Income Tax Initiatives Introduced In Budget 2021

The proposed national Budget for the year 2021 contained a number of interesting income tax initiatives that you should be aware about. From expanded medical tax reliefs to an anticipated income tax reduction, here are the personal income tax highlights from Budget 2021.

Income tax reduction for RM50,001 to RM70,000 band

Resident individuals who are within the chargeable income band of RM50,001 to RM70,000 will enjoy a 1% income tax reduction. This income tax reduction is estimated to benefit 1.4 million taxpayers.

Vaccination expenses covered in medical tax relief

To encourage Malaysians to seek vaccination as a preventative measure against disease, the scope of the tax relief for medical treatment expenses will be expanded to cover vaccination expense. According to the finance minister this would include pneumococcal, influenza, and Covid-19 vaccinations and is given on vaccination expenses for the taxpayer, spouse, and child, limited up to RM1,000.

Increased tax relief on medical expenses

The tax relief limit for medical expenses for self, spouse, and child for serious diseases will be increased from RM6,000 to RM8,000. Of this amount, the tax relief sub-limit for expenses on a full medical check-up will be doubled from RM500 to RM1,000.

Increased tax relief for parental medical expenses

Previously, the tax relief limit for Medical treatment, special needs, and carer expenses for parents was set at RM5,000. It has now been increased to RM8,000.

Increased tax relief for lifestyle expenses

The tax relief limit for lifestyle expenses has been increased from RM2,500 to RM3,000. However, the additional RM500 is specifically provided for expenditure related to sports, including participating fees for sports competition. Currently, the category of lifestyle purchases for self, spouse, or child include publications; personal smartphone, computer, or tablet; sports equipment for sports activities and gym membership; and Internet subscription. The scope of relief will also be expanded to include subscription of electronic newspapers.

Extended tax relief for PRS investments

The income tax relief of up to RM3,000 on private retirement scheme (PRS) contributions will be extended until YA 2025. According to the government, this is to further encourage old-age savings amongst Malaysians.

Extended tax relief for SSPN savings

The income tax relief for Skim Simpanan Pendidikan Nasional (SSPN) will be extended until YA 2022. The tax relief of up to RM8,000 on net annual savings in SSPN will be continued to further encourage parents to save for financing tertiary education of their children.

Increased exemption limit for compensation for loss of employment

The government is proposing that the income tax exemption limit for compensation for loss of employment be increased from RM10,000 to RM20,000 for each full year of service. This initiative is suggested for YA 2020-21 and is meant to assist taxpayers who have lost their jobs due to the current economic condition arising from Covid-19.

Increased tax relief for disabled spouse

Individual taxpayers with a disabled spouse will be given an additional tax relief limit of RM5,000 from RM3,500 previously.

***

What are your thoughts on the new tax initiative proposed in
Budget 2021
? Let us know in the comments below! You can also stay up to speed on the main key highlights of the Budget overall by referring to our
handy infographic her
e.

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    Morris

    2 years ago

Appreciate the article ‘Ringgit Plus’ but is this everything? If not, where can I get additional info precisely?

– Tried MyGov but it is utter rubbish.

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    Jacie Tan

    2 years ago

    Reply to

        Morris

You can refer to our annual article on tax reliefs here
https://ringgitplus.com/en/blog/income-tax/everything-you-should-claim-for-income-tax-relief-malaysia-2021-ya-2020.html
 or head over to the LHDN website at
http://www.hasil.gov.my/

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Frequently Asked Questions About Invitation-Only Credit Cards

#What is an invitation-only credit card?

An invitation-only credit card is a credit card which is exclusively offered to selected individuals, and is not one that anyone can simply apply for. You would need to receive an invitation from the bank in order to own the card.

How can I qualify for an invitation-only credit card?

There are a few criteria which you would have to fulfill before the bank invites you to be a card holder. Usually you would have to at least be a high-income earner, but in most cases the bank won’t disclose the minimum income requirements, because it still depends on their discretion on whether you qualify to be a card holder. To be safe, it’s best to be earning at least a five-figure income per month.

Next, remember that not any rich spoiled brat or “young little ciku” can qualify for such prestigious cards. We would recommend you to have at least a few years’ worth of good credit history. This means that for the past few years, you have been paying your bills, loans or credit card statement balances on time before the due dates.

How can I increase my chances of getting invited for an invitation-only credit card?

It helps if the bank has visibility on your personal cashflow. Some cards like the Standard Chartered Priority Banking Visa Infinite Credit Card requires you to open and maintain a JustOne Priority Account with them, and you will have to maintain a certain average monthly balance in your account.

Similarly, the OCBC Premier Voyage requires you to be a Premier Banking customer with deposits or investments of RM300,000 with the bank as part of the eligibility requirements.

Once you are a Priority Banking or Premier Banking customer, you are treated as a “VIP Customer” and you may have dedicated bank personnel to help you with your banking needs.

What if I don’t have any Priority or Premier Banking account with a bank?

For salaried employees, it’s likely that you already have your salary being transferred directly into one of your bank accounts. Most banks will usually keep track and take notice of such transactions, and may get their telemarketing department to get in touch with you and offer you financial products.

If you have a good habit of repaying your bills on time, and have a healthy constant flow of income, it’s likely that you’ll be considered for invitation.

Otherwise, if you run a sole proprietorship and derive your income from doing business or trades, you should create a current account for your business (if you don’t already have one). Be sure to be transparent in recording your revenues, expenses and filing your taxes. Once you’re paying a handsome amount in taxes, you can be confident that the bank will notice you.

How is an invitation-only credit card better than the others?

If you need to be invited to own something, you would know that such an item is exclusive and offers privileges that not just anyone can get.

For regular credit cards – the ones which normally anyone can just apply for – there would be a few tiers or level which may sound familiar to you, such as “Classic” for entry-level cards, “Gold” for mid-level, and “Platinum” for the upper middle-class. The “Visa Signature” series have slightly higher income requirements than the average “Platinum”, and are normally targeted for frequent flyers or travellers.

Go one level up and you’ll have the “World MasterCard” and “Visa Infinite” series of credit cards, which you could consider as targeting the top 1% of the population in terms of income.

Of course, not all World MasterCard and Visa Infinite cards are created equal. The majority of the benefits and privileges will still depend on the issuing bank.

What are the privileges I can enjoy if I am an elite credit card holder?

Complimentary access to regional golf courses and airport lounges are to be expected for credit cards of this range. At this level, you should be expecting some cards to give you unlimited access to airport lounges via the
Priority Pass
 program, Fast Track Immigration Services at International Airports, dedicated 24/7 global concierge services 365 days a year, and even exclusive holiday offers to the world’s most luxurious hotels.

Rumour has it that for some cards, you could even rent a sports car, yacht or a private jet. It won’t be cheap, of course, but hey, if you were invited for the card, you can afford it.

Why get such a high-end credit card if I am cash-rich?

Let’s just face it, being cash rich doesn’t always get you the best privileges and perks. You’d need to rely on who you know to get favours. Having an invitation-only World MasterCard or Visa Infinite opens up doors to exclusive offers and benefits. At this point, it’s no longer about who you know, but who knows you. Suddenly, everyone knows you. Everyone wants to make you feel special.

What are the benefits for using these cards when I’m overseas?

For starters, you would have access to a first-class service from MasterCard or Visa in major cities around the world. If you’re departing on a flight, you could have your luggage taken prior to your arrival at the airport, and if you have just arrived and don’t have time to wait for your luggage, a premium baggage collection service could be arranged to deliver your luggage to your hotel or residence.

What if you have just arrived in Paris, but you have a packed schedule throughout your stay and can’t find time to shop for luxury brands? You could arrange to have your own personal shopper to purchase specific items in particular types of shops, while you rest and attend to your emails at the airport lounge.

Other perks include Valet Car Parking Service, Tarmac Transfers, Car Park Jockeys, Train Bookings for major UK rail stations, Conference Room Bookings, Airport Couriers and even Gift Services on Arrival.

Do note that privileges will vary depending on which airport and city you are in.

How often can I use the airport lounge every year?

This depends on your bank or issuer. Some banks may have partnerships or agreements with regional airport lounges and could give you unlimited access to but only to Plaza Premium Lounges managed by Plaza Premium Lounge Management Limited.

Other banks may provide you with complimentary Priority Pass membership, which gives you access to over 900 lounges around the world. A Standard Plus membership allows you 10 complimentary visits, and $27 for subsequent visits. A Prestige membership gives you unlimited access all-year, and as a member, you could also extend the privilege to your friends or family members at USD27 per guest per visit.

What is a Fast Track Immigration Service?

Visa Airport Speed Pass is Visa’s version of Fast Track Immigration Service. Normally, such services are available on both arrival and departure, but only at selected international destinations for customers travelling in Suites, First Class or Business Class with some of the world’s best airlines, such as Singapore Airlines.

Fast Track Immigration Service for Visa Infinite card holders is known as “Airport Speed Pass”, a service is managed and provided by YQ, a global network of specialist airport Meet & Assist service partners available at over 450 international airports worldwide.

Visa Infinite card holders will enjoy 30%-70% off normal rates in 40 cities around the world, and 25% off at 400 other destinations worldwide.

If you’re a World MasterCard credit card holder, your Fast Track Immigration Service is under the brand name “MasterCard Airport Concierge™”, a service which is provided by Global Airport Concierge. Similar to Airport Speed Pass, MasterCard Airport Concierge services are available at over 450 international airports worldwide. MasterCard holders enjoy an exclusive 15% savings when booking Meet & Greet services worldwide, however the price of service will vary based on the airport location and the services you requested.

What are the benefits of a Fast Track Immigration Service?

For passengers on a departing flight, the airport agent will call you or your driver to arrange for a designated meeting point outside the terminal. When you arrive at the passenger drop-off point at the airport, a Meet & Greet agent will be there to escort you to the airline desk for check-in.

Do note that any pre-check-in service required will depend on the airline. The same goes to your preferred seats on the flight.

Your agent will have the authority to get you through all the check-in and security processes quickly, so you won’t need to waste your time at the queue. You will be escorted all the way until the aircraft gate where you’ll check in to board your flight.

If you have made your reservation for a Fast Track Immigration Service at your flight destination, another Meet & Greet agent will meet you at the aircraft gate, and will escort you all the way until your car at the roadside. Do remember that you’ll have to reserve a car on your own as this is not included as part of the Meet & Greet service.

Other services you could also consider include Luggage Assistance or Baggage Porters, Premium Baggage Collection, Limousine Services, VIP Wheelchairs, Seating Assistance, Valet Car Parking Service, Tarmac Transfers, a Personal Shopper and more.

If you have a child who is travelling on their own, you can even get a Meet & Greet agent to assist them through the airport for extra peace of mind.

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How to Optimise Your Donations and Save on Tax

Charity is something we Malaysians are pretty good at. In fact, according to a 2014 survey by the
World Giving Index
 which ranks charitable behaviour in countries across the globe, we’re even getting better at it,
jumping to seventh place worldwide from seventy-first place the year before
.

But whether you’re the giving sort or not; the year end makes everyone a little more keen to share the wealth as it were as
donations can reduce your tax burden
. As such, we thought it’d be prudent to share with you the ways to maximise your donation output.

We’re not talking about increasing the amount you donate, but the efficacy of the money you put into charity. Have you ever thought about where the money goes after you give it away?

It makes sense to think that at least half the money you donate will go to the right ends, accounting for organisational fees and such. However, even such assumptions aren’t safe to make as it is difficult for an ordinary citizen to verify where their donation is going.

So how do you make sure your donation money is used wisely and towards maximum benefit? Here are some ways we think can help.

Do Some Homework Before You Help

Whatever cause you seek to contribute to, there are likely many organisations willing to help you make a donation. But if you’re overwhelmed by the many different institutions and places to go to, you can just head over to
Hati.my
. Hati is a local directory that provides listings on Malaysian charities, NGOs, underprivileged communities, and non-profit organisations.

It has hundreds of different listings from all over Malaysia and you can search by location or by category to narrow down the cause or organisation that fits your intention.

Most listings also include a brief description and how they function so you can get to know more about how your donations are put to work. Hati also includes a feature where you can check whether or not an organisation is properly registered through
The Registry of Societies Malaysia
 so you can be sure to donate only to legitimate causes.

Think Local

Another way to be sure your donations are used to their best effect is to donate locally. The great thing is, you don’t even have to seek out organisations to do that (though you can, of course).

You can simply be involved with your neighbourhood’s committee and find out who needs help with what the most. You’ll be surprised to know what you can help out with just around the block.

There is no shortage of what you can help out with once you get involved with your neighbourhood. People in the know can point you out to households that need help, you can donate to local religious institutions, and there may even be neighbourhood charities already set up that you can directly contribute to.

Donating locally let’s you see face-to-face how you’re positively affecting the community. Being close to the action also allows you to be more knowledgable of what is needed and better optimise your contributions.

*Please note, however, that donations to unrecognised institutions will not be considered for tax relief.

Give More Than Money

Part of the difficulty in knowing where your money goes is that there’s so many channels it can flow to. The best way to eliminate the guessing game is to put in the work yourself. Spend some time and effort to visit and contribute your energy directly to the organisations you want to help.

Charity events always need volunteers, and by doing this you may even get named to a charity’s board. This would allow you greater control over how the charity manages its funds and the kinds of decisions it makes.

Becoming personally involved makes it clearer where your efforts are directed as well as allowing you to see and feel for yourself the impact of your contributions.

As you can see, with a little research and forethought, along with the drive to focus your resources towards the greater good, it’s possible for you to add a huge amount of good to the world without letting any spare sen slip through the cracks.

Do you have any other tips on how to maximise your donations in this season of giving? Share them with us in the comments section below!

Image no. 2 via
Abu Nuha Corner
.

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Money Taboos: When Can it Be Good to Open Up?

Many of us decide to lock lips when it comes to money. Common around the world, money is considered as a taboo or just an “uncomfortable” topic to discuss. Deciding the topics off limits to you is a purely personal decision but sometimes, opening up can help.

We look at some of the most difficult topics for Malaysians to openly discuss and offer an alternate viewpoint on when it may be a better option to just talk about it.

Laying the Ground Rules

The basic things to realise about money taboo conversations is that is always difficult for people to discuss. Sometimes, discussing it can backfire. Before you decide when to open the floodgates; consider these factors.

1)
Who are you opening up to?
 The most important of all considerations is who you decide to talk to as that can make all the difference. People assume that close family members or friends may be the best confidantes but this may not always be the case depending on each situation. In light of your circumstances, decide on the best person to approach.

2)
Inject a healthy dose of your own judgements.
 It’s nice to think that we can share our problems and have someone give us absolute directions and prescriptions to fix it but it’s important to remember that the end decision or ultimate solution needs to be carefully weighed and made according to your own judgement.

Once you understand those two consideration, you’re ready to start tackling these money taboos.

Job Insecurities

It’s perfectly normal to feel uncomfortable in revealing your job insecurity. But look at it this way, sometimes by conversing, things may turn around or you may even be offered or directed to a new vacancy.

Talking to those more experienced in the job sphere may enable you to garner new insights and action plans for remedying career related issues. You may also learn new ways for looking at things.

Sometimes, it doesn’t even need to be a detailed sharing but a simple one liner about how your job is not working out so well. What this does is it usually opens the lines for people to suggest job opportunities they may know of to you. If you do not let people know that you are looking; they’re unlikely to bring the vacancies to your attention

Debt Avoidance

Whether overdrafts, credit cards, mortgages or loans, avoiding your debts is the last thing you want to do. Discussing about debt openly is indeed a taboo in Malaysia but you never know who else may have the same issue as you and may be able to offer insight. Of course, you might want to exercise caution in announcing the fact to everyone but it can’t hurt with selected close family/friends.

Alternatively, you could call in the aid of a completely neutral stranger – such as the guys behind
AKPK – Malaysia’s own debt consultation body
. AKPK provides counselling and advice but if the situation is dire – they are even able to negotiate new instalment plans with banks on your behalf.

Salary Comparisons

“How much is your salary ah?” and then…there’s silence…

We somewhat agree that becoming an open book, especially in revealing your salary to others can cause jealousy and feelings of unfairness at your workplace but sometimes, it might help you realise if you are being underpaid or undervalued by your company.

Whilst such comparisons are not 100% reliable – it might give you a ballpark figure about what you should be earning at your level and in your industry.

Asking For Financial Assistance

Nobody likes asking to borrow money but sometimes the unsavoury task might be necessary. If you’ve tried
personal loans
, credit cards and any legal banking product to no avail; you’re mind might stray to the ‘dark side’: the
ah long
.

Don’t do it!

It may be rough but asking for help from loved ones or even an advance or loan from your company (some companies offer loans to employees that is deductible from their pay every month) but it’s certainly better than putting yourself and family at risk of the illegal moneylenders.

We don’t necessarily encourage borrowing from loved ones; but we see it as the lesser of two evils. Of course, do be sure that you are asking for a noble cause; not general lifestyle improvements!

Taboos exist for a reason. There is probably a stigma or long-standing cultural reason why we’ve refrained so long from discussing the topics above. But in a time of change; it might do you good to consider new approaches to age old problems.

Good luck!

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Using Social Media to Boost Your Business

We Malaysians
love
 our social media. That’s probably how most of you learned of our site in the first place (we’re guessing). But your news feed isn’t just a place for baby pictures, cat videos, and photos of parties you weren’t invited to. It can also be used to help you earn more money from your side business.

We have in the past shared with you already,
how to turn your hobby into a profitable secondary source of income
. Many of the tips we gave involve leveraging social media. In addition, we can also accelerate the growth of that business via the social media channels plenty of us are already using.

If you’re considering that, here’s how you can go about it.

Find Your Target Market

Having a good product or service to sell doesn’t mean much without knowing who to sell it to. Looking around different
Facebook groups
, clubs, or even just your extended circle of friends can give you insight into your business’ best potential customers.

In fact, browsing around your circle of friends, special interest groups, and neighbourhood communities before even starting your business can help you decide what to sell in the first place. Pay attention to needs that aren’t being met, services that people would be willing to pay for, or consistent problems you can provide solutions to. Doing this first avoids the problem of having a good product or service with nobody to buy it.

Do Some Product Research and Comparison

Once you know your target market and have an idea of what to sell them, think about the existing products or solutions they’ve chosen not to use. You can check out the competition more easily on social media. Make a
twitter poll
 or ask around to figure out the competitive advantages or disadvantages your product will have.

For example, you may have an idea for a foldable water bottle to sell and you’re targeting an online hiking community. Ask around and find out what other water bottles they’re already using. Maybe you’ll learn that portability isn’t an issue, but most are concerned with the safety of refilling their bottles with natural water sources. You can then use this information to include a filtering system into your bottle.

Just because you have a product your target market can use, doesn’t mean it’s comparatively the best one to sell.

Entrench Yourself in the Community

Finding a community and asking around is the first step to properly integrating yourself into the community you want to sell to. Becoming a fully contributing member of said community can not only give you the best perspective on what they really need, it also develops goodwill among the people who would become your target market.

Don’t just spam an online group with your products, nobody likes that. But if you ask honest questions about the group, are genuinely interested in their activities, and introduce your products by offering discounts or promotions, they are more likely to be interested in return. Sponsor an event, attend their gatherings, contribute, and ask for advice. Chances are, your products will be seen more as genuinely helping their community (as they should be) instead of a quick opportunistic cash-in.

Build a Brand

Once your product becomes popular and word spreads; you can then use your social media presence to build a brand. This doesn’t just mean having a nice logo; it also means communicating clearly to potential customers what your products or services are and how it can help them enhance their lives.

Fill up your social media accounts with pretty images and information about what you sell, where they can buy it, and ensure that any questions a potential customer has can be answered within a few clicks of Googling your business name. You can even talk about the communities that use your products and promote them too, if appropriate. This is a nice way of giving back to the people who helped grow your business in the first place.

Customer Service

Social media channels are also a great way to service your customers. You can post photos of new items while answering questions on Instagram, deal with customers over WhatsApp or WeChat, and share real-time company updates via twitter.

Choose a channel of communication you’re most comfortable with and advertise it as an avenue where customers can reach you. Address complaints honestly and be genuine with your problems or concerns when things go wrong. People are more willing to forgive honest mistakes if you communicate it to them than if you ignore the issue and pretend it didn’t happen.

As it turns out, that thing you keep periodically checking while you pretend to work at the office
can
 actually help you be more productive. With the tips we’ve shared above, we hope you can now better leverage your social media to boost your side business and earn yourself a steady additional income in this wobbly economic climate.

Speaking of leveraging apps to save your money, check out this comparison between the top 3 video-on-demand services available in Malaysia so you can properly choose which one of them is worth your money.

Do you have any other tips for getting the most out of your social media for business purposes? Do let us know in the comments section below!

Photo credits: Facebook for Business,
“Apple and Orange – they do not compare” by Michael Johnson
, and “Target-market-in-marketing-plan” by SURENDAR KUMAR B.

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ABM, AIBIM: Cardholders’ Data Security Remains A Priority For Banks

(Image: The Star/Muhamad Shahril Rosli)

The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have reassured Malaysian cardholders that their data security continues to be of utmost importance to banks. This came following a recent notice from iPay88, which reported a cybersecurity incident that may have potentially compromised customers’ card data.

In a joint statement, both associations said that banks have implemented several extra countermeasures to mitigate the potential risks that may arise from the incident. These include real-time fraud monitoring to identify fraudulent and abnormal card usage behaviour, among other approaches.

Aside from that, banks have also put in place multi-layer security measures such as dual-factor authentication to prevent unauthorised credit card and debit card transactions. If unusual transactions that may require added verification are detected, they will reach out to their cardholders directly through official channels to clarify matters.

As such, ABM and AIBIM said that cardholders can continue to use their bank cards as per normal. They are reminded, however, to closely monitor their bank statements and any transaction alerts received.

“In the event cardholders detect any unauthorised transactions, they should immediately contact their bank at the number printed on the back of the bank card for assistance. Cardholders are reminded that in light of more sophisticated cyber security threats, it is important to be vigilant at all times,” both associations said. Alternatively, bank customers can obtain the contact details for all
ABM
 and
AIBIM
 bank members from the associations’ respective websites.

For context, online payment gateway
iPay88 had recently revealed that it experienced a cybersecurity breach
 in May 2022. An investigation was immediately carried out on 31 May after discovering the breach, and the containment process was successfully completed with no further suspicious activity having been detected since 20 July. It has since alerted its financial institution partners and are working with the relevant authorities on the matter, and will also share detailed findings in due course.

(Source:
ABM
)

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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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Gardenia To Increase Prices For Selected Products Starting Today

(Image: Mashable SEA)

Malaysians will have to pay a little more for selected Gardenia bread products as the brand has decided to increase the prices of several flavoured breads by 5 to 20 sen, effective today.

The selected Gardenia products include the following:

Gardenia Squiggles (Funky Strawberry and Choco Malto)

Delicia Soft Roll (Butter Toffee)

Delicia Sambal Bilis

Fluffy Bun Red Bean

Toast’em Butter Raisin

Delicia Butterscotch, Choco Raisin, and Raspberry Milk and Cranberries

According to Gardenia Bakeries Sdn Bhd (GBKL), the price increase for these selected products is caused by the rising cost of raw materials such as vegetable fat, cocoa powder and milk, as well as the packaging cost. “Previously, GBKL managed to absorb these costs, but now we have no other alternatives but to revise the prices of selected Gardenia products,” said GBKL.

The company also noted that it has been experiencing a significant increase in manufacturing and raw material costs over the past few years. “Increasing the prices is the last resort after all measures have been taken and our focus now is to optimise productivity and efficiency in our factories,” it said in a statement.

Meanwhile, the price for other Gardenia products will remain unchanged as GBKL will continue to absorb the additional costs.

(Source:
New Straits Times
)

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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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Why you should not get a second credit card

When it comes to Credit Cards, there’s no general rule set in stone over how many cards one person can own. In fact, as long as you meet the requirements set by the Bank, you can apply for (and possibly get approved for) as many Credit Cards as you see fit. That may be all fine and dandy if you’re a high roller with money in the bank, but if you’re just a regular Joe then holding that extra card might not really be doing yourself a favor.

If you already own a Credit Card and have been having thoughts about applying for another one, perhaps you should ask yourself the following because depending on your spending habits, you might want to hold that thought.

Are You Spending More Than You Can Handle?

With a Credit Card in your arsenal, you can essentially shop for all sorts of things like clothes and electronics, swipe your card and not worry about making any repayments until the end of the month. In fact, you don’t even need to repay your entire balance at the end of the month, all you need to do is make the absolute minimum payment set by your bank and you’re all set. Sounds Great Right? WRONG!

What most people often take for granted when it comes to Credit Cards is INTEREST. If you’re constantly maxing out your credit card month after month and only making the minimum repayment, then over time all you’ll be doing is snowballing large amounts of interest. Credit Card Interest can be really sneaky, they usually present themselves as small insignificant amounts at the bottom of your bill every month, so insignificant that most people often brush them aside as “collateral damage”. But have you ever thought about how much accumulated interest you’ve been forking out over unpaid balances every year? If interest rates leave you feeling fuzzy, then perhaps you should check out our previous
article on credit card interest rates
.

Nobody likes paying interest. So if your current credit card spending habits are leaving you buried under a mountain of debt and interest payments, then perhaps you should reconsider taking on a second card and throwing yourself under more debt.

Has Your Current Credit Card Become Forgotten?

Ever look through your wallet, notice your credit card and instantly experience a mini “oh I forgot I had that” kind of moment? If you do then either you’re suffering from early on-set dementia or more likely it’s probably a tell tale sign that you’re not using your credit card enough. There’s nothing wrong with saving your credit card for emergencies only, in fact, practicing a little restraint is probably the best way to avoid racking on too much debt. With that said, if you’re barely using your current credit card, what’s wrong with taking on a second card?

Most credit cards come with annual fees and other fancy surcharges. Even if you do encounter cards that come with “no annual fees”, there’s usually a catch involved such as, for example, a minimum annual spending amount. So if you’re barely using your current credit card except for

the occasional bulk purchase, do you really need to be getting yourself a

second card? Why pay annual fees for a second card when you don’t even use your current card that often?

Alternatively, if you rarely even touch your current credit card, perhaps you might want to consider not holding one at all and just using a debit card. If you want to know the pros and cons of using a debit card instead of a credit card, you can check out our
previous article
.

Will You Take Full Advantage of All the Perks on your Second Credit?

So you read the brochure for the latest Visa or MasterCard from your favorite bank and got all excited about the special perks associated with your next potential card. But before you grab your pen and fill out the application form, perhaps you should stop and think about whether the benefits actual apply in your daily life. Credit cards come with a wide array of benefits in Malaysia, whether it be cash-back on gasoline from certain pumps or one-for-one coffee from selected coffee retailers. Thanks to smart marketing by most credit card companies, it’s easy to get suckered into signing up for a card just because of the perks.

Work out a budget before you make your decision and think about whether visiting the participating list of retailers offered by the card fits into your aforementioned budget plan. After all, the last thing you want to be stuck with is another “forgotten card”.

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StashAway Simple Switches Underlying Fund To AmIncome Fund

StashAway has changed the underlying fund for StashAway Simple from Eastspring Investments Islamic Fund to AmIncome Fund.

“Due to uncertainties in how the original underlying fund in StashAway Simple will be taxed in the future, we’re changing the underlying fund from Eastspring Investments Islamic Fund to AmIncome Fund,” said StashAway in a notice in its app. This is the first time StashAway has switched its underlying fund since introducing the Simple product and the switch was completed at the end of June.

According to StashAway, Simple’s projected rate will remain unchanged at 2.4%p.a. and users will not be charged any fees for the switch. However, there are several other changes that arise as a result of the switching of funds.

Most notably, StashAway Simple will no longer be Shariah-compliant – unlike the previous underlying fund, AmIncome Fund is not Shariah-compliant. Furthermore, the StashAway Risk Index (SRI) for Simple will now only be 0.1%; when StashAway Simple was
first introduced
 with Eastspring as its underlying fund, the SRI was at about 1.8%.

StashAway also stated that moving forward, you will still earn returns on your Simple funds every day, but the returns will only be updated in your account on a monthly basis.

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Alliance Bank Aims To Provide Up To RM200 Million In Digital SME Loans

Alliance Bank has said that it is aiming to provide up to RM200 million in loans to small and medium enterprises (SMEs) through its digital solution, Digital SME, this financial year. This is in comparison to RM60 million loaned out in the previous financial year, in a bid to help boost the local SMEs’ growth moving forward.

To note, the Digital SME solution – which was
launched back in 2020
 – provides up to RM500,000 collateral-free financing to businesses that have been operating for at least a year, with annual revenue of between RM50,000 and RM30 million. Offered online, eligible businesses are only required to submit their bank statements for the previous six months to apply for the loan; they will then be notified of their loan approval status in as short as 24 hours.

The Digital SME application process is also available in three languages – English, Bahasa Malaysia, and Mandarin – to offer convenience to its customers from varied backgrounds. Applicants in further need of assistance may also contact the bank at any point in their application process.

Aside from offering loans via Digital SME, Alliance Bank is also ready to provide additional support to SME owners who are in need of extra assistance. For instance, the bank is willing to advise and help SMEs establish and improve their credit profile before they apply for Digital SME, so that they can easily secure future financing.

“We also know that micro enterprises may face issues obtaining financing due to their limited credit history. We want to help them build their credit history by starting them with a small credit line, and subsequently help them expand by providing them quick access to financing via Digital SME once they are ready,” said the senior vice president and head of Digital SME at Alliance Bank, Kevin Shum.

Additionally, Alliance Bank also enables SME owners to access its
BizSmart® Solution
 portal, which offers relevant products and services such as digital marketing, logistics, accounting, and data analytics at affordable rates. These services will help SMEs to run and grow their businesses in a more efficient manner.

Finally, Kevin hinted that the bank is also looking to introduce new digital solutions for businesses, including a feature that enables them to open their digital accounts online. “We want to enable our business customers to remotely open a digital business current account anytime, anywhere. The digital business account will comprise several innovative features, including a small overdraft line and a business credit or debit card to help business owners manage their expenses more efficiently,” he added.

(Source: Alliance Bank [
1
,
2
])

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Touch 'n Go eWallet Now Accepted At 7-Eleven Stores Nationwide

You can now use the Touch ‘n Go eWallet as a payment method at 7-Eleven convenience stores.

The announcement was made via Touch ‘n Go eWallet’s official Facebook page, stating that the e-wallet is now enabled at 7-Eleven outlets nationwide. This addition provides customers with a more diverse range of payment options.

Before the introduction of the Touch ‘n Go eWallet, the only e-wallet options you could use to pay at 7-Eleven were Razer Pay and Alipay. Customers can still pay via conventional methods like cash as well as debit cards.

7-Eleven is the latest addition to Touch ‘n Go eWallet’s growing list of partner merchants. The e-wallet is already accepted at other convenience stores such as KK Super Mart and 99 Speedmart.

(Source:
Touch ‘n Go eWallet
)

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Grab Unveils New, Enhanced Features For Its GrabFood Service

Grab officially announced that it is rolling out several new and enhanced features for its GrabFood delivery service in order to further improve the user experience for all its consumers across Southeast Asia (SEA). These include a revamped ratings and reviews function, as well as a new Saver delivery option and a self pick-up toggle.

Specifically, Grab’s revamped ratings and reviews feature now allows consumers to view merchant ratings and read food reviews from fellow Grab users, where previously they were only allowed to rate using a five-star system. On top of that, Grab is also adding an “Order This” button to this section, enabling users to order the same dishes seen in the reviews with just a simple tap.

Merchants, too, will be able to reply to their customers’ reviews if they wish to show their appreciation or to provide a resolution for any grouses. With this, Grab hopes that its improved in-app ratings and reviews feature will offer a more seamless and engaging experience for both its consumers and merchants.

Aside from that, Grab is also introducing a new Saver delivery option, where consumers can opt for a lower delivery fee in exchange for a slightly longer waiting time, in contrast with
Grab’s existing Premium Delivery feature
. The tech giant said that this new delivery option was conceived to offer more affordable delivery options to its users, and is currently being piloted in both Malaysia and Indonesia (it is already available in Singapore).

The third new feature that Grab has planned for its GrabFood service is a new self pick-up toggle, but note that this is currently available only in the Philippines. However, Grab said that it is set to be introduced in more markets soon. Essentially, the self pick-up toggle is created to provide greater in-app visibility for merchants and restaurants that allow customers to come by and pick up their orders themselves; it complements
Grab’s existing self pick-up option
 that was already enabled some time back. Consumers can use the toggle to switch from delivery to self pick-up in a single tap, which then allows them to see all available merchants around them that offer such option – thereby making it easier for them to order their food if they prefer to self-collect their orders.

In its statement, Grab said that these new features reflected various insights that were revealed in a latest survey that it recently carried out, dubbed the Food & Grocery Trends 2022 survey. The study – which polled over 60,000 food and grocery delivery users in the SEA region between January to September 2022 – also incorporated data insights from Grab’s platform.

Among some key data revealed in the study included the fact that 7 out of 10 consumers now view delivery services as a permanent part of their post-Covid-19 life, while 8 out of 10 merchants said that delivery platforms are necessary for their business. Not only that, 88% of consumers said that they have discovered new stores because of delivery apps. Many users are also ordering more with deliveries, as well as spending more per order.

“Deliveries continue to be a prominent part of consumers’ life. In fact, consumers are shifting more and more of their food journey online, which presents additional opportunities for brands to reach and engage consumers online. This has inspired us to rethink our app experience to make food discovery more intuitive,” said the regional head of mobility and deliveries at Grab, Sean Goh.

Goh also said that he hopes the new enhancements – which were created to better cater to consumers’ changing behaviours – will help to drive greater organic demand to support merchants’ continued growth on Grab’s platform.

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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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10 Reasons To Own A Credit Card

Feeling Good

So much as wearing a luxury watch on your wrist, having a credit card to some extent represents a person’s wealth and self-esteem – with just one effortless swipe or
pay wave
, you can get whatever you want and your savings will be left untouched until you are due for your next bill. For that one fleeting moment, it feels like free money.

But is it really
free money
, or
unnecessary debt
? Like a sharp tool, a credit card can be dangerous in the wrong hands. As a credit card user, you should familiarize yourself with the responsibilities that come with it.

Why should you own a credit card?

Despite the ‘horror stories’ we’ve heard about being reckless with a credit card, it still stays true that it is a very useful financing tool that comes equipped with a lot of perks if used for the right purposes.

With that said, allow us to break it down to you reasons why you should own a credit card:

1. Credit History and Score

Your credit card usage is like leaving a footprint for banks to access your ability to pay off your debts in time – always check your credit score with CCRIS and CTOS.

If you are planning to buy a car, house, or applying for a personal loan, the only way to get a good interest rate is to have a good credit rating.

2. Cashback

When you sign-up and swipe with the right credit card, you can stand a chance to receive anywhere from 1-10% cash rebate on your spending.

Lookout for the
best cashback credit cards
 and reduce your daily expenses.

3. Rewards

While others pay full price with cash, you can save and spend less – a reward credit card allows you to spend while also earning reward points to redeem all kinds of gifts and prizes for friends and family.

Points earned from each ringgit spent can be exchanged for household items, tech gadgets, gift cards, and even air miles – time for some retail therapy? You bet!

4. Emergency Cash

Falling a little tight on cash and still haven’t gotten your monthly paycheque yet? You can get instant access to money when you make cash advances with your credit card when using it through an ATM.

Alternatively, you can opt for a cash instalment plan (CIP) against the credit balance or limit of your favourite piece of plastic.

5.
Easy Payment Plans

Some banks offer
interest free purchases
 for up to 36 months when using your credit card.

You can skip saving to get a hot-ticket item such as that brand new Macbook Pro by purchasing it instantly and pay it off via an easy payment plan – get what you want, when you want it.

6. Balance Transfer

High interest rates imposed by banks can get out of hand sometimes. Most banks charge interest rates of 15-18% p.a.on late payments.

When your credit card debt is as high as a mountain, you can consolidate all your credit card bills to another banks’ credit card with a
0% balance transfer
 option – giving you some breathing space to deal with your other obligations.

7. Shop Online

Enjoy the convenience of online shopping with a credit card – do not miss out as the best deals available are mostly found online!

While you may be able to use a debit card for the same purpose, it is easier to reclaim money from fraudulent activity with a credit card as it is not directly linked to a bank account.

8. Financial Management

Owning a credit card gives you access to your transaction history via a monthly statement – convenient for those who constantly fail to keep track of purchases and tend to lose receipts.

Especially now with access to online banking, you can analyse your spending habits and identify impulsive buys if any.

9. Insurance Protection

If your purchases get stolen, broken or lost, some banks offer to compensate your losses with purchase protection insurance, making it easier to return defected items.

You may also be provided with travel and personal accident protection comparable to standalone insurance policies, without actually having to pay premiums.

Not only that, if you have a huge amount of credit card debt, some banks may offer to pay off your debt during the unlikely event of death or permanent disability.

10. Worldwide Acceptance

Who makes travel reservations with cash? Booking hotels, resorts, and rental cars can be a breeze with a credit card, coupled with special discounts available for
Visa
 and
MasterCard
 card members.

When you need foreign moolah, some premium credit cards will allow you to get preferential exchange rates at the bank’s money changers in Malaysia.

Finally, you can also receive additional cashback and reward points when you spend on dining, accommodation, and flight purchases abroad.

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The Real Truth: Petrol Subsidy Removal

One of our RinggitPlus team members made a quick stop at the nearest Petrol station last week. Swiped his card, picked up the hose, and started pumping fuel. But then he noticed an unusual price figure on the fuel dispenser display, other than the usual RM2.30 controlled price. “Harga Pasaran” i.e. the market price of
RON95
 has fallen as low as RM2.43, bringing the subsidy to only RM0.13 per litre?!

Today, a report by the
Star online
 shed some light on the situation. It turns out that the subsidy for RON95 and Diesel will be
REMOVED
 starting on the 1st of December onwards. Instead, fuel prices will be subjected to the floating price system.

The first reaction to the news can understandably be, “OMG no more subsidy means petrol prices going up again?”, but actually the truth of the matter is that global fuel prices (and thus the market price for RON95) has been steadily dropping since July 2014. Here in lies the real story: If the price of RON95 was still at RM2.30 come 1st December, while market prices continue to plummet worldwide, say for argument’s sake we expect the “Harga Pasaran” to come in somewhere between RM2.20-RM2.25 in December 2014, we’d hypothetically be paying a ‘petrol tax’ of RM0.05 to RM0.10  - do you see where we’re getting at here? How would you feel if you knew that you were effectively paying a petrol tax while prices worldwide were low?

So to avoid a bit of egg on faces, just remove the subsidy and you avoid the topic completely, and you might even be able to announce a nice little price decrease (to that RM2.25 / l). Here’s a quick graph depicting what would have happened if this announcement was not made today:

The table below shows descending fuel prices and subsidies starting from June to December 2014.

Period

Market Fuel Price on RON95 (RM)

Subsidy(RM)

Control Price(RM)

June

2.81

0.71

2.10

July

2.85

0.75

2.10

August

2.78

0.68

2.10

September

2.57

0.47

2.10

October

2.58

0.28

2.30

November

2.43

0.13

2.30

December if no subsidy removal

2.25

-0.05 (tax!)

2.30

December with subsidy removal

2.25

*N/A

2.25

Obviously now that the announcement has been made that the subsidy has been removed from 1st December onwards, there is no risk of “Subsidi oleh Kerajaan” heading into negative territory and making our Govt look rather silly, but wouldn’t it have just been easier to cut prices by 20 sen (after all, it was quite easy to raise them by 20 sen each time in the past 2 years)?

Tell us what you think on the comments below and remember to stay tuned for more updates.

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Government Announces Discounts For Swift Payment Of MCO Fines

(Image: Malay Mail/Miera Zulyana)

Minister in the Prime Minister’s Department (Parliament and Law), Datuk Seri Takiyuddin Hassan said that individuals and companies who were fined under the Emergency (Prevention and Control of Infectious Diseases) (Amendment) Ordinance 2021 will be eligible for some discounts if they are prompt in settling their fines.

Specifically, those who clear their compounds within seven days will be given a 50% discount. Meanwhile, you will be eligible for a 25% discount if you pay it between eight to fourteen days after receiving the fine.

(Image: Bernama)

Aside from disclosing the discounts, Datuk Seri Takiyuddin also clarified details regarding the implementation of the maximum compound under the Emergency (Prevention and Control of Infectious Diseases) (Amendment) Ordinance 2021. For context, the government had earlier announced a
maximum fine of RM10,000 and RM50,000 for individuals and companies
 that break the movement control order (MCO) standard operating procedures, respectively. This is a ten-fold increase from the previous maximum fine of RM1,000.

According to Datuk Seri Takiyuddin, the various offences will now be categorised by levels of severity, with three categories altogether. The value of fines will commensurate with the severity of the offences:

First category
: Offences that result in high-infection risks and significant impact to the community on a large scale.

Second category
: Offences that result in high-infection risks but less significant impact to the community.

Third category
: Offences resulting in low infection risks and zero impact to the community.

Datuk Seri Takiyuddin listed some examples of offences that fell under the third category, including the failure to practise physical distancing, operating beyond the stipulated business hours, not wearing face masks, and failing to register before entering a shop or common area. He also said that these were also the most common violations committed.

(Image: The Star/Ong Soon Hin)

“An individual who commits an offence for failing to wear a face mask, for the first time it’s RM1,500. Failure to register when entering premises using MySejahtera or a log book, they are fined RM1,500 out of the maximum stipulated fine of RM10,000. Same goes to those who fail to ensure physical distancing – RM1,500 from the maximum stipulated fine amount,” said Datuk Seri Takiyuddin, adding that a detailed list of offences and their accompanying fines will be made available on the National Security Council (KKM) and Health Ministry website soon.

The minister also noted that a team will be formed by 1 April 2021 to monitor the enforcement of the standard operating procedures. This team, comprising of local authorities, can be recognised through special armbands.

With regard to the matter of making appeals beyond the discounted rates, Datuk Seri Takiyuddin said that anyone who is hit with a fine can do so with the Health Ministry. This applies especially to individuals who have difficulties paying their fines, such as disabled persons (OKU), the B40 group, and students.

(Image: The Star)

Additionally, the minister clarified that the decision to reduce fines can be made by several other personnel aside from district health officers. “In the Peninsular, anyone who receives a summons can appeal to the state health director, state deputy health director (public health), district health officer, and medical officer of epidemiology. In Labuan, they can make an appeal to the state health director, state deputy health director (public health), and medical officers of epidemiology,” he said, adding that individuals must provide relevant documents (such as OKU or student cards) to prove their status.

Finally, Datuk Seri Takiyuddin said that the public can head on to the Health Ministry’s website for the relevant forms to use for their appeals.

(Sources:
Free Malaysia Today
,
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Guan Eng: Improve Financial Literacy To Increase Cashless Adoption

(Image: Malay Mail)

According to the Ministry of Finance, increasing financial literacy is a necessary step when it comes to promoting cashless payments in Malaysia. Only 5% of total daily payments in the country are made through cashless payments, with cash transactions still reigning over transactions like grocery purchases, parking, and newspapers.

Finance Minister Lim Guan Eng said a crucial aspect in changing behaviour is to elevate financial literacy. “Literacy in e-payments is an important component, given its obvious benefits in financial management,” said Guan Eng. “This is where the public sector will primarily need to step up. Low financial literacy has far-reaching consequences.”

(Image: The Malaysian Reserve)

According to Bank Negara Malaysia (BNM), one in three Malaysians consider themselves as having low financial knowledge, particularly among low-income households. Last year, the government launched the
National Strategy for Financial Literacy
, a five-year plan aimed at targeting this issue of low financial literacy among Malaysians.

Guan Eng added that widespread availability of e-payment facilities would help increase cashless adoption in the country, citing having a central payments infrastructure provider like PayNet as a positive step. He further said that the
high disbursement
 of the
e-Tunai Rakyat
 initiative would also help increase the adoption rate of cashless payments, as well as support Malaysia’s economic growth.

(Source:
The Malay Mail
,
The Malaysian Reserve
)

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A new perspective on types of insurance

Are you confused about the types of insurance policies in

the market? With so many plans to choose from, it is very likely that you feel

helpless when it comes to answering this question – “What do I need and how

much is enough?” More often than not, you don’t know what you don’t know.

Hence, I would say, most people are at the mercy of insurance agents, who are

probably more interested in how much they can earn from a product rather than

putting your interests first. Not to generalise, but it happens more often than

we think.

I want to make it real simple by using a laddering process.

From the very top level, there are 2 types of insurance. One is participating

and the other is non-participating. A participating policy, as the term

suggests, participates in the insurance company’s profit. A non-participating

policy does not. Therefore, the premiums for a participating policy are always

more expensive,
ceteris paribus
.

Participating policies

Participating policies can be either a whole life plan or an

endowment plan. A whole life plan is a plan which offers you protection until

age 100. Normally there would be bonus or dividend declared every year by the

insurance company and this would add into a policy basic sum assured payout. To

a certain point, say after 15 or 20 years (not a rule, but a norm), the

compounding effect of this accumulated bonus and dividend would be sufficient

to cover for the policy annual premium. When this happens, the policy can be

“self-sustaining”, in which a policy owner can request for APL or Automatic

Premium Loan. Endowment policies aka savings plan, meanwhile, works similarly

but the duration of coverage is normally fixed at 20 or 30 years. On top of

that, there is a guaranteed schedule which pays the policy owner a regular cash

value. Due to this feature, the sum assured for endowment is normally lower

than a whole life plan,
ceteris paribus
.

It is marketed as having the “best of both worlds.”

Non-participating

policies

Non-participating policy can be either a whole life plan,

investment-linked plan, hospitalisation and surgical plan or a personal

accident policy. Whole life non-participating plans have a schedule of

guaranteed surrender values, so you know exactly what you are paying for and

how much you are getting back at the end of the day. Compared to traditional

whole life non-participating plans, an investment-linked policy is even more

cost effective. The cons of it is that the policy sustainability very much

depends on the non-guaranteed performance of the unit trust funds managed by

insurance companies. However, there are ways to mitigate this risk. Hospitalisation

and surgical policy aka medical card is very much like your debit card with a

predetermined limit on the annual and lifetime inpatient medical expenses.

Finally, there is nothing fancy about a P.A. policy as it is just a subset of a

life policy where it only pays if the covered event is due to accident.

Lieu Ching Foo is the founder of

Malaysian personal finance blog
HowToFinanceMoney.com
, and an advisor with independent financial advisory firm
Fin Freedom
.

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You Could Take Home An iPhone 14, RM1000 TNG Credit, Samsung Tab & More

The Unbox This Week credit card campaign is back with exciting gifts to chase your blues away.

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

From 7 November to 14 November, our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – iPhone 14

This is your chance to win the brand new iPhone 14! There’s so much to enjoy: Cinematic mode is now in 4K Dolby Vision up to 30 fps while Action mode allows for smooth, steady, handheld videos. On top of that, the performance is bound to be super fast with the A15 Bionic chip with 5-core GPU.

If you don’t win the iPhone 14, you’ll still take home RM600 Touch ‘n Go eWallet credit for all your bill payments, toll spending, and more.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current card members and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM1000 Touch ‘n Go eWallet Credit

You’ll be guaranteed RM1000 Touch ‘n Go eWallet Credit when you apply for a HSBC Credit Card! Whether you plan to use it for your meals, parking, bills, purchase movie tickets, and so on, that’s an extra RM1000 in your TnG eWallet. If someone’s birthday is coming up, you could also gift some moolah.

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

Public Bank – Samsung Galaxy Tab A7

What’s not to love about a lightweight tablet that can satiate your hunger for immersive movie experiences, powerful productivity, and casual browsing on a larger screen? Stand to win the Samsung Galaxy Tab A7 along with its wide and dynamic 10.4″ display and Dolby Atmos surround sound, 32GB built-in storage, and more.

Those who don’t win the Samsung Galaxy Tab A7 will be guaranteed a RM100 Shopee e-voucher which you can use for your online purchases.

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

Standard Chartered Bank – Samsung 24” LED Monitor

This week, you could win a 24” LED Monitor from Samsung when you apply for a Standard Chartered Credit Card! Its design lets you view it comfortably from just about any angle and AMD Radeon FreeSync™ maintains the refresh rate sync between your monitor and graphics card to minimise image tearing.

For those who are not selected, you will still walk away with guaranteed Samsung Galaxy Fit2 to keep you company on all your workouts.

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

Alliance Bank – Google Home Hub or URBANLite Ledge 24″ Luggage

Get the guaranteed Google Home Hub where you can surf the web, speak to your Google Assistant, play videos, and more with complete ease. Have your hands full? Just use the voice commands to get things moving. Take this gift home when you apply for an Alliance Bank Credit Card with Balance Transfer.

Meanwhile, the URBANLite Ledge 24” Luggage is guaranteed to you when you apply for an Alliance Bank Credit Card. Keep your goods secure during your travels thanks to its high security combination lock and ABS hard case.

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

***

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

While this week’s flash deal ends on 14 November (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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Public Islamic Bank Launches EEV Campaign, Offers 2.2% Financing Rate For Energy Efficient Vehicles

Public Islamic Bank (PIBB) is offering preferential rates for customers applying for its AITAB hire purchase-i financing to purchase energy efficient vehicles (EEVs).

The preferential rates, part of a campaign running from now until 31 December 2020, provides customers with an exclusive financing rate from as low as 2.20% per annum, with a tenure of up to 9 years. It is also applicable only to selected new vehicle models – presumably vehicles under the
EEV definition by the Road Transport Department (RTD)
.

“This campaign is designed to support local growth and usage of EEVs in Malaysia to reduce carbon emission into our environment. Be smart by saving fuel consumption with EEVs while going green and saving the earth,” said the bank in a
statement
.

(Image: Malay Mail)

PIBB further commented that the campaign is in conjunction with its participation of Bank Negara Malaysia’s (BNM) Value Based Intermediation initiative. The idea behind the initiative is to encourage Islamic financial institutions to adopt more structured frameworks to assess how they create value and impact, particularly in response to changing economic, social, and environmental factors.

While PIBB has announced the
EEV campaign on its website
, details appear to be somewhat limited. For more information, you may want to check in with PIBB’s hire purchase centres or call the bank’s toll-free number at 1-800-22-7777 instead.

(Source:
The Sun Daily
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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4 Reasons to Check Out the New Time Traveller Watch by Touch 'n Go

Not many people remember how big of an impact the Touch ‘n Go card was when it first debuted as a cashless solution. But now, we don’t even think twice about how breezy it is to just tap and be on our way.

Recently, in their effort to make cashless payments even more convenient and stylish, Touch ‘n Go has released a new way to pay: the Time Traveller Watch. It’s a watch that comes in two colours and contains a small card in it that functions just like the Touch ‘n Go cards we know and love. But why would having Touch ‘n Go functionality as a wearable device on your wrist be something worth looking into? Plenty of reasons.

You’ll Always Have Money On You

Using a Touch ‘n Go card is pretty easy, but it isn’t entirely effortless. You take out your wallet, look for the card, and pull it out. But before that, you have to already remember to bring your Touch ‘n Go card with you. How many times have you seen a “Pay with Touch ‘n Go” sign at a local retail outlet and realised you don’t have your card? Quite often, we bet.

With the Time Traveller watch, you always have your Touch ‘n Go with you, right on your wrist. Since watches are part of your wardrobe, you’re much less likely to forget to bring it with you. No more fiddling with wallets, too. Just bring out your hand.

It’s Easier to Remember to Reload

Many places in malls, petrol stations, and convenience stores offer the service of reloading your Touch ‘n Go card. But often we tend to leave the card in our cars or at home, forgetting to reload until we only have 3 sen on it and are stuck in the Touch ‘n Go line at the tollbooth. That’s not good.

With your Touch ‘n Go strapped right onto your wrist, you never have to forget to top up your balance. No more being the awkward driver trying to reverse his car at the toll.

Commuting Becomes a Breeze

Now that you have your Touch ‘n Go as part of your daywear, your everyday commuting becomes super easy. If you use public transportation, your watch can be used to pay for LRT, Komuter, and bus fares.

Whereas if you drive your own vehicle, your watch can be used to pay for parking and toll fees. Not having to think about where your card is means a clearer head when you get to work. Which translates to lesser fuss, fewer headaches, and a better day all around.

You Can Use Touch ‘n Go in More Places Than You Think

Touch ‘n Go isn’t just used for tolls and parking. You can use it for quite a lot of services and retail expenses. You can use your new Time Traveller watch to pay for items at bookstores, pharmacies, convenience stores, theme parks, even hotels.

With Touch ‘n Go adoption growing at a steady clip, you can expect even more places to allow for payments using Touch ‘n Go, and by extension, the Touch ‘n Go watches. Strike while the iron is hot and get your very own
Touch ‘n Go Time Traveller Watch
.

In future, perhaps watches won’t be the only thing we can pay with. One thing we know for sure is that we wouldn’t want to be left behind when the future comes!

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DOSM Household Income And Expenditure Reports 2019: Key Highlights

Last week, the Department of Statistics Malaysia (DOSM) released the Household Income And Basic Amenities Survey Report 2019, as well as the Household Expenditure Survey Report 2019. Both reports serve to help the government gain a better understanding of the income distribution among Malaysian households and their spending patterns.

Given that both surveys were last conducted a while back in 2016, the updated figures in these reports are key for a clearer perception of the people’s current needs.

Here are some key highlights of the reports that you should take note of:

New Income Definitions For B40, M40, and T20

DOSM has increased the income threshold for the
B40, M40, and T20 household groups
 based on the latest survey findings. The new income range for the groups are as follows, compared to its earlier range in 2016:

B40

M40

T20

2019 income range

<RM4,850

RM4,850 – RM10,959

>RM10,959

2016 income range

<RM4,360

RM4,360 – RM9,619

>RM9,619

Accordingly, the median income for the groups have also been updated from 2016’s figures, with B40 increasing from RM3,000 to RM3,166, M40 from RM6,275 to RM7,093, and T20 from RM13,148 to RM15,021.

On top of these updates, the B40, M40, and T20 income groups were also further broken down into another total of 10 sub-categories for better implementation of targeted assistance programmes by the government. B40 and M40 are both divided into another 4 sub-categories each, whereas T20 is made up of another 2 sub-categories. Here are the sub-categories and their corresponding household incomes:

Income group

Sub-groups

Household income

B40

B1

Less than RM2,500

B2

RM2,501 to RM3,169

B3

RM3,170 to RM3,969

B4

RM3,970 to RM4,849

M40

M1

RM4,850 to RM5,879

M2

RM5,880 to RM7,099

M3

RM7,110 to RM8,699

M4

RM8,700 to RM10,959

T20

T1

RM10,960 to RM15,039

T2

More than RM15,040

Increase In Household Income

(Image: Reuters)

The latest statistics from the survey indicated that the overall household income in Malaysia has increased since 2016 – for all the main ethnic groups, as well as in both rural and urban areas (strata).

According to the report, the median of household income for the nation in general has grown by 3.9%, from RM5,228 in 2016 to RM5,873. Meanwhile, the mean household income rose from RM6,958 to RM7,901 – a growth of 4.2%.

In terms of ethnic groups, Chinese households recorded the highest increase in median household income at 3.9%, followed by bumiputera households at 3.7% and Indian households at 3.2%. The mean income for Chinese households also saw a 4.1% increase, followed by bumiputera households at 4.1% as well, and by Indian households at 4.6%. Here’s what it looks like in real value, with comparison data from 2016:

Meanwhile, the median household income for those in urban areas saw an increase of 3.8%, while those in rural areas went up by 3.3%. The mean household income for families in both urban and rural areas also recorded a growth of 3.9% and 4.6%, respectively. In real value:

DOSM’s report further noted that almost 30.3% of Malaysian households earn less than RM4,000 a month in 2019.

Increase In Household Expenditure

Households in Malaysia spent a
monthly average of RM4,534 in 2019
, an increase from RM4,033 in 2016. This translates to a monthly growth of 3.9% per annum since 2016, which is in tandem with the moderate growth of mean monthly household income at 4.2% for the same period.

DOSM also noted that household expenditure in urban and rural areas increased by 3.7% and 3.6% per annum, respectively. This translates to the following:

Household expenditure according to strata

2019

2016

Urban

RM4,916

RM4,402

Rural

RM3,038

RM2,725

In terms of expenditure pattern, households in urban areas recorded the highest percentage of expenditure at 24% for housing, water, electricity, as well as gas and other fuels. The highest expenditure for households in rural areas, in contrast, are for food and non-alcoholic beverages, at 24.4%.

Increase In Income Inequality

(Image: Hari Anggara/Malay Mail)

Unfortunately, the report also indicated that there has been an overall increase in income inequality between the rich, middle class, and poor within the nation. The data is calculated based on the people’s gross income (before deducting tax and other contributions) and disposable income (after deducting tax and other contributions), and is measured using the Gini coefficient. Simply put, a higher Gini coefficient value means higher inequality in income.

Here is a comparison of the Gini coefficient value for Malaysia’s gross income and disposable income in 2016 and 2019:

Gini coefficient value for Malaysia

2019

2016

Gross income

0.407

0.399

Disposable income

0.393

0.391

Of note also is the income gap that exists for the different ethnic groups and for those living in rural and urban areas.

According to DOSM, the household income gap based on gross income has widened for all ethnic groups since 2016. Calculations based on disposable income, however, indicated that the income gap has shrunk between bumiputera households since 2016, despite having increased for both Chinese and Indian households. Here’s a summary of it:

Gini coefficient for ethnic groups

Gross Income

Disposable Income

2019

2016

2019

2016

Bumiputera

0.389

0.385

0.377

0.38

Chinese

0.417

0.411

0.399

0.396

Indian

0.411

0.382

0.399

0.372

For those living in urban and rural areas, calculations based on gross income showed a widening of household income gap for both categories since 2016. When measured based on disposable income, data showed that the income gap for households in urban areas has increased slightly from 2016, whereas households in rural areas saw a decrease instead.

Gini coefficient for strata

Gross Income

Disposable Income

2019

2016

2019

2016

Urban

0.398

0.389

0.385

0.38

Rural

0.367

0.364

0.361

0.365

Revision Of Poverty Line Income

(Image: The Star)

The government has
updated the poverty line income (PLI) to RM2,208 per month
, in accordance with the
mean value of the national PLI noted in the report
. The PLI is simply defined as the minimum income considered necessary to survive in a particular country.

The new PLI figure was calculated based on the 2019 methodology, which emphasises healthy eating and quality non-food basic needs. Prior to this, the PLI was obtained via the 2015 methodology, which was based on minimum food requirements and other basic needs of each household member. It was set at RM980 in 2016.

In addition to that, the report also observed that the incidence of absolute poverty has improved from 7.6% in 2016 to 5.6% in 2019. In short, absolute poverty happens when a household’s gross monthly income is insufficient to maintain basic living standards according to the PLI.

Similarly, the country’s rate of hardcore poverty, too, has improved, reducing from 0.6% in 2016 to 0.4% in 2019. Hardcore poverty depicts a harsher living condition, where the gross monthly income of a household is lesser than half of the PLI.

Increase In Self-Employment

More people have turned to self-employment in 2019, with 17.3% Malaysians now working on their own – compared to 15.6% in 2016. Correspondingly, the number of those in paid employment has decreased from 63% in 2016 to 61.6% in 2019.

Aside from that, the number of Malaysians earning their income from property and investments saw no change, remaining at 12.9% since 2016. Another 8.2% obtained their income from monetary transfers such as remittances, alimony, pension, and other assistance in 2019 – a slight decrease from 8.5% in 2016.

***

According to DOSM, these latest reports are expected to be more impactful and precise as they have been updated with new criteria, such as a more refined classifications of households.

For more information, you can read the full
Household Income & Basic Amenities Survey Report 2019
 and
Household Expenditure Survey Report 2019
 here, or check out
DOSM’s infographics
on its official Facebook page.

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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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MEDAC: 49% Of MSME Sector Could Collapse By October, Leaving 7 Million Unemployed

(Image: Hari Anggara)

The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has warned that 49% of the micro, small, and medium enterprise (MSME) sector could collapse by October 2021 should the current lockdown be prolonged until then. This is equivalent to around 580,000 businesses in total.

Drawing the figures from a survey that was recently carried out, MEDAC further said that if the collapse were to occur, more than 7 million Malaysians will be out of work. It also assumed each worker to have an average of two dependents.

The survey – which polled 6,664 respondents – also discovered that one third of the participants did not receive the various aid measures that were announced by the government. Additionally, 60% of entrepreneurs said that they suffer from at least one form of mental health condition during the lockdown, caused by reasons such as a decline or loss of income, debt and financing issues, and the possibility of closure.

Meanwhile, more than 90% of entrepreneurs said that they have no insurance, whereas 70% of them do not have a backup plan to rely on in the event of loss of income.

(Image: New Straits Times)

In revealing the survey results, the Minister for Entrepreneur Development and Cooperatives, Datuk Seri Wan Junaidi Tuanku Jaafar commented that the people are caught in dire straits now, and that the right remedial actions to be taken quickly. “If we don’t do something to help them now, I am worried that many of these MSMEs will fail and will not be around to help rebuild the economy one businesses are allowed to open,” he said.

Datuk Seri Junaidi also expressed concern that the failure of these MSMEs will create a domino effect, hitting the societies hard at the core – which may then lead to a more serious social and economic impact. Aside from that, Malaysians are also growing increasingly upset because of the financial issues that they face, as well as the extensive curb on social activities.

“The impact of the lockdown is not only affecting the economic aspect, but the social aspect as well. I am concerned the longer businesses are not allowed to operate, the longer it will take to recover,” said Datuk Seri Junaidi, adding that it is time for the government to look at other holistic measures on how to deal with the pandemic other than lockdowns.

(Source:
Free Malaysia Today
)

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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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5 Things You Need To Know When Financing Your Car

Most people will usually require some form of financing when it comes to purchasing a car; even if you could afford to pay it all off using cash, that’s a huge chunk of money down the drain, which could affect your other financial obligations.

If you’re reading this article, chances are high that you’re probably a first time buyer. Arm yourself with these key points, so that you don’t go in blind, or worse, get cheated when getting a
car loan
!

1. Loan Amount

Normally, car manufacturers require a 10% down payment on the purchase price of your chosen car. Lenders will then allow you to take a loan up to 90% of the seller’s invoice.

If you have extra money on hand, you can choose to pay more for the down payment and reduce your overall loan amount.

If you’re thinking of
purchasing a used car
, the amount you can borrow, also know as your margin of financing, may be significantly lower.

2. How long can I take to pay off my car loan

The financing tenure is the agreement period in which you make regular repayments. Most lenders will allow between a 5-9 year tenure (60-108 months).

Generally, the longer the financing period, the lower the repayments but the higher the total interest charged.

3. Type of vehicle financed

There are four types of vehicles in which you can apply for motor financing in Malaysia – new national cars, foreign cars,
reconditioned cars
, and used cars (national and foreign). The rates will vary depending on the car nationality, model, loan amount, and financing period.

Interest rates for car loans are normally charged at a flat rate. This means that interest is charged on your full principal over the tenure.

The interest cost for a flat interest rate loan product is easy to calculate, you just multiply the rate with the number of years and the initial amount borrowed (principal).

For example:

You have a hire purchase loan of RM30,000 at 3% flat p.a. for 7 years – that would mean 84 monthly instalments. Your total interest charge will be 3% x RM30,000 x 84 months = RM6,300. In total, you will be paying back roughly RM36,300 over 7 years – given that your rates have not changed.

4. Insurance or Takaful coverage

An Insurance or Takaful policy is compulsory under the Hire Purchase Act, 1967. You are required to keep the vehicle insured until full payment of your car loan.

To renew your insurance or Takaful policy, you will need to inform the bank 14 days before expiry. Easier still, you can call
MyEG
 to assist you by providing the information below:

Vehicle Registration No and IC

Vehicle type

CC – Engine Capacity

Year of Manufacture

Sum insured

Windscreen (Optional)

5. Late payment charges

If you do not pay your monthly installments on time, the bank will charge an 8% p.a. penalty on the amount overdue calculated daily. For Islamic financing, a 1% p.a. compensation fee will be charged.

Bear in mind that until you have fully paid off your loan, the bank will act as the rightful owner of the vehicle and may be repossess your car if you continue to miss your monthly repayments for 3 continuous months!

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Vegetarians vs Meat Eaters: Who Eats the Cheapest?

Vegetarian food is relatively easy to find in any town or city in Malaysia and in Kuala Lumpur itself, there are many types of vegetarian eateries, from simple economy mix rice stalls, to classy fine dining establishments. Here, we’ll try to compare the prices of vegetarian meals to non-vegetarian ones to see if meat eaters really spend more as some claim.

In order to do that, we went out and scouted some the eateries in the Klang Valley that we thought would be a good representative of what’s available out there. Of course these are only representatives of a wider spectrum of restaurants and cafes available, and not meant to be a solid out and out comparison. In the interest of fairness, we went to places that are near each other and ordered dishes of similar portion sizes. Here’s what we found out from our totally non-scientific observations:

Breakfast:

Non Vegetarian
:
Kedai Sebelah
 (RM 8.50)

Kedai Sebelah in SS6 Petaling Jaya serves up a big breakfast of toasts, scrambled eggs, baked beans, a hashbrown, sausage and beef bacon for only RM8.50. There are full main meals of nasi briyani, nasi hujan panas and more, all for the same price of RM8.50

Vegetarian
:
Blue Boy Vegetarian
 (RM 3 – RM 6)

Blue Boy vegetarian food court is nestled in the heart of KL and begins very early in the morning. It serves delicious non –meaty versions of Malaysian meals like nasi lemak, wan tan mee, char kuey teow and much more for an average price of RM5 per meal.

Lunch:

Non Vegetarian
:
The Straits Food Company, Bangsar
 ( RM 7-10)

The Straits Company is a Peranakan eatery that is famous among those living and working around Bangsar. You can enjoy things like Nyonya laksa, Pongteh chicken with rice, mee siam and more for less than RM15 with drinks. However, of you come here during lunchtime, expect a crowd and be willing to share tables.

Vegetarian
:
The Ganga Café, Bangsar
 ( RM7- RM8)

On weekdays and Saturdays, you’ll be able to find the brown rice Thali here for only RM7.50. The Thali or rice set comes with a generous serving of four different types of vegetables, with various curries to keep you full and your pocket happy. On Sundays, you’ll be able to enjoy their vegetarian buffet brunch for about RM21 per person.

Dinner:

Non- Vegetarian
:
Antipodean Café
 (RM 18- RM30)

Antipodean is one of the earliest hipster cafes and is a good representation of how much food and drinks cost if you decide to have dinner at one of the many hipster cafes dotting the Klang Valley or whichever town you may be living in. In general, dinner with coffee can cost up to RM30-40 per person , depending on where you go.

Vegetarian
:
Tian Yian Café
 (RM 8- RM 22)

Tian Yan in Miharja, Cheras is a simple family –style café that’s really popular with vegetarians who come here often to celebrate special events like birthdays. Prices range from a very affordable RM8 for rice dishes to well over RM25 for dishes with specialized ingredients.

Total Expenditure:

Non Vegetarians
: RM 33.50 – RM 48.50

Vegetarian
: RM18 – RM36

In general, eating vegetarian meals and normal meals aren’t that significantly different; all you have to do is know where to look. Vegetarian meals can be quite costly too, and not all of them are cheaper than your meaty options. Therefore, saving money just needs a bit more effort on your part. To get things started, why not check out our awesome
dining deals
 for more affordable mealtimes?

Have anything to add to this article? Do share your thoughts with us in the comment section down below!

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Vegetarian

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Michelle Chee

Michelle Chee

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