payment Plans.

6.
Can I convert any transaction to Flexi Payment Plan?

Only retail transactions can be converted to the plan. Other transactions such as balance transfers, quasi cash for betting and gaming, cash advance, annual fees and carry forward balances are not applicable.

7.
Can I change the length of tenure once it has been converted?

Most banks do not allow you to make changes to the tenure.

8.
What happens if I do not pay by the due date or pay less than the instalment amount?

If that happens, you’ll be charged the normal finance charges which can be up to 18% p.a.

9.
Can I apply more for Flexi Payment Plans than once?

Yes, you can apply more than once on the condition that you have available credit limit on your credit card

10.
Is there a penalty charged if I cancel or opt for early settlement of the Flexi Payment Plan?

Some banks charge a penalty of RM50 – RM100 or 5% of the amount.

11.
I’m ready to convert my first purchase to Flexi Payment Plan. How do I know which one is the right one for me?

You’ll figure it out once you read our review
here.
You can also check out our
Flexi Payment Plan page
 for further information.

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    azwa

    3 years ago

i want to buy motorcycle amount 8k.. let say i use 50%cash another 50% swipe a credit card.can i change to flexi payment plan?

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Best Balance Transfer Plans In Malaysia (July 2023)

(
Article updated on 13 July 2023.
)

Even during regular days,
credit card balance transfer programmes
 are a good strategy to fall back on if you’re swamped with credit card debts that you can’t repay on time. At interest charges of up to 18% p.a., outstanding balances for credit cards can quickly go out of control. This is even more so now that many of us face increased difficulty in our repayments following the economic impact of the Covid-19 pandemic and movement control order (MCO).

Balance transfer plans as an alternative

On 25 March 2020, Bank Negara Malaysia (BNM) announced a few monetary measures to provide some relief for those facing financial constraints due to the current economic climate. As part of this initiative, credit cardholders who are unable to meet the minimum monthly repayment for three consecutive months will have their outstanding credit card balances automatically
converted into three-year term loans or financing
 (initially applicable until 31 December 2020, but has been extended at the bank’s discretion). However, you’ll be charged an effective interest of 13% p.a. during the tenure of your loan.

While the 13% p.a. interest rate for BNM’s auto balance conversion is lower than the usual 15% to 18% p.a. usually charged on your unpaid credit balances, most balance transfer plans can offer you a much better rate. Like,
much
better – it is not uncommon for balance transfer packages in the market to entice newcomers with 0%-interest periods and promotional interest rates. That said, you do need at least two credit cards to be able to do balance transfers.

Best balance transfer promotions in Malaysia

Affin Bank

(
0% Balance Transfer
)

Campaign period: 1 July to 31 Dec 2023

(Image: The Star)

Interest Rate

Minimum Transfer
Maximum Transfer
Tenure

Eligibility

– 0% p.a.
– 1% upfront interest
RM2,000
– RM20,000 or 80% of available approved credit limit (for 0% p.a.)
– RM50,000 or 80% of available approved credit limit (for 1% upfront interest)
12 months
Existing cardmembers only

Bank Rakyat

(
Pemindahan Baki Kad Kredit
)

Campaign period: N/A

Interest Rate

Minimum Transfer
Maximum Transfer
Tenure

Eligibility

– 3% p.a. for first three months, remaining months to be subjected to the lowest tier pricing of 13.5% p.a.
N/A
100% of financing limits
N/A
All cardholders

HSBC Bank

(
HSBC Balance Transfer Instalment at 0% Interest Rate
)

Campaign period: N/A

Interest Rate

Minimum Transfer
Maximum Transfer
Tenure

Eligibility

0% p.a.
RM1,000
Up to 80% of total available credit limit
3 months
New-to-bank cardmembers only

Hong Leong Bank

(
Hong Leong Balance Transfer Promo
)

Campaign period: 1 to 15 July 2023

Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Eligibility
0% interest with one-time fee
– 2.77% (6 months)
– 3.77% (12 months)
Balance transfer with monthly interest
– 5.28% p.a. (12 months)
RM1,000
90% of available approved credit limit
– 6 months
– 12 months
All principal cardmembers

