Find Out How Much You Need to Retire with This Calculator

Retirement planning is something Malaysians aren’t very good at apparently.
According to a recent report by The Star newspaper
, current EPF savings for most Malaysians are barely enough for a decent life after retirement.

With an average savings of RM194,000, assuming one lives until 75 with no major medical expenses or outstanding debt, that amounts to about RM810 per month, which is RM25 a week. While this rough calculation does not take into account other factors like inheritance, investments, and so forth, the numbers still look bleak.

The remedy to this problem is to simply allocate a portion of our monthly earnings specifically for retirement. But how much should go in there, exactly? There are quite a few variables to think about: inflation rate, life expectancy, and projected expenses, among others.

Thankfully, we’ve found a quick and easy way to figure out if you’re saving enough for the retirement you want. It’s
Nerdwallet’s retirement calculator
.

There are quite a few retirement calculators floating around online but many of them are either too involved, or too simplified. This calculator on the hand is simple enough to be understood easily, yet doesn’t skimp out on important variables necessary for a healthy estimate of how much savings is really needed.

The interface is simple enough, first enter your current age, household income, then your current savings.

The left sidebar is where things get interesting. You input the percentage of your income that you currently put towards retirement. If you only rely
on EPF contributions
 you can put in your 8% or 11%. You can also exclude your EPF contributions and just key in how much of your net earnings you save for retirement. Doing it this way means you will arrive at a safer (as in, larger) estimate.

Next, you have to input your projected monthly expenditure. This one can be tricky to figure out, since we can’t quite predict the kind of expenses we might need in future. But a quick way to come up with this figure is to just use your current monthly expenses.

The third figure here is your retirement age. In Malaysia, the minimum age of retirement is 60 years old. You can plan for this, or if you want to save more aggressively, place your retirement age even younger than that.

Once this is done, click the “Advanced” tab above the sidebar. The topmost figure is the rate of return for your investments. If you only have EPF, you can put down 2.5%, since legally, that’s the amount they’re obligated to provide. You can do a more precise estimation of the rate of returns by
looking through past year records
 as well, (which would bring that percentage up to about 5%) but keep in mind that past performance is not indicative of future outcome. If you’re more on top of your investments than most, you can put down the rate of returns you actually have whether that be from fixed deposits, ASB accounts, unit trusts, or other investment vehicles.

The rate of inflation can be kept at 2% since that has been
the average for Malaysia for the past half a decade
. Alternatively, you can increase it to 3 or 4% for a safer estimate. Your life expectancy as a Malaysian citizen is about 75 years according to the world bank, so that should be the final figure you key in.

Now that you’ve done all this, you can check out the tabulated results in the calculator. It will tell you the level of readiness you are for retirement, how far along you still have to save, and crucially, how much you need to increase your savings by if you’re still far off.

How Do You Catch Up if You’re Way Behind?

Let’s say that after inputting all your figures, the calculator tells you that you need to save up RM230 more every month. Before you do anything else, you can consider whether or not the kind of retirement you want may be different than the one you keyed in.

Perhaps you don’t mind retiring a bit later, or maybe your current expenses include some heavy debts that you expect to pay off well before retirement, which means your projected monthly expenses would go way down. Use the sliders to adjust these values and see whether or not you’re still well-prepared for retirement.

If the calculator still shows that you’re not quite on track for retirement, then there are three major areas you can focus on. Those would be savings, investments, and earnings.

To max out your savings, we recommend
eliminating your debts first
 to free up the cash for your
savings
, then using your
skills and free time
 to
look for side income
, after which you can start thinking about
investing some of your cash
 to
put your money to work
. An easy and simple way to get started with investments is to head over to our
fixed deposits comparison page
 where you can find the best accounts with high returns that can work for you. We’ve written more detailed articles
elsewhere on our blog
 on how to do these three things and we recommend you check those out.

Try the calculator out for yourself
over at Nerdwallet
 so you can quickly figure out where you stand as far as your retirement plan goes. How well did you do? Do you have your own retirement plan set up yet? Let us know in the comments section down below!

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Ahmad Mudhakkir

Ahmad Mudhakkir

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TNG eWallet Introduces RM5,000 Maximum Reload Limit For Top-Ups Using Reload PINs

Touch ‘n Go (TNG) eWallet has introduced a maximum reload limit of RM5,000 per month for top-ups using reload PINs. This new monthly cap is set to take effect starting from 15 December 2021.

At present, users are not limited by any monthly caps when reloading their TNG eWallet using reload PINs. They can purchase as many reload PINs as they wish – available at values starting from RM10 all the way up to RM500 – and reload as frequently as they wish. These PINs can be purchased at various retail outlets as well as some apps that offer bill payment services.

Other manual reload methods, meanwhile, continue to carry the same stipulations that they always have. The maximum reload amount that can be made through debit and credit cards, as well as online banking via FPX are still restricted by the user’s own pre-set banking limits and the size of his or her eWallet size.

Interestingly, TNG did not provide any justification as to why this new condition was introduced in its latest user agreement policy (dated 19 November 2021).

(Source:
TNG eWallet
)

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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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Government Launches Wage Subsidy Programme 3.0, Loosens Application Conditions For EIS

During the reveal of the new PERMAI assistance package today, Prime Minister Tan Sri Muhyiddin Yassin announced yet another iteration of the Wage Subsidy Programme, this time dubbed Wage Subsidy Programme 3.0. On top of that, he also said that the application conditions for the Employment Insurance System (EIS) will be relaxed so that more unemployed individuals can apply for the financial assistance offered.

With regard to the Wage Subsidy Programme 3.0, Tan Sri Muhyiddin said that this updated initiative will see further improvements to its predecessor, Wage Subsidy Programme 2.0, which had ended on 31 December 2020. Under the latest instalment of this programme, all employers who are operating during the movement control order (MCO) – regardless of industries – are allowed to apply for the assistance offered. Once approved, they will receive a wage subsidy of RM600 for employees with a salary of less than RM4,000 for one month.

(Image: New Straits Times)

Aside from that, the number of eligible employees allowed for the Wage Subsidy Programme 3.0 will also be increased from 200 workers per company to 500 workers per company. Altogether, this initiative will see the allocation of RM1 billion in total, and is expected to benefit 250,000 employers with more than 2.6 million employees.

The government had launched the first
Wage Subsidy Programme
 via the
Prihatin economic stimulus package
 back in March 2020, aimed at helping companies that were affected by the implementation of the MCO. It lasted for three months, after which it was
extended for another three months in early June
 through the
PENJANA economic recovery plan
. Subsequently, Tan Sri Muhyiddin Yassin announced
Wage Subsidy Programme 2.0
 under the
KITA PRIHATIN package
 in October 2020 to help companies that are still affected by the Covid-19 pandemic.

Aside from introducing an improved Wage Subsidy Programme 3.0, the prime minister also highlighted that the government has agreed to relax the application conditions for the Employment Insurance System (EIS/SIP Prihatin). To clarify,
the EIS
 is a scheme that offers you unemployment benefits and job search assistance when you lose your job for various reasons – provided that you meet certain criteria.

According to Tan Sri Muhyiddin’s latest announcement, these criteria will now be relaxed to let the following individuals apply for financial help from EIS as well:

Individuals who did not meet the contributions qualifying conditions (CQC) by paying the required minimum number of SOCSO and EIS monthly contributions

Individuals who were unable to extend their service contract after renewing it at least three times

These individuals will be entitled to EIS financial aid with a payout of 30% of their salary or income for 3 months.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Declining Bankruptcies In Malaysia Since 2018 Attributed To Debt Advisory Agencies, Financial Planners

(Image: Malay Mail/Choo Choy May)

Latest data from the Malaysian Insolvency Department (MdI) indicated that the number of bankruptcies in the country has reduced significantly from a high of 16,482 in 2018 to 4,491 in 2022 (as of September). This achievement has been largely attributed to the initiatives of debt advisory agencies and financial planners, leading to an increase in financial literacy among young Malaysians.

Based on MdI’s data, 58% of individuals who were declared bankrupt from 2018 to September 2022 belonged to the age group of 25 to 44 years old, equivalent to 28,055 persons (2,295 persons in 2022, as of September). Meanwhile, bankrupt individuals under the age of 25 years old that were recorded from 2018 to September 2022 came up to only 0.5%, with only 6 individuals this year.

Looking at the data, licensed financial planner Marshall Wong said that although more than half of the bankruptcies were recorded among youths (25 to 44 years old), the number has been gradually declining between 2018 to 2022. This, in turn, indicates an effort on the part of young Malaysians to take charge of their financial well-being.

“We should give credit where it’s due. The bankruptcy rate is declining faster for those younger than 45 years old. I believe this is because youths are a lot smarter in managing their finances now than five years ago,” said Wong.

Wong also said that organisations like the Credit Counselling and Debt Management Agency (AKPK), the Financial Planning Association of Malaysia (FPAM), and the Malaysian Financial Planning Council (MFPC) can be credited for this increase in financial literacy. This is as they have been consistently promoting financial literacy through various events and campaigns, in addition to relevant content that is shared by other credible individuals on social media.

