BigPay Enables Support For Cross-Border QR Payments In Singapore, Thailand

BigPay Malaysia announced that it has enabled support for cross-border QR payments in Singapore and Thailand, allowing Malaysian users to pay for their purchases with more convenience when they travel to both countries.

With this, users can now make payments to merchants in Singapore and Thailand simply by scanning the SGQR code (issued by NETS) or the Thai QR payment code (issued by PromptPay), respectively, via the BigPay app – the same way they’d scan DuitNow QR codes for QR payments back here in Malaysia. It serves as a complement to the BigPay prepaid card, enabling BigPay users to still be able to shop with merchants who do not accept card payments.

Aside from the convenience, BigPay also noted that this new feature offers a competitive foreign exchange rate, which in turn, will help its users to save more. In fact, it specifically noted in its blog announcement that the rates are “even better than the [BigPay] card”.

To use the cross-border QR payment feature on BigPay, go ahead and tap on the “Explore” at the bottom bar, followed by “DuitNow QR” tile. From there, scan the merchant’s SGQR code or PromptPay QR code, then enter the payment amount in the local currency. You’ll be able to review the details of your transactions – such as the exchange rate applied – before you approve your payments.

BigPay’s new feature is made possible following Bank Negara Malaysia’s (BNM) success in launching the cross-border QR code payment linkage between Malaysia and
Thailand back in 2021
, and more recently,
with Singapore
. Aside from these two countries, BNM had also announced the
commercial launch of the cross-border QR payment linkage between Malaysia and Indonesia
 after a successful pilot that commenced since early 2022.

(Source:
BigPay
)

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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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6 Weirdest Things Ever Done with a Stolen Credit Card

You can definitely tell a lot about a person by the things he spends his money on. Imagine how entertaining this must be for credit card companies scrutinising your bills every month! Although they may not know the exact item you’ve purchased; it’s easy to guess what you’ve bought by looking at the store name.

But things sometimes get a lot weirder when your credit card gets stolen. Now, having your card nicked is horrible enough a feeling as is: imagine if you are then saddled with a bill containing some really curious purchases.

Some real stories we’ve encountered though the years include a mobile phone shop attendant who appropriated a customer’s card, then swiped a few handphone sets from the same store until the card maxed out, and an elderly man who found the charge for a CD from an online heavy metal website (which certainly wasn’t to his music tastes) on his bill! The instance was downright stupid (did you not think you were going to get caught, dude?) and the second a little silly. Seems like heavy metal fans will certainly do anything to own their favourite band’s CD.

But these are mild instances compared to the ones we found online.

A Stainless Steel Coffin

A Redditor commented that his credit card was stolen to buy a stainless steel coffin! The only reason he discovered this charge was because the bank had called him to verify it. Hey, even thieves can have funeral emergencies but what could have been creepier was if the thief was also a novice murderer. Luckily, the bank called the actual owner and as such – we probably will never know.

A Pizza from Dominos

An article on credit.com detailed how a woman in Ohio had her wallet stolen and ended up with a bill for Domino’s Pizza! The persons involved must have had a real hankering for pizza and were silly enough to order something that would lead police directly to their homes. The evidence of the foul crime? Why, empty pizza boxes of course.

And this isn’t the first instance. Another article on XO Jane told of all the creepy things a lady found charged when her debit card was stolen. One of which was a pizza order from Domino’s in Australia. What is it about Domino’s pizza and credit card fraud?

Two Subscriptions to a Daily Newspaper

From the same XO Jane article (okay, it’s a debit card but close enough); the lady found heaps of gaming charges for Facebook game credits and other gaming related purchases but most perplexing to us was the subscription, and two at that, to a
Jacksonville daily newspaper
. Not only was the thief super interested in Jacksonville news; they wanted to share it with a friend? We really don’t know!

A Donation to the American Cancer Society

From the same Reddit feed, a user found his card used for a donation to the American Cancer Society. Bless! A thief with a conscience only towards cancer patients? On the other hand; the strange moral compass is baffling: a heart to make a donation but none from the person who’s credit card you stole? Some kind of warped Robin Hood?

400 Cigarettes

Dubbed Scotland’s dumbest criminal for his ridiculous rap sheet; David McGregor apparently also stole a woman’s credit card and attempted to buy 400 cigarettes with it. The clerk at the store was alerted by the fact that the credit card bore a woman’s name! It turned out, Mr McGregor didn’t even have the ‘decency’ to cross-dress to get away with his crime. Is it any wonder he scored the dumbest criminal title?

A Sex Toy

Of course, no list on weird theft is complete without the extremely dodgy purchase. A final nugget of user story gold from the
stolen credit card Reddit List
 is also the funniest. A man had his eBay account hacked and his credit card used to purchase an item online. Not only was the saucy sex toy bought with his credit card; it was also sent to his home due to Paypal and eBay’s registered address requirement (they send items only to the registered address of the user).

Considering that the item was made for a woman – it did raise the question of whether the user’s female relatives or friends were somehow involved in the questionable order!

Sometimes, having your credit card stolen isn’t just a nightmare – it’s downright odd or embarrassing! If you’re alerted to the fact that your little plastic friend may have gone astray – check out
our guide on what to do when your credit card is stolen
. Avoid the added costs and the weirdness above!

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Eligible Households To Get First Phase Of BSH 2020 On 20 January

(
Image: The Borneo Post
)

3.8 million Malaysian households eligible for the Bantuan Sara Hidup (BSH) 2020 programme are scheduled to receive their financial assistance in a first-phase payout on 20 January 2020. Each qualified household will get RM300, which subsequently amounts to a total allocation of RM1 billion.

According to Finance Minister Lim Guan Eng in a statement, the payment will be credited directly to the recipients’ bank accounts using the information registered in the BSH 2019 database. Recipients residing in rural areas without a bank account, on the other hand, will have a cash payment made to them starting from 1 February 2020.

The distribution this round involves Malaysian households that are earning less than RM2,000, between RM2,001 and RM3,000, and between RM3,001 and RM4,000.

The government had also expanded the coverage of the
BSH 2020 programme
 during the tabling of Budget 2020 to include single individuals aged 40 and above, as well as all disabled persons aged 18 and above with a monthly income of less than RM2,000. However, their cash assistance will only be distributed during the second phase of payouts.

(
Image: The Star
)

In the statement, Guan Eng also said that new applicants seeking to apply or to update their details can do so between 1 February to 15 March 2020. This would include unsuccessful BSH 2019 applicants who fulfil the BSH 2020 requirements and disabled applicants who are not listed as the Welfare Department’s e-Bantuan recipients.

“Once the BSH database is updated, the remaining BSH 2020 distributions under the ‘households’ category will be disbursed in the second and third phases while the ‘single’ and the ‘disabled’ category will receive a one-off payment under the second phase,” said Guan Eng.

The government had decided to continue the implementation of the BSH programme in
Budget 2020
 as a way to alleviate the burden of the people, particularly those from the B40 group.

(Source:
New Straits Times
,
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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Total Subsidies In 2022 Expected To Reach Nearly RM80 Billion, Highest In History

(Image: Utusan Malaysia)

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has said that the total amount of subsidies provided in 2022 is expected to reach nearly RM80 billion. This is said to be “the highest amount of subsidies in history ever borne by any government”.

According to Tengku Datuk Seri Zafrul, the government has provided various consumption subsidies to ease inflationary pressures on the people. These include petrol, diesel, liquefied petroleum gas (LPG), cooking oil, flour, and electricity subsidies.

“When added with other assistance such as social welfare assistance, agricultural assistance, fishermen and so on, the total subsidies are expected to be close to RM80 billion for 2022, which is the largest amount of subsidies in history,” the finance minister added.

(Image: The Star/Azlina Abdullah)

Despite the significant expense, Tengku Datuk Seri Zafrul said that the government went ahead with the implementation of policies that seek to control inflation, prevent excessive price increases, and help those in need through direct assistance. In turn, these policies have managed to keep the overall situation under control, especially when compared to other countries.

“A study on the holistic cessation of subsidies and the re-channelling of those savings to those in dire need is part of the government’s strategy to ensure the country’s fiscal sustainability in the medium and long term,” the finance minister further said, adding that this also reflects the government’s attitude towards protecting the B40 group.

(Image: The Star/Azman Ghani)

Prior to this, Tengku Datuk Seri Zafrul had already said that the
government is looking into ways to improve the electricity and petrol subsidy mechanisms
 so that they are more targeted to the financially vulnerable group. A similar comment was also made by the International Trade and Industry Minister,
Datuk Seri Mohamed Azmin Ali
, and Minister in the Prime Minister’s Department for Economic Affairs,
Datuk Seri Mustapa Mohamed
.

Finally, Tengku Datuk Seri Zafrul shared that his ministry is reviewing the country’s fiscal resources that need to be strengthened, in its effort to rebuild the country’s socio-economic resilience, especially for the B40 and M40 groups. “This government’s foresight also aims to reduce the indebtedness of our children and grandchildren in the future,” he further remarked.

(Source:
Ministry of Finance
)

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3 Ways to Make Money in the Malaysian Wedding Industry

It certainly goes without saying that weddings in Malaysia are no cheap affair and we, as attendees or the celebrated pair, are completely aware of where this large sums of money is funneled into.

