Unbox Exceptional Rewards Like iPhone 14 Pro Max, RM5000 Cash via DuitNow & Guaranteed RM800 TNG Credit

As we stride into the latter half of 2023, an array of thrilling rewards awaits you! Thinking about applying for a new credit card? Make your move with ‘Unbox This Week’, and elevate your experience with our exclusive sign-up gifts. A rewarding adventure is just an application away!

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

From 17 July to 24 July, our featured bank partners are

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

Standard Chartered – iPhone 14 Pro Max

Stand a chance to own the latest Apple marvel – the iPhone 14 Pro Max!

Picture yourself experiencing the latest iPhone’s cutting-edge A16 Bionic chip, along with its Super Retina XDR display and 48MP Main camera. The vivid visuals and breathtaking camera quality will certainly amplify your everyday life with an elevated smartphone experience.

Even if you don’t score the iPhone, rest assured that you’re guaranteed the 2nd Gen AirPods, which will offer you an immersive and high-quality listening experience.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

HSBC Bank – RM800 TNG eWallet Credit

Enjoy a guaranteed RM800 TNG eWallet Credit when you apply for HSBC Credit Cards! Let’s ease off your expenses for road tolls, meals, and your July utility bills. Alternatively, you can also buy your loved ones a surprise gift that they’ve been awaiting with this guaranteed reward!

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

UOB – SONOS RAY Soundbar

Score a chance to win the SONOS RAY Soundbar when you apply for a UOB credit card.

Experience the incredible acoustic clarity that the SONOS RAY Soundbar has to offer and transform your entertainment setup at home. Envision movie nights taken to new heights or your favourite songs resonating with a vibrancy you’ve never experienced before!

You’ll still be able to take home a guaranteed RM300 Touch ‘n Go eWallet Credit if you don’t take home the SONOS RAY Soundbar.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – RM5000 Cash via DuitNow

Apply for an RHB Credit Card this week, and you might just take home a whopping RM5000 Cash via DuitNow!

Unlock the possibilities of what an extra RM5000 can do in your life. Think about the financial freedom and flexibility that could go towards either investing in your future, paying off a small chunk of your mortgage, ticking off bucket-list experiences, or simply indulging in some well-deserved shopping spree for you and your loved ones.

For those who are not selected, you will still walk away with a guaranteed RM500 Touch n’ Go eWallet Credit.

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

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

Apply for a new Alliance Bank Credit Card and enjoy the Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai Dash Cam Smart 1S for your everyday use!

For those opting for an Alliance Credit Card with Balance Transfer, you’ll welcome the Xiaomi Mijia Water Dispenser C1 into your home. This water dispenser allows you to make a cup of hot coffee, cook up instant noodles, or any refreshing drinks from the different temperatures of water it dispenses with a single push of a button. It’s not just about having immediate access to hot or cold water; it’s about bringing a new level of simplicity to your everyday life.

Meanwhile, applicants choosing an Alliance Credit Card without Balance Transfer are set to receive the reliable Xiaomi 70mai Smart Dash Cam 1S. This advanced device will be your vigilant co-pilot, recording high-quality on-the-road footage, lending you confidence, and standing by you in times of need.

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

Public Bank – Xiaomi 70mai Smart Dash Cam 1S 1080p

Get a guaranteed Xiaomi 70mai Smart Dash Cam 1S 1080p when you apply for a Public Bank Credit Card!

The Xiaomi 70mai 1S Dash Cam 1080p isn’t just a piece of tech; it’s an extra pair of eyes on the road. With its 1080p high-definition quality, every crucial detail on your travels gets captured, from unexpected road incidents to beautiful roadside sceneries. It makes your drives safer and avoids any potential road disputes.

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

***

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

While this week’s flash deal ends on 24 July 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Jasen Lee

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HouzKEY Opens Doors To Your Dream Home With 100% Financing and Greater Savings

Workstation, yoga studio, movie theatre, sanctuary — over the past year, our homes had begun to wear many hats. Things we never used to think about in the past like having dedicated spaces for work and leisure might now have us reevaluating our living spaces as our homes become our sanctuary amidst the pandemic.

For some, this means needing a larger space in a safe environment, so looking into buying their own property is a priority. However, potential home buyers might put off buying a property due to concerns like getting adequate home financing and difficulty juggling both paying rent and financing a home while waiting for the construction of their property to complete.

If those concerns are what’s holding you back, why not check out Maybank Islamic HouzKEY that provides 100% home financing with no down payment required, no payment required during construction, one of the lowest monthly payment options, as well as other flexibilities that will help you own your dream home easily.

During the Covid-19 pandemic, many of our homes double as work spaces. This situation might have prompted some to realise the importance of having more space to themselves. The property market in the country recorded a
downtrend in overall asking prices
, declining by 1.79% year-on-year in the first quarter of 2021, according to PropertyGuru.

Given the strong buyers market currently, those eyeing a dream home whether as part of entering a new stage in life or simply to upgrade your family home can consider Maybank Islamic HouzKEY.

HouzKEY is available for selected projects in Kuala Lumpur, Selangor, Johor and Penang. As the property portfolio is constantly expanding with more developers and properties added across different locations, you can check out the website from time to time to view the latest list of properties to choose from. Visit
www.maybank2own.com
 to view the available projects and find out more.

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Chee Jo-Ey

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Astro To Offer Netflix Streaming Services On Its Platform

Astro and Netflix have announced a partnership that will see Netflix’s streaming services brought to the Astro platform.

“Astro customers will soon be able to enjoy seamless access to Netflix on their connected Ultra Boxes, first at launch, and on connected Ulti Boxes in the coming months, thanks to the exciting new features that integrate the renowned global streaming service onto Astro’s platform,” said the content providers in a joint statement.

As a result of this partnership, Astro and Netflix customers in Malaysia have the advantage of accessing Netflix through their Astro subscription, providing easy access for payment in a single bill.

(Image: The Malaysian Reserve)

According to Henry Tan, Group CEO of Astro, the partnership consolidates Astro’s position in offering the best streaming services alongside its own best-loved originals, vernacular signatures, live sports and, local blockbuster movies. “Our announcements to date will extend our leadership in delivering the best entertainment experience to Malaysians,” he said.

Tony Zameczkowski, Vice President for Business Development APAC, Netflix said, “From Hollywood films like Army of the Dead, to top series like La Casa de Papel from Spain, Lupin from France, and great Korean dramas like Vincenzo, we believe that great stories can come from anywhere and be loved everywhere. I’m thrilled that our partnership with Astro allows us to bring a world class multi-device entertainment experience to more Malaysians.”

Astro has not yet revealed when exactly this service will be available, stating only that further details on pricing, billing, and availability will be confirmed in the coming months. For now, customers can register their interest by leaving their details on the
Astro website
.

Just earlier this month, Astro had officially launched the
Disney+ Hotstar
 service as an additional feature of its Astro Movies Pack, with plans to make Disney+ Hotstar available on Ultra and Ulti boxes later in the year. Henry Tan had also previously revealed that the company has plans to build partnerships with up to
15 third-party streaming services
 over the next two years.

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Jacie Tan

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Grab Malaysia Rolls Out New GrabFood Dine-In Feature

Grab has introduced a new GrabFood feature called Dine-In for its Malaysian users, which is aimed at helping them to explore and discover restaurants that they can visit in their vicinity or in a particular area. It also comes with the ability to purchase discount vouchers ahead of time so that you can enjoy savings when dining at your chosen restaurants.

According to Grab, the Dine-In feature will let users quickly view a restaurant’s profile and key details, like its menu, opening hours, location, as well as ratings and reviews from other GrabFood users. It is also linked to the GrabRide function for convenience, so that you can book a ride to the restaurant directly from the eatery’s profile page when you’re ready to go, instead of having to navigate back to the main screen to do so.

Another perk provided via GrabFood Dine-In is the dine-in vouchers that you can purchase in advance to use at the restaurants that you aim to visit. Grab noted that depending on restaurants, these vouchers may offer up to 50% discount.

Of course, note that most of these vouchers will have some conditions to use, such as its validity period and time/days that it can be used – so be sure to check beforehand!

Additionally, Grab users tapping into the new GrabFood Dine-In feature are allowed to split their dining bills at restaurants into instalment payments via PayLater by Grab if they wish to. Aside from being able to enjoy payment flexibility, Grab is also currently running a campaign where you can get a RM15 discount at selected restaurants (or other stores) when you use the buy-now-pay-later (BNPL) payment option for in-store services. In fact, certain merchants may even let you to enjoy maximum savings by stacking your purchased dine-in vouchers along with the RM15 PayLater by Grab discount.

