Everything You Need To Know About Balance Transfer Plans

If you ever find yourself neck deep in credit card debt, repaying what you owe will become a challenge. While not a leading cause of bankruptcy, credit card debt accumulates very easily, making it very difficult to pay off if you aren’t careful.

Remember, any outstanding balance that isn’t paid off after the 20 days grace period is charged interest. The interest rate charges for any outstanding balance on your credit card are compounded daily according to a tiered interest rate system. Most credit cards charge interest using this tier:

15% p.a. – if you pay your credit card bills on time for 12 consecutive months

17% p.a. – if you pay your credit card bills on time for 10 out of 12 months

18% p.a. – if you don’t pay your credit card bills on time at least 10 out of 12 months

If your credit card is charged an interest of 17% p.a., that means your outstanding balance will increase by 0.0466% every day until all your debt is cleared. Think that’s an insignificantly negligible number? Think again.

Understanding Compound Interest

Compound interest is generally defined as “interest earned on top of accumulated interest”. It may sound complicated, and so is better explained with an example. If Michael set aside RM5,000 to an automatically-renewing fixed deposit account at 4% per annum, here’s how much he’d earn over 10 years:

Year

Beginning balance

4% Interest Gain

End balance

1

5,000.00

200.00

5,200.00

2

5,200.00

208.00

5,408.00

3

5,408.00

216.32

5,624.32

4

5,624.32

224.97

5,849.29

5

5,849.29

233.97

6,083.26

6

6,083.26

243.33

6,326.60

7

6,326.60

253.06

6,579.66

8

6,579.66

263.19

6,842.85

9

6,842.85

273.71

7,116.56

10

7,116.56

284.66

7,401.22

The “interest gain” column is an illustration of compound interest at work. Similarly, it works in the opposite direction too.

Let’s say Michael has accumulated an outstanding balance of exactly RM5,000. To clear it off, he decided to stop using his credit card and make minimum payments of RM200 every month. Guess how long will he need to repay that outstanding balance?

25 months? Nope. Thanks to compounding interest charges on the outstanding balance, it’ll take him a total of 31 months to repay the full amount, which includes RM1,108 just on interest charges. That’s right: he’d have paid 22.16% extra from that initial RM5,000. Plus, is there really a guarantee that he
won’t
use his credit card during this period?

So, is there a better way to repay credit card debt? As it turns out, there is.

What Is A Balance Transfer For Credit Cards?

As the name implies, a balance transfer plan allows you to transfer the outstanding balance from one credit card to another – and repay them in instalments at a low interest rate. Sometimes, it can even be at 0% interest – a double win situation for the cardholder.

Banks will generally allow an individual to perform a single balance transfer with up to 3 different credit cards. You can choose how much of the outstanding balance to transfer, but usually banks will set minimum as well as maximum amounts that you can transfer. The maximum amount is usually equivalent to 80% of the credit limit of the credit card you are transferring to.

Most of the time, banks will charge a small one-time fee on the total transfer amount and include it in the monthly repayment amount. This fee doesn’t compound over time since it is not an interest charge, so even if the bank charges a fee of 1% of the total balance transfer amount, it’s still a small, fixed amount compared to the tiered interest charge if you didn’t use a balance transfer. Sometimes, there’ll be balance transfer promotions where the bank would offer 0% interest
and
0% fee too!

In addition, most banks also allow users to make early settlement of their balance transfer amount. If after a period of time you wish to pay off the entire remaining amount, you can call the bank and do so. However, this will usually incur an early settlement fee that can go up to RM100 – so it may not really be worth doing.

To illustrate just how much you save with balance transfers, let’s take the example of Michael from earlier. By using a balance transfer plan to repay his RM5,000 debt over 24 months at 0% interest and a one-time fee of 1%, Michael only needs to pay RM210.42 every month for two years. That’s just an extra RM50 in balance transfer fees, and a whopping RM1,058 less than letting the interest charge compound as per our earlier example.

Why Do Banks Offer Balance Transfer?

From a bank’s perspective, balance transfer facilities offer a two-pronged advantage. By taking on your outstanding credit card debt, a bank denies another bank from profiting off your debt… and make a (lesser) profit for itself via the one-time fees. And, if you cannot afford the monthly instalment, that amount is subjected to the regular tiered interest charge – therefore profiting the bank once more.

That said, banks also take on some risk with balance transfers. If an individual is declared bankrupt and his or her remaining assets are not enough to pay off the outstanding debt, the bank will have no choice but to wipe the total amount off as bad debt.

If all that sounds grim, know that as with every financial product, you can actually save money by using credit card balance transfers. We’ll explore this in a separate article.

How To Apply For Balance Transfer?

Unlike other financial products, applying for a balance transfer is still old-school. If you’d like to apply for a balance transfer to your credit card issued by Bank A, you’ll first need to get the application form; it’s usually available on the bank’s website.

The form will require all information necessary for the balance transfer. If you’re trying to transfer the outstanding balance from two credit cards issued by Bank B and Bank C, you’ll need to fill them out in the form, and include the amount you’d like to transfer. You’ll also need to include credit card A’s details as the recipient. Finally, other customer details like your full name, IC number, email, and phone number will be required.

Once all that is filled up, you will need to send it via snail mail or fax to Bank A – the form will provide the necessary addresses. Some banks may allow e-mailing the forms, too. After a few working days, Bank A will contact you regarding the status of your application.

If successful, you will receive some form of written notice from Bank A. You will also see the outstanding balance from credit cards B and C reduced based on the amount you requested to transfer. In the following month’s statement for credit card A, you will see a deduction for the monthly repayment. This will appear every month until the end of the agreed balance transfer payment duration.

Use Balance Transfers Responsibly

Balance transfers aren’t just designed for those in debt. Like other financial products, they are extremely helpful – as long as they are used responsibly. Balance transfers will give the impression that you can afford
a lot more
than what you actually can, because the monthly repayment will be tiny compared to the total amount.

If you’re thinking of using balance transfers to help with your credit card debt, don’t think that you’re out of the woods just because your balance transfer application is successful. It doesn’t mean you now have the ability to be less financially responsible in any way. Don’t forget that if you cannot pay off the monthly repayment, the outstanding amount is subjected to standard credit card interest charge.

So exercise plenty of restraint and think of the big picture – or you’ll just end up digging a bigger hole than the one you were in. To compare the different
balance transfer credit card plans in Malaysia
, use our RinggitPlus comparison tool and find the best balance transfer plan for you.

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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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14 Cool Valentine's Day Gifts For Guys Under RM20 You Can Buy Online

The big V-day is coming up soon, have you thought of what you’re getting your guy yet? Figuring out what to get for guys on this symbolic day of love can be quite a challenge, especially when you’re on a tight budget from all the recent major holidays and sales.

The obvious thing to do would be to handcraft a gift for him – it’s the economical, thoughtful, and intimate option. But more often than not, DIY gifts require so much more time and effort that you might not have to spare.

To help make Valentine’s Day gift shopping easier for you, we’ve put together 14 cool, manly, and affordable gift ideas you can buy online that he’ll appreciate no matter what stage of a relationship you’re in – whether you’re hitting that 3-month mark, or in a happy marriage.

Funky T-Shirts

You can never go wrong with a fun t-shirt. Men love their t-shirts as much as women adore their dresses, and if he’s the practical type, it’s the perfect gift for him.

Where:
F.O.S

Price: Starts from RM17.50

Vintage-Looking Luggage Tag

Is he an avid traveller who likes to keep things simple and classy? Then he’ll love this vintage-looking luggage tag that can class up any luggage bag. Bonus point: it reveals the thoughtful and caring side of you.

Where:
Typo

Price: RM17.50

Fun Quote Key Ring

What gift can better remind him of your witty personality round-the-clock? Give him this cheeky gift and he’ll smile every time he takes his bundle of keys out.

Where:
Typo

Price: RM17.50

Classy Stainless Steel Watch

It’s masculine, it’s classy, and it’s under RM20! We can’t stress enough on how big of a steal this watch is. He’ll never guess its price.

Where:
Lazada

Price: RM19.60

Stylish Snapback Cap

Is your guy a hip hop fan? Even if he’s not, he’ll appreciate a cool cap anytime of the day, given how sunny it is here in Malaysia. Have a look at the range of choices available on Lazada and pick the one you deem most suitable for him!

Where:
Lazada

Price: Starts from RM8.70

Comfortable Flip Flops

Nothing beats a breezy and comfy pair of flip flops, especially for those casual days out. Have a look at the array of flip flops from brands like Cotton On, Factorie, and 24:01 on Zalora that are all budget friendly.

Where:
Zalora

Price: Starts from RM13.30

Quirky Socks

As the great Albus Dumbledore said, ‘One can never have enough socks’. From pizza to husky motifs, Topman socks on Zalora has got you covered. Make him laugh with the quirkiest pair of socks you can find!

Where:
Zalora

Price: Starts from RM9.50

Faux-leather Bracelet

Complete his look with a stylish faux-leather that will have him looking like Chad Kroeger in an instant
#
swoonalert.