But have you ever considered being on the receiving end of this generous cash cow? We happen to know a few who make a living from it and will now reveal possible income opportunities you can consider on the side (if you’re the one not getting hitched of course!).

1) Photography and Filming

How else would the most important day of the celebrated couple be best remembered if not for good photography and video filming.

Charges for a three to four man team for a day’s filming can range anywhere between RM2,500 and RM6,000 depending on the selected package (photo album variety and video count or length).

Apart from important equipment like cameras (with lights), tripod (or monopod) and lenses (wide or zoom), only basic skills are needed to hold a camera to capture a special moment.

Get a friend who is an expert in this area and have him run these basics over a day’s training with the rest of the crew. Some can take pictures while other newbies just need to aim and hit the record button.

Also, you would need a member who is proficient in video editing to create a visual story of recorded footage. If you plan your team and packages out well, this could be monetised lucratively. While we’re on it, do check out our
beginner’s guide to buying your first DSLR camera
.

2) Music and Entertainment

There’s a popular saying about this bit at weddings – if the music is bad, it can kill the dance. It pretty much sumarises the value of music and entertainment at weddings (depending on the kind the wedding couple chooses to go for too).

This section popularly includes the band, DJ (disc jockey), MC (master of ceremonies), sub-performances (because bands need breaks) and a few others (a violin section perhaps!).

Event companies usually offer packages that come with sound system, lights, DJ and MC; but bands (including the violin section) are more often than not, stand-alone hires.

You could either be the go-to person (usually the sound system guy) if you have an array of contacts for services required at weddings; shred the guitar like a rock star with a band or try your hand at MC-ing if you possess the gift of the gab!

A 5-piece band can earn between RM2,000 and RM3,500 a night while an MC can command a payment for a night’s work within that bracket too, depending on repertoire and popularity.

3) Wedding Cake and Consumables

Pastry making is considered to be an art. Combine that with some serious skill, whatever you produce can have a pretty shiny price tag attached to it – especially at weddings.

Apart from the bride and groom, tiered wedding cakes are the star of the show. They can cost as much as RM2,500 depending on tier count and type.

If you are good with baking and the lot, why not pair this up as a package with unique consumable door gifts or personal fruit cakes for each guest at their tables – this way, you’d be able to stretch your income margin further.

Other ideas may include a wide cupcake selection for dessert (yes, you can cut costs with the caterer on this) or simply put them up for display according to the theme of the wedding (you’ll know what we mean if you’ve seen Cupcake Wars!). Best part is, all of it can be accomplished from the comfort of your own home!

Let the Wedding Bells Ring!

Apart from the aforementioned, there are a tonne more ways to monetise weddings. Things like catering, decoration and photo booths can all be profitable side incomes too – they work better if combined in packages!

Don’t be afraid to get your feet wet in these possible sources of income, you just might end up a professional wedding planner (hey, they earn crazy money!) for weddings of all sorts. So, good luck!

While we’re talking about ways to make money in the Malaysian wedding industry, check out our piece on
how much you should give in a wedding Ang Pow
 published not long ago.

Have you dabbled into this unorthodox source of income before? What was your experience like? Tell us all about it in the comments section below – we’d love to hear from you!

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5 Surprising and  Affordable Things You Can Do in Asian Countries

As a traveler, it can be said that the most satisfying part of the traveling lies in the chance of experiencing different country-specific things that you will not be able to try back home. A common theme with traveling is that there are some things that can only be experienced in a specific city or country, but thanks to the beauty that is planet Earth, here are some unexpected experiences you wouldn’t think can be done right here in Asia. Best thing is, you won’t break the bank doing them!

Camel Riding in Bali

(Image: Camel Safari)

You might be thinking that we are joking when we say about riding camels along the beaches of Bali. After all, you could be thinking, how are camels even related to Bali to begin with?

However, there is a little enterprise known as the Camel Safari at Jimbaran beach that offers a one-hour camel ride for IDR672,000 (~RM190) for adults and IDR386,000 (~RM109) for children. Not a bad deal indeed considering that camel rides in Egypt can fluctuate between $85 – $294 (~RM345 – ~RM1195).

Dolphin Spotting In Hong Kong

(Image: Lena Around)

Here is another one that will make you gape in awe. The Chinese White Dolphin is a special species that you can only see via a boat trip to a fishing village in Hong Kong called Tai-O village.This novelty is surprisingly affordable, especially when compared to similar attractions elsewhere. Here’s how much it will cost if you are to observe dolphins in other places.

Venue/ Tour

Tai-O Village boat ride

Ocean Park

Ramsey Island Boat Trip (UK)

Price (Per Person)

HK$20-30 (RM10.36 – RM15.54)

HK$480 (RM248.64)

£60 (RM319.89)

However, there are a few boat companies here that offer these rides at different prices so it is better for you to compare the prices before planning your activity. In the meantime, you can try some of the freshest seafood in Hong Kong (from geoduck to fresh abalone, you’ll be spoilt for choice!), all of which you can try out at Tai-O village with the rest of your travel budget.

Wine Tasting In Macau (Dairy Desserts Too)

(Image: Travel Notes)

When you think about Macau, perhaps the first few things that come to mind are the ruins of Saint Paul, the casinos, or even its egg tarts.

However, Macau is a surprisingly good destination for wine tasting. For just MOP15 (~RM7.50), you can learn about the history of winemaking and even taste some the 1,100 wine brands that are available, making it a very much a value-for-money experience indeed.

There’s even a wine museum here, but that is temporarily closed for renovation. As an alternative, you can go to the Yee Shun Dairy Company to satisfy your sweet tooth with its milky desserts (the double steam milk pudding and the red bean milk pudding comes highly recommended). If you find that the shop is too crowded for you, rest easy as the dairy company has three other branches situated in Macau and four branches in Hong Kong (an hour ride away via the express ferry).

Learn To Weave In Vientiane

(Image: Eat Drink Laos)

The capital of Laos boasts many architectural attractions like Pha That Luang (the gold covered Buddhist Stupa) and Wat Si Saket (the temple with thousands of Buddha figures). Tourists also flock to buy the various delicate hand-made souvenirs made from silk.

Interestingly, you can also try your hand at learning how to make the souvenirs yourself. The Houey Hong Vocational Training Centre for Women (a non-profit organisation that helps underprivileged women) allows tourists to take basic weaving and natural dye lessons with some of their students.

Considering that weaving classes in the heart of Kuala Lumpur can cost between RM150 – RM300 per 2.5-hour session, 180,000 Laotian kip (~RM86) for a full-day session is a pretty decent deal. Plus, the experience you’d get from doing this in a foreign city is surely one to savour.

Drinking Coffee With The Birds In Hanoi

(Image: Go Global Today)

We conclude our list with a destination that’s synonymous with well-preserved colonial buildings: Hanoi. Most of us are familiar with Vietnamese coffee and it’s distinct flavour that separates itself from coffee beans from different countries.

Now, imagine savouring Vietnamese coffee with the melodious chirp of songbirds in the background. If that sounds strange to you, one of Hanoi’s hidden gems, the Bird Cafe, will surely be a surprise. Unlike a traditional cafe, the Bird Cafe does not have a signboard as the business relies on the word of mouth as well as the sound of birds chirping to attract their customers.

The Bird Cafe in Hanoi is definitely a unique offering, and one that is likely not available here in Malaysia – with so many hipster cafes around, perhaps this could be a business opportunity!

If you are planning to visit the bird café in Hanoi, take note that the cafe is at its busiest on the weekends, from 8 am to 10 am.

Time to Plan Your Next Adventure

We hope that this list provides you with inspiration for your future travel itinerary abroad. As you make your travel plans, we encourage you to make the necessary preparations for a smooth journey and peace of mind. You can even checkout
Agoda
 to check for cheaper accommodation rates to fit within your budget! Don’t forget to get travel Insurance that suits your upcoming journey – start with
our comparison tool
 to find out what’s the best suited for you.

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4 Credit Card Habits of People With Excellent Credit

Managing Credit Cards

Being an adult can be so much fun, especially when your shiny credit card is there to pick up the tab. However, if you aren’t managing your credit card expenses well enough, you could very likely end up with a less than satisfactory credit history.

Regrettably, people with sullied credit are at a disadvantage when it comes to loan approvals and favourable financing terms.

The good news is that it’s really quite easy to be a part of the coveted ‘good credit’ crowd, just follow these tips to keep your credit in great shape:

Pay your credit card bills in full and on time. It is not advisable to cover only the minimum balance every month. You may lose out on interest savings for full repayments made within the 20-day grace period offered by most banks.

Don’t hold too many credit cards. It’s completely normal to have more than one card; however, keeping an excessive collection could invite unwanted fees and charges.

Monitor your credit card bill regularly for unauthorised charges. Be sure to report suspicious charges immediately to limit your liability in the matter.

Respect your credit limit. Consistently going over your limit is not a good habit to keep. If you keep hitting it, you can request to increase your limit but check that your income is able to cover the extension (or simply go back to the basic rule of spending: stick to your budget).

As a final but very important note, make sure that the card (or cards) you carry applies to your lifestyle. This means making sure that the rewards and promotions attached to the card match your spending habits.

Bonus Tip: If you plan to use your card for emergencies only, look for one that comes with
zero annual fees
, or if you like swiping for retail and grocery shopping, get a card with the
highest cashback rebates
.

