Several State Governments Announce Special Raya Bonus For Civil Servants

(Image: The Star)

Several states across the nation have announced special financial incentives for civil servants in conjunction with Hari Raya Aidilfitri. These include Pahang, Kedah, Negeri Sembilan, Melaka, Perak, and Selangor, as well as Sabah and Sarawak.

Here’s a list of the states that have announced their Raya incentives for civil servants across Malaysia:

Pahang

Approximately 8,000 civil servants of all grades in the state will receive RM1,000 each on 7 May 2021. “Others who will receive the payment are federal civil servants with grade Jusa C and above who are serving in the state,” said the chief minister of Pahang, Datuk Seri Wan Rosdy Wan Ismail. This incentive will involve a financial allocation of about RM8 million.

Kedah

RM1,000 Hari Raya Aidilfitri assistance will be given to all state civil servants, benefitting approximately 5,300 individuals, including contract workers. The payment will be made before Aidilfitri, which is expected to fall on 13 May 2021. A total of RM5.3 million has been allocated for this benefit.

Negeri Sembilan

Those serving in the state civil service, local councils, and statutory bodies will get a half-month salary bonus or a minimum RM1,000 special payment for Hari Raya. The money is expected to be paid on 3 May, benefitting 5,843 employees (3,974 in the state civil service, and 1,869 in local councils and statutory bodies). This exercise will cost the state government RM9.9 million in total.

Chief minister Datuk Seri Aminudin Harun said that the payment is to reward these employees who have performed well in the past year, as well as to help them prepare for Hari Raya as almost 92% of them are in the B40 category.

Melaka

5,169 civil servants (including daily part-time and contract workers) will benefit from a special aid of half-month’s salary or a minimum of RM1,000. Payment will be paid alongside their May salary on 6 May 2021, or before Raya. Meanwhile, government pensioners will obtain financial incentives of RM250.

Selangor

Civil servants, grassroots society leaders, and religious leaders will be provided with a half-month’s salary bonus, or a minimum incentive of RM1,000 or RM500 (depending on their role) in conjunction with the upcoming Raya celebration. The aid is to be given to all state government workers under the employment of the federal government, and will be paid out on 19 May or a week after the start of the Aidilfitri month. A total budget of RM22.67 million has been earmarked for this exercise.

Perak

The Perak government has agreed to gift an Aidilfitri bonus of RM1,000 to all civil servants. The money will be paid on 20 May 2021, after Hari Raya. The chief minister of Perak, Datuk Saarani Mohamad justified the later date of payment by saying that most civil workers will have received their April and May salaries before the festival.

Sabah

A total of 22,189 civil servants in Sabah (Grade 54 and below) will receive a Raya bonus of RM500, with recipients including daily part-time employees and workers in state statutory bodies and local authorities. On top of that, government pensioners will also receive a special payment of RM250. The incentives will be disbursed on 7 May 2021.

Sarawak

The Sarawak state government will pay a special aid of RM500 to all state civil servants for Hari Raya Aidilfitri and Gawai. Pensioners, too, will receive a financial assistance of RM250. Payment will be paid in May ahead of both festive celebrations.

***

These provisions by the state governments came at the heels of an earlier announcement by the federal government, made just last week. On 23 April 2021, the Prime Minister’s Office (PMO) said that a
special Aidilfitri bonus
 of RM500 will be paid out to federal civil servants along with their salary on 6 May, and RM250 to government pensioners.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Aidilfitri Aid

Civil Servants

Government Aid

Government Pensioners

Hari Raya

Hari Raya Aidilfitri

Hari Raya Bonus

Prime Minister's Office

State Governments

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BigPay Offers RM1,500 Online Vouchers And Unlimited Cashback As Extra Incentives For ePemula

Now that the ePemula programme is live, BigPay – one of the
four e-wallet partners selected for the initiative
 – is ready to
accept registrations from eligible youths
. In addition to the RM150 ePemula e-credit that will be disbursed, individuals who sign up with BigPay will also be entitled to exclusive online vouchers worth RM1,500, as well as unlimited cashback from selected merchants.

Just like all the other e-wallet partners, BigPay will be sweetening the deal with some additional incentives, which you can use alongside the ePemula e-credit received. Here’s a list of the other perks that you can also expect to enjoy when you register for the ePemula programme with BigPay:

Exclusive online vouchers
Unlimited cashback via selected merchants (offered through BigPay’s partner, Pulse iD)
– RM1,000 from airasia academy
– RM325 from various airasia flights and hotel deals
– RM76 from airasia Deliveries
– RM40 from Zalora
– JD Sports
– Caring Pharmacy
– Watsons Pharmacy
– Focus Point
– Hermo
– Klook
– Eat Cake Today
– …and others

On top of these offerings, BigPay also has some additional gifts that you can also win by taking some specific steps. For instance, if you sign up with a promo code (“
PCEPEMULA
”), you’ll stand a chance to win an iPhone 13. There are also opportunities for you to win up to 100,000 airasia rewards points.

If you’re eligible and ready to register for the ePemula programme via BigPay, the process is relatively straightforward; if you’re a new user, you’ll need to first sign up for a BigPay account. Once it’s approved, go ahead and tap on the ePemula tile found in your BigPay app (under the Payments tab), and follow the instructions provided to register.

You’ll be required to verify your identity via the electronic Know-Your-Customer process (eKYC), as well as provide some personal information. After submitting your application, you’ll be notified when your claim is successful, and the RM150 ePemula e-credit will be issued to you within three days from the application date.

Of course, if you’ve claimed your ePemula e-credit with BigPay, you cannot do so with any other e-wallet partners; each individual can only claim the e-credit once from one e-wallet service provider of their choice. Do also note that the RM150 ePemula e-credit can only be used for offline transactions, while BigPay’s incentives may be used for online and offline purchases – depending on the terms and conditions.

If you’re not aware,
ePemula
 is an initiative that is aimed at encouraging cashless transactions among Malaysian youths. Specifically, a one-off RM150 e-wallet credit will be disbursed to youths between the age of 18 to 20 (born between 2002 to 2004) and full-time students at registered local higher learning institutions (studying diploma or SKM4 and above).

(Source:
BigPay
)

0

0

votes

Article Rating

SHARE

TAGS:

AirAsia

BigPay

E-Wallets

ePemula

Pulse iD

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank Revises Benefits For Maybank 2 Cards, FC Barcelona Visa Signature, & Singapore Airlines KrisFlyer American Express Cards

Maybank is revising the benefits of a majority of its most popular credit cards, including the Maybank 2 Cards
Gold
 and
Platinum
, the
FC Barcelona Visa Signature
, and the
Singapore Airlines Krisflyer American Express Gold
. Effective 1 June 2019, the changes will likely affect how cardholders use these cards.

Across the board, the revisions impact the benefits of the cards. Let’s look at the changes of each card.

Maybank 2 Cards Gold
 &
Platinum
 (American Express)

Arguably the most popular Maybank credit cards, the new revision will see 0 TreatsPoints awarded on weekends for all spend, instead of the current 5x TreatsPoints rewarded every day. Weekday spending with the Amex card will still receive 5x TP.

In addition, the 5% weekend cashback for the Amex card will not apply when used for utilities and Government bodies. Other retail spend on weekends is not affected, and will still be eligible for 5% cashback, capped at RM50 per month with no minimum spend.

At the current redemption rate of TreatsPoints for Maybank 2 cards (500 TreatsPoints = RM1), the 5x TreatsPoints benefit offered by the Amex card was effectively an additional 1% in value.

Maybank FC Barcelona Visa Signature

Another popular Maybank cashback card, the cashback revision for the FC Barcelona Visa Signature follows that of the Maybank 2 Amex above: no cashback will be awarded for spending utilities and Government bodies.

However, the core cashback benefit for this card still remains. Cardholders will receive 2% cashback for all retail spend with the card on every month except May and August, capped at RM50 a month. For May and August, which are the months where the football season ends and begins, cardholders receive 10% cashback instead, and is capped at RM100 a month.

Maybank Singapore Airlines KrisFlyer American Express Gold

A silent favourite, this card was one of few that offered rewards for Government-related spending. Unfortunately, this revision will see that benefit removed. From 1 June, the card’s benefit of 1 KrisFlyer mile for every RM2 spent will not apply for any utility and Government body transaction.

Utility or Government body transactions will also not count towards the Double KrisFlyer Miles benefit, which doubles the KrisFlyer Miles rewards when the cardholder spends a minimum of RM60,000 within the card anniversary date (capped at 100,000 KF Miles).

———-

In all, the revision of the Maybank credit cards’ benefits will hit hardest on cardholders who enjoy cashback benefits for paying their utility bills with the Maybank 2 Amex and the FC Barcelona Visa Signature. For the Maybank 2 Amex, cardholders now earn either 5X TreatsPoints or 5% cashback, and not both.

Meanwhile, Singapore Airlines KrisFlyer Amex cardholders may likely find it harder to earn air miles with the removal of utility and Government body spending. But with the RM2 = 1 KrisFlyer mile remaining unchanged, this card may still be beneficial for those who are not eligible for the Maybank’s top-tier cards which offer better air miles conversion rate.

Speaking of which, Maybank has also
revised the benefits of its top-tier credit cards that include all Maybank Visa Infinite and Maybank World Mastercards
.

