How to Refinance Your Mortgage to Save Big on Your Monthly Payments

We’ve shared with you the many advantages of refinancing your mortgage before. The advantages include freeing up some cash for personal use, switching up the type of loan you’re using, or the best of all, saving up a lot on your monthly payments. You can check out the
full article we have about the good reasons to remortgage
, but here is where we clue you in on how to go about doing that.

1. Get Your Documents in Order

Gather together your latest mortgage and bank statements so you can properly determine how much exactly you’re spending on your current mortgage. Determining this early on is essential in sussing out whether or not the new mortgage you’re planning to go with is worth switching to in the first place.

2. Consider the Costs of Switching

Exiting your current home loan early may incur penalties. Some of which may include a payment ranging between 2%-3% of the original loan amount. There might also be redemption fees paid to lawyers for the documentation necessary to redeem a loan.

You can call your lender to get a quote for paying off the amount you owe, plus any charges. Also, typically your MRTA policies are not transferable to the new loan, unless you refinance with the same bank. To decrease the total redemption sum, you can insist to cash out on the surrender value of your existing MRTA policy.

3. Find a Good Mortgage to Switch to

Once you have your papers in order and prepared for the costs of exiting, you can start looking around for a good lender to switch to. For this purpose, look no further than the
home loan section of Ringgitplus
 to sort through home loans by interest rate, margin, type, and length of term. We even have a home loan calculator to help you choose the best home loan that works for you.

4. Negotiate with Your Lender

It’s in the bank’s interest to keep you on as a customer so even if you’ve found what looks to be a better loan, consider calling up your current lender to begin negotiations. Share your intention to switch to a new lender and see if you can’t convince your current lender to match the deal you found. This takes some effort but should it work, you get to enjoy better rates without having to go through the hassle of actually refinancing completely.

5. Apply

If you feel the best decision is still to refinance, then all you need to do now is just sign up and enjoy the benefits of a brand new home loan.

Home loan refinancing or remortgaging can seem daunting but with the help of our guide, hopefully you can navigate your way to a better home loan with no trouble at all. Speaking of home loans, check out our article on
the important factors to look out for when choosing a home loan
.

How satisfied are you with your current home loan? Are you looking to remortgage yourself? Why? Share your story with us by leaving a comment in the comments section down below!

0

0

votes

Article Rating

SHARE

TAGS:

Home Loan

Mortgage

Refinancing

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


Versa Cash Promo Offers 3.2% p.a. Net Return Rate Until December 2022

Versa is currently running an offer for its Versa Cash clients, allowing them to enjoy a promotional net return rate of 3.2% p.a. on the funds within their accounts. Already ongoing, it is set to continue until 31 December 2022, and is open to all clients with an active account.

In the campaign’s FAQ, Versa explained that the 3.2% p.a. net return rate is achieved by tallying up Versa Cash’s base net return rate (2.5% p.a.) and the promotion net return rate (0.7% p.a.). The rate is, however, applicable only to the first RM30,000 balance in each user’s Versa Cash account. If you have more than RM30,000 into your account, the excess amount will earn Versa Cash’s base net return rate of 2.5% p.a..

So for instance, if you have RM32,000 within your Versa Cash account, your first RM30,000 will be eligible for the promotional return rate of 3.2% p.a., while the remaining RM2,000 will earn 2.5% p.a.. Note as well that you do not need to specifically deposit RM30,000 of fresh funds to enjoy this promo; as long as you have funds in Versa Cash, you will automatically be able to tap into the promotional rate.

Versa also clarified that users will receive their returns from this campaign on a monthly basis, with the return earned for each month to be deposited into their Versa Cash account in the following month. In other words, your earnings in September will only be credited into your Versa Cash account in October, and so on. Do also be aware that you will not receive returns that amount to less than RM0.01.

Finally, note that the campaign reward is paid on a first-come first-served basis; in the event that the total reward allocated for this campaign has been fully utilised, Versa Cash users will continue to earn the base net return rate of 2.5% p.a.. That said, Versa did not share its budget allocation for this particular campaign.

Versa Cash
 is Versa’s cash management solution, which allows Malaysians to tap into low-risk money market funds and earn interest rates, with its underlying fund being Affin Hwang’s Enhanced Deposit Fund. Versa also possesses an investment solution called
Versa Invest
 – rolled out recently in May 2022.

(Source:
Versa
)

0

0

votes

Article Rating

SHARE

TAGS:

Affin Hwang Asset Management

Affin Hwang Enhanced Deposit Fund (EDF)

Cash Management Solutions

Promotional Campaigns

Versa

Versa Cash

Versa Cash Payouts

Versa Invest

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


Asia Pacific Makes 5.8 Million Transactions For Valentine’s Day Spending: Mastercard Love Index

The Mastercard Love Index 2019 analysed credit, debit, and prepayment transactions made from 11-14 February between 2016 and 2018. The study done by Mastercard recorded about RM5.4mil spent on Valentine’s Day sentimental spending from 2016-2018. For the purposes of the study, sentimental spending on Valentine’s Day includes expenditure on restaurants, hotels, transportation, books and records, jewelry, and stationery.

The Mastercard annual study showed that Asia Pacific experienced the biggest increase in sentimental spending by 33% from 2016 to 2018. The trend in spending patterns show that a majority of Asian shoppers (29%) purchase Valentine’s Day gifts on 11 February to beat the crowd, unlike the Latin American shoppers who decide to purchase closer to the day itself. The annual index revealed that the top spending countries belong to the Asian market, including China (88%), Japan (68%), and Hong Kong (62%).

According to Mastercard, more Asians prefer to buy their gifts in-person (86%) rather than online (10%). However, more and more Asian consumers are starting to use technology to shop, resulting in an increase of 60% in the share of contactless transactions and online shopping, while e-commerce transactions also sees a growth of 32% in popularity throughout the years.

Meanwhile, transactions made for transportation (car, coach, train, plane) on Valentine’s Day last year showed an increase of 25%, suggesting a growing popularity for romantic getaways on that particular day. Similarly, the data reveals that Asians love pampering their loved ones by staying in hotels, as the number of hotel transactions rose by 27%. In this respect, China and India were recorded with the largest increase in hotel transactions of 142% and 73% respectively.

Lastly, most Asians lean towards spending on romantic dining spots as transactions made at restaurants rose by 41% in the past three years. In fact, 68% of all Valentine’s transactions in 2018 were made in restaurants. The study shows that Indians are the leading spender for restaurants which increased by 54%.

To recap, Asia Pacific has increased sentimental spending by 33% from 2016 while as many as 5.8 million transactions took place on Valentine’s Day itself. The stats above prove that Asia Pacific is the top spender when it comes to sentimental spending during the Valentine’s Day period. While showering your significant other with gifts feels very rewarding, you should also remember to
keep it practical
 and save up for rainy days because showing someone affection should be done daily.

(Source:
The Star
,
Newsroom.Mastercard
)

0

0

votes

Article Rating

SHARE

TAGS:

Contactless Payments

Dining

E-Commerce

Gifts

Mastercard

Online Shopping Platforms

Visa

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


Affin Bank, Proton Launch New Co-Branded Card, Affin Avance Proton Affiliate Credit Card/-i

Affin Bank has partnered with automotive company Proton to launch the new co-branded Affin Avance Proton Affiliate credit card/-i, which lets Proton customers earn up to 3x Affin Rewards Points when they use the card to pay for expenses in certain spend categories. In addition to that, they can also access exclusive payment plans for transactions at Proton outlets.

Specifically, you will enjoy the following privileges if you become an Affin Avance Proton Affiliate credit card/-i cardholder:

3x AFFIN Rewards Points for every RM1 spent on dining, online/e-commerce, and transactions at authorised Proton outlets

1x AFFIN Rewards Points for every RM1 spent on other retail transactions

Hassle-free overdraft/cash line application

0% easy instalment plans (up to 24 months) for transactions at Proton outlets, including car servicing

Lifetime annual fee waiver

The president and group chief executive officer of Affin Bank, Datuk Wan Razly Abdullah said that the bank is proud to be a partner to Proton, especially as the automotive company celebrates its 40
th
 anniversary this year. “We believe the collaboration exemplifies the spirit of innovation inherent to both Affin Bank and Proton while helping to reward and grow the customer base for both brands,” he commented.

Meanwhile, the deputy chief executive officer of Proton, Roslan Abdullah said that the new Affin Avance Proton Affiliate credit card is created specifically for the benefit of Proton customers. “By offering a host of benefits and privileges, we believe the affiliate card will further enhance the ownership experience while rewarding them when they service their cars or purchase our products,” he said.

Roslan also said that the new card will be automatically offered to any Proton buyers who finance their purchases with Affin Bank. Existing owners are welcome to apply for it as well if they would like to enjoy the special privileges provided via the card.

(Sources:
Paul Tan’s Automotive News
,
Proton
)

5

1

vote

Article Rating

SHARE

TAGS:

Affin Avance Proton Affiliate Credit Card/-i

Affin Bank

AFFIN Rewards Points

Credit Card Launch

Datuk Wan Razly Abdullah

Proton

Roslan Abdullah

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


6 Money Mistakes You Make During the Holidays and How to Avoid Them

The month of December is filled with exciting activities. It’s the school holidays and families are looking forward to travel plans. For those who celebrate Christmas, preparing for the festive season is both a joy and a pain. Although it’s wonderful to finally catch up on some much needed holiday fun; it’s easy to get carried away with spending. Before you know it, you’ve racked up enough credit card debt to last well into the next 5 Christmases.

