EY: GST Rate Expected To Fall Between 4% To 6% If Reintroduced In Budget 2023

(Image: The Star)

Global financial services firm Ernst & Young Tax Consultant Sdn Bhd (EY) has forecasted that the goods and services tax (GST) will stand at a rate of between 4% to 6% if it were to return under Budget 2023. This is following an assessment of the potential revenue that the government can obtain via GST to support its spending.

EY’s tax managing partner, Farah Rosley noted that GST – as a broad-based consumption tax – will contribute to Malaysia’s revenue collection. However, the government must ensure that its reintroduction will not burden Malaysians. The implementation and compliance process, too, has to be simplified so that it will cause minimal disruption to businesses.

“Communication with stakeholders, including businesses, is key while expediting GST refunds and (having) a simplified and transparent system are also paramount to the successful reintroduction of the GST. Adequate time must be given for businesses to prepare for the implementation,” Farah further said in an email interview.

The suggestion to reintroduce the GST was
first brought up by former prime minister Tan Sri Muhyiddin Yassin back in 2020
, in response to strong criticisms against the current sales and services tax (SST). Following that, the Finance Ministry emphasised that
in-depth studies are required
 for the reintroduction of the GST. More recently, current prime minister Datuk Seri Ismail Sabri Yaakob also expressed a
keenness to eventually reintroduce the GST
 with
improvements
, although Deputy Finance Minister I, Datuk Mohd Shahar Abdullah said that it will
not be done at this point in time
.

Aside from commenting on the GST, Farah also discussed other tax matters, such as the possible renewal of the prosperity tax (Cukai Makmur) in Budget 2023 and the implementation of the global minimum tax on certain multinational companies (MNCs) in 2023. She further stressed the necessity of a thorough study and public consultation prior to introducing any new taxes.

Furthermore, Farah suggested that the government could consider releasing a tax roadmap that highlights potential key changes to the tax regime in the country. It should include key details, including a timeline for consultation and an estimated introduction date, as well as the rationale for the introduction of the new taxes.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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The Biggest List of Money Saving Tips on the Web

Hear ye, hear ye! (Almost) Penniless middle-wage workers of the world, we give you the ultimate list of money saving tips to cure you of the dwindling state of your bank accounts! Could you be an impulsive spend-aholic determined to change your money spending ways? Perhaps you fancy yourself a penny-pincher (“how much for a
Wagyu beef
?! Scoff!”) and yet still cry at the stagnant state of your savings account.

Worry not ladies and gents, because we’ve got you covered! After days of hard labour and sleepless nights (also known as research), we are proud to present to you Malaysia’s biggest list of money saving tips! In this article, you will find a myriad of tips and pointers segmented into different categories. We ask you to patiently read through all of these tips and jot down the pointers that meet your lifestyle: It will be worth it, we promise!

Finance

1. Not a slave to monthly debts? Save at least 10% of your salary every month! Refrain from temptation by opening a separate bank account for this extra stash – and say “no, thank you” to the debit card that comes with it.

2. Burdened by nasty credit card and personal loan debts? Then pay them off instead of saving. Credit card interest rates in Malaysia are approximately 9% to 18% p.a, which is a lot higher than any savings account can offer. It is thus more logical to settle off your debt before increasing the emergency fund in the bank.

3. Switch your bank account for a higher interest rate. There are close to 30 banks available in Malaysia, and most of them offer different rates for their savings accounts. Find an account that gives you the highest rates for your average account balance.

4. Budget, budget, budget! No time to design a proper budget? Just roughly jot down the monthly amount you need for food, petrol, groceries, etc. The remaining balance should go into your emergency fund account. Similarly, download a budget app on your smartphone.

5. Save RM1 every day and put them in a piggy bank. You will have about RM300 at the end of the year.

6. Do online surveys in your spare time and earn money.

7. Keep all the small change you have/ found in a jar.

8. Save your raise. If you’re still working and were lucky enough to get an increment, pretend you didn’t. Bank it or pay off your debt instead.

9. Leave your credit card at home when you’re out shopping. Use cash to avoid overspending, unless your card has other benefits like additional discounts or rebates. And even so; pay off the amount in full at the end of the month.

10. Open up a Fixed Deposit account for a higher interest rate on your savings.

11. Remove your credit card numbers from your online accounts like iTunes and Google Play. This will stop you from purchasing unnecessary apps.

12. Pay your bills on time and avoid late charges.

13. Make full use of the 0% balance transfer in the market. Another credit card trick that will help you lose your credit card debt faster! Apply for a 0% balance transfer credit card to transfer your current debt into a new card at no interest rate. Once you’re done paying off that debt, CANCEL THE CARD.

14. Withdraw money only at your bank’s ATM. MEPS charge RM1, while HOUSe is RM4. Stingy, we know – but money does not grow on trees. The extra walk to your bank’s ATM could also give you a workout and save on gym fees (we’re that stingy).

15. Avoid credit cards with annual fees. Try to waive the fee by calling your bank or ditch them for a cheaper alternative. They are already making money off you in interest.

16. Find low interest credit cards if you can’t afford to pay the full bill.

17. Take control of your own financial future. Instead of relying on others for advice, take charge and read a few basic books on personal finance.

18. Government grants and subsidies – don’t take these for granted. Make sure you are
making use of all that you are eligible for
.

19. Check if you’re overpaying your income tax. Educate yourself on the available tax rebates and refunds.

20. If your insurance premium is too high, shop around for lower cost insurance policies.

Lifestyle

21. Stop smoking. A pack is RM12, so if you buy a pack per week, you’ll be spending RM624 per year. Two packs per week, and you’ll waste RM1,248 per year.

22. Make your own gifts instead of buying stuff from the store.

23. Write a list before you go shopping – and stick to it!

24. Buy video games that have a lot of replay value – and don’t acquire new ones until you’ve mastered what you have.

25. Don’t spend money just to de-stress.

26. Sign up for all free memberships (Example: GSC, MBO, Sephora, BonusLink) to get rewards, free sample and discounts on your birthday and more.

27. When shopping for standard items, start by shopping used. The six things you should always buy used are cars, books and movies, fitness equipment, pet cage and tools. Try websites like mudah.my to get your second-hand journey started.

28. Try generic brands of items you buy regularly. Generic brands (Example: Watson’s own brand of soap / Tesco’s own cereal) are usually much cheaper than branded items and aren’t that bad in quality, so give them a try.

29. Stop buying overpriced cups of coffee!

30. Don’t treat your sweet tooth too kindly. Bubble tea, chocolates, and cakes don’t come cheap.

31. Cancel your TV cable subscription and watch the shows online instead.

32. Spend less on food. Move towards a plant-based diet. Meat is expensive, and there are other less expensive alternative protein foods.

33. Love to read? Wait for the Big Bad Wolf sale or go to second hand bookshops (or book Xcess) to purchase your books.

34. Use cash when paying for electronics. Most shops have an additional charge of at least 2% for credit or debit cards. Or else, try to get it waived whenever possible.

35. Cancel paid memberships you’re not using. Magazines, online, and gym memberships, we’re looking at you.

36. Make a separate e-mail for your online shopping addiction. So you won’t be tempted to purchase anything while browsing through your main e-mail! Also, always browse these websites using the incognito browser. This will hopefully stop the ads from popping up everywhere.

37. Learn how to cook. Cooking and packing your meal is usually cheaper than eating out, so pack your lunch!

38. Plan your meals around your grocery store’s flyer. Instead of just planning your meals based on a cookbook or the latest food show on TLC, plan all your meals around what’s on sale in your grocery store’s flyer. Look at the biggest sales, then plan meals based on those ingredients and what you have on hand, and you’ll find yourself with a much smaller food bill than you’re used to.

39. Do a price comparison – and find a cheaper grocery store near you. Distance is also a factor here; there’s no point driving halfway across town for cheaper eggs.

40. Use a basket and leave the trolley when grocery shopping. You’ll be less inclined to stuff unrelated items into your stash.

41. Do holiday shopping right after the holidays. You will find prices for holiday themed items to be significantly reduced and discounted.

42. Don’t go to stores or shopping centres for entertainment.

43. Look for a cheaper place to live that’s closer to your office.

44. Find out about all of the benefits of your job. Most people aren’t even aware of all of the benefits available to them. Spend some time with an HR person finding out about all the benefits you’re entitled to at work – you might be surprised at what you might find.

45. Trim your own hair (for the ladies). And save RM50 for a ½ inch snip!

46. Buy birthday, holiday, and special gifts when you see them on sale, not at the last minute.

47. Compare prices at several stores (including online) before buying something expensive. For items that are expensive (laptop, car, electronic) do a price check before buying the item. If you can wait for a while you can track the prices and grab a great deal when it comes along.