(Source:
Maybank
)

0

0

votes

Article Rating

SHARE

TAGS:

Credit Card Revisions

Maybank

Maybank 2 Gold

Maybank 2 Platinum

Maybank FC Barcelona S

Singapore Airlines KrisFlyer American Express Gold

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Hong Leong’s Visa Campaign Offers Attractive Prizes, Including Trips To FIFA World Cup In Qatar

Hong Leong Bank is currently running its Ole Ole Bola campaign, offering Visa credit and debit cardholders a range of prizes, including trips to the FIFA World Cup in Qatar, official FIFA merchandise, and daily cashback rewards. Open to all new and existing Hong Leong Bank Visa credit and debit cardholders, this campaign is already ongoing and is slated to run until 26 July 2022.

To participate in the campaign, you’ll need to spend a minimum of RM50 in a single transaction between today until 26 July 2022 to earn tokens – which you can then use to play the
Ole-Ole Bola game
 and win the various rewards provided. Points accumulated through the game will enable you to secure either one of the four grand prizes, or daily prizes (for top daily scorers):

Prize categories
Prizes
Number of winners
First place
5D4N package for 2 persons to attend the FIFA World Cup Qatar 2022
final match
1
Second place
5D4N package for 2 persons to attend the FIFA World Cup Qatar 2022
semi-final match
1
Third place
5D4N package for 2 persons to attend the FIFA World Cup Qatar 2022
quarter-final match
1
Fourth place
5D4N package for 2 persons to attend the FIFA World Cup Qatar 2022
quarter-final match
1
Top 1 – 10 daily scorers
Official FIFA World Cup Adidas Al Rihla mini ball
10 winners daily (620 winners throughout the campaign)
Top 11 – 100

daily scorers
RM5 cashback reward
100 winners daily (6,200 winners throughout the campaign)

Note that each cardholder is only eligible for one daily prize per day, while there’s no limit to the number of daily prizes you can win throughout the campaign. Also, only retail payments are considered eligible for the campaign; it excludes transactions such as monthly recurring or auto-billing payments, as well as credit card transactions that are processed manually or offline.

Do also be aware that if you’re playing the game for the first time, you’ll need to perform a one-time registration and create a game account. Additionally, your game token may not necessarily be awarded to you immediately after your eligible transaction; it may be provided within five days from each successful transaction.

Hong Leong further clarified that you can earn up to 100 tokens per day; the number of games you’ll be allowed to play will depend on the number indicated by your tokens. The tokens earned will also remain for the stated number of games throughout the game period (up until 31 July 2022).

Finally, Hong Leong Bank will calculate the scores earned by all players of this game to determine the grand and daily prize winners. The winners will then be announced via the
campaign’s microsite
. Additionally, grand prize winners will be contacted by the bank within two weeks after the announcement on 31 October 2022.

Meanwhile, if you manage to win the official FIFA World Cup Adidas Al Rihla mini ball as a daily prize, it will be couriered to you by 30 November 2022. And if you earn the RM5 cashback reward, it will be credited into your most active card account (on either 31 August or 30 September 2022, depending on your spend period).

(Source:
Hong Leong Bank
)

0

0

votes

Article Rating

SHARE

Not yet a Hong Leong Bank credit cardholder?

Apply now!

TAGS:

FIFA World Cup

FIFA World Cup 2022

HLB

Hong Leong Bank

Hong Leong Bank Credit Cards

Hong Leong Bank Debit Cards

Hong Leong Bank's Visa

Ole Ole Bola

Promotional Campaigns

Qatar

Visa

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Prudential Has A New AI-Driven Mobile App, Pulse

Prudential has launched a new mobile app called Pulse, an all-in-one digital app offering holistic health management tools. The Pulse app aims to seamlessly integrate personal health management into everyday life, using artificial intelligence to power its self-help tools and provide users with relevant real-time information.

The app provides users with a range of personal health management features, such as self-assessed health checks as well as symptoms and care recommendations. Pulse also lets you consult with a board-certified doctor within its app, a feature powered by the online medical consultation group DoctorOnCall. In addition, you can use Pulse to keep track of your health information and use location services to find the closest clinic and hospital near you.

“Digital technology is revolutionising healthcare delivery and experience,” said Minister of Health Dr Dzulkefly Ahmad at the official launching of the Pulse app. “With instant, reliable health information at their fingertips, people will be able to make more informed decisions when it comes to managing their own health, particularly in the care of non-communicable diseases.”

Pulse is accessible to all members of the public for free, with the promise of special perks in the works for Prudential customers. According to Prudential, Pulse is an evolving platform and the insurance company will be adding new partners, tools, and services to the app in phases. Pulse is available for download on both
Google Play
 and the
App Store
.

0

0

votes

Article Rating

SHARE

TAGS:

Prudential

Prudential Pulse

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


What To Do When Your Flight Gets Delayed

Your Rights as a Flight Passenger

Getting delayed is more than just a travel inconvenience when extended delays cause you to miss a connecting flight or lose your hotel booking.

You could incur more expenses and at the very least, have a wrench thrown in your itinerary and travel plans.

But you do have rights for compensation and care when you’re flight gets delayed or cancelled; the trouble is that these rights tend to vary by regions and with carriers.

Flights within the
European Union
 (EU) have some of the best compensation rights for passengers (e.g. a monetary benefit of EUR250 to EUR600) but elsewhere, unless the airline is at fault (e.g. overbooking, etc.), there isn’t an immediate obligation to refund or compensate you.

Let’s take a look at some of the compensation and care you should receive when delayed:

If your flight has been delayed by two hours or more, when flying to or from Malaysia, you may request
meals and refreshments, access to internet, and telephone calls
 as per the
Malaysian Aviation Consumer Protection Code 2016
.

But what if your flight is delayed for so long that it would warrant an overnight stay (or for delays of 5 hours or more), then you should ask for
hotel accommodation and transportation arrangements
 to be made free of charge!

Now if your flight has been cancelled, the airline has to offer you the choice between reimbursements or to be rerouted as soon as possible at no extra charge.

As mentioned, when it comes to flights to or from a country within the EU, you can get paid for being delayed in addition to receiving care and assistance from the airline to make your wait more comfortable.

As additional pre-travel prep, be sure to find out about the specific compensation rules of your travel destination and the airline’s conditions of carriage.

How to Get Compensation:

Both the
Malaysian Aviation Commission (MAVCOM)
 and EU regulations prefer that customers deal with the airline first to resolve issues before lodging a complaint. Here’s how you can get care from your airline:

Get on the phone immediately
. Most airline
customer service
 lines are open 24 hours a day, so call, relay your issues and ask for assistance.

Send an email
; this is a preferable method in addition to calling that gives you black and white proof in cases of disputes later on. You can also use the
live chat
 or Twitter option where available to receive speedy feedback.

Speak to a supervisor at the ticketing counter or office at the airport to check for
possibilities of flight upgrades, endorsing your tickets for a flight on another airline or even lounge access
 to keep you comfy while you wait.

Bonus Tip:
 Remember to
keep all your original receipts
 for reimbursements.

In cases of dispute, even for foreign airlines, you can make a complaint with
MAVCOM
 as long as the flight either departs or arrives in Malaysia. For flights in and out of the EU, you can use the
Air Passenger Rights Complaint Form
.

Travel Insurance

To limit repercussions from delays e.g. missing flight connections and hotel bookings, be sure to buy travel insurance before you head off on your journey.

Travel insurance is also super helpful when it comes to dealing with travel inconveniences (e.g. claims for loss baggage) and some even provide hospitalisation benefits while traveling.

You might be able to receive complimentary travel insurance with good
travel credit cards
 that cover you when you pay for your flight and related purchases with the card.

If you aren’t using a credit card or if yours does not provide coverage, check out our comparison page to find the best travel insurance plan for you. Don’t forget to participate in our Travel Getaway Campaign and get freebies like a
free
 return flight ticket to
Singapore
 or any of the 19 attractive destinations and a
free
 travel insurance!

0

0

votes

Article Rating

SHARE

TAGS:

Airlines

Consumer Rights

Flight Delay

Flights

Mavcom

Travel Insurance

Travelling

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank Is One Of Only Two Malaysian Companies In Brand Finance’s Global 500 Brands

For the first time ever, Maybank has been named in Brand Finance’s Global 500 Brands. It is one of only two Malaysian brands in the list, and the only local bank to make it onto the prestigious list.

Maybank was 494th in the list of 500 brands worldwide, achieving a brand valuation of US$4.2 billion (RM17.27 billion) which marks an impressive 32% increase from last year’s US$3.16 billion valuation. Maybank also maintained its position as the top bank brand in Malaysia for the fifth year running. On top of that, it has improved its previous rating of AAA- to AAA and increased its Brand Strength Index (BSI) from 82/100 to 86/100. BSI is one of the key drivers that helps brand valuation and determines the strength of a brand.

Maybank’s steady brand improvement showed at a regional level as well, as it was among only eight ASEAN brands that were listed in the global ranking. Group president and CEO of Maybank, Datuk Abdul Farid Alias said that the recognition was a reflection of Maybank’s efforts in building relationships with stakeholders and delivering consistent value through all its products and services.

In a statement, the bank stated that it has been developing a meaningful brand experience centred on humanising financial services as well as a commitment to being at the heart of communities where it operates. Maybank is currently focusing on providing next-generation customer experience, as technology is influencing our lifestyle and the banking habits of today.

Lastly, Brand Finance Asia Pacific managing director Samir Dixit said that Maybank has started to threaten some prestigious global brands and is now competing at a global level when it comes to world strength and recognition.