But that doesn’t have to be the only way. Let us walk you through some of the most common money sins you can make this holiday season (or any holiday season!) and how to avoid them.

1. Not Budgeting

It’s the holidays; the last thing you want to do is put those numbers down and do ‘responsible things’ like budget. You work hard; and you deserve some fun. Be that as it may; the budget isn’t something you do for someone else – it is actually for your future self. Setting up a budget will provide a holistic view on what you’ll be spending on and the amount you intend to spend on each item. Spending without a budget leads to overspending and before you know it, you’re down to your last ringgit. We’re sure you don’t want to spend the rest of the holiday month eating cup noodles.

To remedy this situation, set up a budget and list the things you need to pay for and then the things you want. Having a game plan for your money means less unpleasant surprises as the month wears on.

2. Impulsive Purchases

It’s easy to get trapped in the infectious festive disease known as overspending. No matter how hard one tries to resist falling prey to impulsive spending, it’s hard to keep disciplined when everywhere you go, the message is to spend. Your friends are shopping; malls are having blow-out sales and everything is supposedly marked down to go. Even the most prudent of Pennies will end up buying
something
.

Whenever the urge to spend unnecessarily arises, always` ask yourself if you really need to spend that money. Prioritise your money for the items you really need. Your wallet with thank you for it.

3. Charging Everything Onto Your Credit Card

Having a credit card can be quite handy – but only if you use it well. Making use of the perks and benefits offered by a credit card, the occasional shopping could fetch some discounts or cashback for your purchases. However, you shouldn’t turn your credit card into your magic payment device. Your plastic can do more harm than good when you’re spending more than you can afford. Unless you can afford to pay off the full amount in your next credit card bill, it’s best to refrain from using it for anymore shopping.

Depending on the amount of cash you allocate for your credit card bill, it’s best to limit your credit card purchases for necessities such as petrol, groceries and dining. You can also opt to pay off the spent amount the day you spend it. This enables you to earn rewards but not pay the hefty interest fee later.

4. Last Minute Spending

Whether you’re Christmas shopping or hunting for a birthday gift, being in a hurry is never good for your wallet. Hunting for a gift takes up a lot of time and thought, so it’s easy pick up items on whim when you’re in a rush but then end up finding it not just overpriced but unsuitable for the recipient and then having to buy something else. Give the gift some thought and if you really don’t have the time, ask the recipient for a raincheck and give them a gift after you’ve thought it through. Both of you will be pleased you did.

If you’re stuck on last minute Christmas preparations; check out our
quick and easy hacks to getting the most for your Yuletide
 at the eleventh hour.

5. Overlooking Entertainment Cost

During the holidays, we spend more time and money on entertainment than we normally would. While you’re having a good time, it’s easy to overlook the money aspect. Whether you’re at the bar, a day trip to Kuantan or at the club, the amount you spend on food, tickets, and petrol could add up quickly. The next day, you wonder why you have so little left in your wallet. Without taking entertainment cost into account, you would be broke before the month is up.

What’s even worse is if you have made a budget for the month but forgot to include the additional entertainment spend. This could mean having to miss some really vital bills to cover the shortfall from your entertainment splurge. It’s always best to give your budget a little more breathing room when the holidays are nigh so you don’t find yourself overstretched.

6. Taking the “It’s Only Once a Year” Excuse

Making people excuse their wild spending with the evergreen “But, it’s only once a year!” The problem with this tired rhetoric is that you end up spending more this once a year than you would had you allowed yourself some small luxuries once a month all year round! It’s like this: if you buy 10 pairs of shoes at Christmas because it is only once a year; makes you no better than the woman who bought one every two months. In fact, you would have bought much more than she did!

The once a year excuse doesn’t hold water if you end up damaging your wallet beyond what is reparable in a year!

Learn From Past Mistakes

Making mistakes once or twice is one thing; but making them every year is habit that will simply send you to the poorhouse. Prioritising the things you need enables more control over your spending. It’s hard changing set behaviour and mindsets but if you could benefit greatly from the exercise; it’s worth the effort.

0

0

votes

Article Rating

SHARE

TAGS:

Christmas

Shopping

About THE AUTHOR

Denise Chan

Denise Chan

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


4 Reasons Why You Should Get Credit Card Debt Insurance

Have you ever wondered about what would happen to your credit card debt or outstanding balance when you can no longer pay them off? Of course, we’re not talking about unemployment.

Learn how credit card debt insurance can help protect your finances from the worst case scenarios.

What is Credit Card Debt Insurance?

It is essentially a plan that covers the outstanding balance racked up on your credit card (up to a limit) if you, the principal cardholder, is no longer able to make payments due to death, permanent disability, or critical illness.

The policy will help pay off your credit card outstanding balance as long as it’s within the coverage limit, and is renewed monthly based on how much you owe the bank. You might be asking, ‘is credit card debt insurance worth the extra money?’.

To answer your question, here are the top four reasons why it’s important to have credit card debt insurance:

1. It Doesn’t Cost a Lot

The premium is paid on a monthly basis and is determined by the amount of your outstanding balance. To give you an idea of how much the premium would cost you, let’s take
Credit Shield Select by Citibank
 as an example.

It offers a sizeable coverage on a cardholder’s outstanding balance (refer to
Citibank’s website
 for further details) at just RM0.60 for every RM100 owed. So if you have an outstanding balance of RM1,000, you’ll only need to pay RM6.00 for its coverage.

A lower outstanding balance would mean a smaller payable premium, so this is yet another reason for you to pay your credit card bills on time!

2. It Helps Protect Your Assets

In the event of your death, banks have the right to collect what you owe from the assets you leave behind, depending on the contract you sign with them when you first applied for your credit card.

These assets include your hard-earned EPF money, insurance benefits, and other settlements which would have (and rightly so) gone to your beneficiaries, but due to whatever agreement you had with your bank or credit card provider, might be seized as payment for your credit card debt instead.

It doesn’t sound so good for your family’s financial future, does it? With a credit card insurance, you don’t have to worry if your family’s finances might be vulnerable after you’re gone. That, on its own, is a valuable peace of mind.

3. It Keeps You and Your Family Out of Debt

Unfortunate circumstances like death, critical illnesses, and permanent disability can cause debt to spiral out of control as your income will be curtailed – or completely cut-off. Even so, your financial commitments will still need to be honored.

Imagine for a moment that you’re no longer able to support your family (be it due to your passing or disability), things that you leave behind such as your car and property will already be a huge financial burden to your family finances.

If you don’t plan your finances well, it will be downright cruel to add your credit card debt to the long list of debt your family will have to pay off on your behalf.

4. It Gives You the Confidence to Live a Worry-free Life

You won’t have to worry about how you are going to pay your credit card bills if you suffer from a critical illness or a disability, because your credit card debt insurance will pay it off for you!

We could go on and on, but these are some of the most important reasons for why you should consider getting yourself credit card debt insurance – better safe than sorry!

What It Will Not Cover

Before you get too excited, you need to know that credit card debt insurance does not provide coverage for
everything
. For example, your credit card outstanding will not be covered by the policy if you decide to leave your job or if you simply can’t cope with your credit card bills.

Here’s a non-exhaustive look at other exclusions that credit card debt insurance will NOT cover:

• Death due to suicide.

• Critical illnesses due to a pre-existing condition.

• Illnesses that were diagnosed before the commencement date, typically within sixty or thirty days.

• Permanent disabilities sustained during your engagement in a criminal act.

As always, remember to read though the insurance product disclosure sheet and policy carefully and understand it thoroughly before buying.

Another Credit Card Debt Insurance Option To Consider

One of the benefits of applying for certain Islamic credit cards is the possibility of complimentary Takaful coverage for repayments on the outstanding balance.

Similar to credit card debt insurance, this type of coverage is meant to help clear your remaining bill in cases of permanent disability or death.

Some cards even offer compassionate benefits such as a sum to help with funeral expenses for the cardholder, payable to the beneficiary. Interested in applying for a Syariah-compliant Islamic credit card? Head on over to our
comparison page
 to discover the best Islamic credit cards available!

5

1

vote

Article Rating

SHARE

TAGS:

Citibank

Credit Card Debt

Credit Card Debt Insurance

Debt

Takaful

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


U Mobile Unlimited Hero P139 Plan Offers Free Roaming in 36 Countries

U Mobile has
 announced the new
Unlimited Hero P139 postpaid plan, its most expensive unlimited internet plan to date. Designed for heavy data users both locally and abroad, the U Mobile Unlimited Hero P139 offers users unlimited data and calls, high definition (HD) video streaming, and even free roaming in 36 countries worldwide.

The Unlimited Hero P139 plan comes with unlimited high-speed data, unlimited calls to all networks, 50GB of high-speed data for hotspot usage, and HD-quality streaming for RM139 a month. It is a significant upgrade from the company’s previous highest-priced unlimited postpaid plan, the P99, a RM99 plan which only supported standard-definition video streaming and 30GB of mobile hotspot quota. For an extra RM40 per month, customers will be able to enjoy larger hotspot allowance, HD streaming, and Roam-Onz Global, U Mobile’s impressive new data roaming feature.

