This Week's Special: Apple iPad Pro, RM600 Touch n' Go, Air Fryers & More

This week’s parade of prizes is a sight to behold when you apply for selected credit cards. Stand a chance to win the coolest gadgets, appliances and e-vouchers!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (7 June – 13 June 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – Apple iPad Pro (Limited Units)

If you want something that exudes class and sophistication, then you should opt for a professional device, just like the Apple iPad Pro.

Supercharged by the M1 Chip, the Apple iPad Pro allows you to do it all and more. Apply, get approved, and spend with your new Citibank credit card to stand a chance to win an Apple iPad Pro (limited to 10 units). Other successful applicants will receive guaranteed RM600 Touch n’ Go credits.

To be eligible for the Apple iPad Pro, applicants are required to apply for a Citibank credit card, get approved, and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Guaranteed RM600 Touch n’ Go e-Wallet Credits

Cashless payments are all the rage now, so it makes sense to continue paying conveniently and easily with your Touch n’ Go e-Wallet.

Apply, get approved, and spend with a new HSBC credit card with us and get the guaranteed total of RM600 Touch n’ Go credits for your bills, shopping, and to even score discount vouchers for dining, entertainment, and more.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – PerySmith 4.2L 3D Air Fryer or URBANlite Trapez 24” 8-Wheel Spinner Luggage

The PerySmith 3D Air Fryer is designed to make your life in the kitchen so much easier. With a 9-blade 3D airflow heating system, your meals are assured to be fully cooked and delicious, in a healthy way. While the URBANlite Trapez 24 inch 8-Wheel Spinner Hard Case Luggage keeps your items safe on your upcoming travels to local and overseas destinations.

Either one of these guaranteed gifts is yours when you apply, get approved, and activate your new Standard Chartered credit card. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – Guaranteed RM200 Shopee e-Voucher or URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage

The double-digit sale is coming up and what better way to prepare for it than to exercise your deal-seeking skills with a guaranteed RM200 Shopee e-Voucher. Or if travelling is more of your forte, then take the URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage with you on the plane.

So, apply for an Alliance credit card this week to get either a guaranteed gift of RM200 Shopee e-Voucher to check out your Shopee cart or start travelling with the URBANlite Edge Luggage. For either prize, applicants are required to activate their credit card upon approval to be eligible for the prize.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign.
Apply for an Alliance Bank Credit Card here.

Ambank – Morgan Air Fryer

Be the favourite family member when you start cooking everyone’s favourite meals with the Morgan Air Fryer. Healthy cooking has never been easier with the rapid air circulation system and easy cleaning tray.

To score the Morgan Air Fryer, all you need to do is apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize.

Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

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

While this week’s flash deal ends on 13 June 2022 (11am), you can also 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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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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Getting started: car loan applications

Buying a new car can be an exciting and at the same time, equally daunting experience. The questions that usually come up are: should I buy a new car and keep it for five years knowing it will depreciate by 30% in value within the first year alone? Or, do I opt for a secondhand car, which if in good condition is a sure value for money, but if not, risk getting a lemon because I don’t know enough about cars to make sure it’s as advertised?

Once you’ve decided on the car of your choice; be it old or new; you will need to take out a car loan (unless you’re buying a super cheap car or floating in cash, but even so, there are benefits to applying for a car loan as opposed to paying cash – but that’s another story for another day).

The New Car Loan

New cars are notoriously easy to get loans for if you’re in good credit standing and the interest rates are competitive. The advertised rates range from 2.3% p.a to 4.25% p.a. depending on bank and car type/manufacturer. However, you will find many banks do not disclose the general range of interest rates as this varies depending on deals they have with particular car manufacturers.

If you’re looking for a more flexible payment option, the
Hong Leong Mach Cruise Control
 may have the solution by allowing you to reduce your principal borrowing amount by paying extra on top of your monthly repayments. This will reduce your interest fees and ultimately, your financing period. The interest rate is based on the BLR, so you might want to be ready for any fluctuations in the rates, which will either raise or reduce your repayment amount. Best to say your prayers to lady luck herself before taking the plunge!

Some car manufacturers have their own financing facilities to suit your budget so when buying straight from the manufacturer, ask them about their financing offers.

The Second Hand Car Loan

Secondhand cars can be a good deal as you’ve skipped the initial first year depreciation of 30% suffered by the first hand owner. Secondary market prices of cars depend on the marketability of the car, supply and condition. Whether you score a good loan or not also depend on these factors.

Generally, the interest rate for secondhand vehicles range from 3% to 4.95%, with the majority lingering around the 4% mark . The good thing about taking a loan on a secondhand car is that new PUSPAKOM guidelines require the car to undergo The Hire Purchase Inspection which is a rigorous check to ensure it isn’t a cut car and that it is in working order before ownership is passed.

The Graduate Car Loan

Never jeopardize your future just so you get to ride in a cool car. While hardly an attention grabber, the Perodua Myvi seem to be the ideal

choice for many young Malaysians. At around RM50000, it may not cost a

ton, but it is still a sizable sum for someone who has just gotten a job

and need a new car to go with it.

Banks such as
Maybank
 are currently offering car loans specifically aimed at those who have recently graduated and are currently working. These kinds of loan will usually finance for up to 100% of the car’s market price and has a low income requirement. The benefits are obvious – you can own the car that you want for less, given the salary that you earn.

The Application Process

Car manufacturers and used car dealers will usually offer to handle negotiating finance deals for you.

If you’ve decided to allow your new car manufacturer or used car dealer to handle financing for you, there isn’t much to be done but fill in the requisite forms, choose the tenure of the loan (hire purchase loans typically allow 3-9 year tenures) and submit these to the car agent along with the usual proof of income (3 months’ pay slips, EPF Statement/LHDN Statement and Bank Account Statement).

The bank will revert with an offer letter indicating the terms of the loan including the financing rates and repayment schedule. Just add your John Hancock and you’re done.

If you are scouting for your own loan, take down the make and model of the car you want (including year of manufacturing*) and call up the banks of your choice. They will inform you of the prevailing interest rates based on this information and you can negotiate from there.

Car loans can be a lot more straightforward than a home loan and your repayments are fixed as they are based on a flat interest rate so you don’t have to rattle your brains with calculations. Getting the best possible deal will require a good amount of your time and research, so here’s hoping you’re driving off with your new set of wheels soon.

*The year of manufacture of a car is important as this drives prices lower or higher and in turn affects interest rates. A car can be touted as ‘new’ and though it may be that, it may have been sitting in a manufacturer’s yard for 2 years causing considerable wear. Always ask when a car was made, not when it’s released/registered to get a true idea of what it’s worth and how much you should pay.

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Diana Chai

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Citibank Platinum Credit Card gives you peace of mind

Citibank Platinum Credit Card offers purchase protection insurance

The last thing you’ll ever want happening to your prized possessions is to have them damaged or stolen. Fortunately, if you bought them with your
Citibank Platinum Credit Card
, you’ll be
spared from much of the heartache and hassle should either occur
.

Each item you acquire with your credit card comes with a purchase protection limit of RM30,000. The protection limit per occurrence and per year respectively is RM75,000 and RM225,000.

But purchase protection isn’t the only benefit you get out of the card. You’ll also enjoy extended warranties, refund protection, travel inconvenience protection as well as personal accident coverage while overseas.

Clearly, this is one great credit card that doesn’t just protect you from the inconvenience of not having enough of cash on hand!

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ringgitplus

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Maybank, CIMB, Public Bank Announced As Domestic Systematically Important Banks (D-SIBs)

(Image: The Star)

Bank Negara Malaysia (BNM) has listed Malayan Banking Bhd (Maybank), CIMB Group Holdings Bhd (CIMB), and Public Bank as banks whose distress or failure could considerably affect the domestic financial system and the wider economy.

Labelled as Domestic Systematically Important Banks (D-SIBS), these banks have the biggest market capitalisation in Malaysia, with over RM200 billion combined. They were identified as D-SIBs based on 2018 data, focusing on three factors: the bank’s size, interconnectedness, and substitutability.

As such, the three D-SIBs are required to maintain higher capital buffers compared to other banks, so as to meet regulatory capital requirements that include a Higher Loss Absorbency (HLA) requirement.

“This serves to increase a D-SIB’s capacity to absorb losses thereby reducing its probability of distress or failure during periods of stress. In turn, this will contribute to a safer and more resilient Malaysian financial system,” said BNM in a statement.

(Image: New Straits Times)

According to the central bank, the HLA requirement for the three D-SIBs is set between a range of 0.5% to 1.0% of their risk-weighted assets, at the consolidated level. This requirement is to come into effect from 31 January 2021 onwards.

