MBSB Bank To Offer Weekend Banking Services

(Image: The Star)

MBSB Bank has introduced its weekend banking service, starting with the operation of three bank branches on two Saturdays in the month of November 2022. The initiative is aimed at providing a better service to its customers, especially those who are unable to visit the bank during weekdays due to their busy schedules.

Specifically, MBSB Bank will open its PJ Sentral Branch, Penang Main Branch, and Johor Bahru Main Branch on the following dates to cater to its customers’ needs:

5 November 2022 (9am to 3pm)

26 November 2022 (9am to 3pm)

Banking services that will be available on these days include account opening, financing, takaful, as well as debit card application and issuance. There are also special offers and rewards that will delight customers, such as a special rate of up to 5.90% p.a. for selected term deposit-i applications. Additionally, there are RM20 cash rewards and RM50 AEON vouchers to be given away for the opening of selected current or savings accounts, as well as free giveaway items.

In announcing this initiative, the group chief executive officer of MBSB Bank, Datuk Nor Azam M. Taib said that it is MBSB Bank’s duty as a financial institution to constantly review and improve its services for its customers.

“We are glad to assist our customers even on weekends. Time is a precious commodity, and we hope that our customers will benefit from this while providing new banking opportunity to the mass and potential customers from the activities on the weekend banking,” said Datuk Nor Azam.

(Source:
Bernama
)

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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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    rita

    9 months ago

IT’S  A WORST BANK I EVER I KNOW IN DEBT COLLECTION SERVICE.NON-EMPHATIC AND  TO CUSTOMER IN DEBT COLLECTION .HARSHINING CUSTOMER  IN MANY LEGAL MEANS .DON’T GIVE THEIR CUSTOMER TO ROOM BREATHE EVENTHOUGH THEY DON’T EXCEED PAYMENT MORE THAN 2 MONTHS.

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PNB Declares 5.5 Sen Income Distribution Payout For ASB

(Image: Vocket
)

Permodalan Nasional Berhad (PNB) has announced a distribution payout of 5.5 sen per unit for Amanah Saham Bumiputera (ASB) for the financial year 2019. The payout comprises an earning of 5 sen a unit and a further bonus of 0.5 sen.

The dividend is lower than last year’s income distribution of 7 sen per unit. In spite of this, PNB group chairperson Tan Sri Dr Zeti Akhtar Aziz is satisfied with PNB’s performance as the market has been quite challenging in 2019. She explained that the economic turbulence was caused by the volatility of the financial market, the US-China trade war and geopolitical tensions, as well as a slowdown in global trade.

(
Image: Malay Mail
)

“We’re competitive compared to others. If we’ve invested entirely in domestic equity, we would be experiencing losses and negative returns,” said Zeti. “The fact that we generate a positive return above the deposit rate – which we benchmark against – is satisfying. But we will strive to be better.” Zeti was referring to the Maybank 12-month fixed deposit, which serves as the yardstick for ASB’s performance. ASB outperformed Maybank’s fixed deposit rate by 2.4% this year.

Zeti also noted that the number of ASB unit holders has surpassed the 10 million mark for the first time this year. The payout distributed to the unit holders amounted to RM9 billion in total.

For the first 11 months of 2019, PNB’s assets under management increased by 5.7% to RM311.88 billion, while the proforma net income came to RM10.7 billion.

(Image: The Star
)

Units in circulation grew 7.5% to 253.8 billion units across its 14 funds, with PNB obtaining a payout of RM13.2 billion across all funds in 2019.

Moving forward, Zeti said that PNB plans to diversify its portfolio, with a greater focus on global investments. This is in view of 2019’s financial performance, where global investments have helped to generate higher returns compared with local equity.

Additionally, PNB also announced an income distribution of 2.75 sen per unit for Amanah Saham Nasional (ASN) for the year. This reflects a dividend yield of 4.4% based on the net asset value of the fund. The total payout of RM49 million will benefit over 1.22 million unit holders.

(Source:
The Sun
,
The Star
)

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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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Avoid Expensive Repairs on Your Smartphone with These Simple Tips

In this day and age, the smartphone has become less of an accessory and more of a necessity. When the mobile phone was first introduced they merely functioned like regular phones, making and receiving calls. Additionally they were also bulky and usually couldn’t fit in the palm of your hand, unlike today’s versions.

Modern smartphones perform way more functions that just making and receiving calls nowadays. We depend on it to send e-mails, surf the internet, find our way around town, shop for groceries online and even trace our lost car when we’ve forgotten where we’ve parked.

If you want to maintain your phone for longer and better, here are some steps you can take:

Always Buy a Proper Casing

Leather or plastic casings that fit snugly on your phone can spell a world of difference. It will keep your smartphone’s body free from scratches and dents, thereby saving you the need to get them replaced.

Casings also play and important role in keeping the dust out of all the nooks and crannies in your phone, and also help save it to a certain degree from liquids spilled onto tables or directly on your smartphone. For extra protection, you should get a phone case that has a front flap, and not just a rear protective layer.

Clean It Using the Proper Method

Never ever use water to clean you phone. The best way to remove dust from your phone is by using a dry microfiber cloth or a slightly damp cotton cloth. You should also avoid using any sort of detergents or chemicals, especially in their undiluted form.

If there are any hard to reach places, you can use a slightly damp cotton bud to clear away the dust.

Do Some Regular Memory Housekeeping

In order to avoid overloading your phone, you should always try and clear your hard drives on a regular basis. This means deleting or transferring old files and pictures

to your laptop of PC, and clearing off apps that you hardly or never use.

Only keep the very basic necessary apps on your phone and avoid duplicates. For example, you only need one mp3 player app so choose your favourite one and forget the rest.

Dry Your Phone Out Immediately

If you were unfortunate enough to drop you phone into some liquid, do not try and switch it on immediately after retrieval as this can cause even worse short circuits in the electrical system of your phone.

Instead, wipe it dry and then leave it to air dry for one day before switching it on.

Keep It Away From Strong Environmental Elements

The internal circuitry of your phone can be very sensitive to extreme heat and cold. Therefore, it is important that you keep it out of direct sunlight and direct cold air, like air conditioners.

It’s also advisable to keep you phone away from dusty places and places with high humidity as all these can jeopardize the inner functions of your phone.

If you’re looking for the best deals when it comes to postpaid plans for your smartphones, check out our
deal comparisons
 for a wide variety of smartphone brans, from iPhones to OPPOs and Samsungs to Sonys.

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How To Manage Your Money In The Digital Era Of Instant Gratification & Connectivity

These days, technological advancement has given us the instant ability to buy what we want without delay. Since the Covid-19 pandemic, we have been relying on services like contactless payments and e-commerce even more. New payment trends like Buy Now Pay Later (BNPL) allow us to split the cost of big-ticket items into instalments, some without interest, provided that payments are made on time.

As we get used to expecting everything to be instant, we might overlook the importance of conscious spending, saving for an emergency fund or worse, the possibility of debt accumulation. Hence, it’s more important now than ever to take extra care of the way we manage our money and practise healthy money habits to build financial resilience. Read on to find out ways to start saving and get out of debt!

***

We’ve learned that saving money can be tricky especially in the digital era. Hence, we need to be more mindful of our spending and put more effort into saving for an emergency fund. This way, we can have something to fall back on when unexpected circumstances like loss of employment and health issues arise.

It’s never too early to start saving up for a secure financial future and you can use the tips and tricks mentioned in the infographic above to do so like depositing a fixed portion of your salary into a bank account where your savings are protected by government body PIDM in the unlikely event of a failure of a member bank.

Start saving now and learn more tips
here!

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Get Up To RM200 Cashback On Citi’s Cashback Surprise Campaign Days

(
Update on 10 August 2020
: Citi has announced that it is discontinuing the Cashback Surprise campaign effective today, although the bank did not share any explanation with regard to its decision.
)

Citi has launched a cashback campaign for its credit cardholders called Citi’s Cashback Surprise campaign. Within the campaign period of 1 July to 31 August 2020, there will be four special campaign days during which Citi cardholders can win up to RM200 in cashback.

To participate in this campaign, you just need to spend a minimum of RM20 in a single receipt
two times
 on a specified Campaign Day. You will then be entitled to one cashback amount of either RM0.20, RM2, RM20, or RM200 and this will be instantly communicated to you via SMS notification.

According to Citi, the cashback entitlement is randomly determined and will be given out to a total of 46,330 qualifying cardmembers each Campaign Day on a first-come, first-served basis.

There will be four Campaign Days during this two-month campaign period, with Citi announcing when it takes place a day before each Campaign Day via email and/or SMS. You can get up to one cashback reward per Campaign Day, amounting to a total of four rewards per campaign period, and your cashback will be credited to your account within 12 weeks after the campaign period.

Citi’s Cashback Surprise Campaign is open to all
Citi principal credit cardholders
, except for CitiBusiness Signature, Citi Business Gold Card, and Citi Staff Corporate Card customers.

