The Most Ridiculous Money Scam Stories in the World

Some money scams can be so sophisticatedly laid out that it’s hard to tell whether it’s a scam or the real deal. But there are a number of scam cases out there that are so preposterous, you’ll wonder how anyone would ever fall for them in the first place!

Here are some of the silliest, most outlandish scams that actually took flight:

1. The Bill Gates Money Scam

While this get-rich-quick scheme is like every other – promising swift and hefty profit – these scam stars took it a step further by hiring a
Bill Gates impersonator
! The fake scheme involved a revolutionary trading system that could generate fast money for just about anyone. The ad runs on Facebook and promises to “make everyone rich through the help of science”.

This of course is not the first time that Bill Gates has been the subject of internet scams. In the 90s, an email chain circulation claimed that Bill Gates was testing a tracing program for Microsoft, and asked that the email be forwarded to as many people as possible. If it reached 1,000 recipients, “Bill” would reward senders with USD1,000. Later in 2003, fake Bill striked again and promised to send USD5,000 to anyone who shared his photo online.

Red Flag:
 If Bill Gates, Mark Zuckerberg, or any other celebrities would ever want to offer you thousands of USD just to forward their emails or pictures, they’d do it in the full light of publicity and not in secret. Because, you know, marketing strategy. If you ever encounter these ‘once-in-a-lifetime offers’, don’t waste your time and just hit the delete button.

2. Internet Love Scams

In 2013, an OKCupid dating app user sent USD70,000 to his love connection to help with a business setup. Turns out it was all a
scam
 and the victim is now suing OKCupid. Another
woman landed in major credit card debt
 for supplementing the lifestyle of a guy she’d met online.

But that’s not all; there have been countless more stories about love scams where people have willingly parted with thousands, got into debt and lost their retirement savings all for the love of someone they’ve never met.

In fact, Malaysian women have lost over
RM70 million
 in such love scams in 2015 alone. Love scams can be heart wrenching as the victims lose more than just their cash, and it’s a lot easier to fall prey to them than you may think. The targeted victims are usually the lonely ones who are desperately seeking for some company and affection, and tend to let their guards down when they believe they’ve found their love. Worse still, the embarrassment of the situation leaves many to avoid reporting it.

Red Flag:
 If you are into online dating, be wary of anyone who asks for any form of financial assistance. Make sure you’ve met the person, and likewise know him or her intimately before agreeing to provide any kind of assistance. Make it a practice to never send money, no matter how desperate the story appears.

3. The Iraqi Dinar Scam

With the way things have been in Iraq in the last decade, it’s amazing to think that people would still buy its currency for investment purposes. But yes, this is actually still happening.

A man who was selling the currency claimed to have inside knowledge on the country’s turmoil and
duped investors out of USD1.7 million
.

He promised returns of up to 15,000% and amazingly, 46 investors gave up their hard-earned money to strike it big with the dinar. The man has since pleaded guilty but the total number of people still holding the dinar from other cases is still unknown.

Red Flag:
 Never participate in any investment that looks too good to be true. Any kind of investment that offers fast and big returns are all red flags for scam, so be sure to conduct extensive research before diving into any investment scheme.

4. Nigerian Prince Scam

Since this is one of the most popular and long-running scams in the world (possibly going back
200 years
), you would think that people have wised up by now. But no – these ‘Nigerian Prince Scams’ as they are known, continue to trick unsuspecting victims into sending money for one reason or another, while guaranteeing a return of a much larger sum.

The scam usually involves a Nigerian prince who has been exiled, imprisoned or something along those lines. The scammer will tell you that he or she is in possession of great wealth, but for some reason can’t get to it unless you send them money first – for customs purposes, to clear up some tax, to pay off some debt, you name it. Afterward, the scammer will supposedly give you a big cut for your kindness.

Needless to say that these are all made-up excuses to dupe you out of your money, and variations of the con have even included the names of famous people such as Winnie Mandela. But one of the
strangest versions of this scam
 has surfaced recently with a man claiming to need money to help his cousin who is currently stranded in space! Yes, his cousin is supposedly a very wealthy astronaut who has accumulated a salary of USD15 million. Of this, he will share 20% with whoever provides the down payment to bring him home. We sincerely hope that no one will take this seriously.

Red Flag:
 Unsolicited emails from people asking you for money and promising hefty returns in a short time frame is very likely a scam. Don’t respond to them, and most importantly, don’t send any money to them either!

Read Also:

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

5. Black Money Cleaning Scam

This
scam
 is quite literally named as the money in question is often coated with a black substance. The supposed reason is to help it get through customs undetected. What happens is that the scam artist will target locals and befriend them, possibly even form romantic connections.

Once trust has been gained, the scammer will then bring up the case of his or her friend or partner who is in possession of a large sum of ‘black money’. He will then proceed to inform his target that simply cleaning the money with an expensive cleansing solution will make the notes usable again. The only problem is that his friend can’t afford to buy the solution and if the target provides the cash, he or she will receive a handsome cut.

A similar case was reported in
Malaysia in 2016
 where the scammer posed as the United Nations Director of Operations and proceeded to scam a South Korean man out of USD12,000. But luckily the intended target did not trust the scammer and instead reported it to the police.

Here’s a video on how this scam is done

Red Flag:
 If someone comes to you needing help with restoring illegal money or doing anything unlawful for that matter, don’t get involved. The potential gains may be tempting, but you are putting yourself in serious danger.

Even though these scams seem funny and downright ridiculous, don’t forget that real people have lost money and been hurt in the process.

Don’t be a victim – stay alert to possible scams and remember that if it sounds too good to be true, it most likely is. Have you encountered any scam or know anyone who’s been a scam victim? Share your story and thoughts on the comment section below!

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Desiree Nair

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Let Us Know How You’re Doing Financially

RinggitPlus and Bank Negara Malaysia (BNM) have partnered up to conduct a survey on current consumer sentiment in Malaysia. This is in conjunction with BNM’s Financial Literacy Month which will be coming up in October 2021.

The Financial Literacy Month (FLM) is an annual affair that offers Malaysians from all walks of life a wide range of financial literacy initiatives and programmes. The findings from this RinggitPlus Consumer Sentiment Survey 2021 will add valuable insight towards Bank Negara’s initiatives throughout FLM 2021.

Therefore, you can contribute and have your say by taking part in our quick 1-minute survey about consumer sentiments below.

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Government Lowers Petrol Price Cap For RON95 And Diesel By 3 Sen

The government has revised the ceiling prices for RON95 petrol and diesel to RM2.05/litre and RM2.15/litre respectively. The new retail price caps are 3 sen lower than the ceiling prices that were previously introduced in
February 2019
, which were RM2.08/litre for RON95 and RM2.18/litre for diesel.

The ceiling prices mean that the retail price of petrol in Malaysia will remain at the capped price even if the market price of RON95 and diesel go over RM2.05/litre and RM2.15/litre. If the real market price goes over the determined price cap at any given week, the government will bear the difference through subsidies.

(Image: Malay Mail/Miera Zulyana)

According to a statement by the Ministry of Finance, the decision was made based on the trend of sharp price increases of petroleum products following rising global demand for oil. “The government is committed to lowering the cost of living of the
rakyat
 and will constantly observe the effects of changes in global oil price while taking the appropriate steps to balance the government’s subsidy liabilities with the need to preserve the welfare and well-being of the
rakyat
,” the statement read.

The retail price of RON95, RON97, and diesel will continue be set weekly according to the Automatic Price Mechanism (APM) and
announced every Friday.

(Source: Ministry of Finance)

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5 Last Minute Spends to Reduce Your Income Tax

It’s just 8 days to the New Year, people and whilst you think about all your resolutions for 2015, the oncoming GST and other things the new year brings; you may have forgotten that it also means a time to file your income tax.

With just a week and a day left to 2014; there is still time to do some last minute spending to earn reliefs against your 2014 income tax. We list the four fastest spends, which qualify as reliefs.

1. Books and Magazines (up to RM1,000 per year)

Books are the easiest things to buy and you can rack up RM1,000 in relief on your income tax. If you’re already in need of buying Christmas gifts and you haven’t used up your RM1,000 relief limit for the year; then you know just where to go!
Borders
,
Kinokuniya
,
MPH
 ; here we come!

2. Get a Health Check (up to RM500 per year)

If you’ve been procrastinating on finding out just how peachy your health is; now is the time to get it done! A full blood test can range from RM150 to RM250 in a private clinic and doesn’t need lots of time in advance to make an appointment. Give yourself the gift of peace of mind this Christmas and New Year along with a ‘healthy’ tax relief.

3. Buy a New Laptop (up to RM3,000 every 3 years)

Gamers and tech junkies take note! You can get up to RM3,000 every three years (meaning you can only claim this relief once in three years) in relief for buying a laptop. Laptops these days cost less than RM2,000 unless you’re buying a Mac or a high-spec gaming laptop… so if you haven’t used up your RM3,000 quota in the last three years, you know where to head this week! Low Yat Plaza; Digital Mall anyone?

4. Get Sporty (up to RM300 per year)

Our government would like you to be healthy so they’ve qualified the purchase of sports equipment and payment for sporting activities for tax relief. It might be too late to sign up for a marathon now but you could always buy that badminton racket; pair of rollerblades or new football you wanted. Might be nice to also start using it in the year but hey, buying it is the first step! Sounds like a good aid to start that ‘get fit/healthy’ new year resolution!