This way, you’ll be able to save on paying excess fees while racking up good discounts and promotions.

Looking for a card that is just right for you? Come on and let our
credit card comparison tool
 help you with your search.

Do you have more tips on maintaining good credit card habits? Go ahead and share away in the comment section below!

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Further OPR Hikes May Cause 32,000 Borrowers To Go Bankrupt

(Image: Malay Mail)

The Malaysian Association of Borrowers and Consumers Solution (4PM) has cautioned that as many as 32,000 borrowers may go bankrupt over the next two years if Bank Negara Malaysia (BNM) continues to increase the overnight policy rate (OPR). This will be a 70% jump from the current bankruptcy cases reported in the country.

“From the movement control order (MCO) until now, more than 46,000 people have been declared bankrupt because they were unable to repay their bank loans,” said the president of 4PM, Rosland Mohd Arif, adding that further interest rate hikes will force borrowers to allocate more money for their loan repayments, including car, personal, and housing loans. This will also cause borrowers as young as 25 years old to go bankrupt as they may not be able to meet their financial obligations.

“Some (of the borrowers) had come under mental stress and had even been driven towards suicide. That should be sufficient to show that many people are not ready for an increase in debt interest rates,” Rosland further remarked.

(Image: Malay Mail)

Last week,
BNM had raised the OPR by another 25 basis points
, bringing it from 2.00% to 2.25%. It is the second OPR increase in 2022, after the first one in
May
, which saw the rate being raised from its
record low of 1.75%
. Several research and financial institutions also expect
BNM to gradually increase the OPR to 3.00% by 2023
.

Meanwhile, Prime Minister Datuk Seri Ismail Sabri Yaakob had stated that the
government may once again review the country’s bankruptcy threshold
, as it had done
back in 2020
. This is due to a worrying
increase in bankruptcy cases that has been reported in the country recently, especially among youths
.

(Source:
Free Malaysia Today
)

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Get Rewarded When You Shop With Touch ‘n Go E-wallet At Mid Valley Megamall And The Gardens

TNG Digital has announced a partnership with two major shopping malls in the Klang Valley,
Mid Valley Megamall
 and
The Gardens Mall
. Shoppers will be able to enjoy free credit and additional rewards when you use the TNG e-wallet at these two malls at a limited time.

In total, TNG Digital is offering RM4 million worth of e-wallet reload pins on a first come first serve basis, before following that with promotions at specific shops when shoppers use the TNG e-wallet to purchase items. In addition, special booths will be located in both malls for shoppers to receive RM10 worth of TnG e-wallet reload pin which can be used instantly at several retailers.

Shoppers can look forward to promotions including:

RM2.50 for Tealive drinks

RM5 off when you spend a minimum of RM80 at Popular Bookstores

RM5 for a scoop of ice cream at Haagen Dazs

RM5 off at Gindaco Takoyaki

RM15 off main courses at define:food

RM5 flat rate rides with EzCab to Mid Valley Megamall and The Gardens Mall from any locations

RM1 Air Mata Kucing at Mou Tak Ding

RM6.60 for specific drinks at Boost Juice.

TNG Digital plans to extend its e-wallet services to 80% of retailers in Mid Valley Megamall and The Gardens Mall in 2019. Currently, the company already has a list of retailers that supporting mobile wallet payment including 4Fingers, Bath & Body Works, Boost Juice, Caring Pharmacy, Charles & Keith, Chillis, DOME, GNC, Haagen Dazs, Love & Co, Mou Tak Ding, MPH Bookstores, Pedro, Poh Kong, Popular Bookstore, Sacoor Brothers, Tealive, Tumi, and Jaya Grocer.

The great deals that TnG e-wallet is offering will go on until 31 December. The TNG e-wallet app is available for download on the
Apple App Store
 and
Google Play
.

(Source:
Lowyat.NET
,
Soyacincau
)

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AmBank Enables AmBank Cash Rebate Card Benefits For Lotuss Stores

AmBank has enabled the benefits of its AmBank Cash Rebate Visa Platinum Card for Lotuss Stores Malaysia Sdn Bhd, including it in the bank’s list of eligible merchants under the “Grocery” category.

This update came following the rebranding of hypermarket chain Tesco Stores after its acquisition by Lotuss Stores (a subsidiary of Chareon Pokphand Group Co. Ltd) back in 2020. With this, all Tesco and Tesco Extra stores nationwide have officially changed its name to Lotuss Stores Malaysia Sdn Bhd.

The
AmBank Cash Rebate Visa Platinum Card
 is a tiered cashback credit card that offers up to 8% cashback on groceries, pharmacy, and online spend. Cardholders will be able to earn a maximum cashback of RM45 per month.

To unlock the highest cashback rate of 8%, you are required to spend a minimum of RM1,500 per month, with a monthly cap of RM15 per category. Meanwhile, those who spend between RM500 to RM1,499.99 can get a 1% cashback rate capped at RM5 per category, whereas monthly expenditure of less than RM500 will net you a 0.1% unlimited cashback rate.

On top of these, cardholders are granted a 0.1% rebate for other expenses outside of the three key categories (groceries, pharmacy, and online spend), excluding government, charity, and petrol spend. The 0.1% rebate is also applicable to any additional spend above RM1,500.

You can find out more about the
AmBank Cash Rebate Visa Platinum Card
 here.

(Source:
AmBank
)

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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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GrabPay’s New RM50 Minimum Top-Up Amount For Online Banking Is Now In Force

Grab users who top up their GrabPay e-wallets via online banking will now have to put in a minimum of RM50 instead of the original RM20. This new minimum top-up amount was originally supposed to take effect on 31 July 2020, but Grab revealed today that it had delayed the update to 7 September 2020 instead.

Grab had previously announced the revision to its
GrabPay minimum top-up amount via online banking
 on 24 July. Numerous users have expressed their disapproval at the move, but the technology giant justified its decision as one that will provide a better cashless payment experience. It said that users will not need to top up as frequently, thereby letting them enjoy a faster checkout process.

Meanwhile, users who wish to top up in smaller amounts can still do so with their credit and debit cards, as well as Maybank2u. The minimum top-up amount for these methods remain unchanged at RM20.

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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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Affin Bank To Terminate AffinPay Mobile Payment App, Effective 1 December 2020

Affin Bank has announced that it will be terminating its AffinPay mobile payment app, effective 1 December 2020.

AffinPay
 was launched only in July last year, allowing customers to store multiple Affin Bank Visa debit or credit cards and make payments through their phones. Users could pay at any merchant where Visa Paywave is accepted, but the app was only made available for Android phones that support NFC technology.

Here is the termination notice reproduced in full:

Dear AffinPay Customers,

Please be informed that AffinPay services will cease effective 1 December 2020. Stay tuned for a new, exciting and encompassing solution for your day-to-day banking needs.

Follow our Facebook or Instagram @AffinMy to find out more or call our Contact centre at 03-8230 2222.

The termination of the payment app came just as Affin Bank announced its
rebranding exercise
, carried out in conjunction with its 45
th
 anniversary. According to the bank, the exercise signifies its transformation by embracing creativity and technology amidst an ever-changing business environment.

(Source:
Affin Bank
)

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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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Get New RM10 Notes For Chinese New Year At 50 CIMB ATMs Nationwide

(Image: New Straits Times)

CIMB customers in need of new notes for the upcoming Chinese New Year season can obtain them from 50 selected CIMB ATMs nationwide. The new notes are available for withdrawals in the RM10 denomination only.

While CIMB has capped the maximum amount per withdrawal at RM300, there is no mention of the withdrawal limit per day. This will likely be determined by your card’s withdrawal limit, and is also subject to the availability of the notes in the machines.

The service is made available to all CIMB customers until 24 January 2020. You can find the full list of ATM locations at the
official CIMB website
.

(Source:
CIMB
)

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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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PLUS Defers 1 April RFID Implementation Due To Movement Control Order

PLUS Malaysia has postponed the RFID launch for its closed-system toll plazas in light of the current Covid-19 pandemic. Initially, PLUS had planned to accept RFID payment at its 83 closed toll systems along the north to the south and 10 closed toll systems on the LPT2 (East Coast) by
1 April 2020
.

“The safety and personal health of PLUS employees and highway customers are of paramount importance,” said PLUS in a statement. “Hence, all testing and progressive work is halted under the Movement Control Order (MCO).” All work to fully complete RFID readiness on PLUS-operated highways will resume once the MCO is lifted.

RFID payment has already been successfully rolled out at
PLUS’ open toll systems
 from 1 January 2020. The last stage involving the closed toll systems would have meant that all PLUS highways in Malaysia were finally RFID-ready.

According to PLUS Managing Director, Datuk Azman Ismail, PLUS will defer the launch of the RFID payment system to a new date upon the lifting of the MCO.

(Source:
PLUS Malaysia
)

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Jacie Tan

Jacie Tan

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KPDNHEP: Selected Supermarkets, Chain Stores Allowed To Sell Covid-19 Test Kits Starting From This Month

(Image: The Edge Markets)

The public will be able to purchase Covid-19 antigen rapid self-test kits from selected supermarkets and chain stores starting from this month, said the minister of the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP), Datuk Seri Alexander Nanta Linggi.

“The sales of Covid-19 antigen rapid test kits for self-testing by selected supermarkets and chain stores is expected to be implemented in October 2021,” said the minister in a statement, adding that the government is currently in final discussions with the Ministry of Health (MoH) to let more premises offer the kits.