48. Bottle your own water and stop buying mineral water.

49. Sell your old mobile phones, DVDs, CDs and clothes.

50. Ditch the mamak and opt to lepak at someone’s house instead.

51. Drink less alcohol – and cut down on the weekend parties.

52. Haggle for a lower price – whenever, wherever.

53. Recycle everything. From wrapping paper to grocery bags, recycle them all!

54. Need water at home? Be the ultimate cheapskate and refill your water tank from the office pantry.

55. Don’t buy newspaper, magazines, etc and get the information online instead!

Eating Out

56. Cravings for desserts? Most eateries have discounts and offers after 9pm. Example: 50% off on desserts at Delicious. 50% on bread at Komugi, Buy 2 free 1 at Delifrance, and many more.

57. Have kids? Visit restaurants where kids get to eat for free. Example: Tony Roma’s.

58. BYOB (bring your own beverage). Bring your own beverage when eating out, or ask for a glass of water if it’s free.

59. Share your food with your SO / friend. And split the bill!

60. When dining out, skip the dessert and grab cheaper snacks elsewhere. RM15 for a slice of cake? No, thanks. Unless of course, it’s you know, 50% off.

61. Visit during the “Happy Hour promotion” for cheaper meals – for example Sushi King, Tony Roma’s and plenty of other restaurants have Happy Hour specials. Drawback: The promotion is usually during the hectic lunchtime hours.

62. Look around the web for food deals and dining vouchers. Online dealsites have plenty of them, but remember to read the terms and conditions thoroughly before making a purchase.

63. Treat hunger pangs at the office by eating the free supply of food and drinks from the pantry (yes, we know this looks awfully stingy but hey, you’re dedicated office manager did go shopping for a reason).

Make-Up & Shopping

64. Make mascara last longer: Add 4 – 5 drop of saline solution into your dried up mascara to make it lasts for at least a month (although don’t keep your mascara for too long to avoid any risky eye infection)

65. Save your old mascara wand for other uses. As an eyebrow brush, removing clumpy mascara from lashes, to comb your hamster…you get the drift.

66. Cut open nearly empty bottles to get all the product you might be missing otherwise. This includes your facial cleanser, toothpaste, and moisturiser.

67. Need a new perfume? Shamelessly ask your travelling friend to purchase the perfume at the duty free shop.

68. Rent a dress or buy from thrift stores rather than buying a new one. Try rentadress.com.my and bundle shops for starters.

69. Take a break from the mall and find cheaper stuff online or at vintage stores. Websites like Shopping Roll review and select affordable online shops for you.

70. Collect Samples. Most makeup counters have samples available upon request. You can stockpile free makeup and toiletries by collecting samples.

71. Make Your Own. Face mask, shampoo, or laundry detergent, nothing is off-limits to DIY lovers. Places like Pinterest should help you find the best recipes for everything DIY.

Car

72. Go for reliability and fuel efficiency when buying a car.

73. Air up your tires. For every two PSI that all of your tires are below the recommended level, you lose 1% on your petrol mileage.

74. Wait until there’s a promotion (Example: Raya or Year End promotion) before purchasing a car.

75. Check your air filter. A clean air filter can improve petrol mileage by as much as 10%.

76. Don’t fill your petrol tank to full. Every litre of petrol is approximately 0.7kg. In a 50 litre petrol tank this equates to an extra 35kg. If you live near a petrol station or have a petrol station along your daily / weekly commute, then topping up to half-tank or one third-tank will reduce your weight and increase your fuel economy.

77. Choose the
appropriate fuel
. Most cars require only RON95 to operate efficiently.

78. Straighten Up. Poor alignment not only causes tires to wear out more quickly, but also forces your engine to work harder.

79. Slow Down. Speed will kill your petrol budget.

80. Drive More Smoothly. Avoiding jack-rabbit starts and stops and herky-jerky driving to further improve your fuel economy.

81. Lay off the Brakes. Riding with your foot on the brake pedal will not only wear out brake pads (which will cost you at the maintenance shop) but can also increase petrol consumption. So slow down gradually!

82. Lighten Up. Too much junk in the trunk will cost you an extra 1 to 2% in fuel efficiency.

83. Turn off your engine when idle (Except when you’re in a traffic jam, of course).

84. If you can handle a credit card, get one that gives a rebate on your petrol spend.

85. Drive during non-peak hours, outside of 7am-9am and 5.30pm-7.30pm on Weekdays. Not everyone has the luxury to get to work later or leave earlier from work, but traffic in major cities and highways in Malaysia can be a nightmare at those times.

Travel

86. Save money on accommodation with websites like Airbnb and Couchsurfing. Additionally, opt to stay at budget hotels or hostels.

87. Shop for flight tickets early, but don’t always buy early! Fact: Airline makes money from anticipating our buying habits. They typically start offering cheaper seats about 3 – 4 months before departure (domestic flights) and 5 months in advance (international).

88. Friday, Saturday, and Sunday is usually the most expensive day to fly.

89. Sign up for email alerts about low-fare deals.

90. Know when airfare prices are typically the lowest. Airlines generally release sales for specific routes Monday night because they want travel agencies to catch wind of sales early in the week. Therefore, your best shot at these deals is by searching for flights Tuesday and Wednesday afternoon or evening.

91. Use aggregator sites to search for fares. There are simply too many different airline and travel websites for you to make individual queries in each one, so use websites like skyscanner.com to find the cheapest flights.

92. Clear out your cache and cookies in between airline searches, especially on different days or weeks. Otherwise, old prices will sometimes display in lieu of new ones, and you may miss out on the best price.

93. For advanced airfare sleuths, consider piecing together flights by hand with cost-saving characteristics. Instead of searching for round-trip tickets, search for two one-way tickets separately. Sometimes purchasing separate tickets on unaffiliated carriers will save you money.

94. If you prefer flying first class, you can save money by purchasing a business class ticket instead if available. Both first-class and business class sit in the same front section, eat the same meals and are treated exactly the same, yet business class is often half the fare of first-class — go figure!

95. Pack a meal for your AirAsia flight. Airplane and airport food are so overpriced. Always prepare your own meal or at least bring a snack (like Maggie in cup!).

96. Sign Up. If you travel often, always join the hotel and airline loyalty programs which will give you a much better chance for a free upgrade or discounts.

97. Travel Off-Peak. It’s cheaper and the traffic will be significantly better (especially if you’re travelling within Malaysia).

Phone & Utility

98. Get a cheaper smartphone and refrain from picking up the contract. Yes, the phone will be cheaper, but you will be forking out more money in the long run due to the usually expensive monthly postpaid fee.

99. Go through your cell phone bill, look for services you don’t use, and ditch them. Sometimes, Telcos will automatically subscribe services without

you knowing it.

100. Turn off the television. Why? Financial benefits include less electrical use and less exposure to guilt-inducing ads.

101. Increase the temperature on your air-conditioner. Or refrain from turning on the air-conditioner during the day.

102. Use electrical appliances with 5-stars Energy Efficiency Label. These will give you better savings in the long run.

103. Unplug your appliances like coffee pots, toasters, hair dryers, laptop and computer cords when you leave the house. “Vampire” appliances use electricity even when not in use. So unplug and save money!

104. Install CFL (or, even better, LED) bulbs wherever it makes sense.

105. Subscribe to e-billing. Some Telcos offer a one-time rebate for those who do.

106. Forgo your love for looking cool and purchase more affordable brands. Choose a gadget based on it’s performance and function – not on how cool it looks in the ad or your friend’s table. Not purchasing the latest iPad won’t kill you.

107. Tips to make your fridge more energy efficient: place your fridge away from your cooker and make sure it isn’t in direct sunlight; it will operate more efficiently if it’s in a cool spot. Also, Keep your fridge and freezer filled, otherwise you’re just cooling down air and making your fridge work much harder.

108. Clean your appliances. A regular scrub will ensure optimal performance from your appliances.

109. Consider installing Solar Panels for your home.

110. Sell your television for extra cash. Watch your favourite shows online using a tablet or laptop instead.

Got anymore tips to add? Let us know and grow this list, baby!

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MBSB To Acquire MIDF For RM1.01 Billion

(Image: The Malaysian Reserve/Hussein Shaharuddin)

Malaysia Building Society Bhd (MBSB), the parent company of MBSB Bank, has signed a conditional share purchase agreement with Permodalan Nasional Berhad (PNB) to acquire Malaysian Industrial Development Finance (MIDF) for RM1.01 billion.