Where:
Zalora

Price: Starts from RM15

Classic Faux Leather Belt

Who wouldn’t love a nice classic belt? It’s great for work and formal events – not to mention those hot dates he’ll take you out for.

Where:
Lazada

Price: Starts from RM13.30

Low Maintenance Indoor Plant

Unlike a bouquet of roses, a live plant will thrive long after Valentine’s Day – much like your love. Give him low maintenance and easy-to-care indoor plants like a succulent or a cactus. Don’t worry, cacti and succulents are thoroughly masculine plants, and he’s sure to love it. Just try to pick the less thorny ones if your guy is prone to bouts of clumsiness.

Where:
Daun.com.my
 or
Floristika.com.my

Price: Starts from RM6

Print-your-own Poster Hanger

It’s less DIY work than the title indicates, we promise. Simply print any image you prefer (or what you think your guy would prefer) and frame it with this super easy, sleek, and stylish wooden poster hanger from Typo.

Where:
Typo

Price: RM17.50

Cheeky Smartphone Spy lense

Perfect for the paparazzi photographers (or simply for taking cheeky pictures of you when you’re sulking), this lense allows him to take 90-degree angle pictures without looking like Captain Obvious!

Where:
Typo

Price: RM15

Staple Sunglasses

Sunnies are the perfect accessory for anyone who lives under the sun, and since we get the sunshine practically year-round, it’s one of the of top 5 most practical gift in anyone’s book. Get him something cool and stylish and he’ll thank you with a James Dean-like selfie.

Where:
Cotton On

Price: RM15

Spotify Subscription

He’s a lover of all things pop and funky, yet he doesn’t have Spotify Premium? Here’s where you can come to the rescue. Simply log into your Spotify account, and scroll all the way to the bottom of the page, then select
Gift
 option under the Useful Links section.

Where:
Spotify

Price RM14.90 per month

Have fun choosing the best Valentine’s Day gift for your other half, and don’t forget to tell him you love him! After all, it’s the thought that counts.

If you’re after maximum savings and often do your shoppings online, you’ll get more benefits with
credit cards that offer cashback and reward points for each Ringgit you spend online
. We wish you a happy Valentine’s Day!

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Syaza Abd Jani

Syaza Abd Jani

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Boost Expands E-Wallet Support To More Bazaar Ramadhan As Part Of Raya Super Shake Campaign

Local e-wallet app Boost is aggressively expanding its merchant base as part of its new Boost Super Shake Raya campaign. Besides adding more online and offline merchants, the company will also support Boost payment use for a huge number of “Bazaar Ramadhan” for the coming fasting season.

Not only that, the Boost Super Shake Raya campaign will also reward heavy Boost users with prizes totalling a massive RM2.5 million, including a grand prize of the brand new Proton X70 SUV every two weeks.

For the second year running, Malaysians will be able to pay with Boost at over 40 Ramadhan bazaars that cover popular cities including:

Kuala Lumpur

Petaling Jaya

Subang Jaya

Shah Alam

Klang

Kajang

Sepang

Kuala Selangor

Hulu Selangor

Sabak Bernam

Kuala Langat

Putrajaya

On top of that, Boost will also support selected Ramadhan bazaars in Penang, Seremban, and Johor Bahru.

Boost has also partnered with several new retailers and malls – both online and offline. These include Tesco, Ben’s Independent Grocer (B.I.G.), Village Grocer, PotBoy, 11street, Qoo10, Watson’s Online, as well as malls such as Avenue K, The Curve, MyTown, Paradigm Mall Johor Bahru, and Publika. Boost is also partnering with popular restaurants and F&B chains such as Serai, Madam Kwan’s, Nando’s, Nene Chicken, and several others. For those who prefer food deliveries, Boost has existing partnerships with both dahmakan and DeliverEat.

Finally, Boost also offers special offers when shopping in fashion outlets such as Zalora, MimpiKita, Doublewoot, Isetan, NEXT, and plenty others, offering discount codes as well as cashback promos.

Now, for those interested to win the Proton X70 and other prizes, here’s how it works. For every RM10 spent using Boost, users get 1 token which can be used to participate in the weekly draws. Each week will see a different set of prizes that Boost users can redeem their accumulated tokens to enter the draw with.

The pricier the prize, the more tokens it’ll require to enter the draw. The prizes include Samsung 4K TVs, Dyson products, travel vouchers, as well as cashback value that goes straight to users’ wallets. Boost says winners will be selected randomly, so the chances of winning can only be increased by putting more entries into that prize. The X70 naturally requires the highest amount of tokens per entry, and will also only be available once every two weeks.

The Boost Super Shake Raya campaign has gone live today, and will continue until 18 August 2019. If you haven’t already, update your Boost app to automatically begin collecting tokens every time you pay with Boost.

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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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SME Business Loans – Busting the 3 Myths

As a
SME business owner
, apart from gaining profit and making enough to ensure the survivability of your business, chances are – there also exists an ambition in you to enrich your business in a holistic and ethical manner. With little to minimal working capital that you can make use of, ensuring the stability of your business can be a constant headache especially in the earlier years where you are still trying to gain your footing in the market.

You may have heard of the many rumours surrounding SME business loans, some of it may have even caused you to steer clear from attempting to apply for it. But really, is it wise to avoid all forms of small business loans and rely on hearsay alone? Read on as we will debunk the very commonly perpetuated myths surrounding these loans.

Myth #1 – You Must Network with The Right People to Get Your SME Loan Application Approved

Contrary to popular belief, having a good relationship with the people who are going to disperse your loan is not exactly the main factor that determines the success rate of your SME loan application (although it is not common for some banks to put it in as a form of requirement).

For SME banks (who functions as a commercial bank), while some of the requirements may differ from a corporate or retail bank, their major concern when it comes to approving loans would be the credit history of the borrower apart from your business plan, business credit, and other business-related financial statements.

To do this, you would need to provide them an audited account of your business in which the specified number of years will vary depending on the product that you are planning to apply for. After all, they would want to know your payment pattern in order to assess your reliability and trustworthiness as a business.

Myth#2 – All Business Loans Are Only Accessible by Bumiputera’s

Even though some banks may lean towards Bumiputera for certain product offerings and programmes, this does not mean that these business loans are limited to non-Bumiputeras.

For instance,
CIMB
 and
Maybank
 offer a number of schemes and guarantees which is based on the Bank Negara guidelines that are accessible to Malaysians so with that in mind, it is indeed possible to get your business funded through other types of business loans so long as you fulfill the other pre-requisites in hand.

Not a fan of SME business loans. That’s alright, you can use
other methods to fund your business too
 and this will then bring us to the next myth which is…

*
Myth#3 – A Personal Loan Is No Different When Compared to a SME Business Loan *

Obtaining a personal loan to fund your business is a viable option if you do need funding in a fast and easy manner. Compared to a SME business loan, the ease of application for a personal loan means that the things that you will need to provide will be significantly lesser. For example, to apply for a personal loan, all you need is a copy of your identification card and your EA form/copy of your bank statement/your EPF statement for the last 6 months and the bank will do the rest from there.

On the other hand, for SME Business loan, apart from
a collateral and documents of personal identification
, there will be a multitude of paperwork that needs to be submitted and it will take time to compile and assess by both ends. Apart from that, personal loans, in general, do not come bundled with prepayment penalties and in some cases, they offer discounts if you opt for auto-payment.

Having said that, the lending limits involved in a personal loan is pre-dominantly lower as opposed to a SME loan that caters specifically for business owners. And of course, there is the factor of higher interest to take into consideration too when it comes to personal loans.

A personal loan interest rate is estimated based on fixed or variable interest rates, all of which will depend on the loan provider. As for SME bank, the SME loan interest rate is based on an annual percentage rate (APR). In addition to that, the repayment period for a personal loan tends to be shorter as compared to a SME business loan which offers a longer repayment period so do tread carefully before deciding which funding method that you would like to pursue.

With that in mind and a thorough, practical strategy in place, all you need to do is to try your hand at applying for a SME loan to boost your business potential. Just make sure that you read the fine print of the business loans or facilities that you are planning to apply for. Best of luck in your future business undertakings!

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Alliance Bank Double Rewards – Free Cash and Cash Back

Terrific Twin Offer for New Credit Card Customers

Here’s a simple Free Money offer from Alliance Bank – Double Rewards. Apply for a new credit card and get RM100 upon approval, then get 20% Cash Back on your first 60 days spending.

Er…that’s it.

Oh no, wait a minute, one last bit of small print: Cash Back is capped at RM80 per customer and you need to spend a minimum of RM50 to join in.

Still Free Money, isn’t it? Thanks,
Alliance Bank
.

Terms and Conditions Apply

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Being Late Doesn't Have To Hurt Your Wallet With These Low Interest Credit Cards

Payment cards that pinch instead of smack.

Ever since we were small we had been taught the importance of being punctual. From attending classes to meetings and even going on a date, we strive to be on time because we know how annoying it can be when someone is late. The same thing applies when it comes to managing our finances.