For the full terms and conditions, you can visit
Citi’s website here
.

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Physical VS Virtual Credit Cards: What’s The Difference?

Alliance Bank recently unveiled its brand new credit card, the Alliance Bank Visa Virtual Credit Card. It also happens to be Malaysia’s very first virtual credit card with a unique Dynamic Card Number (DCN) feature that lets you generate a new card number every 30 minutes. This disguises your actual card number, keeping it secure from falling into the wrong hands.

Besides that, there’s a handful of features targeted to offer an additional layer of security to its users, such as the ability to freeze/unfreeze cards instantly and generate virtual credit cards for each recurring payment, say for your streaming services or utility bills. And for every card, you can set a payment limit and a card expiry date.

Being one of the few virtual credit cards in Malaysia, you might be wondering how a virtual credit card differs from a traditional physical one.

Let’s see how these two compare:

Now that you’re more familiar with how virtual credit cards and physical credit cards differ from one another, you can make a more informed decision on which one better suits your needs.

If you’re looking to have a credit card with additional features designed to minimise fraud risks, consider applying for the Alliance Bank Visa Virtual Credit Card as it offers personalisation, convenience, and an extra layer of security.

On top of that, there are zero annual fees for this virtual credit card and regardless of how many virtual cards or card numbers you decide to generate, it’s free! Cardholders will only be charged RM25 for SST annually for the Virtual Credit Card Static Card. Additional dynamic card number created will not result in additional SST charges.

Begin your application process today via the allianceonline mobile app.

Download the app via the
Google PlayStore
 or
Apple AppStore
.

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    SAW SWEE LIN

    1 month ago

The above only show how to apply for the virtual card.  I want to know how to use the card for purchases.  Wipe /tap it?

Accepted by all merchants/outlets?  Is there a limit to each transaction/purchase?

What supporting documents are needed for the application?

Do I still need to keep my physical cards?

Can I include other bank cards or only Alliance Bank cards can be used?

Thank you

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The GSC-Hong Leong Credit Card is a movie buff’s dream come true

If you spend more time at the cinema than at home, you’ll be wondering how you ever got by without a GSC-Hong Leong Credit Card. Touted as “The Ultimate Movie Card”, it boasts
some pretty amazing perks for true blue movie fans
.

For starters, you get a complimentary movie ticket, a small popcorn combo set, a 50% discount voucher on GSC’s F&B outlets and five buy-1 free-1 International Screens movie tickets right upon card approval.

You’ll also enjoy up to 10% off normal tickets purchase, Priority Ticketing Lane access, complimentary birthday month tickets as well as discounts at the cinema chain’s concessionaries counters and F&B outlets.

There are non-movie related benefits thrown in too, such as free personal accident along with travel accident and inconvenience coverage. Renewing your auto insurance will also be a breeze with Hong Leong’s 12 Months Zero Interest Motor Insurance Instalment Plan.

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CUEPACS Urges Finance Ministry, BNM To Extend Loan Tenures

(Image: Berita Harian)

The Congress of Unions of Employees in the Public and Civil Services (CUEPACS) has urged the Finance Ministry and Bank Negara Malaysia (BNM) to consider extending the loan tenure for borrowers. This is in hopes that it will help ease some of the financial burdens faced by civil servants amidst the Covid-19 pandemic.

According to the president of CUEPACS, Adnan Mat, the maximum tenure of selected loans had been reduced following a
directive issued by BNM back in 2013
. “After the circular was issued, the repayment period for personal loans was shortened from 25 years to 10 years, while repayments on housing loans were brought down from 45 years to 35 years,” he said.

The central bank had justified its decision then as a move to avoid excessive household debt as well as to promote a sound and sustainable household sector. It was also meant to reinforce responsible lending practices by key credit providers. Both the revised maximum tenure for personal and housing loans are currently still enforced.

(Image: The Star)

Adnan went on to explain that shorter loan tenures mean larger repayment sums for borrowers, which ultimately leaves them with smaller disposable income. As such, it would only make sense for banks to offer an extension on loan tenures.

“By extending the repayment period, borrowers would pay a smaller amount to service their loans, leaving them with more resources to spend on other necessities. Furthermore, those who took up housing or personal loans to start a small business would not have to worry so much,” said Adnan in a statement.

Adnan also added that borrowers can restructure their loans and pay an affordable amount to keep them from going bankrupt. This way, people will have more spending power, which in turn, could revitalise the economy.

(Image: The Malaysian Reserve)

At present, borrowers in need of financial aid can tap into the
targeted repayment assistance programme
 that is being offered by banks. Introduced as a follow-up to the
six-month blanket automatic moratorium
 that had ended in September, the programme provides aid in the form of extended moratorium, reduced instalments, and flexible repayment options for eligible borrowers.

During the tabling of Budget 2021 earlier this month, Finance Minister Tengku Zafrul Abdul Aziz also announced that the government will further
enhance the targeted repayment assistance programme
. Specifically, the enhanced programme will include additional repayment options for the B40, M40, and micro SME groups – slated to commence in December 2020.

(Source:
The Star
)

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Ministry Of Finance: Tax Deductions Allowed For Donations To Covid-19 Fund, Health Ministry

(Image: Malay Mail)

The Ministry of Finance has announced that individuals and corporations that donate to the Covid-19 fund and the Ministry of Health will be eligible for tax deductions.

“The government welcomes the generosity of Malaysians, both the
rakyat
 and the corporate sector, in contributing and donating towards addressing the Covid-19 outbreak,” said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Tengku Datuk Seri Zafrul also acknowledged the contributions made by government-linked companies (GLCs), amounting to a total of RM60 million in the form of medicine and medical equipment. He then encouraged the corporate sector to follow in the footsteps of the GLCs. He cited this as a reason for allowing tax deductions for contributions and donations made to the Covid-19 fund and the Ministry of Health.

(Image: The Star)

The government had set up the
Covid-19 fund
 last week, which was meant to assist patients who have no fixed income during the period of quarantine and treatment for Covid-19.

According to Tengku Datuk Seri Zafrul, this move is part of several additional measures undertaken to better allocate financial resources in a bid to cushion the impact of Covid-19 outbreak. These include
cash assistance for employees forced on unpaid leave
 due to the outbreak, an
extended deferment of PTPTN loan repayments
, and the
withdrawal of up to RM500 per month from the EPF Akaun 2
 to ease cash flow problems. Prior to this, the government had already rolled out the
Economic Stimulus 2020
.

A second economic stimulus is also expected to be announced on 30 March 2020, offering more support to the country’s economy during this trying time.

(Source:
The Star
,
Malay Mail
)

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A Beginner's Guide to Buying Your First DSLR Camera

The prospect of buying a sophisticated device like a DSLR camera can be intimidating for most people. Even holding one of these devices in the hand, with their dials and buttons can be a little scary. But fear not, with this guide we shall cover the basic info you need to walk confidently into the store and invest in a brand new DSLR camera to up your photography game to the next level.

Are DLSRs Really All That Great?

That depends on what you use it for. We assume if you’ve read this far, you’ve already decided to buy a DSLR, but for those who are still curious as to why these big hefty cameras are a big deal in the photography world, here are three major reasons:

Better Image Quality

DSLR cameras can take images of a higher resolution, with more vivid colours, less noise (the grainy bits you see in photos sometimes) and better clarity.

Manual Control

This is where all those buttons and dials come in. Instead of having modes like “night” or “sport” like regular point-and-shoot cameras have, DSLRs allows you to adjust settings that give you finer control over the output. Settings like aperture, shutter speed, exposure compensation, and the like. We won’t get into these settings here, but suffice to say, if you’re keen to learn about these photography terms and how to manipulate them, a DSLR camera will help you the most.

Interchangeable Lenses

Another important advantage of DSLR cameras over other types is the ability to switch out lenses of varying properties. This allows you even more control over what kind of photograph you want to take. There are lenses that take great pictures in low light conditions, zoom lenses for long-distance photography, wide lenses for capturing a lot of detail, and many more that regular cameras do not have access to.

Great! Which Camera Should I Buy?

For any other product, we would say that the brand doesn’t matter, but the quality you get for what you pay. However, in the case of DLSRs, the brand actually does matter.

Why? Because each brand makes their accessories proprietary. As we’ve mentioned above, one of the core strengths of DLSRs is their interchangeable lenses. But since lenses of one brand only work on cameras of that same brand, it pays to look at the kind of brand that offers the lenses (and related accessories) that suits your usage or preference best.

We’ve narrowed down three different entry-level DLSR cameras for the budding enthusiast. Keep in mind that the average price we use includes everything that comes with the standard box: a starter lens (also called kit lens), a battery, SD card, shoulder strap, battery charger, and lens cap which are all the essentials you need to start shooting.