Roam-Onz Global is an upgrade from the standard U Mobile Roam-Onz, which offers 3GB of data for use in 12 destinations, for free. Roam-Onz Global adds another 24 destinations, covering a total of five continents worldwide. With this, frequent travellers no longer have to pay for expensive data roaming rates in 36 countries. All users need to do is activate international roaming and be connected to U Mobile’s preferred roaming operators.

While Roam Onz Global is only available on the Unlimited Hero P139 plan for now, it does intend to incorporate Roam-Onz Global into its other plans in the future. That said, the telco is still looking into this and may only make a decision sometime next year.

Roam-Onz 12 Destinations

Australia

India

Singapore

Bangladesh

Indonesia

South Korea

Cambodia

Laos

Hong Kong

Philippines

Taiwan

Thailand

Roam-Onz Global Additional 24 Destinations

Austria

Brunei

Canada

China

Denmark

Egypt

France

Indonesia

Ireland

Italy

Japan

Latvia

Lithuania

Myanmar

Netherlands

Pakistan

Poland

Russia

Saudi Arabia

Sri Lanka

Sweden

United Kingdom

United States

Vietnam

To further sweeten the deal, U Mobile is holding a limited time offer for new sign-ups for the new Unlimited Hero P139 postpaid plan. From 5 December 2018 till 28 February 2019, U Mobile will be offering Roam-Onz Global free for two years when you sign up with the new postpaid plan. For more details on the new Unlimited Hero P139 plan, visit
U Mobile
.

(Source:
Soyacincau
,
Lowyat.NET
)

0

0

votes

Article Rating

SHARE

TAGS:

Postpaid Plans

Roaming

U Mobile

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


MyEG Opens Registrations For First DeFi Product, Lock-Earn Wallet

Less than a week after announcing that it will be launching Decentralised Finance (DeFi) products in Malaysia, MyEG has revealed the beta version of its first DeFi product, MyEG Lock-Earn Wallet, described as “the simplest and safest way to earn on your digital assets holdings.”

The MyEG Lock-Earn Wallet works somewhat like a fixed deposit for cryptocurrencies – or for those who are familiar, the product also resembles Locked Staking or Liquid Swap products that are offered by global Digital Asset Exchanges (DAX).

“Many investors store their digital assets on exchanges in cold storage for long-term safekeeping. However, this strategy doesn’t help them grow their investment holdings or build overall wealth. The MyEG Lock-Earn Wallet enables individuals and institutions to earn borrowing fees on their digital assets held at selected digital asset exchanges (DAX),” explained MyEG on the landing page of the new product.

In other words, the MyEG Lock-Earn Wallet functions by getting you to deposit and lock in a required minimum amount of cryptocurrencies for a specific tenure. From here, you can then earn up to 5% of borrowing fee rates (BFR), starting from a base BFR of 2.5%. Note that this service is currently limited only to two cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH), with the minimum amount to be deposited standing at 0.01 BTC and 1 ETH, respectively.

(Image: Utusan Malaysia)

On top of locking in the required amount of BTC and ETH, there are also extra steps that you can take to increase your BFR to the maximum 5%, including:

An additional 0.25% for every user referred to the DAX within the last 30 days before opting in to a Lock-Earn (up to eight referrals)
An additional 0.5% if the user has traded more than 0.5 BTC in the last 30 days on the DAX, for BTC Lock-Earn
An additional 0.5% if the user has traded more than 8 ETH in the last 30 days on the DAX, for ETH Lock-Earn

Here’s one of the examples provided by MyEG to better illustrate how the MyEG Lock-Earn Wallet can reward you: A user who has locked 1 BTC in their MyEG Lock-Earn wallet, selected a 6-month tenure, referred 8 new users, and traded more than 0.5% in the DAX in the last 30 days will find themselves earning the full 5% BFR. To break things down, the user will be entitled to the 2.5% base rate, another 2% from the eight referrals made (0.25% x 8), and a final 0.5% from the trading of BTC. All accrued borrowing fees will be awarded to the user at the end of his selected lock-earn tenure.

Meanwhile, if the user decides to withdraw his deposited cryptocurrencies before the end of the selected tenure, they will forfeit any or all the BFR earned. Interestingly, there are no mentions of early withdrawal penalties in the product’s T&C for now.

If you’re interested to test out this new service from MyEG, you can go ahead and register your interest for the MyEG Lock-Earn Wallet beta programme. That said, do be aware that you need to be a customer of either MX Exchange or Tokenize Technology to do so; only these two out of the
four DAX recognised by Securities Commission Malaysia
 are currently involved the programme.

(Source:
MyEG
)

0

0

votes

Article Rating

SHARE

TAGS:

Bitcoin

Cryptocurrency

Decentralised Finance (DeFi)

Digital Asset Exchanges (DAX)

Ethereum

MX Exchange

MX Global

MyEG

MyEG Lock-Earn Wallet

MyEG Services Berhad

Securities Commission Malaysia

Tokenize

Tokenize Technology

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


Are Reward Point Credit Cards Worth the Effort?

Banks today offer many great reward point credit cards. In fact, there are hardly any credit cards in the market that do not offer some kind of point system (if there is; they usually offer cashback instead). To reap the rewards, you have to spend regularly to redeem gifts such as air miles, petrol and shopping vouchers. Many reward point collectors use these cards for their daily expenses from groceries to billings to accumulate points for rewards. However, there’s always the question posed: are the points really worth it?

The best way to gauge this is to look at the typical reward point card in its entirety. Let’s consider the pros and cons of a reward point credit card.

The Good

1. Good value point redemption

Some
reward point credit cards
 offer higher point earnings each time you spend such as 3x or even 5x the usual rate (usually 1 point for every RM1) spent at participating outlets/merchants. If you are a frequent visitor to any of the participating outlets, you could benefit greatly from the card in question. Spending at places you would usually spend anyway will earn you points at the same time. No additional effort required. Take for instance the
Citibank Clear Visa
; it gives you 3x rewards points for spending at Zouk, Borders, G2000, Topshop, Topman, Vincci, Quiksilver, Roxy, La Senza, GAP and Sakae Sushi. If you’re a shopaholic with a penchant for clubbing and er… eating sushi, then this is definitely the card for you.

2. Incentive spending

The reward point credit card can be a great card if you find one that best suits your lifestyle. For example, frequent flyers can reap the rewards of a card with good airmile conversion as well as other travel related goodies with the right card. Shoppers and foodies benefit from a card offering additional points at retail and dining outlets whilst people who only use their card during emergencies can still partake in a reward point programme where the points are ‘evergreen’ (that is, they don’t expire).

3. Save more on groceries

Many reward credit cards today also partner with specific supermarkets not only to allow you to earn member points for future purchases but also cash rebate with accumulated purchases. What’s more, you can enjoy special member’s discount on special seasons. The
Tesco RHB Visa
 is one such card so if you find yourself in Tesco once a week buying kangkung for the family (or your friendly political demonstration) – you might want to apply for this card.

That said, it’s not all rosy in the world of reward point cards. We now let you in on the dark and dirty parts (ok, perhaps we exaggerate a little) banks don’t always want you to know.

The Bad

1. Encouraging frivolous spending

Admit it; you’ve thought it too. “I don’t really need this 100th pair of shoes but it is on sale and I earn 3x reward points which is always nice. Maybe another pair won’t hurt…” Do that often enough and you’ll find the debt collectors at your door! Attractive rewards keep you excited about spending money and the concept of credit cards mean you don’t have to have an equivalent amount of money in the bank at that point to do it. So be wary of the card that lures you into spending more money you don’t have.

2. Points don’t live forever

Unlike vampires or the average plastic bottle; reward points don’t live forever. For many banks, the points will expire if not redeemed within 3 to 5 years of spending. This not only gives you less time to accumulate points – it also means you stand to lose all your earned points if you forget to redeem. Not all cards are made this way though. Some do offer evergreen points so if you are forgetful and a small spender – find the card which suits your spending patterns (and now we sound like a broken record).

3. Fees and charges

There’s no such thing as free credit. Similar to any other credit card, the reward point credit card charges interest rates on balances brought forward and late payment fees should you miss payments. You’ll defeat the purpose of carrying a reward point credit card if you end up paying high interest charges which negate any benefit a reward point card will give you. Some also have annual fees to give this factor a good hard think before you apply.

So, Should I Get a Reward Point Credit Card?

In a word; yes. Why would you say no to a bank wanting to reward you for spending on your card? But keep the cons in mind to reap the full benefits of your card. At the end of the day; if you’re going to use a credit card anyway, why not earn points and freebies as you go? After all, credit card good behaviour applies across the board no matter what kind of card you get (pay your balances in full or as quickly as possible; pay on time; don’t overspend… etc). So play your cards right and you could score those flight tickets to the Maldives… or a blender (it’s ok; smoothies are in fashion we hear).

0

0

votes

Article Rating

SHARE

TAGS:

Citibank

Citibank Clear Visa

Financial Behaviour

Personal Finance

Rewards Points

RHB

Tesco RHB Visa

Visa

About THE AUTHOR

Winnie Wu

Winnie Wu

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


Survey: 62% Malaysians Willing To Commit Fraud To Obtain Loans, File Insurance Claims

(Image: Malay Mail/Ahmad Zamzahuri)

A global study by analytics software provider FICO revealed that 62% of Malaysians is willing to commit fraud in order to obtain a loan or file an insurance claim. This translates to approximately three in five Malaysians who would do so.