The reveal of the inaugural list of D-SIBs is part of
BNM’s announcement
 of the
D-SIB Framework
, which sets out the Bank’s assessment methodology to identify D-SIBs in Malaysia. BNM’s D-SIB Framework is drafted based on a framework that the Basel Committee on Banking Supervision uses to deal with D-SIBs and the structural characteristics of the Malaysian banking system.

BNM also clarified that the D-SIB Framework is not meant to be a yardstick to measure a bank’s risk. It further commented that banks in Malaysia are generally resilient enough to withstand potential losses even when faced with unfavourable economic and financial situations.

The D-SIB list will be updated annually and published with the release of the Financial Stability Review in the second half of each year.

(Source:
The Edge Markets
,
The Sun
)

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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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Key Investment Tips For Those In Their 20s From EZInvest

Whether you’ve just graduated, are about to start your first job, or just figuring out how to take on adult responsibilities in your twenties – money can be quite an overwhelming topic. You’re told many things, including to save before you spend, allocate 20% of your income to pay off debts, and even start investing.

Coupled with technical terms and an overload of numbers and percentages, investing may seem scary at first but it is one of the key steps towards financial freedom and security.

If you’re contemplating to start investing in your twenties, here are a few tips to help you on your long-term investment journey.

Take Advantage Of Time

Those in their twenties have two of the most important elements of investing in their hands – time and the power of compound interest.

To best explain these elements, we have 25-year old Janice*, who aims to be a millionaire once she reaches her ideal retirement age of 65 years.

If Janice were to only start investing at 45 with a 7% compounded annual return, she would need to fork out RM2,000 a month for 20 years to reach her goal.

But if she had started in her twenties, she would’ve only needed to save RM400 a month at the same 7% p.a to retire as a millionaire. Five times less each month because she has twice as much time!

Start With Any Amount

A general rule of thumb would be to invest 10% to 15% of your income. You’re not required to have a large sum of money to start investing – the most important thing is to just start.

Moreover, there are many available online investment platforms where you can easily invest with a few hundred ringgits, such as
 EZInvest
, where you can start investing from just RM500 a month. Open to all HSBC customers,
EZInvest
 is an accessible and secure unit trust investment platform on the HSBC Mobile Banking app.

Before you start investing, do make sure that you’ve already secured an emergency fund of 3 to 6 months worth of expenses and protected yourself with insurance coverage. This is to ensure that you’ll be able to weather the unexpected such as an injury, illness, or job loss which can put a strain on your finances.

Fixed Deposits Isn’t The Only Way

Fixed deposits or more commonly known as “FD” is a type of investment where there’s a fixed rate of interest. They are a popular investment vehicle that’s generally regarded as safe and grants high interest over a period of time.

Although, high interest can also be translated to “low returns” as interest rates offered by most fixed deposit accounts do not perform well against inflation, especially in recent years.

The graph below shows that the rate of inflation has been above fixed deposit rates since 2018.

Source:
Worldbank

There’s no harm in allocating some funds into fixed deposits but to beat inflation, one must consider investing in higher-return assets, targeting over 5% return per annum.

Do note that to achieve higher return assets comes with higher risks.

Learn & Understand Your Investments First

The most successful investors did not know everything about investing on their first day, week, or month. A typical investment journey is a long one and usually filled with patience, time, and not to mention, volatility.

As a beginner, it’s important to take time to learn the ins and outs of investing, acquire new knowledge, and learn which investment strategy works for you.

Another option would be to let an expert investment manager do it for you, through investment options such as unit trust funds. These funds are managed by expert fund managers who specialise in equity analysis and investment management. Other options include robo-advisors or online investment platforms such as
EZInvest
.

Once you’ve started and learned the essential know-how, products, and strategies, you can go beyond expert-managed products to self-managed investments such as purchasing stocks, bonds, or other assets.

Determine Your Risk Appetite

One of the first things to understand about investing is that there is always a certain level of risk, which mainly stems from market performance.

Determining your risk appetite before investing can help you invest according to how much risk you can take. Risk appetites can be categorised into 4 types; Conservative, Balanced, Aggressive, and High Risk.

Your age is a key element to establishing your risk appetite. Generally, the younger you are, the more risk you can take because you’re able to weather through the ups and downs of the market to achieve long-term returns.

A universal rule of thumb to follow is the Rule of 100. This formula helps to determine your ideal allocation into riskier assets.

Another element to think about is your investment time horizon, or what you’re investing for.

If you’re investing to accumulate funds to deposit on a home or get married in the next year or two, then you would have a relatively short time horizon. Whereas, investing for retirement or an education fund for your growing children necessitates a longer time horizon.

A shorter time horizon limits your risk appetite as you won’t have the time to recover if the market descends, meaning you would have to invest in lower-risk assets.

Consider Investing In Shariah-Compliant Funds

Shariah-compliant funds are based on Islamic principles and do include high-risk and low-risk investments. Shariah-compliant investments do not involve interests (“riba”), uncertainty (“gharar”), and gambling (“maysir”), and the overall business is deemed halal.

Moreover, Shariah-compliant unit trusts allow investors to invest through a diversified approach and can provide liquidity as these units are easily bought and sold.

It is also a misconception that Shariah-compliant investments are only for Muslims, but the truth is that anyone can invest in them. With EZInvest, you also have access to Shairah-compliant Unit Trust funds.

Avoid Putting All Your Eggs Into One Basket

Diversifying your investments is the act of not putting all your eggs in just one basket, which could lead to a huge loss if the market were to crash.

By definition, diversification is an investment strategy that includes a variety of investments within a portfolio. By spreading your investments across different asset classes and types of investments such as cash, equity, bonds, commodities, and property, you will be able to reduce the overall risk of your portfolio, protect your investment capital, and yield stable returns.

Invest Regularly If You Can

Investing regularly beats trying to time the market 95% of the time. Whether you’re choosing to invest monthly or quarterly, your time in the market is more likely to yield significant returns than timing the market and suffering a loss.

If you do have a lump sum of money to invest, consider investing it in portions instead. You could divide the money into 4 parts and invest it over the next 4 months. This can protect you from unexpected market fluctuations during the incoming week or month.

Start With EZInvest

If you’re looking for an ideal platform to start investing in unit trust funds, consider investing with
EZInvest.

EZInvest
 offers investors a simple and easy way to invest in unit trust funds from as low as RM500.

Investors can choose from carefully selected unit trust funds available that are diversified across local, Asia, and global markets, and are also catered to investors of different risk appetites.

Through the EZInvest platform, investors can easily get a 24/7 updated view of their portfolio performance and conveniently buy or sell with just a tap. The app also requires multi-layer verification to ensure that your financial information is protected and secured.

*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).

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Diversify Your Portfolio With Selected Unit Trusts

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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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RAMCI: Malaysians Have Good Credit Scores But Poor Financial Literacy

(Image: Business Today
)

According to RAM Credit Information Sdn Bhd (RAMCI), almost 70% of Malaysians have good or strong credit scores but despite this, Malaysia’s financial literacy rate still sits below average compared to other nations.

Based on RAMCI’s 2019 Credit Score Profile with a sample base of 4.2 million individuals, 38% scored strong credit scores, 31% good, 21% fair, and only 10% had weak credit scores. Of the sample base, an estimated 71% were aged 44 and below.

This finding contradicts the fact that Malaysians have poor financial literacy, which can be defined as the understanding of topics related to managing personal finances. The Credit Counselling and Debt Management Agency (AKPK) revealed that out of 30 countries, Malaysia ranked 26
th
 for financial literacy in the 2016 Report for the Organisation for Economic Cooperation and Development.

RAMCI CEO, Dawn Lai, stated that unless they require credit, Malaysians are not generally concerned with being financially literate – a big difference compared to those in developed countries, where credit scores are an important consideration in their day-to-day financial decisions.

“That itself has some implications in terms of the financial literacy level,” Lai said. “This lack of awareness is where more efforts should be done by the government agencies and private sector to drive the benefits of having good credit.”

One of the worst culprits for low credit scores is poor payment history, added Lai. Failing to pay car and housing loans instalments on time or not paying the minimum payment for credit card bills are just two common examples that Malaysians do which harm their credit scores. “If you don’t pay well, potential lenders may not be able to give you further credit because that may exacerbate your situation,” Lai said.

The RAMCI study also discovered that individuals’ credit profiles improve with age. 56% of those aged above 55 have a strong credit score, as opposed to only 29% of those aged 34 and below. This lower percentage of strong credit score among youths could be due to their inexperience in managing credit and their shorter tenure of credit history.

(Source:
The Sun Daily
)

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Christine Tay

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PSA: Pre-Authorisation Hold Policy For Maybank Debit Cards At Petronas

In an EDM sent out by Maybank today, the bank appears to remind Malaysians about the removal of the pre-authorisation hold when fueling up at Petronas using Maybank debit cards.