Canon EOS 1200D

Average Price: RM1400

The most inexpensive of our three suggestions, the
Canon EOS 1200D
 is the cheapest way to buy access to Canon’s vast array of quality lenses.

Geared toward beginners with its no-frills feature set, it even has a companion app (for iOS and Android) that teaches newbies how to properly take advantage of their new DSLR.

Why Go With Canon?

Canon has a wide selection of lenses as we’ve mentioned. Interchangeable lenses being one of the major reason why you’d want a DSLR. Also, Canon’s cameras tend to be
better for use in shooting videos
 if that’s more what you’re looking to get out of your camera. Another good reason to go for Canon is that once you’ve graduated from an entry-level camera, Canon can better serve you with specialised, high-quality camera bodies in the semi-professional and professional range compared to the other two brands we will mention.

Nikon D3300

Average Price: RM1800

Canon’s rival Nikon also has a camera that’s targeted at the novice, although the
Nikon D3300
 is a little more expensive. What you get for your money however, is a 24-million pixel sensor which means it’s able to produce images of a much higher level of detail.

Furthermore, it has a built-in Guide Mode that does virtually everything the previous camera’s companion app does, but without having the need to download anything into your phone. Handy.

Why Go With Nikon?

Nikon’s cameras tend to be
more ergonomic
 to hold compared to Canon’s cameras. Nikons’ performance as far as battery life goes are also, more often than not, better. It can take more shots in a single charge than Canon cameras and when it comes to the entry-level models, Nikon’s cameras are slightly faster when taking pictures, but not by much.

Sony Alpha a58

Average Price: RM1700

While
Sony’s Alpha a58
 isn’t technically a DLSR (more on that later), it has all the same features but with an electronic viewfinder instead of an optical one.

In addition, it also has an articulating viewfinder that lets you viewand plan shots more comfortably without having to move the camera around as much.

Why Go With Sony?

Remember how we’ve said Sony’s cameras isn’t actually a DSLR? That’s because the Sony uses a
proprietary technology called SLT
 that produces the same results but with fewer moving parts, contributing to less risk of internal damage over time. This technology also allows for faster image capture in addition to quicker and continuous auto-focus. The catch is that the viewfinder is electronic instead of optical, which works slightly less optimally in bright light compared to optical viewfinders.

It’s also good to keep in mind that you would rarely come across a
bad
 DSLR camera. In fact, even if you do, you can resell it and its accessories for close to their original price since people are always looking to match their lenses to cameras and vice versa.

Should I Budget For Anything Else Besides Lenses?

While there are a tonne of other accessories available for DLSR cameras you can buy, there are a few that you must prepare to purchase either right when you buy the camera, or soon afterwards.

SD Card

Price: Depends on storage capacity, from RM50 to over RM100

You probably already have at least one of these, but your camera might not come with one. Also, it’s very useful to have backups, for that one time you’re in a rush and accidentally leave your SD card in your card reader at home.

Spare Battery

Price: About RM65

Sometimes you shooting sessions last longer than the battery does, and other times you accidentally left the battery at home next to the SD card you also forgot. A full spare would solve both of these problems.

Tripod

Price: RM30-RM40

Your hands won’t be as steady as a device made specifically to hold cameras stationary. Selfie sticks won’t cut it.

Lens Cleaning Kit

Price: RM20-RM30

These are cheap and cleaning your lenses periodically will help keep them working for longer.

Flash

Price: RM200-RM500

Most entry level DSLRs come with a pop-up flash, but their inclusion is almost purely a gesture. Invest in a full-sizes flash for your camera for optimal results.

There you have it. Pretty much most of what you need to know in order to go out and buy yourself a brand new DSLR camera. While it can be a heavy investment for some, we hope our tips can help you make the best decision for you and your wallet.

Photography can be a creatively rewarding and lucrative hobby as well. If you’re good enough that people start to hire you for photoshoots, consider checking out our article on
whether or not your side income can earn you more than your regular paycheque
.

Do you have any other questions about buying big-ticket items? Do you have tips on DLSRs yourselves? Drop us a comment in the comments section below and let us know!

Photo credits:
Canon Malaysia
,
Nikon Malaysia
,
Sony Alpha a58
,
Google Play
, and
slrclubreview on YouTube
.

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Ahmad Mudhakkir

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Activate & Unlock The Benefits Of Your CIMB Platinum BusinessCard

Credit cards, when used right and responsibly, can present a multitude of benefits that can be enjoyed for both personal and business use.

When it comes to a business, having a business credit card like CIMB Platinum BusinessCard can mean enhanced visibility of company spending and working capital, which may help in being vigilant of the outflow of cash. Not only that, business owners can indulge in additional cash savings thanks to cashback benefits.
Take full advantage of the benefits* and perks* that come with your CIMB Platinum BusinessCard by activating your card as soon as you receive it.

There’s plenty to benefit from with the CIMB Platinum BusinessCard. Besides cash rebates and closer monitoring of your expenses, leverage on an entire ecosystem made to complement your business operations with CIMB Partners. From HR services and parcel delivery, to e-commerce website and webstore development, the possibilities are endless.

Activate your CIMB Platinum BusinessCard to unlock a series of transformational features.

*Terms and Conditions apply.

Click here
 to visit the website for more information.

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Lisa Ameera Azman

Lisa Ameera Azman

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Top 5 Father’s Day gift ideas that won’t break the bank

#5 – A nice meal

It’s the most clichéd but hey, for many men the way to their

hearts is through their stomachs. Take dad for his favourite meal. It doesn’t

have to be fancy as you probably won’t get a booking so late for most high-end

restaurants; a simple restaurant or takeaway should suffice. Also check your credit card for dining deals that can help you

save more.

#4 – Get the family together

Some dads enjoy the company of the whole family as a treat.

Organise a lunch or dinner with his family. Get all your siblings together to

be with their dad. It doesn’t matter that it doesn’t involve reservations at a

five star restaurant; it’s about togetherness. Get everyone to pitch in for a pot luck or an inexpensive takeaway.

#3 – A spot of fishing

For fathers who enjoy a spot of fishing; there are urban

fishing ponds in the Klang Valley where he can indulge in his favourite pastime

for less. Catch and release ponds are cheaper than ponds where you get to keep

the fish you catch because operators don’t have to fork out cash to replenish.

If he’s only in for the thrill of the game; this is the kind of pond for him.

The
Tow Foo Pond
 in Kampung Baru Kundang, Rawang is a popular fishing haunt for

anglers who practice catch and release. It only costs RM20 per angler per rod

for up to 12 hours of fishing. The pond is open 24 hours, seven days a week.

Dad could spend all day fishing if he likes – but he won’t be having his fish

for dinner!

#2 – A race to remember

Would dad like to be a part of his own race experience?

Perhaps he’s seen the F1 races in Sepang and would like a go. Granted it’s not

a chance to sit in an honest-to-goodness F1 vehicle; you could try asking dad

if he’d fancy a round of go-kart racing. The
Karting circuit in Sepang
 offer

packages even for walk-ins but it’s always better to give them a call beforehand. The

no-frills package starts at RM40 for a ten-minute race, 6-8 laps, in a 200cc 4

stroke engine, 6.5 horsepower kart. It’s only ten minutes but it will be a truly memorable experience for dad. Treat him to his favourite hawker/mamak fare after the ride to talk about the experience!

#1 – Give him a timeout!

If all else fails; give him a timeout. If there is one thing

my dad always asks for on Father’s Day; it’s to be left to do the things he

likes without being disturbed. For him, it’s trawling the Sunday car mart and

enjoying uninterrupted TV sessions. For your dad it could be as simple as

sleeping in; reading the Sunday paper or whatever it is he does to relax. Designate

Sunday as his ‘timeout’ day. Take your kids away, buy him a nice lunch and let

him have his day.

Happy Father’s Day!

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Diana Chai

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Hong Leong credit card and debit card holders enjoy RM50 off Abalone Treasure Pot

Reunion dinners are always something to look forward to this time of the year. But with so many restaurants around town, it might not be the easiest to choose one for that special occasion.

If you own a Hong Leong credit card or debit card though, you should definitely consider having yours at Dragon-i or Canton-i.

From now until 28 Feb, you’ll enjoy a
RM50 discount on their Abalone Treasure Pot at RM338
++
. Promotion valid at all outlets nationwide while stocks last.

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How to Pick an Emergency Credit Card

Several terms have been coined to ideally describe a state of financial ’emergency’ – some call it bad luck, poor timing, dead broke, while others just call it plain old not having tangible cash!

Whatever the moniker, its fundamentals don’t change because when a money emergency occurs and you’ve exhausted all possible options of keeping your head off life’s chopping block, the plastic that you keep tucked only for emergencies just might keep you buoyed for the time being.

In spirit of yielding an umbrella in the wake of looming dark clouds (yes, directly translated from Bahasa Malaysia), we’ve identified key points that you would need to look for in an
emergency credit card
 that could swipe your worries away in almost any comprehensible conundrum.