To access the GrabFood Dine-In feature, go ahead and tap on the GrabFood tile on your main screen. From there, simply select “Dine-In”, and you’re ready to explore nearby restaurants by entering your location. As you browse through the list of available restaurants around you (or in a preferred area), you can already purchase any preferred dine-in vouchers that appeal to you. If you do get a dine-in voucher to use at a particular restaurant, remember to inform the restaurant staff when you arrive so that they are aware.

Prior to rolling out GrabFood Dine-In in Malaysia, Grab had launched the pilot feature in Singapore earlier
in June 2023 as part of its beta test
. Grab said then that Dine-In was introduced because people are once again eating out, and the tech giant hopes to make it more convenient for users to discover new eateries around them, as well as bring in potential new sales to its merchant partners.

(Source:
Grab
)

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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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Should You Move out or Major Renovate Your Home?

When the discussion of the whole home ownership shebang crops into frame, it usually is accompanied by the need to fork out buckets of money for most related decisions.

Whether you’re moving into a newly owned home or opting to major renovate your current one, costs can poke through the roof in varying capacities, but the question here is, which one should you go for?

From experience, we have outlined a sensible guide to help you navigate through this painstaking process. It may vary from situations but it’ll certainly be of assistance in making your decision a little more informed.

#Moving Out Into a New Home

One may choose to move out from their current home due to an array of reasons, some of which include looking for better neighbourhood, job relocation and scoring a great home sale deal just to name a few.

But we all know of the effort involved in moving homes. Things like transporting household items like furniture and obtaining legal documents are just the tip of the iceberg.

Let’s now weigh out the pros and cons of moving out of your current place into a new one in comparison with the major renovation alternative, which we will delve into a little later.

Pros

1) A Ready-Made Solution

Much of renovation processes include communicating one’s idea to contractors and this opens up margin for pretty costly permanent errors or defects – like ones sustained by this writer’s home.

Conversely, you can thoroughly inspect a home that is on your radar to single out any structural defects and choose to buy one that adequately suits your standards because not all homes are perfect – even new ones.

However, having a ready-made solution makes it easier to move lock, stock and barrel without having to worry about possible refurbishing anomalies that major renovations are susceptible to.

2) Better Chances of Reselling

We’ve already established that tampering of a home’s primary structure can open up the possibility of damages. This could significantly reduce appeal or even worse, knock its value down tremendously if done poorly.

If one does not tamper with the primary structure of the home, its value remains locked from where it was about two minutes ago. In fact, it is highly likely that one can fetch a higher value from property appreciation, where it doubles up as a surefire investment – putting itself one up against renovation.

A renovation could up the value of your home incredibly but it sort of locks you down to living in just that home. But we’ll explain why it may be difficult to get an almost perfect job done a little later.

3) New & Fresh Environment

As mentioned above, some may be on the market for greener pastures. This means that they are looking for a new neighbourhood that could have better accessibility and lower crime rates, for example.

If one chooses to renovate their current home, they would have to put up with all standing problems which could include stagnant surrounding development and high-rise constructions, which can be very tacky affairs to deal with.

Cons

1) Cost of Transporting Household Items and Hassle

Moving out of a home requires transporting almost all of its items, big or small, like furniture, refrigerator, bed frames, air-conditioning compressors and a whole lot more.

Trucks that provide transporting services don’t come cheap and can double or triple your costs depending on the capacity of your household belongings and distance. The only consolation is you get to clean out old clutter you could do without anyways.

We’ll clue you in on how you could cut costs with this if you’re planning a major renovation a little later.

2) Larger Spend on Home Purchase

Compared to a major renovation, an entirely new home purchase requires bigger pools of cash to support the big move – most of which goes toward making the down payment as well as possibly larger monthly installments.

Let’s assume you are moving into a bigger home that’s way more expensive than your current one, this would require a larger allocation of 10% on down payment and you start paying your loan from scratch, while renovations are a little more flexible to suit your desires and finances alike.

3) Lengthy & Cumbersome Securing Process

The entire length of securing a new home can be a grueling undertaking. It requires a tonne of official paperwork, visits to the bank, and of course more money.

While renovations only require you to deal with the contractor (he will sort out not all, but most of the stuff for you), purchasing a home requires legal documents that require you to be credit eligible for the home loan at the time of application. If you happen to be out of a job, this may be hampering news to you.

#Major Renovating Your Current Home

A renovation would be an indicator that one is content enough with their current home to spend a little extra for comfort.

These renovations may come in the form of tearing walls down for larger rooms, adding a balcony, sprucing up the kitchen or even giving the entire home a complete makeover.

Compared to the option of moving out into a completely new home, renovations too have their ups and downs – let’s take a closer look at what they are.

Pros

1) Zero Transportation Hassle & Costs

The only reason a transport vehicle is needed when moving houses is probably the distance and volume of items required to travel that distance. Moving houses also means that they’re being transported for good.

In the case of renovations, even a complete makeover would only require one to move stuff around the house as it is being completed in parts. Bedrooms are also interchangeable in the same way during renovation based on prior discussions with the contractor.

If you’re worried about your personal belongings, lock them up in your room and inform the contractor about it. A lead worker could be appointed by request to prevent break-ins or any wrongdoing by other workers.

2) Freedom to Customize Renovation Design

When moving into a new place, one either has to be content with the current layout of the structure or choose to spend more by renovating the odd space before wholly moving in.

Major renovations give you the option of swelling up certain spaces that aren’t up to par with the rest of the home. Take the kitchen for example, or a toilet – they both can be individually customised to your individual designs that can look worlds apart and yet seem perfect to you.

3) You Get to Stay Put!

For some, neighbourhood and location mean the absolute world as it affects their childrens’ growth and long-term family plans. You don’t even have to make contingencies to change your routes to work or school for the kids. Let’s not even get to the friends you will be missing!

Giving up all these blessings can be a hard pill to swallow if one chooses to move out, but it isn’t necessary with renovations. You get to keep the company of good neighbours and all its awesome surroundings too.

Cons

1) Temporary State of Inconvenience

While it is almost unnecessary to move out of the home even for complete renovations (unless the contractor says so), its entailing pitfalls certainly cause a considerable amount of inconvenience to the dwellers.

You would have to live in the mess for as long as it takes for the renovation to complete, which means to put up with a lot of dust and drilling during the day – even on weekends! Yikes. The other option is to rent out temporarily, but it’ll set you back in costs.

2) Encounter New-Old Problems with the House

If your contractor starts tearing down walls and non-support beams, there’s a chance he might run in to an old problem or cause a new one that needs fixing in the future. This of course needs more money and may consume time if serious.

Contractors can sometimes withhold this information from you and charge you willy nilly for the odd problem, like a broken pipe or roof lining. But hey, if it does fix a niggling problem, they should go right ahead, no?

3) Possible Property Devaluation

It is almost impossible to acquire the services of a contractor that is able to replicate the make of the original structure. This difference is apparent in bricks, cement consistency and supporting foundation.

Renovated homes have disintegrated foundations from the house’s original footprint and this tends to move a little off over time, causing hairline cracks and defects that can cause major devaluation. All of which could be repaired with more expensive fix-ups.

Other defects like ill-matching additions and add-on designs that stick out like sore thumbs also happen to have that same effect on the value of your home, except this will cost a whole lot more to bring back its original value.

#The Decision

There certainly isn’t one size that will fit all. That said, it is entirely up to you to weigh out these advantages and disadvantages with other factors like personal preference and financial capabilities.

If you were thinking of getting a new place, do check out our nifty little
home loan calculator
 to find a home that fits you. Alternatively, if you were going down the major renovation route, perhaps a
personal loan
 may take the heat off your finances.

Whatever your choice is, rest assured you are now equipped with the necessary information to cover most loopholes in your big move because situations may vary. All that’s left to do is to wish you good luck!

Have you been in a situation described in the above narrative? Tell us your experience in the comments section below – we’d all love to hear from you!

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Austin Victor

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Razer Pay Is Shutting Down On 30 September

Razer has announced that it is shutting down its Razer Pay e-wallet come 30 September 2021, although it did not mention any specific reasons for this decision. The termination applies to its services in both Malaysia and Singapore.

In announcing the closure, the service provider thanked its users for supporting Razer Pay, which had apparently been a beta project since it was launched. “Since the launch of the beta, we have been able to test-bed multiple innovative products and features with the valuable feedback provided by our users and partners,” it said.

Following this announcement, Razer Pay users can choose to either finish up their remaining e-wallet credit via payments by 31 August 2021 or withdraw the credit balance and close their accounts. Additionally, the top-up and peer-to-peer transfer functions will cease to work after today (6 August 2021).

“With the end of the beta, we are committed to ensure that all account withdrawal and closure processes are user-friendly and compliant with regulations. We look forward to innovating more solutions in the future for our community,” Razer said in its notice.