At present, Covid-19 self-test kits are only permitted to be sold at registered pharmacies and health facilities nationwide. Datuk Seri Alexander said that this move to allow the sales of Covid-19 test kits at selected supermarkets and chain stores will give the public better access to the self-testing tool. There are approximately nine million Covid-19 antigen rapid test kits available in the market currently.

(Image: Bernama)

The minister further urged traders to take the initiative to provide the products at lower and reasonable prices, even without the government declaring a new ceiling price. The ceiling price for Covid-19 self-test kits are currently set at
RM19.90 for retail and RM16 for wholesale
, although KPDNHEP has mentioned that it is looking to
further reduce it
.

Additionally, Datuk Seri Alexander noted that the industry involved in bringing in and producing the test kits has responded positively to the suggestion of offering the test kits at a lower fee than the current ceiling price. “My ministry is confident that such joint efforts between manufacturers and importers, as well as supermarkets and chain stores can help stabilise prices in an effort to get through this pandemic,” he said.

(Source:
Malay Mail
)

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Ministry of Domestic Trade and Consumer Affairs

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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7 Government Subsidies You Could Be Missing!

Love them or loathe them; the Malaysian government could help improve your savings account. Well, not the
Datuk Seris
 in the cabinet personally, but rather the subsidies and initiatives provided for the
rakyat
. Apart from well-known hand-outs like BR1M and BB1M, most Malaysians are clueless about benefits and grants that may be financially beneficial to them. In this piece, we highlight the top subsidies and benefits that all Malaysians should know and take advantage of!

Government Housing Schemes

Eager to fly the coop and gain full independence? You are not alone, my friends. These days, young working adults in Malaysia find it easier to latch on to their old bedrooms: the meals are free and the best part is that you’re not attached to any expensive mortgage (and fresh, clean laundry thanks to mommy/

kak maid
 dearest)!

But middle income young adults who are dying to own a house are just simply too broke. In urban areas, a 390 square feet studio apartment could cost up to RM300,000 per unit, while those who yearn for a backyard fit for ten kitties…can just keep on dreaming (we jest!). To combat this issue, the government have come up with a few housing schemes to assist the low to middle income group in Malaysia.

1. MYHOME Scheme

Target Group:
Low to middle income (between RM3,000 and RM6,000 per month)

Type of housing:
 Low Cost/ Medium Cost

Price Range:
 RM50,000 to RM220,000 (after subsidy)

Location:
Nationwide

Eligibility:
First-time property buyers with a monthly household income of RM3,000 (for low cost) and RM6,000 (medium cost)

Number of subsidised units:
10,000

To put it simply, MYHOME scheme basically means that the government will happily cover the cost of down-payment for you. Under the MYHOME or Private Affordable Ownership Scheme, there will be a RM30,000 subsidy for each unit, although the downside is that this subsidy is only limited to 10,000 housing units. So instead of borrowing RM80,000 to RM120,000 home loan from the bank, buyers are able to purchase a house at significantly lower prices (RM50,000 to RM90,000); this incentive would cover the 10% deposit required from buyers. This program was launched in April 2014.

2. Perbadanan PR1MA Malaysia

Target group:
 Middle income (between RM2,500 and RM7,500 per month)

Type of housing:
Medium cost

Location:
Urban areas nationwide

Price range:
Between RM100,000 to RM400,000

Eligibility:
Owns no more than one property with a monthly household income between RM2,500 and RM7,500

Those who are eager to trot alongside the urbanites should give PR1MA a glance or two. The main purpose of PR1MA is to help middle income earners obtain affordable homes in urban areas. Priced between RM100,000 and RM400,000 per house, these urban locations include Alam Damai, Brickfields, Bukit Jalil, Sandakan City Centre, and many other.

3. Syarikat Perumahan Negara Bhd (SPNB)

Target group:
 Low income (below RM2,000)

Type of housing:
 Low-cost

Location:
 Nationwide

Price Range:
As low as RM35,000 (peninsular) and RM50,000 (Sabah & Sarawak)

Eligibility:
Malaysians aged between 21-50 with a monthly income of RM2,000 and below

Syarikat Perumahan Negara Bhd is one of the developers that concentrated on building affordable houses all over the country through the implementation of the Rumah Mampu Milik Programme. Not surprisingly, the units are selling like hot cakes!

4.
Malaysia’s My First Home Scheme MFHS (Skim Rumah Pertamaku)

Target group:
First time buyers

Type of housing:
 Residential properties located in Malaysia

Property Eligibility:
 House value must be between RM100,000 and RM400,000

Eligibility:
 First time buyers below 35 years old with a monthly income not exceeding RM5,000 (individual) or RM10,000 (joint)

The
Malaysia My First Home Scheme (MFHS)
 was introduced in early 2011 by the government with the sole purpose of assisting young adults to own their first home. This scheme allows young adults to obtain 100 per cent financing from financial institutions (100% LTV / margin as opposed to the usual 90% offered by most banks), enabling them to own their first house without the need to pay a 10% down payment. Cagamas SRP Berhad will guarantee the banks on financing above 90% level i.e. if a borrower obtains 100% financing, Cagamas SRP will guarantee 10% (from 90% to 100%) of the financing.

Child Welfare benefits

Working parents are often faced with this dilemma: Should one of us quit to take care of the kids? It’s tough; deciding to be a stay at home parent my cause a big dip in the bank, while hiring maids can prove to be difficult and unreliable at times. Reputable nurseries, on the other hand, are more expensive than gold. So what are new parents to do?

Although it’s not much, parents with monthly income of not more than RM900 who enroll their children in private nurseries registered with the Social Welfare Department (JKM) will receive a monthly assistance of RM250 in nursery fees. Additionally, civil servants with a monthly household income of less than RM5,000 will also get a subsidy of RM180 per month, provided that they send their kids to state-funded nurseries.

The 1Malaysia Initiatives

Corny or otherwise, the tagline “1Malaysia” is here to stay. But the good news is that along with the tagline comes initiatives to lower the current cost of living. There are a slew of 1Malaysia initiatives available (including Program Susu 1Malaysia), but we feel that the most relevant to our readers (you!) are as below:

1. Menu Rakyat 1Malaysia

Yes, subsidised lunches exist. If you’re sick of consuming overpriced lunches at trendy cafés, then hunting down eateries that provide the 1Malaysia menu should be your next life mission. Available at hundreds of eateries across the nation; this menu offers a hearty breakfast at RM2 and lunches at RM4.

While taste is subjective; RM4 for a plate of

Chap Fan
 consisting of rice, fish or chicken, and a sizeable dollop of healthy vegetables plus a mineral bottle or a drink is pretty cheap and hard to find in most urban areas. If your average lunch cost is RM10, you could save RM30 a week just by switching to the Menu Rakyat 1Malaysia! To find the menu, head on to the official website.

2. Kedai Rakyat 1Malaysia

Another dish served in the 1Malaysia initiative menu is the Kedai Rakyat 1Malaysia. Vegan and fancy dieters be warned, those who can’t part ways with their imported brand name gluten-free cornflakes or exotic couscous or quinoa from Jaya Grocer or Cold Storage should steer clear; the 1Malaysia supermarket carry mostly generic KR1M brands and generally mass market brands (Fanta, YEO’S, etc).

This initiative is best suited for those who purchase generic supermarket brands in an effort to cut down on their grocery bills. The claim is that KR1M items are 30% to 50% cheaper than regular generic supermarket brands, but is this true? We take our sleuthing to the next level and compare the KR1M brand to Tesco’s own generic brand of products. Here are the results:

Item

Tesco Price (RM)

KR1M Price (RM)

Verdict

Rice 5% local (10kg)

24.99

22.9

KR1M

Mineral 1.5L

0.99

0.79

KR1M

Brown Sugar

250g for RM2.09

300G for RM2.30

KR1M

Chilli Sauce 500g

2.39

1.95

KR1M

Sweetened Creamer

2.50

2.15

KR1M

Floor Cleaner 2L

7.99

6.20

KR1M

The verdict:
 KR1M wins the price wars, hands down. But then again, there is evidently not much price difference between the two brands. Location plays a key role here; petrol ain’t free, so don’t bother driving to the other side of the town for only slightly cheaper groceries.

Aside from the initiatives mentioned above, we’re also enjoying subsidies for household items like petrol, diesel, gas, cooking oil, flour, and rice.

3. Klinik 1Malaysia

People are shying away from private clinics these days due to exorbitant medical bills; it is certainly not uncommon for city dwellers to be charged up to RM80 for pills to treat the common flu and sore throat. The working folks are usually armed with the company medical card that they could flash to keep the evil healthcare bills away, but what about those who are retired or without any medical cards? Well then, one could always step into the nearest Klinik 1Malaysia for a super cheap treatment. These clinics have a standard rate for all at RM1 for Malaysians below 60, and it’s free for those above 60 years of age.

According
to the website
, there are 50 clinics currently in operation, which is great news for those who are suffering from a bad strep throat and yet are strapped for cash. In Klinik 1Malaysia, the patients are attended by assistant medical officers (AMO) who will then prescribe them with the medications that they need. Compared to the 200% increase in consultation costs in the private healthcare sector, Klinik 1Malaysia at least mirror the corny “
Rakyat Didahulukan Pencapaian Diutamaka
n” tagline.