Among other things, the study – which surveyed 1,000 respondents each in 14 countries, including Malaysia – indicated that about 35% of its Malaysian respondents feel that it is acceptable to exaggerate their income in their loan or mortgage applications. Meanwhile, around 25% thought it was normal to do so. Similar numbers also apply for consumers who would overstate an insurance claim or include additional items to a claim.

Furthermore, the study noted that banks in Malaysia may be incurring financial losses from inflated insurance claims due to inaccurate risk assessments following the submission of false information on applications. This is despite the fact that financial institutions usually possess the evidence required to tell apart fraudulent and genuine applications, mainly because fraud teams are unable to access such data as they are siloed.

(Image: The Star)

FICO’s lead for fraud, security, and financial crime in Asia Pacific, CK Leo noted that the survey has highlighted the worrying mindset that Malaysians have regarding the topic of fraud. “While many think that people should never take these fraudulent actions, the survey sheds light on the concerning willingness of many Malaysians to commit fraud in pursuit of financial gain. These numbers underscore the importance for Malaysian banks to bolster fraud prevention to safeguard customers’ interests and strengthen their bottom line,” he said.

Leo also acknowledged that in some cases, individuals may have been forced to resort to extreme measures to obtain credit facilities, especially given Malaysia’s current economic climate and the rising cost of living. However, he stressed that customers must recognise that the act of providing incorrect information on applications or claims is not only illegal, but also a form of fraud.

Additionally, Leo called upon financial institutions to improve their systems and procedures to overcome this challenge. “By enhancing their capacity to identify irregularities indicating exaggeration or misrepresentation of information, financial institutions can proactively safeguard themselves against losses arising from customers’ repayment challenges. Moreover, through such efforts, they can also aid customers in steering clear of unfortunate outcomes,” he said.

(Image: The Malaysian Reserve)

Leo also urged banks to consider adopting a holistic approach as well as analytics and machine learning models in assessing applicants’ data, instead of merely resorting to tedious and expensive identity checks. This will enable them to differentiate between fraudulent and legitimate applications more effectively, without compromising the customer experience.

“To achieve success, fraud teams must strike a balance between powerful fraud protection and the legitimate needs of customers. This is further necessitated by the region’s competitive banking landscape, where the wrong fraud strategy can be costly,” Leo commented.

Other countries that were also involved in this study – which was conducted in late 2022 – included the United States, the UK, Germany, Sweden, and Canada.

(Source:
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

CK Leo

Consumer Surveys

Credit Fraud

FICO

Financial Fraud

Fraud

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


MAS Further Extends Validity Of Enrich Points, Elite Status, And Golden Lounge Access Vouchers

Malaysia Airlines (MAS) has announced that it will once again be extending the validity of Enrich Points and Enrich Golden Lounge Access vouchers, this time for those that are expiring between December 2021 to November 2022. Additionally, it is also extending members’ Elite status that are expiring in March 2022, as well as reducing the qualification and requalification requirement for each Elite tier by 30% for 2022.

Specifically, MAS will extend the validity of Enrich Points that are expiring between December 2021 to 30 November 2022 all the way to 31 December 2022. This extension will be reflected in your online account in January 2022.

Similarly, the validity of Enrich Golden Lounge Access vouchers that are expiring between December 2021 to 30 November 2022 will also be extended to 31 December 2022. This extension applies to vouchers that are redeemed via Enrich Points, CIMB Enrich MasterCard Golden Lounge Access vouchers, as well as MAS Amex Platinum and Gold Business Card Golden Lounge Access vouchers.

Aside from that, MAS said that it is also extending members’ Elite status that are expiring on 31 March 2022 for a full year, to 31 March 2023. This will also be reflected in your online account in January 2022.

Lastly, the national carrier is allowing members to retain or fast-track their Elite status with a 30% reduced rate of Elite Points throughout the whole of 2022. This applies to all Elite tiers, namely Silver, Gold, and Platinum. Here’s how the new rates will look like in comparison to the normal tier qualification and requalification requirement:

Elite Status Tiers
Normal qualification and requalification requirement
Qualification and requalification requirement in 2022
Silver
30 Elite Points
21 Elite Points
Gold
60 Elite Points
42 Elite Points
Platinum
100 Elite Points
70 Elite Points

In its announcement, MAS said that these new allowances are provided as a gesture of appreciation to Enrich members for their loyalty and unwavering support. “With this gesture, which is an extension of our Malaysian Hospitality, we hope to make it easier for you to make your travel plans and enjoy all that you truly deserve,” the national airline shared, adding that with the country gradually reopening for travel once more, Malaysians can put their Enrich Points to good use by redeeming flight tickets and hotel stays, on top of other lifestyle rewards.

This is not the first time that MAS has extended the validity of its members’ Enrich Points or Golden Lounge Access vouchers due to Covid-19 and the ensuing travel restrictions. In fact, it had begun offering several
extensions since the onset of the pandemic
, starting from March 2020. With this latest offer included, MAS has provided a total extension of 33 months.

(Source: MAS [
1
,
2
])

0

0

votes

Article Rating

SHARE

TAGS:

AMEX-Enrich Co-Brand Golden Lounge Access Vouchers

CIMB-Enrich Co-Brand Golden Lounge Access Vouchers

Golden Lounge Access Vouchers

Malaysia Airlines

MAS

MAS Elite Status

MAS Enrich

MAS Enrich Points

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


Malaysia’s Unemployment Rate Improves Slightly To 4.7% In March 2021

(Image: The Edge Markets)

Malaysia’s unemployment rate in March 2021 has dropped slightly to 4.7% from 4.8% in February, said the Department of Statistics Malaysia (DOSM) in its latest labour force report. This amounts to 753,200 unemployed persons, as compared to the 777,500 individuals recorded in the previous month.

DOSM further noted that individuals who were actively unemployed – defined as those who are available for work and are actively seeking for jobs – have decreased by 3.2%, equivalent to 20,500 persons. As such, this group now records 626,900 persons as compared to 647,400 persons in February 2021. “More than half of the actively unemployed persons were categorised as those who were unemployed for less than three months (51.1%), while 10.9% of actively unemployed were in long-term unemployment of more than a year,” said DOSM in the report.

Meanwhile, the number of employed persons continued its upward trend for the fourth consecutive month. In March, it went up by 0.4%, bringing the number of employed persons from 15.27 million in February to 15.33 million persons.

“Since April 2020, the number of employed persons was on a year-on-year declining trend, but for the first time after eleven consecutive months, the number of employed persons registered a positive year-on-year growth of 0.6% (+96,900 persons),” commented DOSM.

Aside from that, Malaysia’s labour force also saw an increase of 0.2% in March – equivalent to 34,300 individuals – which brings the number to 16.08 million persons. The month also recorded a higher labour force participation rate at 68.6%, as compared to 68.5% in February 2021.

With regard to different categories of employment, the employee category saw an increase of 76,800 individuals, bringing the number from 11.87 million persons to 11.95 million persons in March. This category makes up 77.9% of the employed persons group. Own-account workers (self-employed individuals) also went up by 48,300 persons to register 2.58 million persons in March, as compared to 2.43 million persons in February. This group accounted for another 16.2% of the employed persons group. Lastly, the remaining 5.9% of overall employment is made up of unpaid family workers (2.7%) and employers (3.2%).

(Image: The Star)

Chief statistician Dato’ Sri Dr Mohd Uzir Mahidin attributed this improvement to the variations of movement control order (MCO) that were implemented during the month. “Unlike MCO 1.0 where most economic activities as well as national and interstate borders were closed, March this year saw most states were in recovery MCO (RMCO) while several others were in conditional MCO (CMCO) with most of the economic activities continued to operate in compliance with strict operating procedures,” he explained.

Aside from revealing the unemployment rate for March 2021, DOSM’s latest labour force report also shared information regarding the labour force for the first quarter of 2021 (1Q21). It noted that the unemployment rate in 1Q21 stood at 4.8%, with 771,800 unemployed persons. The number of employed persons, meanwhile, increased 0.5% to 15.24 million persons – particularly in the services, manufacturing, and construction sector.

(Image: Bloomberg)

Despite this positive momentum, Mohd Uzir also warned that the recovery of Malaysia’s labour force will be subjected to the uncertainties in the country’s health condition and economic performance. “The rising number of daily Covid-19 cases in Malaysia had prompted the implementation of restricted MCO in targeted areas and MCO in certain states, namely Kelantan, Sabah, Selangor, and Kuala Lumpur in May 2021,” he said, adding that these factors may disrupt the recovery in forthcoming months.

(Source: DOSM [
1
,
2
])

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19

Department of Statistics Malaysia

DOSM

Unemployment

Unemployment Rate

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


How to Negotiate Your Bonus or Raise

We are into the first month of the New Year and it is usually the time companies start evaluating their previous year’s performance and employees eagerly await their bonus announcements along with the hope for a raise.

Before salary revisions have been decided, the best time to make your case for a better bonus or raise would be during your review or during the targets and goal setting done with your bosses at the start of the year.

Bear in mind that this is not a foolproof guide to ensure yourself a bonus and a raise, but it may be helpful to have some extra pointers to add to your arsenal of negotiation skills.

Focus on Achievements

The golden rule of asking for more money is to prove that it is justified in terms of your work. This was expounded by the founder of
EqualPayNegotiations.com
. To quantify your achievements, make a list of all the achievements you accomplished in the year.