Low Interest Rate

Scrubbing through the myriad of credit cards available in the market for this attribute comes second nature to every credit card hunter.

No doubt a low interest rate might trigger your frivolous spending if treated as a regular credit card, but it serves emergency credit cards best with rates as low as 8.8% p.a as opposed to the standard 15% – 18% p.a.

Should you diligently be able to keep the
low interest rate credit card
 only for emergencies, you will find that the fat bill you just swiped will not incur a painful interest rate that could keep you from settling the outstanding amount. Conversely, it would definitely mean a steep climb toward clearing the debt post emergency.

No Annual Fee

Most cards in the Malaysian market offer
credit cards with annual fees at a flat zero
, however many only offer the benefit if you swipe more than 12 times a year. This is a hassle if you don’t plan to use your emergency card often (or are you expecting 12 emergencies per year?).

From a logical stand point, should you be signing up for an emergency card, an annual fee of any sort would be a rent-my-pocket fee for no good reason. So do read the terms to find a credit card that truly is free for life without the conditions.

Having an annual fee on a plastic that you hardly swipe other than during times of desperation would only add to your credit burden. By desperate situations, we don’t mean Black Friday (you have
cashback credit cards
 for that)!

Low ATM Withdrawal Fees

A little intertwined with the low interest rate from the point above, low ATM fees also prove to be a strong necessity in emergency credit cards.

In the event that your plastic’s swiping abilities are ineffective due to a desperate need of tangible cash, an emergency credit card with low cash withdrawal fees would be your best bet as credit cards typically have quite a large fee on cash withdrawals.

Rock bottom ATM fees allow you to take the monthly installment in healthy strides and like the aforementioned, these cards are suppose to come to your rescue, not drown you in endless debt.

High Credit Limit

Credit cards offer different range of credit limits even though they follow Bank Negara guidelines on the issue, and one with a high spending limit is most welcome during times of financial emergencies.

This means that the credit limit you receive even though your salary is the same on all applications may differ from bank to bank
unless your salary is between RM2,000-RM3,000 per month
. Your credit record on CCRIS will also play a part in how much of a limit you are given.

Sometimes a little trial and error is in order. If a card you applied for is not giving you a good deal –
cancel it
 and get a new one!

Emergencies such as hospitalisation and perhaps being completely stranded in a foreign country might end up being pretty exorbitant, and the last thing you need is an emergency credit card that is not able to serve its purpose.

Protection and Insurance

This doesn’t mean you get to ignore your
medical card insurance
 altogether because that in itself can be considered an emergency fund.

However, you can find other kinds of protection for travel and personal accident linked to credit cards. More commonly found in
travel credit cards
, this attribute is indeed a commodity for emergency credit cards.

In ill fated incidents that occur overseas such as losing all of the local currency or simply running out of them, travel credit cards can prove very helpful in avoiding distasteful encounters with foreign authorities, immigration or both!

Other perks of an emergency credit card that can serve you out of the country is one that can be accountable for lost baggage and hospitalisation, which are the most popular from a wide list of coverage depending on card exclusivity.

Alleviating the Unforeseen Circumstances

Its no doubt, there are some amongst us who can survive the strike of an unfortunate event that creates a financial state of emergency with no
emergency credit card
, but that does not completely grant anyone immunity from ridiculously expensive emergency scenarios.

You might even be a regular card owner and making sure your current credit card has checked as many as possible out of the above and will surely come to your aid in good times as well as troubles.

If the incredible amount of credit cards in the market confuse you, be sure to check out our
credit card comparison
 for emergency credit cards and more to suit your lifestyle.

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Maybank Raya Campaign Offers Up To RM250 Monthly Cashback, MINI Car & Other Prizes

Maybank is currently running its Maybank Cards Raya Spend & Win a MINI Electric campaign, which allows eligible credit cardholders to earn up to RM250 monthly cashback when they meet specified spending requirements. Set to run for three months from today until 31 May 2023, there is also a MINI Electric Car to be won as grand prize, along with a variety of other special and monthly prizes.

Open to all new and existing Maybank cardmembers, the Maybank Cards Raya Spend & Win a MINI Electric campaign is actually made up of two sub-campaigns, each offering different types of rewards. Under Sub-Campaign 1, you will be able to earn RM50 cashback per month for every new EzyPay/-i instalment plan that you make, and another RM200 cashback when you spend a minimum monthly cumulative of RM5,000 for retail transactions.

 Here’s a table to better clarify the details of Sub-Campaign 1:

Spend criteria
Cashback rewards (per cardholder)
Winners per month
Total winners during campaign period
New EzyPay/-i instalment plan signup
RM50 per month
400 cardholders
1,200 cardholders
Minimum RM5,000 monthly cumulative spend on retail transactions (all categories, including e-commerce)
RM200 per month
400 cardholders
1,200 cardholders

If you manage to meet both the spend requirements mentioned in a campaign month, then you’ll be entitled to the maximum cashback of RM250 for that month. The rewards will be provided on a first-come first-serve basis, and each eligible cardholder is allowed to earn a total of RM750 cashback throughout the entire campaign period.

Meanwhile, under Sub-Campaign 2, cardholders will be able to win a grand prize in the form of the MINI Electric car, along with monthly prizes such as RM2,000
duit raya
 and Petronas gift cards worth RM2,000. There are also special prizes that are awarded to cardholders depending on the card(s) that they use to fulfil the spending requirements for the campaign (Visa, Mastercard, or American Express (Amex)). Check out the full list of prizes that you can win under Sub-Campaign 2:

Prize categories
Details
Allocation
Grand prize
MINI Electric Car
1x
Monthly prizes
Month 1

RM2,000
duit raya

Month 2

HABIB voucher worth RM2,000
Month 3

Petronas gift card worth RM2,000
50x (every monthly prize)
Special prizes
Maybank/Maybank Islamic Visa cardholders

Blueair Blue 3210 Air Purifier
Maybank
/Maybank Islamic
 Mastercard cardholders

Electrolux 18V Well Q6 Self-Standing Handstick Vacuum Cleaner
Maybank
/Maybank Islamic
 Amex cardholders

Smeg Toaster
10x (for Visa, Mastercard, and Amex, respectively)

As you can expect, you’ll need to make qualifying spend to earn entries if you wish to stand a chance of winning the above prizes. To do so, go ahead and perform the following transactions or banking activities, each of which will grant you a specified number of entries:

Number of entries earned
Qualifying spend/Banking activity
1x entry
Every RM50 spend
5x entries
Every RM50 spend from the following categories:
– Dining/F&B
– Departmental stores
– Petrol
– Travel
– Accommodation
– E-commerce
– Selected gold stores
10x entries
RM500 EzyPay transactions (excluding monthly instalment payments)
10x entries
Every new principal credit card approved
Special DOUBLE UP entries (for Maybank Islamic Ikhwan credit cards only)
All expenses made with the following cards will earn double the entries:
– Maybank Islamic Petronas Visa Ikhwan Platinum
– Maybank Islamic Petronas Visa Ikhwan Gold
– Maybank Islamic Ikhwan Mastercard Platinum
– Maybank Islamic Ikhwan Mastercard Gold
– Maybank Islamic Ikhwan Visa Infinite
– Maybank Islamic Ikhwan Mastercard World
– Maybank Islamic Amex Ikhwan Platinum

Maybank further clarified that qualifying spend that will earn you entries under Sub-Campaign 2 includes retail and online purchases (local and overseas), Auto PayBills, auto-reload transactions for Maybank Touch ‘n Go Zing Cards, as well as 0% EzyPay/-i instalment plans. It excludes transactions such as EzyPay/-i and EzyPay/-i Plus monthly instalment payments, as well as balance transfers and cash advances – just to name a few. Split and repetitive retail transactions of five times and above in a day from the same merchant will also be disqualified.

(Image: The Star)

All winners for Sub-Campaign 2 will be shortlisted and chosen using a randomiser programme. Do also be aware that each eligible cardholder can only win one prize, so for instance, if you were already chosen to win a monthly prize, you will no longer stand a chance to win the grand prize.

Finally, winners for both sub-campaigns will be announced within fourteen weeks from the end of the campaign period, and prizes will also be credited and provided within the same period. If you’d like to join this campaign, go ahead and register your participation by sending an SMS to 66628, as per below:

Malaysian cardholder: RAYA<space>last six digits of NRIC number without spacing

Non-Malaysian cardholder: RAYA<space>last six digits of passport number without spacing

Cardholders with multiple cards will only need to register once, after which the transactions on all your cards will be automatically tracked.

(Source:
Maybank
)

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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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Auto Top Up Your GrabPay Wallet Via M2U Account Linking And Earn GrabRewards Points

Grab is running a special campaign for Maybank2U accountholders where you can win up to 1,300 GrabRewards Points by auto topping up your GrabPay Wallet. The campaign will run from 23 August to 1 September 2021 and requires you to link your Maybank2U account to automatically top up GrabPay Wallet.