Maybank

(
Balance Transfer 0% Interest, With 1% One-Time Upfront Fee
)

Campaign period: 15 Mar to 15 Nov 2023

Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Eligibility
0% (but with 1% one-time upfront fee on approved amount)
RM1,000
RM50,000
12 months
Cardmembers who receive campaign invitation only

Public Bank

(
0% PB Balance Transfer for New-To-Bank Cardmembers
)

Campaign period: 26 June to 31 Aug 2023

Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Eligibility
0% p.a.
RM3,000

80% of available approved credit limit
6 months

All principal cardmembers

Public Bank

(
PB Balance Transfer
)

Campaign period: 1 July to 31 Dec 2023

Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Eligibility
6 months

– 1% upfront interest

12 months

– 2.5% upfront interest

24 months

– 4.5% upfront interest

36 months

– 6.5% upfront interest

48 months

– 9.5% upfront interest

RM1,000

80% of available approved credit limit
– 6 months
– 12 months
– 24 months
– 36 months
– 48 months

For principal credit card/credit card-i members

RHB Bank

(
0% Interest Balance Transfer Plus
)

Campaign period: 1 Jan to 31 Dec 2023

Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Eligibility
0% p.a.
RM1,000

RM30,000, subject to available credit limit
12 months

New-to-bank credit cardholders only

Non-promotional balance transfer programmes by banks in Malaysia

Aside from the promotions provided by the banks above, here is also a list of some of the better balance transfer plans that are currently available in the market:

Bank
Interest Rate
Minimum Transfer
Maximum Transfer
Tenure
Affin Bank
(
Balance Transfer Installment Plan
)
One-time upfront interest
– 2% (6 months)
– 4% (12 months)
– 5% (18 months)
– 6% (24 months)
– 7% (36 months)
– RM1,000 (6 and 12 months)
– RM2,000 (18 and 24 months)
– RM3,000 (36 months)
Up to 90% of approved credit limit
– 6 months
– 12 months
– 18 months
– 24 months
– 36 months
Alliance Bank
(
Balance Transfer 9.88 Programme
)

– 0% p.a. (6 months)
– 9.88% p.a. (12, 18, and 24 months)
RM1,000
N/A
– 6 months
– 12 month
– 18 months
– 24 months
CIMB
(
Balance Transfer Programme
)

Plan A

– 5.99% p.a.

Plan B

– 7.99% p.a.

RM1,000
Up to 80% of credit limit
Plan A

– 6 months

Plan B

– 12 months

Hong Leong Bank
(
One-Time Upfront Fee Balance Transfer
 – For both new and existing HLB credit cardholders)

6 months

– 3% (one-time fee for 6 months)

12 months

– 5% (one-time fee for 12 months)

RM1,000
90% of available approved credit limit
– 6 months
– 12 months

Hong Leong Bank
(
Balance Transfer Programme – Monthly Interest
 – for existing HLB credit cardholders only)

6 months

– 7.99% p.a. (offline rate)
– 6.99% p.a. (online rate)

12 months

– 8.99% p.a. (offline rate)
– 6.99% p.a. (online rate)
RM1,000
Subject to available credit limit and the bank’s discretion
– 6 months
– 12 months

Hong Leong Bank
(
Connect Exclusive Plan
)

For existing HLB credit cardholders who submit applications through HLB Connect

6.99% p.a.
RM1,000
Subject to available credit limit and the bank’s discretion
– 6 months
– 12 months

Hong Leong Bank
(
Lifetime Balance Transfer Programme
/
Balance Transfer Birthday Offer
)
For new HLB cardholders

During the birthday month of existing HLB cardholders

4.99% p.a. (online and offline rate)

RM1,000
Subject to available credit limit and the bank’s discretion
No fixed repayment period
HSBC
(
Balance Transfer Instalment
)

7.88% p.a.
RM1,000
Subject to available approved credit limit
– 6 months
– 12 months
– 24 months
– 36 months
Maybank
(
Balance Transfer/Balance Transfer-i Plan
)

6 months

– 1.88% (upfront fee) + 0% p.a. (via Maybank2u only)

9 months

– 9% p.a.

