Keep Your Finances In Check With These Five Financial Management Apps

One of the most common resolutions we make every year is to spend less and save more. Most of the time, we fail miserably. But would it have helped if we had the ability to track where we spend our money?

This 2019, why not try out a financial management app? These apps let you keep track of your spending, set a budget for expenses

and keeping to them,
and even set savings goals if you want to. We’ve tried some of the most popular ones available for both Android and iOS, and here are our recommendations.

Goodbudget Budget Planner

Goodbudget is an “envelope budget” app, taking inspiration from the old-school budgeting method of storing cash for separate categories of expenses in different envelopes. Users can set separate budgets for different “envelopes”, check on the percentage of your spending these categories and see how it affects your overall budget.

It is a simple and effective solution for users who want more control over their personal cash flow. The only down side of the app is that it doesn’t sync with bank accounts, forcing users to manually input income or changes in their bank accounts. That said, this app is a great tool for anyone that just wants to be more committed into budgeting and be on track with their spending.

The free version will have ads and a limited number of “envelope” budgets, but the paid version removes ads and adds more features such as transaction history and multi-device syncing.

Price: Free, RM25.99 per month or RM214.99 per year for ad-free subscription

Availability:

Apple App Store
,
Google Play
, Web

Spendee

Spendee is a bright and easy budgeting app to get your hands on this 2019. It has colourful displays and graphs to show your spending habits and to top that, there’s customisable categories too (something which a lot of apps don’t allow for, surprisingly!).

You can use the app to track expenses like grocery shopping, bills, and others. You can also upgrade your Spendee to Premium or Plus if you require more functions. Spendee Premium allows you to sync to unlimited bank accounts, link e-wallets, unlock unlimited budget options, and have shared wallets for family finances or shared finance goals.

With Spendee Plus, you’ll be able to do pretty much most of what Premium offers but without bank account syncing, auto categorisation, and backup. On the other hand, the only downside of using Spendee is that users will not be able to access it on the iPad. That said, Spendee also has a web app version that enables data import and bulk editing.

Price: Free, Spendee Plus (RM3.90-RM34.90), Spendee Premium (RM6.90-RM52.90)

Availability:

Apple App Store
,
Google Play
, Web App

Wallet

If all you want is just an app to track your spending, Wallet is a good choice. Sure, it has the bells and whistles like bank sync and budget setting capabilities, but you don’t need to set those up and still have a great overview of your spending habits.

With Wallet, you’ll be able to plan, manage, and get personal finance reports that break down your spending pattern for the specified time frame. It also supports multiple currencies and even of course, set savings goals for the future.

Another special feature is that you’ll be able to upload your Loyalty or Reward cards to track on your special rewards and points. Overall one of the handiest free finance managing apps there is out there! The Premium version just unlocks more accounts, bank sync, as well as advanced charts and reports for the power user.

Price: Free, Premium subscription from RM3.92/month

Availability:

Apple App Store
,
Google Play

Splitwise

Splitwise is a very convenient app that helps you and your peers/ roomies split bills or rental fees fairly. It also offers features like an email reminder to alert you to pay up your debts. You’ll first need to create groups with your friends and key in the amount that was spent and split it among the amount of people that are supposed to chip in with. You will then see the balance on your own smartphone screen and resolve the debt when you have paid, so it alerts the main payee you have paid your part. All you have to do is have your friends download the Splitwise app then you won’t need to keep reminding them to pay up, because what’s more awkward than poking at someone to settle debt!

Price: Free, In-App Purchase (RM 3.90 – RM 117.99 per item)

Availability:

Apple App Store
,
Google Play

There’s an app for that…

With millions of apps available in both the Apple App Store and Google Play Store, there’s almost an app for everything you possibly could need. The apps listed here are some of the most popular ones, but there are plenty others that you may prefer. Most of the apps may look cluttered and complicated at first, but once you get the hang of it, you’ll likely find one that is simple and useful enough for your needs. Have an app that isn’t mentioned here? Let us know in the comments section below!

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Olivia Song

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Samsung Launches Galaxy S23 Series, Available For Pre-Order Starting From RM3,899

Samsung has officially unveiled its latest Galaxy S23 series during its Galaxy Unpacked event yesterday, available in its usual line-up of the S23, S23+, and the S23 Ultra. Designed to offer an even more refined experience with improved cameras, better gaming performance, and more eco-conscious designs, the new Galaxy S23 models are available in four matte hues: Phantom Black, Cream, Green and Lavender.

The new phones are also now available for pre-order in Malaysia starting from RM3,899. Here are some key details about the Samsung Galaxy S23 series.

Samsung Galaxy S23 Ultra

Heading the new series is, of course, the S23 Ultra, which features a brand-new Snapdragon 8 Gen 2 Mobile Platform for Galaxy as its processor, alongside 12GB RAM (for all storage sizes), and of course, an integrated S Pen. Additionally, it boasts a 6.8-inch Dynamic AMOLED 2X display with QHD+ Edge, as well as a new 200MP Adaptive Pixel sensor on the phone’s main camera that uses pixel binning that aims to enhance autofocus, light absorption, and overall camera performance.

The phone further features a 12MP ultra-wide rear camera and a 10MP telephoto camera, as well as a 12MP front camera with a new dual-pixel autofocus technology and Super HDR for videos. As for battery, the Galaxy S23 Ultra packs a 5,000 mAh battery, which Samsung claims will take only 30 minutes of charging time to reach 65% of the battery capacity. This is provided you use a 45W adapter and 5A USB-C cable.

The S23 Ultra is available in three storage sizes, and are priced as per below:

Galaxy S23 Ultra (256GB): RM5,699

Galaxy S23 Ultra (512GB): RM6,199

Galaxy S23 Ultra (1TB): RM7,199

Samsung Galaxy S23 And S23+

Meanwhile, the Galaxy S23 and S23+ both share quite a number of similarities, such as the new Snapdragon 8 Gen 2 Mobile Platform for Galaxy processor – which also powers the top-of-the-line S23 Ultra model – as well 8GB RAM (for all storage sizes). In terms of display, the S23 and S23+ both offer Dynamic AMOLED 2X Display as well, although they are limited to FHD+ (in contrast to the S23 Ultra’s sharper QHD+ resolution).

The camera setup for the S23 and S23+ models are also similar, with both having a triple rear camera setup consisting of a 50MP main camera, a 12MP ultra-wide camera, and a 10MP telephoto camera. At the front, the S23 and S23+ both use the same 12MP selfie camera as the one in the S23 Ultra.

As you would expect, the key differences for the Galaxy S23 and S23+ models lie in their display and battery sizes; the S23 has a display size of 6.1 inches, whereas the S23+ comes in at 6.6 inches. Meanwhile, the battery size for S23 and S23+ stands at 3,900 mAh and 4,700 mAh, respectively – both are larger than the S22 and S22+.

Storage-wise, the S23 and S23+ models are available in two storage capacities. Specifically, the S23 can be purchased with a storage capacity of either 128GB and 256GB, while the S23+ model has a storage size of either 256GB and 512GB. The retail prices in Malaysia are as follows:

Galaxy S23 (128GB): RM3,899

Galaxy S23 (256GB): RM4,199

Galaxy S23+ (256GB): RM4,699

Galaxy S23+ (512GB): RM5,199

Samsung Galaxy S23 Series Pre-Order Promos for Malaysia

Samsung has begun accepting pre-orders for the Galaxy S23 series in Malaysia as of its official launch during the Galaxy Unpacked event – all the way until 23 Feb 2023 – and there are, as usual, exclusive pre-order goodies for early birds. This year, customers who pre-order the Galaxy S23 phones will be able to enjoy a storage upgrade (double the size) for free.

So for instance, if you originally intended to pre-order the S23 (128GB) at the price of RM3,899, you’ll be automatically upgraded to the S23 (256GB) instead – at no extra charge! Here are the details of the pre-order storage upgrade deals:

Models
Original retail price
Pre-order price
Galaxy S23 (256GB)
RM4,199
RM3,899
Galaxy S23+ (512GB)
RM5,199
RM4,699
Galaxy S23 Ultra (512GB)
RM6,199
RM5,699
Galaxy S23 (1TB)
RM7,199
RM6,699

Aside from the storage upgrade, those who pre-order online via Samsung Malaysia’s official website will also be entitled to an RM400 e-voucher, which they can then use to purchase other selected Samsung products (including Galaxy Tab, Galaxy Watch, or Galaxy Buds). However, this voucher must be utilised during the same checkout session. Furthermore, you may also want to enquire about trade-in special deals (which can get you an extra rebate of up to RM600), on top of eco-promotions of up to 30% discount via purchase-with-purchase (PWP).