You can earn the bonus GrabRewards points by triggering an automatic top-up of minimum RM50 from your linked Maybank2U account to the GrabPay Wallet. The GrabRewards Points you stand to earn are detailed below:

1st auto top-up trigger (minimum RM50): 500 GrabRewards Points
2nd auto top-up trigger (minimum RM50): 800 GrabRewards Points

The auto top-up feature allows you to trigger an automatic top-up if your GrabPay Wallet balance falls below a certain amount. You can choose to link a bank account, credit card, or debit card for this feature once you have enabled it under “Manage Auto Top-Up” on the app. To link your Maybank2U account to your GrabPay Wallet, tap “Top-Up” in your Grab app, select the “Linked Bank Account Option”, and choose Maybank2U.

Grab users who have an active Maybank2U account and have access to this top-up challenge in their app are eligible to receive the rewards points. Users who have completed the challenge will be awarded with the points within 5 working days. Grab has limited the challenge prizes to 9,000 units for the 1
st
 auto top-up and 3,000 prizes for the second; the challenge will end at the end of the campaign period or when the available prizes have been fully awarded. Do note that GrabRewards points earned from challenges do not count towards your tier upgrade.

You can find out more about this campaign on the
Grab
 website.

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Jacie Tan

Jacie Tan

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    Plutouk

    2 years ago

https://www.grab.com/my/grabpay-blog/bank-card-promo/mbb-bonanza-5/
 is 404

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    hadi

    2 years ago

the link is dead. Does the campaign still running?

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    Tun Yau Pang

    2 years ago

    Reply to

        hadi

Yup, seems like the campaign page has been taken down. not sure why…

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AmBank Partners With Bask Bear Coffee To Launch Bank-In-A-Café Concept At Three Branches

AmBank has partnered with coffee chain Bask Bear Coffee to officially introduce a new community banking experience for its customers, based on the café-in-a-bank concept. Currently implemented at three AmBank branches in the Klang Valley, Penang, and Kedah, it allows customers to bank while they enjoy coffee in a café environment.

This collaboration will see both brands existing side by side in adjoining lots, and integrating customer experience wherever necessary. “Bask Bear customers can have full access to AmBank’s suite of banking and financial services, while AmBank customers can enjoy the café ambience complete with Bask Bear Coffee’s barista hand-crafted coffees, signature toasties, and light meals,” AmBank shared in a statement.

Customers can also order their drinks and food from Bask Bear online before coming in to perform their  banking transactions. Alternatively, they can carry out their banking transactions online, then drop by the branch for personalised consultations within a café environment.

Managing director of retail banking for AmBank, Aaron Loo said that this partnership is in line with AmBank’s efforts to redefine the customer experience at its branches, starting with community banking.

“With AmOnline being able to handle most transactional needs, we needed to ensure that customers who come to the branch enjoy a differentiated experience. We will be continuing to innovate our branch network by working with partners to create a differentiated experience based on the needs of the community that the branch serves,” said Aaron, adding that the AmBank-Bask Bear collaboration has yielded positive outcomes since its soft opening recently.

Meanwhile, founder and chief executive officer of Loob Holding – the parent company of Bask Bear Coffee – Bryan Loo said that this collaboration is an “evolution” that will benefit everyone, especially the customers. “As far as we know, this is the first such concept where a cosy café intertwines with a dynamic functioning bank branch,” he further commented.

AmBank is expected to continue this collaboration by exploring other locations, targeting another 47 such outlets throughout Malaysia in the future. Meanwhile, AmBank customers who wish to check out the three AmBank branches that are piloting the café-in-a-bank concept can head on over to Bandar Baru Bangi (Selangor), Sungai Dua (Penang), and Lagenda Heights (Sungai Patani, Kedah).

There is also an ongoing promotion to celebrate the launch of these branches, allowing visiting customers to purchase Americano or latte drinks (9oz) at RM5 per cup, provided they pay using an AmBank credit or debit card. Additionally, ten customers who successfully perform eligible banking transactions or fulfil specific requirements at any of the three AmBank branches will also be selected as lucky winners to receive a free cup of coffee every day, for a full year.

(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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EPF Urges State Governments To Provide Additional Allocation For i-Suri

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has urged all state governments to allocate additional funds for the Suri Incentive Scheme (i-Suri), allowing for more contributions for housewives registered in the national poverty databank (e-Kasih).

The call from the EPF came as the Negeri Sembilan state government moved to provide an extra fund of RM501,480 for i-Suri, on top of the existing budget already allocated for the scheme. It is the first state government to take on such an initiative.

“I hope other states will follow the steps taken by Negeri Sembilan because this is a good initiative and serves as savings for housewives with no fixed income,” said the chairman of the EPF, Tan Sri Ahmad Badri Mohd Zahir.

(Image: The Star)

The extra funds from the Negeri Sembilan state government will be disbursed to 8,358 housewives registered in the state e-Kasih databank. With this extra allocation, e-Suri members in Negeri Sembilan will receive an extra RM5 per month (or RM60 per year) in addition to the existing benefits already provided through the i-Suri initiative.

For context, i-Suri is a government initiative launched in August 2018, intended to offer some financial protection to
housewives, single mothers, and widows
. The initiative requires i-Suri members to save a minimum of RM5 per month into their EPF account to receive a monthly contribution of RM40 from the government. i-Suri members are also entitled to various other benefits, including annual dividend, disability assistance, and death benefit.

(Source:
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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Shopee Expands Insurance Offerings With Motor Insurance, Underwritten By Allianz

Shopee has expanded its insurance offerings to include comprehensive car insurance, with a policy dubbed Free Road Rangers – underwritten by Allianz General Insurance. It offers 12-month coverage for loss and damage to your vehicle, as well as third-party injuries, death, and property loss or damage.

Specifically, the Free Road Rangers policy will offer protection for the following situations:

Loss or damage to your own vehicle due to accident, fire, or theft
Third-party bodily injury and death
Third-party property loss or damage

In addition to these, you can also obtain extra protection against loss, damage, or liability arising from acts of nature – such as floods, storms, or landslides – by purchasing a Special Perils add-on. Other add-on services that are available as well include windscreen coverage, unlimited drivers coverage, Enhanced Road Warrior, e-hailing, and road tax delivery.

Meanwhile, Third Party Cover is currently unavailable for purchase on Shopee. The e-commerce platform explains, however, that comprehensive coverage also protects you against legal liability to a third party for death, bodily injuries, and property loss/damage caused by your vehicle.

(Image: Malay Mail/Hari Anggara)

Other benefits that motorists can also enjoy when they tap into Shopee’s motor insurance include being able to easily renew their road tax with their insurance (received within 5 working days). Additionally, they can access 24-hour nationwide aid with free towing in the event of an accident, as well as a fast and seamless claims journey.

As for the premium that must be paid, it will be determined based on various factors, including the cubic capacity of the vehicle, sum insured basis, no-claim-discount (NCD) entitlement, as well as optional benefits required. You’ll also need to pay a stamp duty of RM10, in addition to a 6% service tax.

As for the premium that must be paid, it will be determined based on various factors, including the cubic capacity of the vehicle, sum insured basis, no-claim-discount (NCD) entitlement, and optional benefits required. You’ll also need to pay a stamp duty of RM10, in addition to a 6% service tax.

Do note that this policy is only applicable for private vehicles that are less than 20 years old (from the date of manufacture). It must also be registered with the Road & Transport Department (JPJ) and is driven only within Malaysia. Shopee further clarified in its FAQ that any users can purchase or renew their expiring car insurance via the platform, as long as they are aged between 16 to 80 years old and have a legal driving licence.

If you’d like to do so or obtain a quotation, here’s how you can do it:

Tap on the “Prepaid, Bills & Tickets” tile in your Shopee app
Scroll down to the “Finance & Others” section, and tap on “Insurance and Services”
Tap on either the “Motor Insurance” tile or “Comprehensive Car Insurance” (under “Recommended For You” section)
Fill in the required vehicle information, and tap on “Get A Quote”
A quote will be generated, and you’ll be prompted to choose the coverage type and any add-ons
Fill in your personal information
Tap on “Confirm and Check Out” to pay for your purchase via credit or debit cards, online banking, or ShopeePay

Shopee has also prepared a complete visual guide to help you out as well:

Upon successful payment, the e-policy will be sent to your email within 24 hours. Alternatively, you can immediately tap on “My Policies” after paying to view your policy status and details. Note, too, that you can purchase car insurance and road tax for more than one vehicle, as long as the car number, NRIC, and postcode provided during the purchase process are tied to the car owner.

If you’d like to find out more about the Free Road Rangers policy on Shopee, you can reach out to the customer service of Allianz General Insurance at 1300-22-5542. Alternatively, email them at
[email protected]
.

