StashAway Simple Projected Return Rate Raised To 4.1% p.a.

Digital wealth management platform StashAway has said that it is increasing the projected rate of return for its cash management portfolio, StashAway Simple, from the existing 3.3% p.a. to 4.1% p.a..

“We are committed to helping our customers get more for their cash, and this rate increase is one way that can empower them to get closer to their financial goals. Whether you’re saving for a big purchase, building an emergency fund, or simply looking for a better way to grow your money, StashAway Simple offers a convenient and effective solution,” said the country manager of StashAway Malaysia, Wong Wai Ken.

StashAway also noted that cash management solutions such as StashAway Simple can be an attractive option for customers moving forward, especially since inflation is projected to remain elevated in 2023. Specifically, inflation will only cause the value of your bank savings to depreciate, since regular bank savings accounts can’t generate a high enough interest to beat the increasing inflation rate. StashAway Simple, on the other hand, takes advantage of the rising interest rates and increasing yields to offer higher projected returns.

In addition to this, StashAway Simple is also switching its underlying fund from AmIncome Fund (a low-risk bond fund with 66% bonds and 34% fixed deposit) to Eastspring Islamic Income Fund (money market fund). To note, StashAway Simple has changed its underlying fund once before,
from Eastspring Investments Islamic Fund to AmIncome Fund
.

StashAway Simple was first
launched in mid-2020 with a projected rate of 2.4% p.a.
. This rate was then gradually increased over the following years – up to 2.5% p.a. in June 2022,
3.0% p.a. in October 2022
, and
subsequently 3.3% p.a. in late January 2023
.

StashAway also shared on its website that the annualised returns for its cash management portfolio are as follows, with returns reinvested:

Quarters
Annualised returns (with returns reinvested)
First quarter of 2022 (1Q22)
2.4%
Second quarter of 2022 (2Q22)
2.6%
Third quarter of 2022 (3Q22)
2.89%
Fourth quarter of 2022 (4Q22)
3.03%

Finally, StashAway reiterated that customers who save with StashAway Simple will be able to enjoy various conveniences, such as not being limited by lock-in periods (such as in the case of fixed deposits), as well as minimum or maximum deposit requirements. There are also no withdrawal and management fees (although there is a 0.075% net fee charged by the underlying fund manager).

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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RHB Bank Visa Signature Review 2018: Designed For Travellers

Credit cards are great for those who travel for a variety of reasons, with safety and convenience chief among them. To further encourage users to use their credit cards overseas, banks usually design some travel-related perks, such as airport lounge access or high airmiles conversion rates. The
RHB Visa Signature
 aims to attract users with a more common benefit in the form of cashback. Let’s break this down to see if it’s worth applying for.

Extra perks when spending overseas

The
RHB Visa Signature
 offers attractive benefits that would appeal to those who travel and shop regularly overseas. It offers a combination of airport lounge access as well as cashback, which is rare among travel credit cards – the usual combination would be lounge access and bonus rewards points when you spend with the card overseas.

As it turns out, the perks are quiet decent. The
RHB Visa Signature
 offers 5x free access to Plaza Premium Lounge outlets in Malaysia. This includes KLIA, KLIA 2, Kuching International Airport, Kota Kinabalu International Airport, and Penang International Airport – so whichever airport you are leaving the country from, you can wait for your flight comfortably. For the 6
th
 entry onwards, cardholders get a 25% discount off the entry fee.

Cardholders also get a 20% discount for access to all other Plaza Premium Lounge outlets around the world. Not to forget, using this card to pay for your travel arrangements automatically entitle cardholders to travel insurance of up to RM600,000.

Meanwhile, RHB splits the cashback benefits of the
RHB Visa Signature
 into local and overseas expenditure, where for local spending, cashback is only eligible for three categories. The cashback is further split based on how much you spend, which is up to 6% for local and 2% for overseas. For other local spend not in the three categories, you only get 0.2% cashback.

To unlock the 6% and 2% cashback, cardholders would need to spend a whopping RM3,500 on the card. Do note that RHB separates the collective spend amount for local and overseas for the cashback eligibility, so to unlock both 6% and 2% cashback for any single month, you’d need to spend at least RM3,500 locally
and
 overseas.

In addition, only three categories apply for local cashback (no specific categories apply for overseas cashback). For each of the three categories (Online, Entertainment, Retail Shops), there is a cap of RM30, while for overseas spend, the cap is a generous RM100.

Confusing? The table sums it up much better.

That means, in theory, you can get as much as RM190 in cashback out of this card (without considering the 0.2% cashback for using this card for anything outside of the 3 categories mentioned above). Effectively, that equates to a meagre 2.71% in cashback – but we’re certain there aren’t that many cards out there that gives as much as RM195 in cashback.

Maximising Cashback

To hit the RM190 cashback, you’d need to spend a huge chunk of money locally
and
 overseas. It’s quite easy to see that
RHB Visa Signature
 isn’t designed for the masses, but rather the well-heeled individual who’s financially savvy.

Therefore, this card would only be best used when you’re overseas. 2% cashback sounds tiny considering you’d need to spend RM3,500 to unlock it – not to mention you’ll need to spend RM5,000 to hit the RM100 cap – but if you charge virtually all of your expenses on this card on top of your shopping, you’d at least get a tiny portion back.

For local spending, this card isn’t as rewarding even if the total cashback you can receive is RM90. The cashback rate, minimum spend to unlock the 6% rate, and low monthly cap means there are better cashback cards out there.

All that said, if you are working in a role that requires a lot of client-facing services or responsible for making business-related purchases at home and on business trips, this is a very useful card to own. You get to unlock the higher cashback tiers for purchases that aren’t your own (which feels great!)
and
 get lounge access when you travel out of the country – a win-win situation.

Manager-level income requirements

With its minimum income requirements, the
RHB Visa Signature
 is not accessible for everyone. Applicants must have a minimum annual income of RM80,000 (or RM6,666.67 a month), but one huge plus for this card is that it is free for life – no conditions whatsoever. There is also no annual fee for supplementary cards.

Conclusion: Great For Business Folk Who Travel Regularly

The RHB Visa Signature is one of the better mid-tier cards around. It offers one of the highest cashback caps seen on any card in the market, but be mindful that it also comes with a high spend amount to unlock the highest cashback tiers.

Its biggest advantage is its travel-related perks, offering a decent amount of free lounge access as well as cashback for overseas spend. For local use, plenty of other cards offer better cashback rates.

Therefore, if you travel regularly overseas for work (or leisure), the RHB Visa Signature is a good card to own. The card’s total monthly cashback cap is one of the highest in the market, so if you fulfil all of the requirements that unlock the 6% and 2% cashback tiers, then you should seriously consider applying for this card.

And, if you apply for the
RHB Visa Signature credit card via RinggitPlus
 today, you’ll be eligible for an exclusive 6
th
 Anniversary Gift Bundle worth RM818 upon approval of your card! Check out the full details of our
6th Anniversary campaign in the FAQ
.

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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.

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These New Flight Routes Take You to 4 Unique Asian Destinations Under RM1000!

For many Malaysians, the long-term breaks are back again in full force and as expected, every other tropical or beach getaway in the country filled with both local and international tourists enjoying the many attractions that we have on offer.

If the idea of getting stuck on the North South Expressway leaves you with an unpleasant after-thought and an exotic destination that does not involve the usual trifecta of Krabi, Bali or Bangkok sounds pleasing to you, then read on as we will list down 4 affordable unique destinations in Asia that you can travel to for RM1000 or less.

Kindly note that these prices are applicable if you book at least half a year in advance and based on a single individual basis so it’s time to save up for these awesome locations.

Nha Trang

For those who must have their dose of vitamin sea, you will get plenty of it in Nha Trang. More commonly recognized as the capital city of Khánh Hòa Province, Nha Trang’s reputation as a beautiful seaside town have long enticed a variety of travelers to drop by for a visit.

Casual holidaymakers will fall in love with the pristine white sandy beaches, perfect for swimming, sunbathing and snorkeling whereas those who prefer something more fast-paced can go for scuba-diving, waterfall-crossing or even trekking. Activities a little too mainstream for your liking? Go for a hot-air balloon ride instead and enjoy the panoramic view of Nha Trang from above!