AKPK, in particular, has been instrumental in
assisting Malaysians and businesses that faced debt repayment difficulties
 and other financial struggles following the Covid-19 pandemic and
the end of loan moratoriums granted by banks
. Its services include providing financial education, advisory, and debt management programmes – applicable to both bankrupt individuals and those who would like to seek advice before committing to any financial agreements.

(Image: The Star)

Aside from that, Wong highlighted that personal loans continue to be the main cause of bankruptcies because borrowers often have reasons to apply for one, including medical expenses, house renovation costs, and children’s education expenses. According to MdI’s data, personal loans were cited as the reason for 42% of the total number of bankrupt cases, followed by vehicle purchases (14.5%) and business loans (13.8%).

“It is also worth noting that there is a drop in bankruptcies due to credit card loans from 10.99% in 2018 to 3.99% in 2022. I think this is quite significant and a good sign due to the high interest imposed on credit card (debt) compared with other loans,” said Wong.

Malaysia’s bankruptcy threshold is currently set at RM100,000,
raised from RM50,000 back in 2020
. The government had also subsequently remarked that it may
once again review the country’s bankruptcy threshold
 in the future.

(Sources:
MdI
,
The Sun Daily
)

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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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Govt Extends Tax Relief For Phones & Computers, Includes Covid-19 Tests For Medical Tax Relief

In the new Permai stimulus package announced today, the government has extended the special tax relief of RM2,500 on purchases of phones, computers, and tablets to 31 December 2021.

The special tax relief was introduced in the middle of last year as a way to boost
work-from-home arrangements
. Individual taxpayers could claim tax relief of up to RM2,500 for purchases of these particular electronic devices between 1 June and 31 December 2020.

This was on top of the existing tax relief that allowed taxpayers to claim up to RM2,500 under the lifestyle category, which includes expenditure on sports equipment, reading materials, Internet bills, and the same personal electronic devices.

(Image: Miera Zulyana/Malay Mail)

Besides that, the government has also announced that Covid-19 tests will be eligible for tax relief from YA2021 as part of the sub-category allocated for full medical check-ups. Therefore, you can claim up to RM1,000 in tax relief for full medical check-ups and Covid-19 tests when filing your income tax next year.

For those who are unaware, Lembaga Hasil Dalam Negeri (LHDN) allows you to claim tax relief for medical expenses for yourself, spouse, and child, with a sub-limit specifically for medical check-ups. In
Budget 2021
, the tax relief limit was raised from RM6,000 to RM8,000 and the sub-limit was doubled from RM500 to RM1,000.

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About THE AUTHOR

Jacie Tan

Jacie Tan

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    Nik

    2 years ago

What does extend means? If a person already bought a PC in 2020 amounting to RM 2500 and will claim for 2020 tax relief , is he eligible to buy another PC amounting to rm2500 in 2021 and claim that for 2021 tax relief?

39

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        Nik

That’s correct.

9

Reply

    Anonymous

    2 years ago

    Reply to

        Nik

nope…for pc, i think 3 years claim once…u may check T&C in LHDN official website…extend means for those havent purchase…not for those been purchase in 2020…

-3

Reply

    Anonymous

    1 year ago

    Reply to

        Anonymous

This 3 years claim once (relief) for computer seems to be  for Year of Assessment 2010, 2011, 2012, 2013, 2014, 2015, and 2016. No longer applicable for YA 2017 onwards. Can the author confirm?

Source:
http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=3&bt_unit=1&bt_sequ=1&bt_lgv=2

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

Don’t be confused with the old tax reliefs, the “3 years claim once” relief has not been around for some years now. It’s replaced with the Lifestyle tax relief, which combines purchases of smartphones, computers, internet etc into a single claim of up to RM2,500/year.

Meanwhile, this article refers to a special tax relief due to the pandemic. It allows an additional RM2,500 tax relief for the purchase of phones and computers because more working adults are working from home and may not have the equipment.

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

Don’t be confused with the old tax reliefs, the “3 years claim once” relief has not been around for some years now. It’s replaced with the Lifestyle tax relief, which combines purchases of smartphones, computers, internet etc into a single claim of up to RM2,500/year.

Meanwhile, this article refers to a special tax relief due to the pandemic. It allows an additional RM2,500 tax relief for the purchase of phones and computers because more working adults are working from home and may not have the equipment.

10

Reply

    Anonymous

    1 year ago

    Reply to

        Pang Tun Yau

Hi,

May i know if I purchase a laptop for RM5,000 – does that mean I can claim it under the Lifestyle tax + special tax relief in one single receipt?

92

Reply

    rogeeangela

    1 year ago

    Reply to

        Anonymous

This is also my question. If pc worth 6k can I claim 2500 and another 2500 in the lifestyle relief?

36

Reply

    Jamy Ling

    2 years ago

Does this include accessories such as IPad keyboard?

21

Reply

    Tan

    2 years ago

If I buy 2500 of tablet in 2021, I can claim tax relief under this category which actually ended last year 2020, right? Or I can only claim under the lifestyle 1st category together with books, Internet fees and others?

0

Reply

    Geena Thomas

    2 years ago

What is the due date to buy new PC in 2021?

 I had bought for my daughter a new PC in 2020 and want to buy another PC for another daughter in 2021. Just to reconfirm  can the 2021 PC bought claim for tax relief ? Tq

0

Reply

    Anonymous

    1 year ago

If i have maxed out both tax relief in 2020 (5000 total), can i still claim the additional 2500 special relief for phone in 2021? I have used up the lifestyle relief 2.5k for this year 2021.

18

Reply

    Lucy

    1 year ago

Can Foreign receipt on the purchase of handphone be used to claim  2021 tax relief of RM 2,500?

14

Reply

    roger

    1 year ago

    Reply to

        Lucy

Yes you can as long as you keep all the receipts. Just convert the amount to ringgit. I asked this personally in LHDN personnel.

0

Reply

    Anonymous

    1 year ago

Can we combine the price of PC purchased to be not more than RM5,000, being RM2,500 (for the usual yearly tax relief and the additional RM2,500?

0

Reply

    Tim

    1 year ago

If my laptop needs replacement of parts such as battery or screen, can I claim for income tax relief under the “purchase of computer” category ?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Tim

Unfortunately you can’t.

0

Reply

    min

    1 year ago

Can claim mobile phone bill under the lifestyle tax relief program?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        min

you are able to claim for the mobile internet bill under lifestyle tax relief.

0

Reply

    Xavier

    1 year ago

    Reply to

        Pang Tun Yau

Hi what does it mean mobile internet bill?

For instance, my monthly Digi bill is RM50 (postpaid), can I claim fully RM600 (RM50 x12 months) ?

For home internet I know can, but for phone I am not sure.

Look forward for answer ya, thanks in advance.

0

Reply

    msh

    1 year ago

    Reply to

        min

Yes, refer here

https://mytax.hasil.gov.my/#
!

Adakah langganan internet dibawah telco layak menuntut pelepasan gaya hidup bagi bayaran bil internet bulanan?

Ya, potongan yang dibenarkan ialah bagi langganan internet di rumah dan juga bagi tetefon pintar individu. Amaun dibenarkan adalah bagi langganan internet tidak termasuk caj panggilan, SMS dan SST terhad kepada RM2,500 setiap tahun taksiran di bawah pelepasan gaya hidup.

3

Reply

    Annie

    1 year ago

    Reply to

        msh

Is the mobile internet bill applicable to postpaid only? Can prepaid users claim?

0

Reply

    Yeo

    1 year ago

    Reply to

        msh

Based on Xavier’s comment, if the bill does not segregate the amount for calls, SMS & internet, but charges me a lump sum of RM50/month (a package with call, SMS & internet). Is it still considered tax relief?

0

Reply

    Ek gadkwir

    1 year ago

If purchase monitor for my existing pc due to I need another screen can I claim this monitor?

1

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Ek gadkwir

sadly not – the special relief covers smartphones, tablets, and notebook computers only.

0

Reply

    Peggy Leong

    1 year ago

    Reply to

        Pang Tun Yau

Hi, Pang, I have few questions:

1) Internet subscription – can I include celcom xpax billing ?

2) for the sport equipment- can I claim for indoor bike?

3) I purchased a laptop rm3000. Can I claim rm2500 for additonal lifestyle and rm500 for the original lifestyle together with books , and Internet subscription?

7

Reply

    muvan

    1 year ago

    Reply to

        Peggy Leong

1) i dont know

2) yes

3) yes

0

Reply

    John

    1 year ago

Hi, I purchased a smartphone and charger under single receipt, may I know if charger is eligible?

0

Reply

    muvan

    1 year ago

    Reply to

        John

not allowed. if there is itemization charge for phone and charger.

allowed if bundled (if can be presented as free charger for phone purchase).

0

Reply

    Michelle Lin

    1 year ago

If i have purchase a laptop which cost me RM4600, can i claim RM2500 as the 1st lifestyle relief and the balance of RM2100 as the extended special tax relief?