(Source
: The Star
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Brand Finance

Brand Finance Asia Pacific

Brand Strength Index

BSI

Global 500 Brands

Maybank

Samir Dixit

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How to Build a Credit History Without a Credit Card

A credit score or credit history should sit right up there as one of the more important aspects in life. Why, you ask? It’s how financial institutions assesses your payment pattern and serves as a good indicator of debt management. This allows creditors to foresee the outcome of possible future loans or facilities they would be extending to you.

One of the easiest ways to create a history is by owning a credit card. But a large segment of people do not believe in owning them as they prefer to pay in cash. If you do not own a credit card to build up a credit history, what are the alternatives?

Student Loans

If you haven’t received your parents’ financial backing for higher learning fees and expenses, it would highly likely mean you’ve taken up a student loan (in most cases). From PTPTN to private bank loans, they all contribute to the credit score you never knew latched to your name.

When you start earning, most of these loans repayment process would almost immediately be triggered and you would be made to pay them back unscrupulously. If you are among many students who were lucky enough to receive any form of funding, ensure you pay them back on time accordingly to avoid your credit history from being tarnished.

Hire Purchase

In the beginning stages of building a career, among the popular first big purchases that most people tend make involves vehicles. Although some would disagree with starting out on a huge debt purchase that depreciates over time, it does have a certain degree of practicality in use and entailing benefits.

Getting a hire purchase loan for your new car allows you to start building a credit score when paying monthly installments. But do bear in mind that most cases would require down payment. If credit cards aren’t exactly your thing, purchasing a vehicle might be a good way to get your credit score running and of course, get you to work in pretty comfortable fashion (not if you just love riding in public transportation).

Co-Sign a Loan

Another way a person can build up a credit score is by actually taking up a loan with someone else. This doesn’t mean you should be waiting outside banks to co-sign loans with strangers – they must be trusted because it will all be on you should they decide to pull a Houdini with repayment.

Pick an extremely responsible person that you can trust before co-signing a desired loan type. It is a big commitment to be part of, but it is among one of the few ways to build up a credit history should you choose not to go with the pocket-size credit card or any of the above. It also fosters discipline in repaying debts.

Do check out our previous post on how you should
never co-sign a loan unless you can pay it in full yourself
 because the risks involved in this are pretty big.

It is Pretty Easy to Build a Credit History!

The tips above could work for you but may not apply to everyone. The easiest and fastest way to build up a credit history with banks is indeed by owning and using a credit card. If you’re apprehensive even about having a credit card just to keep your credit score pulsing, you may want to consider applying for one without any annual fees to keep expenses down to a minimum.

Or perhaps you’d like to get some returns on expenses while building up a healthy credit score – try applying for a cashback card instead. Do check out our
list of the best credit cards in the country
 to pick one that would suit your financial needs and desires best.

If you have any thoughts or comments on matters discussed above, feel free to drop us a line in the comments section below.

0

0

votes

Article Rating

SHARE

TAGS:

Car Loans

Credit Health

Credit History

Hire Purchase

Student Loans

About THE AUTHOR

Gavin Pereira

Gavin Pereira

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Citi Rewards Card Revision Offers 200,000 Rewards Points When Paying Annual Fee

Citi Rewards credit cardholders can soon look forward to upsized Annual Bonus Citi Rewards Points. Effective 23 August 2020, Citi will be awarding 200,000 rewards points if you pay your Citi Rewards Card annual fee – double the points from the 100,000 rewards points offered currently.

Annual Fee Payment

Before 23 August 2020

Effective 23 August 2020

Principal Card

100,000 Bonus Citi Rewards Points

200,000 Bonus Citi Rewards Points

Supplementary Card

25,000 Bonus Citi Rewards Points

25,000 Bonus Citi Rewards Points

The upsized rewards are not tied to any campaign – this is going to be a permanent feature of this card. But, do keep in mind the annual fees for the Citi Rewards Card, which is RM600 for a principal card and RM150 for supplementary cards. Citi’s Rewards Points are evergreen, which means they do not expire.

The Annual Bonus Citi Rewards Points are automatically awarded to Citi Rewards Cardholders upon renewal and payment of full annual fees for the card. The credited points will be reflected in the subsequent month’s statement and there are no other restrictions or conditions to fulfil for you to qualify for these bonus points.

Of course, no bonus points will be awarded if the annual fee is waived. Citibank also reserves the right to reasonably “claw back” the bonus points if the annual fee is waived after receiving the bonus points or if you terminate your credit card thereafter.

The
Citi Rewards Card
 offers 5x Rewards Points for every RM1 spent at major departmental stores and supermarkets or hypermarkets, 5x Rewards Points on overseas spend, and 1x Rewards Points on other local spend. It is available to those who earn a minimum annual income of RM60,000 or RM5,000 per month.

(Source:
Citibank
)

0

0

votes

Article Rating

SHARE

TAGS:

Annual Bonus Citi Rewards Points

Annual Fees

Bonus Rewards Points

Citi

Citi Credit Cards

Citi Rewards Card

Rewards Points

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TNG Introduces Special Edition Mission GreenPossible Enhanced TNG Card, Priced At RM25

Touch ‘n Go (TNG) has announced the release of yet another new special edition enhanced TNG card, equipped with near-field communication (NFC) capability. This time round, the new card is offered in collaboration with Yayasan Hijau Malaysia, under an ongoing Mission GreenPossible campaign.

This special edition card – which features key visuals from the Mission GreenPossible campaign – has a heftier price tag of RM25, in comparison to the usual RM10 charged for the standard TNG NFC card. For each card purchased, a contribution of RM1 will be made towards the Mission GreenPossible campaign, which in turn, enables trees to be planted.

Those who are interested can head on over to
the official Lazada store of TNG eWallet
, where you can pre-order the card. Note that you are only allowed to pay for this purchase using TNG eWallet, and each user can only purchase a maximum of four cards (one enhanced TNG card within six months from the date of purchase). Once bought, your card will be shipped in 30 days.

With regard to the GreenPossible campaign itself, TNG had announced this partnership with Yayasan Hijau Malaysia – an agency under the Ministry of Energy and Natural Resources – much earlier
back in October 2022
. Ultimately, it aims to plant 100 million trees by 2025, guided by the theme “Our Trees, Our Life”. As of 21 November 2022, a total of 48 million trees have been planted nationwide under the campaign.

If you would like to contribute to this cause, but do not wish to purchase a special edition enhanced TNG NFC card, you can also opt to make a direct donation via your TNG eWallet. Donations can start from as little as RM1; all the donations will contribute to the growth of a virtual tree, and once a virtual tree achieves 100% growth, a batch of trees will be planted at locations determined by the agency.

TNG also explained that the donations received will fund a scope of work, from preparing tree saplings to planting and maintenance for two years. Do also be aware that you are entitled to tax exemption for your donations; you can obtain a receipt of your donation for tax deduction by contacting Yayasan Hijau Malaysia.

Aside from the Mission GreenPossible TNG NFC card, TNG had also released several other special edition cards before. The most recent is a
Christmas edition charm
, on top of others such as the
United Voice edition
 and the
HONOR 70 Icelandic Frost edition
.

(Source: TNG eWallet (
1
,
2
))

0

0

votes

Article Rating

SHARE

TAGS:

Enhanced TNG Card

Enhanced Touch 'n Go Card

Ministry of Energy and Natural Resources

Mission GreenPossible Campaign

TNG

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

Yayasan Hijau Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysian Petrol Prices Hit Shocking Low of RM1.60 (RON 95) in March 2016

Petrol prices used to be the thing every reported when it changed until the float system was implemented in December 2014. Seems an awfully long time ago. On the float system, we invariably saw prices of RM1.70 – RM1.95 for RON 95 but
today, pumps will be selling this widely used fuel for just RM1.60 per litre
.
RON 95 was introduced in 2009 as a replacement for RON 92
. Even at it’s introductory price, RON 95 was sold for RM1.75.

If you’re curious to see the whole rise and fall in one database,
Paul Tan
 has an excellent store of all the announcements made regarding the contentious issue of fuel prices in Malaysia the past few years.

No doubt, it has been a tumultuous ride for all of us. From the massive price increases we saw post reduction of fuel subsidies to the implementation of the float system, it seems the price of petrol has always stirred much turmoil in the hearts of Malaysians. You’d believe that this new announcement would serve to make us a little happier.

But it seems just a little sad that the
days of jamming gas stations before the strike of midnight
 is gone. It was one of those things that brought us all together – literally. Jokes aside though, more than that: it’s difficult to watch one of the country’s prime commodities
fall so much in value
.

Although, lower fuel prices are good for average Malaysians in the short term – it isn’t so good for the country and therefore, the rest of us in the long term. When a prime commodity is adversely affected, it also
affects our currency exchange rate
 and influences the
Malaysian stock exchange
.

Prices as at 1st March 2015

As mentioned, RON 95 has hit an all time low, but here are the changes to the other fuel types:

RON 95: RM1.60

RON 97: RM1.75

Diesel: RM1.35 (unchanged)

Euro 5 Diesel: RM1.45

Just for fun, last month’s prices looked like this:

RON 95: RM1.75

RON 97: RM2.05

Diesel: RM1.35

Prices have seen a steady decline since December.

Cheaper fuel may just encourage most of us to drive more than we did before and it may make driving even cheaper (for now anyway) than some of the public transport increases we’ve seen to date. Perhaps we could simply look at it (until it increases), as a way to even out the affects of that massive toll hikes!

0

0

votes

Article Rating

SHARE

TAGS:

Paul Tan

Petrol

Petrol Price

RON95

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


5 Things to Know About Car Loans

Are you ready to buy a car? Well, if you’re planning on taking out a loan to finance that purchase, there’s a thing or two you need to know about
car loans
. Read on for an in-depth look at this very necessary loan product.