 Read Also
 :
 Cheap Year End Travel Destinations In Malaysia for RM400 or Less

 Fly From
 :
 Air Asia, rates starting from RM450 (not including baggage)

 Accommodation Prices
 : If you opt to backpack, room rates can be as low as RM19 per day. Otherwise, you can opt to stay at the many service apartments of Nha Trang with rates starting from RM99 per night, some even cheaper if you can book during flash-deals.

 Pro- Tip
: If you are planning to scuba-dive, you may want to avoid doing so during the windy season which falls on the month of October until December.

Da Nang

 Photo courtesy of pipikyon0707

Historically known as a French colonial port, Da Nang has experienced a major transformation from the backwater provincial town that it once was to a chic, budget-friendly travel guide-worthy destination. Modern, sophisticated hotels, as well as commercial buildings, have emerged overnight making it an irresistible destination for tourists who are looking for the perfect mix of beaches, shopping, attractions as well as nightlife.

Situated 1487 meters above sea level, the French Village of Ba Na Hills is one of the most popular sight-seeing spots and it’s not surprising to see why. From wine cellars to temples and amusement parks, Ba Na Hills Resort is an overall crowd-pleaser making it perfect for either solo travelers, couples or even big families.

And if you are a foodie, then you should not miss out on the street food of Da Nang where you can find some of the best banh mi and noodle-based dishes in the country.

Fly From
 :
 Air Asia, rates starting from RM604 for a return flight (not including baggage)

 Accommodation Prices
 : The room rates for Da Nang fluctuates according to season so you may want to plan ahead for great savings on accommodation. During off-peak, a 3-star hotel may cost around RM350 per night.

 Pro- Tip
 : If time is not a constraint, you may want to stop over at Hoi An, a town located 29 KM away from Da Nang, and check out the monthly Lantern Festival that have captivated the hearts of many who had the opportunity to participate in the festival.

Sihanoukville

A coastal city situated in Cambodia formerly known as Kompong Som, it’s home to some of Cambodia’s famous beaches which are favoured by both locals and foreign visitors alike.

For a relaxing getaway, hop on a day cruise and explore the many beautiful islands off the shores of Sihanoukville. If water-based activities don’t strike your fancy, you can opt to climb up Wat Leu, one of the five main wats that are situated on top of Sihanoukville Mountain and enjoy the breathtaking sunset view from the top of the pagoda.

Fly From
 : Air Asia, rates starting from RM159 one way (not including baggage) during off-peak season.

 Accommodation Prices
: Prices for hostels can go as low as RM45 per day. As for hotels, the rate for a basic 2-star hotel starts from RM150 per night.

Pro- Tip
 : Kep Crab Market is the ultimate destination for tasty, fresh prawns, fish, and squid but worry not for those who are not keen on seafood as the wood-fired pizzas is just as scrumptious too.

Bengaluru

 Photo courtesy of Wikipedia

Known also as the City of Gardens and Silicon Valley of India, Bengaluru is most widely acknowledged as the IT hub of India where both tradition and technology co-exist in harmony. What it lacks in iconic attractions, Bengaluru makes up for it through the rich mix of culture, history, nature, and architecture.

A favourite visit among students majoring in architecture, Bengaluru’s attraction includes Tipu Sultan’s Summer Palace which sees a strong influence of Indo-Islam in its overall structure as well as Bangalore Palace’s Tudor-style architecture which is inspired by England’s Windsor Castle.

Apart from that, you can also take a relaxing stroll at Cubbon Park and discover a vast variety of exotic flora and fauna that is carefully cultivated by the botanists of Bengaluru.

 Fly From
 : Air Asia, rates starting from RM656 (not including baggage charges)

Accommodation Prices
 : To save on costs, use vacation rental home services such as AirBnb or HomeAway for the best homestay service apartments where rates start from RM180. Otherwise, you can opt for 3-star hotels where room rates begin at RM225 per night.

Pro- Tip
 : Avoid drinking the water in Bengaluru and opt for bottled water instead to keep yourself healthy and hydrated. You may want to pack some medication too as malaria-related cases of traveler’s diarrhea is quite common among tourists.

With these exotic locales in mind, it is best for you to plan ahead lest the unexpected occurs when you traverse into these foreign lands. Give yourself peace of mind by applying for travel insurance before you embark on your getaway.

All you need to do is to check out our
 comparison tool

for the best travel insurance policies and you’re set for your next travel adventure! Ready to explore some of these destinations? Head to our
Travel Getaway Campaign
 to find out more!

Are there any new travel routes that you would like to add? Let us know your thoughts and comments at the comment box below!

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Arnie Ruxana

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3 Everyday Personal Finance Struggles & How To Overcome Them

2020 has been a year of reflection. Given the current global situation and circumstances, most of us were called to reflect on our personal finances to gain a better understanding of where we stand financially and rethink our spending habits.

Personal finance involves various money-related activities such as budgeting, investing, and saving for emergencies which require a great deal of time and meticulous effort. It is an important aspect to pay attention to as it relates to our everyday lives from what we eat, where we live, and more. However, the maths and confusing financial terms that come with it may not be everyone’s cup of tea. These are the reasons why some may struggle to manage their personal finances.

In this article, we’ll be discussing 3 common money struggles that most of us have, and how to overcome these struggles to better manage our personal finances.

Struggle #1: Trying To “Save” Yourself From Money Troubles

Saving money is one of the key foundations of financial stability. According to the 50/30/20 rule, the rule of thumb is to save 10 – 20% of your current income and to build an emergency fund of at least 3 to 6 months worth of expenses. Unfortunately, according to the
RinggitPlus Survey 2019
, only 27.52% of Malaysians can survive up to 6 months on their savings alone.

Saving money requires self discipline and determination but for some of us, most of our monthly income goes into paying the necessities such as bills and debts – which leaves us with just enough to get by until the end of the month.

Another reason as to why we struggle to save is the lack of motivation and specific financial goals. Saving for the sake of saving will feel like a chore and likely lead to impulse purchases thus bringing you back to square one.

Struggle #2: “Where Did My Money Go?”

Ask yourself this: Do you know how much money you spent last month?

Tracking your expenses no matter how small or big helps you to plan your monthly budget. By noting down how much you spend for food, utilities, transportation, entertainment, and shopping, you can identify negative spending habits, avoid overspending, and improve your monthly cash flow.

Unfortunately, tracking your expenses can get quite tedious and sometimes, we may just forget to do so. When it happens often, it can put us off our expense-tracking all together.

Struggle #3: Overloaded Banking Worries

From keeping track of how much is in your savings and current accounts to keeping up with monthly payments for loans and credit cards, banking can be a hassle when not organised.

Moreover, disorganised banking could cause you to miss an important monthly payment or overdraft your account unintentionally. This could bring down your credit score thus affecting your approval chances when applying for a new credit card or loans in the future.

And if you’re a deal-seeker and looking to save while you spend, poor banking management will make it difficult for you to keep up with banking promotions for your favourite shops and restaurants.

Overcome Your Money Struggles With MAE by Maybank2u

Maybank has recently unveiled a fresh, next-generation way to help us Malaysians take charge of our personal finances. MAE by Maybank2u is an all new and upgraded version of the Maybank2u application that comes with
 an e-wallet, the MAE e-wallet, and a debit card, the MAE Card as well as all your favourite Maybank2u banking features.

As a “pocketable digital bank” , MAE by Maybank2u can be used by both Maybank and non-Maybank users, to perform regular banking needs such as paying bills, transferring funds and checking your banking details for Maybank users. You can also look out for new restaurants or decide where to eat with exclusive deals with the
Makan Mana Wheel!

Although, it is not to be confused with the existing mobile app, Maybank2u, which will be
eventually phased out
 in the future.

And the good news is, MAE by Maybank2u could just be what you need to overcome the above mentioned struggles. Here’s how:

Paying Yourself First with

Tabung

The importance of saving is emphasised with
Tabung
, designed to encourage users to save consistently and regularly to achieve their financial goals. It comes with individual Tabung and group Tabung, where you get to save together with your family and friends towards a specific goal such as a family vacation or a big purchase.

Whether you’re saving by yourself or with a group, you can set an amount to be automatically deducted from your account to your
Tabung
 on a weekly or monthly basis. To add some fun, there are also
3
Boosters
 features that can help you accelerate the saving process.