27

Reply

    Helene

    1 year ago

Can i claim tax deduction for purchasing 2nd hand smartphone?

0

Reply

    Rodney

    1 year ago

i’m planning to buy customized PC from a Local Customized vendor.  but to be exact without monitor and speaker.  Can i do claim for 2022 tax relief on Personal computer? The receipt might listed all the components of the PC in one list.

0

Reply


Targeted Petrol Subsidies Expected To Be Distributed Via Cash Handouts

The upcoming targeted fuel subsidy for eligible Malaysians will likely be given as cash handouts similar to the Bantuan Sara Hidup (BSH) scheme, and should likely be implemented after it is approved by the Cabinet.

Initially tabled at
Budget 2019
, the t
argeted fuel subsidy
 was designed to replace the current fuel subsidy system that benefited every Malaysian. Under the new scheme, it was proposed that the subsidy will only be given to owners of cars and motorcycles with engine capacities below 1,500c and 125cc respectively, with the subsidy rated at a minimum of 30 sen per liter for RON 95 petrol.

(Image: The Straits Times)

However, economists have warned that the execution of the new scheme would be difficult and “liable to leakages”, thanks to a combination of complex and inaccurate information in the current databases the Ministry of Domestic Trade and Consumer Affairs was planning to use. This, among other factors, resulted in the prolonged delay in the implementation of this scheme.

After extended discussions, it appears the ministry is close to finding a viable solution, which includes building an improved database that contains income and vehicle ownership information that’s extracted from BSH and cross-checked with Road Transport Department data.

(Image: Kosmo)

“We will use the BSH list to decide who gets the cash. We can cross-check it against data from RTD. From there, we can see who owns what vehicle. Those who don’t own any will not receive the cash,” a ministerial officer explained. Payslips and pension fund contributions would also be utilised to screen applicants.

Furthermore, according to a KPDNHEP aide, there are also other precautions that will be announced by KPDNHEP Minister Datuk Seri Saifuddin Nasution Ismail. The aide further stated that the government plans to evaluate this cash handout method quarterly.

Despite the delays, Datuk Seri Saifuddin believes that the new fuel subsidy will still be ready to be implemented by the end of this year

(Source:
The Malay Mail
)

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Christine Tay

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TNG eWallet Rolls Out Upgraded WalletSafe, Now With Two Plan Options

Touch ‘n Go (TNG) eWallet has upgraded its WalletSafe insurance feature, which now comes with two plan options that you can choose from: the Basic Plan and Pro Plan. Some new and enhanced features that you can tap into include a death benefit of up to 20x of your TNG eWallet account balance (due to accidents), additional payouts for deaths due to road accidents or public transport, as well as protection against wallet/mobile device theft and unauthorised card transactions due to theft.

Underwritten by AIA General Berhad, here are the full benefits of the WalletSafe Basic Plan and Pro Plan laid out for your convenience:

WalletSafe Basic Plan
WalletSafe Pro Plan
Premium (for 6-month plan)
 RM1
RM6
Unauthorised transactions for TNG eWallet*
*
Inclusive of unauthorised GO+ transactions, but not capital investment in GO+
Up to RM25,000
Up to RM25,000
Death due to accidents
10x of your TNG account balance (up to RM25,000)
20x of your TNG account balance (up to RM50,000)
Additional payout if death is due to road accidents or public transport
10x of your TNG account balance (up to RM25,000)
20x of your TNG account balance (up to RM50,000)
Unauthorised card payments due to theft
N/A
Up to RM1,500
Theft of personal belongings (wallet and mobile devices)
N/A
Up to RM1,000

For those who are familiar with WalletSafe, you’ll probably recognise that the Basic Plan is actually a revised version of the
original WalletSafe
, which offered coverage for the following:

Unauthorised transactions for TNG eWallet (up to RM25,000)

Death due to accidents (up to 10x of your TNG eWallet account balance)

Death due to Covid-19 (up to 10x of your TNG eWallet account balance).

According to TNG eWallet’s FAQ for WalletSafe, however, this earlier plan has been terminated as of 20 July 2023, and therefore is no longer available for purchase. For those who purchased the original WalletSafe cover before 20 July, the previous benefits will continue to apply until the expiry of your insurance certificate. You can, however, opt to switch over to one of the new WalletSafe plans if you prefer.

Meanwhile, TNG eWallet users who have never subscribed to WalletSafe before, but are now interested, can do so by tapping on the “GOprotect” tile on the homepage of their app, and then choose “WalletSafe”. You’ll then be guided along the way to purchase your insurance plan.

Once you’ve completed the payment via your TNG eWallet, a confirmation email will be sent to you, containing details such as your certificate number, effective date, and expiry date. You’ll also receive your e-certificate through this email.

Finally, note that as was the case before, WalletSafe is applicable only to users aged between 18 to 70 years old who have verified TNG eWallet accounts. This means that you must first go through the electronic Know Your Customer (eKYC) process to verify your account before you can purchase your plan. Do also be aware that you’re only allowed to purchase one WalletSafe plan per account, and cannot purchase the plan for another person.

(Source:
TNG eWallet
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Sales Tax Exemption On Passenger Cars Extended Until June 2021

The Ministry of Finance has extended the sales tax exemption for passenger cars for another six months until 30 June 2021. The
sales tax exemption
 was initially given for the period of 15 June to 31 December 2020 as part of the
PENJANA Economic Recovery Plan
.

In a statement, the Ministry of Finance said that the extension was aimed at continuing to drive the momentum in the development of the automotive sector. The sales tax exemption applies to passenger cars, including multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs).

(Image: Reuters)

Locally assembled or completely knocked down (CKD) cars will continue to be given the 100% sales tax exemption, whereas a 50% tax exemption is levied on imported or completely built up (CBU) passenger cars.

The sales tax for vehicles in Malaysia is currently set at 10% for both locally assembled and imported cars, so the exemption means that the sales tax is fully waived for locally assembled cars and charged at 5% for imported cars. You can refer to our article for a deeper look at
how much you would save
 thanks to the sales tax exemption.

(Source:
Malay Mail
,
The Star
)

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RHB Launches E-Wallet Top-Up Campaign Offering Monthly Cashback

RHB is offering cashback to RHB credit cardholders who top up their e-wallets from now until June. You can earn RM10 monthly cashback by topping up a minimum of RM100 into an eligible e-wallet and also stand the chance to win RM500 in cashback at the end of four months.

The campaign will run for four months from 1 March to 30 June 2020 and the qualifying e-wallets are BigPay, Boost, Grab, Lazada Wallet, ShopeePay, and Touch ’n Go eWallet. Interestingly, this is the first time ShopeePay is included in an e-wallet top-up campaign after it
finally enabled credit card top-ups
 last month.

To be eligible for the RM10 cashback, you need to top up a minimum of RM100 in a single transaction into one of the applicable e-wallets. Each cardholder is entitled to only RM10 in cashback per month, so you can earn up to RM40 if you top up RM100 every month during the campaign period.

However, there is an overall cap of 2,500 cashback winners per month, so winners will be determined on a first-come-first serve basis starting at the beginning of each month.

Month 1

Month 2

Month 3

Month 4

Top-up date

1 March – 31 March

1 April – 30 April

1 May – 31 May

1 June – 30 June

Minimum top up in a single transaction

RM100

RM100

RM100

RM100

Total cashback per cardholder

RM10

RM10

RM10

RM10

Total winners per month

2,500

2,500

2,500

2,500

There is also an additional RM500 cashback prize to be won for those who fulfil the top-up criteria for four consecutive months. The top 100 cardholders with the highest cumulative top-up amount throughout the campaign period will each win RM500 in cashback.

You don’t need to limit your top-ups to just one e-wallet in order to qualify for the RM500 cashback, either – if you perform multiple top-ups across different eligible e-wallets, the tabulation of the transactions will be combined.

This e-wallet campaign is open to all principal and supplementary
RHB credit cardholders
, excluding RHB Business Credit Cards, RHB Purchasing Charge Card, and RHB Corporate Credit Card.

(Source:
RHB
)

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Rapid KL’s Promo Offers 2-For-1 Deal For My50 Passes, Only For New Users

Rapid KL is currently running a My50 Buddy 2 Untuk 1 promo in conjunction with the popular 9.9 sale events that are happening across the country, giving commuters the chance to purchase two My50 travel passes at the price of one. As the name of the promo implies, however, the two passes are intended to be shared between you and a friend; you cannot obtain both passes for yourself.

According to Rapid KL, the promo is applicable only to new My50 customers, allowing them to purchase two passes at only RM50 (My50 passes usually cost RM50 each). If you are interested and eligible, you and your friend will need to sign up and apply for the promotion through the MyRapid PULSE app between today until 7 September 2022. The process is pretty straightforward; simply follow these steps:

Fire up your MyRapid PULSE app, and scroll down until you reach the 9.9 My50 Buddy 2 Untuk 1 promo

Tap on the banner to access the registration form

Fill in the details for yourself and your friend, and submit the form

If your application is successful, you’ll need to redeem your passes from Rapid KL at specified locations, with the process running on quite a tight schedule. Approved applicants will receive a confirmation email on 8 September 2022, after which, they must then collect their passes on 9 September (there is no mention whether you can collect it after 9 September). The passes can only be collected at two locations: the KL Sentral LRT or the Pasar Seni bus hub.