You’ve got your licence to drive and now you’re looking for the right car to take you from Point A to Point B and everywhere in between, but did you consider how you’ll pay for it?

Since most people don’t have large stores of cash just lying around, this purchase is usually made with the help of car loans. Before taking one out though, it’s time to get familiar with car loans, here’s our top on 5 on what you need to know.

1. Interest Rates

Interest rates apply to all types of loans and naturally car loans are no exception. The rates set for car loans are partly based on 2 main vehicle-related factors, firstly, if it is a national or foreign-made (brand) and second, if it is a new or used car. In general, national and second-hand cars have higher interest rates.

Of course, these are not the only elements that come into play with interest rates. Loan amount and tenure, reference rates, borrower’s credit history and status, as well as bank-dealer pacts and promotions are significant determinants as well.

Most people opt for fixed interest rate loans by which a flat rate is paid off every month. But, do note that these loan types mean that interests are being calculated on the principal and not it’s reducing balance.

In other words, you could be paying more in interest if compared to flexible rate loans. Nevertheless, if you are the type who has difficulty with making less structured payments, caution is warranted for undertaking
flexi car loans
.

2. Down-payments and Margin of Financing

It’s a good idea to put a down-payment for the loan if you’re able as you’ll benefit from borrowing a smaller amount, and thereby paying less in total interest costs.

Consider though that per annum interests are usually lower for larger sums borrowed (within a specified range) but you’re still paying more in overall interest.

If you don’t have the funds or prefer to invest your down-payment elsewhere, you might be able to obtain a 100% margin of financing if eligible for special loan schemes. Otherwise, the regular requirement for car loans is a minimum 10% down payment for new cars and 20% for used cars.

3. Guarantors and Collateral

While some banks do require a guarantor, others do not. If you’re not too confident with your financial situation, it might better to find a guarantor to help get your loan approved and possibly even, obtain better rates.

Most banks won’t require a guarantor as your car loan is technically backed by collateral: that is the car you are purchasing. Should you default, they will repossess your car.

That said however, in such bad economic times, banks realise that cars depreciate over time and bad maintenance could render the car almost worthless. To safeguard their interests, a guarantor is still required.

4. Loan Tenure, Repayments and Early Settlement

How much time do you need to pay off this loan? Well, this is where loan calculator tools come in handy to help you run repayment simulations and assist in figuring out a suitable time-frame to settle the loan.

In Malaysia, you may take out a car loan for a minimum of 1 year to a maximum of 9 years. Depending on your loan amount and interest rate employed, your monthly repayments will be bigger for shorter-tenured loans.

Depending on the type of loan undertaken, you may save money with early settlement. If you’re on a fixed rate however, careful calculations are needed to make sure your rebate (if any) is justified. Banks in Malaysia do practice the Rule of 78. To find out more about that, check out the handy guide on our sister site, Savemoney.

5. Insurance and Road Tax

It’s compulsory to purchase insurance and road tax for your car, thus you should remember to include this amount so you’ll have no surprises in terms of how much you’ll need to borrow or make in down payment.

Insurance payments are usually much higher than road tax payments but you can use our
car insurance calculator
 to help you estimate premiums.

You will often find that the bank giving you the car loan will arrange insurance for you with their selected insurers so if you want to find one of your own, do ask them if it will be possible.

Tip
: Banks usually hold on to car grants until the end of the loan repayment tenure but did you know you could ask to get it back earlier? Most banks will allow you to retrieve your car grant after the first year of full and precise repayment (but do confirm this with your bank!).

You can then use the grant to obtain a different insurance plan or get road tax done yourself sans runner fees by the bank.

Getting the Best Deal

When taking out a car loan, remember that this is a highly competitive area and thus the ball may be in your court. This is of course provided that you meet all the lending criteria (adequate salary, good credit standing).

What you’ll need to do is engage both the dealer and bank for the best deal possible. How would you go about doing this? Well, from the dealer, you’ll want the lowest possible price on the car and also to benefit from any special arrangements, the dealer may have with the bank.

Then for your car loan needs, take advantage of
our ultimate car loan calculator
 to help you find the loan with the
lowest interest rate
. Apply to one or more banks to see which one gives you the best offer, then compare away.

4.3

4

votes

Article Rating

SHARE

TAGS:

Car Insurance

Cars

Collaterals

Down Payment

Early Settlement

Guarantors

Interest Rates

Loan Repayment

Loan Tenure

Margin of Financing

Personal Finance

Road Tax

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Here's What to do if You're the Victim of Credit Card Fraud

If you’ve ever gone through the misfortune of seeing an unauthorized charge on your credit card statement, you’ll know just how nerve-wracking the situation can be. When faced with this scenario, take a swift action to limit your liabilities and secure your credit card from further unapproved charges.

Is it Really Fraud?

The first thing to do when you notice an unusual transaction on your
credit card
 statement/bill is to identify if the charge is really fraudulent to begin with. Consider that certain purchases you have made may be billed under an unrecognized biller.

This is often the case with online purchases, where charges may not be credited under the website you shopped with, but rather its company name. For instance, purchases from Lazada, the online shopping website, will appear on your bill as ‘Ecart Services’.

What you
should
 do every time you buy online is print or download the receipt. This way you can cross reference and verify the details of your payment when your statement arrives.

At other times, there may be a hold on your card for an unfamiliar amount, sometimes due to bookings for hotel rooms or car rentals. If you use your card at a self-service pump in a petrol station for instance, there will be a pre-authorisation or temporary hold of RM200 charged to your card.

Finding a transaction like this on your bill may be worrying if you have not made a purchase in that amount. But rest assured, pre-authorised holds are usually reversed within three to four business days. Nevertheless, if you are uncertain about any charge on your bill, contact your bank immediately.

Read Also:
How to Protect Yourself Against Credit Card Fraud

You’ve Found a Suspicious Charge, Now What?

What do you do if there really is an unauthorised transaction on your statement? Just follow these tips and try not to freak out!

Don’t procrastinate, call your bank immediately and find out about the details of the charges.

File a police report if you find that your card is lost, stolen, or if your PIN has been compromised. Contact your bank and cancel the card immediately (note that they might charge for replacements).

Next, fill out a charge dispute form; it is usually found on your bank’s official website or at any of its branches. Submit the completed form along with your police report and other supporting documents (e.g. receipts, transaction slips, etc.).

Remember to keep a copy of your reports and receipts to support your claims.

Note that according to Bank Negara’s Credit Card Guidelines, if your card was lost or stolen, your maximum liability should be
RM250
. This is provided of course that the cardholder has not acted fraudulently and informs the bank as soon as possible.

How to Avoid Credit Card Fraud

Credit card fraud can happen to anyone, so it’s best to be mindful of your transactions, keep a close eye on your credit card and make these tips a habit:

Sign up for online statements and check them regularly
; once or twice a week, as well as before your auto debit date or bill payment due date.

Don’t lend your credit card to anyone
 and
don’t share your PIN
 or other card information.

Make sure you
cut up and destroy all expired credit cards
.

Avoid using a public computer or public Wi-Fi network to sign into your bank account or shop online.

Have your card issuer’s contact information ready
 so you can immediately report any credit card theft or loss cases.

Check your charge slip to ensure all payment details are accurate.

Last But Not Least

When handing over your cards to a cashier, pay attention to how he or she handles your card. See that they don’t take a picture of the card or run it through a second terminal. Also, check that the card they return is actually your own and not a fake.

Now you know what to do in case of credit card fraud and how to protect yourself as well! If you are looking for a credit card that is both secure and rewarding, do check out our
comparison page
 for help finding a card that ticks all your boxes!

4.2

6

votes

Article Rating

SHARE

TAGS:

Credit Card Fraud

Credit Card Scams

Financial Fraud

Financial Scams

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Kevin

    2 years ago

What if the bank do not refund the fraudulent transaction amount within 30 days?

0

Reply


Win The iPhone 13 Or Get Up To RM800 Worth Of e-Vouchers With Selected Credit Cards

Kicking off December with one of the most sought after gadgets of 2021 and guaranteed 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 (29 November – 6 December), our featured bank partners include
Citibank, HSBC, and Standard Chartered Bank
 – if you have considered applying for any of these banks, check out our latest deal below!

Win The iPhone 13 Or Get RM500 Cash via DuitNow (29 Nov – 1 Dec)

From 29 November until 1 December, stand a chance to win the brand new iPhone 13 when you apply, get approved, and spend with a brand new Citibank Credit Card with us.

Now with a lightning-fast chip, longer battery life, and premium dual-camera system, the iPhone 13 is bound to stand out in the crowd.

Only 10 units of the iPhone 13 will be given away to randomly selected successful applicants. Other successful applicants will receive a guaranteed RM500 Cash via DuitNow
.

Guaranteed RM600 Cash via DuitNow (1 Dec – 6 Dec)

From 1 December until 6 December, Citibank credit card applicants will receive a guaranteed gift of RM600 Cash via DuitNow. Use the extra cash to start shopping for the festive seasons, pay off some bills, or invest it to inch closer to your financial goals!

To be eligible for the respective Citibank credit card rewards, applicants are required to activate 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 prior to this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

Guaranteed RM800 Lazada e-Voucher

Lazada shoppers rejoice! A guaranteed RM800 Lazada e-Voucher is yours when you apply, get approved, and spend with a HSBC credit card. Go ahead and take advantage of the payday sales or pre-festive sales to enjoy more savings and discounts with this guaranteed reward.

Upon approval, activate your new card, and spend a minimum of RM1,000 within 60 days to take home your prize.