To pay for the deal, MBSB will issue 1.05 billion new MBSB shares at an issue price of RM0.9652 to PNB. Accordingly, this will give PNB a 12.78% stake in MBSB. Meanwhile, MBSB’s other stakeholder, the Employees Provident Fund (EPF), will see its stake diluted from the existing 65.87% to 57.45%.

Once the deal is through, MIDF will become a wholly-owned subsidiary of MBSB, resulting in the establishment of an enlarged banking group that can service a wider customer base that extends beyond MBSB Bank’s and MIDF’s existing pool of customers.

The expanded network and complementary businesses from the enlarged group will also put it in a position to build a more diversified and sustainable businesses with profitable growth moving forward. Among other segments, MBSB will offer tailored services in consumer banking, commercial and SME banking, development finance, corporate banking, as well as investment banking and asset management.

  (Image: Malay Mail)

“The potential synergies between MBSB Bank and MIDF would enable the enlarged group to serve a wider group of customers through tailored financing, structuring, and advisory solutions. Our combined strength and expertise put us in a better position to support the business needs and growth of consumer and corporate clients,” said the group chief executive officer of MBSB, Datuk Nor Azam bin M. Taib.

MBSB further said that it looks forward to a transformational change under the stewardship of an experienced management team. It expects to table the proposed acquisition for shareholders’ consideration by August 2023.

For context, MIDF had also previously been pursued by Al Rajhi Bank for a merger with the latter’s subsidiary, Al Rajhi Banking & Investment Corp (M) Bhd – back in 2019. However,
the proposal fell through in 2020
 after both parties were unable to overcome disagreements over the
shariah
 law that should be implemented (either Malaysian or Saudi
shariah
law).

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Reduces Minimum Spend Requirement Of Premier Credit Cards For Annual Fee Waiver In 2022

(Image: The Edge Markets)

Maybank has announced that it is reducing the minimum annual spending required for customers holding selected credit cards to be entitled to an automatic annual fee waiver for 2022.

“As a gesture of our appreciation for your continuous support, we are pleased to inform that we are extending the reduced minimum annual spending requirement from RM80,000 to RM50,000 for automatic fee waiver to the year 2022,” the bank noted in its notice.

This revision will involve the cardholders of seven Maybank premier credit cards, namely:

Maybank 2 Cards Premier
Maybank World Mastercard
Maybank Visa Infinite
Maybank Visa Infinite Diamanté
Maybank Manchester United Visa Infinite
Maybank Islamic World Mastercard Ikhwan Card-i
Maybank Islamic Ikhwan Visa Infinite Card-i

Maybank further clarified that customers will not be required call the bank or fill in any forms to enjoy the perk offered. Instead, the revision will take effect automatically for cards with anniversaries between January to December 2022.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Ravindran Gengadaran

    1 year ago

Public Bank is not charging any annual fee for their Infinite and World Mastercard. I don’t see what is so special about this.

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    dalbir singh

    1 year ago

member since 2013 for maybank infinite card. How to spend during pendemic. Asked for waiver and was denied RM 800 fee is just too much. Maybank not that friendly anymore.

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The 2018 AirAsia Free Seats Sale Offers Free Seats And All-In Fares From Just RM15

AirAsia is back with its
AirAsia Free Seats sale
, offering free seats for AirAsia BIG members and a total of five million flight tickets at promotional prices from 11 to 18 November 2018. With all-in fares starting from just RM15, this is a great opportunity to plan your holidays ahead and save loads along the way.

The promotion offers all-in fares which include taxes and fees as low as RM15 for AirAsia BIG members, and RM20 for non-members for flights across its entire route network both domestically and internationally. For international destinations, the all-in fares start from RM39 with destinations including Jakarta, Bandung, Jeju, Da Nang, Chiang Mai, New Delhi, Macao, Hong Kong, Tokyo, Singapore, and Sydney.

For those who are looking for more comfortable flying experience, the promotion also covers Premium Flatbed seats which start from RM599 to destinations like Bali, Perth, Seoul, Honolulu, Amritsar and Beijing. AirAsia X tickets are also up for grabs, starting from RM199 for flights from Kuala Lumpur to Osaka, Melbourne, Chongqing, and Xi’an.

AirAsia BIG members not only enjoyed a 24-hour preview sale on 11 November, but they also enjoy rates that are lower than non-members. “Guests are encouraged to sign up as an AirAsia BIG Member to enjoy greater benefits such as priority access to promotional campaigns, instant member discounts, seamless one-click payment with BigClick and more,” AirAsia Group Marketing head Amanda Woo said in a statement.

As usual, the travel time for tickets sold during the
AirAsia Free Seats
 sale is quite far ahead, from 6 May 2019 to 4 February 2020. So while you won’t be able to take advantage of this sale for your year-end travels this year, you can plan well ahead of time and buy for next year.

(Sources:
The Star
,
AirAsia
,
The Sun Daily
)

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The Crucial Things You Should Do Before Applying For A Home Loan

Picture this: you’ve found the home of your dreams, done your research on how to apply for a home loan, and have prepared all the documents required to start applying for one.

That’s what everyone plans to do when they’re ready to buy a house – but wait, are those really all you need to do before applying for a home loan? The truth is, it takes a lot more than just a bit of research to prepare your finances before you start applying for a home loan.

Here are some of the most important things you need to do before you even start to fill out your home loan application form:

Save Early, Save a Lot

Just because you’re planning to get a home loan does not mean you won’t need to have enough cash on hand. Remember that home loans will not finance the full cost of your chosen property.

Most banks only offer up to 90% of the cost of the property you’re looking to purchase, so you’ll need to fork out the remaining 10% out of your own pockets. Let’s not forget the legal fees, stamp duty, valuation fees (where applicable), as well as the real estate agent’s fee (if you’re purchasing a property through a real estate agent) which is usually between 2% to 3% of the property price.

That’s a lot of cash, and we haven’t even gotten to the costs of moving out, the renovations you may need to make to your new home, and the new furnishings you need to buy to make it cozy and comfortable. This is why you need to have ample savings before you apply for a home loan.

Start saving as soon as you can, and allow yourself some time to save between 20% to 30% of the cost of your dream home to cover the costs that will not be covered by a home loan.

Put Other Loan Applications On Hold

Try not to apply for multiple loans at the same time, as it might affect your home loan’s approval chances. Wait until your home loan is approved before you start applying for other loans – such as a car loan or a personal loan.

This also apply to credit card applications, as all these will be deemed as your additional financial commitments regardless of whether these applications are approved or otherwise.

Pay All Your Bills On Time

Aside from not applying for other loans, you should also be servicing loans you already have on time. Continuing to be a good paymaster is important to increase the chances of your home loan being approved. Don’t forget that a good credit score is something to be maintained over a long period, not just achieved in a short time.

Keep a Steady Employment

If you’re thinking of leaving your job and moving to a new company, wait until after your home loan is approved. A change in earnings and career may affect your approval chances. Also, the bank may view your career change as a risk as it may destabilise your finances.

This may not necessarily be the case if your new job gives you a higher income, but since the transitional period might still involve some levels of uncertainty with regards to your future earnings, the safest way thing to do is to wait until your loan is cleared before attempting any career shifts.

Keep these tips in mind to help increase your chances of getting your home loan approved! If you’re looking for a good home loan to apply, check out
Citibank FlexiHome Loan
.

True to its name, this flexible loan allows you to pay more than your monthly mortgage repayments to reduce your principal and withdraw funds from the same account without having to give prior notice to the bank. So if you’re ever short on cash, you can withdraw from the excess funds whenever you need to!

Interested to learn more about Citibank FlexiHome Loan? Check out their
website
 to find out more about it and take the first step towards owning your dream home! Also, we’ll let you in on a secret.. You can get up to
RM20,000 cash back plus guaranteed cash back of RM2,000 when you apply a Citibank Home loan by 31st December 2017!

Have anything to add to this article? Do share your thoughts and ideas with us in the comments section below!

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How To Donate To Ongoing Flood Relief Efforts Via E-Wallets & E-Commerce Platforms

(Image: AP/Vincent Thian)

(
Updated on 23 December 2021.
)

Following the devastating floods that have swept through several Malaysian states over the weekend, numerous parties have rallied together to offer assistance in various forms and capacities, including the
insurance
 and
banking industry
, as well as the general public. In this same spirit, several e-wallet service providers and e-commerce platforms, too, have joined in on the effort to help those affected by the aftermath of the floods.

Read on to find out how you can conveniently contribute to the flood relief effort via some of your favourite e-wallets and online shopping platforms.