However, sometimes even after careful planning and meticulous preparation, disaster strikes. A sick family member, a sudden job loss or a car breakdown; they can happen when you least expect it. As a result, you miss a credit card payment, or two.

You may think that is no big deal, so why the fuss on a late credit card payment? Because you’ll end up paying more! Apart from your credit card’s balance, you will also have to fork out money for penalty and interest charges.

Most banks charge 1% of total outstanding balance as a penalty for late payment, subject to a minimum payment of around RM5 to RM10, and a maximum of RM50 to RM100. Interest charges vary from bank to bank as well. Credit card holders who make prompt monthly payments are being charged the lowest interests, which are around 13.5% to 15%. On the other hand, credit card holders who are always late on payment are being charged 17.5% to 18% interest rate per annum.

If you don’t fall into one of the above categories, you are probably making timely payments on your credit card every month, except on one or two occasions where you can’t help but pay later than the due date. If you’re thinking of looking for credit cards with lower interest rates for that late payment period and even better savings, read on.

Why don’t you take advantage of credit cards that have low finance charges like
Maybankard 2 Platinum Card
? It only charges 8.8% p.a. on outstanding retail balance for cardholders who promptly settle their minimum payment every month. However, those who miss their payment will not be able to enjoy this savings and will be charged from 16% – 17.5% p.a.

Citibank
 also offers low interest rate for their credit card holders – at 8.88% p.a. However, this is only applicable to those who promptly pay more than 50% of their monthly outstanding balance for 12 consecutive months. Credit card members who do not manage to do this will be charged 15% – 18% p.a. as per Bank Negara tiered financial charges guideline.

Alliance Bank You:nique
 credit card on the other hand cuts half the interest charges to only 9% p.a. You can enjoy this savings for the first 12 months, and continue to do so throughout the tenure of the credit card if you consistently make prompt minimum payment every month. If you fail to do so, your payment will be subject to Bank Negara tier interest guidelines.

Affinbank also offers great savings in their line of credit cards; at only 9.9% per annum. This is applicable for both full and minimum payments made on or before the due date. On the other hand, an interest of 17.50% p.a. will be charged if no payment was made by that date. This is still a little bit lower than some banks that charge 18% p.a.

If you’re unable to settle your outstanding balances and only manage to pay the minimum amount, the OCBC Titanium credit card offers great savings – a 33% Cash Back on the total interest that has already been paid. How does this work? Let’s say in your card’s October statement you have to make a minimum payment of RM500 with  total interest of RM100 and the due date is 30 Nov 2012. You pay the minimum amount (RM500) on 28 Nov 2012. You will then see a credit entry of RM33 Cash Back on the total interest paid (RM100 X 33%) in your card’s November 2012 statement.

AmBank True Card is a credit card that helps you save more by offering 0% interest on all purchases for the first 3 months. After that period, if you continue to make prompt payment, you will be charged 12% p.a.

Looking for a longer interest-free period?
Al-Rajhi Charge Card-i
 is the right one for you. It offers 55 days interest-free period, a great option for those who can afford to settle their balances in full, but need more than the usual 20 days to pay them. However, the credit card holder can only use the credit card for purchase of Halal goods and services, failing which the bank has the right to suspend or cancel the credit card.

While these credit cards are great to have, it doesn’t mean that you can just make payments as and when you wish. These are just helpful assistants you need during that rainy day.

Image:
OCBCMalaysia
,
Affinbank
,
 AlRajhiBank
,
Maybank
,
Citibank
,
AllianceBank
,
AmBank

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Omni Hotline by Digi, The Virtual Phone System For Your Business

Being able to receive calls is very important for every business. After all, no business would ever want to miss a call especially when it’s from a customer. But sometimes, businesses aren’t always run from physical offices, nor have they got the capacity to hire a receptionist. What then does the savvy entrepreneur who needs a communication system do? You get yourself a virtual phone system that allows a fixed-line number of your choice to be routed to your smartphone – with all the functions of a call centre right in your pocket.

Omni is the solution for the many problems faced by entrepreneurs who embrace an on-the-go lifestyle. It is virtually a call centre that routes calls to your pre-set extensions and gives you the mobility to receive or make calls from customer wherever you are. Omni is also one of the most affordable and scalable virtual telephone systems in Malaysia, with no contracts, zero start-up cost, and no hardware installation.

If you want to see for yourself what affordable and scalable means, take a look at Omni’s pricing plans below. Depending on what your business needs, you can choose which package is the best fit for you.

BASIC

PLUS

PRO

RM60
 Price per month + SST

RM100
 Price per month + SST

RM200
 Price per month + SST

1 fixed line number

1 fixed line number

2 fixed line numbers

2 extensions

5 extensions

20 extensions

3 virtual assistants

3 virtual assistants

3 virtual assistants

Unlimited incoming calls

Unlimited incoming calls

Unlimited incoming calls

No free outgoing minutes

Free 100 outgoing minutes

Free 500 outgoing minutes

RM0.15/minute for outgoing calls

RM0.10/minute thereafter

RM0.10/minute thereafter

Free 5 outgoing SMSes

Free 50 outgoing SMSes

Free 200 outgoing SMSes

Subscription to Omni will only take you 5 minutes and 4 simple steps:

Go to
www.omnihotline.my

Select your package and fixed number of your choice

Key in your business details

Make the first payment

Find out more about
Omni Hotline by Digi
 for your business today.

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PM: Government Currently Formulating Targeted Subsidy Mechanism

(Image: The Star)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government is in the midst of formulating a suitable mechanism for its targeted subsidy approach. This is to ensure that the assistance provided is received by deserving groups.

According to Datuk Seri Ismail Sabri, the government needs to fine-tune various aspects of the subsidy mechanism to ensure that the subsidy allocation is not arbitrarily enjoyed by irresponsible parties, as well as foreigners.

“Yes, the government has suffered a massive loss due to untargeted subsidies as all quarters are enjoying subsidies which are meant for a more deserving group, which is the poor,” the prime minister remarked, adding that the government is also currently working on combating smuggling activities involving subsidised items, such as cooking oil.

(Image: New Straits Times)

Datuk Seri Ismail Sabri shared that relevant authorities will carry out audits on manufacturers to prevent such smuggling activities. “The easiest misappropriation (of the subsidies) would be at the repackers level as they were allowed to repack, for example, a tonne of cooking oil, but where was the oil sent, and who were the recipients? These are the details we want to get from the factories,” he explained.

The prime minister further said that the Royal Malaysia Police, the Armed Forces, as well as the Ministry of Domestic Trade and Consumers Affairs (KPDNHEP) will be involved in tackling similar smuggling activities at the national borders.

Additionally, the prime minister stressed that the government is doing its level best to help Malaysians cope with the rising cost of living in the country. For instance, the allocation of subsidies for 2022 has been raised from the original RM31 billion to
nearly RM80 billion
 for this purpose. This includes the subsidy for RON95 petrol (RM27 billion), diesel (RM7.5 billion), liquefied petroleum gas (RM2.6 billion), cooking oil (RM4 billion), and wheat (RM40 million).

(Image: Bernama)

“No subsidies have ever been withdrawn. If there were campaigns calling for the government to return the subsidies, they were not true because the subsidies have never been removed since the day they were implemented,” Datuk Seri Ismail Sabri emphasised, adding that the provision of such subsidies has managed to keep the country’s inflation rate at 2.8% – the lowest in Southeast Asia.

On top of that, the prime minister said that the government is also providing cash assistance to the B40 income group via Bantuan Keluarga Malaysia (BKM). Introduced under Budget 2022, the
BKM programme
 offers up to RM2,500 cash assistance to B40 individuals and households. Late last month, the government also announced an
additional cash aid of up to RM100 for the BKM recipients
. “We will see how the situation is. If we need to increase it (BKM), we will. If the prices of goods are established, we won’t,” Datuk Seri Ismail Sabri also remarked.

To note, the government had also earlier formed a special task force dubbed
Jihad Tangani Inflasi
 to draft strategies and coordinate efforts in addressing inflation within the country. The task force’s chairman, Tan Sri Annuar Musa has assured the public that his team will take
proactive measures to maintain the country’s inflation at a low and manageable rate
.

(Source:
The Edge Markets
)

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Versa Reduces Frequency Of Payouts For Versa Cash To Once Per Month

Versa has announced a change to the frequency of payouts for its Versa Cash feature, reducing it from twice per month to once per month. This is set to take effect from July 2022 onwards.

Prior to this, individuals who invest in Versa Cash will receive payouts from the fund every fortnight in the form of units. Starting from next month, these payouts will only be distributed once a month, at the end of every month. “During the payout, some returns are distributed back to you, which will then be reinvested as units in two working days,” Versa clarified in its FAQ.

In a separate notice sent to investors, Versa reassured its investors that their earnings will not be affected by this change. “Once your Cash In is reflected in your Versa Cash balance, you start earning interest, which is then compounded. The accumulated interest reflects in your Versa Cash balance whenever the unit price of the fund increases. In short, you no longer have to wait for payouts to see your Versa Cash balance grow,” it added.