Presenting it in a systematic way would be good to show what your employers may have been overlooking.

This would be helpful if you keep a log of your tasks and compare it against your targets and goals that were set earlier. The more you exceed the targets and expectations, the more justifiable the raise and bonus would be.

Keep to the achievements instead of what you have done. How is this different? You have been preparing a special report for the team on a bi-weekly basis, is something you have done for the team or management but does not highlight something you have accomplished.

If work starts at 9am, and you come in to work at 8am to be ahead. That is an example of what you have done to be prepared for the day, not exactly a requirement nor an achievement. You may think it is showing your dedication but it may just be killing your chances by providing evidence that you are inefficient.

Contributions to the Team

Make it known to your employer how you have been contributing to the team in the past year. Bring up the projects you have been involved in, colleagues that you have assisted in training as they will not always remember or know all of your contributions.

Let’s be honest, we all have that someone in the office who loves to claim credit for all the stuff everyone else has done. Opening up and giving details of the projects or task involved, may draw attention to how much you actually do in the office.

Highlight skills that you have developed and can apply in the future to the upcoming targets and goals. Show your employer the additional value you have developed over the year and how it will fall into the team’s new overall targets and goals.

Do Not Compare Yourself to Other Colleagues

This may be your closest benchmark to prove you are doing more or better than everyone else. As tempting and easy it is to do, it would be advised to stay clear of such instances if possible.

Aside from coming off as petty, you could very possibly be digging yourself your own grave. When you compare against a colleague, there are times you may be unaware of all your colleague’s full contributions. Your own may be significantly smaller, which automatically diminishes your chances of pushing for a higher bonus or salary.

Stick to Work Related Issues

When negotiating and pushing for your raise and bonus, please do not under any circumstance start to bring in personal issues as your reasons for needing more money. Please do not resort to any “Family cow has died and we no longer have a source of milk” type stories to garner pity. Majority of people are struggling with finances one way or the other, so it’s best to be professional and stick to work related issues.

Do Not Make Threats

The express ticket out of your superior’s good graces is to issue a threat. During the negotiation or review, do not under any circumstance push the idea that you may leave if the raise or bonus is not up to your expectations. Especially in the instance they reject your request for a bonus or raise, it would be ill advised to start issuing threats no matter how valuable you are to the team.

Once your superiors have the impression that you may want to quit, they would not have the same trust in you as before. If the bosses feel they are not able to trust their employees, it not only ruins one’s chances of getting their bonus or raise, it will also put pressure on your day to day task. This could ultimately jeopardise your entire career with the company.

Time to Secure That Bonus and Raise

No two people are the same, differentiate yourself and prove to your employer that you are unique and your skill set is something they require and should appreciate. “If he can, you can do it” does not necessarily apply to everything.

Sometimes, that may be like comparing a monkey to a fish and telling the fish that if they train hard enough, they can climb a tree too. Remind your bosses that you are unique and how you create value to your team with some of the points above, and you should see some results. Good luck!

Image Sources: Image 1 from ‘
http://www.123rf.com/profile_stanciuc
; Image 2 from
Bloomberg Professional
; Image 3 from ‘
http://www.123rf.com/profile_phonbjm

0

0

votes

Article Rating

SHARE

TAGS:

Career Advice

Employment

EqualPayNegotiations.com

Pay Raise

Personal Finance

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


HSBC credit cards’ 0% Instalment Payment Plan

Making a sizeable purchase with your HSBC credit card? Convert it into an
interest-free instalment plan!

With a wide range of merchants from the Electrical & Electronic, Health & Beauty, Household & Furniture as well as Business & Travel categories, you can get yourself almost anything you want minus the burden of a huge bill.

0

0

votes

Article Rating

SHARE

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


MaxisONE Share Supplementary Lines Get Double Quota Upgrade

Effective immediately, Maxis has upgraded the quota for MaxisONE Share supplementary lines from 10GB to 20GB per line. This upgrade is permanent, and does not require any input from existing users – the additional data will automatically be included in the shared DataPool quota.

MaxisONE Share line users will receive an SMS from Maxis notifying them of the upgrade to their. This upgrade comes at no additional charges, and will roll out gradually from 16 to 25 May 2019.

(Image: Soya Cincau)

MaxisONE Share is Maxis’ supplementary postpaid line, which can be both with any main MaxisONE line. Priced at RM48 per month, it previously offered 5GB of all-day data that goes into the shared DataPool with all other lines in the account, 5GB weekend data, and unlimited calls and SMS. Each Share line will now get 10GB quota (that goes into DataPool) and 10GB all-day data while the unlimited calls and SMS feature remain the same.

The new quota will be reflected in the MyMaxis app after 26 May.

(Source:
Soya Cincau
,
Maxis
)

0

0

votes

Article Rating

SHARE

TAGS:

DataPool

Maxis

MaxisONE Share

Mobile Data Quota

MyMaxis

About THE AUTHOR

Hayatun Razak

Hayatun Razak

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


Enrich Bank Points Conversion Campaign Returns, Offers 10% Bonus Points & Elite Points

Malaysia Airlines (MAS) is back with its bank points conversion campaign, running until 31 July 2023, where Enrich members who convert their credit card rewards points will be able to earn an additional 10% Enrich Points. Additionally, for the very first time ever, members who convert points in multiples of 30,000 Enrich Points will also be able to earn Elite Points to progress towards the next tier status in the Enrich loyalty programme.

To enjoy the 10% bonus Enrich Points offer, you can convert your credit card rewards points from as many as 16 local and foreign financial institutions, including American Express (Amex) and Bank Danamon. Of course, the minimum points conversion and rate for each bank will differ, so be sure to check in with your bank before you put in a request for conversion.

So for instance, Alliance Bank cardholders are required to convert a minimum of 10,000 Timeless Bonus Points (TBP) to obtain 1,000 Enrich Points. With the 10% bonus Enrich Points offer, they’ll ultimately get 1,100 Enrich Points in total (1,000 base Enrich Points + 100 bonus Enrich Points).

To convert your points, simply fill in a form from your bank or contact your bank to perform the conversion. If successful, the Enrich Points will be processed and credited into your Enrich account within 14 working days.

Note as well that you’re allowed to make multiple conversions from any participating banks (no cap on the number of conversions and credit card points), but you can only convert points for yourself and your own account. This means that the name of the cardholder must be the same as the name of the Enrich member, to be received in their own Enrich account.

Enrich also clarified that the converted base Enrich Points will have a validity of three years from the earned date. Meanwhile, the 10% bonus Enrich Points will be valid for one year from the earned date.

Aside from the 10% bonus Points offer, this latest campaign is also allowing members to earn Elite Points by making conversions in increments of 30,000 Enrich Points (not inclusive of bonus Points). You’ll get 1 Elite Point for every block of 30,000 Enrich Points converted, so if you convert your bank points to collect 60,000 Enrich Points or 90,000 Enrich Points, then you’ll gain 2 and 3 Elite Points, respectively.

Note that for this particular offer, each conversion
must be in exact multiples of 30,000 Enrich Points
 (30,000, 60,000, and so on) in order to earn Elite Points. You will not be entitled to any Elite Points if you convert any other amounts of Enrich Points. So if you plan to convert large amounts of Enrich Points for the purpose of earning Elite Points, remember to request for your bank to do so in blocks or multiples of 30,000 Enrich Points. To better clarify this, here are several examples to show how this works:

Your earned Elite Points will be credited immediately to your Enrich account, after which it’ll be valid until the end of this year. Earned Elite Points are non-transferable and cannot be exchanged for cash; it is only used to track and upgrade your
Elite Status (Silver, Gold, and Platinum)
 so that you can enjoy selected travel benefits when you fly with MAS, such as priority check-in and priority boarding.

There’s actually also another promo under this campaign where cardholders with the highest converted Enrich Points (received successfully in the Enrich account during the campaign period) will stand a chance to win an Honor Magic5 Pro phone or an Honor Magic Vs phone. For this, the winner will be selected and notified three weeks after the end of the campaign period.

(Source:
Malaysia Airlines
)

4

1

vote

Article Rating

SHARE

TAGS:

Elite Points

Enrich

Enrich Bank Bonus Conversion Campaign

Enrich Bank Conversion Campaign

Enrich Points

MAS Elite Status

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


MAS’ Enrich Bank Conversion Campaign Offers 10% Bonus Points, Exclusive Hotel Stay

Malaysia Airlines (MAS) is back once more with its Enrich Bank Conversion campaign, which will reward Enrich members who convert their rewards points from selected credit cards to Enrich Points. Ongoing from today until 15 April 2022, the campaign will allow members to earn an extra 10% bonus Points when they perform the conversion, as well as stand a chance to win an exclusive stay & dine experience at The Datai Langkawi.

Specifically, the 10% bonus Enrich Points will be awarded for every successful conversion carried out with any of the following financial institutions:

Affin Bank
Alliance Bank
AmBank
American Express
Bank Islam
Bank Simpanan Nasional
CIMB Bank
Danamon
Hong Leong Bank
HSBC Bank
Maybank
Public Bank
RHB Bank
Standard Chartered Bank
UOB Bank

Each bank will – of course – have its own conversion rate, with a minimum points conversion requirement, which you can
check out here
. Enrich members are also allowed to make as many conversions as they like, as long as they have enough credit card points to do so. CIMB, in particular, also has a special offer that lets selected cardholders earn an additional 1,000 Enrich Points – on top of the 10% bonus Points – if they make a minimum redemption of 20,000 Points, although this is limited only to the first 200 cardholders.