Boost

Boost is hosting an e-donation campaign, allowing users to donate directly to various local humanitarian organisations, including Mercy Malaysia, the Malaysian Relief Agency, and MyFundAction. You will need to tap on the “Donation” tile in your Boost app, after which you can choose from an extensive list of charities. The process is quite a straightforward one.

Aside from that, Boost also gives you the option to donate using your Boost Stars through the BoostUP catalogue. The redemption rate for this contribution stands at:

1,600 Boost Stars: RM2
4,000 Boost Stars: RM5

Grab

Grab’s #BantuanBanjir initiative
 sees it partnering with Mercy Malaysia to raise funds for flood relief efforts, and users will have the option to contribute via GrabPay or by converting their GrabRewards Points into donations. Grab will also match the amount donated, which is then to be channelled to provide appropriate aids for those in need.

This is on top of ongoing relief efforts that Grab has also initiated to help their driver and delivery partners, as well as merchant partners. Among these include a nationwide free delivery promotion for those whose premises and operations have been affected by the floods.

Touch ‘n Go (TNG) eWallet

TNG eWallet
 users are also able to
donate directly to registered charities
 to help the flood victims. Similar to Boost, go ahead and tap on the “Donation” tile in the main page of your TNG eWallet app, and you’ll be prompted to choose from a list of organisations. At the payment page, make sure to key in “Flood” and your mobile number at the “Payment Details” section (e.g. Flood 01x xxx xxxx) for reference.

TNG eWallet’s FAQ also clarified that all proceeds will go directly to the respective organisations, and that users can donate any amount from RM0.01, up to the
monthly transaction limit set for their membership tiers
 (Lite, Pro, and Premium). Additionally, it reminded that these donations are tax deductible, but you’ll need to contact the respective organisations to obtain the official receipts required for tax filing purposes.

Lazada

E-commerce platform Lazada has rolled out a
Lazada Teman You: Flood Care Relief campaign
 for the cause, allowing its users to contribute by “purchasing” donation tickets. Among some of the organisations that you can donate to include Mercy Malaysia, Hospis Malaysia, MyFundAction, and the Lost Food Project. There are also options for you to help by purchasing dry food supplies, bottled water and drinks, personal care items, as well as mom and baby supplies for those affected.

If you are making donations to organisations, note that the donation amount starts from RM1. Lazada also clarified that donors must contact the participating organisations directly for all queries relating to the tax relief receipts. To ease the process, however, you are advised to ensure that the “Billing Name” is the same as your name in your IC.

Shopee

Shopee users can tap on the “Tickets, Top-Ups & Bills” tile in their app, and then scroll down to the “Donation & Finance” section to make donations to the flood relief effort. From there, you can either choose to contribute via “Donations” or “Emergency Flood Relief”.

If you opt for “Donations”, you’ll be able to select from organisations such as Mercy Malaysia and the Malaysian Red Crescent Society. Meanwhile, “Emergency Flood Relief” will prompt you to donate directly to Pertubuhan Kasih Neelofa, under its Charity for Derma Kilat Tabung Banjir.

Again, note that while most of these donations are tax deductible, the payment confirmation receipts provided by Shopee are not accepted as official receipts to be used for tax filing. Instead, you must contact the respective organisation to request for these receipts. Shopee also highlighted that you should double-check with the
Inland Revenue Board (LHDN)
 to ensure that the organisations you are donating to are recognised by the board.

Finally, note that you will not earn Shopee Coins for the amount donated, and you’re also not allowed to use vouchers to offset any donation amounts.

***

With this, we hope that you’ll find it easier to donate and help the flood victims, who are sorely in need of food aid and basic necessities even with the water having receded.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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MAS To Roll Out Digital Travel Health Pass For Post-Pandemic Travel

Malaysia Airlines (MAS) has announced that it will be introducing a Digital Travel Health Pass, an initiative intended to promote safer air travel for the post-Covid-19 period. It seeks to offer a safer and seamless end-to-end travel experience by creating a contactless journey with crucial travel documents stored as part of the health pass.

According to a statement by MAS, the Digital Travel Health Pass will be integrated as part of Malaysia Airlines’ mobile app, with several features aimed at helping travellers prepare for their future journeys. For one, they will be able to easily make appointments with certified medical partners to carry out a Covid-19 RT-PCR test or include their Covid-19 vaccination certificate on their mobile phones. This eases the process of managing their travel requirements, making it a more straightforward process.

(Image: The Malaysian Reserve)

On top of that, passengers can also use the Digital Travel Health Pass as a digital ID to verify their travel eligibility with the airline prior to their travels. This also has the added benefit of keeping the passengers updated with the latest travel policies employed worldwide.

Notably, MAS’ Digital Travel Health Pass will incorporate some modules from
the International Air Transport Association (IATA) Travel Pass
, which was developed to validate and authenticate all country regulations regarding Covid-19 passenger travel requirements. These modules include the ability to create a digital passport, verify their test/vaccination requirements and status, and inform relevant authorities that they are cleared for travel.

(Image: FlightGlobal)

“We are excited to make history together with IATA, and help reopen travel nationally and worldwide. Part of our promise to ensure passengers can Fly Confidently, the Digital Travel Pass will open the way for us to take the brave next step into the world in a post-pandemic time, instilling confidence in our passengers and providing access to an easy-to-navigate way to prepare for their upcoming travels,” said the group chief executive officer of Malaysia Aviation Group, Izham Ismail.

Meanwhile, the senior vice president of Airport, Passenger, Cargo, and Security for IATA, Nick Careen said that the integration of the IATA Travel Pass into MAS’ travel app is an important milestone for the Travel Pass. “It will demonstrate the app’s interoperability, an important feature supporting its global uptake. Built with data privacy, security, and convenience in mind, the IATA travel app is a solution that both governments and passengers can trust whether it is standalone or incorporated into an airline’s own app,” he said.

(Image: Gulf Times)

Finally, MAS said that it is working closely with relevant authorities to roll out the Digital Travel Health Pass and will be sharing more details in time.

(Source:
Malaysia Airlines
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Giro Interbank - An alternative way to make Credit Card payment

Many of us have one or two credit cards issued by a bank

without having a savings or current account at the same bank. As such, we

resort to a monthly “exercise” of queuing in front of an ATM to make

payment. Since the number of credit card users is increasing, the time taken to

complete this monthly routine task at an ATM is also taking longer. An

alternative method is needed to save time, enter Giro Interbank money transfer.

Luckily, Bank Negara has asked our bankers to provide

cheaper interbank services to customers. We can now make credit card payments

via our current online banking system, with a fee as low as RM0.10 per

transaction.

To do a Giro Interbank (IBG) money transfer, the cost is

RM0.10 but the payment must be made earlier. This is because it normally takes

1-2
working
 days to reflect in your

account. For example, if your credit card due date is on Sunday; you should

make your payment by Tuesday. The payment should be credited by Thursday. In case

of any errors, you still have an extra day to take any necessary steps to avoid

late payment.

For “emergency” cases, you should use the
instant
 interbank fund transfer (IBFT) option

to avoid any late payment penalty and to maintain your credit status. However,

instant transfers cost more: RM2 per transaction.

Advantages

The cost of RM0.10 is reasonable. We also do not run the

risk carrying large amounts of cash from one bank to another. Lastly, we save

time and cost traveling to a particular bank to use the ATM.

Security concerns

Many of us still worry about the security of online

transactions. However, with highly encrypted pages and the requirement of a Transaction

Authorisation Code (TAC) makes bank websites some of the most secure on the web.

Most fraud cases reported tend to be due to carelessness and trusting third

parties with our logins and passwords. For

your part, never reveal our TAC to anyone and ensure your computer is free from

viruses or any malware and your registered mobile is always with you. It is

quite difficult for someone to “steal” your money via the internet if you take

due precautions.

This is a guest post by
 Xaivier

Chia
 who regularly blogs his value investing and financial/money related

experiences and insights at
http://xaivierchia.blogspot.com
. Readers can contact the author via his personal

blog.

*Picture courtesy of

Jomphong at Freedigitalphotos.net.

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Union: Banks Should Give Their Frontliners One-Off Payments

The National Union of Bank Employees (NUBE) believes that the banking industry should recognise the sacrifices and efforts of their staff who have been on the front line since the start of the Covid-19 pandemic.

NUBE general secretary J Solomon cited the government’s recognition of its frontliners in healthcare and the civil service, where one-off payments were given to show appreciation for their ongoing efforts. According to Solomon, the banks should emulate this initiative and offer a similar one-off payment to its staff, many of whom were in the B40 and M40 groups.