(Source: Shopee [
1
,
2
])

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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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How To Future-Proof Yourself Financially

Even under regular circumstances, taking steps to future-proof your finances is a good piece of advice that the public should consider. With setbacks brought on by Covid-19 and other calamities – such as the floods that took place since the end of 2021 – it is now more crucial than ever to plan and manage your finances for sustainability.

In this article, I’ll be sharing some insights as to how you can reset your finances and bounce back from financial difficulties that you may be currently facing, as well as other steps you can take moving forward.

Future-proofing your finances

While Malaysia’s financial and economic circumstances are not thriving as well as it once did, this is not the first time that we as a nation have gone through something similar. Some of you may remember the 1997 crisis. Back then, consequences that Malaysia had to bear with included inflation, a rise in unemployment, and an increased cost of living – all of which we are also going through today.

But more importantly, what can we do about the situation moving forward? What are some of the key steps that you should focus on first to future-proof your finances? Here are some ideas from me.

1)
Build an emergency fund

For those who have been more severely impacted by the pandemic and the floods, and have a smaller amount of accessible savings, I would advise you to start by rebuilding your emergency fund. This is to ensure that you’ll able to support yourself through any emergencies that you may encounter in the future.

Try to keep at least three to six times of your total expenses for your emergency fund. For example, if your monthly expenses come up to RM5,000 per month, then do your best to save up to about RM 15,000 to RM 30,000. As for those who are starting from scratch – without an existing emergency fund – you can begin by putting aside RM 100 to RM 1,000 each month. Any amount saved will go a long way in covering future emergencies.

2)
Choose the right savings instruments

On that note, what would be a good place for you to keep your emergency fund, given the fact that different savings instruments will offer different benefits?

Off the bat, I would advise you against keeping your emergency fund in savings, or even fixed deposit (FD) accounts. While FDs used to offer fairly good returns back in the 90s, it is now less likely to save you from the effects of inflation. As you can see from the graph below, there have been instances in the past where the FD returns on average have not managed to beat the inflation rate. This means the value of your savings could steadily erode with time.

Ultimately, the most suitable savings or investment instrument for your emergency fund should meet three criteria:

Must be very low risk
Ensure that the investments are not of high volatility. High-risk investments may offer you the chance of higher returns, but you may not be comfortable with the higher probability of loss too.

Must be a liquid asset
Emergency funds are kept for urgent occasions. For this reason, it must be a liquid asset – meaning you need to be able to withdraw your money as soon as you need it. The timeline that you should look at is within a day. You can also try keeping your emergency fund in a low-risk liquid account that can earn you interest at the same time.

Must beat inflation
Finally, the savings instrument for your emergency fund must be able to beat inflation, or you will lose out in the long term. As I’ve mentioned earlier, FDs have not been able to do so in recent days, which means you should look for an alternative.

Given the three criteria mentioned, there are a few assets that you can consider – and one of the most favourable options is the fixed price unit trusts offered by Amanah Saham Nasional Bhd (ASNB). These include funds such as the Amanah Saham Bumiputera (ASB), Amanah Saham Bumiputera 2 (ASB2), and Amanah Saham Malaysia (ASM).

To give you an idea of the returns that you can reap via these funds, here’s a graph that shows you their historical performance:

As you can see, the returns from these ASNB fixed price unit trust funds are all quite high. What you get is a consistent return above inflation. Of course, that’s not to say that ASNB funds will always perform above the inflation rate; there’s also a declining trend, and you will need to constantly monitor this from time to time.

3)
Invest in undervalued assets with long-term horizon

For those with a bit more funds to spare, you can then begin to think about investing in long-term assets that can potentially give you higher returns. For this occasion, I’ll focus on property, equities, and alternative assets as they have been of more interest to the public as of late.

Property/Real estate
The market is at a level of oversupply that we have not seen before; in 2020, we recorded surplus of 50,000 unsold units, with
fairly little improvement in 2021
. As such, this is a good time for you to look at undervalued properties as a form of investment. Make sure to do your due diligence and review your options, as well as ensure that your mortgage does not take up more than 30% of your monthly income.

Additionally, abide by the Rule of 200 in terms of return and rental if you’re planning to rent your property out. Here’s how it works: If you purchase a property at RM500,000, rent your house at a minimum of RM2,500 (RM500,000 divided by 200). This way, you’ll get a 5-6% rental return at the very least, allowing you to support the mortgage payment and other associated costs.

Equities
Another asset that you can also consider looking at is equities. Typically, the equity market will grow in tandem with the recovery of the economy, so this is a good opportunity to get a head start. It is, however, important that you select equities that provide you with sufficient diversification and exposure to the global market. Quite unfortunately, a majority of Malaysians have 70-80%, even up to 90% of their assets that are grounded locally (inclusive of their properties, Employees Provident Fund (EPF) savings, FDs, and other investments).

Diversification of your equity investments can be done in various ways, one of which is by opening a brokerage account that lets you directly invest in global markets, such as the United States and China. Alternatively, you can buy trust funds that invest globally, as well as exchange-traded funds (ETF) that are available on robo-advisors.

Alternative assets
Finally, those who are a bit more adventurous can consider investing in alternative assets. Many have cropped up over the past few years as a result of fintech advancement, with some interesting ones being cryptocurrencies, peer-to-peer (P2P) investments, and equity crowdfunding.

My advice is to ensure that only about 10% of your portfolio is dedicated to alternative assets; this will help you to mitigate risk to a certain level. And most importantly, invest only in assets that you know and understand well; avoid succumbing to fear-of-missing-out (FOMO) sentiments and making investments because of your family and friends.

4) Invest intelligently with the right allocation

Most of the assets available to investors can be categorised under one of the following four groups:

Commodities
: Gold, silver, oil, etc.

Stable assets
: Bonds, EPF, ASNB fixed price unit trusts

Growth assets
: Shares, ETFs, other equities

Alternative assets
: Cryptocurrencies, derivatives, P2P investments, equity crowdfunding

How should you allocate your investments based on these four groups though? Should most of your portfolio go into stable assets, or growth assets? Or should you focus on commodities instead, just to be safe? Well, you can use the Rule of 100 to give you some guidance.

To clarify, we use the Rule of 100 to help our clients estimate the percentage of their portfolio that should be dedicated to
growth assets
. Here’s how it works: assuming that you’re now 30 years old, the Rule of 100 requires you to minus your age (30 years) from 100, giving you 70. This means that if you’re willing, you can reasonably tolerate the risk of allocating 70% of your portfolio into growth assets. Meanwhile, the remaining 30% can be invested in stable assets and commodities (including your EPF savings, ASNB investments, etc).

If you’re looking to gain exposure in alternative assets as well, then make sure to reduce some of the allocations in your growth assets as these two groups pose pretty high risk. So taking the above example again, a 30-year-old who wishes to also invest in alternative assets can dedicate 60% of his portfolio to growth assets, and 10% to alternative assets (total 70%). Again, I wouldn’t recommend more than 10% of exposure to alternative assets, although the final decision is up to you.

Correspondingly, as your age increases, the Rule of 100 dictates that the amount invested in growth assets (and alternative assets) should reduce. Instead, you should invest more in stable assets.

***

With this, I hope that you’ve gained some idea as to how you can begin to manage your finances more effectively for the future. If you’re convinced enough to take some of the above steps, I’d recommend for you to start as soon as you can. For more in-depth thoughts on this topic, here’s the full discussion for you:

This article was contributed by Azril Ikram, a licensed financial planner with
RinggitPlus Financial Planner
, a 1-to-1 financial planning service. RinggitPlus Financial Planner covers your everything from tax efficiency all the way down to wealth planning and retirement savings.

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Lazada Returns With Two Campaigns, Jualan Merdeka & Kempen Beli Barangan Malaysia

Lazada is bringing back two of its popular campaigns – Jualan Merdeka and Kempen Beli Barangan Malaysia – to once again provide customers with great rebates and to encourage support for homegrown brands. They are also in line with government initiatives rolled out by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP).

Over the next few days and months, Lazada customers will be able to enjoy various perks – including free shipping and discount vouchers – through the following campaigns:

Sapot Lokal x Kempen Beli Barangan Malaysia

Period: 25 August – 31 December 2022

Taking place over the next four months,
the Sapot Lokal x Kempen Beli Barangan Malaysia campaign
 seeks to shine the spotlight on various local sellers, with some notable ones being
Pokoktua Pallethouz
,
Kasih Store
,
Big Care Mart
,
Stickerrific
, and
IMOU
. Well-known homegrown brands that are on Lazada also include
Loka Made
,
Signature Market
, and
The Hive Zero Waste Store
.

Offers that you can look forward to via this campaign are the RM5 discount offers with a minimum spend of RM30 on selected local brands and products, as well as free shipping vouchers worth RM6 (minimum spend RM30).