12 months

– 3% (upfront fee) + 0% p.a. (if maximum transfer is RM50,000)

– 12% p.a. (if maximum transfer is 90% of available credit limit)
24 months

– 4.5% p.a.

36 months

– 4.95% p.a.

6 months

– RM1,000

9 months

– RM1,000

12 months

– RM1,000

24 months

– RM1,000

36 months

– RM2,000

6 months

– RM50,000

9 months

– 90% of available credit limit

12 months

– RM50,000- 90% of available credit limit

24 months

– 90% of available credit limit

36 months

– 90% of available credit limit

– 6 months
– 9 months
– 12 months
– 24 months
– 36 months
OCBC

(
Balance Transfer
)

– 2.88% (upfront interest for 6 months)

– 4.88% (upfront interest for 12 months)

RM1,000
80% of available approved credit limit
– 6 months

– 12 months

Standard Chartered
(
Balance Transfer Plus
)

5.99% p.a.
RM1,000
Subject to available credit limit and the bank’s discretion
– 12 months
– 18 months
– 24 months
– 36 months

UOB

(
Balance Transfer Reducing Balance Programme
)

Plan 25

– 3% (upfront interest)

Plan 26

– 4% (upfront interest)

Plan 27

– 5% (upfront interest)

RM1,000
– 80% of available approved credit limit
Plan 25

– 6 months

Plan 26

– 12 months

Plan 27

– 18 months

UOB
(
Balance Transfer Fixed-Pay Programme
)
6 months
– 2.68% p.a.
 (upfront interest)

12 months

– 3.68% p.a.
 (upfront interest)
18 months
– 4.68% p.a. (upfront interest)

RM1,000
– 80% of available approved credit limit
– 6 months
– 12 months
– 18 months

***

As you tap into the benefits of balance transfer programmes to help you repay your credit card debts, make sure to always exercise some financial responsibility. It is crucial that you remain prompt with your monthly repayments, or you will still be hit with the standard credit card interest charge. Remember that balance transfers are not free money, but helps you repay outstanding credit card debt.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Pertama Digital Partners With Crowdo In Consortium To Bid For Digital Bank Licence

(Image: The Malaysian Reserve)

Investment holding company Pertama Digital Bhd said that it will be partnering Indonesia’s Crowdo Holdings Pte Ltd as its first consortium partner in a bid to apply for a digital bank licence from Bank Negara Malaysia (BNM).

In a statement, Pertama Digital attributed its decision to team up with Crowdo to the company’s stellar background. Established in 2017, Crowdo is one of the first fintech companies to be fully licenced by Indonesia’s Otoritas Jasa Keuangan (Financial Services Authority). It found success in Indonesia by innovatively embedding digitalisation solutions with financial products for small and medium enterprises (SMEs), thereby increasing access to banking for this underserved group.

On top of that, Crowdo is backed by renowned investors such as Gobi Partners, and has used its AI-powered credit scoring engine – specialised for emerging markets within the ASEAN region – to serve SMEs from over 30 different industries. Pertama Digital also noted that Crowdo maintained a non-performing loan (NPL) ratio that is 60% less than the NPL recorded by the banking sector.

“Crowdo brings years of priceless insights and validated turnkey solutions from delivering productive financing to SMEs that are overwhelmingly operated by Indonesians with no credit history. This partnership will allow our Malaysian digital bank to immediately serve thousands of businesses in a viable manner from day one,” said the director of strategy for Pertama Digital, Saify Akhtar. He added that this is a key part of the company’s strategy to quickly boost economic participation among those financially underserved, while aligning with the framework set by BNM.

Meanwhile, the co-founder and chief executive officer of Crowdo, Leo Shimada said that the company’s goals matches those of Pertama Digital’s. One of these goals is to accelerate financial inclusion using digital innovation.

(Image: DealStreetAsia)

“We’re confident that our full set of neo-bank capabilities across business and product know-how, digital solutions, and advanced artificial intelligence (AI) credit scoring technology will make banking more accessible. We are privileged to play a part in Malaysia’s post-pandemic recovery in the coming years,” said Leo.