“At the height of the nationwide MCO, scores of bank workers turned up to keep banks open as they were considered essential services,” said Solomon. “NUBE feels strongly that banks should not dismiss or trivialise the role of their employees in keeping branches open while much of the country was in one form of lockdown or another.”

(Image: The Star)

Solomon opined that the banks could easily afford to make the one-off payment to their staff as they recorded more than healthy profits so far this year, even while the moratorium on loan repayments was in force. “Maybank made RM942 million in profit for the second quarter of 2020 (April-June), CIMB’s profit was RM277 million in the same period, RHB made RM400 million and Public Bank’s profit was RM1 billion,” he said.

In the latest round of government payments for frontliners,
Ministry of Health workers
 were promised RM500 while
other frontliners
 such as the police, army, and RELA were extended RM300. “This is the right thing to do, but what is not right is for the government and the private sector, especially banks, not to show any sense of appreciation to other frontliners, such as bank workers, delivery people, and many unsung heroes from other sectors of the economy which kept the country ticking,” he continued.

(Image: The Malaysian Reserve)

Solomon pointed out that it was the government who ordered banks to remain open even if the move risked the health of bank employees. “These employees carried out their work diligently in helping to provide an essential service to the rakyat. They underwent rigorous standard operating procedures before, during, and after work to ensure the safety of the customers and themselves,” he said.

This came at the expense of several bank employees becoming infected with Covid-19 during the course of their duties, while many others were subjected to swab tests and had to endure the anxiety of waiting for the results. Until now, the risk of infections from walk-in customers remain a threat to the frontliners in banking sectors.

“NUBE urges the government and banks to display some gratitude for bank employees who have pulled their weight without questions in playing their role during the pandemic,” concluded Solomon. “Some form of monetary recognition will go a long way to show they are cared and provided for by both their employers and the government.”

(Source:
Free Malaysia Today
,
Malay Mail
)

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Unbox Exciting Gifts Like iPhone 14, iPad Air M1, Apple Watch SE & Guaranteed RM800 TNG Credit

As we welcome the second half of 2023, exciting prizes are waiting to be won! If you’re looking to apply for a credit card, why not apply via Unbox This Week so you can take home our sign up gifts?

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 3 July to 10 July, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, UOB, RHB, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Standard Chartered – RM800 TNG eWallet Credit

This guaranteed gift is something that can be enjoyed by just about anyone. Take home RM800 Touch ‘n Go eWallet Credit when you sign up for a Standard Chartered credit card!

Those who frequently travel on highways could very much benefit from offsetting their toll expenses with this gift. You could also use it to pay for your meals or utility bills. Alternatively, save it to pay for a loved one’s birthday present or spread the love and share some with them!

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

HSBC Bank – iPad Air M1

Take multitasking to a whole new level with the new Apple iPad Air that’s supercharged with the M1 chip! Explore your creativity, work on daily tasks, watch your favourite shows, and go on video calls without compromising on performance.

Plus, it also comes with the 12MP Ultra Wide front camera complete with Centre Stage, where you’ll always stay in the centre of the screen on all your video calls. On the other hand, the 12MP Wide back camera is perfect for capturing photos and 4K videos.

You’ll still be guaranteed RM500 TNG eWallet Credit if you don’t win the iPad Air.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

UOB – iPhone 14

Stand a chance to win the iPhone 14 when you apply for a UOB credit card.

Enjoy pro-level quality on the Main camera even when you shoot in low light. Thanks to a new TrueDepth front camera with autofocus and a larger aperture, your group selfies will surely look better, more vibrant, and clear. Besides that, the iPhone 14 can detect a severe car crash, then call emergency services and notify your emergency contacts in unfortunate situations.

You’ll still be able to take home guaranteed RM200 Touch ‘n Go eWallet Credit if you don’t win the iPhone 14!

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – Apple Watch SE

Apply for a RHB Credit Card this week and you might just win yourself an Apple Watch SE!

Essential features of the stylish Apple Watch SE will keep you connected, active, healthy, and protected. It has all the features you could possibly want in a smartwatch, including the ability to take calls and respond to texts right from your wrist, monitor your daily activity and workouts, and even send emergency alerts to the authorities.

For those who are not selected, you will still walk away with guaranteed RM300 Cash via DuitNow.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Alliance Bank – Tribit Flybuds C2 True Wireless Earbuds Or URBANLite Ledge 24” Luggage

Apply for a new Alliance Bank Credit Card and the Tribit Flybuds C2 True Wireless Earbuds or URBANLite Ledge 24” Luggage will be yours to keep!

When you apply for an Alliance Credit Card with Balance Transfer, you will be guaranteed the Tribit Flybuds C2 True Wireless Earbuds. The wireless earbuds include a lightweight design for optimal comfort and a stereo sound that is crystal clear. With its Bluetooth feature, you’ll be able to pair your devices easily as well as make and receive calls.

If you’re applying for an Alliance Credit Card without Balance Transfer, the URBANLite Ledge 24″ Luggage will be yours to take on upcoming trips. This luggage’s ABS case is built to be sturdy so all your belongings are kept safe throughout your travels. Its telescoping trolley handle makes it really mobile and easy to navigate.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

Public Bank – Xiaomi Redmi Buds 3 Pro

When you apply for a Credit Card from Public Bank, you will be guaranteed the Xiaomi Redmi Buds 3 Pro.

These wireless earbuds include 32db of noise suppression, making them ideal for uninterrupted music listening. You’ll be able to enjoy listening to music for extended periods of time without running out of power thanks to the up to 28 hours of battery life.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

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

While this week’s flash deal ends on 10 July 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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Rakuten Trade Rolls Out US Share-Trading Service, Officially Begins On 27 January 2022

Rakuten Trade customers will soon be able to trade United States (US) stocks and exchange-traded funds (ETFs) on the digital stockbroking platform as it begins expanding its cash-upfront share trading account services to include access into foreign markets.

“With this enhancement, our clients will now have access to trade stocks like Apple Inc and Tesla Inc, as well as ETFs that are listed on the New York Stock Exchange (NYSE) and NASDAQ, in addition to over 1,000 stocks on Bursa Malaysia,” said the chief executive officer of Rakuten Trade, Kazumasa Mise in launching this new feature, which is set to be officially rolled out on 27 January 2022.

Kazumasa further explained that customers with a cash-upfront account who wish to trade foreign stocks must first opt in and enable the service. Once enabled, they can then go ahead and trade while enjoying a range of benefits offered by Rakuten Trade, including low brokerage fees of between RM7 to RM100, competitive exchange rates, as well as access to research reports from three sources (in-house research team, Rakuten Securities, and Motley Fools).

Additionally, Kazumasa noted that this development is intended to help the platform serve its customers better. “We are a business that evolves in tandem with what the clients want and need. With the roll-out of the foreign market trading service, we are ensuring a more consistent growth in new retail investors year-on-year,” he said, adding that many customers have requested for this particular service since Rakuten Trade launched in 2017.

Moreover, this update is expected to help amplify Rakuten Trade’s value proposition and diversify its revenue. “Malaysian stock market was going down towards the end of last year, our brokerage revenue was also affected. Thus, we are looking for an alternative revenue source,” Kazumasa stated, although he also stressed that Rakuten Trade had remained profitable since April 2020 thanks to its clients, many of whom were just starting out in their share investing journey.

Finally, Rakuten Trade said that the US stock market is only the first overseas market that it aims to break into. Aside from the US, the platform also hopes to launch its Hong Kong share-trading services by the second quarter of 2022.

In conjunction with the launch of its US share-trading service, Rakuten Trade is currently running a campaign that rewards customers with one free US share when they sign up for a cash-upfront account and activate their foreign trading service. There is also a referral programme that lets you earn 1,776 Rakuten Trade (RT) Points when you successfully refer friends who sign-up and activate their cash-upfront account, as well as enable their foreign market service.

(Sources:
Rakuten Trade
,
The Malaysian Reserve
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Do You Know What Benefits Your Salary Account Can Bring You?

What exactly is a salary account? Actually, a salary account is just the bank account that your salary is credited to every month. A good salary account will come with some sweet perks to encourage potential customers to credit their salary to that account. Yes, getting your salary is great, but choosing the right salary account can make it even better.

Here’s why. The right salary account can give you benefits like preferential rates on home and personal loans/financing. If you’ve been getting your salary credited to your basic savings account for years without enjoying any cool perks, you might want to think about finding a salary account that has more benefits to offer – like this one here.

Salary Accounts With HSBC Amanah Perks@Work

Perks@Work is a programme that gives you benefits for crediting your salary to your HSBC or HSBC Amanah salary account. Here are the accounts you can open and maintain to become a part of Perks@Work (subject to eligibility):

HSBC Amanah Basic Savings/Current Account/-i
: For those earning a monthly gross salary of RM1,000 and above.