Meanwhile, those who make their pre-orders at the Samsung Experience Stores or any Samsung authorised partners can look forward to receiving free accessories worth up to RM458 – consisting of a Silicone Grip Cover and Wireless Charging Duo (15W).

Finally, telco bundles for the Galaxy S23 are yet to be announced, so do keep a look out for that as telcos will often bundle some worthwhile goodies too.

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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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Introducing Auntie+, The New Addition To The RinggitPlus Family!

Have you ever gone through an insurance brochure and be absolutely confused by the jargon used? When applying for a credit card, have you wondered what are the additional fees in the product disclosure sheet? While preparing to apply for a personal loan, do you know how to calculate the total interest that you have to pay?

For most of us, we don’t take the time to find out any of these – only to get bitten later in the future. If only there was someone we could trust to explain all these back then! Now…there is. Auntie+ is here to help!

Having climbed the corporate ladder at renowned investment banking firms, Auntie+ (as she affectionately prefers to be called) has been there and done that. Her decades of experience means she cannot be fooled by fine print and hidden clauses. Past colleagues have noted her uncanny ability to sniff out “dirty clauses” that will affect the user, while others highlight her “superpower” of turning complicated jargon into simple English.

Auntie+ has already proven to be a hit among the millennials working here, offering sassy quips on personal finance such as

“Save for a rainy day, or you can’t even afford an umbrella by then.”

“Man with bad credit score, will never score in life.”

“A journey of a thousand miles begins with applying for travel insurance.”

But most importantly, it is her wealth of knowledge and ability to distil difficult information to be easily understood that makes her stand out (besides her outspoken personality and the fact that she has a pencil in her hair). We believe Auntie+ would be extremely beneficial to Malaysians, especially the young millennials tired of men in suits selling financial products to them.

Auntie+ is already at work, offering tips and simplifying concepts that make her an embodiment of our company tagline. You’ll find them in our dedicated
Duit The Easy Way
 page.

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How to Find the Right Product For Your SME Business

One of the many important challenges to starting your own business is picking what kind of business to do in the first place. Businesses are of course, first and foremost a money-making entity. Which means you need to be selling something, and what you sell can make or break your small enterprise.

So if you’re still unsure of how to decide what to sell, here are some useful guidelines to help you make your decision. First off, let’s start with a simple question…

Product or Service?

All the things you can sell to your potential customers can be broadly categorised into these two columns. Each with their own advantages and disadvantages:

Advantages of Selling a Product

If you sell products, you sell identical versions to numerous customers. You may offer advanced or improved versions of products, but even those remain very similar to each other. Your prospects can evaluate features before they buy, and if you don’t sell to one prospect, you can try to sell the same item to another prospect. When you sell a product, you can focus more on selling than on customizing the product for each sale.

Disadvantages of Selling a Product

You must store, maintain, and manage inventory. Whether you manufacture goods or purchase them for resale, you must constantly estimate how much you need on hand to meet demand. That means you spend money on products before you make any income from them. You might have to bear warehousing and personnel costs for inventory, along with losses due to damage and/or theft. You must constantly tweak sales projections to avoid ordering more inventory than you can sell.

Advantages of Selling a Service

When you sell a service, you sell something intangible. You don’t have to limit your pitch to pre-existing features, because you can adjust the features of a service to meet the needs of each client or customer. You can emphasize aspects of your service that will solve your prospect’s problems or satisfy their needs and you can offer a trial period for using your services. If the customer does not keep the service, you do not have used goods on your hands to get rid of.

Disadvantages of Selling a Service

You may find it difficult to describe your service to prospects. In fact, people you pitch to may not be able to visualize what you do. You can counter this somewhat by focusing on how your service benefits customers, but even then you may have to repeatedly articulate why your service has value. Customers may express more reluctance when buying a service, because unlike a product, they can’t evaluate it before they use it.

If you still can’t quite choose (or even if you have and now what to get specific on what kind of product or service to sell), there are a couple of essential questions you can answer that will help you out:

What Can You Provide That Nobody Else Can?

This may sound like an impossibly huge question to tackle. Inventing something completely new and good might be too much for your capacity. However, it is still an important question that your business should attempt to answer.

Will you be providing a new solution that helps a new group of people? Is the problem your product or service will be solving a new and growing trend? Will your solution provide a larger profit margin or more value for your prospects?

The better your solution can stand out and the more value it can provide either to your potential clients or your business, the better your business will be.

Which Market Do You Understand the Most?

A market here refers to the demand of your particular solution. That is to say, what are the demographics or the kinds of people you’re most familiar with? If you’re not sure of what solution your business can provide, you can always look to a potential target market whose habits you’re most familiar with.

Say, new parents. If you’re a new parent yourself and are active in seeking out online communities of people taking care of children for the first time, you can observe and analyse the kinds of problems they’re facing and see if there is a business opportunity in providing a solution.

You can do this with your hobbies, your peers, industries you’re familiar with, or any demographic you think you may understand better than most people. Don’t forget to also do a market study via survey or other information-collecting tools so you can have a larger set of data to base your assumptions on.

One Last Thing…

Choosing what sort of solution your product of service should provide is a pretty big decision to make and we hope our guidelines above can help you be more informed when making your choice. Ready to make that leap of faith and embark into the world of franchise business opportunities? If your answer is yes, then here’s a bonus tip to help you get started on your new venture.

Learn more about the benefits of SME banking by giving
RHB SME Banking Portal
 a visit and make use of their Knowledge Center to discover the useful tips and tricks to help you achieve your aspirations as a soon-to-be franchisee. From business loans to current accounts created specifically for the fundamental needs of SME business owners, begin your journey as a franchisee with RHB SME Banking Portal today.

This article was brought to you in collaboration with RHB SME Banking.

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Ahmad Mudhakkir

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How long should you take to pay off your personal loan?

Much has been said about
Bank Negara’s new guidelines regarding loan tenures
. The banking authority released regulations limiting tenures for home loans and personal loans in a bid to reduce escalating debt rates. The move had its supporters and detractors but as we plan to show you, in personal loans, longer is definitely not better.

According to the guidelines,
the maximum number of years for which a personal loan can be taken is 10 years
. It doesn’t matter if you’re looking for a
BSN personal loan
, a
CIMB Bank personal loan
, or even a
Standard Chartered personal loan
, the Bank Negara guideline applies to all banks in Malaysia. This ruling will affect mostly non-commercial banks as for regular commercial banks tenures typically don’t exceed 8 years. Nonetheless, taking out a loan for even 7 years could cause a serious dent in your wallet.

How personal loan interest rates work

Unlike home loans or credit card balances, personal loan interest rates are calculated every year based on the amount you borrowed and not the amount you have remaining to repay. This means that even when your balance hits its final monthly payment of, say, RM400, you are still paying interest on the RM10,000 you borrowed.

How is this different from the earlier mentioned banking products?

For credit cards and home loans, even though your interest rate is a fixed 18% or 4% per annum; this percentage is calculated on the balance you have remaining at the end of the month and NOT the amount you started out with. And this can make a big difference. If you have an RM10,000 balance on your credit card and RM10,000 in personal loans, after paying a minimum of RM500 for 12 months (equivalent to approximately RM6000), the interest you pay on the 7th month is RM60 on the credit card and RM75 on the personal loan. Despite the interest on a credit card being 18%, and the personal loan being 9%; you still pay more on the personal loan because of the method of calculation.

Bad news for longer tenures

Whilst it seems almost obvious that paying a loan over a longer period of time will cost you more money; the damage is especially pronounced when you’re continually paying for a principal amount you no longer carry with your bank.

We’ve done the math for you. Using the same example above, a loan of RM10,000 on a 9%  interest rate, you can expect to pay the following amounts in interest:

A quick look at the calculations above show the true amount you will be paying in interest alone. For an RM10,000 loan, the total interest is RM12,600 if you take it over 6 years: more than 50% of the original borrowed amount. The monthly repayment amount is low to be sure; only RM213.89 per month and as such, many would take out such a loan and repay without realising how much it has cost them. In the above scenario, opting to pay just and extra RM300 could save you RM3600.

A case of affordability?

For those who truly need the money and are unable to pay more than the very minimum amount, it is understandable to opt for a long tenure but if you are able to repay just a little bit more, the interest savings would make the inconvenience worthwhile.

A personal loan is no doubt an expensive banking product but its usefulness in times of emergencies is undoubted. A credit card will not always be able to patch a financial gap the way cold cash can. The inconvenient truth remains, however, that we do pay dearly for such assistance.