For Malaysian users who wish to withdraw their credit balance, tap on the “Withdraw” tab in the app, followed by “Cash Out”. You’ll then be prompted to carry out some additional steps to complete the withdrawal. Once done, the balance will be transferred to your preferred bank account within five business days.

Do note, though, that the above steps must be done before 30 September 2021. If you happen to miss the deadline and would like to cash out your funds after 30 September, you can reach out to Razer Pay’s customer support via
an online form
 instead. But with almost two whole months of lead time, it’s best to do so before the end of the closing date.

Meanwhile, individuals who were able to sign up for the
distinctive Razer Card
 (both standard and premium version) at the end of last year can continue using it for payments until 31 August 2021. Those with any remaining Razer Card gift codes will also have until 31 August to claim them. (The Razer Card was only released to Singapore Razer Pay users.)

Razer’s fintech venture in Malaysia began with
the Razer Pay e-wallet in 2018
, with minimal features such as QR-based payments as well as digital payments for a range of merchants. From there, it grew its user base by collaborating with brands such as 7-Eleven, Kenny Rogers, and U Mobile to provide rewards and incentives. Additionally, it rolled out various upgrades, including
in-app coupons
 and an
online shopping feature
.

To find out more about the
termination of the Razer Pay e-wallet
, head on over to its official website. You can also check out its
detailed FAQ
 here.

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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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EPF: i-Sinar Payment For April To Be Disbursed In Stages

(Image: The Star/Raja Faisal Hishan)

The Employees Provident Fund (EPF) has notified i-Sinar applicants that their payments for the month of April will be disbursed in stages, to be completed by 16 April 2021. On top of that, it will take between one to five working days for the amount to be credited into the applicants’ bank accounts, depending on bank procedures.

Over the past few days, the EPF has made multiple social media posts on Facebook and Twitter to reach out to their members on this matter. “We appreciate the patience and consideration of our members throughout the disbursement process,” it said.

In its posts, the EPF also reminded members that they can obtain the latest status of their i-Sinar payments through their i-Akaun. Alternatively, they can contact the special i-Sinar hotline at 03-8922 4848 for any other enquiries.

The
i-Sinar facility
 was rolled out by the Malaysian government with the aim of assisting individuals who are struggling financially due to the Covid-19 pandemic, as well as the implementation of the movement control order (MCO) and it variants. The facility allows members to withdraw up to RM10,000 or up to 10% of their Akaun 1 savings – subject to their remaining account balance.

Initially, i-Sinar applicants were required to meet
certain eligibility conditions
, but these were
later removed
, allowing all members below the age of 55 to make i-Sinar withdrawals. Finance Minister Tengku Seri Zafrul Aziz further emphasised that the removal of the conditions will
reduce the burden faced by the people
 during these trying times.

Those who wish to make an i-Sinar application have until 30 June 2021 to do so. You can apply via the
i-Sinar Online portal
.

(Source:
Employees Provident Fund
)

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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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Finance Ministry: No Plans To Introduce National Health Insurance Scheme For All Malaysians Yet

(Image: Sinar Harian)

Deputy Finance Minister I, Datuk Abdul Rahim Bakri has said that the government does not have plans to implement a national health insurance scheme for all Malaysians as of yet.

According to the deputy minister, this decision is justified by the fact that Malaysia already has a yearly allocation of about RM30.6 billion to provide high quality health services to the people. “For the record, Malaysia is among many countries around the world that is able to provide free healthcare to the rakyat. This is something that we should be proud of,” said Abdul Halim in a Dewan Rakyat session. He was asked if the Finance Ministry intends to provide a national health insurance or health card for all Malaysians to cover serious illnesses or surgical expenses.

Abdul Rahim further emphasised that the government had already introduced several initiatives to improve healthcare services coverage, one of which is the
MySalam insurance protection scheme
. Introduced during Budget 2019 and then subsequently
enhanced during Budget 2020
, the current MySalam scheme is designed to provide takaful protection for individuals aged between 18 to 65. It also covers
45 critical illnesses
, including
Covid-19
.

Under the MySalam scheme, you may get either a critical illness payout of RM4,000 or RM8,000 – depending on your income band – if you are diagnosed with one of the illnesses covered. Additionally, you are entitled to a daily hospitalisation benefit of RM50 for up to 14 days.

In addition to the MySalam initiative, Abdul Rahim said that the government provides the
PeKa B40 healthcare protection scheme
 as well. Also announced during Budget 2019 and further
upgraded in Budget 2020
, the PeKa B40 is intended for the lower-income B40 group. Bantuan Sara Hidup (BSH) recipients and their registered spouse aged 40 and above are automatically eligible for the scheme.

The PeKa B40 scheme covers a range of common medical treatments, including medical examinations, medical aids, incentives to complete treatments. Some
benefits
 include the purchase of medical equipment (maximum RM20,000) and transportation incentives of RM500 (patients in Peninsular Malaysia) or RM1,000 (Sabah and Sarawak).

“These benefits under the PeKa B40 scheme can be applied at special counters set up at government hospitals and selected clinics,” said Abdul Rahim.

(Sources:
The Star
,
Malay Mail
)

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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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Moody’s: BNM May Increase OPR Again Due To Heatwave

(Image: The Star/Raja Faisal Hishan)

Global credit ratings and research service provider, Moody’s Investors Service (MIS) has said that Bank Negara Malaysia (BNM) may raise the overnight policy rate (OPR) again if food prices continue to skyrocket in the face of the ongoing heatwave.

According to analyst and assistant vice-president at Moody’s, Nishad Majmudar, the current hot weather that is expected to last until August will likely contribute to food price inflation. In turn, it will test BNM’s tolerance level with regard to the OPR.

“We do expect them to be on hold after this latest hike, but perhaps there is room for further hikes if food inflation becomes more of a serious, serious problem,” said Majmudar during a media roundtable. BNM had surprised experts earlier this month when it
unexpectedly raised the OPR by twenty five basis points
 after holding the rate steady at 2.75% for two consecutive Monetary Policy Committee (MPC) meetings since the start of 2023. BNM further explained that the move was made to keep inflation in check amid Malaysia’s robust economic growth.

(Image: Reuters)

Given that the OPR is now back at its pre-pandemic level of 3.00%, many experts believe that BNM will
maintain the rate for the remainder of 2023
 – unless it is forced to implement more monetary tightening in response to future challenges. An example of such challenges includes the current extreme weather, which could affect economic activities and cause disruptions to food supplies.

That said, Majmudar acknowledged that Malaysia has had plenty of experience in dealing with food and climate-related risks, citing previous incidences – like
Malaysia’s egg supply shortage at the end of last year
 – as examples. As such, changes to the OPR will only be made as a final resort to resolve issues.

“We think that the government has been actually quite forward looking in terms of thinking about carbon transition and climate change and climate risks. While these exposures have increased, there are government policies in place, there are plans, whether it be infrastructure or other measures, to try to adapt to some of these risks,” said Majmudar.

(Source:
Free Malaysia Today
)

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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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WeChat Pay Introduces Smart Order Feature To Order And Pay At The Table

(Image:
Amanz
)

WeChat Pay is the next mobile payment service to enable users to order and pay at selected restaurants without going to the counter or calling for a waiter. Smart Order lets you select food items of your choice and pay through WeChat Pay, all from the WeChat app.

WeChat Pay Malaysia chief executive officer Jason Siew said that the company has introduced this service to reduce wait time and long queues at restaurants. “The inspiration came when I went to a mamak shop during a football match and couldn’t get anyone to serve me. I wondered why can’t this be faster,” Siew revealed during the launch at Syed Bistro in Petaling Jaya.

Domestic Trade and Consumer Affairs Deputy Minister Chong Chieng Jen said that the prices displayed in Smart Order’s in-app menu can help make them clearer to customers. “Sometimes in outlets you forget to check the prices and get a nasty surprise after,” he explained. Chong also said that this service could lead to lower employment costs for businesses and hoped that this would end up benefiting consumers.

Siew said that 44 restaurants around the country have signed up to offer Smart Order including ABC Food Corner, Syed Bistro, US Pizza, and Winter Warmers Coffee and Teahouse. This number is expected to increase, he added.

(Image:
Amanz
)

To use Smart Order, launch the app and scan the QR code on the table where you are seated. Select the food items of your choice from the in-app menu and complete the order by making payment through WeChat Pay. The restaurant will then deliver the order to your table. A receipt will be produced and stored in the app for 20 days in case there are any discrepancies to report.

(Image:
Amanz
)

WeChat is offering an introductory promotion for Smart Order from now until 31 July. For each order worth at least RM8, Smart Order users can get RM3 off up to 4 times a month.