Note as well that both you and your friend
must
 be present when collecting the passes. You’ll also need to bring a printout of the confirmation email and your MyKad.

If you’re not familiar with Rapid KL’s
My50 travel pass
, it essentially allows commuters to tap into any of its public transport services in Klang Valley for a period of 30 days. These include the LRT, MRT, and monorail services, as well as BRT and Rapid KL buses. Aside from the My50 travel pass, Rapid KL also has a range of other passes to meet the varying needs of public transport commuters, including the
Keluarga Malaysia Travel Pass
,
MyCity Pass
, and
KL Travel Pass
.

(Source:
Rapid KL
)

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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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UOB Malaysia’s New Online Travel Marketplace Makes Travel Planning Easier

(Image: UOB Malaysia)

UOB is aiming to ease the tedious process of journey planning for Malaysian travellers with its launch of The Travel Insider. Touted to be the first online travel marketplace to be designed by a bank, The Travel Insider prides itself as a one-stop travel platform where you can easily search, plan, and book your trips.

“Travel is a high priority among our customers, with one in five UOB Malaysia debit and credit cardmembers travelling abroad at least once in 2019. We have also seen a shift in the way our customers plan and book their travels, with 81% of their travel-related spend last year taking place online, a 34% increase from the previous year,” said UOB managing director and country head of Personal Financial Services, Ronnie Lim.

Drawing from the services and knowledge of more than 500 leading companies from the airline, hospitality, and travel industries, the site offers a comprehensive set of services. It features functions such as flight bookings, accommodation recommendations, and tour deals, as well as travel itineraries, travel guides, and tips.

Navigation in the site is made easier as it taps into the familiar user interfaces from Agoda, Expedia, Booking.com, and Singapore Airlines to offer the best hotel and flight options. You can also make use of the in-built planning tool, where you can create and save your itinerary to share with your travel buddies for planning purposes.

Additionally, The Travel Insider features various deals – ranging from accommodation and restaurant discounts to activities and shopping rebates – although most are exclusive to UOB cardholders. So, if you’re a UOB cardmember, remember to tap into the discounts to sweeten your holiday experience. That said, non-UOB cardmembers looking to book their flights and accommodation from the site will still able to do so with other cards.

Unlike other travel websites and platforms, however, The Travel Insider is fairly focused in its coverage. UOB selected the content of its travel marketplace based on data collected from its customers’ card spend and the partners involved in this collaboration. The page is highly curated – it features 24 travel destinations most popular with its customers – such as France, Germany, and Iceland.

The platform also caters for the present-day traveller’s preference for authentic local experiences, inviting 29 local influencers from its shortlisted destinations to provide personal insights of their home cities. If you like travelling like a local, then you’re in luck!

The Travel Insider
 was first launched in Singapore two years ago. Since then, it has reported a monthly traffic of close to
25,000 unique visitors
 to the site, which UOB took to be an encouraging enough sign to expand the marketplace to its customers in Malaysia, Indonesia, and Thailand.

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What Should You Do After A Car Accident?

You can be the most vigilant driver in the world, but sometimes there’s no escaping a mishap – and by mishap, we mean a car accident. No one likes to think that they might get into a car accident, but the fact that our country is crunching close to
half a million traffic accident cases in 2015 alone
, is reason enough to familiarise yourself with the things you should do when if you get into a traffic collision.

If you’re not sure where to begin, we’ve prepared a simple guide for you to follow so you’ll know
exactly
 what to do if you’re faced with said situation. Keep reading!

Put Her In Parking By The Side Of The Road

The shock from a collision will trigger your natural instinct to stop the car right where it happened, and it’s entirely normal. If you’re not severely injured, take deep breaths, maintain your composure, and try to move your car to the side of the road – or onto the emergency lane. Once you have, turn on the hazard lights to alert other motorists on the road.

Assess The Damage

Now is the time to really check yourself. If you’re not injured, good. If you are, you have to ascertain whether you’re well enough to do the damage assessment or get someone to call the ambulance and the police to assist you immediately.

Assuming you’re not injured, step out of your vehicle and check the damage that was done both on your and the other party’s car. No matter whose fault it was,
do not admit liability
 or offer any sort of payment.

Collect And Exchange Information

After examining the damages, engage the other party in a calm and polite manner. Remember, both of you are distressed by the collision, and taking your frustrations out on the other party won’t solve anything. Start by gathering information on how it happened and what caused the accident. Note the exact location, time, and any other information that might be useful to justify your claim.

Once that is out of the way, take down the other party’s details including their car’s registration number, model and perhaps even its colour, their name, IC number, address, and phone number. It’s advisable for you to snap some pictures of the damages done on both cars, as well as of your injuries – should you suffer any.

Contact Your Insurance Provider Immediately

Next, contact your insurance provider without delay – especially if the damage to your car is severe enough to warrant the help of a tow truck. Most auto insurance companies provide roadside assistance service, so check and see if you can get help from them directly, before whipping out your wallet for a private towing service.

Insurance providers will usually arrange for a panel tow truck to assist you, as well as towing your car to the nearest panel workshop. Even if the damage is minimal, your insurance provider will be able to guide you on the claiming process, the documents you’ll need and the nearest panel workshop where you can get your car repaired. Keep in mind that sending your car to a non-panel workshop might result in a rejected claim.

Head To The Nearest Police Station

Remember that you’re required by law to file a police report within 24 hours from the time the accident took place. You also need a copy of the police report as a supporting document to make a claim to your insurance provider.

If the accident was caused by negligence on your part, you may be fined up to RM300, which must be paid within 30 days.

What Happens Now?

Once you’ve made the police report and submitted all the relevant documents to your insurance provider, a loss adjuster will be sent to evaluate the damages done to your car and conclude the amount of which you’re able to claim from them. Bear in mind that claiming from your insurance will also result in losing your no-claim bonus that you’ve accumulated, which means that you’ll have to start paying a higher insurance premium the following years.

The most important thing to remember when facing with a car accident – regardless whose fault it is – is to keep calm and not give in to panic. If you encounter rogue tow trucks or mechanics that appear out of the blue, don’t let them take advantage of the situation. Always consult your insurance provider to know exactly what your rights and coverage are when stuck in these sort of situations.

Are you thinking of upgrading your motor insurance? Have a look at the range of comprehensive policies available in the market simply by visiting our
car insurance comparison
 page! Don’t forget to share your thoughts or experiences in the comments section below!

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Syaza Abd Jani

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PTPTN Borrowers Affected By Floods To Get Three-Month Loan Deferment

Image: The Malay Mail

National Higher Education Fund Corporation (PTPTN) borrowers who are affected by the recent floods will be granted a three-month loan deferment as part of the government’s efforts to provide assistance.

According to Higher Education Minister Datuk Seri Dr Noraini Ahmad, the decision to grant the loan deferment comes from the government whose commitment is to help Malaysian families as well as PTPTN borrowers who were affected by the floods. She also hopes the deferment can help to alleviate the burden of the affected borrowers.

Borrowers can apply for the three-month loan deferment via
a dedicated PTPTN microsite
 or any of its nearby branches during the period from 28 December 2021 to 31 March 2022.

According to
PTPTN
, borrowers are not required to provide any supporting documents to show proof of being affected by the floods during the application.

The deferment will give the applicant three months’ relief from repaying the loan, starting from the month when the approval is obtained and the subsequent two months. Applicants will receive the approval via email within three business days from the date of submission.

Borrowers can get in touch with PTPTN through its Careline at 03-2193 3000 (from Monday to Friday, 9:00 am to 5:00 pm) or through the website’s Live Chat for more information.

(Sources:
The Edge Markets
,
Free Malaysia Today
)

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Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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Kickstart Your Financial Makeover With RinggitPlus

Auntie+ is here to help

If the idea of financial management sounds too daunting for you, don’t be scared! You’re not alone. The key to this is to take baby steps, and
Auntie
 will show you how you can learn more about managing your finances. First time visiting
RinggitPlus
? Let Auntie show you how to make the most out of this website.

You work hard for your money. Make your credit card work hard for you.

Did you know there are over 300 credit cards available for Malaysians? No wonder people just close one eye and apply for whatever credit card offered by your bank. DON’T DO IT! Here’s how you can select one that complements your lifestyle.

The
credit card page at RinggitPlus
 is categorised into different types, based on what matters for Malaysians. Choose from:

Cashback Credit Cards

Petrol Credit Cards

Travel Credit Cards

Credit Cards With Zero Annual Fees

But, if that’s still a lot of work for you, we have some recommendations on the
best cashback credit cards
 as well as the
best credit cards for airport lounge access
.

Still blur? Go to the
RinggitPlus blog
 for some knowledge. Find out
why you should own a credit card
, and the
hidden fees
 to look out for. If you are more advanced, there are stuff there for you also! Auntie recently read this article about the
pros and cons of giving your young children a credit card
.