Of course, to participate in this campaign, you’ll need to be an Enrich member with an active Enrich account, as well as a credit cardholder with the participating banks. As such, make sure to register online and activate your Enrich account first if you’re a new member who wants to join in.

To convert your credit card points to Enrich Points, simply give your bank a call to put in a request, and they will liaise with Enrich to carry it out. Your converted Points will then be credited into your account within 14 days, with a validity period of three years.

Aside from the 10% bonus Point offer, Enrich members who convert a minimum of 10,000 Enrich Points will also find themselves in the running to win a three-day-two-night stay & dine experience at The Datai Langkawi. You can choose to convert all 10,000 Points from one single bank, or accumulate the total via conversions from multiple banks. The winner will be selected and notified within three weeks after the end of the campaign period.

(Source:
MAS
)

5

1

vote

Article Rating

SHARE

TAGS:

Enrich

Loyalty Programmes

Malaysia Airlines

MAS

MAS Enrich Points

The Datai Langkawi

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


Cool Things to Give Out as Duit Raya (That Aren't Money)

Duit raya is one of those evergreen raya traditions that has been passed down through generations. Every year, nearing the end of Ramadhan, working Malay Muslim adults would line up at the bank to withdraw stacks of clean, crisp Ringgit notes to slip into green packets and distribute to the people in our lives.

But what if giving out money is just too mainstream for you? Perhaps you’d rather stuff the duit raya packets with something else. Some other items that buck the trend, something with more personality, or just something that shakes things up a little bit. If you’re keen to be the guy who gives out funky “duit raya” this holiday season, read on for our suggestions.

QR Codes

Remember these? The blocky equivalent to the humble supermarket barcode, these square glyphs can be scanned by your smartphone and used as a link to any site or mobile web app.

Using
this QR code generator
, you can print out and insert a bunch of these codes into your duit raya packet as a nice raya surprise. Link to a YouTube video of your family’s raya celebrations, a public Facebook photo album full of raya pictures, or even directions to the next open house you’re planning to host.

Coupons / Gift Certificates

If you’re looking to get more for your money, coupons are the way to go. If you’re particularly close to the recipients on the duit raya packets, you can even select coupons for items or services that they enjoy the most. This adds a touch of personality to your duit raya, and lets them know you think of them. Aww.

You can tailor gift certificates to recipients the same way too. Combined with the duit raya they’re already getting from elsewhere, you can then plan for a shopping trip together after the bulk of the festivities are over. Hooray!

Personalised Duit Raya Packets

Sure, you can buy duit raya packets or use the ones leftover from last year, but how about printing your own ones? You can print your own simple personalised message on a duit raya packet with a felt pen or stick a handwritten note on it. You’d be surprised how much little gestures like these can brighten up someone’s day.

If you have a lot of time and enjoy showing off your artistic side, you can even make your own duit raya packets with your own design on it. There are plenty of
templates

online
 you can use to work with and it’ll be like giving out works of art to the people you love.

Origami Money

If you don’t want to deviate too much from the norm, but still want to be a little quirky with your duit raya, why not do some origami with the cash you’re going to give out? There are
plenty of tutorials online
 to teach you how and it doesn’t require any extra material at all.

As a bonus, here is a light-hearted look at some of the things you can stuff into your duit raya packet instead of money.

We hope you get plenty of duit raya this season, and that you give plenty of duit raya in turn, as well. If you’re keen to know the different ways that people celebrate Hari Raya Aidilfitri all across the world, check out our write up on it! Do you have anything to contribute to the article? Share your thoughts with us in the comments section down below!

Image credit:
Arnida Safuwan on Disqus

0

0

votes

Article Rating

SHARE

TAGS:

Coupons

Duit Raya

Gift Certificates

Hari Raya Aidilfitri

Origami

Personalised Duit Raya Packets

QR Codes

Ramadhan

Vouchers

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


Government Launches Malaysia’s First Digital Sukuk, Sukuk Prihatin With 2% p.a. Profit Rate

(Image: Bernama)

The Malaysian government has announced the issuance of the country’s first digital sukuk, Sukuk Prihatin, as part of the PENJANA economic recovery plan.

According to the Ministry of Finance, the sukuk (also known as Shariah-compliant bonds) – which is based on the principle of Tawarruq via the Commodity Murabahah arrangement – was issued as various parties from the Malaysian public have expressed the desire to contribute to the country’s recovery efforts.

“Proceeds from the Sukuk Prihatin will be channeled to the Kumpulan Wang Covid-19 for the implementation of economic recovery measures that include, among others, enhancing connectivity to rural schools, supporting research grants for infectious diseases, and financing micro SMEs, particularly women entrepreneurs,” said the ministry in a statement.

(Image: Bernama)

The Ministry of Finance further mentioned that the sukuk has a total target issuance of RM500 million with a maturity period of two years. It offers a profit rate of 2% p.a., which will be paid out on a quarterly basis. The profit payments will be credited directly into sukukholders’ accounts, and are exempted from tax.

To qualify for the sukuk, you need to be a citizen aged 18 years and above. The minimum contribution accepted for the programme is RM500, and there is no maximum limit to your investment. Additionally, you can opt to donate the principal amount to any approved government trust accounts once the sukuk matures. This contribution will also be eligible for tax deductions.

Interested individuals can subscribe to the sukuk through JomPay and DuitNow; both services are available via the mobile banking platforms of 27 participating banks nationwide. Interestingly, individuals can either “invest” or “donate” through this sukuk – investors have the option of waiving the principal upon maturity.

If you’re applying through JomPay, start by keying in the biller code. The code will differ depending on whether you only wish to invest in the sukuk, or to donate the principal amount upon maturity. Once done, enter your contact number, email address, as well as the amount that you wish to invest. You’re only allowed to invest in multiples of RM100. Once completed, click to pay, and you’re done!

Similarly, those applying through DuitNow will also need to key in the business registration number depending on your intention to only invest or to donate upon maturity . You’ll then be prompted to enter your contact details and the amount of investment as well, although there’s also an additional step where you need to select the current date as the effective date of investment.

The sukuk will be distributed on a first-come first-served basis through its primary distribution bank, Maybank. Note that while you can start subscribing starting from today until 17 September 2020, the sukuk will only be issued on 22 September 2020, setting its maturity date to 22 September 2022.

Successful applicants will be notified through email within 14 business days from the closing of the offering date of the Sukuk Prihatin. If your application is unsuccessful, your contribution will be auto refunded to your account within five working days from the application date.

You can find out more about the
Sukuk Prihatin here
.

(Source:
The Edge Markets
,
Ministry of Finance
)

0

0

votes

Article Rating

SHARE

TAGS:

Digital Sukuk

DuitNow

Investment Bonds

JomPAY

Sukuk Prihatin

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


SME Bank Offers Up To RM2.1 Billion Financing Aid For SMEs

(Image: New Straits Times)

SME Bank has allocated up to RM2.1 billion in financial aid for its SME customers affected by the Covid-19 pandemic, to be offered through the SME Go scheme and the SME Technology Transformation Fund (STTF). Both initiatives were introduced under the PENJANA economic recovery plan.

Of the total, RM1.6 billion will be earmarked for the SME Go scheme, which is intended to help finance the pre-implementation stage of construction or supply/maintenance contracts awarded by the federal or state government and agencies. The financial aid is targeted at G2 and G3 contractors, referring to SMEs that are allowed to tender for government projects valued at less than RM500,000 and RM1,000,000, respectively.

“Under the scheme, the financing limit offered is up to 100% of the contract cost,” said the group president and chief executive officer of SME Bank, Aria Putera Ismail.

Meanwhile, RM500 million will be allocated for the STTF to help entrepreneurs in the services and manufacturing sector begin their digitalisation journey. They can tap into the STTF to purchase equipment, machinery, computer hardware, and other varieties of assets to enhance their productivity and efficiency, as well as help them penetrate new markets.

“The asset to be financed under STTF shall be the collateral for the financing. The bank can obtain the guarantee schemes from Credit Guarantee Corporation Malaysia Bhd or Syarikat Jaminan Pembiayaan Perniagaan,” said Aria Putera. He also clarified that applicants can apply up to 80% of the acquisition cost (maximum RM3 million), and that the fund will be disbursed directly to the supplier or vendor when SME Bank receives verification of purchase invoices.

Aria Putera further added that the
digital transformation programme
 that SME Bank undertook back in 2019 has put the bank in a good place to assist the government in executing key initiatives during this crucial period. The transformation programme, which took place over two years, saw SME Bank setting new directions and projects to improve its services for the digital economy.

Separately, Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar commented that SME Bank’s allocation of funds is expected to rejuvenate economic activities in the construction sector. Additionally, it will also encourage SMEs to adopt technology as the country embarks on the Fourth Industry Revolution (IR 4.0) to face the new normal.

You can find out more about the
SME Go scheme
 and the
STTF financing aid
 here.