The list is definitely not exhaustive but these are just a few benefits you can look into – why not see if you qualify? If it’s there for you and helps you save – why ever not apply?

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Boost Set To Introduce Enhanced Financial Products, Including A Bigger Wallet Size

Boost has revealed that it will be rolling out a range of new financial products for both its users and merchants, scheduled to be released throughout 2022 and 2023. Announced during the company’s rebranding event today, these include the introduction of a bigger wallet size, enhanced consumer lending propositions, as well as savings and investment solutions.

Among some recent offerings that have already been launched thus far is the new premium Biz Booster, a data-as-a-service (DaaS) analytical tool for merchants to grow their businesses. This highlights Boost’s intention to expand beyond just being an e-wallet business, and to cement its position as a full-spectrum fintech player evolving into a digital bank. This is following Boost’s win as one of the
five digital bank licence applicants approved by Bank Negara Malaysia (BNM)
, with the expansion of its offerings to include alternative lending, insurtech, and cross-border payment services as well.

Additionally, Boost is aiming to double down in Indonesia by partnering with players from various industries to expand its proposition. “We are also looking to see how we can transition our very successful fintech lending model into value-added merchant solutions and products, similar to what has taken hold in Malaysia. We will also be entering into landmark partnerships to further mobilise funding for loan book growth via banking and non-conventional resources,” said the group chief executive officer of Boost, Sheyantha Abeykoon.

On its refreshed brand identity, Boost’s refreshed brand entails the introduction of an updated logo, as well as new visual elements and slogan. “Every aspect of the brand refresh, from the logo and typography to the new colourful trail and tagline, went through careful considerations to inspire our customers to face any challenges in life, and realise their full potential,” said the chief marketing officer of Boost, Diana Boo.

Boost also said that the brand refresh is a continuation of a
repositioning exercise that kicked off in 2021
. This earlier phase of the repositioning exercise saw Axiata Digital – Boost’s parent company – unifying its various digital financial services under a single brand: Boost. In turn, Boost’s products and services were streamlined into four key pillars with specific functions: Boost Biz, Boost Connect, Boost Credit, and Boost Life.

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Sheyantha Abeykoon

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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MyDebit Terminals Now Installed At Selected Highway Tolls, Currently Under Trial

(Image: Amanz)

Motorists travelling along the Shah Alam Expressway (KESAS) and the Damansara-Puchong Expressway (LDP) may have spotted MyDebit terminals installed at selected toll booths of these highways. This comes as the government continues to make headway in implementing an open payment system at several highways by September.

Some individuals driving along both KESAS and LDP have posted pictures of the terminals on their Twitter accounts; Kiridaren, for example, shared an image of a MyDebit terminal that he spotted on the KESAS highway.

The change that millions Malaysians screaming for!
pic.twitter.com/SesfjcuW6v

— Kiridaren Jayakumar (@Kiridaren)
July 18, 2023

Meanwhile, another Twitter user – Azizul Rahman Ismail – reported that he saw debit card machines installed at LDP tolls:

Saw debit card machines at the Puchong Damansara highway toll. The monopoly is over.
#TouchNGo
 bye-bye
Hello
#MyDebit

#Visa

#Mastercard
— Azizul Rahman Ismail (@Sofubi)
July 16, 2023

Based on Kiridaren’s shared image, however, it would appear that although installed, these terminals – which will accept MyDebit, Visa, and Mastercard cards – have not been activated yet. It was also stated that the system is still under trial.

While we are uncertain as to how many of these terminals have been installed at all the selected highways to date, it’s likely that we will see more of them soon as the September deadline draws nearer.

Earlier this year, Works Minister Datuk Seri Alexander Nanta Linggi had said that Malaysia is set to implement the
open payment system at a total of 12 highways
. If successful, motorists travelling along these roads will be allowed to also pay their toll fees using debit and credit cards, instead of being confined solely to payment options tied to Touch ‘n Go (TNG) – such as TNG cards, TNG PayDirect, and RFID. In other words,
TNG’s monopoly of the highway toll collection service
 is expected to come to an end.

Meanwhile, other highways that are also involved in this initiative include the Duta-Ulu Klang Expressway (DUKE), Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT), and New Pantai Expressway (NPE).

(Sources:
Lowyat.NET
,
Amanz
)

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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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Top 5 Credit Cards for the Young Professional

Life after university would mean

to most people – getting a steady office job, a solid pay-cheque, and enjoying the weekends off before one day settling down

to start a family . In the meantime, there are bills to pay and rent to make,

so how would a young professional such as yourself be fiscally responsible

while still having the time of your life?

The answer might be as simple as

having the right credit card in your pocket. Let’s take a closer look at credit

cards suitable for the young and savvy suburban dweller.

Citibank

Clear Visa

Let’s face it;

many of us are merely working for the weekend. If you’ve worked hard, then you

deserve to play hard. But you live in the big city and the drinks are

expensive, what do you do? Impress your friends with complimentary VIP entry

and 15% discount on drinks at

Zouk Kuala

Lumpur
 with the Citibank Clear Visa.

Now, partying on

a Sunday night is almost never a good idea, but thankfully, this Citibank

credit card has got you covered for that much needed morning pick me up with a

buy 1 free 1 drink at participating

Coffee

Bean & Tea Leaf outlets
 nationwide. In addition to that, enjoy buy 1

free 1 movie tickets every Friday night at not one, but all three major cinema

outlets in Malaysia – GSC, TGV and Cathay Cineplexes. Other privileges

include 3X reward points whenever you should at trendy retail outlets such as Topman,

Quiksilver and La Senza – Hey, you can’t wear the same shirt to work every day.

Find out more about the
Citibank Clear Visa

RHB EVO Visa

With the sleek and

trim RHB EVO Visa, you will be entitled to 20% cashback at selected amusement

and entertainment outlets, great for those always on the move – whether you’re

at the gym perfecting your squats, or just passing the time catching a movie

with a friend.

But really, if

you’re one of those people who enjoy working out after a long day at work, this

credit card is just what you need. You will have the benefit of having 14-day

free access to True Fitness, plus 2 sessions of Bikram Hot Yoga worth RM359 for

you and a friend. Not only that, get the motivation you need when pumping iron

with your free 1 month WOWLOUD Premium Plus account,

Malaysian’s biggest online music service

– with literally millions of songs to discover, your illegal downloading days

are over!

Find out more about the
RHB EVO Visa

Hong Leong Wise

Cardholders are

eligible to receive an attractive 10% cashback when choosing two out of 10

possible cashback categories for the Hong Leong Wise Card – mobile, groceries,

pharmacies, petrol, dining, departmental, book stores, utilities, entertainment

and travel, making it indispensible when paying for your weekly grocery

supplies, which can be very expensive when you’re stocking up on chips and

ice-cream.

The great thing

about this plan is that mobile cashback will be included as a bonus for all

cardholders. So if you’re always on your iPhones, taking selfies, instagramming

food, or simply making business calls – a 10% cash rebate will definitely help

to soften the blow of your ever growing phone bill. Any young working adult

above the age of 21 earning at least RM36000 a year

can apply for this credit card, making it easy to apply.

Find out more about the
Hong Leong Wise

Hong Leong Mach Visa

The Hong Leong

Mach Credit Card is

catered

specifically to the “Gen-Y” crowd
 , with emphasis on cash rebates for a wide

range of lifestyle activities. You will get to choose from 12 categories to cater

to your individual needs, with cashback rates ranging from 1% to 10%. If you manage your credit card spending properly,

contrary to what the older generation think about our spending habits, you can

save up to RM5400 per year from dining, movies, concert

tickets and more.

Basically, there

are 3 separate packages to choose from – Trendsetter, Savvy, Social, and

Others. Unlike the Hong Leong Wise card, you will have the benefit of getting

1% cashback on your online shopping – something Malaysians are slowly catching

up to, as we get busier by the day, having no time to leisurely stroll our

favourite shopping mall. Some call it a national pastime.

Find out more about the
Hong Leong Mach Visa

UOB One Visa Platinum

Driving around

looking for a parking spot every morning can be detrimental…to both your sanity

and gas tank. Count on the UOB One Visa Platinum to give you a 5% cash

rebate on your petrol spend, up to RM500 a month. It gets even better, as you will also be

getting 5% cashback at cinemas, with no minimum spend – Perfect for when

unwinding during your days off with your other half.

Additionally, other

purchases are entitled to cashback under the SMART$ Rebate Programme, there are

additional cash rebates to be had, up to 10%. Other benefits include dining

privileges at over 1000 restaurants and UOB InStore, a 24 hour online store

where you can shop in ultimate comfort and earn even more cashback!

Find out more about the
UOB One Visa Platinum

How about you, what

would we find when looking through your wallet?

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About THE AUTHOR

Chester John

Chester John

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LHDN Extends Tax Payment Deadlines For Flood-Hit Taxpayers, Employers

(Image: Bernama)

The Inland Revenue Board (LHDN) has extended the tax payment deadlines for taxpayers and employers who are affected by the recent floods.

In a statement, LHDN said that the floods have affected the capability of taxpayers and employers to make their tax payments on time. These include payments of estimated tax, tax instalments (whether at the stage of investigation, audit, collection, or civil lawsuit), as well as monthly tax deductions (PCB).