5. Give Back (up to 7% of your taxable income per year)

Is the holiday season making you feel suddenly warm and charitable? Perhaps you suddenly feel like the new and improved Scrooge looking for a Tiny Tim to bestow some Christmas cheer upon (if you don’t know this story; you need to read the
Christmas Carol
 ASAP! Use your book spending in point 1 to buy a copy). Giving a donation to a charity can turn into tax savings because you can qualify for up to 7% of your taxable income in tax rebates! These are not relief but rebates and are thus worth more when calculating your tax.

However, donations need to be made to approved organisations. As of time of writing; the
LHDN website
 appears to be down but check back soon for a list of approved charities or give the nearest branch a call, email or visit.

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Diana Chai

Diana Chai

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Grab Is Now Unlocking GrabPay E-Wallet In Malaysia

Ride-hailing app Grab, which has rapidly been transforming itself as a fintech platform, has now begun unlocking the GrabPay e-wallet feature in its app for Malaysian users. As
spotted by local technlogy news portal Amanz
, GrabPay has the full suite of payments, top-up funds, and best of all, it integrates with the Grab Rewards scheme.

Given that Grab has been offering a cashless payment service since mid-2016, GrabPay is seen as a logical step forward in that area. GrabPay was
launched in Singapore first
 in November 2017 with a host of restaurants and hawker stalls getting onboard. Just like other QR-based e-wallet apps, GrabPay’s payment methods are the same: scan the merchant’s QR code, enter the amount to pay, and confirm.

If you’re wondering how to use GrabPay, users will first have to key in their full name and Malaysian IC number. There is also a feature that allows users to request and send money to friends. This requires an “upgrade”, where users will need to take an image of their identification cards to continue – likely a regulatory requirement to comply with Bank Negara Malaysia’s
e-wallet license
.

(Image: Amanz)

One major advantage that GrabPay has over other e-wallet apps lies in the deep integration of GrabPay into Grab’s other services. The scale and reach of Grab means GrabPay can be used for Grab rides, pay for GrabFood, and still be rewarded on Grab Rewards (RM1 gives 10 points, which can be redeemed for Grab ride credit as well as various other vouchers in a variety of categories).

Another difference here is GrabPay’s robust wallet top-up options. Where some apps only accept online transfers or debit cards to top up GrabPay credits, the e-wallet lets you reload grab wallet credits via online banking (FPX and MOLPay), debit and credit cards (Visa, Mastercard, American Express, as well as Union Pay and JCB), and even offline at 7-eleven outlets. Not to forget, Grab’s recent
partnership with Maybank
 could also come into play later on.

For Malaysia, GrabPay looks to be still in its infancy. While all features have been unlocked, Grab has not yet announced any retail partners that accepts GrabPay. This means you can’t use GrabPay anywhere outside of the Grab and Grab Food apps. It is likely that with this silent rollout, Grab will announce some merchant partners who will come onboard in the near future.

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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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Boost Quietly Reduces Credit Card Reload Limit To RM2,000 Per Month

Boost has reduced its monthly credit card top-up limit from RM5,000 to RM2,000 per month. The revision, which was quietly introduced, is effective immediately.

The new RM2,000 credit card top-up limit will be applicable to Boost’s Premium Wallet; if you’re a Basic Wallet user, your monthly top-up limit using credit card is set at RM1,000. There are no maximum limits for reloads made via bank transfers or debit cards for both Premium and Basic Wallet.

Boost appears to have implemented this revision without sending any prior notifications to users, with its
support page
 already updated to reflect the change. The reduced limit is also set to affect users’ experience in utilising Boost, as it throttles the amount of cashback or rewards points that they can earn from credit cards via e-wallet reloads.

Meanwhile, other limits for the Boost e-wallet remain unchanged. The wallet size for Premium Wallet remains at RM4,999, with the daily and monthly transaction limit also set at RM4,999. The annual transaction limit is maintained at RM59,999 as well. Basic Wallet, too, continues to keep its wallet size of RM1,000, daily and monthly transaction limit of RM2,000, as well as annual transaction limit of RM24,000.

(Source:
Boost
)

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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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Dealing with Credit Card Promoters

Have you ever been hounded by pushy credit card promoters? You know, the kind who offers you ‘instant free gifts’ and other things you may never use so you will sign up with them?

If you have, YouTuber
Jennchiayy
 has got some solutions for you.

Check out her hilarious video on how she deals with this everyday shopping peeve.

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Brendon Lee

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Malaysia's Inflation In March 2022 Increased By 2.2%, Compared To 1.7% Last Year

(Image: Bernama)

The Department of Statistics Malaysia (DOSM) reported that Malaysia’s Consumer Price Index (CPI) in March 2022 has indicated a 2.2% increase in inflation, as compared to
1.7%
 a year ago. Additionally, March’s CPI exceeded the average inflation rate of 1.9% recorded for the period of January 2011 to March 2022.

According to chief statistician Datuk Seri Dr Mohd Uzir Mahidin, the increase in headline inflation was primarily led by the 4% year-on-year increase in food and non-alcoholic beverages.

“Food inflation remained a major contributor to inflation. The 4% growth in the food and non-alcoholic beverages group was largely due to an increase in the food at home component, which rose by 4.3% compared to 4.1% recorded in February 2022,” Datuk Seri Dr Mohd Uzir added.

In addition, the chief statistician said that the meat subgroup – which rose by 7.6% in March 2022 – remained the highest contributor to food inflation, with chicken as the biggest component increasing by 10.5%. This is followed by beef, which increased by 4.3%.

Aside from that, the inflated CPI was also driven by the rise in consumer items such as furnishings, household equipment and routine household maintenance (3%), restaurants and hotels (2.9%), and transport (2.6%). Miscellaneous goods and services, as well as recreation services and culture also grew by 1.9% and 1.1%, respectively.

Meanwhile, utilities and energy (housing, water, electricity, gas, and other fuels), as well as education both rose by 0.9%. Alcoholic beverages and tobacco index also increased slightly by 0.5%.

Datuk Seri Dr Mohd Uzir further highlighted that there was a rise in inflation in all states; Selangor and Wilayah Persekutuan Putrajaya recorded the highest rate at 2.9% – above the national inflation rate of 2.2%. On the other hand, Sarawak (1.7%), Negeri Sembilan (1.6%), as well as Sabah and Wilayah Persekutuan Labuan (1.3%) recorded the lowest increase in CPI.

Core inflation, meanwhile, showed an increase of 2.0% in March 2022 as compared to the previous year, with the transport group registering the highest increase at 3.9%. Other groups which also recorded a rise included the food and non-alcoholic beverages (3.5%), furnishings, household equipment and routine household maintenance (3%), restaurants and hotels (2.9%), miscellaneous goods and services (1.9%), and recreation services and culture (1.1%).

(Sources:
New Straits Times
,
Department of Statistics Malaysia
)

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Nur Adilah Ramli

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Should You Use a Local SIM Card or Mobile Roaming When Overseas?

A vast majority of people have become very dependent on their mobile phones in the comfort of their own backyard where service providers are ubiquitously available.

But when overseas, many are not particularly confident in choosing between getting a local SIM card or activating mobile roaming services on their existing service.

We don’t blame them because it could turn out a tacky affair with finances. Question here is, which will be your money’s worth? We’ve broken down some important factors to help you better decide.

Cost

Some of us cringe at the thought of using mobile roaming overseas, but there are some pretty good deals out there! So, let’s explore these roaming charges made available by local service providers across some of the more popular destinations around the region.

AUSTRALIA

Celcom

Digi

Maxis

U Mobile

Local Calls

RM3.90

RM3.00

RM3.00

RM0.42

Calls to Malaysia

RM2.50

RM3.00

RM4.00

RM1.40

Data

RM38/day (500MB)

RM10/day (50MB)

RM38/day (500MB)

RM30/day

SMS

RM1.00

RM0.99

RM1.00

RM0.09

THAILAND

Celcom

Digi

Maxis

U Mobile

Local Calls

RM3.90

RM3.00

RM4.00

RM3.10

Calls to Malaysia

RM5.90

RM3.00

RM3.00

RM4.50

Data

RM38/day (500MB)

RM10/day (50MB)

RM38/day (500MB)

RM30/day

SMS

RM1.00

RM0.99

RM1.00

RM1.75

VIETNAM

Celcom

Digi

Maxis

U Mobile

Local Calls

RM3.90

RM1.50

RM5.00

RM0.09

Calls to Malaysia

RM2.50

RM3.00

RM3.00

RM3.66

Data

RM38/day (50MB)

RM56/day

RM38/day (10MB)

RM4.03/MB

SMS

RM1.00

RM0.99

RM1.00

RM0.55

INDIA

Celcom

Digi

Maxis

U Mobile

Local Calls

RM3.90

RM5.00

RM5.80

RM1.83

Calls to Malaysia

RM5.90

RM9.00

RM6.99

RM10.08

Data

RM38/day (Unlimited)

RM32/day

RM38/day (500MB)

RM30.00/day

SMS

RM1.00

RM0.99

RM1.00

RM0.22

*Figures selected based on combination optimising and sourced from
Celcom
;
Digi
;
Maxis
; and
U Mobile
.