(Source:
The Star
,
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

Aria Putera Ismail

Datuk Seri Dr Wan Junaidi Tuanku Jaafar

PENJANA

PENJANA Economic Recovery Plan

SME Bank

SME Financing

SME Go Scheme

SME Technology Transformation Fund

SMEs

STTF

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


BNM: Ringgit Will Not Hit RM5 Against US Dollar

(Image: The Star)

Bank Negara Malaysia (BNM) assistant governor Adnan Zaylani Mohamad Zahid has dismissed concerns that the local currency will hit RM5 against the US dollar, calling the possibility an unrealistic one. This is because Malaysia is not currently experiencing any form of crisis, he said.

“We don’t really see us heading anywhere in the direction of hitting RM5. These are just levels that we have in our head that we think that something bad is happening. Previously, when we went through ringgit levels from RM2.50 to RM3, then RM4, it is important to note that at that time we were in a crisis. But at the moment, we are definitely not in a crisis. So there is not a reason to be hung up over the dollar-ringgit level,” said Adnan Zaylani.

While Adnan Zaylani acknowledged that the Malaysian ringgit will see some fluctuation against the US dollar because it is – at the end of the day – still driven by global developments, he is confident that BNM is capable of managing these fluctuations, and reassured that the situation is under control. He also noted that some factors that are currently affecting the Malaysian ringgit include the weak global growth outlook, the negative sentiment among investors due to recent banking and debt ceiling crises in the US, as well as weaknesses in the Chinese economy.

(Image: Malay Mail/Yusof Mat Isa)

“Maybe we will hit RM4 if we could turn [the situation] around quickly. We can go there,” the assistant governor further said, adding that markets in general have been resilient thus far and are operating as usual. He stressed that there are no signs of irregular trends to raise concerns.

In particular, Adnan Zaylani noted that the local financial market remains stable because most of Malaysia’s investors are confined to official institutions, pension funds, insurance companies, and asset management companies. “Most of them are managing their portfolios against global bond indices. Therefore, it is important for the country to continue some policymaking and carry out some necessary reforms so that our bonds remain attractive to foreign investors,” he commented.

(Sources:
New Straits Times
,
The Sun Daily
)

0

0

votes

Article Rating

SHARE

TAGS:

Adnan Zaylani Mohamad Zahid

Bank Negara Malaysia

BNM

Ringgit

Ringgit Currency

Ringgit Malaysia

US Dollar

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


EPF Members Can Apply To Maintain Contribution Rate At 11% Starting From 1 December

(Image: The Star)

The Employees Provident Fund (EPF) has announced that employees who wish to maintain their statutory contribution rate at 11% instead of 9% in 2021 will be able to apply to do so starting from 1 December 2020.

“Members who wish to maintain the contribution rate for employees at 11% may fill in the Borang KWSP 17A (Khas 2021), which will be made available on the EPF website starting 1 December 2020,” said the
provident fund in a statement
.

Subsequently, employees must submit their
completed forms to their respective employers
 for online registration via the i-Akaun (Employer) portal. These registrations by the employers are slated to begin on 14 December 2020, and they must also keep the forms received for record purposes.

(Image: Bernama)

The provident fund further clarified that the reduced statutory contribution rate of 9% will only affect employees below 60 years of age. The rate for those aged 60 and above will remain unchanged. According to the EPF, the new rate will come into effect starting from January 2021 (contribution for February 2021) until December 2021 (contribution for January 2022).

This move to set the
minimum employee contribution rate at 9%
 was announced by Finance Minister Tengku Zafrul Abdul Aziz during the tabling of Budget 2021. According to the minister, it was meant to provide EPF members with access to more available cash, enabling them to pull through the financial difficulties brought on by Covid-19. It is expected to free up a cashflow of up to RM9.3 billion.

Prior to these changes, the statutory employee contribution rate was set at 11% for members below the age of 60. In February 2020, the government
temporarily reduced it to 7% (April to December 2020)
 as one of the initiatives under the first economic stimulus package, although members could also
opt out from the reduction
 by completing a form then.

(Source:
EPF
)

1

2

votes

Article Rating

SHARE

TAGS:

Borang KWSP 17A (Khas 2021)

Budget 2021

Covid-19

Economic Stimulus Package 2020

Employees Provident Fund (EPF)

EPF Contributions

EPF i-Akaun

Tengku Zafrul Abdul Aziz

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


WHO: Banknotes Could Spread Covid-19, Switch To Contactless Payments

The World Health Organisation (WHO) has said that the use of banknotes during the Covid-19 outbreak could contribute to the spread of the disease.

To minimise the risk of transmission, WHO is advising people to opt for contactless payment options wherever possible. If using banknotes is unavoidable, you should wash your hands immediately after touching them.

“We know that money changes hands frequently and can pick up all sorts of bacteria and viruses,” said a WHO spokesman to
The Telegraph
. “We would advise people to wash their hands after handling banknotes and avoid touching their face. When possible, it’s a good idea to use contactless payments.”

The question about banknotes arose following news of
China disinfecting used banknotes
 to contain the spread of Covid-19. While there seem to be no such plans to disinfect banknotes in Malaysia for now, you can take WHO’s advice and opt for contactless payments if you’re worried about the spread of germs – just use a
contactless
 card or one of the numerous
e-wallets
 in Malaysia the next time you’re making a payment.

(Source:
The Independent
)

0

0

votes

Article Rating

SHARE

TAGS:

Banknotes

Contactless Payments

Coronavirus

Covid-19

WHO

World Health Organisations

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


Confusion Over Deputy Finance Minister's Claim On Tax Relief For Covid-19 Tests

(Image: Bernama)

Deputy Finance Minister 1 Datuk Mohd Shahar Abdullah has reiterated in Parliament that individuals who take Covid-19 screening tests can claim up to RM1,000 in tax relief.

According to the deputy minister, the relief – which covers expenses for self, spouse, and his/her children as well – is contained in the latest amendments of the Income Tax Act 1967. These amendments were among the few highlighted during the
first tabling of the Finance Bill 2021 on 9 November 2021
 – which took place several days after
Budget 2022
 was presented.

Curiously, Datuk Mohd Shahar was quoted as saying, “The amendments are effective for the 2022 and 2023 year of assessment,” during the second tabling of the Finance Bill 2021 yesterday. However,
the Finance Bill itself
 states that the tax exemption for Covid-19 tests “has effect for the year of assessment 2021 and subsequent years of assessment”, with no specific end date detailed.

To further clarify, former prime minister Tan Sri Muhyiddin Yassin had actually already announced this
RM1,000 tax exemption for Covid-19 tests
 much earlier as part of the
PERMAI stimulus package
 in January this year. Back then, he too did not shed light on how long the exemption will last.

It would seem odd that the relief would not be applicable for the 2021 year of assessment, if Datuk Mohd Shahar’s quote is correct. For starters, 2021 was the year Covid-19 hit Malaysia hardest, and now with most of the country’s SOPs encouraging regular self testing through the widely available and affordable self-test kits, this relief would greatly benefit taxpayers for YA 2021 instead of YA 2022 and YA 2023.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2022

Covid-19 Tax Relief

Covid-19 Testing

Covid-19 Tests

Finance Bill 2021

Income Tax Exemptions

Mohd Shahar Abdullah

Permai Stimulus Package

Tax Exemptions

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

 (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

    Anonymous

    1 year ago

may i know the conclusion is, is 2021 eligible for tax relief for covid test?

0

Reply


Luno Malaysia Adds New Token, Avalanche, To Expand Offerings On Platform

Cryptocurrency exchange Luno has introduced yet another new token, Avalanche (AVAX), on its platform to diversify its offerings for its Malaysian users.

In a statement, Luno said that users can already begin to trade AVAX on the Luno app and website as of 5pm today (17 May). With this, Luno now offers a total of 10 tokens for trade, thereby contributing to Luno’s objective in enabling Malaysian investors to gain access to wider investment opportunities. Aside from the latest AVAX, Luno Malaysia are also able to buy and sell alternative coins like
Cardano (ADA), Solana (SOL)
,
Chainlink (LINK), and Uniswap (UNI)
 – in addition to popular crypto like Bitcoin (BTC) and Ether (ETH).

“At Luno, we are big advocates of building and investing for the long term, and we believe it’s important to provide customers with access to a broader range of crypto offerings, as part of our efforts in expanding and developing the crypto landscape. We firmly believe in the long-term potential of the industry, and we will continue working closely with regulators to expand more investment options for all Malaysian investors,” said country manager of Luno Malaysia, Scarlett Chai.

Luno also reiterated that it will conduct a thorough and rigorous study of each cryptocurrency before introducing it on the platform, ensuring that it meets stringent technical, regulatory, and legal requirements. “These processes are undertaken as part of best practices in prioritising safety and security, and to provide investors with peace of mind,” it said.

Regarding the new token itself, AVAX is the native token of the decentralised, open-source Avalanche blockchain, which is widely seen as a competitor to the Ethereum blockchain due to their similar capabilities. Among other things, both the Avalanche and Ethereum platforms can be used to build decentralised apps (often known as dApps), as well as support non-fungible tokens (NFTs) and blockchain gaming.

One of the things that sets Avalanche apart, however, is its speed in processing transactions; it can reportedly process 4,500 transactions per second, with a two-second finality (how long it takes for transactions to be confirmed conclusively across the network) – thanks to its unique transaction verification mechanism. By comparison, Ethereum is only able to process up to 30 transactions per second, with a 15-minute finality.