In light of this, LHDN has pushed the deadline for the payment of estimated tax payable (CP204) from December 2021 to 31 January 2022 in hopes that it will alleviate the burden of those affected. Additionally, the instalment payment for investigation, audit, and civil legal fees for January 2022 is postponed to February 2022.

(Image: Bernama)

Aside from that, LHDN is also allowing employers to delay the remittance of their employees’ PCB and/or CP38 for December 2021 to 31 January 2022. Lastly, taxpayers with remaining tax payments are allowed to request for deferment to a period that they prefer.

In tapping into these flexibilities, affected taxpayers and employers are required to first apply for the deferments. Specifically, individuals who wish to delay the payment of their estimated tax payable (CP204) will need to send an email to
[email protected]
. Meanwhile, those seeking for all the other deferments can apply via this
specific form on LHDN’s official website
.

If you have any further enquiries related to this matter, you can contact LHDN via its HASiL Careline at 03-8911 1000 or 603-8911 1100 (overseas). Alternatively, you can use the HASiL Live Chat or
LHDN’s customer feedback form
.

(Source:
LHDN
)

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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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RMCD: Implementation Of 10% Sales Tax On Low-Value Goods Postponed Indefinitely

(Image: The Edge Markets)

The Royal Malaysian Customs Department (RMCD) has updated that the implementation of the 10%  sales tax on imported low-value goods (LVG) that are purchased online will be postponed to a later date. This tax was supposed to take effect starting from 1 April 2023.

Revealed in a short announcement on its website, the Customs department did not share a new date for the implementation, nor did it explain the reason for this delay. Instead, it merely said that the tax has been delayed until further notice.

The government had initially planned to impose a 10% tax on imported LVG that are bought online
starting from 1 January 2023
, proposed under Budget 2022. This refers to imported goods with a total value of less than RM500 per consignment, which are currently exempted from sales tax when they are brought in using courier services through selected international airports (excluding selected items, such as cigarettes, tobacco, and liquor).

The aim of this tax is primarily to ensure equal tax treatment for locally manufactured and imported goods, as local manufacturers are already subjected to a 5% or 10% sales tax, thereby putting them at a disadvantage. With the 10% flat tax rate also imposed on imported LVG, it is hoped that it will level the playing field for both domestic and imported goods, and that Malaysians will be encouraged to purchase locally made products.

(Image: Malay Mail/Miera Zulyana)

The new LVG tax was subsequently
deferred to 1 April 2023
, with the RMCD clarifying a few other details on it as well. For instance, it was confirmed that the new tax will only be imposed on the base price of the goods, and not on the delivery charges or insurance costs for transporting the items into Malaysia as well. Products such as alcohol, tobacco products, and cigarettes, too, will be exempted.

At the same time, the RMCD also urged merchants who will be impacted by the implementation of the new tax to apply to be a registered seller. This is because the legislations related to the tax have already come into force since 1 January 2023, even though the actual implementation is delayed. Essentially, all sellers who sell LVG that are brought into Malaysia via land, sea, or air transport, as well as have an LVG annual sales value that exceeds RM500,000 in Malaysia must apply to be a registered seller.

(Source:
RMCD
)

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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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CIMB To Terminate Bonus Point Redemption For Cashback, Remove Credit Card Benefits For DuitNow QR

CIMB has announced that effective 1 September 2023, it will be terminating the redemption of Bonus Points for cashback under its Member Rewards Programme, which essentially means that credit cardholders will no longer be able to use their Bonus Points (BP) to redeem cashback. Additionally, DuitNow QR transactions performed using CIMB credit cards will no longer earn any cash rebate, rewards, or Bonus Points.

At present, all cardholders who earn Bonus Points via their credit cards have the option of using these points to redeem RM50 or RM100 cashback at the rate of 500 BP = RM1, as you can see here:

Come September, however, these cashback redemptions will be removed from the Member Rewards Catalogue, and you will only be able to use your earned Bonus Points to redeem other rewards – such as miles points, vouchers, gifts, annual fees, and service tax – or Pay With Points for selected cards. This revision is set to impact all of CIMB’s rewards points cards, including the
CIMB Travel credit cards
, the
CIMB e Credit Card
, the
CIMB Platinum/-i
 credit card, as well as the
CIMB Visa Infinite
 and
Visa Signature
 credit cards.

Aside from that, CIMB also said that all DuitNow QR transactions performed using the bank’s credit cards will no longer be entitled to any rewards, cash rebates, and Bonus Points – impacting all of CIMB’s cashback and rewards points credit cards. Specifically, this will affect those who prefer to link their cards to payment apps or e-wallets for convenient QR payments to merchants; for example, you have the option to
link your credit card to DuitNow QR on the CIMB Clicks and CIMB Octo app
.

This revision comes at the heels of another recent revision that
removed all rewards or Bonus Points earnings for e-wallet transactions performed using CIMB cards
 (with the exception of the CIMB e Card) – which was made just last month. This previous update was also accompanied by an adjustment to the conversion rate for its Pay With Points feature, revised from 400BP = RM1 to 500BP = RM1. This took effect since 8 August 2023.

Given that there is still some time before these latest updates come into effect, CIMB cardholders who have sufficient Bonus Points can quickly use their existing points to redeem their preferred amount of cashback – if they wish to. The cashback redeemed can be used to settle the cardholder’s credit card outstanding balance, or be credited into their savings account (depending on the cashback amount and which channel/platform that you use to make your redemption).

To make your redemptions, head on over to the CIMB Clicks online banking website. Alternatively, you can do so over the CIMB Clicks or CIMB Octo mobile banking app.

(Source:
CIMB
)

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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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Forget Diamonds, Standard Chartered Credit Cards are a Girl’s Best Friend

Show your loved one that they shine brighter than a diamond in your eyes with jewelry from
Goldheart
. Walk in with your Standard Chartered credit card or debit card and receive 20% off selected nett priced items.

This offer is not valid with other promotions or discounts and excludes plain gold items, wedding bands and certified items.

Promotion valid until 31 December 2013 and only applicable at Goldheart Gurney Plaza, Penang.

Please read the
Terms & Conditions
 for more details.

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Brendon Lee

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Bursa Malaysia Derivatives Set To Begin After-Hours Trading Starting Today

(Image: The Malaysian Reserve/Razak Ghazali)

Bursa Malaysia Derivatives Bhd has announced the launch of its highly anticipated after-hours (T+1) night trading session (After-Hours Trading), which is set to begin this very evening (6 December 2021).

With this latest update from the subsidiary of Bursa Malaysia, the local bourse will be allowed to extend the current market trading hours for derivatives, thereby closing the gap between local and foreign market trading hours. Specifically, investors can now also trade derivatives between 9pm to 11.30pm from Monday to Thursday, in addition to the usual hours of between 8.15am or 8.30am to 3.15pm or 6.15pm (depending on the type of derivatives).

Note that the After-Hours Trading session will be made available for selected commodity as well as equity and financial derivatives. Among them include Crude Palm Oil Futures (FCPO), USD RBD Palm Olein Futures (FPOL), Gold Futures (FGLD), USD Tin Futures (FTIN), FTSE Bursa Malaysia KLCI Futures (FKLI), and Mini FTSE Bursa Malaysia Mid 70 Index Futures (FM70). You can find the
full list of products that are eligible for After-Hours Trading sessions here
.

According to Bursa Malaysia Derivatives, this development will create new trading opportunities, thereby increasing the competitiveness and attractiveness of its products. In turn, it will draw greater participation from both local and international investors.

Bursa Malaysia Derivatives also highlighted that After-Hours Trading sessions can be regarded as a risk management tool since investors will be able to manage their exposure to risk in real time, caused by market movements that happen during US and European market hours. In particular, the chief executive officer of Bursa Malaysia Derivatives, Samuel Ho noted the importance of After-Hours Trading sessions for the crude palm oil market.

(Image: The Star)

“More recently, the Exchange’s trading volume for FCPO in the third quarter of this year recorded a positive growth momentum with a total of 11.8 million contracts, an increase from 10.8 million in the same period last year. After-Hours Trading is important for hedging in the highly volatile crude palm oil market. Market participants will now have an avenue to better manage their risk exposure based on real-time global developments,” Ho stressed.

Bursa Malaysia Derivatives had first revealed its
intention to introduce After-Hours Trading sessions
 several months back in July. During the announcement, it said that this update is expected to take place in the fourth quarter of 2021.

(Sources:
Bursa Malaysia
,
The Edge Markets
)

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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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Etiqa’s New Usage-Based Add-On Offers Up To 30% Rebate On Motor Insurance Premium

Etiqa Malaysia has introduced a usage-based motor insurance and takaful add-on that offers rebates of up to 30% on the policy premium or contributions. Dubbed the Drive Less Save More add-on, the optional feature is offered for free when customers sign up for or renew their Etiqa motor insurance plan.

As its name suggests, this particular add-on rewards drivers who spend less time on the road. The cash rebate is calculated on a daily basis as a percentage of your basic premium (excluding the No Claim Discount (NCD)), and is tiered based on the distance driven each day. Here’s a table to illustrate how the rebate is calculated:

Tier
Distance driven per day (rounded to nearest km)
Daily rebate percentage
Total rebate percentage for a year
1
0-14km
0.082%
30%
2
15-28km
0.055%
20%
3
29-42km
0.027%
10%

To tap into the benefits of the Drive Less Save More add-on, you’ll have choose to include the add-on when signing up for a new Etiqa motor insurance plan or renewing your plan. Following that, upload an image of your car odometer reading and car number plate via the Etiqa Smile mobile app at your convenience.