And, thanks to RinggitPlus’ partnership with the banks, if you successfully apply for a credit card with RinggitPlus, you can even get some
great sign-up gifts
!

With Auntie, you’re never forever a-loan.

Having cash on hand is great, but things like cars, houses, and even weddings need a lot of money – you may need a loan to fund for it. RinggitPlus has dedicated loan pages that let you easily compare loans offered by banks and certified money lenders in Malaysia. Don’t worry, no
ah long
 lenders here.

You can compare loans such as:

Personal Loan

Home Loan

Car Loan

Business Loan

Government servant loans

Fast approval loans

Syariah-compliant financing

One cool thing about the RinggitPlus loans page is the
loan calculator
, which filters the loans available for you based on your desired loan amount and loan duration. The results are shown in real-time, and the monthly repayment figures for each loan is inclusive of the interest charge. Don’t need to calculate anything – everything is there for you.

Getting insurance is part of #adulting.

Auntie always tell the young kids, you must get insurance as early as possible. You never know when something happen (touch wood!), then at least you have something to cover the costs.

But Auntie agree, these insurance policies is written almost like in a different language. So before you get more confused, Auntie suggest you read this
insurance basics article
 first. If you need help to translate the complicated words, you can refer to our
glossary for confusing insurance terms
.

When you are ready, check out the
insurance policies available via RinggitPlus
:

Term Life Insurance

Whole Life Insurance

Personal Accident Insurance

Car Insurance

Home Insurance

Travel Insurance

Money doesn’t grow on trees, but it can grow.

Growing your wealth isn’t just about investing in stocks and buying property. These days Auntie noticed that many young Malaysians don’t even use things like fixed deposit! One main reason they tell me is that they want to find the best rate, but don’t like the hassle of going to all the banks’ websites.

The
RinggitPlus fixed deposits page
 has an up-to-date catalogue of fixed deposit rates from over 25 major banks in Malaysia. There’s also a dedicated Islamic Fixed Deposit page, so there’s something for everyone.

Auntie really likes the fixed deposit calculator, because it updates the list of fixed deposit plans in real time based on the amount you want to deposit and the duration. It will even show you how much interest you will earn at the end of the tenure.

One last thing: if fixed deposit also too
ma fan
 for you, here’s one more tip: even the savings account you have earn interest at different rates. The Savings Account page has a comprehensive list of savings accounts from almost 30 banks, so you can easily see which account has the best interest rates for you. “Sikit sikit, lama-lama jadi bukit”, right?

And with that, you’ve now taken your first steps into your financial makeover. Have fun!

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AirAsia Extends Credit Account Validity To 3 Years

(Image: The Edge Markets)

AirAsia has extended the validity of its customers’ Credit Account to three years from the date of issuance as travel restrictions due to the Covid-19 pandemic continue to remain in place.

“We are pleased to confirm that the validity of your Credit Account is now automatically extended to three (3) years (36 months) from the date of issuance,” AirAsia informed its customers in an email sent out today. AirAsia’s Credit Account is the amount of funds spent on bookings that are reimbursed to customers who were unable to make their flights.

The budget airline stated in its FAQ that the extension is applicable to amounts issued in 2020 or before 30 June 2021. However, it does not extend to guests whose bookings are affected by the AirAsia X Restructuring. It also added in a statement that the extension is only applicable to direct online bookings made via AirAsia’s website or app; for group bookings or those made with travel agents, guests are required to refer to their respective booking agent for further assistance.

With the automatic extended Credit Account validity, AirAsia customers just need to make their next flight booking within three years from the original Credit Account issue date. Flights are typically available for booking up to one year in advance.

“We continue to put the needs of our guests first and understand that their travel plans may have changed given the current circumstances,” said Adam Geneave, chief customer happiness officer of airasia Group. “Hence, we are pleased to extend our Credit Account validity to three years on top of providing the flexibility to make future bookings at any time, for any destination and on any AirAsia-operated flight – even during the peak travel seasons.”

Geneave added that the Credit Account can also be used to purchase baggage allowance, seat selection, inflight meals, insurance, pay for government taxes and fees as well as other optional services. Moreover, Credit Accounts are not limited to the person on the original booking and can be used to pay for other people’s flights.

For more information on the
AirAsia Credit Account
, you may refer to the AirAsia website.

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Fave Enables GrabPay E-Wallet For Payments

Fave has finally enabled the GrabPay e-wallet on its platform for Malaysian users, allowing users to make payment using GrabPay and enjoy “double-dipping” on cashback and rewards points from both Fave and Grab.

With this new update, you can now use your GrabPay e-wallet to pay at more than 17,000 outlets and retailers on Fave’s network, ranging from dining to health and beauty, as well recreation. You can also use GrabPay to pay for the various FaveDeals and Fave eCards available in the app, and earn up both Fave Partner Cashback at selected merchants as well as
up to 3x GrabRewards Points
 for every RM1 that you spend on the platform.

Co-founder and chief executive officer of Fave Malaysia, Joel Neoh, said that this partnership with Grab will help Malaysians embrace a digital lifestyle and cultivate a more seamless transition towards cashless payments. “It is about time we partnered with like-minded companies such as Grab to steer Malaysia towards a cashless economy. We see everyday Malaysians comfortably leveraging cashless payments for small and large day-to-day purchase, and the vast percentage of the population is receptive towards a cashless option that results in greater savings for the consumer,” he said.

Meanwhile, the head of GrabPay Malaysia, Priyanka Madan, said that the collaboration is in line with Grab’s longer-term strategic roadmap to build on its platform, payments, and partnerships. “We look forward to an accelerated digital transformation that enhances how Malaysians shop and capture more opportunities for merchants, and ultimately drives our nation’s economic recovery,” she said.

To link your GrabPay e-wallet to Fave, tap on “Me” to find a prompt that will lead you to GrabPay’s website. Following that, key in all the required details as requested – and you’re done! When you are making a payment on the Fave app, make sure to select GrabPay as your preferred payment option to enjoy the double rewards.

GrabPay has been supported on Fave for some time in Singapore, and its arrival on Malaysian shores is a timely one. You can find out more about using your
GrabPay e-wallet on Fave
 on the latter’s website.

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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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Govt Launches My50 Monthly Travel Pass, Available Starting From 1 Jan 2022

(Image: Malay Mail/Hari Anggara)

Transport Minister Datuk Seri Dr Wee Ka Siong has officially launched the Rapid KL My50 monthly travel pass today, which will allow Malaysians to take unlimited rides on Prasarana Malaysia’s rail and bus services at the price of RM50. The new pass is set to go on sale starting from 1 January 2022, and will replace the current My30 pass (priced at RM30 per month).

Specifically, the new My50 travel pass will offer unlimited travel on all public transport services operated by Prasarana within the Klang Valley for a period of 30 days. These include the LRT, MRT, BRT, and monorail, as well as Rapid KL stop-and-go buses and Jom Naik MRT shuttle buses.

Dr Wee further said that outside of the Klang Valley, the pass will also be available in Penang, but it will continue to be marketed as the Mutiara Pass instead. “For Penang, the travel pass will be called the My50 Mutiara Pass, and can be used for the Rapid Penang service bus stop,” he commented, adding that this facility has not been enabled for Rapid Kuantan yet – another Prasarana-owned transportation network.

With an allocation of RM115 million, the My50 pass was first announced during the tabling of Budget 2022. Dr Wee said that this is one of the government’s efforts to care for the welfare of the people amidst the current challenging circumstances, especially commuters who rely on public transport to travel. He also hoped that the pass will help to bring up the number of public transport passengers back to pre-Covid levels.

For context, Prasarana used to service up to 1.1 million passengers a day back in 2019, prior to the outbreak of Covid-19. As of 24 December 2021, however, the average number of daily passengers handled by Prasarana stands at 462,246 passengers. “With its capacity, Prasarana is able to increase the frequency of trains and buses it operates if demand increases, while ensuring that passengers continue to enjoy a comfortable, smooth, and safe journey,” said Dr Wee.

Note that the My50 pass is available exclusively for Malaysian citizens only, as it will be linked to your MyKad or MyTentera ID. You can purchase it at the Rapid KL customer service office at all LRT, MRT, monorail, and BRT stations, as well as selected KL Rapid bus hubs. In Penang, meanwhile, you can buy the pass at designated Rapid Penang kiosks, including KOMTAR, Weld Quay (Terminal B), and Penang Sentral.

(Image: The Star/Lim Beng Tatt)

Meanwhile, the current My30 travel pass – which was initially introduced under the
PENJANA stimulus package
 in June 2020 and then
expanded under Budget 2021
 – is set to end on 31 December 2021. If you manage to get the My30 travel pass once more before the last day, you’ll still be entitled to enjoy the facility up until 30 January 2022 before having to switch over to the new My50 pass.

(Sources:
Wee Ka Siong
,
Rapid KL
,
The Star
)

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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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Fitch Solutions Foresees High Demand For Digital Banking In Malaysia

Fitch Solutions Country Risk and Industry Research foresees that digital banking will be in high demand in Malaysia, due to the benefits that it can offer to consumers and businesses, as well as the increasing digital literacy among the public. This is following Bank Negara Malaysia’s (BNM) announcement of the successful applicants for its five digital banking licences.