HSBC or HSBC Amanah Advance Account/-i:
For those earning a monthly gross salary of RM5,000 and above

HSBC or HSBC Amanah Premier Account/-i:
For those earning a monthly gross salary of RM16,500 and above

What Perks Do You Get?

Have you ever found yourself searching desperately for your specific bank’s ATM because you don’t want to pay that pesky MEPS ATM withdrawal fee? Here’s one seemingly small but significant benefit of having a Perks@Work salary account – you can withdraw your cash at any MEPS ATM without paying any withdrawal fees! You will also have access to over 10,000 MEPS ATMs nationwide!

Believe it or not, your salary account can also get you preferential rates on loans and financing! Under Perks@Work, eligible customers can get a 3%p.a. reduction from the prevailing financing rate when you successfully apply for a new personal financing under HSBC Amanah Personal Financing-i. As for home financing, you can also enjoy a preferential financing rate for HSBC Amanah HomeSmart-i financing.

Not only that, with HSBC’s global network of ATMs in 70 countries, you are able to use this service as a HSBC or HSBC Amanah customer. You can also enjoy faster customer service via the priority lane at all HSBC and HSBC Amanah branches nationwide.

Another fee waiver Perks@Work gives you is for your monthly account fees. For Premier and Advance account/-i holders, that’s a full waiver provided the eligibility criteria is met. Considering the fact that the monthly fees are RM150 per month for Premier and RM10 per month for Advance, that’s a lot of money to be saved in a year.

Let Your Salary Account Get You A Premier Banking Status

If you have a HSBC Amanah Premier account with a gross monthly salary of RM16,500 credited continuously into it, then you get to enjoy the swankiest benefit of Perks@Work – instant recognition as a HSBC Amanah Premier member. On top of that, as we mentioned before, the RM150 monthly fee for holding a Premier account is waived under Perks@Work.

So, what’s so great about being a Premier account holder? First of all, you will have a dedicated HSBC Premier Relationship Manager to help you manage your finances. A relationship manager has the resources to assist you with your financial decisions, whether it’s to do with education, protection, retirement, or investments. Also, HSBC Premier customers enjoy special rates when purchasing foreign currency, preferential rates on property financing as well as unit trust investments.

Of course, there are a score of other benefits that come with having a HSBC Amanah Premier account. Ever wanted a swanky invitation-only credit card with fantastic benefits? Well, Premier members can apply for the HSBC Premier Travel Credit Card, which offers 12x complimentary access to over 850 LoungeKey lounges worldwide, and one of the best air mile conversion rate for overseas spend among Malaysian cards.

Do you want instantaneous, fee-free international fund transfers between your HSBC accounts? Or to have an international account already waiting for you before you even arrive at your destination overseas? HSBC Amanah Premier has that for you. Isn’t that neat?

Switch Your Salary Account And Enjoy The Benefits

If all of this sounds good to you, more! Have your salary credited to an HSBC Amanah bank account and start enjoying the perks right away. To find out more, check out the
HSBC Amanah website
 for more details.

Disclaimer: The views and opinions expressed in this article are those of the author/RinggitPlus and do not necessarily reflect those of HSBC.

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Foodpanda Officially Launches Pandamart Grocery Delivery Service

Foodpanda Malaysia has now officially ventured into the online grocery sphere with its latest grocery delivery service, Pandamart. The on-demand delivery service boasts a 20-minute delivery time and is currently offering free delivery for the first four months.

Pandamart delivers over 3,500 daily essentials including groceries, fresh produce, household essentials, beauty products, and over-the-counter medication. The goods are delivered from Pandamart dark stores, which are warehouses that are used to store products and items exclusively for online shopping. The first Pandamart was opened in July this year and at present there are 25 dark stores around Malaysia, mainly in Selangor, Penang, and Johor.

“After a successful pilot, we are excited to announce the official launch of Pandamart today,” said Foodpanda Malaysia’s Dark Stores director Ashutosh Gandhi during a virtual press conference. “Consumer lifestyles and preferences have been shifting all across the globe because of the new normal. Safety, speed, convenience and effortless delivery are becoming more important than ever before which is why we aim to offer enhanced choices to our customers, any time of the day.”

Ashutosh said that the Pandamart offers delivery within 20 minutes of placing an order, regardless of the number of items purchased. “There is a limited capacity to the bags of the delivery riders, but we don’t have any limitation on the number of items when you place your order,” he said. “If your order exceeds the rider’s bag capacity, another rider will be assigned to the same order. The system will automatically handle it even if the order requires two, three or even four riders, and no extra delivery fees will be charged.”

There is a minimum order value of RM5 when making a Pandamart order. Ashutosh also revealed that once the free delivery period is over, a minimal fee of between RM1 to RM2 will be charged. For customers who are not satisfied with a certain product, they can contact customer support for a refund. However, Ashutosh gave assurance that quality and expiry checks are conducted on a daily basis to ensure a high quality of products.

According to Ashutosh, Foodpanda hopes to expand Pandamart delivery services across the country, with more locations to be announced in the coming months. “By the end of this year, we will be opening more stores in Seremban, Melaka and Ipoh,” he shared, saying that there are plans to cover the entire country within the next six months.

If you are located in a region that is serviced by Pandamart, you an easily find Pandamart in the Foodpanda app under the “Shops” tab. The Foodpanda app is available on
Google Play
 and the
App Store
.

(Source:
Malay Mail
)

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GrabPay, PayLater Campaigns Offer Rebates Of Up To RM50 For 10.10 Online Purchases

Grab is joining the 10.10 shopping excitement by offering a discount of up to RM50 for users who spend a minimum amount on online purchases with either GrabPay of PayLater by Grab.

Specifically, there are two Grab deals that are on offer, namely:

Payment method
Offer
Promo code (to be applied at the checkout page)
Cap
GrabPay
RM40 off with a minimum spend of RM180
GRABPAYDEALS
12,000 redemptions
PayLater
RM50 off with a minimum spend of RM180
1010PAYLATER
5,000 redemptions

To enjoy these discounts, go ahead and tap on “Add Offer” at the GrabPay or PayLater payment page after you’re done shopping, and then key in the applicable promo codes. Alternatively, you can also look for the applicable promo (listed in the page) and tap on “Use Now” to apply the discounts. Once done, the selected rebate will be applied to your checkout amount, and you can proceed to make your required payments.

Major brands that you can shop from to benefit from the deals above include Zalora, Shein, Hermo, Watsons Pharmacy, as well as merchants that are subscribed to iPay88’s network. Do be aware that each user is only entitled to one redemption for the GrabPay and PayLater deals, offered on a first-come first-served basis. The deals will cease once the cap has been reached.

Additionally, users who wish to tap into the GrabPay deal specifically should note that the promo code cannot be used with a number of merchants, including FavePay, Carousell, PosMalaysia, HelloGold, as well as all bill, insurance, and telco payment platforms. Government services payment platforms, too, do not qualify for the offer.

(Source: Grab [
1
,
2
])

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

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Buying Makeup Online is Cheaper if You Follow These Tips

You don’t have to go broke to stay pretty! Find out how to get your money’s worth when shopping on the internet for beauty supplies.

Most of us get our mid-range makeup at a pharmacy or beauty store which isn’t always too costly, especially when a sale is about. But when it comes to the good stuff i.e. branded cosmetics that are imported from overseas, the price tags attached can be quite a paycheque guzzler. It’s not uncommon to see a branded shade of lipstick sell for RM200! So what’s the alternative? All signs point to going online!

Is Buying Makeup Online Really Cheaper?

This depends on where you get your makeup; for instance, if you were to buy from an international online store, the cost of delivery alone might send you back to square one.

Instead, buy your makeup from a local online merchant like
BestBuy World Malaysia
 where shopping during ‘happy hour’ gives really big discounts on branded items. We found that Clinique Lash Power Mascara retails for RM71.00 in stores, but sells on this site for only RM35.

Other online venues to try are
Zalora
,
Hermo
 and
Colours Cosmetics
 that consistently yield nice discounts and provide free shipping when a minimum order (typically around RM70 to RM150) is placed. We can’t say 100% that all makeup is cheaper online but a lot of it sure is.

Stocking Up on Makeup Essentials

While makeup necessities vary between individuals, you can never go wrong with basics like black eyeliner, mascara, and clear lip gloss. What’s better, these are much easier to buy online, just be sure to read reviews for more information on the product’s effectiveness and suitability to your skin.