Versa further explained that this update was made as a part of its efforts to optimise its operations with its partner, Affin Hwang Asset Management; the underlying fund for Versa Cash is Affin Hwang’s Enhanced Deposit Fund. “This keeps the fees low, allowing us to maximise both user experience and returns from Versa Cash in the long run,” the digital investment platform shared.

Versa Cash investors who have enquiries regarding this latest development can contact Versa by calling 03-78903500, or sending an email to
[email protected]
. Alternatively, you can reach out to them through the app.

(Source:
Versa
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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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OCBC: No Compounding Interest On Mortgages & SME Loans For Moratorium

OCBC Malaysia has stated that the interest for its mortgages and SME loans during the six-month moratorium mandated by Bank Negara Malaysia (BNM) will not be compounded.

“OCBC Bank (Malaysia) Berhad and its subsidiary OCBC Al-Amin Bank Berhad will not be compounding interest and profit respectively for its mortgages and SME loans/financing during the 6-month moratorium announced recently by Bank Negara,” said
OCBC in a statement.
 “This means that customers will not be charged any interest on the interest that arises from the moratorium period.”

“These are both trying and uncertain times. So we are seeking to alleviate our

customers’ burdens as much as we can,” said OCBC Bank CEO Dato’ Ong Eng Bin. “Although compounding might be allowed for, we have elected not to do so in light of the pressing circumstances.”

BNM has stated in its FAQ
 that interest would
still continue to accrue
 and compound for loans during the deferment period, so any banks that decide to declare non-compounding interest are making that decision themselves.
HSBC
 was the first bank to release a statement saying that it will not be compounding interest during the moratorium period this morning.

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, with effect from 1 April 2020.

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Standard Chartered Temporarily Expands Smart Credit Card 6% Cashback Benefit To Include Contactless Transactions

Standard Chartered has temporarily expanded the cashback benefit for digital lifestyle spend on its Smart credit card to also encompass contactless transactions, allowing cardholders to earn cashback for these payments on top of other digital expenses that are already allowed. Already ongoing, this update is set to last until 30 September 2022.

Under this latest arrangement, Standard Chartered’s Smart credit card cardholders will also be able to earn 6% cashback on their contactless transactions per month when they spend a minimum of RM1,000 on retail purchases. This is in addition to the original list of digital expenses that were allowed for this benefit, namely seven services: Astro, iQiyi, Jook, Netflix, PlayStation, Spotify, and Steam.

Note that the maximum cashback that can be earned via this 6% cashback benefit remains unchanged at RM20, inclusive of all digital spend and contactless transactions.

Standard Chartered further clarified that contactless transactions are defined as payments of RM250 and below, made by tapping the card against a card reader. The bank also said that expenses such as cash withdrawals, annual fee and late payment charges, as well as government- and charity-related transactions do not qualify for this benefit.

If you’re a Smart credit cardholder, you can tap into this upgraded feature alongside
another ongoing campaign
, which lets you earn another 15% cashback on selected online merchants with a minimum spend of RM1,000 on retail purchases. If you maximise both perks on the card, you’ll be able to gain up to RM35 worth of cashback.

Standard Chartered’s Smart credit card was
launched in November 2020
 as Malaysia’s first carbon-neutral card. It also carries other features, such as buy-now-pay-later plans with 0% interest for transactions worth above RM500 (3 months and more).

(Source:
Standard Chartered
)

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Alex Cheong Pui Yin

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

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MOSTI: National Vaccination Plan To Be Finalised This Thursday

(Image: Bernama)

Science, Technology, and Innovation Minister (MOSTI), Khairy Jamaluddin has said that the government will finalise the National Vaccination Plan by this Thursday.

According to Khairy, the plan will be discussed in the upcoming Covid-19 Vaccine Supply Access Guarantee Committee Meeting, which is to be chaired jointly by him and the Health Minister, Datuk Seri Dr Adham Baba. “We aim to launch the implementation plan when we have acquired supplies of the Covid-19 vaccine,” he said.

The National Vaccination Plan, which is slated to begin in February, contains details on how Covid-19 vaccinations will implemented nationwide. It also covers specifics on the preparations that must be done before Malaysia receives the vaccines that it has purchased thus far, such as deciding on the hospitals that can be registered to have access to the vaccine, as well as the transportation and storage of the vaccine.

(Image: The Malaysian Reserve)

For context, Malaysia has been liaising with several pharmaceutical companies and facilities over the past few months to ensure that it has
enough vaccines to cover more than 80% of its population
. For instance, the government has inked an agreement with the Covid-19 Vaccine Global Access (Covax) facility to meet the country’s immunisation needs. Briefly, Covax is an alliance of countries that is pooling their resources together to ensure fair distribution of Covid-19 vaccines globally.

On top of that, Malaysia has signed
a deal with Pfizer-BioNTech for 12.8 million doses
 of the vaccine, as well as
with AstraZeneca for 6.4 million doses
. It is also in final negotiations with
China’s Sinovac and CanSino, and Russia’s Gamaleya Institute
 to secure additional vaccine supply. Additionally, the nation is in talks with Moderna and Johnson & Johnson.

These
Covid-19 vaccine will be provided for free to Malaysians
, whereas foreigners are required to pay a fee as determined by the Ministry of Health. The government has also clarified that there are currently no plans to make the vaccination compulsory, and that these vaccines will be only be administered on adults as clinical trials have yet to be carried out on children.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

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

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5 Fuel-Saving Tips For Your Balik Kampung Drive This CNY

Driving back to your hometown for Chinese New Year? With the high number of cars on the road, you might find yourself spending a lot of time behind the wheel. Unfortunately, this also means that your
balik kampung
drive can be costly – thanks to all the extra petrol you are using. Here are some tips to help you save money on petrol and also have a smoother drive back home this Chinese New Year.

#1 Get Your Car Road-Ready

Did you know that having your car in a less than optimum state can cost you more money? When taking your car on a long drive, it’s best to check that it is ready for the road beforehand. For safety purposes, you should make sure that your tyres and brakes are in good condition. Keeping your tyre pressure at a good rate will also help to reduce your fuel consumption, saving you money on your petrol expenditure.

#2 Capitalise On Off-Peak Periods

The more time you spend on the road, the more money you burn on fuel. When it comes to Chinese New Year, you can expect that many Malaysians will be driving back to their hometowns. Therefore, beat the traffic jam by travelling during off-peak periods. It’s better to leave early in the morning when there are fewer cars on the road – it beats getting caught in traffic for hours and hours. Just make sure that you don’t give into the temptation to speed if the roads are empty!

#3 The More, The Merrier

Instead of driving back to your hometown alone, why not look for some company? Since quite a number of people visit their hometowns during Chinese New Year, it shouldn’t be too hard to find someone who is going back to the same
kampung
as you. By carpooling, you get to split the costs of petrol and toll fares between your group, making it cheaper for everyone. Carpooling with friends can also be cheaper than buying individual bus or plane tickets to your hometown.

#4 Don’t Forget To Fuel Up!

When you’re going on a long road trip, being low on petrol is the last situation you want to be caught in. Obviously, getting stranded on the road is a risky and unpleasant situation, so prevent this by making sure your petrol tank is full at the start of your drive. Furthermore, fuelling up before your journey ensures that you get to choose your regular petrol brand of choice – instead of whatever petrol station is on the way to your destination. That way, you can collect the benefits from your usual petrol loyalty programme of choice.

#5 Pump Up The Cashback

If you didn’t already know, you can actually receive cashback from the fuel that you spend. Pump at BHPetrol using your Maybank credit card and you can get 10% cashback from Maybank’s ongoing BHPetrol Promotion. You get 10% cashback when you spend a minimum of RM40 at BHPetrol using your Maybank or Maybank Islamic Mastercard or Visa card. The cashback is capped at RM20 per cardmember throughout the campaign period, which runs until 31 January 2020. For more information on the
BHPetrol Promotion, click here
.

On top of that, you could also earn entries to win a brand-new Mercedes Benz and more exciting prizes! Find out more about the
Maybank Cards Super Rewards here
.

Drive Safe And Happy CNY!

Hopefully, these tips will help you have a smoother drive back to your hometown this Chinese New Year. Wishing you a safe journey this festive season, and Gong Xi Fa Cai!

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UOB Year End Giveaway – Win A Free iPhone 5

UOB Bank’s win an iPhone 5 competition is part of their UOB Credit Card 2012 Year End Giveaway.

In this credit card promotion, which ends on 31
st
 January 2013, two lucky winners will be randomly selected every week. Spend RM50 or more with a UOB credit card or debit card to get one automatic competition entry. Use your credit card or debit card overseas and a purchase of RM50 or more will be rewarded with ten automatic competition entries.

New UOB customers get ten entries when they activate their credit card or debit card. Have your current credit card balance transferred to a new UOB card and you’ll get another entry for each RM1,000 you move across. You will also receive one entry per RM1,000 approved Flexi-Credit Plan facility .