From the table above, you would be able to tell that some of these rates are pretty high. However, choosing between roaming and a foreign SIM card would depend on your needs too. For instance, if you were in Australia for a long stay and happen to be using a U Mobile line, you may want to consider roaming. Their rates are really affordable and may be a better alternative to getting a local SIM card, which you would have to pay for in Aussie Dollars.

If you were to head up to Thailand for a day trip and only need minimal data for social communication, Digi offers a RM10 per day data plan with 50MB data to adequately get through the day.

Alternatively, if you happen to be in India and needed to call back home (Malaysia) regularly, it would make more sense to ring from your existing service provider (Celcom) for RM5.90. Some of the rates can be pretty exorbitant across different countries but other rates appear to be the smarter choice ahead of acquiring a localised SIM card – and we’ll show you why.

Language Barriers

Having just arrived in a foreign land without any mobile data nor Google Translate to assist you may turn out to be quite a problem. Most countries are not native English speakers and this certainly opens room for miscommunication when trying to buy a local SIM card or reload for that matter.

This writer had the inconvenient experience of purchasing the wrong prepaid SIM card top-up due to this miscommunication. Worse part is, they didn’t do refunds. Scenarios like this leads to a lot of wastage if large amounts of prepaid top-up were purchased. On top of this, you may have to browse through certain introductory portals in a foreign language, which may lead to more human error.

SIM Card Activation Process

Depending on destination, some may not have instant access to activate their localised SIM cards. You may get it from a convenient store but it would more than likely require you to head on over to a corresponding mobile center in order to register and activate the SIM. Chances are, you would also need to bring along your passport and stay address to register the line.

In some countries, the activation process could consume up to
24 hours
. If this is the case in your traveled country and your stay is two days or less, it may be a better idea to activate roaming with your Malaysian service provider instead. It dispels major inconvenience and introduces practicality.

So, Which Do I Go For?

Unless you live in Europe where all
roaming charges have been abolished
, we suggest you do a little research on roaming charges and localised SIM card acquisition way before you start travelling.

Weigh this research yield with the time you intend to spend on your trip (business or leisure) and you should be able to make a more informed decision on being connected abroad. It certainly allows you to cut back considerably on unnecessary spending and a whole lot of inconvenience.

Since we’re talking mobile phones, be sure to check out our list of
best smartphone postpaid plans in Malaysia
 and stand to walk away with pretty amazing deals.

Have you had similar experiences using mobile roaming or localised SIM cards? Tell us all about it in the comments section down below – we’d love to hear from you.

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Gavin Pereira

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The Most Stupidly Expensive Valentine’s Day Gifts and Gestures

Valentine’s Day is just around the corner! As couples think and prepare ways to surprise their love ones, usually with flowers, dinners or just spending time together, some people have propelled it to the expensive and mind-blowing territory.

In the spirit of Valentine’s Day, we will be looking at the most expensive Valentine’s Day gifts and gestures that people give to their significant others.

999 Origami Flowers

Image source from Etsy

We start off with the most common symbol of love and Valentine’s Day gift: a bouquet of roses. According to
Love.com
, the price of a bouquet of roses ranges from RM68 on the cheaper side to RM758 on the pricier side. However, in 2014 one man in China presented his girlfriend with what could be the most expensive and biggest bouquet of flowers that one could imagine.

The Telegraph UK
 presented a story of a man surprising his fiancée with a bouquet of 999 roses made out of 200,000-yuan’s (RM125,367) worth of cash. The daily reported that the man withdrew 200,000 yuan in 1,998 100 Yuan notes and folded them into a bouquet of 999 origami roses for his marriage proposal two days before Valentine’s Day.

Fortunately for him, this ploy paid off as his partner agreed to be his forever companion. Although it is a very touching gesture, it would have been one of his most expensive mistakes if things did not go according to plan.

£61,000 Dinner

From one expensive bouquet to one ridiculously extravagant dinner, the year 2014 unveiled a Valentine’s Day so posh that it made headlines as the world’s most expensive Valentine’s Day dinner.
 The Daily Mail
 wrote about an eight-course dinner worth £61,000 (RM334,225) filled with dishes prepared by British Michelin Star chef Adam Simmons.

This eight-course dinner featured some of the most lavish dishes that most one could only dream off having, which include some almus white caviar worth £3,000 (RM16,437), Natives South Sea oysters including pearls at a cost of £6,000 (RM32,874), alongside £2,000 (RM10,958) worth of gold leaves and truffles costing £1,000 (RM5,740). All of these dishes were the chef’s best representation of a “no expense spared” dinner.

This dinner was in fact a
 collaboration
 between British luxury retail store VeryFirstTo and Simmons to give one lucky couple the best Valentine’s Day dinning experience. So while it was indeed expensive, it wasn’t entirely a gesture from one person to another. Which means you lovebirds don’t have to worry about topping this one.

USD$20 Million Gulf Stream Jet

Hollywood stars always have a habit of splurging their cash on luxurious items as a demonstration of wealth. Hollywood star Tom Cruise is no exception when
reports
 suggested that he bought a private jet for his then wife Katie Holmes.

Yes, the Mission Impossible star was
reported
 in 2005 to have bought an approximately USD$20 million (RM79 million) Gulf Stream jet for Katie Holmes as a present. This gift was named as one of the most expensive gifts given by a celebrity to a loved one. However, the couple’s marriage did not last long when Holmes filed for divorce after six years of marriage, finalized in 2012. While Tom Cruise can leave his marriage financially unaffected, most of us would have filed for bankruptcy if any one of us decide to buy a private jet for our significant other.

An Entire National Cricket Team

From one gift that defies logic to another gift that defies business sense, we go to the world of cricket where one cricket club owner did something that shocked the entire cricket league.
 The Economics Times India
 reported that UK-based Indian businessman Raj Kundra gave his then girlfriend Shilpa Shetty a 11% stake of the Indian Premier League cricket team Rajasthan Royals in 2009.

11% stake may not look like a lot at first glance, but The Economics Times India revealed that the stake cost Kundra $15.4 million dollars (around RM60 million). The good news is the couple got married later that year; the bad news is the cricket club was suspended in 2016 and 2017 for corruption and match fixing.

For the sports enthusiast, this gesture maybe the most romantic, “sporting” and hefty Valentine’s Day gift ever.

One Margarita

We now head to Arizona in 2015 for a gift so odd that news site Splinter News dubbed it the most expensive yet least romantic gift in the US.

 Splinter News
 reported that the Iron Cactus Mexican Grill and Margarita Bar collaborated with jewelry designer Zoltan David to create the most expensive margarita, the
“USD$30,000 Vision for Valentine’s Margarita.”

As the name suggested, this margarita is worth USD$30,000 (RM118,700) due to one thing: it is paired with a pair of earrings with 260 D-color diamonds weighing 3.75 carats, hand crafted by Zoltan David. The bar’s website stated that this margarita is one of a kind and that USD$6,000 (RM23,740) from the sale will be donated to charity.

USD$2 Million Champagne

This next Valentine’s Day gift is a bottle of champagne with a price tag that can make a severe dent in your bank account. This champagne is the Goût de Diamant Taste of Diamond champagne, which is currently priced around USD$2 million (around RM7.9 million).

Business Insider
 named this champagne as the world’s most expensive champagne for a couple of reasons. The first reason is the packaging as each Goût de Diamant is decorated with a Superman-style logo with a Swarovski crystal at the centre.

Another reason for the hefty price tag is the champagne itself. It was reported to be made from Grand Cru grapes, produced by a family-owned vineyard in Oger, France.

Does Money Really Matter in Love?

If we’ve learned anything from the list of gifts and goodies people are willing to spend on for their beloved, it’s the fact that love really knows no boundaries, including financial barriers. However, should we spend so much for just one day and lose out in the long run? Share your thoughts and ideas in the comments section down below!

RinggitPlus wishes all couples a happy Valentine’s Day! Remember to and spend wisely. Should you be looking for a new savings accounts or credit card, you can use the
comparison tool
 at our website to find one that suits you.

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What Are the Differences Between Cash Back and Cash Rebates?

What Is A Cash Back Reward?

As a term most often used with credit card purchases, cash backs are rewards that return a percentage of the money you’ve spent with your card.

For example, assume that your credit card issuer (or bank) promises 5% cash back on grocery expenses charged to the card. If you’ve charged RM100 in groceries; you should receive RM5 back.

This is a rather simplified explanation but it’s basically how cash backs work. Banks may impose a minimum spending amount as well as a maximum cash back figure before rewards are earned. Thus, your cash back amounts are usually capped.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
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What Is A Cash Rebate?

You might come across cash rebates with promotions that offer to ‘refund’ an amount of the selling price. When you think about it in those terms, a cash rebate is essentially a discount of sorts.

Cash rebates are common with automobile purchases where car dealers (or brand manufacturers) offer a discount on the listed price of the car.

For example, if the car you want to purchase is listed at RM50, 000 with a cash rebate offer of RM5,000 – the actual purchase price of the car after the rebate should be RM45, 000.