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

Guaranteed RM600 Shopee e-Voucher

Like many Malaysians, our Shopee cart is waiting to be checked out, but thanks to the guaranteed RM600 Shopee e-Voucher with Standard Chartered credit card – it won’t be long until you get to checkout your cart.

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
.

***

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 6 December (12 noon), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Citibank

DuitNow

HSBC

iPhone 13

Lazada

RinggitPlus Unbox This Week Campaign

Shopee

Standard Chartered

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Open A Savings Account Online Via UOB TMRW App And Get Rewards

In the digital era, opening a personal savings account can be as easy as a few clicks on your smart device. If you want to sign up for a savings account without stepping out of your home, you can simply download the UOB TMRW app and enjoy a myriad of nifty features.

What’s more, a guaranteed
welcome cash reward of RM50
will be given to you when you open a savings account via the UOB TMRW app from 1 May to 31 July 2023. To qualify for the reward, just maintain a minimum balance of RM1,000 till the last day of the following month after the account is opened.

If that’s not enough, you will also
get a chance to win a brand new BYD ATTO 3 electric vehicle or an RM500 cash reward
. You’ve heard right – just open a savings account via the UOB TMRW app and earn entries to win the exciting prizes.

How to earn entries
Number of entries earned
New customers
For every RM500 monthly average balance in an account
opened at a UOB branch or offsite
10
For every RM500 monthly average balance in an account
opened via the UOB TMRW app
20
Existing customers
For every RM1,000 incremental average balance
10

*Contest applies only to participating UOB savings accounts.

**Terms and conditions apply.

Manage Your Money Better With UOB TMRW App

Aside from the usual online banking features, UOB TMRW App has a host of unique functions that aim to help you take charge of your money.

Personalised saving tips

It’s common to experience information overload these days as many of us probably receive multiple notifications a day from various platforms.

The UOB TMRW App features UOB Insights which uses artificial intelligence technology to analyse your spending and saving patterns to then recommend financial tips as well as rewards that apply only to you.

Here are some of the information UOB Insights offer:

Monthly transactions

Shows your monthly cash flow including a breakdown of expenses with easy-to-understand charts.

Spending activities

A summary of how much you’ve spent for each account and shows an increase or decrease in spending compared to the monthly average.

Service charges alerts

Informs you everytime a service provider charges you more than the usual amount.

Saving opportunities

Recommends a higher interest savings account for those who want to save more.

Account balance review

Notify you when your account balance is insufficient for upcoming payments.

Redeem your rewards easily

When we sign up for a bank account or other memberships, we’re privy to certain rewards. But due to inconvenience, we either forget or forgo redeeming the rewards.

UOB Rewards+ is a feature that lets you manage your rewards easily with a real-time view of all your points so you’re aware at all times. In addition, you can perform in-app reward redemptions and even directly pay with your accumulated points at participating merchants.

Every credit card transaction with UOB earns you UniRinggit, a UOB Rewards Currency. You can use UniRinggit to redeem items from UOB’s rewards catalogue. Users can also use their UniRinggit to pay, partially offset purchases, or convert them into cashback.

The Rewards+ feature shows you how much UNIRinggit you have left and what you can redeem. From popular items like Starbucks e-voucher to deals near your home, it’s very easy to forage for something that’s to your liking.

Easy online account opening

Open a UOB savings account with the UOB TMRW App in less than 10 minutes. You can choose from four types of UOB savings accounts – the UOB One Account, UOB Stash Account, UOB Lady’s Savings Account, and UOB ProSave Account-i.

Step 1
: Download the UOB TMRW app and select “your preferred account”.

Step 2
: Capture an image of your MyKad and perform facial recognition.

Step 3
: Complete the e-form.

Step 4
: Set up your online banking account and UOB Access.

Step 5
: Transfer funds via DuitNow (Pay-to-Account-Number).

***

Managing money is different for everyone. With UOB TMRW App’s custom insights and online features, banking can be easy and personalised. Do look out for more upcoming features that will be added onto the app including credit card self-serve functionalities and online application for insurance and more. Plus, applicants will also get to enjoy cashback rewards and get a chance to win exciting prizes including the BYD ATTO 3 electric vehicle.

Sign up for a UOB savings account via UOB TMRW App
here.

2

1

vote

Article Rating

SHARE

TAGS:

BYD Atto 3

Mobile Banking App

Savings Account

UOB

UOB TMRW

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Four easy ways to manage debt

Debt has been the topic of conversation almost everywhere

you turn in the media. The release of information regarding the percentage of

household debt in the country stands at 86% against our gross domestic product:

the highest in the region.

If you’ve found yourself forming part of the debt statistic;

it doesn’t have to be a bleak situation. There are ways to take back control of

your debt.

Debt consolidation

Consolidate your debts into a single loan with one

repayment. Though repayments may be slightly more and tenure longer; paying

just one monthly fee will free up cash and reduce your overall commitment

ratio. Freeing up cash of course means more disposable income for necessities

reducing the need to pull out the credit cards again.

Depending on how much you have in debt, and if you have any

available assets to leverage; you could refinance your home. Home loan interest

rates can be taken for 35 years (although it is not advisable to take the

longest tenure available unless you don’t have a choice) and interest rates are

as low as 4.20%.

If you do not have assets to refinance: you could apply for

a debt consolidating personal loan. Some banks offer loan products specifically

for this purpose. Even if you are unable to find a debt consolidation loan

specifically for this purpose; any personal loan can be used but this will

depend on if you are still able to borrow on your current debt ratio.

Balance transfers

According to Bank Negara’s Financial Stability and Payment

Systems Report 2012, 51% of credit card holders carry revolving balances. If you’re

stuck with credit card debt; balance transfers could be the answer for you. With

a balance of RM5000 and usual credit card interest rates of 18%; on a 0%

balance transfer (assuming you repay only the 5% minimum amount every month)

you save over RM745 in interest.

Repayment negotiations

For situations where none of the above can apply; you can

always seek the help of the Credit Counselling and Debt Management Agency

(AKPK). AKPK will study your financial position and create a plan specifically

for your needs. However, upon registering with the programme; you will need to

surrender your credit cards and have your finances monitored until all your

loans have been repaid. If necessary, AKPK will also negotiate on your behalf with

banks to re-organise your debt in a way that is manageable to you. Do note that

this will only be done if there is truly no other way for you to meet your

commitments on your available income.

Lifestyle changes

Besides using banking products and other financial tools to

help your debt situation; a change in lifestyle will go a long way to dealing

with debt and improving your financial health. Changing your usual spending

patterns and habits will create better cash flow to sustain a low level of

indebtedness.

These are just some best practices you can consider:

Do not carry revolving credit card balances. If

for any reason you had to use your card for a large purchase; try your utmost

to repay this quickly. When doing so; refrain from adding any more spending

onto your card.

Do not apply for loans unless you are able to

afford the monthly repayments along with all your other commitments easily.

Create a standing instruction for your savings

at the beginning of every month.

Not all debt is bad and you will have to have

some loans. For most average wage-earners; you’re unlikely to be able to afford

to pay for houses and cars with cash. But even in situations where a loan was

necessary; ensure you are able to meet your payments every month.

0

0

votes

Article Rating

SHARE

TAGS:

Balance Transfers

Debt Consolidation

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How to Spend Your Ang Pow

It is Chinese New Year season, and those who are not married are filling their pockets with ang pows. If you’re older than 25; you’re probably also dodging those “still not married, ah?” questions like a ninja whilst still collecting your red packet.

As if one needed to be reminded of the sad moment when you looked up rent-a-boyfriend/girlfriend only to find you couldn’t afford them. But hey, at least the contents of the ang pows will help to ease that pain of being single so close to Valentine’s Day too.

If you did collect a healthy amount, you’re going to be looking to spend it. Single or coupled; what should you do with this new found wealth? Here are some ways you could choose to allocate your cash.

Debt Repayment

Buy your freedom! We do not mean that in terms of slavery (or did we?), buy yes paying down your debt will at least buy you freedom from the dreaded debt collectors.

Should you have any debt in your name, especially credit card debt, it would be advisable to clear that debt as soon as possible. The sooner you clear it up, the less of an unnecessary burden to your finances it shall turn out to be.

Let’s be honest, many of you likely swiped up this debt while enjoying CNY in advance, so now it is time to pay the piper.

Rainy Day Fund

We are always uncertain of the future and the types of expenses that may occur. It would be a good time to get disciplined and start by opening a
savings account
 to set aside an emergency fund. There are countless occasions that could use that extra money such as your car breaking down; getting a flat tyre; dropping your phone down the toilet (that counts as an emergency); or the MATTA fair coming round again. Except not the last one.

If you think you do not possess the will power to set the money aside without touching it, consider a
fixed deposit
 instead. You may choose to break down the deposit into shorter terms (1, 3 or 6 months) and renew them periodically, instead of choosing a full year fixed deposit.

That way, if you find yourself in a situation where you require the money, you would have earned some interest on the short term deposit rather than not earn any interest at all because you didn’t leave the money in for the long haul.

Charity

If you find yourself with excess cash and unsure how else to use it. You could always consider giving some of it up to charity. Helping those in need could be good for the soul. If you are going to give money to charity, please make sure you donate to a reputable and genuine organisation.

But if your soul has no more need for good karma, keep in mind that you also get tax deductions on your donations. Are you RM10 away from reducing your tax tier? Looks like a good time to support Tiny Tim (yup, we’re quite sure that was more the reason for
Scrooge’s generosity than the possibility of visiting ghosts
). If you would like some extra information on how to get the most out of your tax donations, you can check out our previous article on
how to optimise your donations and save on tax
.