Instead of the usual release of the pre-authorisation hold that may take up to 48 hours, it is released immediately after the transaction is completed. This policy has actually been in place
since July 2018
, but with the
balik kampung
season well underway ahead of Hari Raya Aidilfitri, it seems a good time to remind Maybank debit card holders.

(Image:
Soyacincau
)

In fact,
CIMB also has a similar policy
 in place for its debit cardholders, but has been in effect for much longer – since February 2017 – and also applied to Petronas stations only.

The pre-authorisation hold is actually a common practice among all debit and credit cards, as a means of verification that the card is active and has funds available. This amount is never charged on the cardholder, but merely put on hold until the transaction is posted by the petrol station and verified. But since debit cards put a hold on the cardholder’s actual funds, it may be an inconvenience to hold the funds for so long.

While this is good news for those who pay with their debit cards, those who can pay with credit cards should check out our list of the
best petrol credit cards in Malaysia
, which offer cashback that could add up to one month’s worth of fuel in just one year!

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PM Urges Private Sector, GLCs, & GLICs To Pay Employees Minimum RM1,500 Monthly

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has called on all companies in the private sector to pay a minimum monthly salary of RM1,500 to their employees.

“Realising the challenges faced with the increasing cost of living, the government has ensured all public servants receive a salary and allowance amounting to at least RM1,500 monthly. Similarly, we urge companies in the private sector to do the same as a means to help especially those from low-income groups,” said Datuk Seri Ismail Sabri.

Aside from the private sector, the prime minister also urged both government linked companies (GLCs) and government-linked investment companies (GLICs) to do the same for their permanent staff. Other corporate entities, too, should strive towards a similar goal, he further said during the launch of the GLC Open Day 2022.

(Image: The Star/Art Chen)

The current minimum wage was set at RM1,200 per month for cities and towns across the country since 1 February 2020, while rural areas had a slightly lower rate of RM1,100 per month.

In addition to the matter of minimum wage, Datuk Seri Ismail Sabri also took the opportunity to encourage listed GLCs to achieve specific goals that align with announcements made during Budget 2022 and the 12
th
 Malaysia Plan. These include ensuring at least 30% women participation in a GLC’s board of directors, and implementing medium-term goals to help Malaysia become a carbon-neutral nation by 2050.

(Source:
The Star
)

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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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FD Alternatives In Malaysia: Where Else Can You Save Your Money?

(
23 June 2023
: Article updated to reflect latest indicative interest rates.
)

Fixed deposit (FD) accounts have almost always been the default long-term savings option for many people, primarily because it is risk-free with guaranteed returns. As we’re sure you aware, however, it also comes with quite a bit of drawbacks – which is why many Malaysians have begun looking for other savings alternatives.

One popular option that has cropped up is “cash management solutions”, in addition to several other existing conventional instruments that you can also tap into. In this article, we’ll explore these alternatives.

Disadvantages of FDs

While a perfectly viable savings option, there are some drawbacks to FDs. Banks often require  “fresh funds” (i.e. not from any of your accounts with the bank) in order to enjoy the best rates available – this figure is usually RM10,000. Given the nature of FDs, these funds will be “locked” for the duration of the FD.

If you decide to make premature withdrawals, you may lose either some or all the interest earned, as an early withdrawal penalty. This depends the banks’ T&Cs, of course, and will differ between each bank.

Most importantly, FDs are no longer able to consistently beat inflation. As you can see from the graph below, FD savings prior to year 1999 used to be able to earn you interest rates that are well above the inflation rate. From year 2000 onwards, however, FD rates often dipped beneath the inflation rate. In fact, recent FD rates are hovering at an average of 3.30% (12-month tenure).

Given this development, many have begun turning elsewhere for options with more flexibilities, if not higher returns.

Cash management solutions: How they work

Instead of FDs, a growing number of individuals are shifting to something called “cash management solutions”, which tap into money market funds (MMFs) to deliver returns that are on par or higher than FDs. MMFs, meanwhile, are mutual funds that invest in a mix of cash and short-term debt securities – including fixed income instruments, as well as notes from banks or even government bonds. At the risk of oversimplifying, you can think of MMFs as lenders who are lending money to relatively “secure borrowers”.

Since the debt securities that MMFs invest in are typically backed by banks and governments, they are widely considered to be one of the least volatile – and therefore, safest – investment options available. Also, these debt securities invested in can be as short as one to seven days, which explains the low risk too (as well as the relatively low returns).

However, the main reason they are growing in popularity is in the way cash management solutions address the disadvantages of FD:

Advantages
Disadvantages
–
High liquidity
: Unlike FDs, you can withdraw anytime without incurring penalties
–
Potentially higher yield
: Depending on the MMF that your cash management solution invests in, it is possible to reap higher returns than FDs
–
Low entry requirement
: FDs typically require you to deposit a minimum of RM500 or RM1,000 for good or promo rates; meanwhile, minimum deposits for cash management solutions can start from just RM1
–
Convenience
: Most cash management solutions are housed within a robo advisor or app, and the sign-up process is relatively simple with the eKYC procedure
–
Not guaranteed returns
: While it is considered low-risk, there is no absolute guarantee on returns, with also a very small possibility of losing money
–
No protection
: FDs are protected by Malaysian authorities (such as Perbadanan Insurans Deposit Malaysia (PIDM) or the Malaysian government) but funds in cash management solutions are not

Cash management solutions in Malaysia

Now that you have some idea as to how cash management solutions work, let’s delve into four options that are currently available in the market for Malaysians.

1) FSMOne Cash Management Fund (CMF)

FSMOne is a popular online trading platform where Malaysians can find various investment instruments, including funds, stocks, bonds, and exchange-traded funds (ETFs). It also offers investors a cash management fund which they can utilise as a “parking facility”, with the RHB Cash Management Fund 2 serving as its underlying fund.

If you’re an existing FSMOne investor who also purchases unit trusts on the platform, there is also another benefit to parking your cash in the FSMOne CMF. Purchasing unit trusts on FSMOne using your funds in CMF allows for same-day processing (as long as you place the order before 3pm), compared to
up to three business days
 if using funds from other sources (FPX transfer, etc).

Key information
Details
Indicative interest rate
3.641% p.a.
Minimum investment amount
RM100 (subsequent minimum investment amount also at RM100)
Withdrawal period
Within two business days (request made before 3pm)
Charges/fees
– No sales charge
– Expense ratio of 0.4% p.a.

2) Kenanga Digital Investing (KDI) Save

KDI Save
 is the latest entrant to the cash management solution game, launched alongside an investment instrument
KDI Invest
 just in mid-February 2022. Despite that, the platform saw an overwhelming response,
crossing RM100 million in asset under management (AUM)
 within just two months after launch.

KDI Save’s popularity is attributed to the fact that it offers one of the highest returns among cash management solutions currently. Coupled with the fact that it does not impose any fees, it’s easy to see why KDI Save was so well-received.

Note that to access KDI Save, you’ll need to first sign up for a KDI account (which will also give you access to KDI Invest). Also, KDI Save is not
shariah
-compliant.

Key information
Details
Indicative interest rate
Tiered up to 4.00% p.a. EAR
Minimum investment amount
RM100 (subsequent minimum investment amount RM10)
Withdrawal period
Within one to two business days
Charges/fees
– No management fees
– No expense ratio fees

3) StashAway Simple

StashAway Simple, meanwhile, is one of the earliest cash management solutions to be introduced to Malaysians –
debuting all the way back in June 2020
. Its
underlying fund has been converted back from AmIncome Fund
 to Eastspring Investments Islamic Income Fund, which means that this cash management solution is once again
shariah
-compliant.

Its projected rate is driven by the rate of returns of its underlying investments, net of all expenses and rebates. On its website, the platform shared that AmIncome Fund actually charges an annual management and trustee fee of 0.25% and 0.04%, respectively, but it also offers a rebate of 0.175% to StashAway Simple – which is then awarded back to you. This ultimately tallies up to the
0.115% net expense ratio
 – which is already calculated into the indicative interest rate.

Key information
Details
Indicative interest rate
4.1% p.a.
Minimum investment amount
No minimum deposit or balance requirement
Withdrawal period
Within three to four business days
Charges/fees
– No platform management fees
– No transfer or exit fees
– Net expense ratio of about 0.115% p.a.

4) Touch ‘n Go (TNG) GO+

If you’ve been using TNG eWallet all this while, there’s little doubt that you’d have heard of GO+, given that it is housed within the e-wallet and is also featured as part of your total asset. Serving as its underlying fund is the Principal e-Cash Fund.