The Real Differences

Now you might hear of cash rebates with credit card and bank promos again. This is because some
banks actually use the term interchangeably with cash backs
 – and technically both offers do provide refunds.

Thus,
the actual difference between cash backs and cash rebates lie with its provider
. In general cash back and cash rebate offers from banks are the same thing. However, when it comes from another source, i.e. car dealer, it can have a different meaning.

To avoid confusion, be sure to read the fine print of the advertised cash rebate or cash back promo before buying.

How You Can Maximise Cash Rewards

To ensure that you enjoy the maximum amount of rewards without overspending, take note of the conditions that come with the reward and plan your purchases accordingly. For instance, your credit card may offer higher cash backs on weekend spending or for purchases from specific merchants.

Remember though that some offers are subject to special terms which may require you to reach a cumulative spending amount within a certain time frame in order to receive cash back. In these situations, be careful of buying unnecessarily just for the sake of rewards.

We’ve also found that cash rewards can be even more fruitful when paired with loyalty cards and other discounts. Be sure to take note of the special cash backs on offer with your credit cards, especially for purchases you were already going to make.

In addition, be sure to choose a card with the best cash back rewards for the category of stuff that you most commonly spend on.

Some folks actually use more than one credit card to take advantage of better rewards for specific expenses (e.g. cash back credit card for petrol or travel). For help finding the right cash back card for your spending style, do check out our
comparison page
.

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Make a Healthy Credit Score Part of Your New Year’s Resolution

With every new year, many of us make resolutions to keep our body and our mind healthy. We plan to read more books, work out more, watch documentaries, and eat healthier. But what about keeping our finances healthy? If that seems like too vague of a resolution to keep, we suggest focusing on one point that can help with that: maintaining a healthy credit score.

Why Do I Need A Healthy Credit Score?

As we’ve covered in our blog before, a healthy credit score is a major way that banks and lenders use to gauge whether or not you’re creditworthy. That is to say, whether or not you’re somebody they would lend money to. A healthy credit score means an easier time getting your loans approved, which is always a good thing as you never know when you need some extra cash. To that end, here are some ways you can keep your credit score healthy for the year.

1. Pay Off Your Debts / Pay Your Monthly Credit Obligations On Time

Clearing off your debts will not only help ease your cashflow and help you spend more of your monthly paycheque, it’s also important in keeping a good credit score. Having too many debts means you run the risk of having some outstanding, or even worse, defaulting on them. Keeping your debts low and manageable is a good sign that you’re a responsible paymaster and this will reflect positively on your credit score. If you’re unable to completely pay off all debts, just ensure that you pay all your monthly credit obligations on time without missing payments.

2. Lower Your Interest Rates

There are two quick ways you can do this, one is by transferring your credit card balance to a new card with a lower interest rate. Another way is to consolidate your loans under one card with, you guessed it, a lower rate of interest. Paying less interest means you pay less to reduce the total debt amount.

3. Get the Right Cards

Another thing you need to consider is the types of credit cards you have. We all know that swiping with a credit card gets you plenty of benefits and perks, but having the wrong card can mean wasting the chance to stock up on rewards, discounts and flyer miles. Do a quick audit of your spending pattern for the past year and see which cards have netted you the most rewards and which ones haven’t been swiped enough. After this is done, you can get rid of the low-performing cards and optimise your use of credit.

4. Start an Emergency Fund

When you have an emergency fund, you can always have enough money to keep being a good paymaster even if you’re out of cash for a few months or so. That way, you’re less likely to skip on payments and damage your credit score.

Save at least 3 months’ worth of your salary (or more) so you have a financial cushion. This way, if an unexpected expense comes up, you can dip into the fund to still make your commitments.

Summary

We hope these tips can help you maintain a good credit score and assist you in making financial health a new year’s resolution you can keep. To check your credit health and find out how good your chances are at getting your loans approved, head on over to the
myRinggitHealth
. WhatsApp page now.

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ringgitplus

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New Money Resolutions to Have for the Coming New Year

As 2019 begins, some of us may be making resolutions around our personal lives or physical selves, like wanting to travel more or wanting to lose some weight. If you’re thinking about making New Year resolutions about your finances, we’ve got some great suggestions right here.

Start Saving For Rainy Days

No one can predict what will happen in the future. Even though none of us want bad things to happen, it’s always better to prepare an umbrella for a rainy day. Having a fund just for tough times can help cushion you from any unexpectedness and remain financially safe while you get back on your feet. This way if you need a large sum immediately, you won’t have to beg or borrow.

Of course, there are also more cheerful motivations to save, like
putting aside money each month
 so that you can finally afford that dream vacation, wedding, or future home.

Plan For Retirement

No matter how young or old you are, it’s never too early to think of how you’ll fund your retirement. Not everyone is fortunate enough to have a pension after they retire.

Some of you may have savings in the EPF, but the bad news is that EPF themselves report that most EPF savings alone are not enough for retirees to stay out of poverty after retirement. This is why it’s important to explore alternative ways to generate enough finances for your retirement early on – like
private retirement schemes
.

Pay Off Your Largest Debts

One key resolution that you should have for the coming year is to focus funds into paying off loans. You can consider restructuring you loans so that more of your money goes to paying off the actual principle, rather than interests.

Another option is to refinance your loans so that you bring down the interests. If your debt is in your credit cards, explore the credit transfer option to
consolidate your debt
 and minimise interest payments.

Get The Right Credit Card

Cashback credit cards
 are a great way to get some of your money back from your expenses. Getting as much as RM50 cashback in a month equals to a good RM600 worth of money you receive back over the course of a year.

If you don’t own a credit card yet, make 2019 the year that you apply for one. And if you already have a credit card, you should think about whether its privileges still benefit you and your current lifestyle – after all, spending patterns can change over time.

To A Financially Sound New Year

So, try to adopt these financial resolutions for 2019 and improve your financial standing for the year. Remember that you’re not alone as you face the challenges of this new year. Careful financial planning and wisdom will definitely get you through!

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Michelle Chee

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Minister: Lease Rooftops For Solar Panels To Earn Extra Income

(Image: Bloomberg)

Economic Affairs Minister Rafizi Ramli has proposed a plan where Malaysians are encouraged to lease their rooftops for the installation of solar panels, in a bid to encourage the use of renewable energy (RE). This plan will also allow individuals to reduce their electricity bills, and even earn some extra income.

“In every home, we intend to give households the option to lease out their rooftops in return for a monthly income that could lower their electricity bills and put more cash in their pockets,” said the minister during the launch of the National Energy Transition Roadmap (NETR) Phase 1 last Thursday – which also included several other RE initiatives.

Rafizi acknowledged, however, that it is presently very difficult to convince families to buy and install solar panels on their rooftops as the cost could potentially come up to RM40,000 or RM50,000. As such, Rafizi said that this new plan will involve Malaysians leasing their rooftops to companies registered under the NETR, where they will not need to bear the installation costs. Instead, the fees will be borne by the companies, paid on a monthly basis.

(Image: Bernama)

“The company will sell the proceeds from the solar and supply electricity to our energy grid. If we do this, everyone who has a house, whether in Kelantan, Kedah, or Terengganu, can benefit from it,” the minister elaborated in a subsequent Twitter post after the end of the NETR launch event.

Rafizi also revealed that to spearhead the rooftop solar initiative, the government has allocated RM80 million for solar panels to be installed on the rooftops of government buildings. Additionally, Sime Darby Property has agreed to participate in a pilot project at a new township, where it will install solar panels to generate an estimated 4.5 megawatt (MW) across 450 homes. Sime Darby will also manage everything under this project – from leasing deals with homeowners, to installation and power storage – without government funding.

(Image: The Star)

The introduction of this rooftop solar initiative – as well as the launch of the overarching NETR – is in line with Malaysia’s latest renewable energy target, which was revealed just in May 2023. Specifically, the government has committed to increasing the use of renewable energy within the country up to 70% in the power mix by 2050. Previously, Malaysia had set a target of 40% of renewable energy in its total power generation by 2035.

At present, however, Malaysia is still relying predominantly on coal and natural gas to power its electricity. In 2021, only
about 17% of its electricity is generated from renewable sources
 – with a breakdown of approximately 16% from hydro, 1% from solar, and 1% from biomass.

(Sources:
Free Malaysia Today
,
Sinar Daily
,
SCMP
)

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Sime Darby Property

Solar Energy

Solar Panels

Sustainability

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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Avoid Getting Scammed Online with These Basic Tips

We all know somebody who knows somebody who has been scammed out of thousands of Ringgit before. Nowadays, a conman doesn’t even have to be in the same room with you to trick you into giving them access to your information or money.

In the age of broadband, online scams are the kinds, people fall victim to the most. So it’s important to know the basic steps on how to avoid getting swindled out of our cash via the internet. While we know some of you are savvy enough to be aware of these tricks already, here are some basic tips on how to avoid online scams.

Do Not Open Any Bank Links From Your Email

You may on occasion find emails that seem to be from your bank regarding some new promotions, an urgent request for clarification or data update, or any number of reasons. Do not click on any of the links in these emails and promptly mark them for spam.

Why?