Jualan Merdeka

Period: 29 – 31 August 2022

Running alongside the Sapot Lokal x Kempen Beli Barangan Malaysia for three days is the
Jualan Merdeka campaign
, which is held in celebration of the upcoming National Day. Some special promotions that Lazada customers will be able to enjoy include:

50% discount vouchers
Up to 65% discount for selected items
Flash sales
Brand mega offers (with brands such as
Bata
,
Hasbro
, and
Habib
)
Free shipping vouchers worth RM8 (minimum spend of RM31, limited to between 12pm to 2pm)

Note that before you can tap into these perks, you’ll need to visit Lazada’s free shipping, voucher, and daily giveaway pages to collect as many vouchers and rewards that are relevant to you. The vouchers can then be applied for greater savings when you pay for your purchases during Jualan Merdeka.

***

The chief executive officer of Lazada Malaysia, Alan Chan said that these locally relevant initiatives have gained a strong following on the e-commerce platform, and he is certain of the positive impact that they will bring to participating local businesses. “It will also foster greater confidence in local businesses while making it very easy for consumers to buy quality ‘Made in Malaysia’ products at affordable price points,” he said during Lazada’s Merdeka and Malaysia Day engagement event.

Lazada also highlighted other efforts that it has taken thus far to help local micro-entrepreneurs, such as the Hari-Harimau 2022 New Seller Kickstarter Package that enables them to start their e-commerce journey. The package has onboarded almost 44,000 local entrepreneurs within six months. Other initiatives include the Seller for a Week digital series – which feature episodes of celebrities and influencers who have their own Lazada stores – as well as returning editions of the Lazada Malaysia Masterclass.

“Lazada Malaysia is honoured to collaborate with KPDNHEP and the Ministry of Communications and Multimedia (K-KOMM) in supporting government initiatives to spur the recovery of the domestic economy, while celebrating Hari Kemerdekaan and Hari Malaysia together with the local community,” Alan further said, adding that Lazada will continue to innovate to help local businesses in their e-commerce journey.

(Source: Lazada [
1
,
2
])

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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SC: Malaysia’s Regulated Digital Assets Market Not Exposed To Aftershocks Of FTX Collapse

(Image: New Straits Times)

The Securities Commission Malaysia (SC) has given its assurance that cryptocurrency investors who invested through regulated digital asset exchanges (DAX) within the country are not exposed to the aftershocks of the collapse of crypto exchange FTX.

In a statement, the SC emphasised that all licensed platforms in Malaysia are always monitored vigorously for misconducts, thereby ensuring that investors’ funds are safe. Following the FTX saga, this surveillance of local DAXs was intensified even further to get full assurance that Malaysian investors are unaffected.

“These calls to operators could sometimes go up to three times a day. These calls usually mirror global events, and we ask if at all they are exposed to the FTX event. If they are not exposed, we ask them why too. These kind of questions provide SC with the ammunition to protect investors better,” the regulator explained.

For context,
FTX – which used to be one of the largest crypto exchanges in the world
 – collapsed in mid-November 2022 after it was exposed for improper use of customer funds. It subsequently filed for bankruptcy protection in the United States.

(Image: Getty)

“Our key message in the current landscape with the fall of FTX and its ripple effect is that Malaysian investors who still have strong appetite for cryptocurrencies must go to regulated operators. We are advising those who are trading at unregulated space to shift to regulated space so that investors have elements of protection,” said the SC, adding that they cannot offer this protection if investors are performing transactions on platforms that are outside of its regulatory regime.

To date, the SC has approved four DAXs for operation within the country, namely Luno Malaysia, MX Global, SINEGY DAX, and Tokenize Technology.

The SC also shared that all DAXs operating in Malaysia are obliged to
segregate their clients’ money from operators’ own money
. “So in the event where the operator is subjected to liquidation and so on, it is easy for SC to identify the money of investors,” it explained.

That said, the SC also acknowledged the necessity for moderation in imposing regulations. “There is always a balance between regulating innovation and facilitating innovation. If we impose very strict guidelines, it kills off innovation at the start and defeats the whole purpose altogether,” it said, adding that it will strive to create a conducive environment for progression while properly protecting investors.

(Source:
The Edge Markets
)

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Frequently Asked Questions About Credit Cards

Have you thought about applying for your first credit card? Or perhaps you’ve had them for a while but still can’t get your head around the details. Not a problem; we’re here to help. Here are some of the most frequently asked questions we’ve received from readers like you – and our answers!

What are the requirements to apply for a credit card?

The minimum income requirement to qualify you for a credit card as a first time applicant is RM24000 per annum, replacing the previous minimum income requirement of RM18,000 per annum,
in accordance with the 2011 Bank Negara Malaysia (BNM) guidelines
.

That means your basic monthly income must be above RM2000 a month, which banks cross check with your salary slips as well as EPF deductions made by your company. If your salary is above this threshold, you can apply for a large amount of “Gold” credit cards. Platinum, Infinite, Reserve, and other premium-level cards have higher minimum income requirements. You can learn more about these cards and more in our
Credit Card Basics article
.

How many credit cards can I own?

There is no limit to the number of credit cards you can own unless you earn less than RM36,000 per annum (i.e. RM3000 per month). If that is the case,
you can only own credit cards from two different credit card issuers
 in Malaysia and your combined credit limit will be capped at a maximum of 2x your monthly salary (but whether you get this amount depends on the banks you choose).

You can own credit cards from any number of credit card issuers in Malaysia if you earn more than RM36,000 per annum.

What is my credit limit?

BNM imposes a credit card limit of two times the monthly salary for those earning under RM36,000. The credit limit for those earning more than RM36,000 is at the discretion of the credit card issuer. It’s important to know what your credit limit is and to not exceed it as doing so may incur extra charges with many banks.

You may also request to increase the credit card limit, which will be handled on a case by case basis by the card issuing bank. The bank may request additional documents to support your request, such as an offer letter from a new (better paying) job or a promotion with increment. The banks will then choose to approve or reject your application, and determine the new credit limit at its discretion. A step-by-step guide on how to increase your credit card limit can be found
here
.

What are the interest rates for a credit card?

Interest rates vary among card providers, but they must adhere to BNM’s tiered pricing structure for credit cards. There are three tiers of maximum annual interest rate in which the credit card providers can charge their users:

Tier 1 – Maximum of 15% per annum, for those who settled their minimum payment amount for 12 consecutive months.

Tier 2 – Maximum of 17% per annum, for those who settled their minimum payment amount for at last 10 months in a 12-month cycle.

Tier 3 – Maximum of 18% per annum, for those who settled their minimum payment amount for less than 10 months in a 12-month cycle.

As you can see, the interest rates are very high, which means that it is important to pay your bills on time. Some cards in the market offer lower interest rates, but these rates often come with additional requirements. For example, some banks will require you to pay a minimum of 50% of your balance in order to qualify for the special rate. Paying the minimum amount will definitely not be enough.

What is the credit card billing cycle?

The credit card billing cycle is the period of time between billings, which is typically 30 days. Depending on the bank, the billing cycle may either start at the beginning of the month, or from the date of approval of your credit card application.

What is the interest-free period?

At the start of the billing cycle, you will receive a credit card bill or statement showing purchases made from the previous month which are due for payment. Most credit cards have an interest-free payment period (or grace period) of 20 days, where you will not be charged interest on the amount due. If you fail to complete payment within this period, the bank will begin charging interest on the remaining balance.

Can I withdraw cash from an ATM using a credit card?

Yes. This is known as a cash advance, which is technically a short-term loan facility provided by the bank for credit card holders. Cash advance allows credit card holders to withdraw money from any ATM machine worldwide, making it a very useful tool to have in emergencies – especially when you are overseas.

But! This is also one of the most expensive facilities provided to a credit card holder. Banks charge a service fee and a finance charge for every cash advance instance from the card holder. The service fee incurred is either a set percentage (around 5%) of the withdrawn amount or a fixed fee (whichever is higher), and some banks may even charge a handling fee when performing a cash advance at its ATMs. Finally, banks charge a hefty 18% p.a. finance charge for every day that the amount is not repaid in full.

Credit card holders also get access to another kind of cash advance facility. Known as cash instalment plans (CIP), this form of cash advance allows banks to transfer up to 90% of your credit card limit to your savings or current account upon successful application. Of course, the interest rates and miscellaneous fees are painfully high.
Read more about cash instalment plans here
.

What happens if I fail to repay my credit card on time?

We are venturing into dangerous territory here. If you miss your first minimum payment amount, you will be slapped with a late payment charge of either RM10 or 1% of the outstanding balance, whichever is higher as of statement date, up to a maximum of RM100.

After one or two months of no payment, you would start receiving letters or calls from your credit card issuer, and if you ignore those letters, the credit card issuer may send a collection officer to your residential address. While they may not resort to extreme methods employed by loan sharks, they would not be too chummy about it either.