What differentiates GO+ from other cash management solutions here is its highly liquid nature. Not only can users perform instant withdrawals from GO+ to their e-wallet balance, users can also use funds in GO+ for payment if there is insufficient e-wallet balance.

Key information
Details
Indicative interest rate
3.45% p.a.
Minimum investment amount
RM10
Withdrawal period
– To TNG eWallet: Instant
– To bank accounts: Within one business day (request made before 4pm)
Charges/fees
– No sales charge or switching or transfer fees
– Management fee of up to 0.45% p.a.
– Trustee fee of up to 0.03% p.a.

5) Versa Cash

Versa Cash was announced in
August 2020
, and then
officially launched in early 2021
, whereas Versa Cash-i was rolled out just recently, in April 2023. The underlying funds for Versa Cash and Versa Cash-i are the Affin Hwang Enhanced Deposit Fund and the Affin Hwang Aiiman Enhanced i-Profit Fund, respectively. So depending on your preference, you can select between the conventional or
shariah
-compliant option.

Versa Cash and Versa Cash-i also emphasised that their performances are on par with FDs, with daily compounding of interest and
monthly payouts
.

Key information
Details
Indicative interest rate
– Versa Cash: 3.84% setahun
– Versa Cash-i: 3.06% setahun
(promotional rate 4% p.a. until 31 August 2023)
Minimum investment amount
RM10
Withdrawal period
– Versa Cash: One business day (requests made before 3.30pm)
– Versa Cash-i: Same day (requests made before 10.30am)
Charges/fees
– No sales charge
– No withdrawal fees
– Management and trustee fee of 0.35% p.a. (Versa Cash) or 0.32% p.a. (Versa Cash-i)

What about other alternatives that are not money market funds?

Of course, the cash management solutions mentioned above only make up some of the options that you can consider. If you’re not so keen on cash management solutions or money market funds, here are a few other alternatives.

1) National Education Savings Scheme (SSPN)

(Image: Malay Mail)

Most Malaysians will recognise SSPN as a savings scheme by the National Higher Education Fund Corporation (PTPTN), specially designed for parents to save for their children’s education.

Instead of interest, it pays a competitive annual dividend; here’s a quick look at
how SSPN has performed in the past seven years
. In addition, PTPTN also regularly runs annual loyalty reward campaigns, such as the
Ganjaran Kesetiaan Simpan SSPN Prime campaign for 2022
 which offered depositors an additional 1% return.

But that’s not all. Another lucrative benefit to using SSPN is the fact that you get to enjoy up to RM8,000 in tax relief every year – provided that the account is under your child’s name. Therefore, SSPN offers three distinct ways to earn from your savings: annual dividends, loyalty reward campaigns, and tax relief for parents.

Funds deposited in SSPN are quite liquid. Online withdrawals are usually processed within a few business days, and if you have a Bank Islam account, instant withdrawals can even be made at the bank’s ATM machines.

If you’re interested in checking out SSPN as an option, there are two SSPN products: SSPN Prime and SSPN Plus. Essentially,
SSPN Plus
 is marketed as an upgraded version of SSPN Prime, with
added benefits
 such as takaful coverage for death and total and permanent disability (TPD).

2) Flexi home loan accounts

Flexi home loans are a type of housing loan that lets borrowers pay more than their monthly instalments to reduce the principal loan amount. But why “save” money in a flexi home loan account (if you have one)?

To put it simply: because it will help you to reduce the interest paid on your housing loan! The interest for housing loans are calculated based on the outstanding principal balance – so the lesser your principal loan amount, the less interest is charged. Ultimately, you’re using the loan interest mechanism in your favour; while you’re not earning interest by parking money in your home loan account, you can reduce your home loan interest charges – at prevailing loan rates (which are usually much higher than FD!)

Flexi home loans are tied to a current account, which comes with a monthly fee (about RM5 to RM10, depending on banks). As such, make sure to take into account this fee if you wish to tap into flexi home loans.

3) Fixed price funds by Amanah Saham Nasional Berhad (ASNB)

(Image: New Straits Times)

Preface: ASNB fixed-price funds are only viable as an FD alternative to bumiputera Malaysians. The main reason, as many will be aware, is the quota allocations for the fixed-price funds – it may be extremely difficult for non-bumiputera investors
to re-deposit
. On the other hand, bumiputera Malaysians have a larger quota and have access to three other fixed-price funds: ASB, ASB 2, and ASB 3 Didik.

ASNB has a total of 17 funds that you can invest in, with seven of them being fixed-price funds and the remaining ten being variable price funds. Here’s the full list for your reference:

Fixed price funds
Variable price funds
– Amanah Saham Bumiputera (ASB)
– Amanah Saham Bumiputera 2 (ASB 2)
– Amanah Saham Bumiptera 3 – Didik (ASB 3 Didik)
– Amanah Saham Malaysia (ASM)
– Amanah Saham Malaysia 2 – Wawasan (ASM 2 Wawasan)
– Amanah Saham Malaysia 3 (ASM 3)
– Amanah Saham Nasional Sukuk (ASN Sukuk)
– Amanah Saham Nasional (ASN)
– ASN Equity 2
– ASN Equity 3
– ASN Equity 5
– ASN Equity Global
– ASN Imbang 1
– ASN Imbang 2
– ASN Imbang 3 Global
– ASN Sara 1
– ASN Sara 2

ASNB’s fixed price funds can serve as a good savings alternative to FDs due to its unique value proposition: unlike variable price funds – whose value is constantly changing according to market conditions – the value of ASNB’s fixed price funds is fixed at RM1 per unit at all times (with no sales charge!) This means you will not need to worry about price fluctuations, which in turn, makes these funds suitable to be utilised as another option to park your money.

ASNB’s fixed price funds deliver decent dividends to investors – and consistently above FDs. You can check out the returns for some of the fixed price funds mentioned in the graphs below:

As for withdrawals, ASNB allows you to make immediate redemptions at its counters if you are redeeming funds of RM2,000 and above. In the event of massive amounts, however, ASNB may opt to pay you using cheque or bank transfers. Alternatively, you can opt for online redemptions via the myASNB portal and app, but these only let you withdraw up to RM2,000 per month.

***

Now that you’re aware of these alternative savings options, you can look beyond just FDs to help you grow your funds (and to beat inflation) with minimal risk! As always, be sure to do your due diligence and research before deciding.

Of course, if you still prefer the familiarity of savings products from banks, you can check out
high-interest savings accounts available in Malaysia
, or if you’d much rather stick to FDs, here’s our
Best FD Accounts in Malaysia
 article which we update every month.

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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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    Azraee Mamat

    19 days ago

Thank you. This is well researched article and had helped me make a financial decision.

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Rakuten Trade Teases Upcoming Trading Offerings, Including Foreign Currency Wallets

(Image: Business Today)

Rakuten Trade has hinted that it will be introducing new trading offerings and features on its platform soon, including foreign currency wallets and trading access to Hong Kong. This comes as the digital equity broker celebrates its fifth year of operation in Malaysia.

In a statement, Rakuten Trade said that it is looking to strategically scale up for its next chapter of growth, and its plans will also benefit its growing base of investors. “Remaining committed to the growth of digital investors, Rakuten Trade will expand its trading offerings to include foreign currency wallets, trading access to Hong Kong, and an enhanced reward ecosystem,” it shared, adding that it had just introduced its stop order management services for Bursa Malaysia trades last month.

Aside from sharing these upcoming plans, Rakuten Trade also highlighted some of its accomplishments to date, including having activated more than 245,000 trading accounts and more than 20,000 for its US trading service (as of 30 April 2021). To note, Rakuten Trade had only rolled out its
US trading service
 early this year, in January 2022.

On top of that, Rakuten Trade noted that it has also handled more than RM100 billion in total trading value on Bursa Malaysia since it first began operation. Meanwhile, clients’ assets under trust amounted to more than RM3.7 billion.

“The retail market in Malaysia has also matured tremendously in recent years and with it, the Rakuten Trade customer profile – with a growing number of traders of more than three years of experience finding our platform a complementary tool to their existing trading strategy,” said the chief executive officer of Rakuten Trade, Kazumasa Mise.

Additionally, Kazumasa stressed the role of technology and innovation in boosting the growth of the platform. “As the appeal for our platform continues to grow, further adoption of technology and innovation is necessary to thrive in this era of digitalisation. Our US trading service is a prime example of this, and as a result, currently contributes close to 20% of Rakuten Trade’s monthly revenue,” he further stated.

(Source:
Rakuten Trade
)

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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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The 3 Stages Of Managing Your Wealth The Islamic Way

Building your wealth is only one aspect to a successful financial management journey. To make sure that your wealth is being looked after now and in future, you need a sustainable and well-rounded wealth management plan that leaves no aspect of your finances untouched.