Banks have all the information on you that they need when you first signed up for an account. For any urgent business, they can always call you up first. Furthermore, official-looking emails (often indistinguishable from the real thing) are the most common ways that scammers
phish
 for information. If you’re really unsure about an email, open a new tab and go through their official site to look for the same info or call up your bank for clarification. It’s a 5-minute hassle that can protect your life savings.

Never Give Out Your Email Password

You can log in with your email and create new passwords for specific accounts, but if a site that’s not your email provider asks you for your email password, close the window immediately.

Why?

Your email is an important gateway of access to all your other internet accounts and keeping it secure is of absolute importance. No ethical online bank, site or service should have your email password as this gives them access to all your other accounts too. If you want to be extra safe, check to see if your email provider offers 2-factor authentication and turn it on.

Do Not Buy Anything From Your Email

If you’ve suddenly been sent an email offering a huge discount on an item you’ve been waiting for a price drop on and the email has a “buy now” link? Report the mail for spam.

Why?

Once again, clicking on official-looking email links is how most people get scammed or attacked by malicious software. If you ever receive an email even from a site you frequent on an offer you can’t refuse, open up a new tab and search from the site itself. You’ll be much safer that way.

Ignore When Sites Tell You You Have A Virus

Sometimes you’ll be opening emails or just surfing the web idly and you encounter a message or pop-up that claims you have a virus and must scan the computer right away by clicking a button the window. Don’t click the button. Just close the entire browser and walk away.

Why?

These type of messages prey on your need to be safe online, and they’re commonly referred to as
scareware
. By scaring you into thinking you have a virus, the message tricks you into clicking and installing one. Sneaky. To avoid this, simply install one anti-virus software and ignore any and all messages about viruses that did not come from that one anti-virus software you installed. Look for the tiny “x” button on the window to close it or press Alt+F4 (Cmd+Q for Mac) to close the entire application.

While these tips may be common sense to the savvier readers of our blog, we hope these tips can still help you avoid getting scammed online. In fact, if you already know these, why not share it with those who don’t? Prevention is better than cure after all, and what worse injury can there be than having your bank accounts bled out?

Speaking of keeping things safe on the internet, check out our
home broadband plan comparison tool
 to see which internet plan is the right one for you. Do you have anything to contribute to this article? Share you thoughts in our comments section down below!

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Ahmad Mudhakkir

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Is Having No Credit Better Than Bad Credit?

About two weeks ago, were received a mention on Twitter from Rebecca Choong (Hi Rebecca!
waves
) and she asked us a very good question: Is no credit worse than bad credit?

In order to answer this question, it is of primary importance to understand what the two means in definition and in consequence to your financial life.

Having No Credit

To have no credit simply means that you do not have anything on your credit report. You have not borrowed money in the past, never used any credit card, nor taken a car loan or mortgage.

This is usually the case for young adults who recently graduated or are starting out on their first job. However, you could be more senior and still have no credit standing if you chose not to apply for credit throughout your life for whatever reason.

The consequence of having no credit means banks have no idea if you are a credit risk or not. This is a bit of gamble for them. The slate is clean and there’s a 50/50 chance they could lose.

Having Bad Credit

Bad credit on the other hand means that you have a credit history and it isn’t as pretty as it should be! Perhaps you weren’t consistent in making your payments on time, experienced foreclosure, repossessions or even bankruptcy in your past.

These problems will be in your credit report and will be the benchmark for any lender to make their decision.

If the consequence of a borrower having no credit means a bank undertakes a 50% risk of non-payment/default from him; bad credit significantly increases that risk to 80 or 90%.*

Why? It is usually expected that a bad paymaster will continue to be a bad paymaster unless something in his circumstance has drastically changed.

An Issue of Risk

In lending agreements, the biggest concern for any bank is the issue of risk. How each bank calculates the risk of lending will differ in details but not in substance.

Primarily, the bank is concerned with a potential borrower’s risk of defaulting. Credit history plays a big part in determining the level of risk but so do other factors such as the stability of employment, significant wage increases or change in payment behaviour (for those with credit history).

Once they have assessed the level of risk a potential borrower carries; they will be able to make a decision to proceed with approval or not.

Some banks are more conservative and are less willing to take risks compared to others but thanks to the individual methods of assessing the situation; it is often hard to predict which bank will approve your application and which will not.

Because of this uncertainty, many borrowers tend to try a few banks at a time as a sort of ‘gamble’ to see which bank will approve their application.

Which is Ultimately Better?

Now that we’ve explained the meaning and repercussions of each, we can logically decide, which will be better. In such a situation, thanks to the variable nature of assessments by the banks (as mentioned above); it will not be a definite answer.

From the bank’s perspective, a person with no credit history is a blank canvas. He is not a ‘sure thing’ like a person with good credit but he’s next on the scale. There is a 50% chance he could be a good paymaster.

In such a situation, many banks will offer a low credit amount as a trial, such as a credit card with a low credit limit or a small personal loan. This will help them see just how good a paymaster the newbie debtor is without risking too much.

For a person with bad credit however, it also depends on the degree of default. Were a few payments late but ultimately repaid? Or did the debtor outright default and never repaid a loan or been made bankrupt? In the latter situation, it can safely be assumed that no bank will offer you a loan.

If the person fell into the former defaulting category; some banks may be ready to offer a smaller loan at a higher interest rate to see if you can prove yourself to be a good paymaster once again.

As such, you can have the same problem of not getting your loan approved or having only a small loan approved in either situation but with a higher chance of rejection if you have bad credit.

If we look at it in terms of approval rates, having no credit fares a little better.

Final Action Points

If you have bad credit, you will need to regain the trust of financial institutions. To start, you need to
know just how bad your credit history looks
 and then
work on fixing it
.

You will have to repay all your loans (if you have defaulted) or start repaying your instalments on time if you have been tardy in that area.

The case is a little different for a person with no credit where the only concern for him/her is to gain the bank’s trust. One may opt for a secured credit card, or try a few banks and accept the first small loan or
beginner credit card
 you are given to prove your creditworthiness.

Looking at the action points for a person with no credit versus someone with bad credit, the former certainly looks a lot more pleasing. However, both will require you to simply be the model debtor and repay what you owe.

*Percentages quoted are explanation examples and are not based on any bank’s internal assessment criteria.

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Yasier Mahayudin

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4 Countries with the Best Citizen Benefits

Uprooting your life to live in a foreign country may come across as an extreme measure to take but in all its truthfulness, the decision to do so is not as uncommon as you may think it is. There are numerous reasons for people to do so –
 career opportunities
, environmental crises, economic stability, life satisfaction index – and sometimes, it can be something as simple as the climate that pushes one to make that shift.

Just ask these
 35,381 applicants from 127 nations
 why they chose Malaysia as their second home, and you may notice that there are parallels which can be drawn from the applicants who wanted to reside in Malaysia and of course, for the Malaysians who wanted to stay elsewhere.

Curious to know which country has made it to the list? Read on as we list down the top 4 countries with the best citizen benefits that you can take into consideration.

For New Parents (Or People Planning to Start A Family)

Sweden

As one of the countries that offer the longest paid parental leave (a whopping 480 days), this leave is not gender-exclusive so yes, it is not just mothers-to-be but also for aspiring fathers as well. If the parents are employed, their employers ensure that they are provided up to 80% of their expected salary.

And that’s not all there is; the Swedish government also provide parents a monthly allowance for each child they have and these can have used towards various expenses such as daycare or simple things like spending time with the family. Don’t have the money to entertain baby dearest? That’s fine, you can always take
 free public bus rides
 and take a leisurely stroll in baby-friendly public areas to keep them entertained.

Finland

Are you or your spouse an expectant mother? If you find yourself nodding to this, then you are in luck as in Finland, maternity leave begins 7 weeks before your baby’s expected date of delivery. Plus, you can get up to 16 additional weeks of paid leave in which the government will cover up to 70 percent of the costs of your paid leave through a maternity grant.

Aside from that, paternity leave is also common in Finland in which fathers will get up to 8 weeks of paternity leave to take care of their baby. But of course, the most famous part of having a baby in Finland would be the much-talked-about baby boxes. Mothers are offered the choice of a baby box or cash grant but most mothers preferred the former, believing that the baby box has a higher value attached to it.

A long-standing tradition of the Finns, the baby box is actually a starter kit for new mothers and it usually consists of a package of clothing and handy items curated especially for both mother and the baby. This baby box scheme was so popular that even
 Scotland had decided to hop on the bandwagon
 to offer it’s citizens a baby box scheme as well.

For Students (Or People Who Want To Do Postgraduate Studies)

Netherlands

Renowned for their free primary and secondary state education, offered to their citizens, don’t be surprised when we say that the Netherlands also ranks high when it comes to awarding scholarships to international students. So yes, if being a citizen in the Netherlands is a dream that’s too hard to scale but your ambition to study in a European country hasn’t diminished, then this is the path which you can undertake.

The Dutch government introduced The Holland Scholarship in 2015 for students who want to do their Bachelors Degree or Masters in the Netherlands. The best part of it all? The programmes are mostly conducted in English no worries about getting lost in translation as the Dutch are proven to be proficiently multilingual as well (although it doesn’t hurt to learn Dutch to make things easier for you, especially when you’re travelling in between various European countries).