The
Spare Change
 feature rounds up your expenses and transfers the “spare change” into your Tabung. For example, if your new t-shirt is RM19.50, then the amount to be paid will be rounded up to RM20 with the extra RM0.50 automatically transferred into your Tabung.

Next, the
Scan & Save
feature
directly transfers the savings you’re entitled for from promotions that were purchased in QR transactions into your MAE by Maybank2u account, while the
Guilty Pleasure
feature
penalises you by transferring an amount from your e-wallet balance into your Tabung when you exceed your daily spending limit that you set for a specific category.

Track Your Spending Effortlessly with
Expenses

MAE by Maybank2u also comes with a tool to help you manage your spending called
Expenses
 which provides you with a simple and comprehensive view of all your spending through your Maybank accounts, cards, and Scan & Pay (formerly known as Maybank QRPay) transactions.

Your expenses will be conveniently categorised to give you a good look at where exactly your money is going, whether it’s leaning towards Food, Utilities, Shopping, or more. This tool also helps to identify your spending habits and how to improve them. To fully utilise the tool, you can also manually include your cash transactions with just a few taps.

Not forgetting, MAE by Maybank2u also includes the latest deals and promotions all in one place for you to save more while you spend. Enjoy cashback from your favourite restaurants or discounts on essentials and more when you purchase with MAE by Maybank2u.

It Also Comes With a MAE Card, In A New Signature

Yellow!

Fresh, vibrant, and energetic – complementing MAE by Maybank2u with its bright yellow hue, is the
MAE Card
 that comes with Visa payWave contactless payment.

The debit card offers competitive foreign exchange rates and can be used locally, and internationally, with the option to freeze and unfreeze the card anytime through MAE by Maybank2u.

Not only that, you also get to enjoy exclusive cashback and rewards when you spend with the MAE Card. Perfect for the shopping season coming up this November! Moreover, what’s special about this brand-new MAE Card is that all your expenses made with the card are also automatically tracked in the app as well.

If you’re interested, you can apply for a MAE Card through MAE by Maybank2u and have it delivered to their doorstep within seven working days.

Here’s how you can apply for a MAE Card:

Exciting Cash Rewards of Up To RM1 Million Up For Grabs!

By signing up now for MAE Card, you can get your RM8 cashback when you spend a minimum of RM30 in a single receipt with the MAE Card. You’ve also got a chance to win RM88 cashback too! With up to RM1 million cash rewards up for grabs, there’s no need to wait in line to experience a revolutionary online and offline banking experience with
MAE by Maybank2u
. Download the app today from
Google Play Store
 and
Apple AppStore
. Or you can download it straight via a QR Code on
Maybank’s website
.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Fake Litecoin-Walmart Press Release Sends Litecoin Prices On A Wild 30% Swing Within An Hour

(Image: Getty Images)

Cryptocurrency Litecoin saw a spectacular spike in its price last night following the distribution of a fake press release, claiming that Walmart – an American multinational retailer – will be accepting the digital currency for payments.

The fake press release sent the price of Litecoin soaring by more than 30% within half an hour, peaking at US$240 (approximately RM996). It then retreated back to its pre-fake news price of around US$178 (approximately RM739) just as spectacularly. In all, the speculative spike and subsequent dump happened within an hour.

GlobeNewswire – which is owned by telecommunications company Intrado – had issued the false news release titled “Walmart Announces Major Partnership With Litecoin (LTC)” at
9.30am (Eastern Time) on 13 September 2021
. It was then quickly picked up by major media organisations, including Reuters, CNBC, and Bloomberg. Even Litecoin’s official Twitter account tweeted about it – thus lending further credibility to the news – before it was eventually deleted.

Walmart subsequently responded with a
statement
 to deny the claim: “Walmart was the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC). Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin.”

Litecoin Foundation, too, stepped forward to clarify that it has not entered into a partnership with Walmart, adding that the group “had no idea where the story came from.”

An official statement regarding today's false news – Charlie Lee will be live on Bloomberg today at 2pm PST addressing the subject.
pic.twitter.com/x7z7NZ02nZ
— Litecoin Foundation (@LTCFoundation)
September 13, 2021

On the part of GlobeNewswire, it quickly issued a
“notice to disregard”
 at 11.18am (Eastern Time), and pledged to investigate the matter. “This has never happened before and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future. We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter,” it said, adding that a fraudulent user account was used to issue the release.

At the time of writing, Litecoin is trading locally at the price of RM751.

(Sources:
CNBC
,
CNET
)

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Alex Cheong Pui Yin

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

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TNG GO+ Launches +KAWAN Campaign, Offers 1% Bonus Rate For Every Referral

Touch ‘n Go (TNG) eWallet has rolled out a new +KAWAN Member-Get-Member referral campaign, which enables its users to earn a 1% p.a. bonus return rate for their GO+ investment for every successful signup. The campaign, which begins today, will run until 10 August 2021.

Open to all new and existing TNG users who have activated their GO+ investment feature, the campaign will reward you with an additional 1% p.a. bonus return rate when you successfully invite your family and friends to become GO+ users. For a referral to be valid, your referees must sign up and deposit a minimum of RM10 into their GO+ account using your referral code, which you can find within your own GO+ page.

TNG also clarified that there is no limit to the number of referees that you can invite, which means that the amount of bonus return rate that you can earn is technically unlimited. Note, however, that the bonus return rate – which is based on your GO+ balance – will only apply to a balance amount of RM3,000. This means that if you have RM4,500 in your GO+ account, only RM3,000 will earn the bonus return rate, whereas the remaining RM1,500 will receive the regular daily return rate specified for the day (projected at 1.4% p.a.).

Additionally, the bonus earnings from this campaign will only be credited to your GO+ balance after it has reached a minimum of RM0.01. TNG has allocated a total of RM1,600,000 to reward users through this campaign. The special return rate will also revert to the normal rate only after the campaign ends, allowing you to earn the bonus rates for up to three months.

TNG GO+ was
introduced in March
 this year, and is described as a feature that lets you
earn potential daily returns on your TNG eWallet credit
 by investing it in a money market fund. The underlying fund is the Principal e-Cash Fund, which is managed by Principal Asset Management Berhad.

You can find out more about TNG’s
+KAWAN Member-Get-Member campaign
 from its official FAQ.

(Source:
TNG eWallet
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Public Islamic Bank Platinum & Gold Credit Cards Review: A Timely Revamp

Public Islamic Bank (PIB) has recently revamped the four credit cards in its repertoire, namely the Public Islamic Bank Visa Platinum, Public Islamic Bank Mastercard Platinum, Public Islamic Bank Visa Gold, and Public Islamic Bank Mastercard Gold.

The Platinum cards offer 4% cashback on two categories of spending, whereas the Gold cards offer 2% cashback on one category of expenditure. This review will cover the benefits and features of each of these four separate credit cards, so buckle up as we look at what these new Public Islamic Bank cards have to offer.

At a glance: Public Islamic Bank Platinum & Gold Credit Cards

PIB Visa Platinum

PIB Mastercard Platinum

PIB Visa Gold

PIB Mastercard Gold

Cashback Rate

4%

4%

2%

2%

Eligible Categories

Online

Overseas

Groceries

Departmental store

Online

Groceries

Cashback Cap

RM30/mth

RM30/mth

RM30/mth

RM30/mth

*Annual Fee

RM333

RM333

RM150

RM150

Min Income Req.

RM40,000/yr (RM3,333/mth)

RM40,000/yr (RM3,333/mth)

RM24,000/yr (RM2,000/mth)

RM24,000/yr (RM2,000/mth)

*(First year waived, subsequently waived upon 12 swipes per year)

Public Islamic Bank Visa & Mastercard Platinum Cards: Relevant and reliable

The new Platinum credit cards are certainly a marked improvement from their previous iterations, which only offered 0.2% cashback on retail purchases. But comparison aside, one could objectively say that the PIB Visa and Mastercard Platinum cards are pretty decent cashback credit cards – here’s why.

Offering 4% cashback with no minimum spend requirement, the PIB Platinum Cards don’t come with any confusing cashback tiers or accumulative monthly spend conditions that you have to meet. At a cap of RM30 a month, the mechanics of the cashback are straightforward – you can earn cashback on up to RM750 worth of eligible spend each month.