Earlier this year, Fave also introduced a similar service with its
Table Ordering
 feature in restaurants across Malaysia and Singapore.

(Source:
The Star
)

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Alliance Bank Partners With WOW Fintech, Integrates Virtual Credit Card In WOWNations App

Alliance Bank has partnered with WOW Fintech to integrate the bank’s existing Alliance Bank Visa Virtual Credit Card (VCC) with Dynamic Card Number (DCN) into WOW Fintech’s WOWNations loyalty app. With this, those who use the WOWNations app will be able to apply for and access the Alliance Bank Visa VCC directly on the platform, instead of having to do so separately on another banking app.

In a statement, Alliance Bank said that this partnership will allow it to extend the reach of its unique virtual credit card to more individuals in the consumer banking segment, which is in line with its Acceler8 strategy. Among other perks, cardholders can enjoy the
enhanced security features offered by the Alliance Bank Visa VCC
 – which includes being able to generate “short-term” cards and “sub cards” for their online purchases – as well as earn up to 8x Timeless Bonus Points (TBP) for every RM1 spent on selected purchases.

At the same time, customers can also participate in the WOWNations loyalty programme and earn loyalty points when they access the VCC through the app – thereby enjoying double the benefits. The WOWPoints earned can then be used to redeem various items for their lifestyle needs, such as food and shopping.

“The collaboration with WOW Fintech enables us to deliver on our ‘Bank In Your Pocket’ proposition to more digitally savvy customers, helping them to address concerns of fraudulent risks and identity thefts. At the same time, the customers stand to benefit when they use the bank’s VCC via the WOWNations loyalty app,” said the group chief executive officer of Alliance Bank, Kellee Kam when announcing the partnership.

Similarly, group managing director of WOW Fintech, Datuk Sunny Tan said that the partnership with Alliance Bank is in line with its mission to cultivate innovation and drive positive change. “Our vision is to empower Malaysians with smart financial solutions, and through strategic partnerships and technological advancement, we are committed to shaping a brighter and more prosperous future,” he said.

If you’d like to apply for and use the
Alliance Bank Visa VCC via the WOWNations app
, simply download the app and register for a new account. From there, click on “Virtual credit card”, and proceed with the standard electronic Know Your Customer (eKYC) procedure; you may also be required to provide relevant supporting documents, such as your payslips and EPF statements.

Once your VCC has been approved (may take up to 48 hours), you can go ahead and begin shopping on the WOWNations app! To further sweeten the deal, Alliance Bank and WOW Fintech are also offering RM300 worth of WOWNations points for every successful sign-up of the Alliance Bank Visa VCC via the WOWNations app.

The
Alliance Bank Visa VCC was first launched back in April this year
, and it is the first virtual card in Malaysia with an in-app Dynamic Card Number (DCN) feature. This allows cardholders to generate a randomised 16-digit number for their digital transactions, thereby offering an increased peace of mind for customers – especially in the current climate with increased online fraud. Since the initial launch its virtual credit card, Alliance Bank noted that it has registered a 25% increase in its credit card user base.

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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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SC Issues Cease And Desist Order To Digital Exchange Operator RimauSwap

The Securities Commission Malaysia (SC) has issued a cease and desist order to decentralised exchange operator (DEX) RimauSwap for operating without authorisation. This came following information received from the public.

“SC will also seek the assistance of the Malaysian Communications and Multimedia Commission (MCMC) to block RimauSwap’s website. Additionally, RimauSwap has been placed on the SC’s Investor Alert List,” said the commission in a statement yesterday.

Within hours of the SC’s order yesterday, RimauSwap’s native token, RIMAU plunged over 50% from the $12 mark to a low of around $5.50. It has since recovered, and is trading at around $8 at the time of writing.

RimauSwap claims that it is the first of its kind to be made for the Malaysian community, operating on the Binance Smart Chain. “The underlying technology is based on PancakeSwap, which has proven to be secure and reliable,” RimauSwap stated in its
whitepaper
. Its goals were supposedly to “support sustainable environmental, social, and governance (ESG) for Malaysians benefitting Malaysians”, though there weren’t any specifics as to how it would be done.

In its latest statement, the SC also went on to emphasise that it has yet to grant authorisation to any DEX operators in Malaysia to date, and warned all unregistered DEX operators within the country to immediately cease their activities. It further said that entities that are interested in operating a DEX in the country should apply to be registered as a Recognised Market Operator (RMO) before doing so.

(Image: Business Today)

In return, RimauSwap issued its own official response in response to the cease and desist order. “RimauSwap is a decentralised exchange that exists as a series of smart contracts within the blockchain; and serving global communities. RimauSwap is unaware of any regulator that regulates DEXes, as DEXes have no associated legal entities. All activities happen within the blockchain. RimauSwap also does not transact with MYR fiat currency in anyway,” it said via its Telegram channel, adding that out of respect for the SC, it will remove any reference of Malaysia from all materials within the website with immediate effect.

(Sources:
Securities Commission Malaysia
, RimauSwap [Telegram])

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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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What to Do If You Suddenly Get Fired

With the fast changing pace of our economic model, the job space is constantly evolving and changing. What is relevant today, may be taken over by a machine tomorrow.

First of all, you have to understand that it happens even to the best employees and you have to accept it, even if it comes with no warning. There is no point in feeling rejected and feeling incapacitated.

In your time of need, here are a few steps you should take in order to secure yourself and your family.

Evaluate the Grounds for Termination

A termination with little warning is anyone’s cause for suspicion, so it makes sense if you have zero clue why you’re being fired and find yourself wanting answers.

Cross examine your circumstance and consult with human resource executives, if not the industrial relations department if your termination was justified.

Any form of termination requires proper grounds for termination and anything short will be viewed as misconduct.

Any msconduct or unjustified termination should be filed with the
Industrial Relations Court of Malaysia
. The court then has to make a decision regarding an amicable settlement and may sometimes even result in you getting your job back.

While the entire process may take some time, it is important that you get everything else in order.

Keep it Classy

Even if the company was well within their legal rights to fire you, a sudden termination can still feel like a betrayal. Especially if it wasn’t a massive restructuring or you’re the only one unfairly blamed after a major blunder. Understandably, you may harbor ill feeling and might even be tempted to lash out or seek revenge.

Don’t do it. Your reputation is too valuable to tarnish this way. Keep your head held high and do your best to vent your frustrations far away from the workplace, ideally among trusted company.

Revise Your Budget

Now that a major part of your monthly intake will be gone, you need to reconfigure your cashflow to accommodate.

List down all your monthly commitments which are absolutely necessary and consider other areas that you can cut back on.

As a caffeine addict, this writer understands how a cup of coffee can seem like a daily necessity, but unfortunately, a latte should not surface anywhere on your survival budget list.

Once you are clear on what the monthly requirements are like, run the figures against your savings and try to assess how long will you be able to sustain without an income. It is important to budget approximately 10% to 20% for unexpected expenses on top of your prepared budget.

With the current
job market looking a little bleak
, you will need to have
a three to six month cushion
 before getting back onto the horse. It also doesn’t hurt to slow down on your expenses somewhat to help mitigate the damage on your cashflow.

Look For an Income Stream

While money isn’t everything, it does pay for everything. This is when you will need to take a good hard look at yourself and see what you are capable of in order to create a stream of income while you search for that next job.

Especially if your budget is not able to cover you for a minimum of three months, you may want to
start taking up freelance jobs
 which are abundantly available across the internet.

If you do not have the necessary skills or equipment, you may even consider driving some people around on Uber or Grabcar just to pay the bills. If you do not own a car but confident that you can commit to the driving hours, you could even rent one. Although this adds to the cost, you will have no problem covering the weekly payments and making a little extra if you are disciplined enough. Remember also that there are plenty of freelance work that don’t require you having a car or
even leave your house
.

Take a Breather and Plan Your Next Move

Despite you being in a position of need, it is important not to pounce at just any opportunity for a job. This unplanned leave of absence might be the right time for you to reevaluate your career trajectory and see what kind of options you really have. Take the time to consider how satisfied you are with your current position and remember that
there is more to a job that the money it gives you
.

You can also
start your very own business
. Depending on the nature of business, some may require loans and you may very well have to turn to family and friends as banks are less likely to lend money to an unemployed person, especially without a second stream of income.

Playing Safe

While cash flow will be a little tight, it could get even tighter if you do not have something in place should your health take a hit. That is why, it is important to maintain a proper medical insurance plan, should anything unfortunate befall you.

If you do not already have one, head on over to our insurance page and use our
comparison tool
 to make an informed decision and put your worries at bay.