Once you’ve begun recording, you’ll need to continue the tracking process by uploading subsequent images of your car odometer reading to claim your rebates during the coverage period. Each upload must maintain a minimum interval of 10 days. Upon the expiry of your insurance plan, you’ll also need to submit a final odometer reading; Etiqa will send an SMS reminder three days before the expiry date.

Note that there are some eligibility criteria that must be fulfilled if you wish to take up the add-on. The insured person must be aged between 25 to 80 years old, whereas the vehicle involved cannot exceed 15 years of age and is only used for private purposes. Additionally, the sum insured must be RM12,000 and above.

The chief executive officer of Etiqa General Takaful Bhd, Shahrul Azuan Mohamed, and the chief executive officer of Etiqa General Insurance Bhd, Fukhairudin Mohd Yusof both said that the introduction of this add-on recognises the fact that there has been a reduction in driving activities during the Covid-19 pandemic. This is especially with a significant number of people now working from home.

“Driven by Etiqa’s vision to make the world a better place, we would like to give back to those who have been using their vehicles less by rewarding them with rebates on their motor insurance premiums or takaful contributions. After all, by driving less, we can also do our part to save the environment,” said Shahrul Azuan and Fukhairuddin in a statement.

(Sources:
Et
iqa
,
The Edge Markets
)

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Shahrul Azuan Mohamed

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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    Mukund Rai Shah

    1 year ago

Please give an actual example of “drive less, save more,” insurance plan by showing detailed calculations. Tq

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5 Best Smartphones Under RM1000

The popular notion when buying things is that “you get what you pay for”. The idea is that items that are more expensive are generally better than a similar item that is priced lower. This belief is being challenged time and again in the smartphone world, where some brands are attempting to shake things up.

In recent years, Chinese brands like Xiaomi and honor have been offering smartphones that are priced significantly lower than what their hardware specifications suggest. And now with new players like Asus entering the fray, it is actually possible to get a decent smartphone for a fraction of the retail price of, say, an Apple iPhone X or Samsung Galaxy S9.

In fact, with a budget of around RM1000 (or about a quarter of the price for a flagship smartphone), Malaysians can actually get some really great smartphones. They not only have great hardware, but the competition has been so stiff that these devices even offer premium materials and design, making them really popular choices for those looking for value for money.

If you’ve been looking for a good, solid, and reliable new smartphone to invest in with your Duit Raya, here are some choices to consider.

Xiaomi Redmi Note 5

Specs:

Qualcomm Snapdragon 636

3/4GB RAM

32/64GB storage, microSD card slot

4000mAh battery

5.99-inch Full HD+ 18:9 display

12MP + 5MP dual-pixel dual camera

13MP front camera

Arguably the smartphone series that started it all, Xiaomi’s Redmi Note line doesn’t show any signs of slowing down. Now in its fifth generation, the Redmi Note 5 comes in two configurations (3 or 4GB of RAM, 32 or 64GB of storage), but the slight difference in price means you should opt for the 4GB/64GB model – the additional RAM and storage space will come in handy in the long run.

The Xiaomi Redmi Note 5 packs plenty of premium-level hardware, from its choice of processor to the dual-pixel dual camera module, which traditionally have no right appearing on a smartphone of this price. In all, the Xiaomi Redmi Note 5 is arguably the best sub-RM1000 smartphone you can find in the market today.

Get it in Lazada from as low as RM875

Asus ZenFone Max Pro M1

Specs:

Qualcomm Snapdragon 636

3/4/6GB RAM

32/64GB storage, microSD card slot

5000mAh battery

6-inch Full HD+

13MP + 5MP dual rear camera

8MP front camera

Taiwanese brand Asus may be more synonymous as a maker of laptops, but its venture into the smartphone industry is a very aggressive one. The ZenFone Max Pro M1 is arguably the most important release yet.

With a spec sheet that is virtually the same as the Xiaomi Redmi Note 5, Asus attempts to offer better value on paper with the larger battery capacity, stock Android experience, and more importantly, a lower price point (RM849 vs RM999). Xiaomi’s pedigree as a smartphone maker may result in a better camera experience, however, so you should consider what you need in your smartphone before choosing between the two.

Regardless, this is the smartphone that really gives the Redmi Note 5 a run for its money.

Get it from Lazada from as low as RM849

Honor 8

Specs:

Kirin 950

4GB RAM

32GB storage, microSD card slot

3000mAh battery

5.2-inch Full HD display

12MP + 12MP dual rear camera

8MP front camera

This phone may be two years old, but the beauty of flagship smartphones sometimes is in the way they age. Most of the time, flagship level smartphones turn into good mid-range offerings a year, even two years down its life cycle. The honor 8 is a good example. At less than half the price it was retailing for in mid-2016, this phone is arguably better than honor’s current set of mid-range devices like the honor 9 Lite and honor 7X.

Its Kirin 950 processor is on par with the honor 9 Lite and honor 7X’s newer mid-range Kirin 659, but the dual-camera system on the honor 8 is easily better than the two here. The minor drawback is in the conventional 16:9 display, which is wider than the new 18:9 smartphones today.

Get it in Lazada from just RM769

Xiaomi Redmi S2

*Specs: *

Qualcomm Snapdragon 625

3/4GB RAM

32/64GB storage, microSD card slot

3080mAh battery

5.99-inch HD+ (1440 x 720) display

12MP + 5MP dual rear camera

16MP front camera

An interesting new proposition from Xiaomi, offering a solid, no-frills dual-camera smartphone that’s astonishingly easy on the wallet. It even packs a Qualcomm Snapdragon 625 processor, which was one of the best mid-range chipsets from 2017.

Our recommendation is to get the 3GB RAM/32GB storage version for this model, which offers more bang for the buck. The higher 4GB/64GB model is just slightly more affordable than the same configuration for the Redmi Note 5, which is a much better smartphone overall.

Get it from Lazada from just RM599

iPhone 6

Specs:

Apple A7

1GB RAM

32GB storage

1810mAh battery

4.7-inch 1136 x 640 Retina display

8MP iSight rear camera

1.2MP front camera

Okay, this may be cheating a little, and a four-year-old phone has no right to be in this list, right? In many cases, yes. But this is an iPhone, and the iPhone 6 is an example of how a former flagship can trickle down all the way to the lower end of the scale.

On paper, the iPhone 6 looks dated in almost every way. But given Apple’s tight control in hardware and software integration, the iPhone 6 still performs well enough as an entry-level iPhone. Plus, with the recent battery performance update on iOS, you can be certain that there won’t be any throttling issues on this phone – just remember to carry along a power bank just in case.

Get it from Lazada from as low as RM1039

A Smartphone For All

A smartphone is a necessity in today’s day-to-day life, which means it is important to invest in a good one. But, thanks to the rapid advances in mobile technology and the disruptive forces of certain brands, a great smartphone doesn’t necessarily equate to an expensive one.

What’s more, you can save even more by paying for these purchases simply by using the right cashback credit cards. That means you get double savings, as you are already saving quite an amount by buying them online and get cashback with your credit card. Check out the best cashback credit cards for your needs
here
.

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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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Kelantan Offers Digital Payment Option With KelantanPay Mobile App

The state of Kelantan has launched KelantanPay, an electronic platform for cashless payment that is similar in nature to another state-owned electronic payment app, SarawakPay. Designed to facilitate transactions of state government agencies and departments, the app also offers easy payment of other things including utility bills.

Developed by Kelantan ICT Gateway Sdn Bhd, KelantanPay supports various payment chennels including FPX, MasterCard and Visa credit and debit cards, and even major e-wallet providers from Malaysia to enable cashless transactions. Besides payment to local councils and state agencies, users can also pay utility bill payments (water, sewerage, and electric bill) that will be available in September. The app can also be used to pay for parking as well as reload credit for prepaid numbers, and even reload PINs for e-wallets such as RazerPay and Grab. Finally, KelantanPay’s QR code feature lets users pay for items in selected outlets in the state.

(Image: Amanz)

Other features included in the app is an encrypted QR ID used to represent the identity of the user to flash on KelantanPay Visitor Registration System, KelantanPay Event Registration System, KelantanPay Punch Card Log System, and many more. KelantanPay is available to download for free on
iOS
 and
Android
.

(Source:
KelantanPay
, Facebook
(1)
,
(2)
)

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Hayatun Razak

Hayatun Razak

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How To Buy A Travel Insurance Policy

You’ve booked yourself a holiday and now it’s time for you to purchase your travel insurance policy. Of course, you could just go online and randomly pick an insurance plan – but how do you know whether you’re getting the best value for your money, and whether that plan has all the coverage that you need? Here’s a comprehensive guide on navigating the different travel insurance plans out there and picking the best one for you.

Step 1: Where and when should you buy travel insurance?

Thanks to the Internet, purchasing travel insurance is really easy. You can even buy travel insurance as an add-on when you book your flight tickets online. If you are familiar with the various travel insurance providers out there, you can visit their respective websites, key in your travel details, and yourself a quotation on the price of the premium. Alternatively, our RinggitPlus website has all the available travel plans in one place, together with details on the premium price and scope of coverage as well.