The categories that are eligible for cashback are online and overseas spend for the Visa Platinum card, and groceries and departmental store spend for the Mastercard Platinum. While the overseas spend category may be less popular currently due to travel restrictions, online spend has certainly boomed since the pandemic – moreover, you can also use the PIB Visa Platinum to top up your e-wallets. As for the Mastercard Platinum, straightforward cashback for groceries is always a popular pick, while the cashback for departmental stores can be seen as a nice added bonus.

Public Islamic Bank Visa & Mastercard Gold Cards: Single-category cashback

When it comes to entry-level credit cards, it doesn’t get simpler than a credit card that offers you cashback on just one single category. Both credit cards offer 2% cashback on one category of spend, with the PIB Visa Gold’s category being online spend and the PIB Mastercard Gold’s being groceries. Just like with the Platinum cards, the cashback is capped at RM30 per month, although at a lower rate of cashback this means you can earn returns on up to RM1,500 worth of expenditure each month.

Dependable cashback in a crowded market

In comparison to other cards in the market, the popularity of online cashback as a category may actually work against the PIB Visa variants given the sheer number of options available. The
Affin Visa Cashback
 and
Public Bank Quantum Mastercard
 are some examples of cards that offer similar rates of online cashback, also with no minimum spend requirement or tiers; their minimum income requirements are also quite similar to those of the PIB Visa Gold and Platinum respectively. However, both these cards come as part of a duo, whereas all of the PIB credit cards can be applied for individually.

Meanwhile, the Mastercard variants hold up relatively well in the grocery cashback category. For example, some other grocery cashback cards come with very attractive rates but smaller caps, such as the
Hong Leong Wise
 or
Citi Cash Back
. Others that come with high cashback rates and high caps have high entry requirements, such as the
Public Bank Visa Signature
 and
Maybank Visa Signature
. Of course, the PIB Mastercard Platinum has the advantage here as it offers 4% cashback compared to the Gold’s 2%, but the PIB Mastercard Gold can still be considered a decent everyday grocery cashback card for first-time credit cardholders just entering the job market.

Bonus features beyond cashback

On an additional note, when sizing up the PIB Platinum cards in particular, it is also necessary to include its non-cashback related benefits that give it an extra edge. PIB Platinum cardholders get 2x complimentary access to any Malaysia Plaza Premium Lounge, as well as automatic travel insurance of up to RM500,000. Online purchases made using a PIB Platinum credit cards are also entitled to a protection benefit covering losses of up to US$200 per year. Furthermore, Platinum cardholders are entitled to a special 50% off will and wasiat writing service fees.

Besides that, all PIB credit cardholders are also entitled to 0% flexible payment or balance transfer benefits, depending on whether you hold the Visa or Mastercard branded card. PIB Visa Gold and Platinum cardholders are entitled to the benefits of a 0% Flexipay Plan, allowing you to convert purchases above RM1,500 into a 6-month instalment plan with 0% management fees. Meanwhile, Mastercard Gold and Platinum cardholders are entitled to the 0% Balance Transfer Plan instead, which allows you to convert your outstanding balance (above RM1,500) from other banks into a 6-month instalment plan with zero management fees.

Both the Flexipay Plan and Balance Transfer Plan are useful features, as they can help with your cash flow for any big ticket purchases you make throughout your time as a cardholder – and without any interest or one-time charges, too.

Verdict: Shariah-compliant cards with straightforward cashback

Last but not least, it would be remiss not to highlight that the PIB cards are, of course, fully Shariah-compliant credit cards. These Shariah-compliant credit cards even come with a special charity feature, where 0.1% of your total dining transactions will be donated to Yayasan Waqaf every month. These donations are capped at RM100 per monthly statement, combined between all your PIB accounts.

So, if you are looking for a Shariah-compliant credit card that comes with a charity feature
and
offers straightforward cashback, then one – or even a pair – of the PIB credit cards is sure to tick your boxes. For those who are on the hunt for a comfortable entry-level option, check out the Gold cards – whereas those with a higher income can take advantage of the higher cashback and additional perks offered by the PIB Platinum cards.

Find out more about the
Public Islamic Bank Visa Platinum
,
Public Islamic Bank Mastercard Platinum
,
Public Islamic Bank Visa Gold
, and
Public Islamic Bank Mastercard Gold
 here.

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Finance Minister: Current Subsidy Mechanism Not Sustainable

(Image: Malay Mail)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has once again stressed that the existing subsidy mechanism – which provides blanket subsidies to all Malaysians, regardless of income background – is unsustainable. This is especially as the cost to provide the subsidies is set to
exceed the original allocation of RM31 billion by more than RM40 billion
.

“The existing approach to subsidies, which involves price subsidies being given to all Malaysians, is unsustainable. At this time, the retail price being paid by everyone for RON95, diesel, liquefied petroleum gas (LPG) and cooking oil is less than half the price without subsidies,” said Tengku Zafrul, adding that the increase in subsidy cost is caused primarily by the rise in global commodity prices, especially oil and petroleum.

Tengku Zafrul also said that not only has the government maintained these aids despite the significant expense, it has also introduced new subsidies that were originally not included in the national budget (such as
chicken, eggs
, and
electricity
). With these unexpected expenses, the government’s revenue from taxes and oil will not be sufficient to cover the additional cost incurred.

(Image: Malay Mail/Ahmad Zamzahuri)

“Although the price of raw palm oil is currently higher than projected and is expected to generate an additional RM10 billion in tax revenue, this is not sufficient to cover the more than RM40 billion rise in subsidy costs,” Tengku Zafrul further clarified, noting as well that his ministry is expecting an increase in direct and indirect tax revenue of up to RM10 billion.

Given the circumstance, Tengku Zafrul reiterated that the government is determined to review the effectiveness of every subsidy and incentive programme, and to channel any funds saved to those who are truly in need. The first step is already being taken with the formulation of a
targeted subsidy mechanism for petrol – which will be studied for up to six months
 before being implemented – and the government is also looking to streamline other existing blanket subsidies while it enhances direct aids for low-income earners.

(Source:
Free Malaysia Today
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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30% Cashback Savings with Citibank Credit Card

As they say in the credit card business, ‘Cash is King’ and Citibank is vying for the crown by offering 30% cashback in this latest promotion. From 13 April till 21 June 2013 principal Citibank credit cardmembers who register interest in this promotion stand a chance to receive up to RM150 cashback a week when they spend a minimum of RM500 on their credit card AND make at least one transaction in each of these categories: Dining, petrol and groceries.

The 30% cashback however only applies to transactions made on groceries, petrol and dining categories. The maximum amount of cashback each Citibank credit cardmember is eligible to receive is RM150 per week. The total fund allocated for cashback is RM50,000 each week cycle on a first-come-first-serve basis. Each weekly cycle starts from Saturday and ends on Friday.

To register interest in this promotion principal credit cardholders are required to register either via SMS or online via the
promotion page
. Cardholders with multiple Citibank credit cards will have all their cards automatically tracked for purposes of tabulation when they register.

To wrap it up here’s a recap of how this promotion works:

1.      Register your Citibank credit card either online or via SMS

2.      Accumulate a minimum spend of RM500 a week which includes at least one transaction from the Petrol, Dining and Groceries category.

3.      Receive 30% cashback on transactions made on petrol, dining and grocery at the end of each weekly cycle.

For further clarification and information please refer to the
Terms & Conditions
 page.

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Brendon Lee

Brendon Lee

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Insurance Companies Offer Expedited Claim Process For Flood Victims

(Image: Malay Mail/Shafwan Zaidon)

(
Updated on 21 December 2021.
)

The severe flooding that hit several states in Malaysia over the weekend has caused more than 30,000 people to be displaced from their homes (at the time of writing), seeking temporary shelter in flood relief centres. In response, the government has agreed to allocate a total of
RM200 million to assist these victims
 – including providing a financial aid of RM1,000 to affected households. The banking sector also stands ready to assist, offering
repayment assistance for borrowers affected by the floods
.

Hand-in-hand with these parties, insurance companies, too, have stepped up to provide some relief for those affected by enabling an easier and expedited flood claim process to disburse payments for losses caused by the current flood. The
Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA)
 both gave assurance that they will do their best, adding that “special considerations” will be provided on a case-by-case basis.