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Less Expensive Alternatives to Higher Education

A formal college or university education is not for everyone but that doesn’t mean the learning has to stop! There are many ways to get an education that leads to good employment prospects without going to university. Here are some educational pathways and potential careers for those not college-bound:

1. Vocational and Trade Courses

In Malaysia, a variety of vocational courses abound to suit those looking to learn more through practice and less in theory for specified career paths like engineering, IT and the culinary field. And the good news is that some these programs are actually FREE!

For instance, the German Dual Vocational Training Program offers courses in Industrial Management, Logistics Operations Management and Mechatronics. These courses lead to jobs that are in high-demand in the country and also happen to be high-paying. The program will not charge tuition fees and does provide a monthly allowance as well as an advanced certificate, thus competition is expectedly fierce.

But don’t let that throw you; there are tons of other interesting free and paid
skills courses available
 in a variety of fields from agriculture to health sciences and even furniture technology. These trainings and apprenticeships not only prepare you for employment but also gift you with the skill to work for yourself!

2. License and Certification Courses

If you already know what you want to do, why not get the necessary certification to go after your dream job!

Examples of jobs that require a license or special certification include licensed financial planners (
CFP
), accountants, English as Second Language teachers (
CELTA
), insurance and investment-link agents PCEIA and CEILLI, real estate negotiators (
NCC
) and
pilots
 as well as diving and driving school instructors.

Depending on the type of certification or license you are looking for though, costs can be quite high, your duration of study rather lengthy and the coursework challenging. You may also need a good amount of practical training too, which is definitely the case for pilots and diving instructors.

3. Online Courses

One of the easiest ways to gain an education and legitimate certification is to go to school online. Many top international universities offer online programs for students from all over the world. An online degree gives all students of any age or background the opportunity to receive a quality education at a fraction of the cost.

The types of courses that make the most sense for an online university are ones that delve more into independent study, requiring less practical training or support from trainers. This would include creative writing courses, languages, history, coding, software, philosophy, and music theory.

So what about the cost? Well there are paid and free options, but don’t expect the free options to be any less challenging or worthy of your attendance. In fact, world-class universities such as Harvard, Berkeley and University of Queensland offer free courses on
edX
 where they only charge to send you your certificate. The cost for certificates range from USD49 to USD300 (RM210 to RM1,200), which isn’t too bad for a Harvard paper!

4. Short Courses

If you are still unsure about what you want to do with your life, don’t let that get you down. Instead, use this time to find out what you like! A short-course can be just the ticket to help you discover your true passion.

Try your hand at creative writing, music, cooking, art, pottery, botany and just about anything that has piqued your interests. These types of courses typically range from two weeks to six months and will not be as hefty a cost to bear when compared to a college or university course. You can even try a
summer school program
 which is normally geared for international students, but you can still enroll and learn about diverse topics in the country.

You may also want to try learning programs overseas so you can learn and travel at the same time. These might be a little more costly but there are usually options to work and earn as you study.

Now you know that college or university is not the only the way to gain an education! Interested to read more about education? Check out our piece on the
rising costs of higher education in Malaysia
.

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Apple Finally Announces The New iPhone SE, Priced From RM1,999 In Malaysia

Apple has officially launched the new iPhone SE, a second-generation model some four years after the original SE was first released. Running on the A13 Bionic chip, the iPhone SE 2 has the same processing power as the iPhone 11, but in most other aspects it closely resembles the iPhone 8.

Featuring a 4.7-inch Retina HD display, the iPhone SE 2 is slightly bigger than the original iPhone SE model. The classic home button is retained, equipped with Touch ID fingerprint sensor, but the new iPhone SE does not support the Face ID biometric unlock feature. Like all the iPhone models of late, the iPhone SE 2 will not have a headphone jack.

In terms of the camera, the iPhone SE 2 comes with only one 12MP f/1.8 camera on the back which supports 4K video capture up to 60fps – Apple touts it as having “the best single-sensor camera ever fitted on an iPhone”. The front features a 7MP FaceTime HD camera that can record 1080 HD videos. Both cameras support portrait mode and depth control effects, but unfortunately not night mode.

The new iPhone SE’s battery life also mirrors the iPhone 8’s, with Apple stating that it can reach up to 13 hours of video playback on a single charge. The iPhone SE 2 supports wireless charging as well as 18W fast wired charging, with the adapters for both sold separately.

Lastly, the iPhone SE 2 supports the dual SIM function (nano and e-SIM), Bluetooth 5.0 wireless technology, and Wi-Fi 6. It is also IP67-rated for dust and water resistance.

The new iPhone SE comes in three colours: black, white, and (Product)Red. It is not yet known when the latest iPhone model will be released in the Malaysian market, although Apple has already revealed its
Malaysian pricing
. The 64GB variant will cost RM1,999, the 128GB model will be priced at RM2,199, and the 256GB model will be sold at RM2,699 – giving consumers a wider range of choice with the iPhone 11 starting at RM3,399.

(Source:
Lowyat.NET
)

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Paying with a Selfie?

It seems that some days; truth really is stranger than fiction.

Not too long ago, we wrote about
hilarious Reddit conversations we found relating to money
. Whilst a lot of them were based somewhat on reality; one would hope they were one-off instances of money madness; never to be repeated again. That’s not how it turned out for one of those crazy ideas on the list.

Somewhere (MasterCard HQ), somehow (via madness?), someone (that will be MasterCard) decided that
the selfie would be the perfect way for already vain online shoppers to verify their payments
 by taking a brand new selfie.

Strike a Pose… and a Pout

Well, maybe not the pout because the selfie will be scanned for facial identification purposes in order to ensure it really is you, and the current you, not you in 2010 wearing something typically Britney Spears (ugh, what was I thinking?).

Despite how crazy it sounds, it might actually work. Unless of course an identity thief just
happened
 to be a diabolically evil, identical twin in which case, you probably have much bigger problems than credit card fraud for a new ASOS dress.

It’s the Way of the Future

To be fair, the selfie isn’t the only new verification system being developed. The company will also look into providing fingerprint scanning if you’re camera shy. Both features will be rolled out by banking giants in the US, Canada, UK and some European countries (sorry Malaysia, not on the list yet but better keep practising on those selfies) in the next few months.

The feature will be made available via a special MasterCard app which you will need to download in order to use it. How it works is simple: in order to verify your purchase, you will need to either take a selfie or scan your fingerprint into the app. The revolutionary scanner is supposed to be able to detect the tell-tale blink that users are required to do in order to prove the selfie isn’t a previously taken one. I mean, considering the number of selfies some folk put out on social media – their credit cards would be raggedly used by now.

MasterCard announced it is also keen to explore other verification methods including retinal scans, heart beat monitors and voice recognition.

If you’re an avid online shopper, would you consider this the optimum way to pay? Hopefully, MasterCard’s facial recognition software is sensitive enough to recognise us in our just-out-bed-face as we make payments for those eBay auctions we sniped in the wee hours of the morning.

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BNM Launches e-Duit Campaign To Create Greater Awareness, Instil User Confidence In E-Payment

Bank Negara Malaysia (BNM) has launched a new campaign called e-Duit, which seeks to encourage the adoption of electronic payment (e-payment) within the country in a safe manner. Featuring the slogan “
Selamat, Senang, Segera
”, it is set to run for five years, in line with the
Financial Sector Blueprint 2022-2026
.

“We aim to accelerate e-payment adoption among businesses and households by 15% per year for the next five years. In line with this aspiration, BNM and the payments industry will ensure readiness and access to various e-payment instruments, such as payment cards, online payment, and a competitive QR code,” said the deputy governor of BNM, Datuk Abdul Rasheed Ghaffour.

Through the e-Duit campaign, BNM will collaborate with participating industry players to roll out a variety of promotional activities, outreach programmes, and educational campaigns related to e-payment for Malaysian users. Businesses and agencies can also look forward to incentives from the financial industry to encourage e-payment adoption.

BNM’s partners for the campaign include the Financial Education Network (FEN), payment system service providers, as well as relevant government agencies, industry associations, and consumer groups. In time, it is hoped that these industry-wide efforts will create greater awareness and instil user confidence in e-payment, encompassing payment options such as e-wallets, mobile banking, as well as payment cards.

Aside from that, Datuk Abdul Rasheed also highlighted that Malaysia has come a long way in its adoption of e-payment, with both urban and rural areas in Malaysia now more receptive to it. “Based on the Global Findex 2021 report by the World Bank, it is estimated that 79% of adults in Malaysia had used digital or e-payment during the Covid-19 pandemic. To further benefit consumers, efforts are being expedited to implement cross-border payment facilities,” he said.