Last-minute planners will be glad to know that you are able to purchase your travel insurance policy right up until the very day of your departure. However, it’s generally better to make your travel insurance purchase earlier on before your travel dates. For example,
AXA Affin Smart Traveller
 compensates you for travel and accommodation losses arising from serious injury or illness to you or your immediate family – but only if you had bought the plan at least 14 days before your trip.

Step 2: How long is your trip?

Your policy will cover you from the starting date of your trip to the end, so make sure you get your travel dates right. The duration of your trip is also one of the determining factors of the price of your premium. The longer your trip is, the higher the premium will be. Usually, the price increases in blocks of five days – if your trip is 1-5 days long, you pay a certain price; if it’s 6-10 days long, the premium is slightly higher, and so on.

Most insurance companies allow you to insure a trip for up to 30 days and charge an additional premium for every extra week thereafter. Frequent travellers can consider buying an annual travel insurance policy instead – although you might want to do some calculations beforehand. For example,
Allianz Travel Care’s
 annual plan for worldwide coverage is priced at RM360. You’d have to do more than three 14-day trips in a year to make it more worthwhile to get the annual plan instead of single-trip policies each time.

While you’re making sure your dates are right, don’t forget to ensure that you’ve selected the right location for your coverage as well. For instance, if you’ve purchased Malaysia-only insurance for a trip to Johor Bahru, don’t assume that you will be covered if you make a trip across the causeway to Singapore.

Step 3: Choose your coverage

The main areas of coverage for travel insurance policies are personal accident cover, medical-related coverage, and travel inconveniences.
 Personal accident
 cover offers you a payout should accidental death or permanent disability occur to you when you are on your trip.
 Medical
cover allows you to claim for medical expenses, treatment, hospital allowances, and so on. Lastly,
travel inconveniences
let you claim for lost baggage, missed flights, cancelled trips, and the like.

Almost all travel insurance plans will offer personal accident benefits and some basic medical-related coverage – such as the
SOMPO Travel Plus Basic
 and the
Citibank Smart Traveller Classic
. The more comprehensive travel insurance policies will also provide for travel inconveniences – like the
Chubb First
 plan, which goes so far as to compensate you for additional costs of boarding your pet should your trip home be delayed. On the other hand, there are also plans like TuneProtect’s
Baggage Delay & 1 hour On-time Guarantee Insurance
 which only cover you for AirAsia flight and baggage delays – and nothing else.

Most insurance policies come in different “tiers” with varying premium prices – and it is the scope and level of coverage that set them apart. The more extensive your insurance coverage is, the pricier your insurance premium will be. It’s a simple case of the more you pay the more you get. Insurance policies with a longer list of coverage also tend to insure you for higher amounts – so you would get a bigger sum should you need to make a claim. For instance, take a look at the difference between AXA Affin’s
Smart Traveller VIP
 plan and its
Smart Traveller Classic
.

Step 4: Check the definitions, exclusions, and add-ons

If you want to make a responsible purchase, you should always read the product description and policy wording documents. It may sound tedious, but it’s the only way to know exactly what coverage you are getting for the premium you are paying.

Above is an excerpt from
Etiqa’s
 general exclusions list, as found in its product disclosure sheet. From Clause 15, you are informed that you won’t be covered if you were to participate in what are considered “Hazardous Sports And Activities” – which is also defined further down in the document – except for the sports that will be covered if you purchased the additional Adventurous Activities Optional Benefit together with your main policy.

Step 5: Compare, compare, compare

Once you’ve decided what breadth and depth of coverage you want for your upcoming trip, you should narrow your options down to a handful of suitable policies and then compare their price value. Let’s use an example to show you how best to do it.

Mary is looking for a travel insurance policy for her 6-day trip to India. She wants to be covered for every possible hiccup during her travels, so she looks at the plans that can give her the widest coverage for maximum peace of mind. She has narrowed her options down to these three premium-level plans from three different providers.

Plan A (RM185/policy)

Plan B (RM89/policy)

Plan C (RM96/policy)

Accidental Death (RM300,000)

Permanent Disability (RM300,000)

Medical Expenses (RM 1,000,000)

Medical Treatment in Malaysia (RM100,000)

Daily Hospital Income (RM7,000)

Emergency Medical Evacuation and Repatriation (Unlimited)

Compassionate Visitation (RM8,000)

Child Guard (RM8,000)

Travel Cancellation (RM25,000)

Trip Curtailment (RM25,000)

Travel Delay (RM2,100)

Baggage Delay (RM1,050)

Loss or Damage of Personal Property and Baggage (RM5,000)

Loss of Money (RM1,500)

Loss of Travel Documents (RM5,000)

Personal Liability (RM1,000,000)

Home Care (RM10,000)

Accidental Death (RM300,000)

Permanent Disability (RM300,000)

Child Education (RM10,000)

Medical Expenses (RM300,000)

Traditional or Alternative Medicine (RM500)

Follow-up Treatment in Malaysia (RM30,000)

Outpatient Treatment (RM500)

Hospital Fees (RM10,500)

Child Care (RM15,000)

Visiting Allowance (RM7,500)

Emergency Medical Evacuation (RM1,000,000)

Emergency Medical Repatriation (RM1,000,000)

Repatriation of Mortal Remains (RM50,000)

17 Infectious Disease Cover (RM2,000)

Loss of Luggage and Personal Belongings (RM7,500)

Loss of Travel Documents and Money (RM7,500)

Luggage Delay (RM800)

Loss of Travel Deposit due to Cancellation (RM20,000)

Trip Curtailment (RM20,000)

Missed Departure (RM2,000)

Travel Cancellation (RM500)

Travel Delay (RM6,000)

Missed Connecting Flight or Transport (RM200)

Travel Re-route (RM200)

Chartered Flight (Scheduled) (RM200)

Loss Of Deposit Due To Abscondment Or Insolvency Of Travel Agency (RM5,000)

Loss of Credit Card (RM5,000)

Personal Liability (RM1,000,000)

Home Care (RM5,000)

Rental Vehicle Excess (RM1,000)

Hijacking (RM100,000)

Outstanding Credit Card Expenses (RM1,000)

Emergency Accommodation (RM1,000)

Loss of Entertainment Ticket (RM500)

Emergency Mobile Phone Fees (RM300)

Accidental Death (RM300,000)

Permanent Disability (RM300,000)

Child Education (RM10,000)

Loss of Limbs or Sight (RM300,000)

Medical Expenses (RM300,000)

Compassionate Visitation (RM7,500)

Traditional or Alternative Medicine (RM1,000)

Child Care Benefit (RM5,000)

Medical Treatment in Malaysia (RM30,000)

Hospital Allowance (RM10,500)

Quarantine (Pandemic Influenza) (RM2,000)

Emergency Medical Evacuation (Unlimited)

Emergency Medical Repatriation (Unlimited)

Repatriation of Mortal Remains (Unlimited)

Loss of Luggage and Personal Belongings (RM7,500)

Loss of Travel Documents and Money (RM7,500)

Luggage Delay (RM800)

Travel Delay (RM3,200)

Cancellation due to Delay (RM500)

Loss of Deposit or Cancellation (RM20,000)

Trip Curtailment (RM20,000)

Travel Overbooked (RM9,000)

Missed Connecting Flight or Transport (RM200)

Hijacking (RM10,000)

Missed Departure (RM2,000)

Travel Re-route (RM200)

Loss Of Deposit Due To Abscondment Or Insolvency Of Travel Agency (RM5,000)

Loss of Credit Card (RM5,000)

Personal Liability (RM1,000,000)

Home care (RM5,000)

Rental Vehicle Excess (RM1,000)

Ransom Payment for Hostage and Kidnapping (RM100,000)

Mary decides to go with Option B as it has the cheapest premium out of the three – but also because she is satisfied with the breadth of coverage and level of compensation the plan has to offer.

Don’t forget that some plans also allow you to get insured together with your spouse or family members. In most cases, it’s cheaper to do so. For example, if you bought the
RHB Travel Protector Plus Supreme
 (across Asia, 5 days) for yourself and your spouse at RM70, you would save RM8 compared to if you had bought two plans separately for RM39 each.

Step 6: Look for discounts – and use a credit card

Some travel insurance providers do give out discounts when you purchase plans with them online; AXA, Etiqa, and MSIG for instance each offer a 25% instant rebate on their travel insurance policies. And if you buy selected travel insurance plans through
RinggitPlus
, you can get some sweet deals like a free RM50 Agoda voucher and even a chance to win free flights to Bali.

Another thing you can do to make the most out of your purchase is use the right credit card when buying your insurance plan. For instance, buying your travel insurance online would get you cashback if you used a
Public Bank Visa Signature
 (6%),
Standard Chartered JustOne Platinum
 (0.2-15%), or other cards that offer
benefits for online transactions
. You should make it a habit to capitalise on your credit card’s benefits either way, but it’s a must especially when you’re buying multiple policies for a group of friends or purchasing an annual plan.

Hopefully, this guide can help you make more informed decisions when it comes to buying a travel insurance plan – getting you more for your money in the process. Remember, you can find all the insurance plans and their respective coverage and premiums all in one place at
RinggitPlus.com
.

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Travel Inconvenience

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About THE AUTHOR

Jacie Tan

Jacie Tan

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