Pertama Digital had earlier
announced its digital bank ambition
 in April 2021, stating that it was in advanced joint venture talks to apply for a licence from BNM.

(Sources:
The Edge Markets
,
The Malaysian Reserve
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Works Ministry: Open Payment System On Track To Be Implemented At 12 Highways In September

(Image: Malay Mail/Farhan Najib)

Works Minister Datuk Seri Alexander Nanta Linggi has reiterated that the open payment system, which allows motorists to pay their toll fees using debit and credit cards, is on course to be implemented at 12 highways starting from September this year.

The list of highway concessionaires who will be involved in this exercise include:

Ampang-Kuala Lumpur Elevated Highway (AKLEH)

Butterworth-Kulim Expressway (BKE)

Damansara-Puchong Expressway (LDP)

Duta-Ulu Klang Expressway (DUKE)

Guthrie Corridor Expressway (GCE)

Kuala Lumpur-Putrajaya Expressway (MEX)

New Pantai Expressway (NPE)

Penang Bridge (JPP)

Shah Alam Expressway (KESAS)

SMART Tunnel

Sungai Besi Expressway (BESRAYA)

Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT)

“The system is one of the efforts and initiatives of the government that is committed to the transition towards the implementation of the multi-lane fast flow (MLFF) toll collection system which is expected to be realised in stages by next year,” said Datuk Seri Alexander, referring to a toll payment system where motorists will not need to stop at barriers or physical toll booths for toll fee collection.

(Image: Bernama)

Instead, the toll gantries will be equipped with radio frequency identification (RFID) or automated number plate recognition technology – or other similar technologies – to track and charge the vehicles. In turn, this will reduce congestion on the road.

Earlier in March this year, the minister had initially said that
only five highways
 will be participating in the implementation of these new payment options. Subsequently,
in May
, he shared that 12 highway concessionaires – as listed above – have agreed to join the open toll payment system in September, with more hoped to join.

Datuk Seri Alexander had also previously said that the government hopes to conduct a proof-of-concept (POC) for the MLFF system before the end of 2023. The MLFF system, meanwhile, will likely be fully implemented by the third quarter of 2024.

At present, motorists travelling on along highways are only allowed to pay for their toll fees via methods tied to Touch ‘n Go (TNG), including TNG cards, TNG PayDirect, and RFID. The introduction of the open payment system will essentially see
TNG’s monopoly of the highway toll collection service
 come to an end, and hopefully, at the same time, offer better convenience to motorists. Along with this,
public transport users, too, will be able to use credit and debit cards
 to pay for their fares soon, although the Ministry of Transport has yet to share an estimated date for the implementation.

(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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World Bank Recommends For Malaysia’s Retirement Age To Be Gradually Raised To 65

The World Bank has commented that Malaysia’s minimum retirement age will need to be gradually raised from the current 60 years old to 65 years old. This comes as Malaysia transitions into an aging society starting from this year.

Revealed in its report titled “A Silver Lining: Productive and Inclusive Ageing for Malaysia”, the World Bank said that more than 7% of Malaysia’s population will be aged 65 and above in 2020 – which is
the international convention used to define an aging population
. From here, the country is expected to continue aging rapidly; the percentage of Malaysians aged 65 and above is projected to double to 14% by 2044, and then reach 20% by 2056.

In line with this projection, the World Bank said that the old-age dependency ratio in households will also likely increase, which may cause families to struggle with care needs for the elderly. To clarify, old-age dependency ratio is defined as the number of elderly individuals (65 years old and above) in comparison to those of working age.

Given the circumstance, the World Bank emphasised that the employment of individuals aged 50 and above can help mitigate the growth effects of an aging population. “With ageing, Malaysians will have to work longer. This will need to be reflected in gradual adjustments to the minimum retirement age among other policy parameters. Encouraging longer working lives will increase the financial sustainability of pension systems,” said the World Bank in its report.