At present, Malaysia has successfully enabled cross-border QR payments with a few neighbouring countries, including
Thailand
 and
Indonesia
. BNM is also seeking to pursue similar outcomes with Singapore and the Philippines. On top of that, Malaysia has also joined similarly themed undertakings beyond the ASEAN region, such as Project Nexus and Project Dunbar.

Briefly,
Project Nexus
 seeks to test the possibility of linking real-time payment systems between Malaysia, Singapore, and the euro area. Meanwhile,
Project Dunbar
 is an international collaboration between BNM and several other central banks, as well as the Bank of International Settlements (BIS) Innovation Hub to assess the possibility of using different central digital bank currencies (CBDCs) for direct cross-border transactions on a shared platform.

(Source: Bank Negara Malaysia [
1
,
2
])

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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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LHDN Set To Surpass RM176 Billion Target In Tax Collection

(Image: Malay Mail/Hari Anggara)

The Inland Revenue Board (LHDN) has revealed that it is on track to surpass its RM176.1 billion target in tax collection this year, thereby setting a new record. In fact, its data indicated a 20% increase in daily tax collection this year as compared to 2022.

LHDN is expected to collect RM164 billion in net taxes from the RM176.1 billion gross tax collection target this year. Meanwhile, last year saw LHDN recording its largest direct tax collection to date, at RM175.4 billion – itself already an increase of 21.75% from 2021.

Finance Minister II, Steven Sim said that this increase in tax revenue is good news for the country because it will enable the government to implement more programmes and projects to benefit the public. “For example, we were able to give RM150 to assist school children for the first time this year due to better tax collection,” he said, referring to the early school aid announced under Budget 2023 for students attending Year 1 to Form 5.

Chief executive officer of LHDN, Datuk Dr Mohd Nizom Sairi also expressed his gratitude to Malaysian taxpayers for fulfilling their duties and obligations. “We are at a very encouraging level, and I would like to thank the taxpayers who have shown a high level of compliance,” he said.

(Image: New Straits Times)

Datuk Nizom also said that LHDN will strive to streamline its existing A.E.S (awareness, education, and services) approach to continue elevating taxes as a national asset, in hopes of further earning the public’s trust. This is also in line with Prime Minister Datuk Seri Anwar Ibrahim’s goals to use the country’s increased income from direct tax sources for the benefit of the people.

“Certainly, various beneficial agendas for the people can be realised. The living standard quality and wellbeing of the people will also be enhanced through various development projects as a result of sufficient sources of the country’s income,” said Datuk Nizom.

As for the impact of the recent overnight policy rate (OPR) increase on tax collection, Datuk Nizom said that there would be an indirect impact, but it will not be seen immediately. Malaysia’s OPR was
raised by 25 basis points (bps) from 2.75% to 3.00% last week
.

(Sources:
The Star
,
Malay Mail
)

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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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Simple Money Saving Tips for a Fun Weekend

The Goods and Services Tax (GST) gloom has certainly descended on the majority of Malaysians, but if the gross earnings of Fast and Furious 7’s opening weekend in Malaysia are anything to go by; we’re still up for a good time on the weekend.

Hey, we all deserve some TLC after a long week of gruelling work, but the guilt of forking out more money for an entertainment spend may be shading your fun with the unattractive tinge of guilt. If so, we racked our budget-y (
hint kiamsap
) brains to see if we could find a way for you to still have a fun time for less this weekend.

Pick a Less Popular Cinema

You may have already noticed that cinemas don’t all charge equally, but if not, choosing a smaller or less popular cinema may save you more on your movie spends than you realise.

Instead of paying a high price of RM15-16 at prime locations like KLCC, Pavillion or Mid Valley; try Tropicana City GSC for only RM12.50, Summit USJ GSC for only RM11.50 or an MBO cinema such as those in Citta Mall, KL Festival or Harbour Place Klang for only RM12.*

As an added bonus, you’ll also pay less for parking and save yourself the hassle of the ridiculous crowds and traffic in the bigger locations on weekends.

To shave off even more cost on your movie date(s), opt for plain 2D viewings. Special 3D showings or premium seats cost a lot more in surcharges.

*Prices checked on 17.4.2015; for 2D weekend showings and do not include surcharges.

Park and Ride

Fuel prices are back up and parking charges just get more and more ludicrous in KL with every passing year. Why not take advantage of weekend parking rates nearby LRT stations and hitch a ride on the train to your fave hang out spots?

Parking at Menara UOA in Bangsar is only RM5 per entry on weekends and you’re just a few stops from KLCC, Petaling Street, Ampark Park and KL Sentral, which will connect you to the monorail and all those stops too. You can even take a
feeder bus into Mid Valley
.

Going the other direction in PJ? Parking at the Amcorp Mall on weekends is a fixed RM3 per entry and you can take the train to Kelana Jaya where feeder buses await to take you to 1Utama (for ONECard members) or you can take any of the free shuttles to
IPC
, Paradigm Mall or Tropicana City Mall.

Coupon-it… or Not

Fancy trying a nice restaurant but don’t want to pay full price? Whilst deal websites are a great place to get deals on restaurants, spas or even vacations; that doesn’t have to be your answer for every money saving hankering.

If you’re muddled with all the terms in the coupon; ditch it and adopt these alternate promotion hunting and gathering tricks:

1)
If it’s a hotel booking; call them directly and ask for promos
. Hotels will have different rates for online booking, walk-in booking, phone booking and third party website booking. Most of the time; they just want to close the deal in the fastest, easiest and cheapest way possible so if you know for sure where you want stay – call them up and ask how to get their lowest rate.

If you’ve done your comparisons before, you will know if you’re getting a deal. Personally, this writer discovered the best booking deals come direct from hotel sales, in advance, over the phone. This is because the hotel gets your reservation quickly, easily and with no fee paid to a third party. But do compare for best results.

2)
If it’s a restaurant; be a savvy menu selector
. Restaurant menus may differ but if you’re a frequent diner, you’ll notice the obvious price norms: a) lunch and buffets are usually more value than set dinners pricewise; drinks are always main moneymakers being almost as expensive as food items; and starters, add-ons and desserts can often be as expensive as your entree.

Considering the above you can save by sharing drinks, opting for lunches instead of dinner if you’re dining at a pricier establishment and skipping the dessert or starters.

3)
If it’s a spa; ask for tailor-made packages
. Whilst most spas will force you to buy 10-12 sessions before you can enjoy their discounted bulk rate – some are more than happy to tailor a plan to your budget. This is often the case if you intend to be a regular customer.

Ask the spa if they would be willing to offer promo rates on 2-3 sessions, which may be more affordable to you in a go. This rate may not be as cheap as the 10-12 session rate but it will be surely cheaper than one off payments each time.

This writer negotiated a deal with a spa for a set of 3 sessions at RM99 each (normal price RM128). However, if one agrees to their 12 session package, the price is only RM69.

4)
Make use of your credit card benefits
. Believe it or not; if you pay attention to the promotion leaflet that arrives with your bill – you will find many discounts at restaurants, retail outlets, spas and hotels offered with the use of your card.

Percentages can be anywhere from 10% – 30% – which means money saving all year round, just for using your card.

However, we always caution you to only spend what you can afford to repay and to pay off your balance in full to really enjoy the benefit of all that money you’re saving.

Psst! Don’t have a card with attractive discounts –
why not let us find you one
?

Have a great weekend, readers.

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What will be the real impact of GST on Malaysians?

Much has been said about the possibility and impact of the imposition of GST on the rakyat.

Many economists support it as good way for the country to earn additional revenue to reduce the nation’s debt and strengthen the economy. But on the other end of the spectrum; consumers worry about what this will mean to them. The common understanding is this: the more tax we are required to pay, the less disposable income we will have. But does a 6% GST mean an additional 6% will be added on all prices? The people at
PwC
 say such a cause and effect is simplistic and in an article published with the Star, explains how a
6% GST will really affect our cost of living
.

The Price Control and Anti-Profiteering Act 2010 makes it illegal for businesses to increase prices by 4% across the board with the introduction of GST (assuming GST is introduced at a rate of 4%) and any pricing decisions made by businesses must be justifiable otherwise stiff penalties may apply.

Well that’s good news. The article goes on to present tables with selected examples of how the GST will affect different goods and services as supplied by the Tax Review Panel based on a GST of 4%. The
forecast amount by a tax expert
 currently stands at 5%.

Looking at the chart, the primary industries which will see a rise is healthcare (yes, because we need more expensive healthcare?), food and beverages and eating out. But the experts are quick to add:

The introduction of GST won’t automatically make everything more

expensive. What it will do is change the way we pay tax and provide a

more transparent, streamlined and fairer tax based on our consumption

patterns.