Think of managing your wealth through three stages that form a long-term action plan: wealth preservation, wealth protection, and wealth accumulation. In this article, we’ll explain how you can fulfil these three stages in your wealth management journey – in a way that’s compliant with Shariah rules too.

Step 1: Wealth Preservation

The first step you should take to manage your wealth is to preserve it, and the simplest way to preserve your wealth is to look after your savings. With a bit of careful planning around your cash inflows and outflows, you can figure out the best financial products to help build up your savings and thus keep your wealth intact.

A good place to start would be with the three wealth preservation solutions offered under UOB’s Islamic Wealth Management (IWM) plan. The products offered are based on the principle of
Tawarruq
; it refers to an arrangement to buy and sell commodities and ensures that your principal is protected.

Clearly, when you start to build up your savings, then you begin with a savings account. Besides being Shariah-compliant, the ProSave Account-i comes with complimentary takaful coverage up to RM10,000 for death, total and permanent disability, and critical illness. Those aged 12 and above are eligible to build their savings with the ProSave Account-i (joint with a parent or legal guardian for those below 18 years of age) with a minimum initial deposit of RM100.

Those who are after savings with stable returns can turn to fixed deposits, which allow you to earn profits at a sufficiently low level of risk. UOB’s FD Plus-i account offers competitive profit rates, with profits that are credited monthly over 1 to 12 month tenures. UOB uses crude palm oil as the underlying asset for its
Tawarruq
arrangement; again, it is an Islamic wealth preservation that offers you additional peace of mind.

Meanwhile, a foreign currency account would preserve your money against exchange rate fluctuations while allowing you to benefit from the profit rates. So, for a more global approach when it comes to your savings, check out UOB’s Foreign Currency Call Account-i. Accepting up to 11 different currencies, the Foreign Currency Call Account-i can widen your investment reach while offering you flexibility – there is no maturity period or minimum balance required in your account.

Step 2: Wealth Protection

Once you have gotten the first step of wealth preservation settled, you can turn your attention to protecting your wealth. If you want to manage your wealth properly and holistically, you need to take pre-emptive steps to protect your finances, your lifestyle, and the interests of those you love – which you can do by getting the right takaful coverage.

UOB’s Smart Secure Takaful is a regular limited pay contribution that combines elements of ordinary takaful with investment-linked takaful, offering protection, savings, and investment all in one. It combines savings with protection so that you can enjoy potential higher returns. Under the Smart Secure Takaful, you can get annual cash payouts from the end of the second year and double cash payouts from the 11
th
 year onwards.

Besides being able to attach optional riders, you also have the flexibility when choosing your payout plans, contribution payment and coverage terms, as well as switch funds for free up to four times a year. Moreover, under UOB Smart Secure Takaful
,
your beneficiary has full rights to the
hibah
, so they won’t have to go through a prolonged inheritance process to receive its benefits.

Step 3: Wealth Accumulation

Finally, it’s time to look at wealth accumulation. When it comes to accumulating wealth, it’s important to ensure that you build wealth in a way that is both Shariah-compliant and suitable to your risk appetite and financial goals.

When you choose to accumulate your wealth under UOB’s Islamic Wealth Management, you will have access to 17 Shariah-compliant unit trust funds, inclusive of the new United-i Global Balanced Funds from UOB Asset Management (Malaysia) Berhad.

These local and global funds are managed by professional fund managers and allow you to diversify your investments in a more accessible way than if you were investing on your own. UOB’s proprietary Risk First advisory approach also starts with understanding your risk tolerance so that it can recommend solutions that work for you.

Start Your Islamic Wealth Management Journey

At the end of the day, it doesn’t matter what race, religion, or walk of life you belong to – UOB’s Islamic Wealth Management plan is a comprehensive solution for anyone who wishes to make the most of the wealth that they have. As long as your intention is to save, protect, and build your financial portfolio, this Islamic Wealth Management plan is a solid and Shariah-compliant option for you. Find out more about starting your
Islamic Wealth Management journey with UOB here.

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AirAsia BIG Partners With Petronas Mesra To Allow Two-Way Points Conversion

(Image: The Star)

AirAsia BIG has added Petronas Mesra as a partner on its instant points exchange platform, BIG Xchange. This allows AirAsia BIG Points to be converted into Petronas Mesra points and vice versa, making it a two-way points conversion between the two loyalty programmes.

AirAsia BIG members can now link their Petronas Mesra cards to their AirAsia BIG accounts on the AirAsia BIG mobile app. Users can instantly convert their points at a rate of 1,250 BIG Points to 600 Mesra points and 2,000 Mesra points to 500 BIG Points.

Each Mesra point is worth 1 sen and can be used to redeem fuel or items from Petronas Kedai Mesra convenience stores. You earn 3 points for every 1 litre of fuel pumped as well as for every RM1 spent at Kedai Mesra. Meanwhile, you can earn BIG Points by flying with AirAsia or through everyday spending with a wide range of AirAsia’s partners. BIG Points can be used to redeem free flights and other redemption items like Tune Hotel stays. Like Mesra points, each AirAsia BIG Point is worth 1 sen when redeeming on the AirAsia platform.

(Image: SoyaCincau)

AirAsia BIG CEO Spencer Lee said that convertibility was key to extending the use of BIG Points outside the AirAsia ecosystem. “By ensuring the conversion can be done both ways, we are one step closer to realising our vision of making BIG points a digital currency for everyone,” he said.

Petronas is the first retail fuel company to offer the two-way points conversion via the AirAsia BIG app. Samsung Rewards members can also convert BIG Points to Samsung Points and vice versa, but this can only be done on the Samsung Pay app. AirAsia’s other partners, which include Maybank, UOB, and other banks, only allow one-way conversion of bank loyalty points to BIG Points via the respective banks’ rewards redemption systems. (The only exception to this is Citibank, as you can convert your Citi Reward Points to BIG Points on the AirAsia BIG app.)

In celebration of the partnership, 10 AirAsia BIG and Petronas Mesra members who convert their points by 30 November stand a chance to win 100,000 BIG Points and 20,000 Mesra points worth RM200 each. Moreover, in conjunction with AirAsia BIG’s 816 World Campaign, members who convert a minimum of 1,000 BIG Points before 16 September will enjoy an additional 50% bonus BIG Points.

(Source:
The Star
)

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5 Money Reasons Why Growing Older Rocks!

It’s that time to say so long to waking up at 7am; braving through gridlocked traffic and being stuck at work for a hectic 8 to 10 hours on the weekdays. You’re feeling on top of the world, and just waiting to toast the good times as you head into your golden years.

But besides the perks of enjoying all the leisurely time in the world; being a retiree means you get to enjoy more benefits. Here are five money reasons why you shouldn’t worry when those grey hairs start showing!

‘Senior Citizen’ Discounts and Perks

At the age of 60 and above, being labeled a senior citizen may not sound as flattering. But being a senior citizen comes with plenty of benefits to enjoy. You get to claim special rates which help you save money while doing all the same things your younger counterparts are doing (suckers!). Check out just some of the discounts you can enjoy by being a little older – just remember to bring your identification card as a proof of your age especially for those who are blessed with youthful genes.

Transportation.
 For those of you who didn’t know, , you are entitled to a 50% discount each time you travel on a RapidKL bus and KL Monorail. To enjoy the discount, you need to apply for a
Senior Citizen Concession ticket
 which comes with initial fee of RM5.

Entertainment.
 The cinema doesn’t only offer entertainment to the younger masses, retirees can enjoy a movie outside the comfort of their home at a much cheaper rate.
GSC
 is offering RM7 for each ticket when you go to the cinema before 6pm. Being a retiree means there’s more free time, you’re free to go movie watching whilst the others are at work.

Makan-Makan.
 Some eateries offer special fares to senior citizens, especially hotel restaurants. If you are feeling the cravings for a sumptuous buffet, you can wine and dine at some of these hotels including the
Dorsett Regency Kuala Lumpur
,
Cititel Hotel Penang
,
First World Cafe Genting Highlands
 and
Thistle Johor Baru
. Invite your children for the feast (and make them pay!) without burning a hole in their wallet.

Travelling.
 If you plan to get out of the country and visit your daughter who’s living in Australia, you can get 50% off your flight ticket when you book with
MAS airlines
. And, when you travel to KLIA through the
KLIA express
, you receive 30% off normal fare. Taking the KLIA Express is definitely already cheaper than taking a cab, but discount fares just make it all the better.

EPF Withdrawal

Although retirement age starts at the age of 60 for most companies, some retire at the age of 55 – the perfect time to receive you EPF payout. A report from
MalayMail
 stated that approximately 70,000 active 54-year-old contributors will have an average savings of RM167,000 last year. Let’s say you’re one of these 54 year-olds. Knowing that you have over RM167,000, can make quite a few Malaysians giddy with excitement. What will you do with all that money? You could spend it on a world trip; or buy a second hand muscle car; invest in botox packages to get rid of the worry lines accumulated through working; or perhaps go on a fancy vacation. We’re kidding. But well, if you have a hefty retirement savings without your EPF than go for it.