Investing

In the most traditional sense of the word, you should invest the money in some financial products such as term insurance, unit trust, stock market if you have a knack for it,

or any other investments that could garner you some returns over time.

Depending on how much you are willing to risk the money, one must always research carefully before investing. If you are not confident to make an investment, let someone else do it for you. Buy unit trust, as the fund manager will collectively handle the investment portion for you. However, it is always recommended to fully understand the risk of such an investment before getting into it, as it is not a guaranteed money making financial tool.

If the financial markets do not peak your interest, you could invest in something that personally helps you grow. Get on a plane and set off to a new country for a quick holiday. A
Forbes
 article revealed that employees who take time off have higher productivity levels, stronger workplace morale as well as better health.

Taking a vacation not only allows you to keep your sanity at work, but it also allows you to experience and see different things. Experiencing new types of food for example, could lead you to a new business venture you would like to start up when you get back home. Travelling is not just a fun activity nor is the intangible experience a waste; it can be a proven investment for your self-growth.

Just Spend It!

Maybe, just maybe you’re a super saver and investor already. Throughout the year you’ve been diligently paying off debt, growing your wealth and putting a chunk away for a rainy day. If so, you probably don’t need us to tell you to just spend it!

An ang pow is a blessing from the people we love. But if the loved ones you got them from made you respond to an entire FAQ of questions from marriage to more babies and subjected you to all the boasts about your countless ‘very successful cousins/neighbours/village cats’ then you deserve it, my friend.

Spend it, in good health, preferably with a glass of champagne as you toast your awesomeness.

What are you going to do with all your ang pows? If you have better ideas, do tell us in the comments below.

Image Source: Image 2 from
Daily Finance Options
; Image 3 from TechTalk; Image 4 from
Relayroom

0

0

votes

Article Rating

SHARE

TAGS:

Ang Pow

Charity

Chinese New Year

Debt Repayment

Emergency Fund

Investments

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Best Credit Cards for Airport Lounge Access

Are you a frequent traveler? How often do you find yourself carrying your luggage around the airport waiting for your flight to depart, wishing you could escape the crowd and enjoy a moment of peace away from the chaotic departure hall in the airport lounge?

There, you can catch up with your friends, discuss business matters in a private conference room, or simply just sit back, relax and scrounge free wifi before take off. But sadly, Airport Lounges are not a free for all (and it wouldn’t be so comfortable if it was).

Access to airport lounge

Airport lounges are not open to the public. Individuals generally gain access to through purchase of membership, airlines’ loyalty programmes, Priority Pass or credit cards.

What is Priority Pass?

Priority Pass
 is an independent airport lounge access programme. By paying annual fees of USD99, USD249 or USD399, members can gain access to over 700 airport lounges worldwide. Depending on
membership plans
, members may still need to pay a fixed amount for every visit to the lounge. The major drawback of Priority Pass is that if you are accompanied by a guest, you will be charged USD27 per guest.

How does Priority Pass works?

Before you embark on your journey, you will need to log on to
their website
 to check which airport lounge is accessible using Priority Pass. At the entry point, simply present your Priority Pass to gain admission. Accompanying guests are permitted at the discretion of each lounge and will be charged.

Best credit card for airport lounge access

Owning a credit card is one way to gain access to airport lounges. Some credit cards are designed specifically to cater to frequent travellers, be it for business or leisure. These credit cards usually come with a Priority Pass, or complimentary unlimited access to airport lounges. Apart from airport lounges access, they comes with great deal of travel perks tailor-made to serve the needs of all types of travellers.

These are some of the best cards where lounge access is concerned.

Citibank PremierMiles American Express Card

Drawback:
 2-hour complimentary lounge visit.

Airport lounge access:
 Unlimited access to 10 Plaza Premium Lounges within Malaysia and selected Asian countries.

Minimum income requirement:
 RM60,000

Annual membership fee (principal):
 RM600

Travel perks:
 PremierMile accumulation, complimentary rides from KLIA to home, travel inconvenience and personal accident coverage, Home Away content

Citibank PremierMiles Visa Signature Card

Drawback:
 2-hour complimentary lounge visit

Airport lounge access:
 Unlimited access to selected Plaza Premium Lounges

Minimum income requirement:
 RM100,000

Annual membership fee (principal):
 RM600

Travel perks:
 PremierMile accumulation, complimentary rides from KLIA to home, travel inconvenience and personal accident coverage, Home Away content. Citibank PremierMiles Visa Signature Card gives you the exact same travel perks and unlimited access to airport lounges as Citibank PremierMiles American Express Card.

The primary difference is the higher income requirement of RM100,000 and additional privileges of discounts and savings on hotels and car rental. If you are a luxury traveler, this would definitely appeal to you. An important reminder is these privileges are up until 31 December 2014 only (although it’s likely these banks will extend them if they are popular!)!

Citi Prestige Card

Drawback:
 Airport lounge access only for principal cardholder

Airport lounge access:
 Complimentary access to airports worldwide through Priority Pass card

Minimum income requirement:
 RM200,000

Annual membership fee (principal)
: RM1,000

Travel perks:
 Complimentary rides from KLIA to home, travel inconvenience and personal accident coverage, Home Away content insurance, Hotel and Golf privileges. With successful application of Citi Prestige, principal cardholder will receive a Priority Pass card to enjoy unlimited access to airport lounges worldwide without having to pay any membership or lounge pass fees. However the privilege is only enjoy by principal cardholder, any accompanying guest will be charged on Citi Prestige at USD27 per guest.

[Hong Leong Visa Infinite P] (
https://ringgitplus.com/en/credit-card/Hong-Leong-Visa-Infinite-P.html
) (By invitation only)

Drawback:
 Limited to 4 access, and only if retail spending exceeds RM300,000

Airport lounge access:
 Complimentary access to airports worldwide through Priority Pass card

Annual membership fee (principal):
 No annual fees for life!

Travel perks:
 Enrich Miles, preferential foreign exchange rates, travel inconvenience and personal accident coverage. Like Citi Prestige, Hong Leong Visa Infinite P comes with a Priority Pass card which grants cardholders access to airport lounges worldwide, but limited to 4 free visits per year.

In the first year of cardmembership the 4 access comes at no cost but in the subsequent years, you need to swipe your card for at least an accumulative of RM300,000 worth of transactions to be eligible for the 4 free access. This is equivalent to RM25,000 per month of retail spend!

Also, as usual, for every accompanying guest or supplementary cardholder, you will be charged USD27.

AmBank Visa Platinum

Drawback:
 Complimentary access only if credit card is charged with 3 oversea transactions within 30 days before or after access

Airport lounge access:
 Complimentary access to selected Plaza Premium Lounges

Minimum income requirement:
 RM60,000

Annual membership fee (principal):
 No annual fees for life!

Travel perks:
 Airline Miles, travel inconvenience and personal accident coverage. The major pluspoint of AmBank Visa Platinum is that both principal and supplementary cardholder can gain complimentary access to airport lounges. However, this is limited to only 17 local and international airports.

The major drawback is that lounge access is only free if you charged 3 oversea transactions to your AmBank Visa Platinum within 30 days before or after your access. Or else, each visit will cost you RM105.

And there you have 5 of the
best credit cards
 for airport lounge access with tons of other travel perks. We would say that Citi’s credit cards top the list with the all the travel privileges and unique complimentary ride home and Home Away content! However, you will notice that these cards are primarily premium credit cards with high income requirements. It holds true to the definition of ‘jet-setter’: these cards offer only the best perks to their high income holders!

0

0

votes

Article Rating

SHARE

TAGS:

Airport Lounge Access

AmBank Visa Platinum

Citi Prestige Card

Citibank PremierMiles American Express Card

Citibank PremierMiles Visa Signature Card

Hong Leong Visa Infinite

Priority Pass

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Public To Enjoy Free RapidKL Rides For A Month, Starting From Today

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that commuters will be able to enjoy a month of free rides on all public transportation services provided by RapidKL, starting from today. This is in conjunction with the official launch of the MRT Putrajaya Line (Phase 1) today.

With this, passengers will be exempted from paying fees for rides on the MRT, LRT, and KL Monorail. Rides on RapidKL buses, feeder buses, and the Sunway Bus Rapid Transit (BRT) will also be free. “I hope every city folk will take this opportunity to try public transport. Leave your vehicles at Park N Ride,” said the prime minister when announcing the offer.

Meanwhile, the newly launched MRT Putrajaya Line (Phase 1) is set to begin operations at 3pm today, stretching up to 17.5km long with a total of 12 stations – from Kwasa Damansara to Kampung Batu. Each train – consisting of four carriages – will have a passenger capacity of 1,200 people, and will arrive every four minutes during peak hours.

(Image: The Star)

For context, the full MRT Putrajaya Line is expected to be developed in two phases, with Phase 2 set to be completed by January 2023. Upon completion, the prime minister said that the whole line will serve about two million residents from Kwasa Damansara all the way to Putrajaya, passing through key areas including Titiwangsa, Ampang Park, and the Tun Razak Exchange (TRX).

“The full opening of the MRT Putrajaya Line is expected to see more than 104,000 users a day. It is hoped that this will reduce the traffic congestion affecting KL,” Datuk Seri Ismail Sabri further said.

(Sources:
The Star
,
Free Malaysia Today
)

4

3

votes

Article Rating

SHARE

TAGS:

Datuk Seri Ismail Sabri Yaakob

LRT

Monorail

MRT

MRT Putrajaya Line

Public Transport

Public Transportation

RapidKL

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


The Baby Financial Crash Course!