Germany

Mention the word Germany and you may find that the reputation of their education’s quality precedes the country itself. Home to many esteemed universities, Germany makes for an affordable study destination among both local and foreign students, particularly for those who are keen to base their career in Mechanical Engineering. Tuition fees in Germany are said to be low as it is financed by the state. To pursue their studies at their selected universities, students in Germany will only need to pay a small, nominal amount.

For this, you may
 need to find ways to support your studies
 or try your hand at applying for a scholarship. Given that it is highly competitive, you may need to work on your academic achievements, extracurricular activities and most importantly, your CGPA in order to stand a chance among other scholarship applicants. Prospective students will need to pay the Semesterbeitrag or ‘Semester Contribution’ administrative charge, in which the cost ranges from 200 – 300 Euros and comes with free public transportation.

Final Word of Advice

We hope that this article is able to furnish you with an overview of countries with the best citizen benefits, be it as a family unit or someone who aspires to enhance their academic prowess. After all, what the lands abroad hold is available to anyone who dares to venture towards it. If moving abroad is a part of your long-term goal, don’t forget to ensure that your current funds are sufficient to carry out your vision.

Feel that you require short-term financial help to get your plans sorted? A personal loan is definitely something that you can look into. For an effortless side-by-side comparison of interest rates of personal loans in Malaysia, check out our
 comparison page
 and research as much as you need to find a personal loan that’s just right for you!

Do you know of any countries that offer its citizen great benefits? Do share your thoughts and ideas with us in the comments section down below!

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Arnie Ruxana

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A Lifestyle of Convenience at Bennington Residences

Savvy house buyers typically have a checklist of criteria that they look out for while searching for the right home. Location and convenience usually top that list. Bennington Residences certainly meets them as it is located in an area that is close to various established amenities, making life more convenient.

Bennington Residences is situated in the heart of Setapak, one of the few areas in Kuala Lumpur that is seeing capital appreciation in its property sector. A visionary SkyWorld development that marries health and wellness together with the serenity of nature, Bennington Residences is situated in a prime area that is easily reachable and ready to offer an effortless lifestyle. It is a low-density project comprising two towers with a total of 580 units only.

Close to Both Mother Nature and Modern Conveniences

Bennington Residences is a brand-new residential development in Setapak, Kuala Lumpur, and it is also a game-changer in the area with its upmarket look and sophisticated feel. This ambitious project is very strategically located and affordably priced, making it an appealing option to many home buyers and investors.

Bennington Residences comes with a diverse range of facilities that promotes a healthy and well-balanced lifestyle. Out of the total 42 facilities across 4 levels, several have established new records. For instance, Bennington Residences is the First Residential Development in Malaysia with a 120m Infinity Loop Pool, the First Triplex SkyLounge & SkyGym, and also the First 2-Acre Rainforest-Themed Development with “The Best Regional Landscape Architecture in Malaysia” award at the prestigious Asia Pacific Property Awards in 2017.

Closer to home, Bennington Residences is surrounded by several mature neighbourhoods, such as Wangsa Maju, Danau Kota, and Sri Rampai. This puts it in close proximity to various established amenities, including Setapak Central Mall, Wangsa Walk Mall, Giant Hypermarket Setapak, AEON Big Wangsa Maju, and many more.

Take Your Pick of Educational and Healthcare Institutions

Bennington Residences is also only a short distance away from several reputable educational institutions. Fairview International School and Sri Utama International School, for instance, will cater to the educational needs of primary, middle, and high-school students – with both schools offering internationally recognised curriculums. Tertiary education institutions such as the well-known Tunku Abdul Rahman University College (TARUC) and Universiti Teknologi Malaysia (UTM) are also in the vicinity of the area.

You don’t have to travel far for healthcare amenities either. There are as many as four healthcare providers within a 7km radius to serve your medical needs, featuring both public and private hospitals. You’ll be tended to by Columbia Asia Hospital, Tawakal Hospital, Sentosa Hospital, and Kuala Lumpur General Hospital.

Easy Access To Everywhere You Need To Be

Bennington Residences is only 5 kilometres away from Kuala Lumpur, and mere minutes from the Wangsa Maju LRT station. Other metro stations at Ampang Park, Jelatek, Setiawangsa, Sri Rampai, and Dato Keramat are also within driving distance.

Additionally, the residence has good accessibility. It is linked to major roads, such as the Duta-Ulu Kelang Expressway (DUKE), Kuala Lumpur Middle Ring Road 2 (MRR2), and Ampang-Kuala Lumpur Elevated Highway (AKLEH).

Own Your Bennington Residences Unit with Maybank HouzKEY Campaign

Owning a home at Bennington Residences is now made easier through HouzKEY, a homeownership solution by Maybank Islamic. It lets you start by renting a unit at Bennington Residences for 12 months. Instead of having to struggle with the down payment and other upfront fees, as is the case with a typical housing loan, you now only need to pay three months’ worth of refundable deposit to secure a home. Hence, HouzKEY customers will get to enjoy 100% financing.

At the end of the 12-month tenure, you will have the option to purchase the house at the original locked-in price. If the price of a unit at Bennington Residences has increased, you will still only need to pay the agreed-upon amount. Consequently, you benefit from the capital appreciation without facing the high upfront cost of buying a home via a traditional loan.

Another benefit of HouzKEY is that it allows you to strengthen your application by pooling income with up to three other guarantors from your immediate family members.

Find out more about how you can now own a new urban lifestyle at
Bennington Residences
 with the Maybank HouzKEY plan from as low as RM1,950 per month onwards. Units are limited, so act fast!

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Hidden Ways Your Weekend Plans Are Killing Your Finances

By Friday, most people not only have their weekend plans firmly in place – they have probably begun spending money on it (by booking tickets in advance and securing other logistical arrangements)!

The gruelling work week is enough to make most prudent of us want to unwind and kick back after working so hard for five days straight. Having your weekend fun is imperative but not being aware of how much money is trailing after you can make you poorer before the month is out.

Here are some not-so-obvious ways your weekend is bleeding you dry.

Unplanned Purchases

Hanging out with friends in malls or nearby retail outlets often open up the temptation to buy things you didn’t plan to in the first place.

Imagine passing by a new arrival in the CD/DVD store or seeing a flashy new gadget being released and you’ve still got a good portion of your salary sitting prettily in the bank.

Very little is stopping you (except your self-control!) from skipping to the ATM or whipping out your debit/credit card and swiping away. Now if only horse blinders could be fashioned for shopaholics!

Fix
: Withdraw only a limited amount and leave your usual ATM card at home. Only bring with you an emergency credit card that you should not use unless well, an emergency. Some self-control is still necessary here!

Multiple Parking Fees

If you’re having a fun day out with friends; it’s unlikely you are going to be at only one place. You might cafe hop; go from a mall to a strip of eateries nearby and each time paying a parking rate – one most likely higher thanks to weekend surcharges.

Parking fees can be quite exorbitant in many malls and public complexes not to mention the cut throat prices of open air private carparks in the city centre.

Imagine if a mall charges you RM4 for your 2 hour visit; the next public carpark near your dinner eatery charges you RM5 per entry and finally the cafe you ended up at for a supper meet had an RM3 charge at their premise carpark.

All in all, you’ve paid an additional RM12 on carpark fees in one day. Times this by the number of weekend days you spend socialising or going out per month and you could end up RM72 poorer per month (6 days of such activities per month); RM864 per year on parking fees alone!

Fix
: Carpool with as many friends as possible. Carpooling will save you a portion of the parking fee and petrol costs. Take turns driving each other every other week.

Food Delivery Costs

On the other side of the spectrum of the social butterfly is the tired introvert keen on staying home, reading a good book and avoiding people as much as possible.

Being too lazy or unmotivated to go out will make the food ordering app on your phone look extra tempting. Giving in to this urge will make your wallet extra empty.

Delivery fees range from RM2-4 for most of the popular delivery services and save for a select one or two food deliveries; most will also impose a minimum order. This will then force you to up the amount of food you do end up ordering.

For example, if you were to order a meal at RM15, you would need to top up an additional RM3 for delivery and order an extra item for RM5 if the minimum delivery amount is RM20. This is an additional RM8 you would not have paid for had you gone out to buy food.

Of course, going out will also cost in petrol and parking so what is a person who can’t cook to do?

Fix
: Plan meals and order two meals in one go to make full use of the delivery fee and the minimum order requirement. This way you get two meals for the day and better value for your money.

The Burden of Over Scheduling

Are you guilty of scheduling way too many activities every weekend as if it’s the last weekend you’ll have on earth? We tend to do this when there’s so many things we want to do but only two days per weekend to do it all.

But making too many plans that force you to run about and trip yourself up with trying to keep to time will inevitably cost you in added ‘convenience’ charges.

For example, you may need to do your laundry but since your weekend is so packed you decide to give the chore the skip and hand it over to the laundromat. Sometimes, it may be something completely innocuous such as choosing a tolled road as opposed to a slightly longer one to save time – costing you more money in toll charges.

Conveniences can come in all forms from food and services to added extras we pay for to expedite our plans – when you aren’t rushing from one appointment to the next; you won’t need to take the ‘express lane’ to everything.