Of course, the best thing to do with the payout is to invest it wisely and watch it give you dividends for many more years. Financial freedom is also a great way to prevent more stress lines on your forehead!

No Kids to Support

You’ve worked hard making a living to get your children to where they are today. The greys in your hair emerge faster than ever even after your monthly trips to the salon and the best anti-aging face creams don’t seem to work. At 55, you’ve paid your dues so kick back and relax. Now’s the time to enjoy your golden years and with most working children; you may be able to reverse the allowance tables and get one from them! Even if this isn’t the case; revel in the fact that you’ve brought them this far and that you don’t have to support them. As a role model, your children will follow your footsteps and do the same for the next generation.

No taxes if you’re retired

Nobody likes to pay
taxes
. Depending on your earnings, you’re required to comply to a 2% tax bracket when you earn more than RM5,000 a month. Although paying your taxes goes back to the economy of the country; it’s rarely a thing people like to do even if it’s a justified expense. This is why being a retiree rocks! After decades of working, you’re finally free from tax payments. We say, it’s time for Gen Y to pay their dues!

Pension

Working in a public sector has its perks and this gives you a reason to look forward to retirement. Unlike the EPF scheme which is deducted from your monthly paycheque, the government offers pension schemes as a reward for your contribution. For those of you who used to work as a teacher, police, or anyone in civil service; you will enjoy the benefits of being paid a pensions. It also stretches to take care of your immediate family should anything happen to you (subject to your employment pension terms).

While growing old isn’t optional, it’s important to maintain a healthy life to enjoy the golden years ahead. With the help of retirement schemes and benefits, what would you spend on to enjoy your retirement?

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Student Rates Available For YouTube Music and Premium In Malaysia

YouTube is now rolling out a student plan that lets full-time students in higher education institutions in Malaysia save up to 54% on their subscription of YouTube Music and YouTube Premium.

The student plans are priced at only RM6.90 and RM10.90 per month for YouTube Music and YouTube Premium respectively, as compared to the current full pricing of RM14.90 and RM17.90. It’s worth noting that YouTube Premium is a comprehensive package that includes YouTube Music as well.

Student memberships are valid for a maximum of four years, and at the end of each year, subscribers will be required to re-verify their eligibility. Upon expiry, they can then opt to transition over from their student membership to a full-priced YouTube Music or Premium account.

To qualify for the discounted rates, students will have to provide annual verification, with their eligibility to be confirmed by digital verification platform,
SheerID
. Interested subscribers can start the verification process by visiting the Student Plan landing page for YouTube Music or YouTube Premium and filling in the SheerID form. If SheerID is able to immediately verify their eligibility, they will be redirected to YouTube to continue the signup procedure. Alternatively, subscribers may be required to upload additional documentations for manual reviews, which may take up to two days.

Existing eligible subscribers are required to cancel their current subscription and re-subscribe to enjoy the student pricing. New users are also entitled to a free trial for the first month.

YouTube Music and Premium allow users to enjoy
various perks
 when it comes to using the popular app, including uninterrupted and offline entertainment as well as the background play feature.

Malaysia is one of the 14 new markets to benefit from YouTube’s student rates, making it a total of 65 countries with such plans. At present, YouTube Music and Premium are available in 78 countries.

(Source:
The Star
)

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Keep Your Credit Cards Safe (Even at Home!) With These 3 Tips

The Star newspaper
 had very recently highlighted how teenagers are ‘borrowing’ their parents credit cards to bet and gamble online. With the ongoing football fever of Euro 2016, teenagers as young as 13 are gambling online.

Unfortunately, with all the amazing benefits of technology, we have allowed some of the bad things such as this, to slip through as well. While trusting your kids is important, there is no harm in taking some precautionary measures rather than leaving everything to chance and good faith.

SMS Notifications

If you are one of those people who only checks their credit card statement at the end of the month, then you should consider setting up an SMS (short messaging system) notification for all your credit card transactions.

The banks usually have an automatic preset amount which may be in the range of RM500 – RM1,000 before you receive an SMS. You may lower this to the absolute minimum so you will be alerted on every single transaction. If you happen to receive a notification for a fraudulent transaction, you can inform the bank immediately.

There are usually no additional charges for SMS notifications for transactions on your credit card. Even if there were charges of RM0.20 per SMS alert, it is far from the thousands that you could lose in the process if your statement only arrives at the end of the month.

PIN Code

You have probably been asked to submit your latest phone number with the banks. This is not only to reach you in case of emergencies, it is also to ensure you are able to set up your T-PIN (temporary personal identification number) for online transactions.

Every time you make an online transaction, the T-PIN is then sent to your mobile device for authentication. That way, only you will be able to authenticate these transactions, unless you lose your phone and credit card at the same time. If that happens, be sure to get in touch with your respective banks and report the card or cards stolen.

Block Sites on Your Home Internet

Although this is a bit of a stretch and is not regarded as credit card security, you can use services to restrict your home internet access to gambling sites. If you are a tech savvy person you
can setup
 your router or maybe get someone to help you with it.

This will lower your chances of someone at home using your card on selected sites. While this does not eliminate the possibility of them using their mobile phone data connection to login and get around the wifi network, there is at least a safeguard in place for the home wifi.

Importance of Security

Aside from the risk of your credit card details ending up on a gambling website, you should always setup all the security and take necessary steps to mitigate any risk to avoid any type of security breach that could lead to fraudulent transactions and you will be just fine.

In most cases, using your credit card gives you an advantage over cash by rewarding you for every Ringgit you spend. If you would like to explore some options on some great credit cards, be sure to use our
comparison tool
 and sign up for one that fits your lifestyle.

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Gavin Pereira

Gavin Pereira

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Lazada Bonus & Shopee 10% Vouchers: Extra Perks To Help You Save While Shopping

With just a few hours left until the clock strikes midnight to kick off the highly anticipated 11.11 sale events by Lazada and Shopee, we’re sure that many of you are already prepping your virtual carts.

If you missed it, we’ve compiled
a list of bank vouchers
 that you can collect and use during the Lazada 11.11 Biggest One-Day Sale and Shopee 11.11 Big Sale to help offset some of your shopping costs. But the bank vouchers are not the only way you can save on both e-commerce platforms.

Here, we’ll share two valuable perks offered by Lazada and Shopee that can help you save on your online shopping.

Lazada: Lazada Bonus

What is Lazada Bonus? Quite simply,
Lazada Bonus
 is a personalised “credit” offered to you, which you can collect each day throughout the campaign period (in this case, between 5 to 11 November). Simply open the Lazada app and you’ll get pop-ups of free Lazada Bonus to collect. On top of that, you can earn more Lazada Bonus by completing missions such as adding items to cart and viewing specific campaign pages – these missions refresh every day, too.

Like the
“sikit-sikit, lama-lama jadi bukit”
 adage, the accumulated amount can then be used on 11 November on selected items, which will be marked with the LazBonus tag. From our experience, you’ll usually accummulate more than RM150 (our record one time was over RM300!)

At checkout, Lazada Bonus will automatically be applied at a rate of RM10 for every RM100 in your order, giving you a generous 10% off. So if your order is RM500 in total, you’ll automatically enjoy RM50 off from Lazada Bonus – think of it as “reward” for your hard work accummulating the credit!

What we appreciate most about Lazada Bonus is the fact that it can be stacked with other vouchers on the platform (as well as LazCoins). In fact, Lazada allows shoppers to stack up to
five
 vouchers in
one single order
: Lazada Bonus + platform voucher + bank voucher + store voucher + free shipping voucher, thereby enabling maximum savings. Combined, this can result in exceptional savings – here’s an example:

For the above order (a portable coffee grinder), the total savings came up to an astonishing 37% thanks to a combination of Lazada Bonus and the stackable vouchers. It’s also common to see shoppers exhaust their entire Lazada Bonus on a single high-ticket item like smartphones, laptops, and (more recently) PC graphics cards.

And, to add to its popularity, Lazada Bonus is only available during selected mega sale days – where many items are also already offered at lower prices. Combined, this makes Lazada a great platform to shop for items you need thanks to the huge potential savings you can enjoy on the platform.

It’s not too late to
collect Lazada Bonus – click here to start accummulating
 before midnight!

Shopee: 10% Instant Rebate &  10% Coins Cashback Vouchers

While Lazada has its Lazada Bonus, Shopee rewards its users with 10% rebates through two types of vouchers: an instant 10% rebate voucher as well as its popular 10% coins cashback vouchers.