Be that as it may, if the article is anything to go by, the honest truth is: yes, you will pay more but it won’t be up to 6% (hopefully). It will earn more revenue for the country which makes the economy healthier. A healthier economy is good for everybody. It would appear that the GST can be a good thing for the country in the long run but it isn’t just the collection of more tax that has many Malaysians concerned: it is how it will be utilised.

More good news: The government recently announced the
GST rate of 6%
 will be reduced to zero percent, starting from June 1, 2018.

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Should You Keep Your Maybank Credit Cards After June 2019?

With the upcoming revision of some of
Maybank’s most popular credit cards
 as well as its
premium cards come 1 June 2019
, many cardholders may contemplate cancelling their Maybank credit cards. After all, the revision impacts the way cardholders earn cashback or rewards with their cards.

As it turns out, Maybank’s range of credit cards remain very competitive despite the slightly reduced benefits. Let’s take a look at the cards from two perspectives: cashback and air miles accumulation.

Maybank cash back credit cards

One of the biggest changes in the upcoming revision goes to the
Maybank 2 Gold
 and
Platinum
 cards. With its weekend cashback + 5X TreatsPoints (TP) benefit, cardholders were earning an effective 6% on virtually any weekend transaction – with zero minimum spend.

The upcoming revision will see 0 TP offered on any weekend transaction, and the weekend cashback benefit will exclude utilities and government bodies. Meanwhile, the same revision applies to the
FC Barcelona Visa Signature
 where utilities and government bodies transactions are not eligible for cashback. As a result, there appears to now be a gaping hole when it comes to earning cashback for paying for utilities and government bodies.

Observations

The Maybank 2’s revision isn’t as terrible a revision as it may seem – Maybank has done a lot worse in the past. Older cardholders will remember the time when Maybank drastically reduced the Maybank 2’s benefits from 5% weekend cashback to
5% weekend dining cashback
, severely limiting its usability as a cashback card. (This move proved so unpopular, Maybank
restored the weekend cashback two years later
.)

The removal of cashback for utilities and government bodies transactions is a blow, but if anything it’s a testament to the two cards’ strengths as cashback cards before the revision. Plugging this hole can easily be done for utilities by applying for another cashback credit card (check out our list of the
best cashback credit cards to pay for utilities
), but unfortunately replacing the Maybank 2 Amex to pay for government bodies transactions will be tough.

However, this doesn’t mean you should cancel either card. Both cards earn cashback for virtually all retail transactions (not tied by any category), and without any minimum spend requirements. They are also free for life (zero annual fees), which means you’ll only need to pay for the RM25 SST every year. With a potential annual cashback of RM600 and RM700 respectively for the Maybank 2 and FC Barcelona Visa Signature, that certainly seems like a small price to pay. Your mileage will vary, of course.

Not to forget, the Maybank 2 Amex’s 5x TP benefit on weekdays yields some impressive air miles redemption rates, which you’ll see later below.

Maybank air miles credit cards

From 1 June, Maybank’s premium credit cards see some form of streamlining, with all
Visa Infinite
 (including
Manchester United VI
,
Islamic Ikhwan VI
),
World Mastercard
, and
Amex Reserve
 having the same minimum annual income requirement and annual fee waiver criteria. For the Visa Infinite and Amex Reserve (Maybank 2 Premier), the air miles redemption rate will change from 4,500TP = 1,000 Enrich/Asia Miles/KrisFlyer miles to 5,000TP = 1,000 miles – an 11% depreciation.

With these changes, let’s compare the air miles redemption rates from our list of the
best air miles credit cards in Malaysia
:

Air Miles Credit Card

Malaysia Airlines Enrich Miles

Singapore Airlines KrisFlyer Miles

Cathay Pacific Asia Miles

Maybank 2 Premier

RM1 per 1 Enrich Mile for all local and overseas spend on Amex Reserve.

RM1 per 1 KrisFlyer Mile for all local and overseas spend on Amex Reserve.

RM1 per 1 Asia Mile for all local and overseas spend on Amex Reserve.

Maybank Visa Infinite
 (all variants)

RM2.50 per 1 Enrich Mile for local* spend, RM1 per 1 Enrich Mile for overseas spend.

RM2.50 per 1 KrisFlyer Mile for local spend, RM1 per 1 Enrich Mile for overseas spend.

RM2.50 per 1 Asia Mile for local spend, RM1 per 1 Enrich Mile for overseas spend.

Maybank World Mastercard
 (all variants)

RM2.40 per 1 Enrich Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend.

RM2.40 per 1 KrisFlyer Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend.

RM2.40 per 1 Asia Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend.

Maybank 2 Gold
/
Platinum

RM2 per 1 Enrich Mile for local* and overseas spend on Amex.

RM1.60 per 1 KrisFlyer Mile for all local* and overseas spend on Amex.

RM1.40 per 1 Asia Mile for all local* and overseas spend on Amex.

Alliance Bank Visa Infinite

RM3 per 1 Enrich Mile for local spend, RM1.20 per 1 Enrich Mile for overseas spend.

N/A

N/A

HSBC Visa Signature

RM1.31 per 1 Enrich Mile on overseas and foreign online spend, RM2.10/Mile for local malls and online spend

RM1.86 per 1 KrisFlyer Mile on overseas and foreign online spend, RM3/Mile for local malls and online spend

RM1.86 per 1 Asia Mile on overseas and foreign online spend, RM3/Mile for local malls and online spend

Singapore Airlines KrisFlyer Amex

N/A

RM2 per 1 KrisFlyer mile on all spend (excluding utilities & govt related) RM1 per 1 KrisFlyler miles for Singapore Airlines

N/A

From the table, it’s quite clear that the 11% depreciation from the upcoming card revision doesn’t leave a dent on the Maybank 2 Premier’s position as the best air miles credit cards in Malaysia. As long as you’re using the Amex Reserve, no credit card comes close to it for local spending – thanks to its 5x TP feature and exclusive air miles redemption rate.

The Visa Infinite (which can be applied individually or as part of the Maybank 2 Premier with the Amex Reserve) earns 2TP for every RM1 spent locally (excluding education, utilities, insurance, petrol, EzyPay, which earn 1x TP, and government-related transactions, which earns 0TP), and 5TP for every RM1 spent overseas. This rate hasn’t changed, which means its air miles conversion rate loses out even to the Maybank 2 Gold/Platinum Amex (RM1.40 – RM2 = 1 air mile).

Meanwhile, the Maybank World Mastercards have their own rewards points system called Treats AirMiles. Treats AirMiles (TA) do not expire – a major difference since TreatsPoints expire after 3 years. The TA redemption rate is set at 6,000 TA = 1,000 Enrich/Asia Miles/KrisFlyer miles, and the card earns 5 TA for every RM2 spent locally and 5 TA for every RM1 spent overseas. Its air miles redemption rate is attractive for overseas spend, but like the Visa Infinite, isn’t great for local spending.

Then there’s the
Singapore Airlines KrisFlyer American Express Gold card
. It’s not a premium credit card like the others above, but its only benefit is to accumulate air miles. Previously, it was one of the few credit cards to offer rewards for government bodies transactions but come 1 June, that won’t be the case anymore. Its benefits are limited only to KrisFlyer miles too, though that’s not really a bad thing when SIA is one of the top airlines in the world.

Observations

Maybank’s premium credit card revisions certainly makes for interesting observations. On one hand, Maybank has made the Maybank 2 Premier more accessible thanks to the lower income requirement. But it comes at the cost of 11% more TP required to redeem 1,000 air miles.

Secondly, the Maybank World Mastercard has become an interesting alternative for those who prefer the better acceptance rate of Mastercards over Amex. The redemption rate may be worse compared to the Amex Reserve, but it is better than the Visa Infinite (the Maybank 2 Premier’s fallback option when a merchant doesn’t accept Amex). Plus, the 50,000 TA bonus upon approval
and
TA that never expire make a world of difference as you build your TA stash and redeem that first-class ticket.

As for the Singapore Airlines KrisFlyer Amex, its core benefit hasn’t changed, and for local spend, it’s got a better rate than the Visa Infinite and World Mastercard – at 60% of the income requirement. It’ll just be tougher to accumulate miles with the exemption of utilities and government bodies from 1 June.

So, if you’re a cardholder of any of the premium Maybank credit cards above, there’s no reason for you to cancel your card. What you should do, however, is to redeem your preferred air miles before 1 June so your accumulated TPs don’t become 11% less valuable overnight.

On the other hand, if you’re interested in getting a premium Maybank credit card, the upcoming revision will be good news. The Maybank 2 Premier remains a fantastic credit card for air miles redemption, and for the first time, the Maybank World Mastercard can be seen as a viable alternative with its non-expiring TA points. Just be wary of the annual fee waiver requirement for all premium Maybank cards (spend at least RM80,000 within the card anniversary date).