Fix
: The easiest fix of the lot – schedule ample time in your weekend for each thing on your to do list. Though it’s often important for ‘man’s reach to always exceed his grasp’; this is not the scenario within which to apply that lesson. Not only will your wallet thank you – you’ll find yourself happier and more able to enjoy your leisure time as you won’t be rushing from one appointment to the next.

Conscious Spending

At the end of it all – the ultimate key to unlocking a cheaper weekend yet keeping your fun is to simply spend consciously. Instead of opening your wallet mindlessly as if there is no other choice; consider the options you do have and work out if solutions are possible.

This doesn’t mean skimping to the point you aren’t enjoying yourself but simply to funnel your money where it is most needed and wanted instead of being washed away in a mire of additional fees and charges.

To get even more out of your weekend – use the right credit card when shopping, dining or spending on entertainment. Just find the
right one your lifestyle on our credit card comparison page
.

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Mother's Day: What Did Moms Really Want?

Come the second week of May, everybody usually starts scrambling to get their hands on the best dinner tables, jewellery deals, bouquet arrangements and everything else you would probably get on a certain other special day that will not be mentioned.

But just like the claims of commercialisation has washed over many other holidays; has Mother’s Day really lost its reverence in the long list of overly retailed occasions?

The dust has settled the pictures of moms on social media have been posted but who really had the best day: Your maternal powerhouse or the florist?

What We Are Told Mom Wants

Open a newspaper; surf the net or stroll through a mall and you’ll find many retailers and restaurants just waiting to tell you what your mom wants for Mother’s Day. From a massage chair to pearl jewellery – the ads often have the audacity to suggest that you are a lesser child should you not swipe your credit card at the establishment right away.

The answer to the question of what mom wants begins to drift further into a perplexing state when guilt starts to take over our conscience with advertisements implying the above and we sometimes irrationally buy into it all.

But once it is realised is that Mother’s Day, along with other previously sanctified days of appreciation,
have been perverted by the vultures of commercial industries
, are we then safe from making the wrong choice?

Not quite. If it isn’t a retailer telling you what you should be doing, you will often find well-meaning friends and relatives doing the same. We say well meaning because unlike the aforementioned retailers; they really are well-meaning.

Yet all this serves to further convolute the very simple event: a day to simply honour one’s mother. That is, your mother and not anyone else’s.

So What Should I Have Done For My Mother?

It might be a little late to ask this question now but it is only after the weekend past have we all looked at this question to a meaningful degree. One of our writer’s organised a spa session for her mother under the advice of others only to find her mother wanted nothing of the sort. With RM300 burnt from a payment she could not get back, she relented to allow her mother to do exactly what she wanted to do on Mother’s Day – nothing whatsoever.

The spa even arranged with other mothers in the family also brought about the debate of whether the mothers should bring their young children. Whilst some mothers couldn’t bear to be apart from their children – some couldn’t wait for time alone.

The deviations in preferences just made everyone question – what should one do for one’s mother on this special day? Let us first take a peek into her life through her lenses and though there may be several possibilities to this equation, we’ve narrowed them down to two.

The first type of mother has her kids; irrespective of age, around her all the time and she cooks, does the tidying, dishes, laundry and the list just goes on. The age range of kids in this maternal category could span from the first stage (1-18 years old) and spill into the second (19-25 years old).

A mother in any given category would of course love to be showered by material embellishments, but one in this category would
appreciate some time out from motherly chores, even if it means the entire day without kids running around
.

And then there is category number two where mothers do not have their kids around them because they’ve left home in pursuit of building a career or a family of their own.

Naturally, a mother in this category
would love the opportunity to spend quality time with their children
 or simply to catch up on things they have missed out on; again depending on respective reasons.

Sure, you could arrange for her an over-the-top dinner with all branches of the family tree present; order the most sparkling charm bracelet under the sun; an entire day of pampering at the spa; a modest card and bouquet saying how much you love her and appreciate all that she’s done; but is this really what she wants?

Of course, we can generalise and stereotype all we want but all women, and all moms, are made differently.

Back to Basics: What Mom Really Wants

Let’s be completely honest and re-evaluate our existence for a minute; unless of course you we’re assembled in a factory, I can assure you that a mother’s role has indeed crossed paths with your life.

And perhaps the single most important thing to do is just ask your mom what she wants. Sure, we may not want to put you out or cause you trouble so she may say nothing much but she also may hint to what she’d like most.

In the end, no one quite knows her like you do and you’d probably be a much better judge of what she wants than all the copywriters employed by big brand names put together. So maybe, use that advantage to find out what it is that makes your mom tick in order to be able to provide her with a treat that is a gift of love; tangible or intangible, that will make the day one truly worthy of her – to honour her as
Anna Jarvis (the creator of mother’s day)
 intended.

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Austin Victor

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Fave Will Not Accept American Express Cards As Payment Method From 3 March

Fave will no longer accept American Express cards as a payment method beginning 3 March 2020. This will affect all Fave users which includes both Fave Deals and the FavePay e-wallet.

In an email sent to Fave users who have Amex cards saved as a payment method, the company did not state why it was removing support for Amex. Instead, it outlined the other payment methods currently supported:

“
Dear Fave-r,

Greetings from Fave and hope you have had a great 2020 thus far!

You are receiving this email as you are currently using AMEX as a payment method on Fave. Effective 3rd March 2020, Fave will no longer be accepting AMEX as a payment mode.

To continue enjoying the convenience of Fave, you can choose to switch to the following today:

(i) Credit or Debit Cards (Visa/Mastercard)

(ii) Boost e-Wallet

(iii) Online Banking (Applicable for Fave Deals transaction only)

You can access the payment options page through the Fave App > Me > My Payments.

If you have any questions or concerns, please feel free to reach out to us at
[email protected]
 or via live chat from the Fave app or website, and our Customer Happiness team will be more than happy to assist.

Thank you for your kind support and we hope that you have a nice day!

Warmest Regards,

Fave Team”

A quick check at Fave’s FAQ page also revealed that its
payment methods page
 has been updated earlier today, removing Amex from its list of supported credit and debit card issuers.

This upcoming revision will significantly impact local American Express cardholders. Since you can pay for FavePay and Fave Deals with any Amex card, this indirectly increased the merchant base that “accepts” Amex cards by a considerable amount, allowing cardholders to enjoy benefits at places that they otherwise would not.

Maybank 2 cardholders will feel the pinch more than others, as their Amex cards are among the best in the market: the
Maybank 2 Gold
 &
Platinum
 Amex cards offer 5% weekend cashback on almost anything, while the Maybank 2 American Express Reserve (part of the
Maybank 2 Premier
 cards) earns air miles at an accelerated rate of 1 air mile for every RM1 spent.

You can technically still use your Amex card with Fave, by topping up your Boost e-wallet with Amex, and then linking Boost with Fave as the default payment method. But with Boost top ups not eligible for any card benefits from Maybank, this is practically useless – you’re better off triple-dipping benefits by
using a different card for Boost top ups
.

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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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Top Discount Beauty Websites to Buy Great Makeup on the Cheap!

It’s not uncommon for so many beauty addicts to dedicate a huge chunk of their paycheck to keep up with beauty trends, seeing how expensive beauty products can be.

But what if we tell you that it’s entirely possible for you to spend less, and still get all your favourite cosmetic needs? No, we don’t mean the cheap, questionable rip-offs that you can get from pasar malam or street shops. Rather, we’re referring to discount beauty websites that purvey thousands of cosmetic products – from high-end skin serum to the latest matte lip cream – at a fraction of the prices you pay in traditional brick-and-mortar stores.

We present you 12 most popular discount beauty websites where you can find all things beauty at amazingly low prices.

1. Hermo

This homegrown beauty website is perfect for the Korean beauty product lovers, as it boasts having over 9,000 products on its website. A favourite among many Malaysians beauty addicts, Hermo is known for it’s authenticity and affordability, with most of products offered at up to 80% off.

It’s constantly adding more brands and products to its website, so you’ll always be kept on the edge of your seat with the latest beauty goods in the market. You can save more of your cash by signing up for its newsletter, which will entitle you to RM15 off your first purchase.

Website:

https://www.hermo.my/

Delivery charges:
 RM6.80 for Peninsular Malaysia, RM12 for East Malaysia

Best feature:
 Buy 2 for free shipping and 14 days Unconditional Refund

2. Althea

True to it’s tagline ‘Beauty meets Korea’, Althea certainly delivers in bringing authentic Korean beauty products to Malaysians, and most the other South East Asia countries. Any beauty addicts would go bananas with the wide range of products available on this website, from rare skin care products to the array of makeups that is hard to find anywhere else in Malaysia.

What’s more, products sold on Althea are budget-friendly, as they are brought straight from the manufacturers in Korea without any middle-men whatsoever, allowing the online beauty company to sell them at remarkably affordable prices. Sign up as a member and save RM30 off your first purchase. Score!

Website:

https://my.althea.kr/

Delivery charges:
 Free shipping for orders above RM99

Best feature:
 30 days Unconditional Refund

Read Also:
 *
Buying Makeup Online Is Cheaper If You Follow These Tips
*

3. Hishop

Hishop is perhaps one of the most comprehensive online beauty store of its kind, and has gained many good reviews from both shoppers and media. It’s been featured in quite a number of publications, both online and offline.