“So as a long-term option, Malaysia should increase the minimum retirement age to 65 gradually, and thereafter link it to life expectancy at retirement. This will act as a strong signal to both employers and employees, thereby increasing the job rate at older ages,” the World Bank also stated, adding that increasing the retirement age to 65 could even potentially raise GDP growth by 0.3% per year.

On top of that, the World Bank stressed that the change should be carried out gradually. As an example, the transition could happen over a period of 10 years, with transparent and clear information, as well as inclusive consultations provided.

The World Bank further recommended for the government to link the retirement age to life expectancy, which is projected to increase even more in the future. “Linking the minimum retirement age to life expectancy will remove the need for recurring discretionary policy revisions,” it said.

During the launch of the report, Datuk Seri Mustapa Mohamed, minister in the Prime Minister’s Department (Economy) chimed in to say that the realisation of productive and inclusive aging requires policies that are built on solid evidence.

“As in nearly all high-income countries, longer working lives, will in turn require gradual adjustments to the age when most Malaysians retire. In parallel, policies are needed that foster workers’ productive employment – such as enhanced opportunities for training and lifelong learning. Such policies will allow Malaysians to work longer, be healthier for longer, with less physically demanding occupations, and with more digitally enabled workplaces,” added Mustapa.

(Image: The Star)

Aside from calling for the gradual increase of the retirement age for Malaysians, the World Bank’s latest report also highlighted multiple short and long-term policy recommendations to protect Malaysia’s aging population. These include broadening EPF coverage to more self-employed and informal workers, as well as enhancing opportunities for training and lifelong learning.

To find out more about the
“A Silver Lining: Productive and Inclusive Ageing for Malaysia” report
, you can head on over to the World Bank’s website.

(Sources:
The World Bank
,
FreeMalaysiaToday
)

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How You Can Get Affordable Life Insurance

Death is not a topic anyone likes to talk about, much less think about. But it’s an eventuality that we all should prepare for, especially when it comes to securing our loved ones’ future.

A large percentage of Malaysians do not have life insurance, as most of them are under the impression that life insurance is expensive, or simply thinking that they’re still too young to have a life insurance policy. But with the ever-increasing cost of living in Malaysia, even
funeral and burial costs are on the rise
.

So, unless you’re raking in the big bucks and have sufficient savings to guarantee a good life for your dependents even after you’re gone, you’ will need life insurance to help provide that peace of mind for you.

What Does Life Insurance Cover?

Think of a life insurance policy as a long-term investment, which provides a financial relief for those who are dependent on your income in the event of your death or disability.

A life insurance policy’s payout can also be used to help clear any of your outstanding debts, pay for your funeral, and act as a savings fund for your child’s tertiary education fees.

Aren’t Life Insurance Policy Expensive?

Only 56% of Malaysians have life insurance
, and the main reason why so many Malaysians choose not to have a life insurance cover can be represented by just one word: affordability.

Contrary to what so many people believe, most life insurance policies aren’t as expensive as they think they are. Just like everything else, there are factors that make a life insurance policy premium either more expensive or budget-friendly.

The premium-influencers are fairly basic and straightforward – things like coverage amount, your current health status, the number and types of additional coverage added onto the policy, and your current lifestyle can affect your life insurance premium. In other words, the higher your coverage amount and the more elaborate your life insurance policy is, the higher your life insurance premium will be.

So What Can You Do To Get A More Affordable Life Insurance Policy Premium?

Opt for term life insurance
. Unlike whole life insurance – which covers you for life and typically offers additional benefits like savings plan, investment plan, and even medical coverage – term life insurance only provides death and total permanent disability (TPD) benefits for a specific period of time It’s the simplest and most affordable form of life insurance, making it the perfect policy for those who seek to have a basic coverage at a lower price.

Get and compare a few quotes
 before settling for a life insurance policy that suits you and your budget best. It’s a little time-consuming, but it’s one of the best methods to get the most for your money. Do some research online and offline (via agents or directly with the insurers) and compare as many quotes as you can for similar life or term life insurance policies You can also use financial comparison websites to save you time and get multiple quotes from trusted insurers at once.