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What is a Cash Back Credit Card?

The RinggitPlus Team explain the basics of Cash Back Credit Cards

Cash Back Credit Cards give you rebates in the form of cash. Rather than provide points and other credit card rewards, Cash Back Credit Cards calculate the total value of your monthly spend and then give you back some of this in the form of cash. While they work like rebates, Cash Back Credit Cards only return cash and not rewards, which often come in the form of discounts for other products that you may not want. This way you don’t waste any points so you can get more actual savings on your Cash Back Credit Card spending.

How Do Cash Back Credit Cards Work?

Most Cash Back Credit Cards give a percentage value or rate from 1% to 5% for their Cash Back rewards. So if you use your Cash Back Credit Card to buy an RM100 item, you get the 5% value of this purchase back in cash for a total of RM5. This means the item now costs RM95. This Cash Back is usually paid at the end of your credit card statement cycle.

Is There a Maximum Cash Back? Do I Need to Spend a Minimum Amount?

There are limitations and requirements to Cash Back Credit Cards that include the following:

Most Cash Back Credit Cards have a limit on how much cash back you can get every month (although some cards don’t have this limit).

You may have to spend a certain amount in a single receipt, on certain days of the week or just at certain outlets or shops.

You may have to use the Cash Back Credit Card a certain amount of times per month to qualify.

What Else Do I Need to Know?

Cash Back Credit Cards only work well if you can pay back the whole amount spent for that month. If you spend too much just to get the cash back, but you don’t have enough to pay off what you spent, then the savings get eaten up by interest.

While both the main Cash Back Credit Card holder and supplementary card holder can enjoy the same cash back benefits, the limitations apply to the same account. This means if the supplementary card holder has already spent to the maximum of the cash back value for that month, the main card holder will not gain any cash back for purchases made after this.

Usually, Cash Back Credit Cards with more requirements are next to useless unless your spending needs fit these requirements exactly.  Make sure you check the qualifying outlets, days of the week and minimum spending requirements.

Cash Back Credit Cards with less limitations such as no cash back limit usually have a lower cash back rate such as 1% rather than 5%.

If a Cash Back Credit Card has a yearly cash back limit it won’t replenish every month. So if the Cash Back Credit Card has an RM600 yearly cash back limit and you spend that much in the first month to get RM600 cash back, you won’t get any cash back for the remaining 11 months.

Which Cash Back Credit Card Should I Get?

If you are interested in applying for a Cash Back Credit Card, bookmark
RinggitPlus.com
! Over the next few weeks we will be sharing our in-depth reviews of the best Cash Back Credit Cards for Malaysians.

Image Source:
creditmama.com

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SC Adds Citibank International Investment Plan Worldwide To Investor Alert List

UPDATE:
Citi Malaysia has released a statement on 23 June stating that it is not involved or linked in any way to Citibank International Investment Plan Worldwide.

The article has been amended to reflect this.

The Securities Commission Malaysia (SC) has added Citibank International Investment Plan Worldwide to its Investor Alert List, flagging it as a potential clone entity.

Under its entry on the Investor Alert List, the SC noted that Citibank International Investment Plan Worldwide could be a “possible clone operating a fraudulent scheme”, as well as “carrying on unlicensed capital market activities”.

(Image: HRNEWS.my)

The investment plan was added to the SC’s alert list on
17 June 2021
. On 23 June, Citi Malaysia released a statement stating that it is not involved or linked in any way to Citibank International Investment Plan Worldwide.

“We wish to reiterate that Citi Malaysia has in place stringent controls on risk management and cyber-security aligned to best global standards to protect the interest of our employees, customers and clients. Citi Malaysia is committed to providing a secure banking environment and is constantly updating its security technology to protect client privacy and confidentiality,” the statement read.

The
Securities Commission Investor Alert List
 comprises of a non-exhaustive list of unauthorised websites, investment products, and individuals; it serves as a public guide to investors prior to making any investment decisions. The list includes individuals like self-proclaimed
stock investment gurus
, which have grown in trend with the increase in
retail investors in Malaysia
, and also unauthorised digital asset exchanges (DAX) like Remitano and Binance.

(Source:
The Edge Markets
)

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Public Holidays And Long Weekends Malaysia 2022

With the calendar already several days into 2022, there is no doubt many of you are planning your annual leave for longer breaks by taking advantage of the public holidays available throughout the year. Of course, international travel is still somewhat hampered by the still-ongoing Covid-19 pandemic, but fully vaccinated Malaysians can look forward to some well-deserved rest via domestic vacations – especially with the government providing perks such as
income tax relief for domestic travel
!

Ready to make the most out of 2022? Take a look at the long weekends available throughout the year so you can plan your getaways! And for convenience, we’ve also included suggestions on which days to apply for leave to maximise the long weekends.

As you can see, there are quite a number of long weekends in 2022 that you can tap into. In fact, with some careful planning, you can even enjoy a long break of
nine days
 just by applying for only two or three days of annual leave.

Notably, individuals who are celebrating Chinese New Year in February can get nine days off if they apply for three days of annual leave. Similarly, those who want to
balik kampung
for Hari Raya Aidilfitri can also enjoy a nine-day break in May with two days of annual leave.

Aside from that, there are also several public holidays that fall on Sundays, which means that you’ll get a replacement holiday on Monday. And this translates to – you guessed it! – long weekends of three days (or more if you decide to lengthen it by applying for leave).

With this, we hope that you’ll be able to plan great trips to revitalise yourself and to reunite with family members whom you’ve not met in a long time due to the extensive lockdown periods in 2020 and 2021. That said, do remember to also stay safe and abide by all Covid-19 protocols and standard operating procedures (SOPs) that have been put in place by the National Security Council as you travel!

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The Number Of Taxpayers Filing Tax Online Is Increasing

(Image: MalaysiaKini
)

The Inland Revenue Board (IRB) has said that more people choose to file taxes using the online e-filing system this year, as compared to over-the-counter submission.

According to IRB communications division director Syarein Abu Samah, up to 2.77 million BE forms were submitted through e-Filling as of 14 May this year, the day before the e-Filing deadline. That is a 9.15% increase compared to the same period last year.

“This is a good sign as it has shown that the public is beginning to put their trust in the credibility of the tax system in Malaysia, especially in IRB’s online services,” Syarein said. Since its introduction in 2005, the online system has allowed taxpayers to save a lot of time and money. Human error would also be minimised.

(Image: The Star)

Syarein also added that taxpayers need to make sure the information provided is accurate to aid the refunding process. Another factor that might hinder the process is when there is a need for further review by audit and investigation.

Taxpayers will receive their tax refund within 30 days after filing it online while it takes as long as 90 days for manual tax filing.

(Source:
The Star
)

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Remember Where You Sign Your Name to Keep Better Track of Your Debt

You might think that it’s not easy to forget growing debt, but these payments you owe or of which you are liable can suddenly creep up on you. Here are some responsibilities that are all too easy to lose track of:

1. Vehicle Transfers

If you didn’t see a transfer through to the end and relied on the reassigned to make payments regularly, don’t be surprised if you find that the loan account is in arrears. In addition, you may also see traffic summons of which you aren’t responsible, listed in your name.

2. Utility Services Signed For Friends or Relatives

When people are blacklisted or not of age, they may not be allowed to apply for certain utilities or subscriptions. If you’ve helped someone sign up with your good name, be sure that the payments are up-to-date because you will be liable in the event of non-payment.

3. Supplementary Credit Cards

You are liable for the charges on a supplementary credit card, even if you aren’t the one who racked it up. Do check credit card statements regularly and consider setting a lower limit to one you can afford. This way you’ll have some control over the amounts charged to the card. Still, finance charges and ensuing debt can accumulate if these bills aren’t cleared.

4. Inactive Bank Accounts

Dormant accounts that you never bothered to close and which are accumulating in maintenance fees does not bode well for your credit status as it will represent a debt. Even though the fees are teeny, the amount needs to be cleared in addition to closing or reactivating the account.

5. Loans Guaranteed Or Taken Out For Someone Else

As a rule of thumb, only guarantee a loan if you can actually pay it all back – because you will be liable for the balance owed should the borrower fail to make repayments. If you can’t repay the loan, your financial reputation will be sullied and getting new financing will be rather difficult if not impossible.

6. Old Subscriptions You Forgot To Cancel

This is likely to happen with people who move often between rental homes; it might slip their minds to cancel or terminate the services they’ve subscribed (e.g. internet or satellite TV). But the bill will keep accumulating for some time until the service is cancelled and after which; late, admin, and legal fees may pile on. Eventually, service providers may report your case to a credit reporting agency (
CTOS
) where it can stay on file indefinitely.

Staying On Track

Take control of your financial affairs by first getting a copy of your credit report such as a
CTOS
 report, which will list non-bank debt, legal cases and other reports that relate to your name. Be sure to clear any owed amounts and settle disputes, if any.