The associations also urged policyholders to review their policy coverage as flood coverage is optional under standard insurance policies against fire and for motor vehicles. Additionally, they shared a general checklist as to how policyholders can help their insurers ensure a smooth claims process:

Check to ensure that policy/certificate is extended to cover flood
Notify agent/intermediary with details of loss
Provide complete information, including relevant supporting documentation such as photographs (if any)
Depending on the severity of loss, your insurer may appoint an independent loss adjuster to assist you in filing your claim

Meanwhile, here are several insurers that have shared more details on how affected individuals can quickly file their flood claims:

AIA

(Image: MARKETINGMAGAZINE)

While AIA has not shared a specific process for affected policyholders to submit flood-related claims, the insurer did say that these individuals can contact AIA’s dedicated hotline at 03-2692 8188 or 012 5400 335 for help. Alternatively, they can email
[email protected]
.

Individuals with other urgent enquiries, meanwhile, are encouraged to contact these Careline numbers:

AIA Bhd: 1300-88-1899
AIA PUBLIC Takaful Bhd: 1300-88-8922
AIA General Berhad: 1300-88-1899
AIA Auto Assist/AIA Roadside Assist: 1800-88-8733

(
Source:
AIA
)

Allianz

Allianz has mobilised its flood relief plan in both Selangor and Pahang, with adjusters on standby to offer immediate assistance to affected policyholders.

“Customers only need to notify us of their claim by calling us (Claims Caravan) at 1-800-22-5542 and we will assign an adjuster to survey the customer’s property within 24 hours,” the insurer shared via its social media. It cautioned, however, that customers might experience some delays due to the high volume of calls.

Allianz customers can also reach out to the insurer via other channels, including:

Allianz Contact Centre: 1-300-22-5542
Allianz Care Solutions (for Allianz Life): 1-300-88-8322 or
[email protected]
Asia Assistance (for Allianz General): 1-800-88-1138 or +603 76283600
Allianz Road Rangers: 1-800-22-5542

(
Source: Allianz [
1
,
2
]
)

AXA Affin

AXA Affin has announced a flood relief measure to ease the claim process for its motor insurance customers, allowing affected individuals to be exempted from submitting a proof of loss from the police as part of their flood relief allowance claim.

AXA Affin further noted that affected customers can visit any workshops to repair their vehicles. “Please contact us via WhatsApp at +603 2170 8282 and provide us your NRIC, car registration card, original bill, receipt, and pre & post repair photographs,” it shared on its social media.

You can also contact the following numbers for assistance, depending on your location:

Klang Valley: +6017 736 2910 (Call)
East Coast: +6012 207 1547 (WhatsApp) / +6012 214 7316 (Call)

If you need further support on your flood insurance claim, do also visit
AXA Affin’s dedicated website for submitting claims
.

(
Source: AXA Affin [
1
,
2
]
)

Etiqa

Affected Etiqa customers with flood protection policies can easily start their claim process with the insurer via its WhatsApp Flood Claims Helpline. According to Etiqa, you can kickstart the process by sending a text message, photo, video, or voice recording of the flood damages to the following 24-hour WhatsApp numbers (depending on your location), or by contacting the Flood Claims Careline for more information:

Location
24-Hour WhatsApp Number
Flood Claims Careline
Kuala Lumpur, Selangor, Perak, Penang, Kedah, Perlis
011-1630 6646
03-2692 8188
Kelantan, Terengganu, Pahang, Johor, Melaka, Negeri Sembilan, Sabah & Sarawak
018-226 3288
03-4270 7735
03-4270 5068

No forms or supporting documents are required for the claim process, and it is also possible to obtain instant approval for claims that are less than RM20,000.

(
Source:
Etiqa
)

MSIG

Eligible MSIG home policyholders can call the insurer’s 24-hour Home Assist Line at 1-300-880-863 for assistance. According to its Special Advice announcement, an adjuster will be dispatched as soon as possible to assess the flood damage, and customers are encouraged to document the damages as clearly as possible in the meantime (such as taking photography evidences).

Depending on whether you are permitted a normal or simplified claim process, you may be required to submit various supporting documents, such as a claim form, quotation of repairs, and repair bills.

(
Source: MSIG [
1
,
2
]
)

Prudential

(Image: TRX)

Prudential did not share concrete details on an expedited claim process, although it noted that customers may submit e-claims through their Prudential agents or email a completed claim form with all relevant supporting documents to
[email protected]
. Customers are encouraged to contact their agents for more information, as well as to carry out all processes via online channels.

(
Source: Prudential [
1
,
2
]
)

Tokio Marine

Tokio Marine has also activated its catastrophe claims handling process to assist all affected customers, allowing them to notify the insurer of their losses via email, a dedicated portal, or WhatsApp. Specifically, you can submit your claims through the following channels:

Preferred contact channels
Details
Email
Non-motor claims
[email protected]

Motor claims

[email protected]
WhatsApp
03-2027 8488 (claims-related enquiry)
For claims registration
Claims Service Portal
 (for motor claims only)

(
Source:
Tokio Marine
)

Zurich

Zurich customers who are seeking to make motor claims may visit any of the
insurer’s branches
 for assistance, or check in with any of
its panel workshops
.

Property customers who wish to submit flood-related claims, meanwhile, can call the 24-hour hotline at +603 4270 0024 or +6017 304 6288. Zurich also clarified that no supporting documents are required for the process, and on-site approval is allowed for claims up to RM30,000 upon assessment survey.

(
Source:
Zurich
)

Other Insurers (Hotlines as provided by PIAM and MTA)

Insurers
Hotlines/Contact Details
AIG Insurance
1800-88-8811
603-21180188
AmGeneral Insurance
1800-88-3833 (Kurnia)
1800-88-6333 (Amassurance)
Berjaya Sompo Insurance
Catastrophe Loss Management Hotline (24/7):
1800-18-8010 (non-motor)
1800-18-8033 (motor)
Chubb Insurance
03-20583000
1-800-88-3226
Great Eastern
1300-13-1088
Liberty Insurance
1300-88-8990
Lonpac Insurance
03-22628666
MPI Generali Insurans
03-20349888
Pacific & Orient Insurance
1800-88-2121
Progressive Insurance
1800-88-8458
QBE Insurance
1-300-88-4847
RHB Insurance
1300-88-0881 (24/7 Hotline)
012-6031978 (WhatsApp)
The Pacific Insurance
1800-88-1629
Tune Insurance
1800-22-8863 (motor vehicles)
03-79890310 (residential/commercial properties)
Syarikat Takaful Malaysia Am
1-300-88-252 385
Takaful Ikhlas General
03 2723 9696

***

Since yesterday, the National Meteorological Department (MetMalaysia) has
lifted its warnings
 previously issued for continuous heavy rainfall in several states, with flood waters starting to recede. However, the damage done to properties is tremendous, and this is a heavy blow given that many Malaysians are still struggling to get back to their feet following the economic impact of Covid-19.

With insurers stepping in to offer a more convenient and faster claims submission and expedited disbursement process, it is hoped that those affected will be able to get some funds to slowly rebuild their homes.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Why Was Your Personal Loan Not Approved?

You’re in a mad rush to get your hands on some much-needed cash, when someone suggests a personal loan as a viable option. So, you apply for one and wait patiently. But alas, your loan has been rejected!

If you’ve been in this situation before, it’s frustrating to say the least. But don’t fret just yet; your loan rejection could serve as a much-needed eye opener to help you fix possible red flags on your current financial status. Understanding the cause or causes of rejection might improve your chances for getting your next personal loan application approved.

Here are some of the usual reasons banks deny you your loan.

You have a bad credit score

Credit history is a reflection of your borrowing and repayment activities: it appears encouraging to banks if you make payments on time and have no arrears in the last 12 months. If you are a not-so-great paymaster and do indeed miss payments or worse yet, if you have defaulted on a loan, the bank might peg you as a risk.

But how do banks know about your history? Well, all of your credit card debt, loans, overdrafts, and other borrowings from authorised financial institutions are on file at the
Credit Bureau of Bank Negara Malaysia under the Central Credit Reference Information System (CCRIS)
. Credit data provided by your bank to CCRIS over the past 12 months are captured in the system, which is then used to formulate a credit report.

In addition to credit reports from the CCRIS, banks also obtain details from
CTOS Data Systems Sdn Bhd
, a private agency that collects information on financial litigation matters such as bankruptcy cases brought against individuals and companies.