Makeup like concealer and foundation can be a tricky online purchase but with a colour swatch gallery like
Temptalia
, you now have the tools you need to find a perfect match, even online. Use the
Foundation Matrix
 to find shades from other brands that match as closely to your current product or simply discover your ideal colour from scratch.

Here are two more important tips to follow when you shop online:

1. Compare Prices

You might get the stink eye from salespersons as you jump between makeup counters, scrutinizing price differences, and working up a sweat. Still, it might be worth the effort because as mentioned, buying online may not always be cheaper. So it’s good to know which items are better to buy direct and for which to go online.

Remember to also compare between websites for the best deal not just in terms of price but also for shipping rates and expediency as well as favourable return policies.

2. Authenticity

Caution is warranted if online prices vary too much especially if between internet suppliers; it might be a sign of counterfeiting or of your discounts being exaggerated. What you can do to avoid being duped is to choose reputable online suppliers and not rush to buy overly expensive items or too many products on your first go.

This way you can test for quality and fit before you part with more cash. In addition, do read reviews from other customers and not just from the vendor’s site; run a Google check to see if feedback about them appears elsewhere.

To enjoy more discounts, cash back rewards and security when shopping online, make sure you have an awesome credit card in your arsenal. Don’t have one or looking to switch? Then do come by our very helpful
credit card comparison page
 to discover the prettiest card in all the land!

Have anything to add to this article? Do share your thoughts with us in the comments section down below!

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Desiree Nair

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Reap An Indicative Profit Rate Of Up To 4.05% p.a. With CIMB Islamic’s TIA-i

Just like any individual customer who may choose to invest or place their funds in savings accounts to earn profit, businesses, too, can do so via a range of channels – with one popular instrument being term investment accounts.

Essentially, term investment accounts work a little like fixed deposits. Business owners can park their funds into the account, which is structured based on a
mudarabah
 (profit-sharing) contract, after which it will be invested into
shariah
-compliant assets of low to medium risk. This is with the aim of reaping profit after a fixed period of time.

Among other advantages, term investment accounts offer a good way for businesses to preserve their capital as well as manage any extra funds that they have. By depositing some of these resources, they can grow their money over time, and eventually tap into the profit gained to drive business growth in the future.

Of course, there are several such accounts available in the market, but one option that you might want to check out now is CIMB Islamic’s Term Investment Account-i (TIA-i). Here’s why.

Open to all businesses, enterprises, and corporations, CIMB Islamic’s purpose-driven Term Investment Account-i is one of the bank’s various efforts to help businesses while driving positive impact among vulnerable segments and the community.

If you hope to play a part in building a better future for the country with your business investments, head on over to
CIMB’s website here
 for more information.

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

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Win Apple Products Like iPhone 14, iPad Pro M2, iPhone SE, Cash Prizes, And More!

Discover exciting rewards with Unbox This Week! Apply for a credit card through RinggitPlus and stand a chance to win Apple products like iPhone 14, iPad Pro M2, iPad Air M1, and iPhone SE, or enjoy guaranteed cash prizes and more.

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 28 August to 4 September, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, UOB, RHB, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Standard Chartered – Apple iPad Pro M2

Stand a chance to win the iPad Pro M2 when you apply for a Standard Chartered credit card.

Experience the capabilities of the M2 chip, 12MP Wide camera, and the 11-inch Liquid Retina display with ProMotion in the iPad Pro M2. Whether for work or play, its innovative features redefine your digital interactions for your daily activities.

If you don’t win the iPad Pro M2, you’re still guaranteed an RM600 TNG eWallet Credit as a reward.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

HSBC Bank – Apple iPad Air M1

Win the iPad Air M1 when you apply for an HSBC credit card this week!

Powered by the M1 chip, the iPad Air M1 boasts a 10.9-inch Liquid Retina display and a 12MP Ultra Wide front camera. This innovative device bridges the gap between your professional needs and personal entertainment, delivering smooth performance for all your tasks on various apps.

Get a guaranteed RM400 TNG eWallet Credit if you don’t win the iPad Air M1.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

UOB – Apple iPhone 14

Stand a chance to take home the iPhone 14 when you apply for a UOB credit card.

Capture vibrant photos with the iPhone 14’s 12MP Main camera and reminisce about the captured memories with the Super Retina XDR display. Powered by the A15 Bionic chip and 5G connectivity, you can also experience a smooth performance for everything you do with this innovative smartphone.

If you don’t win the iPhone 14, you’ll still get a guaranteed RM200 in TNG eWallet Credit as a gift.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – Apple iPhone SE

This week, you could win an iPhone SE when you apply for an RHB credit card.

The iPhone SE boasts the A15 Bionic chip that provides up to 1.2x faster graphics and a boosted battery that offers up to 15 hours of video playback. Coupled with 5G connectivity, this smartphone ensures fast streaming and efficient downloads to elevate your digital experience.

You’ll still get a guaranteed RM300 cash via DuitNow if you don’t win the iPhone SE.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Alliance Bank – Xiaomi Mijia Water Dispenser C1 OR Xiaomi 70mai 1S Dash Cam

Get a guaranteed Xiaomi Mijia Water Dispenser C1 or Xiaomi 70 Mai 1s Dashcam when you apply for a new Alliance Bank Credit Card!

If you apply for an Alliance Bank Credit Card with Balance Transfer, you can take home the Xiaomi Water Dispenser C1 to increase your daily water intake with its 3 temperature modes – cold, normal, and hot, an easy one-button start, and 2.5L tank capacity.

Alternatively, you can get the Xiaomi 70 Mai 1S Dashcam when you apply for an Alliance Bank Credit Card without Balance Transfer. This dashcam ensures you have high-quality 1080p recordings of your road journey at a wide 130° angle, helping you in any possible road disputes.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

Public Bank – Xiaomi Redmi Buds 3 Pro

The Xiaomi Redmi Buds 3 Pro is yours when you apply for a Public Bank credit card this week.

Immerse yourself in your favourite music or podcasts with the Xiaomi Redmi Buds 3 Pro’s 35dB Smart Noise Cancellation feature. Also, enjoy the convenience of wireless charging and stay unplugged with an impressive 28-hour battery life, enhancing your listening experience.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

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

While this week’s flash deal ends on 4 September 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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LHDN: More Than 31,000 Entities Have Not Filed Their Taxes

(Image: Bernama)

The Inland Revenue Board (LHDN) stated that it has identified a total of 31,598 entities who have yet to declare their income to the agency. These include 23,751 individuals, with the remaining being businesses and other entities.

In a statement, LHDN said that it traced these entities based on their asset ownership, and ability to secure financing or security worth RM500,000 and above. “The tax losses suffered by the government are estimated at RM665 million. This is a significant amount and can adversely impact the country’s economic stability if not addressed immediately,” the agency stressed.

(Image: The Malaysian Reserve/Arif Kartono)

As such, LHDN urged these entities – particularly the individual taxpayers – to voluntarily file their income taxes at any of its branches. They will be given a one-month grace period from 15 June to 15 July 2022 to do so.

The agency also warned that it will conduct tax audits, as well as civil and criminal investigations, if the entities fail to file their income taxes within the grace period. “Criminal probes would result in charges being filed in court under the Income Tax Act 1967 for tax evasion,” LHDN further said.

To note, Malaysia’s tax season takes place between 1 March to 30 April each year for individual taxpayers (and up until 15 May if you’re filing through e-Filing). Meanwhile, businesses can file their taxes until 30 June 2022 (or until 15 July if done through e-Filing).

(Sources:
LHDN
,
Free Malaysia Today
)

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Dealing with Debt in Marriage

Marriage means accepting your new life partner as is: traits, habits, quirks, past baggage and at times; even debt. Whilst marriage doesn’t make you automatically responsible for each other’s money woes – having one spouse in debt will have an effect on your collective household finances whether you like it or not. If not managed well, the spousal debt train can derail causing irreparable damage to your marriage.

So how do you deal with the problem of debt in a marriage?

Dealing with Debt Discovery

So the honeymoon is barely over but you’ve discovered the stash of maxed out credit cards and overdue loan payments. Your spouse has been nursing a secret debt problem and it’s threatening to severely limit your spending power as a couple in a newly-formed household. It’s a difficult thing, to be sure, and you will experience many negative emotions including anger and possibly a sense of betrayal. The first steps to dealing with the debt discovery is to get the full facts. After all, problem solving is best done when everyone is fully informed. Here are some of the first steps to getting all the information you need:

Request full and frank disclosure from your debt ridden spouse. This information needs to be the full extent of the debt; the creditors concerned and how much time is required to settle all outstanding dues.