Disclaimer: The views and opinions expressed in this article are those of the author.

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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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foodpanda Riders Get Extra Covid-19 Coverage Through A Partnership With Insurtech PolicyStreet

foodpanda riders will now be entitled to additional insurance coverage amidst the Covid-19 pandemic, consisting of an extra RM1,000 claim and death benefit. This comes as a result of a collaboration between the online food delivery service with PolicyStreet, a local insurtech company, to offer better protection to its fleet.

Through this partnership, foodpanda riders will be able to claim an extra RM1,000 from PolicyStreet if they test positive for Covid-19. Additionally, riders are also eligible for a death benefit of RM5,000 in the event of their demise due to the coronavirus, paid to their family members.

This extra coverage is in addition to a financial support already in place for riders impacted by the pandemic. The
existing assistance
 includes a RM1,000 aid for delivery partners who test positive for Covid-19, and RM300 allowance for riders who are quarantined because of the coronavirus – both paid for by foodpanda.

(Image: Oh!Media)

“We are grateful to have our insurance partner, PolicyStreet, to join efforts in ensuring that the welfare of our frontliners are protected. Our delivery partners’ safety and health will always come first,” said the head of logistics for foodpanda, Shubham Saran. He also added that the company is committed to providing more support and contingencies for its delivery partners, if needed.

PolicyStreet
 – which boasts partnerships with insurers such as AIA, Great Eastern, and Etiqa – is also a financial advisor approved by Bank Negara Malaysia (BNM).

(Source:
FintechNews Malaysia
)

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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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BIMB Investment Launches Its First Robo-Intelligence Investment App, BEST Invest

Bank Islam’s wholly-owned subsidiary, BIMB Investment Management Bhd, has launched its first robo-intelligence sustainable shariah-ESG investing online mobile app, the BEST Invest.

The app focuses on shariah-compliant investments that seek to positively impact the environment, society, and governance (ESG) of businesses. As such, it offers a suite of BIMB Investment’s shariah-ESG unit trust funds across asset classes that includes global equities, Asia Pacific equities, Malaysia equities,
sukuk
, and money market.

The BEST Invest app also lets you manage your funds according to your preferred investment style. You can either opt for the “Do It For Me” or “Do It Myself” method in the app. If you choose the “Do It For Me” function, the app will then identify and select the best investment methods, funds, and investment amount for you based on data and your risk profile. If you opt for the latter, on the other hand, you will have the freedom to build your preferred portfolio instead.

Additionally, BEST Invest also lets you start small with a minimum investment of RM10, without any sales fee. There are also no lock-in periods, which means that you can invest, switch funds, or withdraw anytime you wish to at no charge.

Setting up your BEST Invest account can be done in a few steps once you’ve downloaded the app:

Register your ID, password, and mobile number.

Verify your identity with a picture of your MyKad and a quick scan of your face.

Answer seven questions to set up your investment profile.

Determine your investment goal.

According to the chairman of BIMB Investment, Mohamed Ridza Mohamed Abdulla, the BEST Invest app is the company’s answer to the evolution of the fund and wealth management space as more services get digitalised.

“Digital fund and wealth management will efficiently build and manage investments and wealth portfolios across asset classes, geographies, and economies. Robo-intelligence and big data technology will be integral in the next generation of funds and wealth management to drive consistent and reliable performance and risk management,” said Mohamed Ridza. He further added that BEST Invest was created to make investing convenient, transparent, and cost-efficient.

Chairman of BIMB Investment, Mohamed Ridza Mohamed Abdulla

The chief executive officer of BIMB Investment, Najmuddin Mohd Lutfi, also emphasised that the company is a United Nations’ Principles for Responsible Investment (UNPRI) signatory, and has been focusing on ESG investments since 2015. It is currently managing more than RM1 billion of ESG investment assets. Its global shariah-ESG equity fund is also the largest global
shariah
 equity fund in Malaysia.

BEST Invest
 will see itself competing with
Wahed Invest
, which is also a shariah-compliant robo-advisor. Headquartered in America, Wahed Invest requires a minimum investment of RM100. Unlike BEST Invest, Wahed Invest does not allow you the option to create your own portfolio if you wish to.

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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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    Hisyam farees

    1 year ago

Saya keluar dari wahed investment Dan Masuk BIMB Investment Dan boleh pilih banyak portfolio..Dan saya harap Pihak BIMB kurangkan yuran..

Best terbaikkk

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Why Did Your Online Payment Get Declined?

We’ve all experienced difficulty making online payments at one point or another and while it can be a bothersome experience, there is often an easy solution. Here are some reasons why your online payment did not go through and how you can resolve it quickly:

1. Paying For a Purchase From An Overseas Merchant

While most cardholders can buy internationally with credit and debit cards, online bank accounts and other payment systems (e.g. PayPal and Google Checkout), it might be declined on occasion. This could be due a security issue where your card is
not enabled
 for overseas online transactions. In other instances, credit card companies may flag it as an out-of-character purchase.

What to do:
 With some debit and credit cards as well as online bank accounts, you may need to call your bank to activate overseas online payment facilities. Depending on your bank, you should also be able to enable your card via ATM and online banking. If your purchase is being flagged, just contact your card company to verify the transaction.

2. Exceeding Your Fund Limit

Most cards have a pre-set daily or monthly limit which if exceeded could result in payments whether online or in person, being declined. If you use your card to make hotel bookings for example, your deposit could be kept on hold, taking up your card’s usable balance. With debit cards and online banking accounts, insufficient funds or lower limits could render payments unsuccessful as well.

What to do:
 With credit cards, try using another card that does not have an amount on hold. If using a debit card, do set a temporary higher limit if you need to make a large purchase. You can always revert to a lower amount once the payment is complete.

3. Buying From Untrusted Or Illegal Sites

Banks and other payment systems may not approve transactions for sites that have been flagged for fraud or is deemed illegal in the region or as per the issuer’s country. For example, some cards and payment systems may fail when attempting to pay for illegal gambling sites or pornography, etc.

What to do:
 If the site or transaction is illegal, there is not much you can do but simply find legal merchants. If the site is being flagged, consider buying from highly-rated shopping sites instead.

4. Entering Inaccurate Payment Details

It’s easy to erroneously key in your credit card number or expiry date. Expectedly, payments will be declined when incorrect card details are entered. Keying in the wrong security code – One-Time Password (OTP) or Transaction Authorisation Code (TAC) – will as well result in an unsuccessful transaction.

What to do:
 The simplest solution is to check your information before sending, look at all fields for a second time to limit the chances of error. If your account has been blocked or barred due to repeatedly keying the wrong information (i.e. internet banking account password or credit card security code), you’ll need to contact your bank to resolve the matter.

If you often shop online, a credit card may be the best option in terms of fund security, fraud protection as well as spending rewards. Looking for your
first credit card
 or just a better one than the one you have right now? Then check out our
comparison page
 to find a card that meets your needs.

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Desiree Nair

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Public Bank’s Mastercard Campaign Offers 20% Cashback For Online Spend During Weekend

Between today until 1 January 2023, Public Bank will be running its PB Weekend Special Online Shopping with PB Mastercard Credit Card campaign. The promo allows eligible cardholders to earn 20% cashback on any qualifying online shopping transactions, provided they spend a minimum of RM150 for each of the transaction.

Open to all Public Bank and Public Islamic Bank Mastercard credit cardholders, the campaign accepts all online shopping transactions as qualifying transactions. Meanwhile, payments such as flexipay, balance transfer, auto-debits, recurring payments, as well as payments for utilities and charities are not eligible. Split qualified transactions are also not allowed, and will be disqualified for the campaign.

Note that the cashback that can be earned is capped at RM50 per cardholder each month, and will be provided on a first-come first-served basis. This means you can technically earn a maximum cashback of RM150 throughout the whole campaign period if you maximise the benefit of this promo.  Public Bank has allocated a total of RM150,000 cashback to be awarded throughout the entire campaign period (capped at RM50,000 payout per month), so do hurry!

Cardholders who manage to earn the cashback will receive their rewards within four to eight weeks after the end of each tracking month. The payment will also be reflected in their credit card statements, itemised as “PB Weekend Special Online Shopping with PB Mastercard Credit Card”.

If you’re interested to join this campaign, you’ll need to register your participation first by sending an SMS (“
PBBS<space>16-digit principal PB Mastercard credit card number
”) to 66300. Those who have multiple credit cards will only need to register once, after which all your expenses on other cards will also be automatically tracked for this campaign.

Finally, do be aware that those who register to participate in this campaign will not be eligible for other ongoing Public Bank credit card promos as your transactions during this campaign period will be excluded from the other offers.

(Source:
Public 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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