The
10% Rebate Now voucher (click here to collect)
 allows you to enjoy a 10% instant rebate of up to RM120 if you spend at least RM80 during your purchase. These vouchers are regularly offered during Shopee’s various sales (and not limited to the mega sale days like Lazada Bonus), making it quite valuable for orders of up to RM1,200.

If your potential purchase is worth higher, Shopee also has
coin cashback vouchers
, where you get your rebates in the form of Shopee Coins instead of instant discounts. The coins are awarded to you after your purchases are completed. Frequent Shopee users will be familiar with the 10% coins cashback voucher with zero minimum spend that refreshes monthly, capped at 5,000 Shopee Coins (worth RM50) and 15,000 Shopee Coins (worth RM150).

In addition, do also keep a lookout for other exclusive vouchers, such as those released daily that can give you up to 80% coins cashback, or exclusive new deals with 100% coins cashback. These are low-value vouchers that can offset your entire order (if they’re around RM5) – useful for small essentials.

Shopee Coins are useful – but only for future purchases. Shopee Coins can be used to offset 25% off your next order, capped at 3,000 Coins (RM30) per order. Plus, it can be used on all Preferred and Mall sellers, unlike LazCoins that are currently very limited in its usability (limited by stores, and not uniform in discount value).

That said, there is one downside to Shopee’s vouchers: you can only stack a very limited number of vouchers for each purchase order. Two, to be specific: a shop voucher + discount/platform OR free shipping voucher. As such, you’ll have to be discerning and choose the voucher combination that will let you save the most (which means you’ll need to do a bit of calculation ahead of time).

Another thing to note about Shopee’s vouchers is its voucher redemption mechanics, which is based on a “first redemption” basis. This means that even though you’ve claimed a Shopee voucher, it is not guaranteed yours to use; claiming it only puts it on your voucher list for easy application at checkout. Based on experience, the 10% Instant Rebate and high-value 10% Coins Cashback vouchers don’t usually run out as quickly as the 95%/100% cashback vouchers, but do keep a look out just in case – it’s not a great feeling when you can’t apply these vouchers at checkout because they ran out!

***

Whichever your shopping platform of choice, it’s always useful to do a little legwork that lets you shave more out of your shopping. But of course, don’t use that as a reason to shop recklessly! As we’ve always shared, the mega sale days are perfect occasions to stock up on home essentials or on big-ticket items that you need, because you can potentially save quite a fair amount compared to buying them at retail.

And, as always, don’t forget to put your
cashback credit cards for online shopping
 to work as well – that’s yet another money-saving layer for you as you spend!

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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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Rapid MRT Feeder Buses Going Fully Cashless From February Onwards

Rapid MRT feeder buses will be going fully cashless from 1 February 2019. Customers travelling on the MRT feeder bus can now enjoy a more convenient and smoother process riding with Rapid.

Commuters will not be able to use cash to pay for rides, instead they will need Touch ‘n Go cards with a minimum balance of RM3.00 to ride the MRT feeder bus. My100 and My50 unlimited-ride pass subscribers will also be available as payment options.

To fully transition to a cashless system, there will be a one-month grace period for current concession card holders including student, senior citizens, and disabled (OKU) to apply for the cashless concession card. Concession card users will still be able to use cash as a payment method up till 28 February 2019. The cashless payment system will be covering all 57 routes from Sungai Buloh to Kajang MRT depot.

Rapid expects 51% of its customers to go cashless while about 49% of its customers are already using cashless payment for their rides. For students, senior citizens, and OKU, you can apply for a concession card by logging on to
myrapid.com.my
 or head over to the Pasar Seni Concession Counter and Pasar Seni Bus Hub.

(Source:
Soyacincau
)

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Olivia Song

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Citi’s 9.9 E-Wallet Deals Offer RM18 Cashback, Vouchers

(Image: Bloomberg/Samsul Said)

Citibank is back again with another round of e-wallet reload deals in this year’s CitiCyberSale campaign. Set to take place from 9 to 11 September 2022, these promotions will offer Citi’s credit cardholders rewards worth RM18 when they top up a specified minimum amount to selected e-wallets.

Like
the previous round
 of such deals, this round of promotions also involves five e-wallets: Boost, GrabPay, Lazada Wallet, ShopeePay, and Touch ‘n Go (TNG) eWallet. Read on to find out the full details of the offers.

Boost

7,000 Boost Stars (with a minimum top-up of RM300)

Citi credit cardholders will be able to earn 7,000 Boost Stars (worth RM18) when they top up a minimum of RM300 to their Boost e-wallet during the promotion period. Offered on a first-come-first-served basis, this reward is only available for 1,000 cardholders.

If you win the reward, it will be credited into your BoostUP account by 30 September 2022, and will appear under “Boost Stars History”. Each cardholder is only eligible to win the reward once throughout the promotion period.

GrabPay

RM18 GrabFood voucher (with a minimum top-up of RM500)

You can earn a GrabFood voucher worth RM18 when you top up a minimum of RM500 to your GrabPay using your Citi credit card. Also available for the first 1,000 cardholders, this offer is limited to one redemption per Grab user throughout the offer period.

The GrabFood voucher will only be valid for 45 days from the issuance date, and can only be redeemed via payments made using Citi cards, GrabPay, or PayLater by Grab.

Lazada Wallet

RM18 cashback (with a minimum top-up of RM200)

The first 1,000 Citi credit cardholders to top up a minimum of RM200 to their Lazada Wallet during the promotion period will earn a cashback reward of RM18.

If you manage to win the cashback reward, it will be credited into your Lazada Wallet within 30 days from the date of the reload. You can then use the cashback reward by selecting Lazada Wallet as the payment option for your purchases.

Note that the cashback reward must be fully utilised within 30 days from the day you receive it; any amount that remains unused after the said duration will automatically expire.

ShopeePay

RM18 voucher (with a minimum top-up of RM200)

Citi credit cardholders can also earn an RM18 voucher when they top up a minimum of RM200 to their ShopeePay. Limited to 1,000 redemptions, this voucher is offered on a first-come-first-served basis as well.

If you manage to earn the voucher, it will be credited into your ShopeePay account by 24 September 2022, and must be utilised only on 25 September 2022 (one-day validity only). Each user is only eligible to win a maximum of one voucher throughout the promotion period.

Note, too, that to use the voucher, you will need to make a minimum purchase of RM200 from Shopee Mall or Preferred Sellers. Also, you may not use this voucher to purchase selected items, including baby diapers, food and supplements, top-ups, as well as S-Mart’s Milo. Finally, you will need to pay for your purchases using your ShopeePay or Citi credit card in order to redeem the voucher.

Touch ‘n Go (TNG) eWallet

RM18 cashback (with a minimum top-up of RM500)

Citi credit cardholders who top up a minimum of RM500 to their TNG eWallet during the offer period will be able to earn RM18 cashback. Also offered on a first-come-first-served basis, this reward is limited to 1,000 cardholders. Additionally, each cardholder is only eligible for one redemption per card.

Cardholders who manage to win the cashback reward will have the reward credited into their TNG eWallet account within 14 working days from the date of the top-up.

***

On top of these e-wallet reload deals, you can also tap into various other promotions offered in this round of
CitiCyberSale campaign
. These include the daily bonus cashback promotion that provides RM250 cashback, and the daily top spender offer that rewards top spenders with RM399 cashback!

There are also up to RM30 discounts that you can enjoy when you shop from a range of e-commerce platforms, including
Shopee
,
Lazada
, and
Taobao
. You can also get 17% off your hotel bookings when you book your accommodation via
Agoda
 or
Booking.com
.

(Source: Citibank [
1
,
2
])

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Digi Introduces New Roaming Passes, Monthly Subscription For Roam Like Home Postpaid Add-On

Digi has introduced two new international roaming plans for customers who may be travelling abroad soon, namely a three-day Asia Pass and a seven-day World Traveller Pass. Additionally, Digi customers who are subscribed to selected Digi postpaid plans may now also sign up for the Roam Like Home add-on as a monthly recurring package.

To begin, the three-day Asia Pass – which is priced at RM25 – offers 2GB of internet data and 30 minutes of voice calls. It can be used in more than 20 countries, including Vietnam, China, and Japan. There is an ongoing promo, however, that offers you some extra perks if you tap into this pass during your travels to Singapore, Thailand, and Indonesia; you’ll be entitled to an extra 2GB internet data – which means you’ll get a total of 4GB altogether.

Meanwhile, those who purchase the seven-day World Traveller Pass will be able to enjoy 7GB of internet data and 60 minutes of voice calls. Priced at RM50, this plan is usable in a total of 46 countries, including the United States, New Zealand, and Australia.