You’ll also need to make a habit of filing the copies of any documents you sign – keep these on hand for review. More importantly, remember to actively monitor all debt under your name. To do this, you should formulate a list and follow up with the persons you are helping. Do also consider asking for proof-of-payment as well.

If you are struggling with credit card debt, check out this
article
 for tips on how to clear it off. In addition, you might want to consider applying for a
balance transfer
 to reduce the amount of interests you are paying with your existing card or to consolidate several debts.

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4 Clothing Fixes You Can Do Yourself to Save Money

One way to keep our daily expenses low by trying to do more DIY fixes and repairs, and this includes our own clothing as well. You’ll be surprised how easy it is to modify and repair your wardrobe, without having to run to your neighbourhood tailor in a panic.

What You Need

The first requirement is a beginner’s sewing kit. You can find them easily at any haberdashery or supermarket shelves. They usually contain a set of needles of all sizes, threads of various colours and other small pieces like thimbles and a small pair of scissors.

The only thing you really need to know is how to thread a needle and how to knot one end, and you’re well on your way to becoming you own best needle worker. To begin, here are some things you can get started on:

Sewing Your Own Buttons

This is probably one of the easiest repairs you can do and you can almost never go wrong. WikiHow has a
step by step guide
 on how you can sew a two holed and a four holed button with ease. Don’t worry if it doesn’t look perfect, as long as the button sticks on firmly, you’ve done your job.

Shortening Your Pants

Hemming up long pants can be
done by hand
 and doesn’t need you to have a sewing machine. All you have to do is first wear the pants and mark the line where you want the pants to end.

Then take it off and turn your pants inside out, folding the hem up to line that you marked. After that you can press it with an iron and use any type sewing technique to affix it to the main leg portion.

Fixing a Broken Zipper

Malfunctioning zippers are probably the most common thing that can go wrong on any piece of clothing and a lot of times it’s really not your fault as the zipper undergoes its natural wear and tear.

The only challenge when replacing your own zipper is of course finding one that is exactly the same length and one that is extremely sturdy and firm. But once you have it, sewing it back on is a pretty
straightforward procedure
.

Suturing a Ripped Seam

A ripped seam can happen anywhere, but more commonly in the underarm area and near the crotch. Usually an easy
back sew
 will fix it. Just make sure that you use any frayed ends of thread and tie them or sew them down onto the fabric.

For you ladies out there who want great savings during your clothes shopping sessions, don’t forget to check out our guide on
Money Saving Clothes Shopping Tips for Women
 to keep your shopping bill light and easy.

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Michelle Chee

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Why Malaysians Should Think About Making Money Overseas

The Internet has made it possible for just about anyone to get in on international online business opportunities without actually leaving the country – and without having to spend too much on operational costs.

But what we really like about having an intentional online business is the potential to export our skills, expertise, or ideas and earn in higher foreign currencies. Earning in USD or GBP can help net a larger profit for the same amount and quality of work you would do locally, so why not go for it?

Here are some business ideas where you could earn in foreign currency without ever leaving the country:

Selling Local Goods

Don’t look down on our local goods! Authentic Asian crafts, clothes, foods, and other items have a certain appeal to the foreign market, so why not take advantage of it? Start by doing a research on what local goods would be best received by your intended target market, and you can source the products locally and sell them online at a greater profit margin.

For example,
Penang’s MyKuali Penang White Curry Noodle was dubbed as the best instant noodle among the US bloggers in 2014
. If you can find products with similar reputation and market demand, start selling them online and reap the profits!

The good thing about selling online is that if you are shrewd, you won’t have to keep stock on hand (a method known as ‘dropshipping’) or spend much to get your business going. The process of selling online to an international market can be rather easy. For starters, all you have to do is put your product up for sale on popular international online marketplaces like
eBay
,
Etsy
, and
Alibaba
. You can even sell on social media sites like Facebook and Instagram to a global target market or set up your own online store with
Shopify
.

Writing eBooks

If you can write well and have always aspired to write the next great novel (or any type of book for that matter), consider writing and self-publishing in an electronic format.

Amateurs and pros alike have found an audience through publishing sites and aggregators (distributors) like Amazon, Smashwords, Nook Press , Kobo, and many others.

These sites pay royalties from book sales at a rate ranging from 35% to 70%. The best part is that you can still keep your day job and earn a passive income in foreign currencies!

That being said, do watch out for scam publishers who would charge charge you then fleece you out of your money and even publishing rights. These book thieves have even been known to pop-up on reputable sites. So be sure to research and review the publisher before handing over your ideas, manuscript, money, and your rights!

Freelance Sites

One of the easier ways to earn online in foreign currencies is to sign up with freelance sites like fiverr, Upwork and Peopleperhour. But when we say easier, we don’t mean that you’ll gain a ton of clients and become rich overnight. It’s easy in a sense that you will have access to a ready stream of opportunities, where all you have to do is apply and provide your best work when you win a bid.

That way, you can steadily build a strong portfolio and then who knows? You might be able to start charging more for your works or even start your very own international digital business!

You can find all sorts of freelance opportunities that allow you to work from home such as creating presentations, writing articles, graphic design, animation, website programming, and even text translations. Just remember to watch out for unscrupulous sites that may charge hefty commissions or withhold payments from you.

Online Marketing

If you have interesting content to share (i.e. videos, pictures, articles and the like), you can make money though ad revenues and marketing. For instance, YouTube has a strong ad revenue program that will help you monetise your content or earn from the YouTube Red subscription service.

You can also earn through other marketing activities such as sponsored posts on your page or commissions from social media sites like Facebook, Instagram and Twitter for being an influencer for a foreign brand.

Of course, these types of earnings won’t come through overnight and you will have to work at it but the potential is certainly there especially if you already are a social media whiz!

A Word Of Caution

When doing business with overseas companies and earning in foreign currencies, you’ll need to take note of Malaysia’s tax treaties with the country in question. Hefty taxes can give your income a severe beating if you aren’t careful.

For instance, if you are doing business with a US-based company and earning US-sourced income by way of services, dividends, interests, royalties (earning from eBooks) and other payments, you may be charged a
withholding tax (to be paid for US taxes) of 30%
.

In some cases, you might be able to claim a tax credit to avoid double taxation (being taxed twice for the same income) and reduce some of your tax costs. If dealing with taxes is too much of a hassle for you, consider only working with countries where we have tax treaties such as
Singapore
, the
United Kingdom
 and
Canada
.

Once you start making all that mad cash, grow it by saving up in a high interest Fixed Deposit account. Check out our
comparison page
 to find an account with the best terms and rates for your money!

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Desiree Nair

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GrabUnlimited Deep Dive - Is It Too Good To Be True?

Pay RM0.01 and get over RM300 in savings? That’s definitely something you’d flag as too good to be true, isn’t it? After a beta run in several cities for an introductory price of 99 sen per month and RM7.90 subsequently, the new GrabUnlimited subscription plan is now being offered for an introductory price of just 1 sen for new users and a new price of RM4.90 thereafter, while still promising the same potential savings of over RM300 each month.

After saving hundreds of Ringgit during Christmas using PayLater by Grab, we wanted to know if GrabUnlimited was indeed a plan that’s too good to be true – after all, you would be saving more than the cost of the subscription
from your first GrabFood order
, and everything else after that means pure savings!

How Much Savings Does GrabUnlimited Offer?

Let’s first start by checking out the updated plan itself. Grab has been tweaking the subscription plan and for April, Grab updated its GrabUnlimited plan to be more affordable, and includes two types of vouchers: promotions of the month, and the standard subscription vouchers. For 1 sen in the first month (for new users) and RM4.90 for subsequent months, you get:

4x 50% off GrabFood & free delivery vouchers (minimum spend RM20, capped at RM8.50; free delivery up to RM3 auto-applied; not applicable from 4.30-7:59 pm)
6x 38% off GrabFood & free delivery vouchers (minimum spend RM25, capped at RM7.50; free delivery up to RM3 auto-applied; applicable all day)
50x RM3 off GrabFood delivery
10x RM3 off GrabMart delivery
10x 15% off GrabFood self-pickup (capped at RM12 per order with no minimum spend)
1x RM5 off Grab ride from any Malaysian airport

Totaling up the voucher values, you do indeed get a maximum savings of over RM300 – in fact, the total comes up to RM369. For 1 sen or RM4.90 per month, we can already hear you say…

But What’s The Catch?

Honestly, there aren’t any major red flags. We checked the T&Cs and shared the most important ones in the voucher descriptions above, and the other stipulations we found were minor ones. For example, the well-loved HOTDEALS feature is now exclusive only to GrabUnlimited subscribers – and the discounts are slightly lower from before. The max discount used to be RM12.50 with a minimum spend of RM25, and now the max discount is RM11.50 (RM8.50 + RM3 delivery) but with a lower minimum spend of RM20 as well, so this isn’t too big of a trade-off.

Despite this, even with the “normal’ subscription fee of RM4.90 per month, you still save money from your very first GrabFood order (if you order from the HOTDEALS merchants). Every order made after with any GrabUnlimited voucher is pure savings – so regardless of whether you are a heavy GrabFood user or just an occasional one, you would enjoy instant savings…it’s just a question of
how much savings
 (which is naturally dependent on how much you order)
.