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Diana Chai

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Grab’s GXBank Becomes First Digital Bank To Receive BNM Approval To Commence Operations

Grab-led digital bank GXBank announced that it has received approval from the Minister of Finance and Bank Negara Malaysia (BNM) to commence operations, ahead of the April 2024 deadline initially set by the central bank. This makes GXBank the first of five approved digital bank licence applicants to be ready to serve the Malaysian public in the near future.

In its statement, GXBank said that it has been granted the approval to begin operations from 1 September 2023, following the successful completion of an operational readiness review. Moving forward, it will leverage on technology and innovation to cater to the banking needs of the unserved and underserved communities, including a bank app and inclusive customer support (available 24/7 on multiple platforms).

GXBank noted that it will start by beta-testing its app with employees first, before launching it to a wider pool of users. This will allow the digital bank time to improve and refine the features on the app, allowing for a smoother and more enjoyable user experience. That said, GXBank has yet to share a concrete date as to when it will begin rolling out its app to the public.

“Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said the chief executive officer of GXBank, Pei Si Lai.

Briefly, GXBank is a subsidiary of
GXS Bank Pte Ltd
 (itself a joint venture between Grab and Singtel, which already holds a banking licence by the Monetary Authority of Singapore (MAS)), and a consortium of other Malaysian investors. This includes Kuok Brothers Sdn Bhd.

Meanwhile, Pei will be supported by a team of more than 200 employees, as well as a newly appointed board of directors that is spearheaded by Datuk Zaiton Mohd Hassan. Datuk Zaiton – who is experienced in banking, audit, risk management, as well as governance and financial inclusion – stressed that GXBank is committed in driving real change in Malaysia’s financial sector.

“We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable more Malaysians to be financially independent, creating a better future for themselves, their families, and the country,” said Datuk Zaiton.

Aside from the consortium led by GXS Bank and Kuok Brothers that
successfully received a digital banking licence back in April 2022
, the other four approved applicants are:

A consortium led by Boost Holdings Sdn Bhd and RHB Bank Berhad

A consortium led by Sea Limited and YTL Digital Capital Sdn Bhd

A consortium led by AEON Financial Services Co. Ltd, AEON Credit Service (M) Berhad, and MoneyLion Inc

A consortium led by KAF Investment Bank Sdn Bhd

As per BNM’s directive back then, these applicants are required to undergo a period of operational readiness that will be validated by BNM through an audit before they can commence operations. This entire process was expected to take between 12 months to 24 months.

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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 Did Your Credit Card Get Blocked or Frozen?

Once in a while, you will hear different stories about credit cards being blocked by different people: one story may revolve around hotel merchants blocking your card, the other about the credit/debit card user calling the bank to block their recently lost credit card.

Another scenario shows their debit card has been blocked from spending over a certain amount. With the same word being thrown around, it is easy to see why some people may be confused by the different and somewhat conflicting accounts. Today, we will explore the different kinds of “blocking” one is referring to in different situations.

Purchase

When you hear stories of how a person’s debit or credit card has been held or blocked during their attempts to buy other products and services, they are talking about an authorized hold (a.k.a Credit Card Block).

A
credit card block
 is when a merchant
reserves a portion of your credit
 card balance to pay for a service that has
not yet been delivered
.

Usually, the merchant will ask the bank or credit card provider to reserve a portion of credit to cover the cost of the service that will be given to the customer who made the reservation.

Imagine this: You use a credit card that has RM5,000 worth of credit to make a reservation for a three-night stay at a hotel worth RM750. The hotel may ask the bank to reserve RM750 or a portion of the room cost from your credit card before your stay. Once the bank accept the charges, the bank will subtract the block amount from your available credit, leading to the statement showing the available credit at RM4,250.

Usually, this blockade is not an issue if the amount blocked is not close to the credit card user’s credit limit. However, if the user’s credit card was near its credit limit after the blocking, the card will be rendered unusable as any attempt of purchasing anything with the credit card will result in it being rejected.

To avoid having this scenario, credit card holders must ensure their cards have not reached its credit limit, be mindful of the block or ask the banks or credit card issuers about the block and how long it will be. To remove the block as soon as possible, users of the affected card must complete the transaction with the same card or ask the merchant to remove the block once the transaction has been completed.

Protection

The other usage of the word blocking is during the case of fraud or misplacement of one’s credit or debit card. Blocking one’s credit card in this term is also known as a credit card
freeze
 where the affected card holder
calls the bank to freeze the credit card from unauthorized uses
 after it has been misplaced or stolen.

In the case of credit card fraud or credit card misplacement, it is important for the affected credit card holder (victim) to contact their respective credit card issuers or banks about the situation immediately and ask them to freeze the missing card. They should also lodge a police report on the matter to protect the card holder from unauthorized use and provide themselves with proof.

From here, there can be two outcomes:

Should the users manage to find their missing credit or debit cards (it’s rare that this happens, but still possible), they could ask the credit card issuers or banks to reinstate the card or,

They could request for a replacement card from their respective banks or credit card issuer. Check with your respective banks or credit card issuers for any additional charges or fees for replacing the cards.

Debt / Legal cases

However, a credit card can be frozen by the banks themselves without the consent and knowledge of the card holder. The common scenario that one would be familiar with this
freeze
 is when the card holder has not settled his/her credit card debts. In this instant, the credit card will be frozen until an agreed sum of payment is made. You can get more information about the credit card debt situation
here
. It is thus advisable to constantly clear your credit card debt to avoid such situation from occurring.

Another way that one’s credit card or debit card can be frozen is if the card holder has been involved in any illegal business. This freeze is usually done by the court to prevent criminals from siphoning or using money for their illegal gains.

Budgeting

This next one would sound a bit weird but some people would have a block on how much they can spend or withdraw. This “Block” is known as the
Daily Default Purchase Limit
, common for almost every bank’s debit card users. This debit card purchase limit allows a user to decide how much they will spend with their debit card per day. After the switch from signature-based cards to PIN-enabled cards, banks started to provide the Contactless Transaction Amount Limit to allow card holders to limit the amount of contactless transaction.

There are a few benefits to this “block”, especially in the age of online shopping:

This feature serves to protect the card holders by preventing any transactions or withdrawal above the limit set by the card holders. With this feature, the card holders who lose their debit card will have some time to call the banks about the incident before they lose their money.

Besides that, the feature also enables one to plan their budget and control their daily spending. By setting the purchase limit, card holders can control their spending urges as the card will be automatically declined due to the transaction exceeding the limit.

Should anyone wish to set their purchase limit, they could just log on to their online accounts to set the amount according to what the banks offer. The common spending limits start at RM1,000 to the maximum RM5,000.

We hope this guide on credit card blocks and freezes provides some clarity on the many ways your card can be frozen or blocked.

While you’re at it, you might want to take a closer look at the credit card that you have right now to discover the other
cool features
 that it comes with. Do not have a credit card? You can use the
 comparison tool
 at our website to find one that suits you.

Have something to add to this article? Let us know in the comments section down below.

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Brian Chung

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Budget 2021: 10 Key Highlights

Today on 6 November, Finance Minister Tengku Zafrul Aziz presented the much-anticipated national Budget for the year 2021 in Parliament.

From income tax announcements to initiatives geared towards promoting public health and job opportunities, here are ten key highlights from Budget 2021 that you should be aware of.

For more in-depth coverage on all things Budget-related, view our other
articles
 here and keep an eye out for more to come!

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Payment For Phase Three BPR And Appeal Cases To Be Disbursed Starting From Today

(Image: HMetro)

Payments for phase three of the Bantuan Prihatin Rakyat (BPR) aid will be disbursed to eligible recipients starting from today, and the whole process is expected to be completed by 30 September 2021.

According to Prime Minister Datuk Seri Ismail Sabri Yaakob, the payments will benefit approximately 3.6 million households and applicants who have
successfully appealed their cases back in June 2021
. A total of RM2.82 billion have been allocated for this round of payments.

Datuk Seri Ismail further clarified that this third phase BPR payments is the full distribution of the remaining sum owed to eligible BPR recipients and individuals who have submitted an appeal for the aid.

“For Phase 3, each recipient will receive up to RM1,400 while those who appealed for BPR will get up to RM2,300, including an
additional BPR payment under the PEMERKASA+ programme
 worth up to RM500, which is based on their respective eligibility based on their marital status, household income and number of children,” said the prime minister, adding that detailed explanation of the third phase payout will be provided by the Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz.

For context, the
BPR aid
 was first mooted during the tabling of Budget 2021 to replace the previous
Bantuan Sara Hidup (BSH) aid
, featuring a more streamlined set of eligibility criteria and reach. The
first
 and
second phase
 of BPR payments took place in February and May earlier this year. For more information on the payments of this third and final phase, you can head on over to the
official BPR website
.