Here’s a table to better present the features of both the Asia Pass and World Traveller Pass:

Pass
Period
Features
Countries
Price
Asia Pass
3 days
– 2GB internet data
– 30 minutes voice calls
(
Promo: 4GB internet data for Singapore, Indonesia, Thailand
)
More than 20 countries
RM25
World Traveller Pass
7 days
– 7GB internet data
– 60 minutes voice calls
46 countries
RM50

Do note, though, that both plans are “for single-country use only”. This means that you cannot use these roaming plans in several countries if you are visiting more than one country during your journey. So for instance, if you’ve purchased the World Traveller Pass and are visiting both New Zealand and Australia, the plan can only be used in either New Zealand or Australia after it is activated.

Digi’s website also indicated that a 14-day Asia Pass will be coming soon, along with a special 14-day pass for Singapore, Indonesia, and Thailand. As such, you may want to check back occasionally to see if they’re already available if you’re in need of an international roaming plan with a longer period.

For postpaid users, on the other hand, there is now a monthly Roam Like Home add-on that you can tap into (subscribed at a fixed monthly fee). Available for customers who are subscribed to the Digi Postpaid 90 plan and above, it provides 10GB of internet data, 60 minutes of voice calls, and 60 minutes of international direct dialing (IDD) calls. It can be used in 10 countries – including Australia, Brunei, China, Hong Kong, and Singapore – with the pricing differing based on your plan.

Prior to this, the Roam Like Home add-on was available on a non-contractual basis; you can purchase it on a one-off basis (priced at RM35 per month). With Digi now enabling subscription to this add-on on a contractual basis, Digi customers who travel frequently will find the process to be much more convenient. As an introductory promo, Digi is currently offering the Roam Like Home add-on for free to existing Digi Postpaid subscribers without an active contract, provided they sign up for a 12-month contract via Freedom add-ons.

Finally, Digi customers who would like to purchase the international roaming passes (both the Asia Pass and the World Traveller Pass), or subscribe to the Roam Like Home add-on can do so via their MyDigi app.

(Sources:
Digi
,
Lowyat.NET
)

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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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airasia rewards Year-End Campaign Offers 100% Bonus airasia points, Complimentary 2D1N Hotel Stay

airasia Super App’s loyalty programme, airasia rewards is running a year-end Transact, Convert, Earn airasia points campaign that lets its members earn 100% bonus airasia points from selected transactions made with its merchant partners, as well as when they convert bank or loyalty points to airasia points. This is on top of an opportunity to win a complimentary two-day-one-night (2D1N) stay at Hard Rock Hotel Pattaya, Thailand by becoming the member with the highest converted points.

On its website, airasia rewards stated that members will be able to get 100% bonus airasia points when they transact with selected partners from a range of categories, including travel, lifestyle, Snap & Earn, and financial services. Some notable brands that you can transact with for this campaign are:

Categories
Brands
Travel
Agoda, Booking.com, Trip.com, Avis, Tune Hotels
Lifestyle
BIG Pharmacy, Freshtel Internet, Lazada, Shopee, Zalora, Watson
Snap & Earn
Santan, Resorts World Ayu Awana
Financial services
AXA Affin General Insurance, Tune Protect, CIMB Payday Deals, Rakuten Trade

The 100% bonus airasia points offer is also applicable for when you convert loyalty points from other partners to airasia points, such as banks (like Alliance Bank, Citi, Hong Leong Bank, AmBank, Affin Bank, and Maybank) as well as merchants (like Petron and Mydin). Of course, the conversion rate varies from partner to partner, so be sure to check before submitting a request to convert your points!

In addition to that, if you become the highest converter during the campaign period (with a minimum of 10,000 airasia points converted), you’ll also stand a chance to win a free 2D1N stay at Hard Rock Hotel Pattaya (Deluxe Room with breakfast for two persons).

If you’re interested to join in on this

Transact, Convert, Earn airasia points campaign
, the promo is already ongoing and is set to run until 31 December 2022. You can also consider downloading the airasia Super App and signing up as a member for free to access the campaign easily, on top of tapping into various other existing deals and convenient features. The airasia Super App can be downloaded for free from
Google Play
, the
 App Store
, and
 Huawei AppGallery
.

(Source: airasia [
1
,
2
])

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UOB To Revise Annual Fees For Its UOB ONE, UOB ONE Platinum

UOB Bank has announced that it will be revising the annual fees for its UOB ONE and UOB ONE Platinum credit cards, set to take effect starting from 1 June 2023.

Following this update, the annual fee for the UOB ONE card will be increased from its existing charge to RM120 and RM60 for the principal and supplementary card, respectively. Meanwhile, the UOB ONE Platinum card will soon cost RM195 (principal) and RM100 (supplementary) to own.

For comparison, here’s a table specifying the current and revised annual fees for both cards:

Card type
Current annual fee
Revised annual fee (as of 1 June 2023)
UOB ONE card
– RM68 (principal card)
– RM30 (supplementary card)
– RM120 (principal card)
– RM60 (supplementary card)
UOB ONE Platinum card
– RM168 (principal card)
– RM30 (supplementary card)
– RM195 (principal card)
– RM100 (supplementary card)

As for the benefits and features of the UOB ONE and UOB ONE Platinum cards, they will all remain unchanged. Cardholders will continue to be able to earn 10% cashback on four categories of expenses – petrol (including Setel CardTerus transactions), groceries, dining, and Grab transactions (including GrabPay topup) – in addition to an unlimited 0.2% cash rebate for all other retail purchases. To unlock this maximum cashback rate, however, you must meet the minimum monthly spend requirement, set at RM500 for UOB ONE and RM1,500 for UOB ONE Platinum.

Similarly, the cashback cap for the cards is also maintained at RM10 and RM15 per spend category for UOB ONE and UOB ONE Platinum, respectively. This means that UOB ONE cardholders will get a total of RM40 cashback if they maximise the benefits of their card, while UOB ONE Platinum cardholders can get up to RM60 cashback (not including the unlimited 0.2% cash rebate).

For context, this update by UOB is likely made in a bid to standardise the benefits and features of the UOB ONE card and the Citi Cash Back credit card, as
UOB has acquired Citi’s consumer banking business in Malaysia
 (along with those in Indonesia, Thailand, and Vietnam). Back in August 2022,
the perks of the UOB ONE and UOB ONE Platinum cards were revised to match those of the Citi Cash Back card
, which is a popular card among cardholders.

Meanwhile, UOB’s efforts in
consolidating and migrating Citi’s products and services to its own ecosystem
 is expected to continue until the end of 2023.

(Source:
UOB
)

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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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“PM For Details” As A Selling Tactic Is Illegal

The Domestic Trade and Consumer Affairs Ministry (KPDNHEP) stressed that the existing law makes it illegal for online traders to ask buyers to “PM for details”. This is to ensure consumers’ rights are better protected. In various cases, the online sellers were asking potential buyers to PM (private message) them before giving prices and details of the products.

Azman Adam, the chief enforcement officer of KPDNHEP Selangor division, said that the law compels sellers to display all the necessary details consumers should know for them to make an informed decision before making a transaction. Azman added that the enforcers from KPDNHEP will take action upon sellers who failed to display products’ specifications online before finalising transactions with buyers.

KPDNHEP has received many complaints from consumers, mostly against online sellers from social media sites like Instagram and Facebook. Last year, a total of 1,195 complaints involving online shopping were received and this year there were already 194 complaints recorded. The complaints mostly cite online traders asking buyers to “PM for details” and the details will only be given via private message. Besides, there were also a lot of cases where the prices of goods were not displayed, or goods weren’t received on time or as advertised.

(Source: New Straits Times
)

According to the Consumer Protection Act 1999, online businesses are required to display:

The
full prices
 of the goods or services, including the taxes and transportation or other costs;

Name of the person operating the business or the company and business name;

Business or company registration number;

Email address, telephone number or address of the person running the business;

Description of the main characteristics of the goods or services;

Methods of payment;

Terms and conditions; and,

Estimated delivery time.

If the sellers are unable to follow these requirements, they could either be fined up to RM50,000 or face up to 3 years of jail sentence or both upon conviction.

Azman cited one recent case under Section 145 of the Consumer Protection Act 1999 in which an online furniture company failed to adhere to the requirements. The company did not display the prices and specifications of its furniture sold online – it was asking prospective buyers to PM for price and details instead. The numerous complaints received against the company led to KPDNHEP’s raid at its premises in Seri Kembangan.

For consumers who encounter online businesses not adhering to the requirement and wish to file a complaint against the company, you may contact KPDNHEP via:

Toll free number – 1 800 886 800 or

Online e-Aduan system –
http://e-aduan.kpdnhep.gov.my/

(Source:
The Sun Daily
,
New Straits Times
)

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Hayatun Razak

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