According to Fitch Solutions, one key advantage of these digital banks lies in the convenience that it provides as customers can perform banking and financial services entirely online without needing to visit physical branches. This caters to consumers’ growing preference for easier and faster banking and payment options.

Another reason that digital banking will see high demand in Malaysia is the perks that it will also bring to businesses, especially small and medium enterprises (SMEs). Among other benefits, digital banks will provide this group with more competitive borrowing rates, easier access to loans, and faster fund approvals and disbursements.

(Image: Malay Mail/Shafwan Zaidon)

“Margins will be more attractive for digital banks as they will not be investing as much in physical infrastructure and people. Additionally, as digital banks utilise data analytics to generate insights regarding consumer behaviour, businesses can gain better access to more personalised solutions for consumers,” the firm added.

Fitch Solutions also said that compared to incumbent banks, digital banks will be able to better cater to financially underserved segments, who may lack the credit history required to obtain loans via traditional channels. This will enable groups such as gig economy workers and rural residents to receive loans and gain access to broader financial services – thereby promoting financial inclusivity.

(Image: Malay Mail/Hari Anggara)

Finally, the firm stated that the establishment of digital banks will promote competition within the financial services market, which in turn, encourages innovation and increases consumer choice. It said that large players that currently dominate the sector have had little incentive to offer more innovative services and lower costs to consumers.

“We expect to see considerable innovation in the breadth and complexity of financial services over the next 5-10 years. The downside risk is that not all of these new businesses will survive to maturity as a poor choice of business model, lack of capitalisation and the dominance of just one or two players could see some investments fail to pan out,” Fitch Solutions further commented.

BNM had announced the
five successful applicants for the digital banking licences
 at the end of last month, after conducting a
rigorous assessment
 of all the applications received. Among other criteria, the applicants were required to
demonstrate their commitment
 to driving financial inclusion, as well as ensuring quality access to financial services, particularly for the underserved and unserved communities.

(Source:
The Edge Markets
)

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How Procrastination Can Be Good For Your Money

Procrastination has always been considered a negative behavioural trait; especially when it has to do with important actions or decisions. Procrastination means the act (or inaction as is the case!) of delaying and postponing doing something or making a decision. The trait is often associated with people unable to make decisions for themselves or at times the over-thinker who ends up delaying everything.

But is it always bad to be a procrastinator? Sometimes, you’ll need to resort to procrastination; such as when replying a text message from your crush so that you don’t look too eager. Talking about playing it cool, eh? But more seriously; it can be a great tool when it comes to making money decisions. However, procrastinating in this area isn’t about never making a decision but to prevent, to borrow a term from popular culture, imitating fools rushing in.

Delaying the making of a financial decision can sometimes be good for you. Here are five reasons why.

How Procrastination is Good for Your Money

1. It Prevents You From Being a Follower

When one of our writers first started working; an insurance company was launching a new policy for women. The company set up a booth near her workplace. There they employed every tactic in the sale manual and encouraged the young women without policies to sign up. Using many miss-selling techniques and the ‘threat’ that the attractive policy was for a limited time only; almost all the women inexperienced in insurance signed up only to find out later that the policy was not a good one by any means. The fact that they were signing up in a group; with others; gave them a false sense of security that the product must indeed be good if they were all keen to sign up. Had they waited, to consult more experienced relatives and friends or for other companies to launch new products; they would have surely found a better deal.

Herd mentality can be a dangerous thing. Not being so quick to sign up for a financial product simply because everyone else is – will be invaluable to making a better decision.

2. You’re Less Likely to Spend Frivolously

Shopping malls have become the go-to place for Malaysians to enjoy free air-conditioning and have closer access to food and entertainment. But what it also does is to put us all within a dangerous distance of eager-to-make-sale merchants. Don’t underestimate the ingenuity of marketing campaigns and gimmicks: they are designed to make you spend even when you have no intention of doing so. Being a money procrastinator makes you a less attractive target and affords you the opportunity to leave with your wallet intact.

Denis Darpy, of Paris Dauphine University, summarised the results of his consumer procrastination study as follows: “Procrastination predicts if a consumer will effectively buy or not.” Yes, scientists thought it was necessary to prove that the more you wait, the less likely you are to go ahead and make that purchase.

3. You’re Less Likely to Fall Victim to Shopper’s Remorse

In relation to the point above; if you’re less likely to buy unnecessary items; then you’re also less likely to experience the dreaded
shopper’s remorse
. If you’ve ever felt shopper’s remorse, you know it’s not a nice thing to experience: The sinking feeling in your gut that you spent money you shouldn’t have sometimes followed by the frantic act of trying to make amends but overzealously justifying the purchase; trying to sell it or punishing oneself.

4. You May Find a Better Deal By Waiting

Have you ever bought an item only to find it cheaper or with additional freebies elsewhere? In fact, how often have you told yourself to stop looking at an item you’ve purchased if you see it in a store just so you don’t have to face the thought of finding it marked down? Probably more often than you realise. The truth is even you know it; at the pit of your stomach that this is possible. That if you bought an item; the possibility of it ending up cheaper later is so very real. But we can’t wait forever right?

Probably not; but the procrastinator may have more likely waited longer than the binge shopper and in turn; may have found the better deal. Just as books are later released in cheaper, paparback versions and out of season fashion slashed to 70% off the original price; procrastination can sometimes mean finding the better price by waiting.

5. You Tend to Buy Less Frequently and Save Yourself Money

A lot of purchases are made simply because we are drawn in by a sales pitch or a momentary attraction to a pretty package. Procrastinators are less likely to fall prey to such gimmicks in in turn are less likely to spend money frivolously; helping you actually save money in the long run.

How to Make the Most of Your Procrastination in Money

Being a procrastinator can be great, as we’ve pointed out above but it’s not always a good thing if you’re late with bill paying and other important matters. Here are some pitfalls the procrastinator should avoid:

Late bill payment
. Paying your bills late is a big no-no and will end up costing you more in additional fees and interest charges.

Never making a decision
. Procrastination is best when it is only delaying a decision but not flat out avoiding it completely. If you need a car loan or insurance product – it’s not doing you any good to put it off indefinitely.

Not making good use of the delayed decision
. Delaying a decision affords you time make comparisons; shop around; or fully read and understand your financial product but this added time is useless if you don’t utilise it for this purpose.

With that said; balance is the key to making anything work for you. Balance your procrastination by avoiding the pitfalls and you’re sure to make one savvy consumer.

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3 Ways Malaysian SMEs Can Digitally Shift Their Business

Nowadays, it’s inevitable to tap into digital technologies to advance one’s business. Whether it’s offering cashless payment options, creating a social media presence, or automating your back-end processes, digitalisation is becoming even more essential to every business owner’s success.

Furthermore, it has become easier for business owners to access services that help them embrace digitalisation. This is all in line with the government’s current initiatives to transform Malaysia into a high-income nation that is focused on digitalisation and as a strong player in the regional digital economy.

Read on to find out how you can digitally transform your company.

***

As business owners, your priority is to see your company reach its full potential. With digital services becoming more accessible, it’s easier to take your business online. The OCBC eBiz Account could make for a great banking partner with simplified 100% digital registration that does not require you to step into the branch for any final verification.

Learn more about the OCBC eBiz Account
here
.

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Chee Jo-Ey

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Government Amends Insolvency Law, Raises Bankruptcy Threshold From RM50,000 To RM100,000

(Image: Malay Mail)

The government has agreed to raise the minimum bankruptcy threshold from RM50,000 to RM100,000. This comes as the Insolvency (Amendment) Bill 2020 – which serves to amend Section 5 of the Insolvency Act 1967 (Act 360) – was passed with a simple voice majority in the Dewan Rakyat yesterday.

Section 5 of Act 360 states the various conditions under which individuals can be declared bankrupt. These include the minimum bankruptcy limit or threshold, as well as the period allowed between the actual bankruptcy and the petition/declaration of bankruptcy.

According to Minister from the Prime Minister’s Department, Datuk Takiyuddin Hassan, the amendment was suggested based on specific prerequisites, including updating the existing legal framework to meet current needs. It was also revised to be in line with the development and advancement of international law on insolvency, corporate governance, and best practices in insolvency.

(Image: Bernama)

Datuk Takiyuddin further commented that the amendment will prepare the country to face future outbreaks or disasters that may cause a wave of economic crisis. It can also help to boost economic growth and national development.

Moreover, individuals will have a better chance of strengthening and managing their finances without being constrained by bankruptcy concerns, especially during unexpected situations such as the Covid-19 pandemic. The revision also avoids an abrupt increase in bankruptcy cases in a short time.

The minister further justified the amendment by naming several other countries that had also revised their insolvency laws for similar reasons, such as Singapore, Australia, US, and UK.

Since
Act 360
 was approved and published in the Federal Gazette in 1967, Section 5 has been amended four times, with the last being in 2017. Meanwhile, this latest round of amendment was
tabled for its first reading
 in 12 August 2020 before being approved yesterday.

