Will Your Insurance Policy Have Your Back in a Flood?

(Editor’s note: in light of the recent flood disasters in various states in Malaysia last weekend, we are reproducing this article from 2014 regarding flood coverage for your home and motor insurance policies. It appears not much has changed in the last seven years…)

Newspapers nationwide yesterday showed grim images of completely wrecked and water damaged homes; floating, bruised vehicles and many other household items beyond identification within the mud;
a mere snippet of the massive rebuilding effort required by the affected citizens
. For many, the effort of rebuilding is only trumped by the effort of finding the funds with which to rebuild.

Although the
government is releasing BR1M handouts earlier
; the amount is but a pittance when held up against the cost of starting over. They have also pledged to rebuild homes for some flood victims in safer areas but this will be limited to particular residents and will only cover the cost of a new home; not its contents. Cars were also lost in the flood; some of which may still be under loan. Imagine trying to replace everything in your home and your car in one go. It’s a monumental task for anyone.

A villager salvaging what he can from his home in Kelantan. Image: The Malaysian Insider.

PIAM released a statement today saying they are ready to pay if flood is included as a peril in your insurance policy (gee, thanks PIAM but that’s kind of a given isn’t it, considering that’s what we agreed on and paid for?) so for those who’ve taken insurance policies on their cars and homes; they might be looking to their insurers to help with this burden; but do their policies cover it?

Home Insurance

From our research, we’ve found that most homeowner’s insurance in Malaysia will cover your home and/or its contents against losses caused by flood; a situation
very different from the US
 or in the case of car insurance. However, there is a difference between a homeowner and householder policy which will then decide what you are able to claim in the event of a flood.

A Homeowner’s/Houseowner’s policy

From perusing documents related to a
homeowner’s policy
 (or houseowner policy as used by some insurance companies); this is the policy which only covers damage to the structure of the building and not the contents of your home. Of course, the damage can be caused by anything from floods to a wayward vehicle ramming into your home.

A Householder’s policy

A householder’s policy covers the contents of your home instead of its structure from many causes of damage, including floods. It includes personal effects as well. This policy was designed for tenants and renters who would be more concerned about the contents of their home rather than the house itself. Most good householder policies include damage caused by flood in their basic package.

If you own the home you are living in; many would recommend that you buy both a Homeowner and a Householder policy but if you haven’t, you will need to check your policy to see which one you do own. However, some insurance companies are offering full coverage equivalent to both policies in one insurance plan.

Combined Insurance Product: Home Insurance Policy

The name may differ from one insurance company to the next but the gist is the same: a home insurance policy combines the coverage of a homeowner and householder policy; covering you for damage done both to the structure and the contents of the home. Of course, premiums for the combined product will be higher than taking just one or the other.

That said, the home insurance policy will cover flood damage to both the structure and the contents of your home to the amount that you have insured it for, which will help immensely when you rebuild your homes.

Car Insurance

The situation for
car insurance
, however, is not so fortunate. According to most policies in the market, even comprehensive car insurance does not protect your vehicle against damage caused by flooding. Flood coverage is an additional feature for which you will have to pay an additional premium for when you sign up, similar to windshield crack protection. You’ll have to dig up your car insurance policy to see if you’ve paid for that additional coverage.

But if floods are so common in Malaysia (once a year at least?); why isn’t it included automatically in all car insurance policies?

It seems like ‘comprehensive’ really isn’t so comprehensive if we have to pay for so much additional coverage for common losses such as flood and windshield damage. Home insurance policies were tweaked to include floods considering how prone the country is to experiencing it, so why haven’t car insurers caught up?

Flood was included as a peril alongside typhoons, earthquakes and volcanic eruptions. Whilst I understand why those three would be excluded (like seriously, where are we to even find a volcano in Malaysia to erupt over our cars?); flood coverage shouldn’t be considered in the same category considering how
often it happens even in the middle of a city carpark
!

In a report by the Malaysian Reserve at the beginning of this year (that ironically starts out with mention of the ‘worst flood in 40 years’ in Jan 2014, which evokes special questions of why we have ‘the worst floods’ every year but so little done to mitigate beforehand, but that is a different topic altogether), the reason for not making flood insurance mandatory was because:

BNM said mandating the purchase of flood cover would necessitate an increase in motor premiums for all motorists so as to reflect the additional risk undertaken by insurers. “However, not all vehicle owners in Malaysia may want to purchase the cover especially if they feel that they are not exposed to the risk of flood.”

Hence, BNM is of the view that vehicle owners must have the right to choose an insurance cover that is “appropriate to their needs and should be not be made to purchase insurance protection other than that required by law.”

Not a Watertight Solution

All that said, insurance for some may turn out to be the saving grace to help rebuild their lives – but not for everyone. Those who opted not to have additional cover or for those who simply cannot afford the ability to pay for this protection, the losses incurred can be life-changing.

The Malaysian Insider reported that many victims they interviewed have little or no money, do odd jobs, and are petty traders – it’s unlikely that they would have been able to afford a basic policy premium, much less a comprehensive one with added extras. So it is again in a cruel twist of fate that the people who most need help to rebuild, will more than likely not receive it – at least not from their insurance packages.

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Diana Chai

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You Can Now Download U Mobile’s GoPayz E-Wallet App

Four months after the telco
first announced it
, U Mobile has finally made its digital finances app GoPayz available for download. In addition to its e-wallet function, GoPayz also offers a variety of services including insurance, investment plans, and bill payments, aiming to act as an all-in-one app for digital facilities.

The GoPayz e-wallet comes with three virtual prepaid cards upon signing up – in Visa, Mastercard, and UnionPay variants – which all draw from the funds in your e-wallet. Premium wallet owners also have the option to apply for a physical version of their card for a fee of RM16, a similar concept to AirAsia’s BigPay card – but unlike BigPay, GoPayz physical cards come with your name embossed on them.

To get started, users will have to top-up a minimum of RM30. In an unusual move, GoPayz will hold RM10 from your available balance as a wallet deposit that you can only get back if you close your GoPayz account. According to the GoPayz website, you can top up your e-wallet via online banking or by using cash at 7-Eleven. The app also gives you the option to add a card as a top-up method, but our attempts at topping up with our credit cards (both Visa and Mastercard) were unsuccessful.

As shared during its
launch back in July
, GoPayz allows you to purchase flexible and affordable insurance plans right from within the app itself. You can get a basic life insurance plan from as low as RM13 per month, with the option to add on snatch and robbery or active lifestyle coverage for RM7. You can also purchase personal accident insurance for only RM6 per month.

As for GoPayz’s other features, you can use the app to pay your bills, buy mobile prepaid reloads, and pay for Youbeli, Ticket2u, and CatchThatBus transactions. You can even invest in unit trusts on
FSMOne
, an online unit trust platform. The GoPayz app also indicates that more features like zakat payments and online remittance services will be available soon.

GoPayz is available on both
Google Play
 and the
Apple App Store
. You can find out more about GoPayz in
our previous post
 here or on the
GoPayz website
.

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PEMERKASA+: Govt To Provide Additional BPR Cash, Loan Repayment Aid And Moratorium

(Image: Mashable)

Prime Minister Tan Sri Muhyiddin Yassin has announced that the government will be providing additional Bantuan Prihatin Rakyat (BPR) aid of between RM100 to RM500 for eligible households and individuals under the latest PEMERKASA+ stimulus package. On top of that, the B40 income group as well as businesses and individuals affected by the movement control order (MCO) will be able to tap into an extended loan repayment assistance and moratorium from banks.

With regard to the latest BPR aid, the following groups will be entitled to these additional amounts of financial aid:

Groups/Eligibility
Additional BPR aid
Households with monthly income of below RM2,500
RM500
Households earning between RM2,501 to RM5,000
RM300
Single individuals with monthly income of below RM2,500
RM100

Muhyiddin clarified that these payments will be made on top of the final payment phase of the BPR aid (slated to take place in September 2021), and will be credited to the recipients’ accounts at the end of June 2021.

Aside from the additional BPR aid, the B40 group and people affected by loss of jobs will be given the option to obtain an automatic moratorium approval for three months or a reduction in repayment in instalments of 50% for a period of six months on loans. This assistance extends to micro as well as small and medium enterprises (MSMEs and SMEs) too.

This aid will be implemented starting from June 2021 with an allocation of up to RM30 billion, and is expected to benefit more than five million borrowers. It is essentially an extension of the
ongoing targeted financial assistances
 that are already being offered by most banks in Malaysia. Muhyiddin also said that borrowers will need to reach out to their respective banks for more information.

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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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Malaysia Health Insurance Myths That You Need to Dismiss Right Now

As the days go by, it is not surprising to see local and international establishments hopping on the Malaysian tax holiday bandwagon, offering Malaysians limited time opportunities to invest in
 big ticket items such as cars, furniture and electronics
 . With that said, it is fascinating to see that the purchase of tangible assets are favoured as opposed to other equally as important essentials, such as health insurance, is brushed off as an optional add-on.

Most people say they can’t afford the premiums or don’t see a need for one, living off the belief that they can simply get one off the shelf. The list of medical insurance myths that are so commonly perpetuated goes on that it becomes difficult to distinguish between the facts and myths. To get a better understanding on whether these myths are for real, read on as we dispel the myths surrounding health insurance.

I Can Buy Health Insurance When I Need to be Hospitalised

Insurance policies in Malaysia have a clause called a “waiting period”. The waiting period may vary from weeks to months. That means, from the inception date of your medical insurance till the waiting period is over, you will not be entitled to claims.

According to the
 Malaysia Health Insurance website
 , this measure was put in place to avoid potential fraud cases who seek out reimbursement but are not rightly entitled. This means, you can’t just pick out an insurance policy only when you fall sick. By doing so, not only will the claim be rejected, it will also put your ailment under pre-existing conditions. Any ailment under the pre-existing condition clause will not allow you to make claims, if this particular health issue reoccurs in the future.

Medical Insurance Covers Pregnancy

In times of an emergency and having a baby, please be warned that your medical insurance will not cover any pregnancy related conditions. While it is medical related,
 LIAM
 has practised this standard throughout all medical insurance policies.

When you are about to have your baby, don’t bother whipping out your medical card, be sure you are ready to whip out your credit card instead.

<a href=”
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My Insurance Covers Me Anytime and Anywhere

Just because you have a medical insurance card in your hand, that does not make you entitled to anything and every coverage. This is particularly untrue, especially if you are out of the country.Any injuries or illnesses that were caused by high risk activities like racing, bungee jumping, and certain water sports may not be covered by your insurance company, even though it is claims on just medical attention. The hospital will still be required to treat you in case of an emergency, but the insurance company may not foot the bill upon discharge.

Read More :
 8 Simple Ways to Cut Down on Your Healthcare Costs

There Are No Medical Insurance for Smokers.

Sure, you may scoff it off and think that medical insurance does not cover smokers. As a part of the application procedure, all medical insurance will ask you to check off a box if you are a smoker in their application forms. With that said, it does not mean a smoker will be automatically rejected when applying for a policy. It does however, put an individual into a higher risk pool.

In circumstances like that, the yearly insurance premiums charged maybe a little higher or the insurance company may choose to have exclusions on certain diseases.

No Payments or Deposits Needed As I Have An Insurance Card

On some occasions, insurers have a pre-approved back to back guarantee that requires no deposits, from the client, depending on the type of treatment. However, in most cases, there is a need for deposits as not all injuries and treatments are covered, as mentioned above.

An insurance policy also does not cover too many doctor visits and certain supplements or medicines. Most of the time, the policy covers one visit from the doctor per day. If the doctor shows up the second time, this is going on your tab, not the insurers.

Besides doctor visits, non-related medicines to the main cause of one’s hospital stay would also not be covered. In select circumstances, some hospitals give the patient vitamins, kits containing toothbrush and the like, none of these are a part of the medical treatment and will garner some charges upon discharge.

Protect What is Yours

Although your employer may have your back and offer some form of coverage, it may be minimal. If you require any additional upgrades or a surgery that cost a lot of money, you will be the one footing the bill on the way out of the medical centre.

In the rare case that your company shuts down, has a retrenchment exercise or simply forgets to renew their insurance policy, you are going to be in a huge bind, in a time of need. As such, it will be best to have your personal policy to rely on in case of any emergencies. If you do not already have one, our
 comparison tool
 can help you choose and compare the best medical insurance policies in Malaysia. After all, it’s best to safeguard your well-being as soon as possible.

Are there any other medical insurance myths that we have missed out on? Let us know in the comment section below.

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Gavin Pereira

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A Dose of Healthy Juices From Standard Chartered credit cards

Get a burst of fresh fruits and vegetables into your system at
Juice Works
, the juice factory dedicated to making healthy smoothies made from the freshest ingredients.

If more than 30 flavours aren’t enough, there’s a 10% discount on the total bill when you charge it to your Standard Chartered credit cards or debit cards.

This offer is valid until 31 December 2013 and is subject to exemptions from other on-going promotions and discounts. Cardholders are advised to present their Standard Chartered credit or debit cards upon ordering.

Please click here for general
Terms & Conditions
.

Apply for a Standard Chartered credit card on
RinggitPlus.com

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Hong Leong’s Mach Credit Card turns reward points into RM250 of cash back rebates

It’s usually either reward points or cash back rebates when it comes to credit cards. But wouldn’t you like to have your cake and eat it too? Thanks to
Mach by Hong Leong Bank’s
 “Rewards Transfer” promotion, you now can.

Just sign up for the card before 28 February, and the good folks at Hong Leong will reward you with cash back rebates based on the total amount of reward points you’ve earned on any existing non-Hong Leong credit card.

Hong Leong will give you RM1 of cash back rebate for every 500 rewards points you have on your existing non-Hong Leong credit card. This means you can convert up to 100,000 of rewards points to RM200 of cash. If you take out a 4.99% balance transfer with your new credit card application then you only need 400 rewards points for every RM1 of cash back.

Sounds like a great deal so far? Well it’s about to get even better because on top of that, they’ll also throw in an extra RM50 cash back bonus just for good measure! And the best part is you can still keep and redeem your reward points on your other credit card.

To enjoy these benefits, all you have to do is enclose your latest credit card statement when you apply for the Mach card. Do note that the maximum cash rebate you’re entitled to including the RM50 bonus is RM250, among other terms and conditions.

Want to know how this promotion compares to other new credit card promotions? Check out our review of the
best new credit card sign up offers
.

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LHDN Service Counters Resume Normal Operating Hours Starting Today

(Image: The Star)

Lembaga Hasil Dalam Negeri (LHDN) has announced that the service and payment counters at all LHDN premises will resume their normal operating hours starting from today.

According to a statement from LHDN, its service and payment counters across the country will now abide by the following schedule:

Tax service counters

Locations

Operating hours

All states except for Kedah, Kelantan, Terengganu, and Johor

Monday to Friday

8am – 5pm

Kedah, Kelantan, Terengganu, and Johor

Sunday to Wednesday

8am – 5pm
Thursday

8am – 3.30pm

Stamp duty and government special assistance counters

Locations

Operating hours

All states except for Kedah, Kelantan, Terengganu, and Johor

Monday to Friday

8am – 5pm*

Kedah, Kelantan, Terengganu, and Johor

Sunday to Wednesday

8am – 5pm*
Thursday

8am – 3.30pm*

* Stamp duty counters will only accept payments between 8am to 12.00pm only.

LHDN payment centres

Locations

Operating hours

Kuala Lumpur

Payment by cash, credit cards, and debit cards

Monday to Friday

8am – 1pm
Other payment methods

Monday to Friday

8am – 4.30pm

Kota Kinabalu and Kuching

Payment by cash, credit cards, and debit cards

Monday to Friday

8am – 1pm
Other payment methods

Monday to Friday

8am – 3.00pm

(Image: Bernama)

Prior to this update, the operating hours for LHDN’s service and payment counters were set from
8am to 1pm
, abiding by standard operating procedures (SOPs) established for the second movement control order (MCO 2.0).

With LHDN now resuming its normal operating hours once more, customers who visit its counters are advised to always obey the SOPs that have been put in place by the Health Ministry (KKM) and the National Security Council (MKN).

Lastly, the public can forward their enquiries and feedback to the LHDN via the Hasil Care Line at 03-8911 1000 (local) or 603-8911 1100 (overseas). You can also contact the agency on the HASiL Live Chat or through the
online feedback form
.

(Source:
LHDN
)

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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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AmBank's Visa Campaign Offers 10% Cashback On Transactions With Selected Online Merchants And Service Providers

AmBank is currently running a campaign that lets its Visa credit cardholders earn 10% cashback when they carry out retail transactions via selected online merchants and e-wallets, as well as utilities and entertainment service providers. The Visa 10% Year End Cashback Online Spend campaign, which is already ongoing, will run until 31 December 2021.

Open to all Visa principal and supplementary credit cardholders, the 10% cashback that you can earn is capped at a maximum of RM25 per month for each category (two categories in total). In other words, you will actually be entitled to a total monthly cashback of RM50 if you decide to tap into the offer for both categories.

The list of eligible merchants according to their categories are as follows:

Online merchants/e-wallets
Utilities/entertainment merchants
Grab
Touch ‘n Go eWallet
Boost
BigPay
 Taobao
Fish For It
Mydin Online
Redtick
MyGroser
Potboy
Signature Market
Tesco Online
Celcom
Maxis
Digi
U Mobile
Telekom
Tenaga Nasional Berhad
Astro
Netflix
Apple
Disney+
Spotify
Dropbox

AmBank further clarified that transactions such as ongoing monthly payments under the existing Easy Payment Plan, corporate bill payments, and cash advances do not qualify for this campaign. Only retail purchases of goods or services for the personal consumption of eligible cardholders are accepted.

The cashback reward will be provided on a first-come first-served basis, with AmBank allocating RM12,500 to be distributed every week throughout the four campaign months (RM200,000 for entire campaign). If you do win, the reward will be credited into your account within eight weeks from the end of each campaign month, and the amount will also be reflected in your credit card statement.

(Source:
AmBank
)

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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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Grab’s Pointsback And Power Up Campaigns Return Once Again For July 2021

The GrabRewards Pointsback and Grab Power Up campaigns are both back again for July 2021, although this time with slightly diminished benefits compared to previous months. That said, the GrabRewards Pointsback campaign will still let you earn up to 40% pointsback on eligible redemptions when you tap into it between 30-31 July 2021.

Meanwhile, the Grab Power Up deal – which takes place on 31 July 2021 only – will let you earn up to 6,000 GrabRewards Points by spending a minimum of RM180 through GrabPay or Grab PayLater.

GrabRewards Pointsback

Period: 30 July 2021 (10am) – 31 July 2021 (11.59pm)

Depending on your membership tier (Platinum, Gold, Silver, and regular member), you will be able to earn between 10% to 40% pointsback when you redeem rewards for Grab services, selected partners, and GrabPay e-wallet transactions. For the month of July, here are the rewards that are eligible for pointsback:

Regrettably, the selection of rewards that can be redeemed this month seems to have shrunk considerably from
the previous month
, particularly with regard to the Partner Rewards. The usual GrabExpress offer under the Grab services rewards, too, is conspicuously missing.

That said, Grab did retain the GrabPay Wallet rewards category, which allows you to redeem some discount off GrabPay online transactions – among other incentives. This offer indirectly provides some flexibility in how you can use your reward, as compared to other offers that are limited only to Grab services or selected partners.

As always, the pointsback offer will be provided on a first-come first-served basis, and will cease once the total redemption cap has been reached. Note as well that this time, each user is limited to only two redemptions per reward, as compared to the previous month where you are allowed up to 10 redemptions, depending on the type of rewards.

Despite the smaller pool of benefits, though, the GrabRewards Pointsback campaign is still capable of providing quite a bit of savings! Just to give you an idea of how much, the typical redemption rate for a Platinum member is logged at 800 GrabRewards Points for RM5; this means each GrabRewards Point is worth 0.625 sen (with an effective return rate of 1.875%). Under this campaign, however, the value of each Point could increase to a maximum of 1.04 sen, giving you a far more generous rate of 3.125% instead. You can find out more about the
calculations in our detailed analysis here
.

Grab Power Up

Period: 31 July 2021

During this one day, Grab users who spend RM180 and above online via GrabPay and PayLater by Grab will be entitled to earn 10x and 30x GrabRewards Points, respectively. The earnings for both categories are capped at 6,000 Points each, and you are allowed to tap into each benefit as per the following conditions:

Payment method
Number of redemptions allowed per user
Total redemption cap
GrabPay
1x
6,500 redemptions
PayLater by Grab
2x
1,500 redemptions

Major participating brands that you can spend with include Al-Ikhsan Sports, WowShop, PrestoMall, Book X-cess Online, and Signature Market.

Unfortunately, the Grab Power Up offer this month is also slightly devalued compared to the previous months. Specifically, users were able to earn a little more at 15x and 30x GrabRewards Points when they spent with GrabPay and PayLater back in
May
and
June 2021
.

That said, Grab appears to have compensated this with a new prepaid top-up offer, in which you can earn 30x GrabRewards Points (capped at 3,000 Points) when you spend a minimum of RM30 on mobile prepaid reloads via the Grab app. You are allowed two redemptions for this offer – limited to only the first 8,000 redemptions.

As is the case with the GrabRewards Pointsback campaign, all Grab Power Up redemptions will also be awarded on a first-come first-served basis. The Points will be credited to you instantly upon completion of eligible transactions, but do be aware that they will not contribute to any GrabRewards tier upgrades.

***

For more information about the
GrabRewards Pointsback campaign
 and the
Grab Power Up deal
, you can head on over to Grab’s official website.

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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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MAS Introduces New Affordable Economy Class Fares For Flights To ASEAN And South Asia Regions

Malaysia Airlines has introduced three new Economy Class fare options to flight destinations in the ASEAN and South Asia regions. Dubbed Lite, Basic, and Flex, the new flexible fare options are customised to offer services based on specific travel styles, preferences, and needs.

According to MAS, the Lite fare is aimed specifically at day-trippers, business travellers, and commuters. This group of travellers tend to travel light, requiring only the essentials. As such, the Lite fare includes only minimal benefits of free cabin baggage of up to 7kg and a complimentary meal.

The Basic fare, on the other hand, offers slightly more as it caters to the needs of travellers who are willing to pay for a full-service carrier experience. Aside from the free 7kg cabin baggage and complimentary meal, you are also entitled to 20kg of check-in baggage, Enrich Miles upgrades, and a 10% child discount. Additionally, rebooking is allowed, but you will need to top up for the processing fee and the fare difference.

Lastly, the Flex fare extends full economy-class flight benefits, offering 30kg of check-in baggage in addition to the free 7kg cabin baggage, a complimentary meal, Enrich Miles upgrade, seat selection option, and a 15% child discount. You also get to enjoy flexibility in travel dates, refunds, and rebooking services.

Here’s a breakdown of all three new Economy class options from Malaysia Airlines.

MAS also announced that it will introduce the Lite and Basic fare options for the Kuala Lumpur-Singapore route. This is in addition to the
Shuttle fare options
 originally available for this route, which entitles passengers to certain benefits similar to those offered by the Flex fare. However, the Shuttle fare gives you a larger check-in baggage allowance of 35kg and priority check-in at dedicated counters.

The three new
flexible fare options
 were originally available only for
domestic destinations
, but are now extended to the economy class so that more travellers can enjoy full-service travel at lower price points.

(Image: The Star)

“I believe the fares we introduce today will create a more personalised and enjoyable booking experience coupled with unrivalled Malaysian Hospitality onboard, to create truly seamless, intuitive, and stress-free travels to be enjoyed by our loyal customers,” said the group chief executive officer of Malaysia Airlines, Officer Captain Izham Ismail.

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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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BigPay Expands International Remittance To India, Nepal, And Bangladesh

(Image: FintechNews Malaysia)

BigPay has added three new countries to its international remittance services, now letting users transfer money to India, Nepal, and Bangladesh. This is in addition to the original four countries on its list – the Philippines, Indonesia, Singapore, and Thailand – when the fintech company first launched its international remittance service in September 2019.

In terms of fees, BigPay will be charging a fixed rate of RM5.00 for every transfer to India, and RM6.00 to Nepal and Bangladesh. The company, which seeks to deliver fair and transparent financial services, operates by setting a fixed transfer fee for each country with no hidden or extra charges. This differs from traditional remittance providers, which would calculate the transfer fee via a percentage charged to the amount being transferred.

(Image: SoyaCincau)

If you’re using BigPay’s remittance service for the first time, you’ll also be happy to know that your first international transfer is free. Your money transfers may take up to two working days to process, depending on the country.

According to BigPay, it has processed millions in international transfers since their
launch last year
. It is also looking to expand their money transfer services to more countries soon, even as they work on offering cash pickups in selected markets.

(Source:
SoyaCincau
)

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

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UOB To Fully Migrate Customers To UOB Mighty Secure Digital Token By Mid-2023

UOB Malaysia has pledged to fully migrate its customers to its more reliable UOB Mighty Secure digital token by June 2023, utilising it as the authentication method for various transactions and banking activities. This is in line with Bank Negara Malaysia’s (BNM) recent call for all banks to adopt five additional safeguards to strengthen their defences against financial scams.

Upon the full migration to UOB Mighty Secure, UOB customers will need to use the digital token exclusively to verify most transactions on UOB’s internet banking site and the UOB Mighty mobile banking app, instead of one-time passwords (OTP) sent through SMSes. These include fund transfers, payments, as well as changes to personal information and account settings.

At present, only customers who conduct banking transactions of RM10,000 and above via UOB’s banking website or mobile app are required to authenticate their payments using UOB Mighty Secure.

UOB also highlighted that the UOB Mighty Secure service – which is embedded in customers’ smartphones and accessible through the UOB Mighty app – provides more robust protection than SMS OTPs as it incorporates a two-factor authentication process. Customers will also use a password that they have pre-set themselves, which is more convenient than an automatically generated SMS OTP. Additionally, customers can avoid inconveniences such as network delays, which could result in a long wait for SMS OTPs that expire after a short period.

“As we continue to invest in our digital capabilities and online platforms, UOB Mighty Secure provides our customers an easy, convenient, and secure way to authenticate transactions on our digital banking platforms. We will continue to enhance our security features to enable customers transact securely online and protect them against financial scams,” said the chief executive officer of UOB Malaysia, Ng Wei Wei.

(Image: The Star)

Ng further stressed that like
all other banks in Malaysia
, UOB, too, is committed to supporting all
five additional measures that had been announced by BNM
 to ensure greater security and protection for customers against scams. Aside from the directive to migrate from SMS OTPs to more secure verification methods, BNM had also called upon banks to tighten fraud detection rules and triggers for blocking suspected scam transactions, as well as to observe a cooling-off period for the enrolment of online banking services – among other things.

Finally, UOB said that it will continue to run customer engagement initiatives – both offline and online – to raise awareness on scams. Customers who suspect that they have been scammed are also urged to immediately contact UOB’s 24-hour fraud hotline at 03-2612 8100 for assistance.

(Source:
BusinessToday
)

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The Absolute Important Steps to Starting Your Own Business

Going out on your own and starting a business is a dream for many of us and it’s not as unattainable as you may think. While there are many variables to consider, concerns to pay attention to and obstacles to overcome, you shouldn’t be intimidated by this goal.

To that end, we want to share with you these essential steps to take when you’re making your own entry into the business world.

Figure Out Your Business Idea

Do you know what you’re selling? Answering that question with a business in mind means looking at several important factors. You need to know if it should be a product or service, which market you want to sell this to, how you plan to distribute it, and whether it’s economically viable.

Before you even think about the name for your company, this kind of research has to be done first. Ideally, you would want a product or service that you are uniquely experienced or knowledgeable about, a market that you’re familiar with and has a need that requires fulfilling, a distribution plan that you can execute quickly, and potential return that’s lucrative.

Take as much time as you think is necessary and come up with robust estimates or as close to hard-numbered data as you can. This is the part of the business that you should spend the most time on since you’re not yet spending too much money here. Choosing the wrong product, market, or distribution can really ruin your business further down the line if you’re not careful with this step.

Get Some Feedback

Once you’ve done your research and are satisfied that you have something viable, we recommend running this idea by your friends, family, and even extended acquaintances whose opinion you trust. Bring the idea up as if it’s not yours and see their response. You can even ask for feedback from your target market directly, if it’s feasible to.

Be prepared to have your idea looked down on or lambasted, even. Do not be deterred but don’t ignore their points either. People generally want to be helpful and any idea, no matter how well thought out can still have weaknesses you may not be aware of.

Note their responses and consider if your idea can be tweaked to better serve your target market. Remember that the most important group to please is your market, and to only listen to your friends and family if their comments make sense as it relates to the people who will eventually purchase your product.

Honest feedback can be difficult to analyse if you’re too in love with your own idea (as we all are); so once you feel like your idea is rock solid, we recommend that you…

Find a Partner or Two

It’s tempting to do everything yourself. Especially if you came up with the idea on your own. However, we recommend you find a partner even if you don’t feel like you need one. Why? If your business can’t run without you, it will grind to a halt in your absence. Family matters, health issues, or emergencies are things you can’t quite predict or avoid so in times like these it’s handy to have a trusted partner around to take the wheel.

Another good reason to have a partner besides having another person to share the workload is to have another brain to bounce ideas off of. No matter how level-headed you may think you can be, there will be times when you need another perspective on a problem to avoid getting stuck in a rut. Two heads are better than one and having another voice to constructively argue about things with will make your ideas stronger.

Create a Workspace

Now that you have people to work with and an idea to work on, it’s time to find the space to put yourselves to work. Try your best to avoid using your own house as your base of operations. While it might seem practical or easy, you really won’t want the stresses of your business to be in close proximity to your home life.

Find affordable shared working spaces, rent an office space, or some other venue to conduct your business so you can keep a healthy separation between family and work. Creating a workspace also means obtaining the necessary hardware, technology, or resources to begin prototyping your product or service so you can test things out on a small scale.

Look for Funding

Now that the building blocks of your business is set up, you should begin to look for sources of funding. You can always save up capital on your own, but that might take a long time depending on the kind of business you’re doing. It’s also important to remember that most businesses only break even after a full year of running, and some take even longer. Which means you need all the capital you can get. There are alternative sources of funding you can go for including:

Small business loans

Personal loans

Family members or friends

Equity loans

Grants

Applying for grants or loans will also tell you how viable other lenders think your business is, which should give you enough information to know whether to keep pursuing your idea, or go back to the drawing board.

Once you have all these set up, your small business should be up and running and you’re ready to be your own boss! Running your own business is quite a challenge but the rewards that come from it go not only to yourself, but also to your community and the larger economy.

This means that there is no shortage of people who want you to succeed. If you want more resources on how to run your business well or other information about business in general, check out
RHB’s SME Knowledge Center
 for tips and tricks that can help you out!

This article was brought to you in collaboration with RHB SME Banking.

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MAS Offers Complimentary Hygiene Kits To Passengers On All Flights

Malaysia Airlines (MAS) will be distributing complimentary hygiene kits to its passengers on all flights as part of its Fly Confidently campaign, which was launched in a bid to safeguard the health of its passengers and crew.

According to MAS, each kit will include a face mask, a sachet of hand sanitiser, and a hand sanitising wipe – all packed in a sealed zip-lock bag for hygiene and convenience. The airline also reminded passengers to bring and wear their own protective masks before boarding, and to ensure that they have a sufficient supply of masks for their trip.

Aside from the complimentary hygiene kits, MAS’ Fly Confidently campaign also encompasses a list of hygiene procedures that begin from the pre-flight stage, right up to the travellers’ arrival at their destinations.

“Under this campaign, we produced a series of communication resources such as infographics, travel checklist, and advisories, which are available on our website. Passengers can also refer to these materials to understand the steps they can take to help prevent the spread of Covid-19,” said the chief executive officer of Malaysia Airlines Group, Captain Izham Ismail.

(Image: The Malaysian Reserve)

Safety measures highlighted by the campaign include using contactless check-in facilities through MAS’ mobile app or website, imposing social distancing wherever possible, and practising frequent hand sanitisation. They also comply with the guidelines set by international and local regulatory bodies, such as the International Civil Aviation Organisation (ICAO), World Health Organisation (WHO), International Air Transport Association (IATA), and Ministry of Health (MOH).

Airlines have been allowed to resume domestic flights at 100% capacity following the implementation of the recovery movement control order (RMCO). However, all parties must continue to adhere to the various SOPs and hygiene measures throughout the duration of flights to help curb the spread of the pandemic.

For more information about
MAS’ Fly Confidently campaign
, you can head on over to its website.

(Source:
Malay Mail
,
Simple Flying
)

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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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Grab Launches Its Own GrabPay Card In Partnership With Mastercard

Grab has introduced its very own card in partnership with Mastercard. The GrabPay Card is of course tied to the GrabPay e-wallet and comes in both digital and physical forms. It has its own list of benefits, and best of all, allows Grab users to earn GrabRewards points wherever Mastercard cards are accepted. The card was launched in Singapore this week.

With the GrabPay Card, users can transact online or offline at nearly 53 million Mastercard merchants worldwide, regardless of whether they have a bank account. “The partnership with Mastercard moves us toward an open payments ecosystem, allowing users to earn and redeem points across millions of merchants and represents an important step for GrabPay in becoming a truly ASEAN wallet,” said Huey Tyng Ooi, managing director of GrabPay.

To sign up for the digital card, Grab users just need to complete a simple customer verification process in the Grab app. Then, they can instantly use their digital GrabPay Card to make purchases online, in-app, or at offline merchants using Samsung Pay. Grab users can also apply for the physical GrabPay Card, which will be rolled out in batches.

One unique feature of the physical GrabPay Card is that it is completely numberless. It is designed to avert the prospect of information theft, so the card details are instead stored securely within the Grab app as an extension of the GrabPay wallet. Users can track all their spending activity directly in the app and even use the app to instantly lock their card if it has been stolen.

In addition to offering users wider opportunities to earn GrabRewards points, the GrabPay Card also comes with its own list of benefits. Using your GrabPay Card to pay your mobile bills will entitle you to insurance protection for your phone against accidental damage or theft for that month, whereas paying for online purchases with your GrabPay Card will entitle you to e-commerce protection. Moreover, flights booked with GrabPay Card can be registered to enjoy Mastercard’s Flight Delay Pass up to two times a year.

The GrabPay Card also has benefits to offer the overseas traveller. Users can top up their GrabPay balance in their home currency and use the GrabPay Card to pay in the merchant currency in all countries across the globe. According to GrabPay, its users can avoid additional merchant fees or bank charges and enjoy rates that are lower than those of the banks.

Currently, the GrabPay Card is only available in Singapore. It will be launched in the Philippines in the first quarter of 2020, with plans for other Southeast Asian countries to follow suit within the first half of the next year.

(Source:
Grab Singapore
)

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CIMB Bank Rolls Out QR Payment Support At Credit Card Payment Terminals

CIMB Bank has become the first bank in Malaysia to accept QR payment at some of its payment terminals. Supporting up to six e-wallets in a single platform, this roll-out is the result of a collaboration between CIMB Bank and GHL System.

The six mobile wallets that are supported are Alipay, Boost, Touch N Go e-wallet, KiplePay, Mcash, and vcash. Combined, these e-wallets have an estimated 4.5 million users in Malaysia, and another 520 million in China. Currently, QR payments for the six e-wallets are already accepted at certain outlets of House of Leather, NSK, and Super Seven. The list is definitely short, but CIMB stated that more merchants are expected to come onboard, with bigger names such as Tesco, Boost Juice, and Sunshine mentioned in its press release. According to local tech website
Soyacincau
, the bank is also looking to expand its list of supported e-wallets.

Unlike
SGQR
, which is the Singapore government’s solution to reducing the fragmentation issue in mobile wallets, this solution is more similar to what’s being practised in China, where the QR scanners are build into the payment terminals. Customers need only to flash their unique QR code for the merchants to scan, and the payment will be processed immediately. This clears the clutter of displaying multiple QR codes for the various e-wallets that the merchant accepts payment for, and is definitely safer for both the merchant and customer, since the entire transaction is cashless. And of course, this annoucement is another step towards fulfilling Bank Negara Malaysia’s vision of a cashless society by 2050.

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The Malay Mail Will Reward You - Save Money, Get Two Free Gifts, And Malaysia’s Best Newspaper

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Paying Income Tax with Your Credit Card: Yay or Nay?

For those with few reliefs and who have just crossed the income threshold to the next tax tier: filing is a chore they rather put off as long as possible. Because they know that when they do; they will likely be made a couple of hundred ringgit poorer by the Internal Revenue Board (better known to Malaysians as Lembaga Hasil Dalam Negara or LHDN). This dread is further enhanced if you’re not exactly feeling flushed after the Chinese New Year festivities.

In a bid to help you alleviate that sinking feeling,
LHDN now allows you to now pay your additional taxes via credit card
. So, even if your wallet is flatter than a cheap pancake, you can still use your credit card to fulfill your tax duty and defer the actual payment to a later date (but pay your bill on time to avoid credit card interest rates in the process)!

The Idea That Drew a Little Flack

As convenient as it may sound, not everyone was too pleased with LHDN’s new credit card venture with Maybank. In a
Malay Mail report
, consumer groups gave the move the equivalent of the slap-and-cuddle by first lauding the move and then saying but hey, this could further burden the people by adding to mounting consumer debt.

“Those who are in the middle-income threshold will definitely see an impact where their debt will keep on increasing,” Saravanan Thambirajah, vice-president of the Malaysian Education and Research Association for Consumers told Malay Mail Online in an email interview.

In a further
scathing commentary, the Ant Daily
, the writer lamented the difficulty middle income folk will have servicing already large amounts of debt in a move that seemingly only benefits LHDN and credit card providers.

But not all quarters were unhappy. The move did have it’s proponents. The Association of Islamic Banking Institutions Malaysia seemed pleased
in an article by the Rakyat Post
.

President Datuk Mohd Redza Shah Abdul Wahid said the initiative by the Inland Revenue Board (IRB) provides taxpayers with a convenient mode of payment.

“I think it is a good move by the IRB, because the more the channels of payment that exist in the payment system here (the better) it is for people to meet their obligations.”

Perhaps, It’s More Than a Matter of Form

That said however, it appears that the matter goes a little deeper than a question of form (of payment). Detractors seem to believe that the very notion that someone is heavily taxed supposedly denotes that he/she is earning a substantial income so why then would said person still need to depend on a form of credit to pay for it?

For them, the idea of credit is being able to pay for something at the time it needs to be paid even if you did not have the available cash to do so (although, many people use the card to earn rewards and for simple convenience).

The
writer of the Ant Daily
 put it:

*”The name itself says it all – it’s income tax, meaning you pay money with what you have incoming. Paying by credit card is a no-brainer because it’s spending the money you don’t have.”*

Is it Really Such a Bad Move?

As someone who pays tax, it’s tempting for this writer too, to approach the whole thing rather negatively. But let’s take a look at some other tax payment realities Malaysians live with:

1) You are allowed to pay town councils for Quit Rent and Assessment taxes using your credit card;

2)
MYEG allows payment for road tax
 renewal via credit card;

3) LHDN is also allowing Real Property Gains Tax to be collected via credit card now too
as per their website
:
Tax payers may pay their income tax and real property gain tax (RPGT) at
https://byrhasil.hasil.gov.my/creditcard/
 using credit card.

It seemed only the next step to allow income tax to be similarly paid via credit card. It’s just another payment convenience for all kinds of taxes that the average
rakyat
 regularly pays. Paying via credit card isn’t in itself a problem – it’s at the end of the day, just a payment tool.

Perhaps, what really has people up in arms is the very threshold of a ‘high income’ that makes one so taxable, which to them, seemingly doesn’t account for the high inflation and
reduced spending power that Malaysians everywhere in the country have been feeling for some time now
.

That may be the elephant in the room that no one is directly talking about – and LHDN’s credit card move is a convenient scapegoat to air grouses about the already squeezed middle class. Whilst that is a genuine issue, it doesn’t automatically make something as innocuous as a payment method a personal finance danger.

The reality is, credit cards on their own don’t cause debt – users do. Whether credit card payment was accepted as a mode or not; you still have to pay your taxes in more or less the same amount (within LHDN’s reviewed tiers for 2014). You still get to decide whether you want to use your card; pay it off ASAP or add to your debt. Or you can still pay the way you always did – via good ol’ online banking. The choice is still yours.

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Public Bank Visa Signature Review: Still Relevant And Reliable

(
Update 19/10/2022:
Public Bank has revised the benefits of the Public Bank Visa Signature card since this review was published. The contents of this review are no longer accurate.
)

The Public Bank Visa Signature card has come a long way since it was first launched all the way back in 2014. While it has seen several revisions along the way, this card continues to reward users with 6% cashback for their expenses in three essential categories: dining, groceries, and online expenses.

But how does it fare today, especially with new cashback credit cards having been launched in recent years? Let’s dive in.

Public Bank Visa Signature Benefits

1) Cashback and VIP Points

In general, the core benefits of the latest version of Public Bank Visa Signature has not changed much; it continues to offer 6% cashback for three categories of expenses: grocery, dining, and online transactions. There is, however, a minimum spend requirement of RM30 per transaction that you must hit in order to be entitled to the cashback – which was introduced just in February this year.

Additionally, the online spend category no longer includes e-wallet reloads – it is purely for direct payments for online purchases that are charged to the card. This clause, too, was introduced in February 2022.

Meanwhile, the total cashback that you can earn is capped at RM38 per month, which means you earn cashback for up to RM633.33 in spending with this card.

As for other transactions outside of the three cashback categories, cardholders will be rewarded in the form of VIP Points. Every RM1 that you spend on other retail transactions will earn you 1 VIP Point, which can then be used to redeem air miles, gift vouchers, and other items from Public Bank’s redemption catalogue.

2) Bonus features

  (Image: Plaza Premium Lounge)

While cashback and VIP Points remain the key highlights for Public Bank Visa Signature, the card also come with several additional features that its value for cardholders. Chief of these are the travel and e-commerce benefits.

Specifically, cardholders will get 2x complimentary access to any Malaysia Plaza Premium Lounge in a year and up to RM500,000 travel insurance coverage per annum. There’s also online purchase protection (up to USD$200 per claim per annum) for instances such as non-delivery of purchased items, wrong or incomplete deliveries, and physical damage to the delivered items. Additionally, there is a 50% discount on will and wasiat writing service fees.

Convenient and reliable

With a 6% cashback rate on dining, online, and grocery transactions, the Public Bank Visa Signature card is still considered a competitive cashback card for essential expenses. It is joined by newer alternatives, like the
Citi Cash Back Card
 and
Hong Leong Wise
, but with a slight edge thanks to the inclusion of the increasingly-important Online cashback category.

In addition, there is no cashback cap per category like the two cards mentioned, which means you can earn the full RM38 cashback for any single category in a statement cycle. However, the introduction of the RM30 minimum spend requirement does make it less convenient to earn cashback, and lastly the monthly cashback cap of RM38 is lower than its peers.

Interestingly, we believe that the Public Bank Visa Signature is a good complement to one of the best cashback credit cards in Malaysia: the Public Bank Quantum Visa and Mastercard (
read our review here
). Popularly known as the dual cards that offer cashback for online (
Quantum Mastercard
) and offline (
Quantum Visa
) transactions, the Quantum cards both offer 5% cashback with a minimum spend of RM30, and a monthly cashback cap of RM30.

As such, the Visa Signature combines very well with the Quantum duo, allowing this trio of cards to earn cashback across a majority of transactions (except e-wallet reloads and petrol) and effectively doubling the spending that earns cashback with just a little advance planning. It is also worth noting that this card is one of the few cashback cards in Malaysia that bundles airport lounge access.

Finally, the Public Bank Visa Signature has an annual fee of RM388, but is waived with a minimum of 12 swipes annually. Note also that this card has a minimum annual income of RM80,000 or RM6,666.67 a month.

Verdict: An uncomplicated cashback card

(Image: The Borneo Post)

Ultimately, the Public Bank Visa Signature is a useful cashback card that lets you save on most of your day-to-day essential purchases both online and offline – but make sure that you meet the RM30 minimum spend requirement. For even better value, pair it with other cashback cards to continue earning cashback.

You can find out more about the
Public Bank Visa Signature card here
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Sad Pbb Vs holder

    11 months ago

No longer relevant from 1 october 2022. Will be cancelling the card

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    CC Holder

    11 months ago

Terms have been revised in 8/Sep and effective on 1/Oct. No longer relevant. :-(

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    real

    11 months ago

this should be revised because they just announced new features effective 1st October

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    Anonymous

    11 months ago

Starting Oct 2022, the Public Bank Visa Signature will be revised to 3% cash rebate on grocery, dining and online transaction with minimum RM100 per transaction, capped at RM30 per monthly statement cycle.

PB Quantum Visa also will be revised to 2% cash back on contactless transaction with minimum RM100 per transaction, capped at RM20 per monthly statement cycle.

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UOB Revises Monthly Cashback Pool For UOB YOLO Credit Card

Effective 1 March 2021, UOB will revise its YOLO credit card to offer a smaller total payout quota for its cashback benefit each month. The amount will be reduced from RM160,000 per month to RM120,000 per month.

“The total cashback payout is RM120,000 per calendar month, which will be awarded on a first-come first-served basis. UOB Malaysia does not have any obligation to inform the cardmembers should the cashback payout reach the maximum payout limit,” said the bank in its updated Clause 10 in the latest terms and conditions (T&C) document.

Apart from this, there will be no changes to the other features of the UOB YOLO card since the
substantial update that was previously introduced in January 2020
. You will still be able to earn up to a maximum of 5% cashback on three spend categories: online, dining, and contactless purchases – provided you carry out at least 5 transactions worth RM15 and above each month. The cashback cap, too, remains unchanged at RM30 per month.

For your knowledge, prior to January 2020, the UOB YOLO’s monthly cashback pool had actually been set at RM120,000 – it was only increased to RM160,000 during last year’s revision. With this latest update, the cashback pool will be reduced once more to its pre-2020 amount.

For more information on this latest update to the
UOB YOLO credit card
, you can head on over to
the bank’s official website here
.

(Source:
UOB
)

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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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Everyone Gets Guaranteed Gifts With Selected Credit Cards This Week!

Rain or shine, the Unbox This Week Campaign continues to dish out guaranteed gifts for Malaysians, and this week you can choose from vouchers, gadgets, kitchen appliances, and more!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (20 June – 27 June 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – JBL Pulse 4 Speaker or JBL TOUR Pro or TWS True Earbuds

Choose from two gadgets from JBL with a Citibank Credit Card:

JBL Pulse 4 Wireless Waterproof Bluetooth Speaker
JBL TOUR Pro

Worth RM1,299, the
JBL Pulse 4 Wireless Waterproof Bluetooth Speaker
allows you to bring the beat everywhere you go. With up to 12 hours of playback time, exciting light features, and the fact that it’s waterproof, means you get to enjoy music all day long with your friends and family. On top of that, you can link multiple JBL PartyBoost-compatible devices for a more enjoyable auditory experience!

For an enjoyable time alone, the
 JBL Tour Pro+
 are noise-cancelling earbuds that provide an immersive sound experience with up to 32 hours of playback time. Moreover, the Smart Ambient Technology, allows you to listen to your surrounding environment with a touch of a button.

So, apply, get approved, and spend with a Citibank Credit Card to earn your chance of getting either gift.

To be eligible, applicants are required to apply for a Citibank credit card, get approved, and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Guaranteed RM600 Shopee e-Voucher

Be prepared for Shopee sales with an RM600 Shopee e-Voucher! Browse, click, and add to your cart, then start applying for an HSBC Credit Card with us to take home the e-Voucher.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – PerySmith 4.2L 3D Air Fryer or URBANlite Trapez 24” 8-Wheel Spinner Luggage

Did you know that you can bake a cake in the air fryer? Get the PerySmith 3D Air Fryer and try it out. Designed with a 9-blade 3D airflow heating system, all your dishes will remain tasty and crispy, but without the excess oil.

Alternatively, take the URBANlite Trapez 24” 8-Wheel Spinner Hard Case Luggage with you on your next trip out of the country. With a durable and stylish build, your items will be kept safe and snug throughout your vacation.

Either one of these guaranteed gifts is yours when you apply, get approved, and activate your new Standard Chartered credit card. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – Guaranteed RM200 Shopee e-Voucher or URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage

Apply, get approved, and activate your new Alliance Credit Card to pick out the guaranteed gift of your choice from either RM200 Shopee e-Voucher or the URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage.

Whether you’re looking to shop or travel soon, applicants are required to activate their credit card upon approval to be eligible for 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.

Ambank – Morgan Air Fryer

Every day is fry-day with the Morgan Air Fryer! Healthier frying for the whole family is possible with Morgan Air Fryer’s rapid air circulation system and easy cleaning tray.

To score the Morgan Air Fryer, all you need to do is apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize.

Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

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

While this week’s flash deal ends on 27 June 2022 (11am), you can also 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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About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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BigPay Will Have A New Rewards Structure From 1 September 2019

The popular BigPay prepaid card will have a new rewards structure starting 1 September 2019. It’s still awarding users with AirAsia Big Points, but the change will incentivise card usage.

The big change here is that cardholders will no longer earn points for topping up their BigPay cards. To encourage spending with the BigPay card, users will earn double the Big Points at a new rate of 1 Big Point for every RM10 spent.

Previously, BigPay cardholders will earn 1 Big Point for every RM50 topped up, and 1 Big Point for every RM20 spent using the card. The changes aren’t as big as they sound, since the value of Big Points isn’t that high to begin with: 1 Big Point is equivalent to 1 sen when redeeming Air Asia flights.

Regardless, cardholders who use BigPay regularly will see their Big Points accumulate at double the rate come 1 September. Don’t forget to double dip in rewards by
using the right cards to top up your BigPay card and other e-wallets
.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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BNM Announces Five Additional Safeguards Against Financial Scams, Including Migrating From SMS OTP

(Image: Bloomberg)

Bank Negara Malaysia (BNM) revealed that it has instructed bank institutions to adopt five additional security measures in a bid to further strengthen safeguards against financial scams – one of which is to migrate from SMS one-time passwords (SMS OTP). Other steps include tightening fraud detection rules and triggers for blocking suspected scam transactions, as well as observing a cooling-off period for first-time enrolment of online banking services.

According to the governor of the central bank, Tan Sri Nor Shamsiah Mohd Yunus, financial institutions will be required to phase out SMS OTPs and move on to more secure forms of authentication for various online activities and transactions. These include account opening, fund transfers and payments, as well as making changes to personal information and account settings.

To note, several major banks in Malaysia have already begun this process of migration, with some notable examples being
Maybank
,
HSBC
,
CIMB
, and
UOB
. With this, scammers will no longer have the opportunity to hijack transaction authorisation codes (TACs) that are
usually sent to customers via SMSes
.

(Image: Bernama)

Aside from that, Tan Sri Nor Shamsiah also said that banks will be required to further tighten detection rules and triggers for blocking suspected scam transactions. “Customers will be immediately alerted when any such activity involving their banking accounts is detected,” said Tan Sri Nor Shamsiah, adding that these transactions will be blocked. Following that, customers will need to confirm the authenticity of these transactions to unblock them.

Customers who are enrolling for online bank services or secure devices for the first time will soon also need to abide by a cooling-off period – as another banking security measure. During this period, they will not be able to conduct any online banking activity. Maybank, for instance, has already notified its customers that it will be implementing a
12-hour activation period starting from 8 October 2022
 when customers enable its Secure2u feature on a new device.

Another new measure that will also be implemented is the restriction of customers to only one mobile or secure device for the authentication of online banking transactions.

As for the fifth and final measure, banks must also set up dedicated hotlines for customers to report financial scam incidents, and be more responsive to scam reports lodged by customers – including working with relevant agencies to recover and protect stolen funds. Along with this, financial institutions must also provide convenient ways for customers to suspend their bank accounts if they suspect that their accounts have been compromised, and to subsequently reactivate the accounts if they are sure that the accounts are secure.

“BNM requires banks in Malaysia to adopt high standards of security, especially for internet and mobile banking services,” Tan Sri Nor Shamsiah remarked when announcing these measures. She also admitted that the implementation of these controls may inevitably lead to some inconvenience for customers, but stressed that the
methods used by criminals are always evolving
. As such, it is important for BNM and the financial industry to continuously update their security controls and safeguards.

The governor assured, however, that BNM and the financial industry will strive to maintain a careful balance between security considerations and customer convenience.

Furthermore, Tan Sri Nor Shamsiah emphasised that the fight against scams is reliant on the cooperation of various parties, and not just BNM and the banks. The Royal Malaysian Police (PDRM), for instance, has established the Commercial Crime Investigation Department (CCID) Scam Response Centre. The Malaysian Communications and Multimedia Commission (MCMC) , too, is crucial in preventing tech platforms and third-party tele-communication service providers from being abused for scams.

Finally, the governor stated that the public, too, must build their awareness of scam tactics used by criminals, as well as the steps that they can take to avoid becoming victims. These include the “3S: Spot, Stop, and Share” method, which involves getting Malaysians to recognise signs of scams, stop engaging with the scammer, and share this knowledge with family and friends.

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

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Tan Sri Nor Shamsiah Mohd Yunus

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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Lazada, Shopee, And Zalora Credit Card Promo Codes For 12.12 2019

With the final online shopping festival just a few hours away, it’s the last chance to save up and stock up for the coming Christmas and Chinese New Year festivities. As usual, most banks will partner with popular e-commerce shopping sites to offer exclusive promo codes for 12.12 2019, letting customers save even when they spend.

To help you save time searching, here’s a list of 12.12 bank promo codes you can use on Lazada, Shopee, and Zalora, as well as general terms and conditions.

Lazada 12.12 Bank And Credit Card Promo Codes

Please note that this time around, these Lazada bank promo codes are valid from 12 December to 14 December. And, unlike Shopee, vouchers are distributed at specific times from 10 to 12 December – vouchers that you claim are yours, and will not run out. So claim first, even if you don’t yet have anything in mind to purchase!

Aeon Credit

Promo code:
collect here

Discount: 12% off minimum spend of RM150, capped at RM25

Quantity: 2,602 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

AmBank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 1,500 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

BSN

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: N/A (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

CIMB

Promo code:
collect here

Discount: RM15 off minimum spend of RM150

Quantity: 4,250 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Citi

Promo code:
collect here

Discount: RM30 off minimum spend of RM150 (Citi-Lazada Co-Brand Card Only)

Quantity: 1,200 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Citi

Promo code:
collect here

Discount: RM20 off minimum spend of RM150 (other Citi cards)

Quantity: 4,200 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Hong Leong Bank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 2,000 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

HSBC

Promo code:
collect here

Discount: RM20 off minimum spend of RM200

Quantity: 2,674 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Maybank

Promo code:
collect here

Discount: RM18 off minimum spend of RM150

Quantity: 3,000 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Public Bank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 2,000 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

RHB

Promo code:
collect here

Discount: RM17 off minimum spend of RM150

Quantity: 4,169 (voucher refreshes every day at 10am and 8pm, from 10-12 Dec)

Visit the
Lazada 12.12 partner offer page
 for more voucher codes, deals, and discounts, and check out the
Lazada 12.12
 mega landing page for the best deals across the entire platform.

Shopee 12.12 Bank And Credit Card Promo Codes

For Shopee 12.12 bank promo codes, they can only be used on Shopee Mall and Preferred Sellers only. There are two types that can be used: one which must be claimed first, while some banks require you to enter the code upon checkout.

Note also that even after you claim it, these codes may still run out if others use them before you do – keep this in mind especially for the higher-value vouchers, which usually runs out faster than others.

Aeon Credit

Promo code:
collect here

Discount: 12% off minimum spend of RM150, capped at RM20

Quantity: N/A

CIMB

Promo code:
collect here

Discount: RM15 off minimum spend of RM180

Quantity: 4,000 (first come, first served)

Hong Leong Bank (new Shopee users only)

Promo code:
NHONGL12

Discount: RM10 off minimum spend of RM40

Quantity: 2,500 (first come, first served)

Hong Leong Bank (existing Shopee users)

Promo code:
HONGL12

Discount: RM12 off minimum spend of RM150

Quantity: 2,000 (first come, first served)

HSBC

Promo code:
collect here

Discount: RM20 off minimum spend of RM200

Quantity: 2,000 (first come, first served)

Standard Chartered

Promo code:
collect here

Discount: RM20 off minimum spend of RM150

Quantity: N/A

UOB (new Shopee users only)

Promo code:
UOBTHURS15

Discount: RM15 off minimum spend of RM60

Quantity: N/A

UOB (new Shopee users only)

Promo code:
NUOB12

Discount: RM10 off minimum spend of RM40

Quantity: N/A

UOB (existing Shopee users)

Promo code:
UOBTHURS20

Discount: RM20 off minimum spend of RM140

Quantity: N/A

UOB (all Shopee users)

Promo code:
12UOB

Discount: RM25 off minimum spend of RM150

Quantity: N/A

Zalora 12.12 Bank And Credit Card Promo Codes

Looking to upgrade or refresh your wardrobe for the new year? Zalora should be your one-stop answer. Offering steep discounts on a huge variety of fashion brands, it also offers a range of popular beauty and skincare products. The best part? Zalora’s promo codes are almost always so good, they’re almost unbelievable (it offered 38% off almost everything on Black Friday 2019!)

Nevertheless, the Zalora bank promo codes are quite solid as well – just apply the code at checkout. Here’s a list of codes that are valid until 31 December 2019.

CIMB (new Zalora users only)

Promo code:
NEWCIMB

Discount: 28% off with no minimum spend, capped at RM50

CIMB (existing Zalora users)

Promo code:
CIMB230

Discount: 25% off minimum spend of RM230, no discount cap

Citibank (new Zalora users only)

Promo code:
NEWCITI28

Discount: 28% off minimum spend of RM220, no discount cap

Citibank (existing Zalora users)

Promo code:
CITI220

Discount: 25% off minimum spend of RM220, no discount cap

Hong Leong Bank (new Zalora users only)

Promo code:
HLBNEW

Discount: 28% off, no minimum spend, no discount cap

Hong Leong Bank (existing Zalora users)

Promo code:
HLBFFS

Discount: 25% off minimum spend of RM220, no discount cap

HSBC (all Zalora users)

Promo code:
HSBC2019

Discount: 15% off minimum spend of RM120, no discount cap

Maybank (new Zalora users only)

Promo code:
NEWMBB

Discount: 28% off minimum spend of RM220, no discount cap

Maybank (existing Zalora users)

Promo code:
MBBMY25

Discount: 25% off minimum spend of RM220, no discount cap

Standard Chartered (all Zalora users)

Promo code:
SC2019

Discount: 15% off minimum spend of RM120, no discount cap

UOB Bank (new Zalora users only)

Promo code:
NEWUOB28

Discount: 28% off minimum spend of RM200, no discount cap

UOB Bank (existing Zalora users)

Promo code:
UOBFEST

Discount: 25% off minimum spend of RM250, no discount cap

Shop smart and save more

For Lazada, the bank codes collected above can stack with store voucher codes

and
 Lazada-specific vouchers, allowing you to apply up to three promo codes (four, if you have a free shipping code) when you shop on 12.12 2019 – so much savings!

Meanwhile, while Shopee does not allow you to stack multiple promo codes, you can offset your purchases with Shopee Coins, which are worth 1 sen each. You can earn Shopee Coins via a variety of in-app games, as well as by checking into the app every day.

Finally, don’t forget to save even more by shopping with the
right credit cards that offer cashback for online purchases
 – just make sure you combine them with the right bank promo codes!

Happy shopping!

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Contact Lens vs Spectacles vs Laser Eye Surgery

Near 2020 vision – that’s the objective of the three alternatives you see above. They each have their strengths and weaknesses but most people pick any one of them to suit personal preference above all.

Some even go both ways between contact lenses and glasses, while others fix their vision impairment with corrective laser eye surgery. If you’re in a limbo between the three, bat your eyes this way because we’re about to assess each of them individually.

Spectacles

Commonly known as glasses, spectacles have long been the preferred choice amongst the vision impaired. Why not, it’s convenient to handle, cost effective in the long run and can sometimes double up as a fashion accessory (minus the sports part of course).

But the feelings aren’t mutual for those with pretty damaged vision compounded by other impairments like astigmatism and the lot. That’s because spectacle lenses can cost a limb for added corrections and can make eyes look magnified or vise versa.

Dry eyes is common especially in tropical countries like Malaysia and if you are one of those who suffer that, slipping on a pair of glasses might be a better option than contact lenses. It also offers some form of protection from dust and debris if you have sensitive eyes too.

Its cost effectiveness almost certainly stands uncontested against contact lenses and those with average vision impairment of 400-700 (-4 to -7) would benefit most. Frames and lenses both can cost anything between RM250-RM600 and can be used up to 3 or 4 years. It’s definitely the way to go if you’re looking to save in the long run (assuming your astigmatism alarm bells aren’t ringing).

Contact Lens

They come in different packaging, colours and expiry dates – but their aid to almost perfect vision is nothing short of amazing (within recommended vision impairment range of course). However, with this convenience and privilege comes a couple of pitfalls that most people choose to do without.

From experience, this writer has suffered eye infections and inflammations during the course of his decade with these pupil-sized lenses. These are amongst the potential hazards one may face if they choose to go down this route. It definitely is a no-no if you have dry eyes too.

From a convenience stand point however, contact lenses are perfect for the outlook conscious and sports junkies. You could do almost anything a person with perfect vision is able to (except fly a plane) and that is certainly a privilege most patrons in the optical landscape would fork out a big buck for.

Other pitfalls where contact lenses are concerned include having to stick them onto your eyeballs on a daily basis (which a lot are afraid of), sleeping with them on by accident (risk corroding your cornea) and the hygiene aspect too. One who swings this way would have the option of picking between daily and monthly lenses, both costing about RM160 (for a pack of 16 pairs) and RM90 (for 3 pairs for equal number of months and initial solution) respectively.

Laser Eye Surgery

A laser eye surgery is almost like being given a second chance at life, except this concerns vision and it comes with a pretty hefty price. Some desperately pick at their savings for the surgery while others will save for an entire lifetime (well, almost) to be able to wake up in the morning and read the little writing on the toothpaste tube.

In a nutshell, laser eye surgery or LASIK will give you near perfect vision (if not, perfect) and you would be able to participate in most endeavour expressed in the paragraph about contact lenses (just the good parts of course). However, this luxury won’t last you a lifetime as vision tends to deteriorate over time and there have been a few cases of relapses in the past.

Fret not though as the odds stack up in your favour considering these cases are rare, but cases of needing the use of reading glasses in the future are indeed pretty common. For the price of about RM2,500-RM3,500 per eye (conventional or modern correction methods), we’re sure many that have undergone the surgery are happily satisfied and urging others to jump on the bandwagon – and we can totally understand why!

Is There a Verdict?

If you’re wondering what the answer to the above question is, it’s a simple no. Like we mentioned in the introduction, it boils down to plain personal preference. Also, certain restrictions like vision impairment (or commonly known as ‘power’) thresholds are imposed on the use of contact lenses and laser eye surgery, leaving some with no choice but to use glasses.

However, if you happen to be torn between the three of the above alternatives, you would now be able to weigh out the options in transparent fashion and pick the method that would suit your finances and eyes best.

If you are considering a personal loan for the big move (eg: LASIK),
let us help you pick the best financial boost
. Have you experienced any of the above alternatives in a manner that is worth sharing with others? Speak to us in the comments section down below – we’d love to hear from you.

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Austin Victor

Austin Victor

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Laundry Service vs Washing Machine: Which One is Better For Your Money?

It used to be that people without washing machines and enough money to send their clothing to the
dobi
, had to resort to handwashing. Nowadays, ‘coin-operated’ or self-service laundromats provide those without the handy appliance a chance to still enjoy a machine wash.

But which option is actually better for your money? We breakdown the resources expended with each laundry cleaning route.

Let’s first look at the how much money one would spend to wash clothes with a home washing machine in comparison to a laundromat:

Money Spent

Own Washing Machine:
 The cost of buying a quality, fully automatic, washing machine can cost anywhere from RM600 to RM1,000 – where cheaper options can probably be found with minor brands and more expensive varieties available with higher specs.

Taking into account that a good washing machine can last
11 years
 on average – the monthly cost works out to be RM6 per month for an RM800 machine bought with cash.

From the table below, you can see other cost considerations that include detergent, electricity and water plus the monthly cost of the washer come up to RM16.61 per month for a total 12 loads (
3 loads per week
). Note that these figure will differ with individual washing preferences and behaviour.

Cost to Own and Operate a Washing Machine:

Item

Cost

Washing Machine 7kg

RM6.06

Electricity

RM2.88

Water

RM1.47

Detergent

RM6.20

Total

RM16.61*

*Note: The washing machine in this table is estimated to cost RM800, where its monthly cost is prorated over an 11-year life expectancy. Electricity consumption is based on
TNB
 estimates of average washing machine consumption of RM0.24 per half-hour cycle which we calculated as 6 hours or 12 cycles per month. Water consumption is estimated to be 1.44 cubic meters per wash at a cost based on
SYABAS
 rates of RM1.03 per cubic meter for the average user. Detergent consumption is estimated to be 45ml (
Dynamo
 at RM0.52 per 45ml) per wash where the figure quoted is for 12 washes per month.

Laundromat
: Depending on where you live, laundromat charges may vary but you’ll definitely get a better deal from new outlets or during promo periods where it can cost just
RM1
for a cold wash. On average, a 10kg hot wash costs RM 5 to RM7 and another RM5 for 30 minutes in the dryer with detergent usually provided free of charge. This works out to be RM10 to RM12 per 10kg in an average laundromat.

Now if you need to wash just 10kg per month (at the average price range), then it is cheaper for you to use the laundromat, but if you need to wash more clothes, then buying a washing machine is the cost effective option in the long run.

When compared in terms of cost – washing your own clothes with a washing machine is cheaper, especially for family households. However, paying for the initial cost of owning a washing machine may not be a possibility for some.

Now what about the amount of time and effort spent to get your clothes washed in a home machine as compared to your favourite laundromat?

Time Spent

Own Washing Machine
: One load can take approximately 40 minutes to an hour depending on the weight of the load and if you have to soak your clothes. Of course, you don’t have to spend the whole hour watching your clothes wash, but between separating, loading, drying and folding, you can expect to spend 20 minutes for each round of laundry.

Malaysians tend to wash their clothes approximately
two or more times per week
, so this should equal at least 40 minutes spent washing clothes each week.

Laundry Service
: Apart from going through the same steps as above, you also have to lug your laundry to the nearest laundromat and wait for the cycle to complete. You won’t have the luxury of putting in a load and going about your business. So add the average 40 minutes of wash time, another 30 minutes for the dryer to work its magic plus how long it takes you to get back home and yes, you’re definitely spending more time at the laundromat.

However, if you do your washing less often and load several machines at the same time, you could cut the time spent. Still, accumulating a ton of dirty clothes for a one-time wash might not be a practical option for everyone.

In terms of convenience, effort and time spent on laundry – the home washing machine is a better choice.

Which Should You Choose?

This decision depends on a few of factors, namely the number of people in your household, your budget, usage needs and convenience requirements. If you are single, you might find the need to buy a washing machine an unnecessarily large expense, but when it comes to doing laundry for a family household, a laundromat becomes a rather impractical option.

If you are looking to finance the purchase of a large home appliance like a washing machine but don’t have the funds right now, you might want to consider charging the purchase to your credit card’s
Easy Payment Plan
. Don’t have a card? Find the best one for your needs with the help of our
comparison page
.

Image credit:
Viktor U’s photostream
 and Bmiz’s photostream

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Easy Payment Plan

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Household Appliances

Laundry

Laundry Service

Washing Machine

About THE AUTHOR

Desiree Nair

Desiree Nair

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    DIANA MAFNAS

    2 years ago

Good article. Major points covered and easy to understand. Thank you.

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