We’d be kidding if we told you that this piece would cover the entire financial aspect of having a baby. What we can assure you is that this financial crash course could well prepare you in the months leading up to the little one’s delivery.

That’s because we all know the entire process of having a child costs quite an incredible sum and it only heads in an ascending manner as it unfolds. Therefore parents to be can never be more prepared by taking the following crucial measures into gentle financial stride.

Setup a Baby Fund

Most babies are planned, while some give parents only a 9 month head-start (you’d be surprised how long people try!) on financial preparation. Therefore setting up a baby fund at any point during family planning or the first positive pregnancy test would definitely do you a lot of good.

Across the course of trimesters, mothers-to-be would have several check-ups and monitoring processes to undergo, and they are not cheap by any means. Other expenses en route to delivery would also include maternity apparel, baby essentials and the entire works.

Since the two of you would still be working (ideally way ahead of pregnancy), set up a dedicated account and throw all the money you can (reasonable amounts of course) and keep this sealed for a pregnancy rainy day which can pour in a barrage.

Most parents assume they can handle this phase as it starts off small, but fail to realise that the increase in expenses is a process in post-delivery (even in pregnancy stage too) that can stretch up to 2 years and will eventually take a toll on their financial buoyancy. The rule of thumb in pregnancy is never underestimate the nitty-gritty costs!

Delivery Planning

There’s only so much comfort parents can acquire from confiding in family members or friends who have experienced the order in more recent times. Unfortunately, not all cookies crumble the same way and preparation in this crucial phase is of unparalleled importance.

While the baby fund setup would help you a lot with relatively small yet multiple costs, the larger ones like delivery would surely take a huge swipe off your finances. And the alarms would definitely go off if its starts eating away at your life savings.

Ubiquitously known to be unpredictable, deliveries can appear simple at first but complications can lead to extra medical expertise costs like the C-section or cesarean. That alone would push your expenses through the roof by the thousands.

Other complications during this crucial process could even implicate the baby. For instance, if he or she requires immediate medical attention for critical conditions like failing vital signs or the less-worrying jaundice that is common with new borns. Inpatient treatment of this sort requires a tonne of money and having some paper stashed for this is important.

Maternity and Confinement

One on our baby financial crash course list that is commonly overlooked by parents-to-be is the maternity period. It can be the most trying period of them all as the little one needs attention and nursing more than anything else – probably even the mother herself due to unforeseen circumstances (eg: cumbered recovery).

Sleepless nights for both mom and dad beckon. It can be very taxing for daddy who would still be working as per usual after a few days off (maternity leave) to get mom and baby settled in at home. A phase after which would require someone to help mommy during her crucial confinement period.

The most common approach to this would be the baby’s grandmother (from either side of the family), but in the event that they aren’t physically able to help out, hiring someone for the job is definitely on the cards. And this too, does not come cheap.

Stacking on top of the help’s cost comes the baby essentials like swaddle, clothes, formula, diaper and many more – all of which you would have to prepare way ahead for the coming months. The baby fund would help you out with the smaller costs but the bigger ones require deft foresight.

Once the maternity period subsides, parents should already have a plan for an infant day care. On a good day, grandparents would gladly take up on the role, but again if they aren’t able to, hiring an infant day care is surely in order. This would set you back by a large amount and will be part of your monthly commitments for as long as you deem fit.

You’ve Just Passed Baby Boot Camp!

Congratulations on passing the first stage of parenthood – planning! Like we’ve mentioned before, there are a tonne more (mostly hinging on choice and circumstances), which could appear along the way, and this guide sure can help you be prepared for some of the things listed above at the very least.

Having trouble getting started? Perhaps the right kind of
credit card
 could help you feel a little lighter on your financial feet and regulate your outflow of cash better. Or if you find yourself on the back foot, a nice injection of cash from a
personal loan
 would definitely take the sting off your back until you steady your financial footing.

Remember, failing to plan is planning to fail, so good luck!

Did we miss out an important phase that you, from personal experience, think deserves to be added into our baby financial crash course? Tell us in the comments section below – we would love to hear your thoughts!

0

0

votes

Article Rating

SHARE

TAGS:

Baby

Financial Management

Maternity

Parenthood

Parenting

Pregnancy

About THE AUTHOR

Austin Victor

Austin Victor

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Delicious Dumplings Courtesy of Hong Leong Bank When You Spend RM80 at Din Tai Fung Outlets

No one can resist good prawn dumplings and you won’t need to when you spend a minimum of RM80 at Din Tai Fung outlets, paying with your Hong Leong Bank Debit or Credit Card.

The promotion is valid from 1 January 2013 to 31 December 2013 and is valid in any Din Tai Fung outlet. Offer not valid on Eve of and National Public Holidays. Payment must be made with any Hong Leong (Previously EON Bank) Credit or Debit Card.

For more info, check the
flyer
.

Haven't got a Hong Leong Bank Credit Card?
Apply here
.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Petrol is Expensive, Should You Cycle to Work?

You dread the flashing petrol indicator. Flicker, flicker it goes as you reach for your wallet for the third time in just two weeks to fill up the ever-guzzling fuel tank.

The irony is almost cruel: you can’t afford an expensive, hybrid, fuel economising car and are thus stuck with your rickety 20 year old fuel guzzler whilst the comfortably rich save oodles on their petrol bill.

Although,
prices went down this August to RM2.05 per litre for RON 95
; it’s still a hefty amount when you consider how much we drive versus how much we earn.

Perhaps, as advocated by young retiree Mr Money Moustache;
we should all take to cycling to work
.

Pulling Out the Bike

As a child, I have seen numerous biking tournaments such as Le Tour De Langkawi that are still held until today as an annual event. There are also other biking related sports such as Keirin which was made famous by our own ‘Pocket Rocket man’ Azizulhasni Awang and Josiah Ng.

These sports are something that often inspires new athletes to emerge while promoting a positive culture; cycling.

I am sure, that most of us have had a bicycle during our younger years to take us to playgrounds and even school if it was near enough. However, as we got older, we ditched our little two wheeler for four wheels because it looks better to take a girl out on and you get to work a lot less sweaty.

But considering that even dating is a bit of a luxury these days – perhaps it’s time to revisit the old faithful bicycle.

You Can Save a Tonne of Cash

This is pretty obvious to most of us. Cycling does not need any fuel or expensive maintenance. If anything – it actually keeps you fit and free to use the money you save on petrol and gym membership to funnel into more meaningful pursuits.

In 2011, Steve Morgan created a website that can be used to
calculate how much you can save each year by riding a bicycle compared to other modes of transportation
. Although this site calculates in Pound Sterling, you still get the exact figure of how much you can save in a period of time from cycling (just ignore the currency).

Beyond ringgit and sen, cycling is also beneficial to the body. It gives you exercise without the need for expensive equipment. Hey, a two for one deal!

But given that it is
such
 a beneficial option – why are more people not doing it?

The Perils of City Bicycle Rides

Let’s for a minute forget the insane heat in Malaysia even in the early morning. Let’s even forget that there is a huge distance for some of us to travel to get to work.

The main reason why Malaysians don’t cycle more often is simply this: Malaysian roads and driving habits make cycling to work a daredevil stunt.

Unlike many other countries, we seriously lack safe pathways along roads and highways to accommodate pedestrians and cyclists. Beyond that,
Malaysian road rage and driver recklessness
 does little to aid the situation.

Unless you live ridiculously close to your office and by some miracle of city development have the right pavements for cycling – trying to save money this way sounds like a seriously risky endevour.

There’s a Less Risky Way

Cycling is great for your health; we’re not going to deny that. It’s also ridiculously cheap and extremely low maintenance. But if you live much too far away or have young children to take about safely; cycling to work is an almost ridiculous suggestion.

You need to drive; yet you need to save money. How do we reconcile the two? Here are some ways you can cut back.

1)
Keep your car light
. Removing unwanted items that unnecessarily weigh your car down definitely helps your car with fuel consumption.

2)
Keep your car tires well inflated
 as this also helps with fuel consumption.

3)
Consider paid car-pooling
. If you need your car but perhaps a colleague doesn’t – consider car-pooling and share the cost of weekday petrol.

4) **Get yourself a good petrol credit card.
Petrol credit cards
 reward you with cashback, rebates and points that make every ringgit you spend at the station worth your while.

5)
Plan your journey
 well to avoid traffic jams and routes that are usually crowded at peak times. Taking one-off dry runs, using GPS and sometimes, just getting a bit lost can help you find new routes you never knew existed.

Driving is non-negotiable for some of us; especially if we don’t have the luxury of single life or being able to pick up and move closer to work. If you can’t make the big changes – the little bits should add up!

But always remember; drive safe! Don’t forget to follow our
weekly petrol updates
.

0

0

votes

Article Rating

SHARE

TAGS:

Commute

Cycling

Work

About THE AUTHOR

Yasier Mahayudin

Yasier Mahayudin

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Tabung Harapan Surpasses RM 100 Million Mark In Less Than A Month

(Image:
treasury.gov.my
)

Donations to the Tabung Harapan saw a stunning spike in the last 48 hours, smashing well past the RM100 million mark. As of today (26 June), the Ministry of Finance announced that collections have reached RM126.5 million, less than a month after its launch.

On Sunday, the figure actually stood at RM93.6 million, before a spike in donations in the span of just 24 hours saw a further RM15 million coming in to bring the total amount beyond RM108 million on 25 June. Today’s figures shows that donations from Malaysians are not slowing down whatsoever, recording almost RM20 million in just 24 hours.