(Source:
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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Pre-Book Your Angpow Notes With OCBC’s Online Booking System

This Chinese New Year, OCBC bank is introducing a pre-booking system for customers to book bank notes in advance to skip the hassle of rushing to banks to exchange notes for the festive season.

Current and savings account customers of OCBC will be able to pre-book angpow notes from RM3,000 to RM10,000 on a first come, first served basis. The pre-booking system will generate automated queue numbers to the customers and allow them to pick the note denomination of their choice.

To make it easier for customers to pick up their new notes, OCBC branches across Malaysia will be open for business on the two Saturdays (26 January and 2 February) before Chinese New Year for customers to pick up their angpow notes. The opening hours are 10am to 2.30pm for both days.

Customers can now avoid long queues and be attended to promptly thanks to the dedicated time slots with the pre-book system. Those interested can log on to
OCBC bank’s website
 from 18 January onwards to pre-book a time slot and pick out your preferred Ringgit denomination.

(Source:
The Edge Markets
)

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    Anonymous

    1 year ago

how to pre book this?

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3 Simple ways to grow your personal finance knowledge

Knowledge

is indeed power! And with the correct knowledge and skill set, money is

everywhere for the taking. So what is the best way to gain financial knowledge

without burning a hole in your pocket by attending expensive seminars and

trainings? Here is
KnowThyMoney
‘s list of tricks to better personal financial management.

Be an

avid reader

It’s important to be well
read in anything finance
 related. It is not true

that information overload will occur with the age of technology and the world

wide web. Every article/book is written in the author’s perspective view on the

subject matter and thus, there will always be differences to opinions and approaches that you can learn from. The main advantage of being an avid reader, is training your

mind to view things from different perspectives, hence developing out-of-the-box thinking.

Find a

good mentor

Most people

take for granted the importance of
finding a good mentor
 in life. Having a

mentor can save you a lot of time and ease the learning curve by avoiding the usual

mistakes people make in their personal finance journey. Multiple

expert mentors from diverse backgrounds is truly a blessing. The hard part is of

course finding a good mentor that is really interested in helping you growth and reach your financial (and personal) goals.

Action! Action! Action!

Knowledge

without action is useless. So don’t fear failure, just take the plunge to do

something after you have planned it out. If you never try , you will never

know whether it will succeed or not. Regret is the worst thing to endure in life.

So here

you have it. Knowledge is key. So Know Thy Money so you can make your money

work for you instead of being a slave to it.

This was brought to you by Kris from financial portal,
KnowThyMoney
.

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Citibank Credit Card – RM188 for Beauty Treatments for Mum and You

Get two beauty treatments at the low price of RM188 at Body Perfect Ladies’ Beauty and Slimming Bar. A deal especially designed to encourage mothers and daughters to spend some quality time together this Mother’s Day will also give you a free footspa session when the deal is purchased by both mother and daughter.

Choose from facial, slimming, spa services and more but the deal is only open to first time customers. Valid until 31 May 2013, the deal is only for selected beauty treatments. Please call the outlet of your choice to enquiry and make a booking (required).

Outlets:

The Intermark, Kuala Lumpur. 03-21618882

The Plaza, Northpoint, Mid Valley City. 03-22878883

The Boulevard, Mid Valley City. 03-29388883

The Sphinx, Sunway Pyramid. 03-56368882

You will have to purchase fibre sponges at the outlet for hygiene purposes and present a valid Citibank credit card along with your ID for verification purposes.

For more information please read the
promotion flyer
.

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Countries That You Can't Go To Anymore

In recent years, you may note that there’s an increase in countries are now made inaccessible and by inaccessible, we are referring to the lack of flight routes that cover the area as well as qualities and factors that made the country a risky choice should you decide to go there.

Although our passport strength ranks as the 4th most powerful in the world (giving us visa-free access to 166 countries), if you plan to make the most out of your traveling rights, here are some countries that you may need to think twice before making it your next travel destination.

Venezuela

Home to internationally-acclaimed beauty pageant queens and the 8th largest gas reserve in the world, life is good if you are born Venezuelan. It is indeed shocking to see what was once described as the Land of Grace turned into a country that is plagued by hyperinflation, food and medical shortage, rising violence and other disquieting setbacks.

With most major airlines opting to pull out of Venezuela citing economical and safety reasons, even if you did manage to end up in the country out of sheer luck, do note that you will be subjecting yourself to a variety of life-threatening situations (robbery, starvation, etc) so it may be best to pass on this South American destination for the time being.

What You’ll Miss Out On
: The world’s highest waterfall, capybara ala mode, and the longest South American river that have pretty much inspired Enya’s runaway hit of the 90s (Orinoco Flow).

Where You Can Go Instead
: Laos (for waterfall enthusiasts), Japan (capybara cafes are a mainstay here!) Colombia (the other half of the Orinoco river belongs to Colombia)

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

#North Korea

 Photo courtesy of Reuters

Known otherwise as the world’s most reclusive country, it is easier for a Malaysian to visit North Korea as opposed to Japan before the later abolished the requirement of short-term visa in 2013. However, things have changed since the airport assassination incident in 2017 which had pretty much affected the diplomatic relations between Malaysia and North Korea.

While it is still possible to travel to North Korea via Beijing, do note that the Malaysian embassy in Pyongyang is currently unstaffed so in the situation that something unexpected does happen, it’s safe to say that you are pretty much on your own. Former visitors of North Korea stated that their trip’s highlight includes the natural scenery and seafood delicacies cooked in a unique manner…which is a lot more similar to what you too can experience in Malaysia so cast your fear of missing out aside!

What You’ll Miss Out On
: North Korean ‘beautiful’ cheering squad, gorgeous hiking routes and crabs. Yes, it may sound ironic but most of the seafood that you’ve been exporting from China may actually be from North Korea instead.

Where You Can Go Instead
: Indonesia (plenty of volcanoes and hiking trails to choose from!), Cambodia (they have a market specialising in crabs) and Thailand (enjoy a cultural show instead, we promise that it’s just as entertaining!)

 Read Also :
 How To Plan A Euro Trip On A Shoestring Budget

#Syria

Prior to the Daesh occupation, religious groups such as the Sunnis, Christians, Alawites, Druze, Isma’ilis, Mandeans, Shiites, Salafis, Yazidis, and Jews call Syria their home, making it one of the oldest continuously populated cities in the world. If you are a historical buff, Syria will definitely rank high on your list with their rich, carefully-preserved Neolithic cultural sights. Historians and archaeologists have declared that Syrian civilisation as one of the oldest in the world, making it a coveted visit for both casual tourists and pilgrimage followers.

Technically, you can still enter Syria via various volunteer groups or as a photojournalist but humanitarian and journalistic front aside, bear in mind that apart you will be facing threats of all manners, be it from terrorism to lack of proper medical care so needless to say, if you don’t get killed by a missile, there are many other things out there that will be out there to annihilate you. Also, do note that most
 travel insurances exclude Syria
 from their list of covered countries so you may want to look at other places to go.

What You’ll Miss Out On
: National Museum of Damascus, historical ruins and delicious baklava.

Where You Can Go Instead
: Jordan (ancient ruins aplenty here), Singapore (from an Asian civilisation museum to an ArtScience museum, culture runs deep among Singaporeans) and Indonesia (in a country that’s famed for innovative desserts, baklava are among the things you can find in the capital city)

#Palestine

You may think that Palestine does not qualify as in terms of technicality, it is not a country but more of a territory. Even so, it’s territory status does not discourage the amount of extensive coverage that it has received from both the local and foreign media. You may have recall several PSA’s produced by NGO groups in previous years, as they had solicited for humanitarian aid by highlighting the harrowing experiences of displaced Palestinians affected by the ongoing conflict among borders, especially those who reside in the West Bank and Gaza Strip.

This makes the fascinating sights in Palestine difficult to access and a missed opportunity perhaps, as it showcases a distinct tradition of unique architecture that is unlike any other country. After all, who will pass up a chance to get up close and personal with the mesmerizing Roman-Byzantine or Ottoman era-influenced buildings and cultural attractions?

You can still go to Palestine via a transit flight from Jordan or Egypt but you’d be hard-pressed to find an insurance company who will be willing to insure you for travelling to a country that is torn by war.

What You’ll Miss Out On
 : Dome on the Rock, ancient monasteries, Musakhan (a Palestinian cuisine dish which comprises of roasted chicken baked with onions, sumac, allspice, saffron, and fried pine nuts, often served with bread)

Where You Can Go Instead
 : Just like Palestine, most of Southeast Asia countries have an interesting selection of ruins and remnants, influencing everything from food to language and architecture. And yes, you can find Palestinian cuisine in Malaysia, made by the refugees who have now made our country their home.

#One Final Tip Before Your Next Trip

Now you have all the information, you can now proceed to make the right travel destination! Perhaps you may want to consider as to how you are going to pay for your trip? Equip yourself with a good travel credit card in hand and enjoy insurance coverage as well travel inconvenience benefits by paying with your card for related purchases.