At the same time, the huge amount of free delivery vouchers you get also serves as an incentive to make a GrabFood order to satisfy your supper or snack cravings if you’re feeling lazy to run out to the store and grab a cup of boba or coffee. Each free delivery voucher is capped at RM3, which is just enough to fully cover the fee for shops around your neighbourhood; anything further will result in a reduced delivery fee (instead of “free”). So if something you really wanted to order in the past had a high delivery fee (because it was far away), the more affordable delivery could just do the trick.

So while it is true that you will be saving money by subscribing to GrabUnlimited, you’ll also be incentivised to spend more and essentially keep the ecosystem moving. By spending more on GrabFood merchants, businesses get more business through GrabFood – and of course, Grab also earns from commissions to its merchants, allowing Grab to continue funding promotions like GrabUnlimited.

Test Driving GrabUnlimited

Now that all businesses allow dine-ins and we are also able to move more freely, does something like GrabUnlimited still offer great value for the average Malaysian? Sure, you’d save money but at the same time it also tempts you into spending more…so we decided to test it out for ourselves.

As a WFH employee, I used to rely on GrabFood
a lot
 in 2021, but earlier this year my wife and I have been doing meal preps on the weekends as a way to save time during lunch breaks (and save some money along the way). With GrabUnlimited, it gives us the option to mix it up and diversify our lunchtime offerings (trust me, meal preps can get boring after a few days of eating the same thing – I hope she doesn’t read this!)

After two weeks, we used up the four high-value GrabFood & Free Delivery vouchers for some lunches and one 38% GrabFood & Free Delivery voucher for an impromptu supper snack. And being “smart GrabFood users”, we of course made sure each order was as close to the minimum spend amount as possible to maximise savings. During this two-week period, we saved a total of RM60.50 (well, RM60.49 considering the 1 sen subscription price). Even if we took into account the RM4.90 subscription price, we’d still have saved RM55.60 – more than ten times the amount paid. I must say though, the RM3 free delivery vouchers definitely tempted us to spend on our neighbourhood
makan
 spots whenever we felt peckish!

On a side note, a friend told me how his colleagues use GrabUnlimited to subsidise their weekly “Boba Thursdays” session. On average, each week’s order can come up to 8-10 cups, and with some creative splitting of orders, GrabUnlimited helps them save the equivalent of three to four cups each week. With each colleague owning their own GrabUnlimited subscription, the vouchers easily covered everyone’s orders for the entire month – in March alone the savings was close to RM200!

Is It Even Sustainable?

(Image: Bloomberg)

By now we’ve established that you’ll be saving quite a bit of money with GrabUnlimited, and because of that, it makes you question just how sustainable this model is. Over the past few months, we’ve seen Grab tweaking the subscription prices and vouchers a number of times, so it’s probably fair to say that Grab is also looking for the best formula that makes GrabUnlimited a sustainable feature for the business that’s also beneficial for their users.

Our theory is that there will be users who will not fully make use of the vouchers at their disposal. Conversely, those who maximise GrabUnlimited and aim for RM369 savings each month will also help Grab, as this also means more earning opportunities for their riders and orders for businesses (and thus keeping the ecosystem healthy).

Ultimately, Grab is aiming for a large enough subscriber base and a subscription offering that strikes the perfect balance between consumer incentivisation, earnings for partners, and business sustainability – so don’t be surprised if Grab further tweaks GrabUnlimited prices and voucher offerings in the future.

For now though, at just 1 sen and RM4.90 after, it’s definitely worth spending the nominal fee for GrabUnlimited – it simply makes sense regardless if you’re a heavy GrabFood user or not. You can always cancel your subscription and resubscribe without any penalty or fees before the next billing date. If you decide to cancel the plan and not renew the subscription, you can always repurchase it at RM4.90 whenever you need it.

Plus, now that it’s still the Ramadhan season, it’s probably the best time to explore
GrabUnlimited
!

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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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    San

    1 year ago

Since 1st July 2022, there has been a significant change to points earned for GrabUnlimited. With only 1.5 multiplier, one benefits from GrabUnlimited at the expense of maintaining ones tier as reward points target is more difficult to achieve.

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EPF Delivers Competitive Returns Amid Tough Investment Climate In 2022, Reaffirms Focus To Rebuild Members' Savings

Declares 5.35% dividend for Simpanan Konvensional and 4.75% for Simpanan Shariah, with total payout of RM51.14 billion

Payout to benefit more than 15 million EPF members

KWASA DAMANSARA, 4 March 2023: The Employees Provident Fund (EPF) Board today announced a dividend rate of 5.35% for Simpanan Konvensional, with a total payout of RM45.44 billion; and 4.75% for Simpanan Shariah, with a total payout of RM5.70 billion, bringing total payout amount for 2022 to RM51.14 billion.

As at 31 December 2022, the EPF recorded a lower total gross investment income of RM55.33 billion, compared to RM68.89 billion in 2021, driven by high market volatility and lower valuations across equity and fixed income markets.

EPF Chairman Tan Sri Ahmad Badri Mohd Zahir said, “Alhamdulillah, despite the persistent global market downturn in 2022, the EPF investment portfolio maintained its resilience and responded with minimal impact. This was largely due to our overarching strategy that emphasises long term sustainability of investments and returns, in line with the EPF’s Strategic Asset Allocation (SAA). The EPF’s well diversified portfolio and healthy liquidity helped to reduce risk and enabled the fund to maintain investment assets at above RM1.00 trillion and deliver respectable dividend rates for 2022.

“The RM51.14 billion payout will benefit more than 15 million EPF members, which include members from the informal sector who are registered under i-Saraan, an incentive-based voluntary contribution programme. We believe that our members’ retirement savings will benefit from the dividend and our consistent performance, especially when viewed from a long-term perspective. Notwithstanding the economic situation, we will continue to prioritise the long-term success of our investment portfolio and the rebuilding of our members’ retirement savings,” he added.

The financial year 2022 was marked by both slower global growth and high inflation rates, compounded by the tightening of monetary policies by major central banks to reel in inflationary pressure. Fixed income markets did not fare well as bond indices posted negative returns for the year, largely attributed to elevated yields following continued US Federal Reserve rate hikes. Geopolitical instability was also a major factor in driving market gyrations, with the Russian invasion of Ukraine causing a major dislocation in commodity prices, compounded by sabre rattling between the US and China.

The year also saw major global equity benchmark indices wrapping up their worst annual performance since 2008, falling between 20% to over 30% during the year. On the domestic front, the FBM KLCI closed the year 5% lower year-on-year at around the 1,495-point level.

The bearish market performance had weighed on the EPF’s earnings generation from equities, which continued to be the EPF’s main income contributor.

Tan Sri Ahmad Badri said notwithstanding the weak performance of the equity markets, not all sectors were affected as some, such as energy, plantation, financial services, and consumer staples, fared reasonably well compared to other sectors. The EPF’s diversification strategy across different sectors and geographies has been effective in capitalising on profit opportunities and generating returns.

The EPF’s SAA, paired with robust liquidity and risk management measures, provides a framework that guides and cushions the fund against difficult conditions, allowing it to deliver the results for 2022.

The EPF’s success in delivering stable and commendable dividends, which consistently surpasses that of other domestic funds, has been instrumental in solidifying its reputation as one of the country’s top institutional investors. This has also contributed to members’ savings, ultimately translating into greater financial security for members’ retirement years.

“Our commitment to building our members’ savings has been the driving force behind our continued success, and we remain steadfast in our dedication to delivering superior dividends and securing our members’ financial futures,” said Tan Sri Ahmad Badri.

Building resilience amidst economic challenges

Growth in the emerging markets and developing economies is expected to decelerate from 3.8% in 2022 to 2.7% in 2023, reflecting weaker external demand compounded by high inflation rates, tighter financing policies by central banks, and other domestic and geopolitical headwinds.

Tan Sri Ahmad Badri said, “We anticipate that the 2023 investment climate will continue to be challenging in the short and medium term. The continuing uncertainty underscores the need for a thoughtful approach that focuses on building resilience while aligning with EPF’s longterm investment objectives in accordance with our Strategic Asset Allocation.”

*****

The crediting of the dividends for both Simpanan Konvensional and Simpanan Shariah will be completed on Saturday, 4 March 2023. Members may check their accounts via i-Akaun or get their statement from EPF’s Self-Service Terminal (SST) nationwide.

Please click
here to view the full report.

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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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    Jayaram Krishna

    6 months ago

The distributable income is paid proportional to contributors funds. but contributors funds has also reduced following the heavy withdrawals. Can it be obtained the contributors fund for 2021 and 2022 and determine distributable income per unit of contributors funds for both years.

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New TNG GO+ Investment Feature Rolls Out To Some Users, Offers Returns Calculated Daily

UPDATE (26/3):
Now that we’ve received the update ourselves, we’ve done
a deep-dive into the new GO+ feature
.