Avoid the blame game.

As difficult as it may seem, remaining supportive in the discussion is the best thing you can do at this time.

Once you’ve gotten the dreaded disclosure out of the way; a large part of the battle is won.

Debt-Busting Next Steps

Depending on the level of severity of the debt carried by your spouse; the recovery plan may require something as simple as some belt-tightening and monitoring to the more elaborate requirement of a third party financial planner or even the assistance of
AKPK
. Whichever end of the spectrum you fall; there are always options. Here are some of the options you have in dealing with the debt.

Option 1
: For small sized debts, you can always opt to simply monitor your spouse’s spending and repayment to ensure he/she pays the amounts off soon without accumulating anymore debt. If credit cards are the problem; you can always opt to hold their cards until the amounts are paid off. Check and balance is more important here than any other effort on the part of the supportive spouse.

Option 2
: If the debt is a lot larger; you can always opt to get a financial planner in or seek the assistance of AKPK. The financial will be able to work strategies to help pay of the debt in the fastest time and how to survive on a whittled down household income until everything is paid off.

Option 3
: If there is the availability of assets such as a house (for remortgaging purposes) or savings; you can opt to settle loans in full. You may feel it unfair that you are paying for your spouse’s bad money decisions, but you can always work out ways in which he/she can repay you. Efforts such as contributing an extra sum monthly for the household expenses could be one way the debt-ridden spouse could repay the help given by the supportive spouse. The utility of such an arrangement is interest savings which could go to better use as the months go by.

Keeping Debt Free

When the debt has been wiped out; the concern would then be to ensure no such mistake is made again. Spouses can either opt to maintain full disclosure or agree that finances be completely separate with assigned payment duties. The latter arrangement works on the basis that if you mess up; it is your problem alone to deal with but your household payment duties need to be fulfilled all the same. Depending on the personality of the couple – either one could work.

There isn’t one set way to approach money problems in a marriage of two individuals but hopefully these steps help you find the plan of action you need to deal with debt in your marriage.

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Zurich: Majority Of Malaysian Homes, Assets Not Insured For Flood Damage

(Image: AFP/Arif Kartono)

Zurich Malaysia has once again expressed concern over the fact that a majority of Malaysians continue to remain uninsured or underinsured against flood coverage, especially home and car owners. Specifically, one in every two Malaysians do not have insurance coverage for their homes, and 74% of homeowners are not insured against floods.

Citing data from an earlier survey conducted back in September 2021, chief executive officer of Zurich General Takaful Malaysia, Shamsul Azman also noted that 43% of homeowners are not aware that the content of their homes are not necessarily covered under home insurance or takaful. Meanwhile, 59% of vehicle owners do not have adequate protection against flood damage.

Given the annual occurrence of floods, Shamsul shared his misgivings for these unprotected assets. “The overall losses from the major floods that hit the country last year were estimated to be worth RM6.1 billion. Damage to homes caused losses of RM1.2 billion while damage to vehicles was estimated at RM1 billion,” he said, adding that the burden of these losses could be minimised with the help of insurance or takaful coverage.

As such, Shamsul urged both home and vehicle owners to consider taking special perils coverage to better protect their assets from damages caused by such disasters. They should also take note of key features of the policies that they buy; for instance, the special perils coverage offered by Zurich Malaysia under its vehicle insurance provided protection for both vehicles that are being driven or are in static mode (stationary/parking).

Similarly, Zurich Malaysia also offers a conventional and shariah-compliant Z-Home Protect Takaful plan that protects both the policyholder’s home and the content within.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

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

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    ICityProperty

    3 months ago

The blog post on RinggitPlus sheds light on a concerning issue: the lack of flood insurance coverage for Malaysian homes. The author’s use of statistical data effectively highlights the extent of this problem, emphasizing the vulnerability of homeowners to potential flood-related losses. The post serves as a wake-up call for Malaysians to prioritize flood insurance and take necessary steps to protect their homes and assets. It is an important reminder of the importance of being prepared for unforeseen events and mitigating financial risks. Thank you to RinggitPlus for addressing this crucial topic and raising awareness about the need for flood
…
Read more »

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HLB Removes Balance Transfer Feature For Hong Leong Gold Credit Card

Effective 1 September 2021, Hong Leong Bank (HLB) will remove the lifetime balance transfer feature (at 6.99% p.a.) for the Hong Leong Gold Credit Card. Cardholders who are looking for balance transfer plans will be able to make use of the main balance transfer programme that is available to all HLB cardholders.

The special balance transfer feature had allowed Hong Leong Gold Credit Cardholders to apply for balance transfer plans at a rate of 6.99%p.a.. “This feature is being removed as the existing Balance Transfer (BT) programme that is applicable for all cardholders is more competitive,” the bank stated in its FAQ page. The
main balance transfer programme
 allows you to opt for a one-time fee plan or monthly interest plans, with competitive rates for Connect online banking users.

However, the change will not apply to those who are currently enrolled on the HLB Gold Credit Card lifetime balance transfer programme. If you are already enrolled on the programme, the lifetime balance transfer rates at 6.99%p.a. will continue to apply.

The other product features of the
Hong Leong Gold Credit Card
 remain unchanged. If you have any enquiries, you can contact HLB via email at
[email protected]
 or phone in at +603 7626 8899.

(Source:
Hong Leong Bank
)

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DBKL Collaborates With BNM, Pos Malaysia To Launch Golden Jubilee Commemorative Coins, Stamps

(Image: The Star)

Kuala Lumpur City Hall (DBKL) is collaborating with Bank Negara to launch two commemorative coins in conjunction with the Kuala Lumpur Golden Jubilee celebration. This is in addition to the release of stamps and first-day covers via Pos Malaysia.

With regard to the commemorative coins, Federal Territories Minister Datuk Seri Dr Shahidan Kassim said that they will be issued in two denominations, namely the Silver Sterling Coloured with a face value of RM10, and Nordic Brilliant Uncirculated (B.U.) gold shade with a face value of RM1. “Both types of coins are available at BNM, but the sales dates will be announced soon,” he said.

Meanwhile, BNM has yet to share details about the commemorative coins on its website as of the time of writing, including its weight, design, and available quota. The central bank will typically share these specifics ahead of time, before sales begin.

(Image: Selangor Journal)

“As for the commemorative stamps and first-day covers, these will be sold to the public at RM38 per set from 7 July at the post offices and Philatelic Bureau of Pos Malaysia,” said Datuk Seri Dr Shahidan Kassim.

The minister further shared that this round of commemorative items is the third edition to be issued after those that were delivered back in 1972 and 1990. “In 1972, the commemorative coins, stamps, and first-day covers were issued in conjunction with the declaration of Kuala Lumpur as a city, and in 1990, they were issued in conjunction with DBKL’s 100
th
 anniversary celebration as a local authority,” he said.

Finally, Datuk Seri Dr Shahidan said that he hopes the issuance of the commemorative coins, stamps, and first-day covers will serve as a meaningful reflection Kuala Lumpur’s development in the past fifty years as one of Malaysia’s capital cities.

(Source:
Bernama
)

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Alex Cheong Pui Yin

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The Ultimate Financial Tips For Fresh Grads

Being a student is all well and fun, but the second you finish your studies, you’re no longer protected by the warm and cozy nest your parents have provided you since your childhood.

Why? Because before you even get your first paycheck, you’ll have to start thinking about the hows and whens of managing your personal finances. Things like ‘how to pay off my student loan’, ‘how much income is sufficient for my living expenses?’, ‘when should I start saving?’, ‘how do I build a good credit score?’ will start to pop on your mind.

While adult-ing can be a pretty scary affair, planning and building your finances will be a lot easier and manageable with the right guidance. Check out our hot tips on how to manage and save money after you start earning your income to help you kick start a healthy financial life!

So you see, it’s not all that hard isn’t it? The most important thing is to keep learning about how to manage your money better, as well as protecting yourself, family, and finances with proper planning. This can be easily done by protecting yourself with insurance!

You can start with a basic and affordable insurance coverage, such as term life insurance. Check out the
latest term life insurance products on RinggitPlus
 and start securing your finances now!

You can also read our
Insurance Strategies For Every Stages Of Life
 article to learn more about the insurance product that will suit you current life stage best!

Last but not least, don’t forget to build a healthy credit score from now so it’ll be easier for you to get your loan and credit applications approved in the future. Remember to maintain a good payment record especially for things like your student loan and credit card.

If you still don’t have a credit card and is looking to apply for one, head to our
credit card comparison page
 and choose the best one for your spending style today!

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Syaza Abd Jani

Syaza Abd Jani

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