It offers an expansive selection of both beauty and health products – including fragrances, health foods, organic products, and even male-specific products (it makes buying gifts for him so much easier). What sets this online beauty website apart from the others is the fact that it also carries local beauty products, which means getting halal cosmetic and health products is now as easy as going logging into your Hishop account. Get RM20 off for your first time purchase by simply subscribing to their newsletter.

Website:

http://www.hishop.my/

Delivery charges:
 Free shipping for orders above RM100

Best feature:
 Get 2 free samples with every purchase, reward points program, and Cash On Delivery option

4. Best Buy World Malaysia

This online beauty store will not disappoint you when it comes to delivering quality cosmetic products at wholesale prices. Its list of available products extends to luxury brands such as Chanel, SKII, Bvlgari, Christian Dior, and many others.

The best part about Best Buy World is that it also sells sample-size luxury products including skin care, makeup, and fragrances, so you get to enjoy high-end cosmetics from as little as RM15! Join it’s rewards program and get 500 points that will instantly be credited into your account, and use it to offset your future purchases.

Website:

http://my.bestbuy-world.com/

Delivery charges:
 Free shipping for orders above RM150

Best feature:
 Enjoy 2000 points on your birthday

5. Natta Cosme

Natta Cosme is probably one of the few online beauty stores that truly celebrates the concept of ‘east meets west’, by providing an extensive of authentic beauty products from countries like USA, UK, Japan, Korea, and Taiwan.

It boasts of having various products from over 150 brands that, more often than not, cannot be found in most physical stores in Malaysia. The products sold on this website are carefully selected to suit Asian skin, and are all set at affordable prices – some from as low as RM5.45! Head to their
Under RM25
 page to find the cheapest – and quality – beauty products in the market!

Website:

http://www.nattacosme.com/

Delivery charges:
 Free shipping for orders above RM70

Best feature:
 Get 2 free samples with every purchase

These websites are certainly every beauty addict’s dream come true. You can find almost everything – from drugstore to luxury products – without ever leaving your room, and at reasonable prices too! Just be sure to check the review before you buy the products to see if they can suit you, and don’t fall into the temptation of buying too much!

It’s also a great opportunity to make use of your credit card’s online purchase cash back or reward programs, and make greater savings while enjoying all your newly bought beauty products. Don’t already have one? Head to
our comparison website
 and pick the best one for your shopping needs.

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Syaza Abd Jani

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A Better Way to Clear Your Credit Debt with Balance Transfer via Instalment Plans

Managing our debt is essential to maintain healthy finances. So, it stands to reason that taking care of our credit card debt is important. There are plenty of easy moves you can do to reduce your debt interests. Performing a Balance Transfer (BT) is one of them.

Balance Transfers

BT essentially means moving the existing credit card balances to another card in order to enjoy a lower interest rate for a promotional period. You would have to apply to transfer the amount of your choice from card A to card B, as much as the credit limit of card B allows.

The lower interest offered by BT programmes make debt repayments more affordable. This helps with budgeting and allows finances to be better regulated as gradual repayments are priced at a lower interest rate. Let’s say you applied for a balance transfer with a rate of 7.77% per annum, you would be enjoying a certain amount of interest savings when compared to compounding interest of a normal credit card that could sit as high as 18% per annum.

However, even with a lower interest rate, some might still face difficulties paying off their card balances due to a lack of financial discipline or unexpected expenses. In these circumstances, a fixed repayment schedule offered by a structured instalment plan would be more helpful.

Citi Balance Transfer via Instalment Plan

Citi offers you exactly that solution. With Citi Balance Transfer via Instalment plans (BTI), your balance transferred from other banks’ credit cards can be converted into fixed agreed monthly instalments. In addition, this structured repayment plan also includes a few advantageous features such as:

Zero fees – Zero upfront fees, zero processing fees and zero early settlement fees

Optional tenure from 6 up to 36 months

Flat Interest Rate (FIR) between 1.03% – 1.16%, equivalent to Effective Interest Rate (EIR) of 1.99% p.a.

In contrast with BT, which does not require a fixed repayment amount a month, Citi BTI plan encourages a disciplined behavior by having a fixed monthly instalment repayment for better financial management and nudges you into becoming a good paymaster. This way, you may avoid the risk of falling into bad financial habits or staying in unending debt.

How Much Would You Save Exactly If You Go for Citi BTI?

Take the below as an example:

Customer is charged 18% per annum on outstanding credit card debt

Customer pays the minimum payment every month

Customer does not perform any additional retail spending

Option 1:
 Customer pays the minimum monthly repayment.

Normal Interest 18% p.a. at 12 months (RM10,000)

Month

Outstanding Amount (RM)

Monthly Interest (RM)

Principal Amount (RM)

Monthly Repayment (RM)

1

10,000.00

147.78

9,852.22

500.00

2

9,640.28

140.28

9,500.00

482.01

3

9,293.54

135.27

9,158.27

464.68

4

8,959.27

130.40

8,828.86

447.96

5

8,637.02

125.71

8,511.30

431.85

6

8,326.36

121.19

8,205.17

416.32

7

8,026.87

116.83

7,910.04

401.34

8

7,738.16

112.63

7,625.53

386.91

9

7,459.83

108.58

7,351.25

372.99

10

7,191.51

104.67

7,086.84

359.58

11

6,932.85

100.91

6,831.94

346.64

12

6,683.48

97.28

6,586.20

334.17

Total

–

1,441.55

Option 2:
 Customer chooses to perform a RM10,000 BTI with Citi for 12 months

With BTI 1.99% p.a. at 12 months (RM10,000)

Month

Outstanding Amount (RM)

Monthly Interest (RM)

Principal Amount (RM)

Monthly Repayment (RM)

1

10,000.00

16.58

833.33

849.92

2

9,166.67

15.20

834.72

849.92

3

8,331.95

13.82

836.10

849.92

4

7,495.85

12.43

837.49

849.92

5

6,658.37

11.04

838.87

849.92

6

5,819.49

9.65

840.27

849.92

7

4,979.22

8.26

841.66

849.92

8

4,137.57

6.86

843.06

849.92

9

3,294.51

5.46

844.45

849.92

10

2,450.06

4.06

845.85

849.92

11

1,604.20

2.66

847.26

849.92

12

756.95

1.26

848.66

849.92

Total

–

107.29

As illustrated above, by the end of month 12, a Citi BTI taker would have cleared his debt with a total interest of
RM107.29
 paid. In contrast, a non-taker of BTI would have paid
RM1,441.55
 of interest instead.

So if you are saddled with heavy debts on your credit card, you can cut down on your total payments by paying at a reduced interest rate if you go for Citi’s BTI plan with an exclusive rate of 1.99% p.a
for all RinggitPlus customers
!

Existing Citi card members should
check out their official page
 to find out even more about Citi’s BTI plan. Offer valid until 31st July 2018, so hurry!

to find out more. Offer is valid till 31st July 2018!

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Government To Provide RM50 Digital Incentive For E-Wallet Users, Matched With Additional RM50 Vouchers

Prime Minister Tan Sri Muhyiddin Yassin has announced that the government will be giving a one-off allowance of RM50 to e-wallet users. The announcement was made during the reveal of the PENJANA short-term economic recovery plan.

The initiative, which will be open for applications in July 2020, is meant to encourage the Malaysians to adopt contactless payments as their preferred payment method. Additionally, the RM50 allowance will be matched by e-wallet service providers in the form of vouchers, cashback, and rebates. In other words, e-wallet users can actually reap a total of RM100 in benefits.

According to Tan Sri Muhyiddin, the government has allocated RM75 million for this initiative through the ePenjana programme, and it is expected to benefit as many as 15 million Malaysians.

This initiative is reminiscent of the
E-Tunai Rakyat initiative
, which saw the Pakatan Harapan government providing a one-off RM30 digital incentive to eligible Malaysians. Three of the country’s most prominent e-wallet providers – Boost, Touch ‘n Go eWallet, and GrabPay – were involved in the exercise.

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Tan Sri Muhyiddin Yassin

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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PTPTN Loan Repayments Deferred Until End Of The Year

(Image: Malay Mail)

The government is extending the deferment of the National Higher Education Fund Corporation (PTPTN) loan repayments for another three months. The extended deferment will take place from 1 October to 31 December 2020.

Initially, the government had agreed to defer PTPTN loan repayments for a period of three months from April to June, before
extending the deferment
 for another three months until the end of September. With the latest extension announced, PTPTN repayments will be postponed for a total of nine months for the year 2020.

According to Higher Education Minister Datuk Dr Noraini Ahmad, the extended deferment involves an estimated repayment of RM375 million, with the total estimated deferral of repayment valued at RM1.13 billion.

“All PTPTN borrowers will be given an automatic extension on deferment. They will not have to make any application,” she stated. “If there are borrowers who want to continue the loan repayment, they can do so through the online repayment platform that is provided.”

Dr Noraini added that the decision was made as the government understood the financial constraints faced by some PTPTN borrowers who had lost their jobs and sources of income due to the Covid-19 pandemic.

For further information, PTPTN borrowers can contact PTPTN’s Careline at 03-2193 3000 between 9am to 6pm on weekdays, or visit the
official PTPTN website
.

(Source:
The Star
)

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Jacie Tan

Jacie Tan

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