In addition to that, Avalanche is also designed to be cheaper than Ethereum, and it is often a favoured option among developers who are looking for low-cost smart contracts platforms to build on.

0

0

votes

Article Rating

SHARE

TAGS:

Avalanche (AVAX)

Cryptocurrency

Luno

Luno 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


Standard Chartered Teaser Website Further Hints At The Launch Of New SC Smart Credit Card

Standard Chartered Bank has begun teasing the upcoming launch of a new credit card for the Malaysian market. The bank has launched a microsite clearly showing a brand new card face – but still without any info for now.

There’s still not much information for us to go on from the website, aside from the “Live Smart” slogan and a call for customers to “stay tuned”. However, we do get a sneak peek of the new card, which is shown to be silver-hued, with a greyscale of the Standard Chartered logo set against the background. Our first glimpse of the card also revealed that it will likely be a Visa Platinum card.

Standard Chartered further hinted via a
Facebook post
 that visitors can click around the interactive website to find a hidden surprise. If you do discover it, you’ll be treated to some pretty adorable pop-ups of Albert Einstein – as well as a cryptic message of another hidden surprise to be revealed in the following week. Based on the message, the surprise will most likely be an exclusive sign-up bonus for the new card.

This is the second time the bank has made reference to a “Smart” credit card. Earlier this month, StanChart posted of a
new SC Smart credit card
 in a notice to selected Visa Rewards Platinum cardholders.

You can head on over to
Standard Chartered’s interactive teaser website
 to try your hand at finding this week’s hidden surprise. We’ll also be keeping up with the upcoming reveal of the new Standard Chartered Smart credit card, so do stay tuned!

0

0

votes

Article Rating

SHARE

TAGS:

Standard Chartered

Standard Chartered Bank

Standard Chartered DigiSmart Credit Card

Standard Chartered Smart

Standard Chartered Smart Credit Card

Standard Chartered Visa Rewards Platinum Credit Card

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


CIMB's New e Credit Card Offers Up To 12x Bonus Points & "Best Bank Point Conversion Value"

Editor’s Note: our original article from 19 June has been updated to include more details and edited for clarity. CIMB has also renamed the card from “e Platinum Credit Card” to “e Credit Card”.

CIMB Bank has launched a new credit card called the e Credit Card. This entry-level card offers bonus points multipliers of up to 12x on specific partners, and up to 10x points when topping up on every 10th of the month. CIMB also claims it offers the “best bank point conversion value” – and from our quick analysis, it does seem to be true.

CIMB e Credit Card – Huge Bonuses On Every 10th Of The Month

The standout feature of this card is the 12x Bonus Points multiplier with “strategic partners”, and 10x Bonus Points for online shopping, e-wallet, auto-billing payment, and in-store contactless spend. These bonuses happen only once a month – on the 10th of each month. CIMB calls it eDay, and cardholders will be rewarded with a slew of interesting offers.

In addition to the increased Bonus Points, CIMB will also offer exclusive deals that will only be valid on the 10th of each month. These offers certainly look interesting, such as RM49 off minimum spend of RM50 on Lazada, Shopee, and Taobao, or RM1 for a second beverage at Coffee Bean. All eDay deals can be found here.

Up To 5x Bonus Points For Everyday Use

For every day besides the eDay, cardholders earn 5x Bonus Points for online shopping, e-wallet, and auto-billing payment, and 1x Bonus Points for in-store payment (both contactless and PIN payments).

Given the scarcity of credit cards that offer any benefits for using them with e-wallets (both reloads and direct payment), it is refreshing to see this benefit featured prominently on the CIMB e Credit Card.

“Best Bank Point Conversion Value” – Is It True?

In its footnotes, CIMB states that its claim of this card having the “best bank point conversion value” is “in comparison against other consumer banks in Malaysia published as of 1 June 2020”.

At a rate of 400 Bonus Points = RM1, the actual value of the Bonus Point (and effective returns) will differ depending on the various points multipliers that this card offers:

Bonus Points Multiplier

Value of 1 Bonus Point

Effective Returns (based on 400 BP = RM1)

1x

0.0025 sen

0.25%

5x

0.0125 sen

1.25%

10x

0.025 sen

2.5%

12x

0.03 sen

3%

From the card’s terms and conditions, cardholders can earn a maximum of 20,000 Bonus Points per statement cycle – this means any additional use of the card won’t yield additional Bonus Points once you’ve hit the 20,000 mark.

That being said, with no minimum spend requirement to unlock any cashback tiers, you can earn up to 3% returns as long as you spend on the 10th of the month with the featured partners.

RM100 cash back redemption on the CIMB Rewards catalogue

CIMB also makes it easy to redeem the Bonus Points earned on the e Credit Card. The rate of 400 Bonus Points = RM1 applies to both CIMB Pay With Points and cashback redemption to offset the card statement. CIMB has a list of
over 9,000 offline retail outlets that accept CIMB Pay With Points
.

Other CIMB e Card Perks

CIMB e Credit Card has an “earth loving” feature, which covers features such as 100% e-statement policy, curated deals with eco-conscious brands, and a point donation programme with sustainability-driven NGOs.

In addition, this card also offers 0% Easy Payment Plans with tenures of up to 36 months, but only with selected outlets. According to CIMB, this 0% EPP covers over 4,000 outlets.

Entry-Level Requirements

The
CIMB e Credit Card
 has a minimum annual income requirement of just RM24,000 – that’s RM2,000 a month.

The card also has a RM100 annual fee, but is waived upon an annual spending of RM12,000. As with most credit cards, the first-year annual fee is waived.

3.5

8

votes

Article Rating

SHARE

TAGS:

CIMB

CIMB Bank

CIMB Credit Card

CIMB e Credit Card

CIMB e Platinum Credit Card

Lazada

Shopee

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


BigPay Secures US$100 Million In Financing To Expand Digital Financial Offerings

BigPay has finalised up to US$100 million in financing from SK Group, one of South Korea’s largest conglomerates and tech innovators. This is the first time any portfolio company within AirAsia Digital has secured financing of this size.

“Our mission is to become a leading challenger bank across Southeast Asia,” said Salim Dhanani, CEO and co-founder of BigPay. “We’ve established ourselves in Malaysia as one of the leading providers of digital banking services, and we want to expand our product sets, along with growing the model to new markets. Thailand and the wider ASEAN is next, but we’ll be launching key products before that – with fully digital personal loans, transactional lending and an offering for mSMEs.”

(Image: The Malaysian Reserve)

AirAsia Group CEO Tony Fernandes said that this is the first investment into one of AirAsia’s portfolio digital companies and a testament to their digital growth story. “SK Group is second to none when it comes to innovation and experience, so we truly believe they can share their expertise and know-how so that this investment can mark the beginning of a new exciting digital banking era,” Fernandes said.

Meanwhile, Jung Kyu Kim, chief representative of SK Malaysia said that SK Group will be able to make a significant contribution to BigPay in both technical and consumer service aspects given its experience and resources.

This announcement comes a few weeks after BigPay announced its application for a digital banking licence from Bank Negara Malaysia.

4.5

2

votes

Article Rating

SHARE

TAGS:

AirAsia

AirAsia Digital

BigPay

Digital Banking

Salim Dhanani

SK Group

Tony Fernandes

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


RHB’s Enhanced SME e-Solution: A Connected Banking Ecosystem For SMEs

These days, SME customers are demanding more than ever before: they want a digital experience that reflects that of their consumers’ lives. SMEs are no longer just comparing banks to one another; instead, they are assessing them against retail giants that cater to a simple, frictionless process. SMEs don’t just want a banking experience that will offer a simple solution to their complex problems – they are expecting it.

One of the biggest problems faced by SMEs these days is the multi-disconnect between banking and accounting platforms. And yet, many of these SMEs are navigating this complexity through traditional “off-the-shelf” solutions that lack integration between banks’ online banking and accounting software. Furthermore, enterprise systems are often too complex and costly, leaving SMEs without a good and reliable solution. Therefore, it comes as no surprise that as many as 79% of RHB survey respondents indicated that managing their cash flow today is a complex and daunting task.

These challenges have led to a new model of collaboration between financial institutions and fintech providers, with the ultimate aim of delivering an enhanced banking journey for the business end-user. One such example is RHB’s recent collaboration with Financio, a cloud-based accounting platform provider, to launch a pioneer API-based connected banking ecosystem – the Enhanced SME e-Solution.

The Enhanced SME e-Solution connects RHB’s Cash Management platform, RHB Reflex, together with Financio to enable seamless access to banking and accounting for customers. RHB is the first bank in Malaysia to introduce API banking to SMEs and it aims to continue to provide their customers with the best solutions to bridge gaps in their businesses.

The application is straightforward: customers just need to subscribe to the RHB Reflex “Premium Plus” package and they will gain automatic access to Financio. The solution is powered by APIs and delivers banking functions within the accounting software. Customers can retrieve their bank account balance on a real-time basis, initiate payments for bills and invoices, and request for on-demand bank statements.

Additionally, customers can also enjoy the real-time account dashboard delivered in RHB Reflex, and the added convenience of approving payments via the all new RHB Reflex Mobile App. Overall, the Enhanced SME e-Solution promises customers valued-added features that will drive greater efficiency for their business from start to end.

Find out more about the
Enhanced SME e-Solution on the RHB website
.

0

0

votes

Article Rating

SHARE

TAGS:

RHB

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