Finally, Datuk Seri Ismail reiterated that the public can look forward several other forms of cash assistance following the end of the BPR cash aid. These include the
special Covid-19 cash aid (BKC), as well as an unemployment cash aid worth RM500
. Both of these assistances will be disbursed between October to December 2021.

(Source:
New Straits Times
)

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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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Fun Ways To Save Money

Sure, we all know that saving money is a good habit. However, putting aside money each month can be very difficult to do, especially since spending it is so much more enjoyable. Try to make saving a little bit more interesting by challenging yourself to one of these fun money-saving methods today.

1) Project 5

Every time you receive a RM5 note, take it out of your wallet and put it straight into your savings jar. This fun little challenge isn’t meant to be your primary saving method, but it is a simple and painless plan to get yourself to save a little more. It’s also a great way to set aside some money for a long-term purchase you’ve been eyeing to make. A 12-year-old Malaysian boy did this with RM1 notes and saved enough to pay for half of his PlayStation 4!

2) 52-Week Savings Challenge

Start 2019 by saving RM1 in your first week and increase the amount you save by RM1 each week after that. At the end of the 52 weeks in a year, you’ll have RM1,378 saved up. The challenge starts off easy but builds up to about RM50 a week being set aside in December – which is when money is tight for some people. If saving at the beginning of the year is easier for you, try the Reverse 52-Week Challenge where you save RM52 during your first week and minus off RM1 every subsequent week.

3) The
Denda
 Jar

Your
denda
jar can be punishment for any of your worst habits – smoking, swearing, biting your nails, and so on. Decide beforehand on the penalty amount you will have to pay every time you lapse into your bad habit and enforce it strictly. For example, charge yourself RM20 every time you say you’ll go to the gym and then end up staying home instead. Not only is the
denda
jar a good way to collect some savings, it can also help you to improve yourself by kicking a bad habit this year.

4) Make It Competitive

A lot of resolutions fail due to lack of accountability. If you have someone who knows you’re on a savings challenge or better yet, a friend to carry it out with you, there’s a higher likelihood you’ll stick to it. Pick one of the initiatives above and do it with a friend or create your own challenge as part of a competition between the two of you. Try a “no-spend challenge” where you’re only allowed to spend on necessities for a set period of time and the loser has to make an extra savings deposit.

5) Grow Your Savings With Interest

Putting aside money through various challenges is all very well, but there’s a way to make saving even more rewarding: by earning interest. Once you’ve started to save a substantial amount of money, don’t just leave it in your savings jar in physical form. Put it into a
separate savings account
 or even a fixed deposit. A fixed deposit offers higher interest rates and can be started with as little as RM500. Earning interest this way can help to grow your savings in the long run.

Start A Money-Saving Challenge Today

So, if the old-fashioned saving method of simply “putting money aside each month” just isn’t working out for you, try one of these money-saving challenges instead. Start off 2019 right and look forward to better saving habits this coming year!

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The Malaysian Love Affair With Horror Movies

2018 appears to the year of renaissance for the local film industry, and interestingly, it is down to the horror movie staple that’s driving the momentum. With two vastly different horror movies released in August already being recognised as the two highest-grossing Malaysian-made movie ever, let’s take a look at the most popular Malaysian-made horror movies of all time – and why Malaysians love a good scare.

Highest grossing Malaysian horror movies

Munafik 2
 (2018) – RM40 million

The sequel to the popular
Munafik
 manages to accomplish one of the toughest things in film: to be commercially and critically better than the first instalment. In fact, in just one month after its release,
Munafik 2
 took home almost twice the total box office revenue from the first movie, which was released in 2016. It is now the
highest-grossing Malaysian film of all time
, raking in RM40 million in just 17 days after its premiere.

The blend of religion and the supernatural clearly struck a note with viewers, with both movies receiving rave reviews.
Munafik 2
has a star-studded cast which includes Maya Karin and even local reality series personality Mawi, and is directed by the talented Syamsul Yusof, who also plays the protagonist in the series.

With a budget of RM2.9 million, box office revenue has now surpassed more than 13 times the budget. Can’t get enough of
Munafik
? Not an issue, as Syamsul has already stated that
the series is a trilogy
 – the pressure is on for the young director to wrap the series up in spectacular fashion.

Hantu Kak Limah
 (2018) – RM32.5 million

If there’s one thing that Malaysians love just as much as horror films, it’s comedy. So a blend of the two would virtually guarantee success at the box office, right?
Hantu Kak Limah
 is the final instalment of the series, which began with
Zombi Kampung Pisang
(2007),
Hantu Kak Limah Balik Rumah
(2010),
Husin, Mon dan Jin Pakai Toncit
 (2013), and
Zombi Kilang Biskut
 (2014), with most of them being commercial successes. Fun fact:
Zombi Kampung Pisang
 was the first Malaysian “zombie movie”.

As you’d expect,
Hantu Kak Limah
 is all about slapstick humour mixed with the occasional jump scare, and an easy-going plot that allows viewers to enjoy the ride. With former rock star turned comedian Awie as one of the main characters, the series has managed to entertain Malaysians for over a decade.

Munafik
 (2016) – RM17.04 million

Mixing a gripping storyline, strong acting, and a dollop of local supernatural taboos,
Munafik
 (which means hypocrite in Malay) was a refreshing entry to the horror movie industry in Malaysia, which had plenty of sub-par films up to that point.

Director Syamsul Yusof, who is the son of local film icon Yusof Haslam, plays the protagonist Adam, a religious medical practitioner caught in a whirlwind of hair-raising supernatural encounters. The movie explores the theme of jealousy and greed, and how far (and low) some people would go to satiate these two sins.

It always helps either when there’s a touch of controversy in the film to cause intrigue. It was said that one of the incantations uttered in a scene from the film was a real devil summoning incantation, a claim which went viral in social media.
Syamsul himself denied the claim
, saying it was merely some gibberish in Arabic. Real or not, it may have contributed to the film’s commercial success, raking in RM17.04 million from a budget of RM1.6 million.

Dukun
 (2018) – RM9.9 million

One of the most controversial movies ever produced in Malaysia,
Dukun
 had its released delayed by
twelve years
 after it was initially banned by the National Censorship Board, which deemed the storyline too controversial. The ban was lifted in 2018, in part due to
a copy of the movie being leaked online
, which saw a whole other generation of moviegoers flocking the cinemas to catch the movie.

Dukun
 is inspired by real-life events involving the mysterious Mona Fandey and the murder of a high-profile politician that shocked the nation due to elements of black magic that intertwined with the case. While the plotline would be familiar, critics praised the intensity of acting by the two main actors, Umie Aida and Adlin Aman Ramli.

The film grossed RM9.9 million, which considering the RM2.8 million budget that would have been burned thanks to the ban, amounts to one hell of a success.

Hantu Bonceng
 (2011) – RM8.53 million

A horror comedy film set in the illegal motorcycle racing scene in Malaysia,
Hantu Bonceng
 treads lightly on the plot in favour of slick action scenes and slapstick humour from comedian Zizan of Raja Lawak fame.

Its release during Hari Raya 2011 was a resounding success, where it even performed better than Hollywood movies released during that time. In its first two days the film raked in RM1.78 million, the highest festive season box office earnings up till that point. The film’s positive reception continued to RM5 million in five days, before fizzling out to RM8.35 million in two weeks.

With a modest RM1.51 million budget, that revenue still makes it one of the most successful horror movies ever made in Malaysia.

Ngangkung
 (2010) – RM8.18 million

Ngangkung
 goes one step further from the
Hantu Kak Limah
 series by combining horror, comedy, and local taboo into one movie. The story of three Malay men who go to supernatural lengths to win 4D lottery numbers – gambling of any sort is
haram
 in Islam – told in a light-hearted manner won over the audience.
Ngangkung
 was the first Malaysian-made film to gross over RM8 million in local box office revenue, earning it a spot in the Malaysian Book of Records as the highest-grossing movie of 2010.

With an estimated budget of RM1.8 million, the movie was a commercial success, raking in RM8.18 million in the local box office in a five-week run.

Why do Malaysians love horror movies?

The top two
highest-ever grossing Malaysian movies of all time
 are horror movies; this genre actually has six entries of the top 15 – a testament to its popularity in Malaysia. When done right, we keep coming back for more – just take a look at the seemingly evergreen
Hantu Kak Limah
 series, and the resounding commercial success of
Munafik
 and its sequel.