Only get the coverage you need
. Whether you’re getting a life or term life insurance policy, remember that
more isn’t always better
. If your aim is to get the lowest and most affordable life insurance policy, only get the coverage amount that you need for your present financial needs and minimise (or eliminate) additional coverage or riders for the time being. You can always add-on more coverage to your policy when you can afford them.

Don’t procrastinate
. Life or term life insurance policy premiums are typically affected by your age and health condition, so the longer you put off buying a life insurance policy, the more expensive it will be in the future as your age will make you more prone to various illnesses. If you’re still in your 20s and unmarried, now could be the cheapest time for you to get a life insurance policy (provided you don’t have an existing illness). Besides, you never really know when your health condition will change.

Stop smoking and start living a healthy lifestyle
. Having a smoking habit will mean having to pay a higher life insurance premium. The reason is obvious; cigarettes expose you to multiple (and very expensive) health risks such as lung diseases, heart diseases, cancer, and stroke, to name a few. Some insurers will be open to giving you a lower premium if you’ve quit smoking for at least a year, but that is subject to their discretion and you can never be too sure if you can qualify for it. Other factors that influence a life insurance policy premium rate include alcohol consumption habits as well as weight.

Don’t Procrastinate

With all these tips to getting a more affordable life insurance policy, start researching for the most suitable life insurance now to protect your loved ones and dependants. After all, we never know what surprises the future might hold for us.

If you don’t know where to start, check out
Allianz i-EssentialCover
. It’s a term life insurance policy that provides up to RM500,000 of death and total and permanent disability (TPD) benefits. It’s also one of the few term life insurance that offers a guaranteed yearly premium, on top of speedy and hassle-free policy purchase process.

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Visa, Mastercard, AmEx Team Up To Launch "Click To Pay" Checkout Button

Four major credit card networks have teamed up to launch an easy one-click option for online checkouts. International brands Visa, Mastercard, American Express, and the mainly American-based company Discover now share a “Click To Pay” button that eliminates the need to fill out 16-digit card numbers or personal details at the checkout page.

Once users save their payment details for the first time, they will be stored for all future transactions using click to pay. In fact, if they are remembered on a specific device or browser, they will be recognised at checkout and don’t have to perform
any
 further verification – providing users with a truly one-click experience similar to an Amazon checkout. Otherwise, users will just need to enter their user ID and the verification code sent to their emails to check out.

Therefore, users don’t have to struggle with keying in their debit or credit card details every time they want to make a payment with a new online merchant; they don’t even need to create or remember an account password. As stated by
Visa
, click to pay is aimed at addressing the issue “shopping cart abandonment” – where visitors add items to their online shopping cart but end up leaving without completing the purchase.

“Currently, e-commerce sites feature a myriad of checkout buttons, which can be difficult for merchants to manage, and confusing for consumers,” Mastercard said in a
statement
. “As the prevalence of e-commerce has grown, click to pay now helps to address an increasing need for a consistent, simple user experience and stronger protection of payment information across all types of digital channels and cards.”

Previously, credit card companies have rolled out their own easy payment buttons, such as Visa Checkout, Masterpass, and AmEx Express Checkout. However, according to a survey by PYMNTS.com, less than 5% of online merchants accepted these options, in comparison to a 70% acceptance rate for PayPal. It seems like the credit card providers will be swapping out their respective checkout buttons in favour of the new unified feature; the Masterpass website already redirects to its new click to pay page, and it has been reported that Visa Checkout is set to shut down in 2020.

US companies Cinemark and Movember and Japanese e-commerce site Rakuten are the first merchants to adopt the click to pay method, with more merchants set to follow by the end of the year. According to Mastercard, there are plans to lead up to wide availability among merchants in the US in early 2020.

You can already create your payment profile for click to pay on Mastercard, saving your credit, debit, or prepaid card’s details so that you can easily click to pay in future. Alternatively, you can save your card details at the checkout page of a participating merchant. Note that while most partner merchants on board are US-based, anyone around the world with a card from the four card issuers can use this on sites that support the service.

(Source:
Bloomberg
)

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Jacie Tan

Jacie Tan

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