Since the start of the week, the Touch ‘n Go (TNG) eWallet app has been hinting at the upcoming launch of a new investment feature by the name of GO+ with a countdown timer. Described simply as a feature that lets your eWallet balance make money, it is set to be officially unveiled on 29 March 2021 (next Monday!). However, some users appear to have the feature already enabled on their app.

Screenshots of the new feature have also appeared online, and all users will also be able to find a comprehensive FAQ on GO+ on their apps right now.

The screenshot above is among several circulating online, revealing the key benefit of GO+: the ability to use your TNG eWallet credit to invest and earn returns via a low-risk money market fund. Based on the screenshot, the indicative return rate is at 1.35% p.a. – though this will fluctuate based on market conditions. At the current rate, it is slightly lower than the
1-month FD board rates
, but returns are also calculated on a daily basis and credited into the user’s account the next day.

The
FAQ
 reveals that the underlying fund for GO+ is Principal e-Cash, a money market fund managed by Principal Asset Management Berhad that aims to “provide investors with liquidity and income”. The feature is only available to verified TNG eWallet accounts who are Malaysians aged 18 years and above.

TNG Digital appears to have managed the liquidity aspect very well, where the minimum investment amount required is just RM10. On top of that, you can also cash out of the investment anytime to either your TNG eWallet or a registered bank account. Another cool feature is being able to tap into your GO+ balance to make payments if your TNG eWallet balance is insufficient.

More information about the new feature is expected to be announced on the 29th of March, where the company will be holding a launch event. In the media invite, GO+ was described as a feature that makes it “more convenient for Malaysians to earn more and spend their investment returns seamlessly”.

The launch of GO+ was widely expected after gaining a
conditional approval from the Securities Commission (SC)
 to operate as a recognised market operator (RMO). This enables the e-wallet to directly distribute capital market products to the public without having to go through third-party applications. Aside from that, TNG Digital – which operates TNG eWallet – had also earlier announced its partnership with Principal Asset Management to launch the
Principal e-Cash Fund, Malaysia’s first e-wallet investment solution
.

We will be covering more on TNG eWallet’s GO+ feature when it is officially launched in a few days, so stay tuned!

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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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    Furhan

    2 years ago

As a TNGO e Wallet user, the most important things went it comes to investment portfolio is that , the whole investment portfolio MUST  Syariah Compliance..It is compulsory..if not..just forget it

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    Cassy

    2 years ago

Is there any fee to pay for management or withdrawer etc?

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    H.P. Looi

    2 years ago

“Investment” is the rubric. But how practical it will be as “investment” if (as most people) will be using go+ as just another current /liquid account with funds <RM100K is anybody guess. OK serious investor with at least more than RM100K, can compare with other funds e.g. trusts, stock portfolios etc. The part about easy transfer between TnG wallet & your bank account is trivial.

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    hsiangaun

    2 years ago

Bank interest rate is 1.5% to 2%, TNG+ only 1.45%, TNG+ take you money and put in bank for 2%，then return you 1.45%, who is making profit ?

4

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    Anonymous

    2 years ago

    Reply to

        hsiangaun

Well bank’s interest is 2% ANNUALLY, compared to 1.45% DAILY, well…..

3

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    Andrew Ho

    1 year ago

    Reply to

        Anonymous

Not daily, it is 1.45 annually but spilt it up and return in daily, so basically your 1.45% interest will be spilted into 365 parts and return to you daily.

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Malaysia Unemployment Rate Drops Slightly To 4.8% In February 2021

(Image: Hari Anggara/Malay Mail)

The unemployment rate in Malaysia has decreased slightly to 4.8% in February 2021 from 4.9% in January. According to the Department of Statistics Malaysia, the number of unemployed persons has reduced by 5,000 or 0.6% from 782,500 persons in January to 777,500 persons.

“Those who were unemployed for less than three months accounted for 50.6% of the actively unemployed, while 11.3% of actively unemployed were in long-term unemployment of more than a year,” said Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin.

The number of actively unemployed persons or persons available for work who were actively looking for jobs has decreased by 9,800 to 647,400 in February from 657,200 the month before. Similarly, employed persons who were temporarily not working in February had reduced to 150,800 persons  compared with 158,900 persons in January.

Meanwhile, the number of employed persons has risen 33,300 month-on-month to 15.27 million in February, maintaining the upward trend for three consecutive months now. “Number of employed persons in the manufacturing and construction sectors stayed positive whereas the agriculture, as well as mining and quarrying sectors, recorded a reduction,” Mohd Uzir said. He added that the number of employed persons in the services sector continuously increased while the tourism industry remained in a decline.

Overall, Mohd Uzir said that in spite of the extension of the Movement Control Order (MCO) and continued inter-state travel restriction, things were gradually improving since early March 2021. With the primary and pre-primary education sectors having reopened alongside the resumption of other economic activities since February, this is expected to encourage more demand in the economy and have a positive effect on the labour market.

(Source:
The Sun Daily
)

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Jacie Tan

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Finance Minister: Inappropriate To Introduce New Taxes Now, Including GST

Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz has said that the government will not introduce new taxes for now, including the Goods and Services Tax (GST). Instead, it will focus on revitalising the economy and assisting the public following the challenges triggered by the Covid-19 pandemic.

“The government will study all types of taxes in order to fill the country’s coffers. But the timing in doing so is also important. We believe that our economy is just into its recovery. It is not the right time to introduce any new tax or any change in taxes. The focus should be on revitalising the economy,” said Tengku Zafrul, adding that the
PEMERKASA stimulus package
 is one of the initiatives that will aid the nation’s economy in its recovery.

(Image: The Edge Markets)

For context, Malaysia saw a
contraction of 5.6% in its gross domestic product (GDP)
 last year – recorded as the worst fall since the Asian Financial Crisis in 1998. The economy shrank by a higher 3.4% in the fourth quarter of 2020 with the Covid-19 resurgence, compared to the
contraction of 2.7% in Q3
, which contributed to the dip in GDP. Meanwhile, the growth forecast for 2021 is set at 6.5% to 7.5%, with the fiscal deficit target at 5.8%.

“So, we can see our revenue will increase slightly (this year) compared to last year,” commented Tengku Zafrul. He also said that the government will look for efficient ways to have taxes help lift the government’s revenue after the economy has recovered.

(Source:
The Star
,
The Sun Daily
)

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Tengku Zafrul Abdul Aziz

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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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Alliance Bank Campaign Offers 150,000 Enrich Points, RM100 TNG eWallet PINs To Be Won

Alliance Bank is currently running its Fly High With Alliance Bank Visa Credit Cards campaign, allowing eligible Visa credit cardholders the chance to win 150,000 Enrich Points or RM100 Touch ‘n Go (TNG) eWallet reload PINs. Set to continue until 30 September 2023, the campaign requires you to spend and earn a minimum number of entries as quickly as possible in order to win the prizes.

Specifically, the campaign ranks its two rewards – 150,000 Enrich Points and RM100 TNG eWallet reload PINs – as Tier 1 and Tier 2 prizes, respectively. To win the Tier 1 prize, simply spend a specified amount and become one of the first three persons in a campaign month to earn a minimum of 8x entries. Once you meet the requirement, you’ll win yourself 150,000 Enrich Points (per person). In other words, this campaign is ultimately a competition of speed.

Meanwhile, Tier 2 prizes will be awarded to subsequent cardholders who have also earned entries. These rewards – capped at 500 winners per month – are also provided on a first-come first-served basis.

Here’s a table to summarise the key details of this campaign:

Tier
Rewards
Eligibility to win
Number of winners
1
150,000 Enrich Points (sufficient for return flights to destinations such as the UK, Australia, Japan, and Korea)
First three cardholders to earn minimum 8x entries
– 3 winners per month
– 18 winners throughout whole campaign period
2
RM100 TNG eWallet reload PINs
Subsequent cardholders who have also earned entries
– 500 winners per month
– 3,000 winners throughout whole campaign period

Note that each cardholder is allowed to win only one Tier 1 prize throughout the whole campaign period. Meanwhile, you may win up to six Tier 2 prizes during the entire campaign (one prize per campaign month, ultimately netting you a total of RM600 TNG eWallet credit).

If you’re interested in participating, here’s how you can start collecting entries:

1x entry
: Spend a total of RM500 on retail transactions in a month

3x entries
: Spend a total of RM500 on travel-related and overseas transactions in a month

Do also be aware that transactions such as insurance payments, e-wallet top-ups and payments made to government agencies do not qualify as eligible transactions.

If you do manage to win prizes, Alliance Bank said that the rewards will be credited to you within three months after the end of the campaign spend period. Tier 1 winners must also make sure that they have an active Enrich account so that the Enrich Points can be credited straight into their accounts.

Finally, no registration is necessary in order to participate in this campaign. You will only need to make a minimum cumulative spend of at least RM500 per month on retail, travel-related, or foreign transactions via your Alliance Bank Visa credit cards to be automatically enrolled.

(Source:
Alliance Bank
)

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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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