In a diverse, multicultural country with plenty of traditional beliefs still practised in our day-to-day lives, there is a deep well of legends, superstitions, and taboos to be inspired by for the next big horror movie. Director
Osman Ali says that
 “our cultural and traditional beliefs in the supernatural are still present in our communities today,” adding that “some of us have had supernatural experiences, while others love listening to and watching horror stories because we are curious about ghosts and such.”

This is similar to the Thai horror movie industry, which is famous for their genuinely frightening films. But unlike the Thais, Malaysians are seemingly less intense in their desire to be spooked. The Malay population’s love for slapstick humour is one of the reasons why there are so many horror comedy movies that make it big.

On top of that, filmmakers are exploring themes that previously would never have been approved. Sensitive topics such as religion are tightly integrated into movies like
Munafik
, while black magic is the central theme in Dukun. These topics are intriguing in their own way, and challenges the audience to think and draw their own theories and conclusions.

Munafik
 director Syamsul Yusof, in scripting
Munafik
,
stated that
 “(I) want audiences to find the film not only scary, but sad and disturbing. Sad because of what happens with the characters, and disturbing from the perspective of religion.” With movies like these being released, this is a good indicator of a maturing audience, as well as a censorship board that may finally be more open to fresh ideas.

Finally, it must also be said that the quality of films that are locally produced is getting better and better with each passing year. With platforms such as YouTube responsible for encouraging a new generation of filmmakers, there is a wealth of talent in the industry, both on- and off-screen.

The local movie industry is booming again thanks to horror movies. If you’ve never been a fan, perhaps it’s time to check out one of the movies in this list?

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Pang Tun Yau

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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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GE14 - Airlines That Are Offering to Waive Rebooking Fees

The recent announcement of the GE14 dates was met with mixed reactions among netizens in Malaysia today. While most Malaysians are satisfied that a proper date has finally been announced, that was not exactly the case for some citizens especially to the
 half a million Malaysians who are working in Singapore.

 Image courtesy of Colin Lim

If you are due to be in another country or place during election day and you would like to reschedule your flights to do so, then read on as we list down the airlines who are offering to waive their flight rebooking fees.

Cathay Pacific

Fee Waiver Detail : All ticket rebooking and re-routing charges for travellers whose flights fall on the date of the 14th general election (GE14) will be waived. Travellers are only allowed to make changes for all tickets only once, including those with restrictions on date change.

What is It Applicable For : Applicable for all flight tickets issued in Malaysia for Cathay Pacific and its sister airline Cathay Dragon.

Who is It For : Applicable for Malaysian citizens.

Website :
 Cathay Pacific

Malindo

Fee Waiver Detail : Fare difference and change fee for passengers who opt to switch their travel date but maintain the same destination will be waived. In addition to that, the change fee for those rerouting to a different destination will also be waived but the fare difference applies. All changes must be made within 7 days of the election announcement date.

What is It Applicable For : Applicable for all flight tickets issued in Malaysia for Malindo

Who is It For : Applicable for Malaysian citizens.

Website :
 Malindo Air

Air Asia

Fee Waiver Detail : All ticket rebooking and re-routing charges for travelers whose flights fall on the date of the 14th general election (GE14) will be waived. Travellers are only allowed to make changes for all tickets only once and postpone travel by up to 30 days. The change will be subjected to seat availability and any fare or tax differences. All changes must be made within 10 days of the election announcement date (before April 20).

Aside from that, travellers can elect to keep the fare value for future travel, which can be redeemed within 90 calendar days from the date of credit issue.

What is It Applicable For : Applicable for all flight tickets issued in Malaysia for Air Asia

Who is It For : Applicable for Malaysian citizens.

Website :
 Air Asia

Malaysia Airlines

Fee Waiver Detail : All ticket rebooking and re-routing charges for travellers whose flights fall between May 8 and 10 (inbound or outbound) will be waived. Travellers are only allowed to make changes for all tickets only once, including those with restrictions on date change. All changes must be done within 10 days.

What is It Applicable For : Applicable for all flight tickets issued in Malaysia for Malaysia Airlines, Firefly and MASwings.

Who is It For : Applicable for Malaysian citizens.

Website :
 Malaysia Airlines
 or
 Firefly

We hope that you have found this article useful for your flight rescheduling needs. Should your polling station be a distant away from your actual place of residence, perhaps you may need to take things like accommodation or even the method of commuting to the voting station into consideration.

If you haven’t sorted out your plans yet, applications like Droupr can help plan your carpooling journey with like-minded voters who may be heading to the same direction as you are. All the best in fulfilling your civic duty as a Malaysian!

Are there any other airlines that we have missed out on? Do share with us in the comment section below.

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HSBC Malaysia Will Not Be Compounding Interest On Loans During Moratorium Period

HSBC Malaysia has announced that it will not be compounding the interest charged for its loans during the moratorium period mandated by Bank Negara Malaysia (BNM). According to HSBC, this extra step taken for both individual as well as small and medium enterprise (SME) customers is a proactive effort to help ease financial burdens during the Covid-19 outbreak.

“We empathise with everyone who is currently going through a challenging time here in Malaysia due to the COVID-19 outbreak and therefore we have taken the extra steps for retail and SME customers – both the interest for conventional loans as well as profit on Islamic financing will not be compounded during the moratorium period, we hope this proactive effort will help ease the financial burden of our retail and SME customers. HSBC has a long history in Malaysia and we want to continue to support the financial well-being of our communities,” HSBC said in a statement.

Yesterday, BNM announced that all banks and development financial institutions would offer an
automatic deferment
 of six months for loan and financing repayments to SME and individuals. However, BNM highlighted that interest would still continue to accrue for both loans and Islamic financing during the deferment period, and that
interest would be compounded
 for conventional loans.

“For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period,” said
BNM in its FAQ
.

Therefore, HSBC’s move to charge only accruing and not compounding interest for conventional loans can be seen as an additional step beyond what has already been laid down by BNM.

In its
post on Facebook
, HSBC also informed customers who have recently applied for existing HSBC liquidity relief packages that the measures announced by BNM will supersede the current offers effective 1 April 2020. “We will be able to share more information and details of these programmes here by 1 April 2020,” said the bank.

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Government To Contribute RM 10,000 To Next Of Kin Of Flood Victims

Image: News Straits Times

Prime Minister Ismail Sabri has announced that a contribution of RM 10,000 will be given by the government to the next of kin of each victim who died in the floods. To ensure an expedited delivery of the contribution, the Prime Minister himself will collect the list of names of the deceased from the disaster district centres.

“We are very sympathetic and saddened by what happened and we will provide some contributions. We will channel (it) through the district offices, which will hand it over to the next of kin of the victims concerned,” the Prime Minister explained. “It is learnt that the Pahang government is also providing RM 5,000 to the next of kin of each victim killed in the floods,” he added.

In addition, the Prime Minister has also instructed the National Disaster Management Agency (NADMA) to expedite the disbursement of the
RM1,000 assistance to households affected by the floods
.

According to the Prime Minister, NADMA should make immediate payment to those who are at the relief centres before the flood victims return home as the data is already there. “There is no need to wait to fill in the form and so on,” he explained.

(Source:
The Edge Markets
)

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Credit Card Tiered Interest Rates Explained

Credit Card Tiered Interest Rate

In an effort to promote better debt management, Bank Negara Malaysia (BNM) announced a financial guideline initiative which took effect back in March 2011 and involved all credit card holders throughout the country. The guideline saw the increase of credit card interest rates as a means of slowing down the rise in household debt among Malaysians. The logic behind this is that having a higher interest rate reduces the tendency of credit card holders borrowing money through the swiping of their credit card.

What is A Tiered Interest Rate?

A tiered interest rate refers to the different sets of finance charges for credit card holders who do not manage to make a minimum payment on their credit card balances before the due date. In Malaysia, a tiered interest rate is basically based on the repayment habit of the card holder. The interest rate is charged based on the card holder’s settlement of the monthly minimum payment within the due date. If you keep a good habit of consistent minimum repayment, then the future applicable interest rate charged on your credit card will be lower.

How are Tiered interest Rates Charged?

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. The table below shows the finance charges based on the holder’s prompt payment history.

Tier

Prompt Payment History

Interest Rate (p.a.)

I

Last 12 months

15%

II

10 or 11 out of 12 months

17%

III

Less than 10 out of 12 months

18%

Prompt payment = Full or minimum payment by due date

The tier I interest rate of 15% p.a. is for cardholders who have promptly settled their monthly minimum payments consecutively for the last 12 months. The 17% p.a. rate, on the other hand is for holders who have made prompt payment for at least 10 months out of a total of 12. For the cardholders who fall outside the above categories, the highest interest rate of 18% per annum will be charged to you.