Banks use these reports to infer creditworthiness as well as borrowing and repayment habits of an applicant. Many personal loans in Malaysia are unsecured ones, meaning there is no guarantee to lenders that the borrower will pay it back. This is why creditworthiness is of utmost importance to banks when deciding on personal loans.

Do obtain your own copy of the CCRIS and CTOS reports to suss out possible issues which the bank may have found unsatisfactory with your credit summary.

You have too many loans

If the bank finds that you are over-committed to too many loans: you might not get another one approved. The bank will look at your other loan commitments such as house and car repayments, credit cards dues, and personal loans.

Although all banks will have a different threshold they use to decide if you are over-committed, the general rule is that most adhere to the 60% benchmark. Your monthly repayments should not exceed 60% of your net salary.

Your salary falls short of the bank’s requirements

Banks usually have a minimum income requirement for loan applications. But beyond this, some also set internal limits to how much someone can borrow based on their salary level. This differs from one bank to the next.

Banks are also less willing to consider commissions as part of the salary with which they consider eligibility. If the bulk of your salary comes from sales’ commissions, you may have a problem obtaining a loan.

Many bankers are well-versed with approval rates and the probability of success you have. As such, if you are concerned, it is worth talking to your bank representative first about possible snags in your application. If your salary is on the lower side,
some banks will still offer loans
 but the interest rate will be higher.

You have no credit history

Bad credit history will likely be the death of your application, but so will it be if you have no credit history.

It’s not a bad thing to have zero experience with loans or credit cards, but how are banks supposed to gauge your reputation as a solid paymaster? A proven track record of timely repayment shows the bank that you understand the commitment before you, as you have upheld your end of the bargain in the past.

However, this doesn’t have to be the nail in the coffin for your loan application. Some banks are willing to overlook this by offering a smaller loan amount on higher interest.

What Can You Do if You Have Been Turned Down?

It could be just one major concern or a combination of issues that led to your rejection. It’s always useful to know the problem behind your situation, so you can try speaking directly to the bank for an answer. However, not all bank officers will be so helpful – it’s not uncommon for failed applicants to be left without a real explanation for why they were rejected.

Still, this doesn’t mean that you should give up and think that this is the end of the road for you. Some Malaysians, feeling that they are backed into a corner after the banks have rejected their personal loans applications, might be tempted to turn to illegal measures or unregulated borrowing as what they think is their only option. Well, it isn’t!

Bring your application to another bank

Interestingly enough, each bank has a different way to measure and define creditworthiness. So, if you’ve been denied a personal loan at one bank, it is not necessarily true that other banks will also decline your application.

Thus, you might want to consider applying again at another bank. They may be more open to accepting your financial position, or they may have a loan designed to match your situation more closely.

Wait and improve your credit score

As mentioned earlier, it’s a good idea to obtain your personal credit report from CCRIS and CTOS. Once you’ve done that, scrutinise the report details for possible disputes. If you find any, do get in touch with the bank in question to seek clarification and resolution ASAP.

Where possible, clear off unsettled debt. Additionally, if you have dues with utility companies, it could appear on CTOS reports, and stay there for some time. So be sure to check and clear those payments as well.

Once you’ve made these changes, step back and give it a bit of time. Why? Because the CCRIS database will show all accounts in arrears for a period of 12 months. This means that even after it has been cleared, the record will reflect late payments for at least one year. You can find out more about
improving your credit history from our guide
.

Get a personal loan from a licensed moneylender

There’s also another option – if the banks have rejected your loan applications, you could try to obtain a loan with a licensed moneylender instead. Licensed moneylenders legally lend out cash at an interest, but they’re not considered banks as they don’t offer the other services that banks do.

All licensed moneylenders do as a business is give out loans, so they tend to be more forgiving when it comes to approving applications – which is why you can give them a try if you really need the cash.

If you’re going to apply from a licensed moneylender, there is one important thing you should know: their interest rates are higher than those of a personal loan from a bank. Licensed moneylenders tend to charge interest rates of around 12–18% whereas banks can give out personal loans with interest rates that can go as low as 3–4%. So yes, it’s easier to obtain a loan from a licensed moneylender than a bank, but it literally will come at a cost.

Reputable loan providers like
Icon Venture Capital
 (IVC) can be an alternative when you simply can’t get your personal loan applications approved by traditional banks.
IVC provides loans for both personal and business purposes
, and has interest rates that range from 9% to 18% per annum. It also has zero processing fees, and states outright what its early termination and late penalty fees are (6-month interest and 8% of outstanding amount respectively), so just like a loan from a bank, you know from the get-go what your commitments are.

So, now that you’re more well-informed about the reasons behind your loan application being denied and the steps you can take to bounce back from a rejection, hopefully you can apply this knowledge to your next search for a personal loan. Remember also that you do not need to visit every single bank and licensed moneylender out there to do your research – our
RinggitPlus personal loan page
 has all the info you need which you can customise.

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Hong Leong, PayNet To Transform Sekinchan In Malaysia’s First Cashless Kampung Project

(Image: Expedia)

Hong Leong Bank (HLB) has partnered with Payments Network Malaysia (PayNet) to launch its pioneer Project Cashless Kampung, which aims to enable all Sekinchan residents and businesses with access to full-fledged banking and cashless payment facilities. This will transform the non-urban area into the first cashless
kampung
 in Malaysia.

In a statement, HLB said that the process will be carried out in phases. The initial phase will see HLB facilitating the opening of bank accounts and the issuance of debit cards for the Sekinchan community without requiring them to visit a bank branch. Meanwhile, all 800 businesses in Sekinchan will receive an HLB DuitNow starter kit, consisting of a DuitNow QR and a payment terminal that accepts both card and QR payments. HLB said it will prioritise
pasar
, hawker, and flea market traders before focusing on other local businesses in the area, including schools.

The chief executive officer and group managing director of HLB, Domenic Fuda explained that the bank decided to pursue this project because although there is a clear shift towards digital and cashless payment methods in Malaysia, rural areas continue to suffer from a lower rate of adoption.

“Through this Project Cashless Kampung, HLB looks forward to empowering the business community across paddy and fruit farming to fisheries and tourism in capturing more opportunities to grow their business by accepting cashless payments, especially now as Malaysian consumers are increasingly preferring cashless and contactless. We hope this will help further build Sekinchan’s thriving community and increase its popularity as a tourist destination offering cashless convenience for visitors,” said Fuda.

Similarly, the group chief executive officer of PayNet, Farhan Ahmad also highlighted the urban-rural divide in the adoption of cashless payments. “Our Digital Payments Insights Study released earlier this year noted the urban-rural divide in cashless adoption still exists, with nearly two-thirds of Malaysians in non-urban areas still preferring cash to pay for daily expenses whereas only 36.2% in urban areas still pay cash for their daily spending,” he said, adding that Project Cashless Kampung is aimed at closing that gap.

Finally, Farhan said that they intend to expand Project Cashless Kampung to other non-urban areas in the future, with hopes that it will bring a greater impact.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Alliance Bank CashFirst Balance Refinancing Might Get You Out Of Trouble

Consolidate Credit Card and Personal Loans into One Repayment

You know that feeling when payday just can’t come soon enough? Yeah, it’s a killer right? We’ve all over-extended ourselves at one point or another and sometimes the banks aren’t quite as forgiving as that mate who can lend you a fifty until Friday.

If you’ve got a bunch of loans outstanding have a think about
Alliance Bank’s CashFirst Refinancing offer
. You can transfer debt from up to four credit cards and/or loans into one single monthly repayment.

At 7.88% APR for three years (or less) chances are you’ll be saving money on Interest giving you the opportunity to get back in charge of your budget.
Check it out
.

As always,
Terms and Conditions Apply
.

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Small Business Loan - Spearhead Your Business Ventures Further

Refining a business that you have meticulously bootstrapped can be risky without a start-up business loan in your grasp. If the persona of a budding, ‘hungry’ SME business owner who’s aiming to build or expand their business empire fits you to a T, read on as we reveal 5 reasons how a small business loan can improve your future business ventures:

Cash Flow

Sure, you may be thinking that there is no real reason for you to get a loan and that your current funds are sufficient for your establishment to stay afloat. Having said that, having a steady cash flow will greatly assist you on days when you are stuck with dead stock in your inventory that you are unable to dispose of or when your customers don’t pay you on time.