There is a good chance your card would have been blocked as well, if you’ve reached this point.

Repeated late payments would cause you to be blacklisted in BNM’s Central Credit Reference Information System (CCRIS). As the blacklist is shared among different banks, it would not be wise to get on the dark side of CCRIS.

The ultimate action that credit card issuers could take against non-payees is to sue them for the sum owed. Malaysian laws dictate that a person could be declared bankrupt if he or she defaulted on an outstanding debt amounting above RM30,000 for more than 6 months.

How to dispute a credit card charge?

If you found that the bank has charged your credit card some fee that you feel is not right, you should call the bank as soon as you can to find out. If it is some administrative or penalty charge for something you may not have committed, and if you think it may have been wrongly charged, you can dispute the charge.

You should, of course, call the bank first for faster and quicker communications. The agent on the line may be able to assist you, but if not, most banks in Malaysia have a charge dispute form uploaded in their websites. You need to specify which charge you are disputing and what reason the dispute is filed for. The bank may then contact you for further clarification, and if the disputed charge will be reversed. Note that fees such as annual fees and late payment fees cannot be disputed.

However, if you find a charge for a transaction you did not make, you may have been a victim of credit card fraud. Someone has gotten access to your credit card details, and has begun abusing it. You will need to act fast – here’s a how-to guide for
what to do when you are a victim of credit card fraud
.

On the other hand, if your credit card is stolen and suddenly find your cards being charged for purchases, you will need to act fast. Inform the card issuing bank of the theft as soon as possible, and make a police report. Banks can usually reverse charges that are”in float”, so timing is key. Under Bank Negara Malaysia’s guidelines, you are not liable to pay more than RM250 for any fraudulent transactions on lost or stolen credit cards, as long as the transactions were made after you lodged a report with the bank.

Should I apply for a card solely for a Balance Transfer?

Balance transfers allow you to consolidate your debts from other credit cards into a single credit card or simply move a balance from one card to another to take advantage of a low interest rate (sometimes as low as 0%, for a certain number of months ranging from 6 months up to 36 months) to to help you optimise your payment regime.

However, some banks do not take lightly to people solely applying for credit cards to transfer a balance and if they suspect that is what you are doing; they will be quick to deny your application. That said; it doesn’t mean you shouldn’t try. However, remember that for balance transfers; your credit limit needs to be enough to cover the balance you want to transfer and you wouldn’t be able to guess how much of a credit limit the bank will give you when applying for a card.

In short, consider the pros and cons of applying for a card for this reason by
getting to know balance transfers a little better first
.

What is Credit Shield or Credit Balance Insurance and Should I Get it?

Credit shield (or credit balance insurance) works a little like the MLTA/MRTA works for home loans. It insures your credit balance so if anything were to happen to you; you don’t have to worry about paying off your credit card. Just like any insurance product; some may argue why it is necessary to pay premiums to safeguard the bank’s interest in retrieving the amount but some others will argue that having to worry about one less debt when a loved one passes away is a good enough benefit to warrant the premium. In the end, it is up to you to decide if the insurance is something you want.

Credit cards often get a pretty bad rep in general but for the people who’ve used it wisely; it’s a great financial tool to obtaining and managing the money you have. But as with any banking product; it is best applied for only when you have all the details.

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    Ceandy

    1 year ago

I had outstanding credit card payment for more than 6months and I just recently made full payment. do I still can use the same credit card or not?

0

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    Pang Tun Yau

    1 year ago

    Reply to

        Ceandy

Yes, you can.

0

Reply

    fatimah

    1 year ago

Hi what happened if I dont activate my credit card? Am i still need to pay the SST tax and annual fee?

24

Reply

    Navin

    6 months ago

    Reply to

        fatimah

Hi let say I have received a credit cards for my housing loan together, if I don’t use it ,is that bank will charge me

0

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    Anonymous

    6 days ago

    Reply to

        Navin

yes , please call your homebank and cancel the card , otherwise they will charge sst on you

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Moody’s Analytics: Malaysia’s Growth May be Hindered By Middle-Income Trap

(Image: The Star)

While Malaysia has progressed admirably in the past four decades, it now faces several challenges in continuing its growth trajectory, according to Moody’s Analytics in a research note. One such obstacle is the middle-income trap.

According to the bond credit rating firm, Malaysia may struggle to move up the value chain because of its inability to achieve high-income status through consistent strong growth.

“While manufacturing continues to drive economic growth, Malaysia is moving towards diversifying its economy through services such as tourism and Islamic banking,” said the firm, adding that these are knowledge and service-based industries. However, this change in industry composition will likely benefit urbanised areas more than rural areas, thus widening the income gap between states. This, in turn, compromised the country’s capability to rise in the value chain.

(Image: Bernama)

The research note also pointed out that Malaysia’s economic potential may be hindered by its relatively low foreign direct investment (FDI) to GDP ratio. “While Malaysia ranked above most Asean countries, as well as China and India in 1990, it had struggled to maintain its FDI lead of the past 10 years,” said the firm. As such, the nation will need to adapt broader trends for a longer-term projection in the future.

Moreover, the country’s role as an exporter of petroleum and palm oil meant that it is subject to volatile commodity prices and changes in global demand, thereby contributing to the nation’s struggle to achieve high-income status as well.

“Although crude oil as a share of exports has decreased steadily from a high of 6.5% in 2008 to 3.7% in 2018, palm oil has increased from 3.6% in 2005 to a peak of 8.5% in 2011, before falling back to 3.9% in 2018,” said Moody’s Analytics.

(Image: The Star)

With key trading partners increasingly opting for environment-friendly products, the demand for Malaysia’s exports has further dropped. For instance, the European Union (EU) is looking at imposing new limits on food contaminants in refined fats and oils, including palm oil. The crude oil industry is also challenged by demand for cleaner energy.

“Malaysia has plans to diversify its energy sources, but on palm oil, it is planning to challenge the EU in the World Trade Organisation rather than adapting to trends,” said the firm.

Aside from facing the middle-income trap, Malaysia is also struggling with the issue of income inequality – a growing problem between Malaysian states. This is especially so between richer states that serve as manufacturing hubs and other states that typically rely on agriculture. The situation is made worse as the younger workforce migrates to urbanised areas while older population moves back to rural areas to retire.

(Sources:
The Malaysian Reserve
,
New Straits Times
)

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Should You Try Your Hand at Becoming an Insurance Agent?

Steady followers of our blog know that we occasionally talk about careers here on RinggitPlus. Which is obvious, seeing as though one’s income is essential in managing one’s financials.

This time we would like to highlight a particular career path that many people are curious about and we think is worth exploring: being an insurance agent. Let’s check out the perks, advantages, and points of interest that make the insurance industry a lucrative line of work to get into!

Fresh Grad Friendly

Not everyone is well-suited or even interested in a professional career that requires specific and relevant educational credentials. If you’re more of a self-starter and one who prefers to learn the ropes of a new profession outside of a rigorous academic environment, then starting off as an insurance agent with a very warm and friendly culture like MCIS Insurance Berhad might be just for you.

Not only do you get to kickstart your career right after school, you can also rely on MCIS Insurance’s professional training programmes as you work. Which is perfect for those of you who are eager to learn about the industry with on-the-job training and committed to continuously improve as you learn to enhance your skills from time to time while enjoying attractive remuneration. Win-win!

Structured Training

While you don’t have to have only industry-related qualifications to get started with selling insurance, you do need some training on the skills and tools necessary to get the job done in the best way.

Esteemed, reputable insurance companies like
MCIS
 Insurance offers structured training programmes for exactly this purpose, which will help new recruits acquire early wins and sustain success in the ever challenging world of selling life insurance solutions.

Market Opportunity

Everyone needs protection and security for both themselves and their loved ones, which means everybody should already have life insurance, right? You’d be surprised:

The majority of Malaysians are still living without insurance! And since we’re far from the government’s target of 75% insured Malaysians, marketing life insurance solutions underwritten by a licensed life insurance company with a good understanding of market needs means you won’t be short of customers!

Travel the World

Since typical insurance agents are remunerated through sales commissions, it makes sense for insurance companies to incentivise high earners with bonuses and other rewards. Some of these rewards come in the form of opportunities to fully utilise the pages of their passport.

Not all companies do this of course, but select insurers do tailor their recognition programmes to the needs of travel bug-prone agents. All the more reason to explore this career path – you get to literally see the world with MCIS Insurance!

Joining the company and being a top performer means that you don’t have to worry about planning for a vacation; the company does it for you with red carpet treatment included.

As you can see, there are quite a few perks to becoming an insurance agent. It is a career path rich with rewards and recognition without restrictions on your potential to be a high income earner. If you’re keen to know more or interested in giving this opportunity a try, check out
MCIS Insurance official website
 or contact +603-7652 3588 for more information!

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