Are There Any Exceptions?

The rates announced by BNM serve as a financial guideline, and it is possible for tiers and rates to vary and go to as many as 4 tiers or as low as 8.88% per annum respectively, depending on the bank.

Example 1 – Maybank

All Maybank 2 Cards, namely the
Maybank 2 Cards Premier
,
Maybankard 2 Platinum Card
 and the
Maybankard 2 Gold Card
 follow a three tiered interest rate system with rates of 8.88%, 17% and 18% per annum. This means that Maybank offers a rate of 8.88% instead of 15% per annum for cardholders who make prompt repayment of their bills for 12 consecutive months. As an added bonus, this rate is also offered to new Maybank 2 card customers as well.

Example 2 – Citibank

Citibank follows a similar approach with Maybank for its interest rates but offers a four tiered system instead , offering rates of 8.88%, 15%, 17% and 18% per annum. The lowest rate of 8.88% is designed for cardholders who settle more than 50% of their monthly outstanding balance consistently for a period of at least 12 consecutive months.

What Constitutes Prompt Payment?

To put it simply, payment is considered prompt as long as the minimum payment required is made with the due date issued by the bank. Minimum payment amounts can vary and usually range from 5% of the outstanding balance or a minimum of RM50.

Let’s Look at a Few Scenarios

Assuming that the card follows the BNM guideline of 15% , 17% and 18% p.a.

Case 1:

Ms. Suzy made retail purchases on her credit card starting from January 2013. She paid her bills promptly every month, except for May and July 2013. As such, the applicable interest rate for her credit card on January 2014 is 17%, due to only 10 months of prompt payment.

Case 2:

Mr. Stephen just got his credit card 4 months ago so since he does not have a repayment record of at least 12 months, an interest rate payment of the maximum of 18% per annum will be applied to him. The rate will drop once he has reached at least 12 months of repayment with a record good enough to entitle him to a lower rate. However, if he signed for his credit card with Maybank, he might still be able to enjoy a lower rate as part of the Maybank 2 credit card sign up special.

Case 3:

Mr. Kim just got his credit card last month and he missed payment for his very first month. The interest rate maximum payment of 18% per annum will be applied to him until he has reached at least 12 months of repayment. At which point, if he has made prompt repayment for all his other bills for the remaining months, he may be eligible for a lower rate. However, similar to Mr. Stephen, he may be entitled for a lower rate if he signed for his credit card with Maybank as part of the Maybank 2 credit card sign up special.

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    kow

    3 years ago

Hi, i use RHB CC. on 22/4 I received statement of RM21307.  On 8/5 paid 10k, on 10/5 paid 10762,  0n 12/5 received CC statement stated RM295 interest was charged. after checking again, only noticed I short paid RM545. I called RHB customer service why the interest so high. CS gave me the formula

RM21307 x 18% x 28days/365days = RM295.  Why the interest charged on RM21307 while the overdue amount only RM545? I was told this is bank Negara regulations. Is it true?

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    RMJ

    2 months ago

    Reply to

        kow

Any explanation or answer to this question?

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    Sivabalan

    2 years ago

how is interest rate calculated for unpaid credit card balance

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TM Offers unifi Air For Free To Customers Who Sign Up For Broadband Installations

Telekom Malaysia (TM) will be offering free unifi Air to customers who are waiting for their new unifi fibre broadband to be installed at home. Applicable to new customers who sign up for any unifi Home plans, the service will be yours to use until your unifi Home is successfully installed.

TM’s announcement also clarified that the unifi Air service will be delivered to your doorstep, allowing customers with immediate wireless internet access for the home if there are delays with the unifi Home installation due to the ongoing Movement Control Order.

unifi Air, which was
introduced in August last year
, is a wireless home broadband service that provides instant connectivity without requiring installation. It is designed for those who are not located within unifi’s fibre network coverage, and instead relies on TM’s 4G LTE/TDD coverage.

The service also allows you to connect up to 64 devices with unlimited internet quota at an average speed of 20Mbps.

The
unifi Air service
 is actually a standalone option from TM, which is currently priced at RM79 per month. It’s a plug-and-play solution, making it ideal not just for those outside the unifi fibre network, but also for those in rented homes or seeking temporary home internet solutions.

TM’s free unifi Air offer is likely the telco’s attempt to assist their customers despite the current restrictions put in place due to the ongoing movement control order (MCO). The
Malaysian Communication and Multimedia Commission (MCMC)
 had announced that internet service installations and maintenance works are now permitted, but only in green zones.

For more information, you can head on over to
TM’s Facebook
 page.

(Source:
Lowyat.NET
)

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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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RM200 IPT Aid For Students: Frequently Asked Questions (FAQ)

During the reveal of the Prihatin Economic Stimulus Package at the end of March 2020, Prime Minister Tan Sri Muhyiddin Yassin had announced an
RM200 one-off cash aid for students
 in higher education institutions, including those in matriculation, community college, polytechnics, as well as private and public institutions.

Following that, the aid is expanded to also include students who are pursuing their education in
Form Six, diploma courses, and other equivalent qualifications
. These encompass students in institutions under the Human Resources Ministry, Youth and Sports Ministry, as well as Majlis Amanah Rakyat (MARA).

The Finance Ministry has released a list of
frequently asked questions (FAQ) regarding the aid
, which you can find below.

What is the value of the one-off student assistance?

Every qualified student will receive a one-off cash assistance worth RM200.

Who is qualified to receive the assistance?

To qualify for the assistance, students must be a Malaysian citizen and an active full-time student on 31 March 2020 as per the following:

Higher education students under the purview of the Higher Education Ministry, Education Ministry, as well as ministries concerned in various levels of higher education (e.g. community colleges, polytechnics, public universities, and private institutions).

Students who are enrolled in courses equivalent to Form Six, Senior Middle 3, Sijil Tinggi Agama (STAM), vocational college diploma, diploma and equivalent to TVET, matriculation, foundation, A-level, International Baccalaureate diploma, Australian Matriculation, advanced diplomas, bachelors degree and equivalent, Masters and equivalent, PhD and equivalent, as well as courses with the same rank as diploma and above, which are approved by the government or any professional bodies in Malaysia.

Higher education students under the purview of the Education Ministry and the Higher Education Ministry, or any higher education institutions which are registered.

Higher education diploma students or equivalent, including full-time SKM4 students and above at institutions under the Human Resources Ministry, Youth and Sports Ministry, as well as the Rural Development Ministry.

How many recipients are there?

It is estimated that 1.5 million students will benefit from this assistance, consisting of 1.2 million university and college students, 100,000 Form Six and matriculation students, and 200,000 diploma or TVET students.

Can overseas students apply?

No. This assistance is only for students studying in Malaysia.

Can students check their eligibility status themselves?

Every student can check their respective eligibility through officers under the academic admittance affairs department, student affairs unit, or student development units at their respective higher education institutions.

What must students do if they feel they have fulfilled the criteria for the one-off assistance?

Contact the academic admittance affairs department, student affairs unit, or student development units at their respective higher education institutions to update the following documents/details:

A copy of IC

Bank name and account number

A copy of a bank statement or bank book

Mobile number/email

How will this assistance be given to students?

The assistance will be transferred to qualified students through their respective bank accounts starting from the end of April by the respective institutions.

What if the student does not have a bank account?

Assistance will only be transferred into the student’s bank account. Students must open a bank account if they don’t have one.

If my name is not on the list, what can I do?

Students can contact the coordinating officer at the academic admittance affairs department, student affairs unit, or student development units at their respective higher education institutions.

Will students who quit or deferred their studies before or during the movement control order (MCO) qualify for this aid?

Only students who are active up to 31 March 2020 qualify for this aid.

Are students who are currently in the midst of industrial training or work-based learning qualified for this assistance?

Yes, they are qualified for this assistance.

Are students who are in their final term and about to finish their studies in May 2020 qualified for this assistance?

Yes. This statement refers to students who are studying and active at their respective higher education institutions on 31 March 2020.

How do students who are undergoing industrial training and work-based learning apply for this aid?

Students can contact the academic admittance affairs department, student affairs unit, or student development units of their respective higher education institutions.

Are students who completed their studies before 31 March 2020 qualified for this aid?

No, because they are no longer active in their respective institutions.

Can the assistance be transferred through the bank accounts of the students’ parents or relatives?

No. Students must have their own bank account.

Can students open accounts at any banks?

Yes, students can open an account at any local banks. Any account created with local banks, whether Islamic or conventional, will be accepted. Tabung Haji accounts and Amanah Saham accounts are not permitted.