Play it safe by getting an SME loan so that in the instance that your cash flow is tight and there’s little room for adjustments in your expenditure, there’s something for you to fall back on during the tougher, dry period.

Inventory

Restocking and replenishing your inventory with relevant, marketable products is not rocket science but there will be times that you would not be able to cater to the demands of your customer. If your current trade depends strongly on seasonality and what the market audience wants, then this will definitely be a setback to your business model.

On the other hand, SME loans can cushion you in the occasion that your sales aren’t doing too well and you would need to invest money in your business to recuperate what your business could not achieve in the previous months.

Read Also :
SME Businesses: What Are They Anyway?

Equipment

Right now, it goes without saying we all need proper equipment to generate a pre-determined amount of output which will, in turn, generate revenue for your business. Repairing or replacing existing equipment or machinery will take a huge chunk of your funding and this will then lead to a decrease in your earnings as it is used to offset these unnecessary costs.

And if your current equipment is working just fine, perhaps you may want to upgrade your current setup in order to boost your business productivity. And of course, all that is made possible with the right business loan.

Credit History

You may have dismissed this and felt that this is not relevant to you feel on the pretext that you are already using various financial products and services from a particular bank and they would already have a history of your current cash flow. The reality check is, this does not count towards your credit history and you may face difficulty in securing a larger loan as banks would need to check your credit report first to determine if you are a reliable paymaster prior to approving your loan application.

Getting a small business loan that is easy to repay will help you to solidify your reputation while improving your creditworthiness, so yes, as they always say, take baby steps before moving towards bigger goals.

Expansion

It is every business owner’s dream to expand their brand further, as, after all, there are many other entrepreneur-minded individuals who are most likely doing the same thing as you are now, some with better or lesser resources in hand. We have witnessed how
some brands thrive when they first enter the playing field for SME businesses only for it to fail
 when the investors pull out due to various situations such as discouraging economic factors or technological disruption.

The nature of SME business is that if you stay dormant and complacent with your current achievements, there is always the likeliness of someone catching up to your progress and diminishing your existing market share via their marketing strategies and branding efforts. Hence, it is wise albeit a prudent decision to stay ahead of the competition by investing in a business expansion so that you will receive the competitive advantage to gain and maintain leadership in the marketplace.

How does a Small Business Loan compare to a Personal Loan?

The general impression surrounding business loans is that it is difficult to access as opposed to personal loans which are easier to apply for due to their nature as an unsecured loan and the stipulated required documents such as personal identification documents, your current salary payslip or income tax filing reports as well as your
EPF contribution statement
.

Still, there are a few key features that distinguish an SME loan from a personal loan such as lower interest rates, government support and advice for specific industries and most importantly, it frees up your cash flow and allows you to focus on what matter’s most for the growth of your business. Having said that, both loans function the same way as most loans do; you will get penalised for defaulting on a payment and failing to pay back these loans will definitely cause a dent in your credit report.

We hope that you have found this article on business loans useful. Let us know in the comment section below.

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PM Announces Free Tolls, Toll Discounts On Selected Highways Ahead Of Hari Raya

(Image: Malay Mail/Farhan Najib)

In conjunction with the upcoming Hari Raya, Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the government will be providing toll waivers and discounts to motorists on 30 highways. This is offered in collaboration with participating highway concessionaires, applicable on 30 April and 1 May, as well as 7 and 8 May 2022.

Specifically, three offers will be provided for motorists on selected highways, namely toll waiver, 50% discount, and 30% discount on toll fares. Motorists for all vehicle classes can benefit from these offers.

Under this initiative, motorists travelling along the North-South Expressway and East Coast Expressway will be exempted from paying toll fares during the specified dates. In particular, this offer will apply to these highways:

North-South Expressway (PLUS)
North-South Expressway Central Link (ELITE)
Seremban-Port Dickson Highway (SPDH)
Butterworth-Kulim Expressway (BKE)
Malaysia-Singapore Second Link (LINKEDUA)
Penang Bridge (JPP)
East Coast Expressway (LPT) 1
East Coast Expressway (LPT) 2
Kuala Lumpur-Karak Expressway (KLK)

The 50% discount on toll fares, meanwhile, will be applicable to motorists travelling on these highways:

Shah Alam Expressway (KESAS)
Damansara-Puchong Highway (LDP)
Cheras-Kajang Highway (GRANDSAGA)
Sungai Besi Highway (BESRAYA)
New Coastal Expressway (NPE)
Ampang-KL Elevated Highway (AKLEH)
KL-Putrajaya Expressway (MEX)
Duta-Ulu Kelang Highway (DUKE)

As for the 30% discount on toll fares, it will apply to the highways listed below:

Flood Water and Tunnel Management Project (SMART)
Guthrie Corridor Expressway (GUTHRIE)
KL-Kuala Selangor Highway (LATAR)
Butterworth Outer Ring Road (LLB)
Kemuning-Shah Alam Highway (LKSA)
Kajang Ring Road (SILK)
Sultan Abdul Halim Muad’zam Shah Bridge (JPP2)
South Klang Valley Expressway (SKVE)
KL-West Traffic Dispersal Scheme Highway (SPRINT)
Kajang-Seremban Highway (LEKAS)
New North Klang Straits Bypass (GRAND SEPADU)
Senai-Desaru Expressway (SDE)
West Coast Expressway (WCE)

(Image: Bernama)

Datuk Seri Ismail Sabri further said that the toll waivers and discounts are expected to come up to a total of RM77.11 million, adding that the cost will be jointly borne by the government and highway concessionaires.

Finally, the prime minister hoped that this provision of toll waivers and discounts will help to alleviate some of the financial burden of highway users, especially those from the low-income group. He also hoped that it will enliven the upcoming Hari Raya celebrations for Malaysians.

(Source:
Prime Minister’s Office of Malaysia
)

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What happens if you do not pay back your Credit Card Debt?

A credit card is not just a piece of plastic, it is a powerful tool that grants you the ability to borrow money in an instant for important personal and business transactions. Having a credit card in your arsenal allows you to spend well beyond your financial capacity.

For that very reason, it’s easy to get tempted and “go crazy” with your spending when you have a credit card (especially if it’s your first credit card). But have you ever thought about what will happen if you can’t afford to pay your credit card debt?

Not having enough financial resources to tame your unrestrained financial spending can lead to some major consequences. So just what exactly happens when you miss your credit card payments? Read on to find out.

Step 1: Interest Charges and Late Payment Fees

Credit card companies will usually begin charging you interest the moment you miss a payment or fail to pay enough to cover your balance. Interest and late payment fees can be really sneaky, they present themselves as small little charges on the bottom of your bill and before you know it, “BOOM”, they’ve accumulated and grown to a gigantic amount.

It is for that very reason that you should never take interest and late payment fees for granted, because if you do, they will cost you dearly in the long run. Always try to pay the full balance on your credit card bill if you want to avoid getting shot with the interest fee bullet.

There are three tiered interest rates regulated by BNM, namely the 15%, 17%

and 18%, per annum interest rates. The longer the period of time that

you consistently pay your credit card bills promptly, the lower the

interest rate charge incurred. More information regarding this in our
Credit Card Tiered Interest Rates Explained article
.

In addition to that, you will also incur late payment charges which is usually a minimum or RM10 or 1% of the total outstanding balance, whichever is higher as of the statement date. Late payments are usually capped at a maximum of RM100 per account.

Step 2: Collection Calls and Visits

If the threat of interest and late payment fees do not faze you, then the Bank will begin taking more drastic measures. After 1 or 2 months of not making any payment, you’ll begin to receive collection calls/letters and emails from the Bank. The contents of these letters can range from simple friendly reminders to threats of legal action.

If you choose to ignore these letters, then the Bank might send a collections officer to your place of residence to make an inquiry. While the Bank collections officer won’t splash paint on your door or perform any of the other harassment activities associated with illegal money lending, they will use stern language to remind you of the consequences of skipping out on payment.

It should also be noted that by this time, it is also likely that your credit card would have been blocked by the Bank as well.

Dealing with collections officers can be intimidating so the best course of action to take is to remain calm and offer a proper explanation to the officer on why you’ve been missing payment and when you plan on making a payment. Suffice to say, getting angry and/or running away will do nothing to ease the situation. Be responsible and explain yourself.