If you don’t already have an awesome travel card in your name, that’s fine. Just check out our
 comparison page
 for a list the best ones available in Malaysia right now. Want to visit some of the alternatives like Laos and other Southeast Asia countries? Head to our
Travel Getaway Campaign
 for some sweet deals!

Are there any other countries that are now no-go zones that you would like us to know? Share with us in the comment section below!

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Carlist.my #JomJual Contest Offers Free Duit Raya When You Sell Your Car

Carlist.my is offering free Duit Raya for 20 lucky people who sell their cars through its platform. The #JomJual contest runs from 6 May until 30 June 2019, with a total of RM6,000 to be given away.

The contest is open only to private car sellers. To participate, contestants are required to sell their cars through Carlist.my. There are two car-selling solutions offered by Carlist.my:

Carlist.my Private Seller Solutions require contestants to select either the Basic, Advance or Premium package to start selling. Detailed documentation is needed to complete the submission for every package the contestant chose. This product is most suitable for sellers who wish to fetch a higher sales value and do not mind spending more time to find the right buyer.

Meanwhile, the second option is to sell their car via a bidding site. Carlistbid.my is a digital auction platform to assist private car sellers to sell their cars to participating dealers. Currently, there is more than 1500 certified Carlist.my’s dealers within its network nationwide. Carlistbid.my is most recommended for sellers who prioritise speed and convenience when they want to sell their car.

Winners will be selected randomly via a lucky draw. Ten winners will be selected at the end of May, and the other ten will be drawn at the end of June. Winners will walk away with a cash prize of RM300, and will be announced on Carlist.my’s social media account.

For more information on this contest and to take the first step into selling off your car, log onto
www.carlist.my.

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Banks Are Contacting Borrowers To Offer Loan Rescheduling, Restructuring Aid

(Image: The Star)

Banks have reached out to more than 394,000 borrowers who are still impacted by the Covid-19 pandemic to offer loan and restructuring aid, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This includes 75,000 affected small and medium-sized enterprise (SME) customers.

“Banks are proactively contacting borrowers to offer assistance, including extending the loan tenure so that the monthly instalments could be reduced, as well as other suitable exemptions until they are able to strengthen their financial footing,” said Tengku Zafrul. He added that financial institutions are also offering amendments to the main terms and conditions of loans at lower interest rates, such as converting overdraft facilities to term loans.

The finance minister further said that the government has been urging borrowers who foresee difficulties in financing their debts post-moratorium to contact their respective banks as soon as possible. This will ensure that they are able to negotiate for more suitable loan repayment plans.

(Image: The Star)

“The government, through Bank Negara Malaysia (BNM), is monitoring efforts undertaken by banking institutions,
Credit Management and Counselling Agency (AKPK)
, and Small Loan Settlement Scheme to ensure that eligible borrowers are getting the help that they need. The assistance extended to borrowers has to be balanced with efforts to ensure that banking institutions remain resilient so that they can continue financing economic activities and support economic recovery,” said Tengku Zafrul.

To date, more than 7.7 million individuals and 243,000 businesses have tapped into the moratorium to help them weather the financial storm during the movement control order (MCO). Tengku Zafrul also noted that more than 21,000 borrowers have received aid from banks with regards to their loan repayment plans in the first half of 2020, compared to 14,000 borrowers in the whole of 2019.

The ongoing six-month moratorium was implemented in April, and is set to end in September 2020. There have been calls by various parties, including the
Malaysian Trades Union Congress (MTUC)
 and the
Federation of Malaysian Consumers Associations (FOMCA)
, to extend the moratorium. Conversely, some banks – such as
CIMB
 and
AmBank
 – have said that they are more likely to offer a targeted moratorium instead of a blanket extension.

Meanwhile, Tengku Zafrul said that the government will make
an announcement soon regarding the extension of the moratorium
.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Cash Advance on Your Credit Card? Here’s What You Need to Know.

Do You Really, Really Need it?

First up on the checklist is the need factor. Cash advances have notoriously high fees and interest charges so before you even think of taking out cash from your credit card, consider if you’ve tried every other avenue. Personal loans are an option, and some can be cheaper than taking a credit card cash advance, but processing time can take from 3-14 days so if you really need to pay for something quickly with cash (although this situation is usually unlikely as most hospitals, etc accept credit cards) you may have to consider a cash advance.

If you still prefer to go for the
personal loans
, see our comparison list and find out which bank gives the best benefits, which personal loan has the
fastest approval rate
,
lowest interest rate
 and more.

Credit Card Cash Advance vs Cash Instalment Plan

A credit card cash advance is available readily with use of your
credit card
 through an ATM. However, a cash advance from an ATM will usually carry a fee of 5% per transaction or a minimum of RM15-25. On top of this fee, you will be charged the highest annual interest rate in the range the bank offers (usually 17-18%). If you are withdrawing a large amount, the initial 5% will be a hefty amount already and that is even prior to charging full interest on the outstanding amount.

If you really need cash from your credit card, a new way of lending has been devised: enter the cash installment plan (CIP) for your credit card, charged to you at a fixed installment payment amount with varying interest rates. Most banks who offer this type of loan product remove the 5% fee but you don’t get the convenience of using your credit card at an ATM – you’ll need to apply for a cash instalment plan online or via telephone, and wait for your request to be approved.

Depending on your situation and amount required, you’ll be able to make the decision on which to pick. A smaller amount required uber urgently at an instant will justify a cash advance withdrawal but if you want a large amount and have a few moments to spare, it’s better to choose the cash installment plan.

How to Apply for a Credit Card Cash Instalment Plan

If you have decided to opt for a CIP, the first question would be, “how do I get a cash advance from my credit card?”

For a CIP, you would usually have to either call a CIP designated phone line or fax a form in. Some banks occasionally accept forms via email or you can just apply at a bank branch. Once approved, funds will be transferred to your elected savings or current account and depending on your bank, funds can be in your account as quick as the next working day or as long as 2 weeks (which in turn actually diminishes the truth in it being termed ‘quick’). Do check with your chosen bank before proceeding.

You would also have to be mindful to ask the bank officer if you first need to have a savings or current account with the bank. Whilst most banks offer Interbank Giro bank-ins (with a slight delay of 1-2 days) or will send you a cheque; some will require you to first open a savings or current account with them.

There are banks which offer attractive interest rates but some just match your standard credit card rates. Nonetheless, the savings on the initial cash advance fee, if your amount is large enough, makes the call or fax to the bank worth it.

When applying for a credit card cash instalment plan, it is always best to use an empty credit card with no outstanding balance no matter which cash withdrawal product you choose. This will ensure you pay off your borrowed cash amount within the tenure stipulated and you avoid paying exorbitant amounts of interest should your bank settle your outstanding amounts based on date charged rather than highest interest first.

Battle of the Cash Instalment Plans

A cash advance is relatively simpler than a cash installment plan. At withdrawal from the ATM you are charged a fee of 5% or a minimum of RM15-25 depending on your bank. After which a 17-18% interest is charged on a daily rest basis until you pay off the full amount.

But cash installment plans are not so straightforward. Below are some of the lowest cash installment plans offered by different banks:

Bank/Product

One time fixed interest rate (p.a.)

Tenures

Transaction Fee/Processing Fee

Minimum amount (if any)

RHB CashXcess

4.88-9%

12-36 months

No

No

HSBC Cash Instalment Plan

6.88%

12-36 months

2% cash advance fee if less than RM5000 borrowed.

0% if
RM5000 and above

RM1000 (with 2% cash advance fee)

RM5000 to be eligible for the 0% cash advance fee.

OCBC Call for Cash

5.99%

12-36 months

1% cash advance fee

RM1000

Alliance Bank Fast Cash Plan

6.99-7.99%

12-36 months

No

RM1000

CIMB CashLite

9.88%

12-48 months

No

RM1000

Hong Leong Bank Call for Cash Plus

6.38-9.88%

12-36 months

RM12 handling fee

RM1500

Maybank Ezy Cash

0%

6 months

3.88% cash advance fee

RM2000

AmBank QuickCash

5.88%

36 months

RM100 early settlement fee

RM1000

If you don’t have a credit card from the cash issuer of your choice, you can apply online at
RinggitPlus
. You can also check with your current bank if they have any cash installment plans available as the list above isn’t exhaustive.

Ready, Set, Cash In

Whichever method you choose, always make sure you read the terms and conditions and if in any doubt, be sure to check with your bank officer for more info! The product is there for your convenience and to help you in times of trouble so ensure it does just that – not get you into more trouble!

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Alliance Bank Fast Cash Plan

AmBank Quick Cash

Cash Advance

Cash Instalment Plan

CIMB CashLite

Hong Leong Bank Call For Cash Plus

HSBC Cash Instalment Plan

Maybank Ezy Cash

OCBC Call For Cash

RHB CashXcess

About THE AUTHOR

Diana Chai

Diana Chai

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    Azhar Sabri

    3 years ago

Hai blh sy tanya ini semua ape sy x phm

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    Anonymous

    2 years ago

Good info.

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