Who can the students refer to if they have any questions about this assistance?

Students can contact the academic admittance affairs department, student affairs unit, or student development units at their respective higher education institutions.

(Source:
The Star
)

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PM: Budget 2021 To Feature Special Focus On Sustainability

(Image: Bernama)

Prime Minister Tan Sri Muhyiddin Yassin has revealed that Budget 2021 will feature a special focus on sustainability, with an important announcement to be made on it during the tabling of the national budget 6 November.

According to Muhyiddin, Malaysia – like all other countries globally – must reconsider its development agenda following the spread of Covid-19, which serves as a wake-up call for the world. This is especially with regard to the idea of sustainability and green technology, both of which play a vital role in driving the economy.

“Lockdowns across the world made us reflect, made us think, and we started to realise that we need to change our ways. We need to rethink our relationship with the planet and we need to build back better. Due to all of us being at home, we also noticed we had better air quality and mother earth had time to reinvigorate,” said the prime minister at the virtual International Greentech and Eco Products Exhibition & Conference Malaysia (IGEM).

(Image: The Star)

Muhyiddin also commented that although this improvement is short-lived, with people soon returning to their old ways once the lockdowns were lifted, it indicated that “there is a promising path of green recovery as we wade through this pandemic.” He added that a green recovery approach will not only spur the economy and social wellbeing, but also drive Malaysia’s development along a low-carbon and climate-resilient route.

The prime minister also noted that Malaysia should take advantage of its status as one of the 12 mega-biodiverse countries in the world to push for a stronger green recovery agenda. Additionally, with the Eleventh Malaysia Plan (2016 – 2020) now entering its final phase, and Covid-19 challenging the government to build its resilience, Muhyiddin believes that green recovery is the best way forward.

(Source:
The Edge Markets
)

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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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AEON BiG Visa Gold Review 2018: Quietly Rewarding

Few would associate Aeon as a credit card provider, but in reality the Japanese conglomerate has a stake in various industries – and banking is one of them. For the Malaysian market, it offers a wide range of credit cards but most of them are largely uninspiring.

The
Aeon Big Visa Gold credit card
, however, isn’t one of them. In fact, this is one well-kept secret that you should consider adding to your credit card arsenal.

Store brand card, but with global benefits

(Image: The Star)

It may be a store brand card, but the
Aeon Big Visa Gold
 is pretty impressive – even if there are some conditions to look into. For starters, the card offers four cashback tiers – and two of them are tied to purchases made at Aeon Big. If you shop regularly at this department store, it is a huge bonus. And if you’re not, the following paragraphs should convince you to really consider getting shopping there
and
applying for this card.

Aeon Big holds a “Thank You Member Day” on the 28
th
 of every month, and on this day, purchases made using the Aeon Big Visa Gold comes with 5% cashback capped at RM100 per account per month. That means you can spend up to RM2,000 in your monthly groceries and enjoy a generous amount of cashback, provided you spend it all in that one day.

If you use the Visa PayWave function of the Aeon Big Visa Gold card, you also get 5% cashback, capped at RM25 a month. This feature applies every day, including the “Thank You Member Day”.

Now, here’s where things get interesting. One of the requirements for this card is that you must also hold an Aeon Big member card, which is free. One perk of this member card is that it offers immediate 5% discount for everything offered in Aeon Big during the “Thank You Member Day”. All of these offers
stack
, which means if you shop in Aeon Big on the 28
th
 of the month and pay with Visa PayWave, you get 5% discount (member card) + 5% cashback (“Thank You Member Day” perk) + 5% cashback (Visa PayWave). Before you think we’re pulling your leg, here are some examples from the credit card’s FAQ:

There are other benefits for using this card besides shopping at Aeon Big, too. The
Aeon Big Visa Gold credit card
 offers 5% cashback for petrol, but is limited only for transactions on Sundays, and is capped at RM25. That’s still good as long as you time your petrol pumping sessions correctly. Finally, online and overseas spending will also net you 2% cashback, capped at RM25 as well.

There’s also Aeon Big member points that can be accumulated for every ringgit spent with the Aeon Big Visa Gold credit card. You get 4x Member Points for every RM1 spent in Aeon Big on every 10
th
 of the month, 2x Member Points for every RM1 spent in Aeon Big every day, and 1x Member Point for every RM1 spent anywhere else, including overseas transactions. Member Points can be redeemed for cash rebates at Aeon Big at a rate of 1000 Member Points = RM5; that’s the equivalent of an additional 0.5% cashback for purchases in Aeon Big.

Given that you earn 4x (on the 10
th
) or 2x Member Points for shopping at Aeon Big, that amounts to an additional 1% or 2% (on the 10
th
) cashback!

But really, the real bonus to this card is the fact that it offers 3x access to Plaza Premium Lounges at all airports in Malaysia per calendar year. Accompanying guests can enter for 20% discount. On top of that, if you purchased your flight tickets with the Aeon Big Visa Gold credit card, you will also be entitled to travel insurance with coverage up to RM1,000,000.

If you’re just hearing of this card now, know that it used to be a lot better. Aeon Credit used to bestow this card with 6x (!!!) Plaza Premium Lounge access a year, and had a lower minimum annual income requirement (RM30,000/year or RM2,500/month).

So many perks, ridiculously low requirement

For all the benefits offered by the card, you could be forgiven for thinking that the
Aeon Big Visa Gold card
 has a high minimum annual income requirement. After all, few Platinum credit cards offer the same range of perks, let alone Gold cards.

The minimum annual income to apply for this card is just RM36,000, or RM3,000 a month. On top of that, applicants must also be an Aeon Big cardholder – which is free. The annual fee is also waived when you swipe 12 times a year, which is almost a standard practice these days and is not difficult to accomplish at all.

All told, this card is surprisingly impressive, and even more so that few would think about even giving Aeon Big credit cards a second look.

Beware the fine prints

However, as we broke down earlier, this card’s cashback system can be complicated. On top of that, the cashback handout has a “total cashback cap” to it, meaning that the issuing bank has allocated a set amount every month for the specific cashback tier. If exhausted, transactions that normally qualify for cashback would not be given any. Because of the total cashback cap, the cashback would be given on a first come, first served basis – this means the payout may be unreliable.

There are some good news, at least. The total cashback cap is different between that offered for the “Thank You Member Day”, which has a total cashback cap of RM50,000 a month, and that of the petrol as well as online and overseas transactions, which have a combined total cashback cap of RM15,000 per month.

Besides that, being a store-brand card, most of the rewards are tied to transactions made at Aeon Big. This means if you’re not a regular shopper there, you will have to change that habit to fully maximise the benefits of the
Aeon Big Visa Gold credit card
.

Verdict: Come for the cashback, stay for the lounge access

Nevertheless, it may be wise to pair this card with another cashback credit card that does not have a total cashback cap. There are some solid options such as the
Public Bank Quantum cards
 or the
Maybankard 2 Gold
/
Platinum’s
 Amex card, which offer a similar 5% cashback and does not have the total cashback cap.

The saving grace to this card is not just the rather generous cashback, but it is the premium lounge access that is the icing on the cake. Few cards offer both cashback and lounge access, and even fewer offer both with the low requirement like the Aeon Big Visa Gold card does.

Finally, if you choose to
apply for this card with RinggitPlus
, you get even more for your money. All approved Aeon Credit card applications from RinggitPlus will be given a
free RM150 Aeon Big voucher
!
Head on to the product page
 to find out more, and to apply.

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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.

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Maybank’s FIFA World Cup Campaign Offers Grand Rewards, Including A Trip To Qatar

Maybank is currently running its Maybank Visa FIFA World Cup 2022 campaign, which offers Visa credit and debit cardholders a range of rewards, including a trip to the FIFA World Cup in Qatar, FIFA-themed merchandise, and match viewing passes at cinemas. Eligible cardholders can win these prizes by spending a minimum amount on selected transactions and earning entries to participate.

Note that the entry-earning requirements and rewards on offer are slightly different for credit and debit cardholders. Here are the key details of the campaign that both cardholders should be aware of if they wish to participate:

Maybank Visa credit cardholders

Open to both new and existing principal Maybank Visa credit cardholders, winners of this campaign can take home the following prizes:

Prize categories
Prizes
Details
Number of winners
Grand prize
5D4N FIFA World Cup Qatar 2022 travel package for 2 pax
Round-trip flights, 5-star accommodation, tickets to 2 matches (Third place and final)
3
First prize
5D4N FIFA World Cup Qatar 2022 travel package for 2 pax
Round-trip flights, 5-star accommodation, tickets to 2 matches (Semi-final)
1
Second prize
FIFA World Cup 2022 premium memorabilia box
An official FIFA World Cup Adidas Al Rihla standard ball, an official FIFA World Cup cap and tote bag, a video game and console
20
Third prize
FIFA World Cup 2022 memorabilia box
An official FIFA World Cup Adidas Al Rihla standard ball, an official FIFA World Cup cap and tote bag
500
Special prize
FIFA World Cup 2022 final match live viewing pass
Two viewing party tickets at TGV cinemas, a popcorn set, an official FIFA World Cup Adidas Al Rihla standard ball, and an official FIFA World Cup-themed umbrella
50

To gain entries, credit cardholders will need to perform eligible transactions with a specified minimum spend. You can refer to the table below for the full list of such transactions, and the number of entries that you’ll gain:

Eligible transactions
Qualifying entries
Every RM100 retail spend (cumulative)
1 entry
Every RM50 spend on any of the following categories:
– Food and beverages
– Petrol
– Selected sports stores
– Entertainment*
– E-Wallet transaction*
* Not applicable for Maybank Islamic credit cardholders
5 entries
Transactions at Pavilion Kuala Lumpur (excluding Pavilion Bukit Jalil) and Mid Valley Megamall
5 entries
Every RM500 of EzyPay transactions (cumulative), excluding monthly EzyPay transactions
10 entries
Newly approved principal card
10 entries
Spend with Maybank Manchester United Visa card or Maybank FC Barcelona Visa Signature card
Double entries

Note that the eligible transactions for this campaign include retail and online purchases (local and overseas), Auto PayBills, auto-reload for the Maybank Touch n’ Go Zing card, as well as the 0% EzyPay instalment plan (full amount). Meanwhile, payments such as monthly instalments of EzyPay, EzyPay Plus, cash advances, balance transfers, and fund transfers do not count as eligible transactions for this campaign.

Do also be aware that split or repetitive retail transactions of five times and above from the same merchant in a single day do not qualify for this campaign as well.

Upon gaining entries to the campaign, Maybank will then randomly select its winners using a randomiser programme. If you’re chosen, you’ll receive a confirmation letter or email within 16 weeks from the end of the campaign period. The bank will also announce the winners on its website or social media within the same duration.

If you manage to secure the grand or first prize, you’ll need to attend a prize-giving ceremony as determined by Maybank. As for the remaining prize categories, you’ll receive the prizes within 16 weeks from the end of the campaign period. Note that each cardholder is only eligible to win one prize throughout the campaign.

If you’d like to participate in this campaign, go ahead and send an SMS (“
FIFA<space>last 6-digit NRIC or passport number
”) to 66628.

Maybank Visa debit cardholders

Similarly, all Maybank Visa debit cardholders can also take part in this campaign, and be in the running to secure the following prizes:

Prize categories
Prizes
Details
Number of winners
Grand prize
5D4N FIFA World Cup Qatar 2022 travel package for 2 pax
Round-trip flights, 5-star accommodation, tickets to 2 matches (Third place and final)
1
First prize
FIFA World Cup 2022 premium memorabilia box
An official FIFA World Cup Adidas Al Rihla standard ball, an official FIFA World Cup cap and tote bag, a video game and console
20
Second prize
FIFA World Cup 2022 memorabilia box
An official FIFA World Cup Adidas Al Rihla standard ball, an official FIFA World Cup cap and tote bag
500

To gain entries, you’ll also need to make eligible transactions with a minimum spend as specified in the table below:

Eligible transactions
Qualifying entries
Every RM300 debit card spend on POS (point of sale) transactions (cumulative)
1 entry
Every RM300 debit card spend on online transactions (cumulative)
5 entries

Similar to the selection process for Maybank Visa credit card winners, eligible debit cardholders who meet the requirements may also be randomly selected by Maybank as a campaign winner. A confirmation letter or email will then be sent to them within 16 weeks from the end of the campaign period, with their names announced on Maybank’s website or social media as well.

Additionally, the grand prize winner will be required to attend a prize-giving ceremony as determined by Maybank. Meanwhile, those who win the first or second prize will receive their prizes within 16 weeks from the end of the campaign period. Note that each cardholder can only win one prize during the campaign.

To register for this campaign, Maybank’s Visa debit cardholders can send an SMS (“
QATAR<space>last six-digit NRIC or passport number
”) to 66628. Once you’re successfully registered, you can proceed to make eligible transactions, and earn entries to win the prizes.

***

This campaign is already ongoing and is set to run until 31 August 2022. If you’re a major football fan excited for the upcoming FIFA World Cup, don’t miss out on this opportunity to win official merchandise or even a trip to the World Cup as you spend via your cards.

(Source:
Maybank
)

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HUGE GIFT ALERT: Win The NEW iPhone 14 Pro Max, Apple Watch SE & RM800 TNG eWallet Credit

Looking to apply for a credit card? The Unbox This Week credit card campaign is back with excitement in the air!

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

From 13 February to 20 February 2023, our featured bank partners are

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

Citibank – RM800 TNG eWallet Credit

Feeling cash-struck? Get guaranteed RM800 TNG eWallet Credit when you apply for a Citibank Credit Card! Get extra to spend on your essentials, share it with loved ones, or save it up – it’s your choice.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – NEW iPhone 14 Pro Max

We’re going big this week – win the NEW iPhone 14 Pro Max when you apply for a HSBC Credit Card!

Upgrade your phone to enjoy a brighter Super Retina XDR display that is always on, 48MP main camera with an advanced quad-pixel sensor for higher resolution, and the superfast A16 Bionic chip.

For those who are not selected, you will still walk away with a pair of guaranteed Apple Airpods for an amazing audio experience powered by the Apple H1 headphone chip.

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

Public Bank – Amazfit GTS2 Mini Smartwatch

If you’re into fitness, the Amazfit GTS2 Mini Smartwatch gift could be your cup of tea. Stand a chance to win one when you apply for a Public Bank Credit Card!

With an ultra-slim and light design, the smartwatch is a great fitness companion that delivers more than 70 sport modes, heart rate monitoring, and more.

For those who are not selected, you will still walk away with a guaranteed Case Valker 20” Hard Case Luggage for your trips.

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

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

Take home a guaranteed Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Dash Cam 1S  when you apply for a new Alliance Bank Credit Card.

The Xiaomi Mijia Water Dispenser C1 comes with handy features like fast heating, temperature display, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Xiaomi 70mai Dash Cam 1S that lets you capture footage while you’re driving with a 130° wide angle view, and more when you apply for an Alliance Credit Card.

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

RHB – Apple Watch SE

Bag yourself the Apple Watch SE when you apply for a RHB Credit Card this week! Multi-task like a pro with the Apple Watch SE that is equipped with a faster dual-core processor, helps monitor your heart, sleep stages, and more.

For those who are not selected, you will still walk away with a guaranteed RM200 Cash via DuitNow.

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

***

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

While this week’s flash deal ends on 20 February 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Citibank Revises Cashback And Rewards Points Benefits For Card Transactions In Europe

(Image: Dreamstime)

Citibank has announced that its Malaysian credit cardholders will no longer receive rewards points or cashback benefits for transactions made at merchants within the European Economic Area (EEA). This change will take effect from 7 November 2019 onwards.

The removal of points and cashback will affect all physical
and
 e-commerce transactions made at merchants that are based in the EEA. So, even if you are making an online purchase in Malaysia with a merchant from the UK, you won’t get any rewards points or cashback for your transaction.

The EEA currently consists of 31 member states. They are Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the UK, Iceland, Liechtenstein, and Norway.

The Citibank credit cards that will be affected are:

Citi Rewards Card

Citi Rewards Platinum Card

Citi Gold Card

Citi Clear Card

Citi Choice Card

Citi CitiBusiness Card

Citi Business Platinum Card

Citi Cashback Card

Citi Cashback Platinum Card

Shell Citi Gold.

According to Citibank’s customer service, this revision only applies to Citibank credit cards issued in Malaysia. Therefore, Malaysian Citibank cardholders who travel to Europe or use their credit cards to make online purchases from foreign merchants are advised to take note of this change. Interestingly, this sweeping change will not apply to two of Citi’s highest-end cards: the
Citi PremierMiles
 and
Citi Prestige
.

(Source:
Citibank
)

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Jacie Tan

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    Soonkit Cheong

    3 years ago

UK is not part of EEA after Jan 2020 as it leaves the European Union. So will this still apply for UK based e-commerce or physical transactions?

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    Jacie Tan

    3 years ago

    Reply to

        Soonkit Cheong

That’s a good question! It’s probably best if you contacted Citibank directly for clarification.

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