Step 3: Black mark on Credit Report

When you constantly defer or fail to make payment of your credit card debt then the Bank will put a black mark on your credit report. A credit report is basically a memo on how well the bank can trust you.

So are credit reports limited to just one bank? NO. Credit reports follow you for life and can be accessed by all banks linked directly to Bank Negara Malaysia through the online Central Credit Reference Information System (CCRIS). Having a bad experience with one bank can and probably will lead to you getting blacklisted by all Banks. So why ruin your future ability to borrow money? What if you need to take up a mortgage in the future and the Bank declines your application due to your poor prior credit history?

Step 4: Bankruptcy

Finally, if you truly have absolutely no funds available to pay up your credit card bills then the Bank can sue you for the money that you owe. This is usually reserved as an absolute last resort as the court will weigh out your assets and determine whether you are eligible to pay up your debt.

If it turns out that you have an outstanding amount of RM30,000 and above with a default period of at least 6 months, then under Malaysian Law, you can be declared a bankrupt.

A Director General Insolvency (DGI) will then be appointed by the court to administer over your assets in order to settle the outstanding debts. The DGI will also find and investigate all your assets and properties and sell or dispose of them to repay the creditors. In addition, your passport will also be held by the DGI, meaning that you will effectively be barred from leaving Malaysia.

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    Fennie

    3 years ago

if the outstanding debts have been more than 5 years and now have money to repay, shall the person go to the bank that issue the card or bank negara for the full settlement?

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Reload GrabPay With Your AmBank Visa Credit Card To Get RM30 GrabFood Voucher

From today until 9 March 2023, AmBank Visa credit cardholders who top up their GrabPay e-wallet with a minimum of RM200 will be able to earn GrabFood vouchers worth RM30. This promo is applicable on every Wednesday, with a total of 230 vouchers allocated each week.

Made available only to selected Grab users, you’ll need to also have your AmBank Visa credit card details saved in your Grab app. Note that you will not get the voucher if you opt out of this step.

Additionally, each user is only entitled to one GrabFood voucher a month, provided on a first-come, first-served basis. If you do win the voucher, it will be automatically credited to your Grab account within five working days. The voucher will then have to be redeemed within 60 days from the day that it is issued.

Finally, this offer is not valid with any other promotions, discounts, voucher programs, loyalty programs or member privileges that are currently ongoing.

(Source:
Grab
)

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Budget 2021: RM50 E-Wallet Credit Provided For Youths Between 18 To 20 Years Old

Youths between the age of 18 to 20 will receive a one-off RM50 digital incentive in the form of e-wallet credit, intended to encourage the use of cashless and contactless payments. The e-wallet credits will be provided via the eBelia programme.

A total of RM75 million has been allocated for this new e-wallet credit initiative under Budget 2021, and it is expected to benefit more than 1.5 million youths across the country.

This initiative is the third of its kind, which began with the
RM30 digital incentive
 announced in Budget 2020, as well as the more recent
ePenjana initiative
 that was previously carried out as part of the
PENJANA economic recovery plan
, where the government also disbursed RM50 worth of e-wallet credit to eligible individuals.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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KPDN: Grab Malaysia, Jaya Grocer To Offer Payung Rahmah Promotions

(Image: Malay Mail/Hari Anggara)

The Ministry of Domestic Trade and Cost of Living (KPDN) said that Grab Malaysia and its subsidiary, Jaya Grocer have joined the Payung Rahmah initiative, helping Malaysians cope with the rising cost of living in the country.

Through this collaboration, Grab and Jaya Grocer will offer exclusive promotions in the form of three initiatives on the Grab platform. “It covers the Rahmah Package, which is a ‘mix & match’ package offer from as low as RM18, as well as the GrabFood Rahmah Sale, which is a discount of up to 40% on daily necessities and exclusive items at Jaya Grocer through GrabMart. Apart from that, there is also the regular giving of Bakul Rahmah to support drivers with disabilities (OKU) Grab and delivery partners with basic necessity boxes,” said KPDN Minister, Datuk Seri Salahuddin Ayub.

Datuk Seri Salahuddin also shared that the government is seeking to refine the Rahmah Economic Policy in the following weeks.

“The ministry will present the Rahmah economic initiative as a new plan to continue the Payung Rahmah initiative going forward. The policy is in line with the unity government’s commitment and efforts to eradicate hardcore poverty this year,” he said.

(Image: Malay Mail/Hari Anggara)

For context, the new Rahmah Economic Policy is being drafted to improve the living standards of the B40 group and hardcore poor. This is as KPDN aims to help these groups through more than just one-off or seasonal initiatives like Payung Rahmah; Payung Rahmah was initially meant to be a short-term assistance programme to help the people get through the current difficult situation.

Furthermore, Datuk Seri Salahuddin said that KPDN would also like to assess and ensure that government-allocated subsidies actually reach the target groups. This is in addition to focusing on developing the people’s economic wellbeing, likely through existing programmes.

“KPDN remains committed to protecting all Malaysians and ensuring that they are not burdened by the rising cost of living in today’s challenging and uncertain times,” said Datuk Seri Salahuddin.

(Sources:
Malay Mail
,
The Sun Daily
)

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Alex Cheong Pui Yin

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

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Gold Standard: Standing The Test Of Time

A basic savings account may not quite cut it in today’s world if inflation is high and your rate of returns from the savings account does not match the rate of inflation year on year. Options like stock investment and unit trusts are intimidating and possibly too risky because it is dependent on economic and business performance.

But have you ever thought of gold as a method of saving? Gold has a longstanding reputation for being a safe form of reserve for when times are tough. It shines the brightest as a safety net when other types of assets aren’t doing so well.

Gold prices tend to go up when currencies, shares, and unit trusts tumble, and gold prices also increase when cost of living rises. As such, gold has historically been seen to act as a “safe haven” from trying financial times. A classic example of this was when the price of gold more than doubled between 2002-2007; this same period saw the US dollar’s value fall by 40 per cent.

When considering gold as a way to safeguard against financial crises or even to gain something out of your savings, there are easy ways to go about it. Some banks offer gold investment accounts which they store for you, giving you the flexibility of purchasing gold without the stress and risk of the possibility of it being stolen. Or, you can try out HelloGold, a platform that allows you to save in gold using an app.

For HelloGold users, the process of buying and selling gold is safe, accessible and easy. Not only is HelloGold’s daily gold price very competitive, the company significantly lowers the barrier of entry: instead of a minimum of 1g that all banks require. HelloGold offers you the ability to buy investment-grade gold from as little as RM1.

It is also fully insured and fully audited by the world’s leading precious metal auditors Bureau Veritas; and the gold you own is kept in a secured vault in Singapore. With just a few taps on your phone, customers can buy or sell gold, anytime anywhere.

For those of you who want to make the leap into the safety net of gold savings, the HelloGold app is a good place to start. HelloGold ensures that everybody has the chance to buy gold, and all its processes strictly follow industry standards.

Head on over to the
HelloGold website
 or
download the app
. It is available on both App Store and Google Play.

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Government Slashes PSC To RM50 For All Non-KLIA Flights Beyond ASEAN

(Image: The Star)

From 1 October onwards, travellers flying to non-ASEAN countries from all airports except KLIA will be paying a reduced passenger service charge (PSC) of RM50. On the other hand, the PSC of RM73 will be retained for all international passengers departing from KLIA.

According to the Ministry of Transport, the government has chosen to lower the PSC to lessen the impact of the
departure levy imposed from early September
 on affected travellers. Meanwhile, passengers who have already paid the PSC for flights after 1 October may obtain a refund from their respective airlines.

(Image: Bernama)

This reduction in PSC is a welcome move as Malaysia Airports Holdings Berhad (MAHB) raised it to RM73 in July 2018 for all klia2 passengers flying beyond ASEAN. Prior to August this year,
AirAsia had refused to collect this PSC
, charging its customers the same rate of RM50 before MAHB’s imposition. However, after recently losing its court case against MAHB in August, AirAsia started collecting the increased PSC from passengers last month.

The PSC for domestic and ASEAN flights for all airports in Malaysia remain at RM11 and RM35 respectively.

(Source:
The Edge Markets
)

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