Since its creation on 30 May, the Tabung Harapan has been gaining widespread attention from the Malaysian public. Within a week after its launch,
Malaysians donated over RM43 million
 to the government fund, which was established as a way for Malaysians to directly help reduce the country’s RM1 trillion debt.

If you wish to contribute to the government fund, you donate to the following account: Maybank account number 5660-1062-6452 under the name “Tabung Harapan Malaysia”. All donations for the Tabung Harapan are tax deductible.

(Source:
The Star
,
The Edge
 and
The Sun Daily
)

0

0

votes

Article Rating

SHARE

TAGS:

Tabung Harapan

Tax Deductible

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


New RHB Shell Visa Credit Card Offers Up To 12% Cashback On Shell Petrol, E-Wallets, Utilities, & More

RHB has launched a new tiered cashback credit card called the RHB Shell Visa Credit Card. It offers up to 5% cashback on everyday essentials such as groceries, online, e-wallet, and utilities spend, and up to 12% cashback on petrol expenditure at Shell.

For a credit card that is co-branded with a fuel company, it is a pleasant surprise to see that the RHB Shell Visa Credit Card offers decent cashback rates on as many as four non-petrol spending categories. Shell fuel expenditure does get higher cashback rates and gets a dedicated monthly cashback cap – half of the card’s monthly RM100 cashback cap is dedicated to petrol spend, while the other RM50 is reserved for three other useful categories. You can see this more clearly in the table below:

Total Monthly Spend

Shell Petrol

Groceries, Online, E-Wallet, Utilities

Other Retail Spend

RM800 – RM1,499.99

5%

1%

0.2%

RM1,500 – RM2,499.99

8%

2%

0.2%

RM2,500 and above

12%

5%

0.2%

Monthly Cap:

RM50

RM50

Unlimited

At RM100 in cashback per month, the RHB Shell Visa Credit Card has a very generous cashback cap – even if RM50 of that cashback comes from petrol expenditure alone. At the highest spending tier, you can get the full cashback earning if you spend about RM417 in petrol a month and RM1,000 on the other cashback categories. Of course, you’ll still need to spend more to meet the RM2,500 spending requirement. Nevertheless, the numbers still adds up to an impressive 4% effective cashback rate if you plan your spending to maximise the benefits completely.

For the lower tiers, the petrol cashback rates are still quite rewarding given that you can use your expenditure on groceries, online, e-wallets, and utilities spend to help you hit the minimum spend amounts. Moreover, a closer look at the RHB Shell Visa Credit Card’s terms and conditions shows that the expenditure that qualifies for these other categories of cashback is reasonably wide.

For example, the “Groceries” category is stated to include not only grocery stores and supermarkets, but also freezer, locker meat provisioners, candy, nut and confectionary stores, dairy products stores, bakeries, and food and convenience stores. Meanwhile, GrabPay, Touch ‘n Go eWallet, Boost, BigPay, Lazada, WeChat Pay, and ShopeePay are all included under e-wallet expenditure, with a note that RHB will include any relevant e-wallet merchants that may be coming in the future.

The RHB Shell Visa Credit Card has a minimum income requirement of RM24,000 per annum or RM2,000 a month, making it an attractive entry-level card. Its annual fee of RM195 for principal cardholders is waived for the first year and upon a minimum of 24 swipes per year for subsequent spend, with a full annual fee waiver for supplementary cards.

At first look, this card looks like a great start to the new year for cashback credit cards – it certainly looks promising. We’ll take a deeper look at this card to determine just how good it is, so keep a look out for our review on the
RHB Shell Visa Credit Card
here at RinggitPlus!

4.5

11

votes

Article Rating

SHARE

TAGS:

Credit Card Launch

E-Wallet Cashback

Groceries Cashback

New Credit Card

Online Cashback

Petrol Credit Cards

RHB

RHB Shell Visa Credit Card

Shell

Utilities Cashback

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Sue

    2 years ago

Does this mean that e wallet reload is also applicable for cashback? All other credit cards have taken this benefit away including the maybank Amex card.

0

Reply


A Brief History of Money: From Barters to Bitcoin

Banknotes, coins, and credit cards are typically the first things that come to mind for us when we think about money. But money comes in many other forms, as well. In fact, the form currencies can take has always changed throughout history and will continue to change in the future. Let’s explore the different transformations that money has gone through and speculate on how it will look like centuries from now.

Commodity Money

As most of us who remember secondary school history knows, money was introduced soon after people realized the problems of the barter system. Even in a barter economy though, there will always emerge an item that gets traded with the most number people, most of the time. These would be the goods that eventually became the first form of money: commodity money.

At first, shells, salt, tea, gold, and silver among other things were used as commodity money. This type of money is good as the medium itself has value beyond being just a unit of account.

If you were paid in commodity money (tea or salt for example), you can choose to use up the inherent value of that money (by consuming it). Having a medium of exchange that has intrinsic value also avoids dispute over price. Nobody refuses to take salt as payment since everybody knows how to use it and what it’s worth.

However, commodity money has its own issues. Some commodities don’t travel well (tea can go bad), are not durable (shells can chip or crack), and difficult to portion out (salt). Eventually, once this problem reaches the heads of state (who of course have to deal with trade the most), they would soon come up with..

Standardised Coinage

To solve the problem of commodity money, leaders from around ancient China, India, and Greece independently invented standardised coins to use as currency. These early forms of coinage were made of different metals and varying alloys across the different regions.

There were coins made to look like spades, knives, and even turtles. Coins made of metal are handy, durable, and the marks on them also communicate information about how to spend the currency. With the discovery of the touchstone (a simple tool that can test for metal purity), making sure the coins you’re being paid with are legitimate was also super easy. This exploded the popularity of coins being used as money from Asia to the rest of the world.

Chinese coins had rectangular holes in the middle so several coins can be strung together on a rope. But rich merchants of ancient China found that their strings of coins became too heavy to carry easily. To deal with this, coins were often left with a trustworthy person, and the merchant was given a piece of paper recording how much money he had with that person. The paper would then be used as proof of having money. These would then gradually evolve to become..

Read Also
:
13 Brands You Didn’t Know Were Malaysian

Banknotes

The term comes from notes of the bank (“nota di banco” in Italian). It originally recognises the right of the note holder to collect the precious metal or coins deposited with a banker. Initially these notes will have arbitrary numbers on them corresponding to how many coins the note holder has. But as these receipts became more increasingly used in trade, depositors began asking for multiple receipts to be made out in smaller denominations for use as money.

Paper currency enjoyed the same popularity boom that coins had due to its ease of use and simpler detection of fraud (since at this time, the means to produce forged printed items were impractically pricey). Coins were also still in circulation since it retains its superior durability compared to paper money. Bills and coins are still in use until today, a fact that your wallet can attest to.

Cryptocurrency

Since we’ve already reached the form of money we’re currently using today, there must be no more steps in the evolution of currency, right? While it’s true that paper and coins may be the best versions of currency we have right now, our current monetary system is not without problems left to solve.

Consider how even way back in their infancy, banknotes and coins were all issued by banks or heads of state. These two parties validate the use of their respective currencies and all transactions happen under their watch. Both are also entities with enough power to hugely influence the value of money with far-reaching outcomes. It can be argued that human intervention is important when it comes to maintaining a balanced free market. But it can also be argued that human fallibility is what caused the recent bank crises and consequent economic slowdown.

Would a new form of currency fix that? One form certainly looks to do so. Cryptocurrencies like Bitcoin are forms of digital currency that use cryptography to secure transactions and control the creation of new units. Essentially, everything that has to do with that currency (security, privacy, transactions, supply) is handled by advanced computational mathematics.

With no central authority governing it, cryptocurrencies are free from being negatively effected by human involvement and may be the only truly democratic form of money we can make for ourselves. As good as that sounds, unfortunately, upending deeply-rooted and trusted monetary institutions that’s been established for thousands of years may not be feasible anytime soon.

Where Do We Go From Here?

Looking back on the different forms that money has taken throughout history, we can make some informed predictions on what currency will look like in the future. Notice how the further we go forward in time, the more abstracted the relationship between money and the tangible value it represents become.

From metal discs, to ink on paper, to digital ones and zeroes, money keeps getting less and less
real
. While this helps keep the function of money intact without sacrificing the cost of producing physical versions of money, it does make our finances feel somewhat airy and immaterial. Performing transactions online with digital money makes the experience less personal while making us lose connection with the money we earn that’s meant to represent our hard work and talents.

Perhaps the future of money will return us to a more solid relationship with our earnings. Imagine an imperceptible nanochip implant that tracks our productive output and converts it to spendable units of currency. If this currency is also decentralised and protected by cryptography we can have the ultimate form of secure and transparent money ever.

What’s more, the technology to accomplish this is already available. Nanochip implants, RFID tags for payments, cryptocurrency, and biometric technology are all commercially available tech that just needs to come together to facilitate the most personal, secure medium of exchange imaginable: ourselves. Or maybe it’ll just be fancier credit cards. Who knows?

Did we miss out on other forms of currency from yesteryear? Do you have your own theory of how money will look like in the future? Share your wisdom with us and let us know in the comments section down below!

Photo credits:
“Cowry money Monetaria annulus 1” by Bin im Garten
,
“Dhaniyangal” by Thagadooran
,
Tech in Asia
, and
“RFID hand 1”

0

0

votes

Article Rating

SHARE

TAGS:

Banknotes

Coins

Cryptocurrency

History

Money

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments