Can You Afford the Additional Costs of Home Ownership?

The road to owning your own home is long, winding, and kind of expensive. If you thought the down payment was the only sum you’d have to fork out, think again. As a prospective owner, are you fully aware of all the fees you might need to bear?

Let’s run through the various costs you’ll incur on the road to home ownership.

Costs Related to Stamp Duties

In relation to home loans, Stamp Duties are a type of tax levied on legal documents, calculated against a percentage of the home’s value or purchase price. In Malaysia, stamp duties are placed on three main documents:

Sale and Purchase Agreement (SPA)
, this contract outlines the terms of a transaction between buyer and seller for the sale and purchase of a home. The SPA’s stamp duty uses a progressive fee structure of 1% on the 1st RM100, 000, 2% on the next RM500, 000 and 3% for remainder.

A
Loan Agreement
 differs from the SPA in that it draws out the terms of a loan between the bank (and other authorised financiers) and buyer. The stamp duty rate on a loan agreement is 0.5% of the loan amount or RM5 for every RM1, 000.

Transfer of Title
 applies to all completed properties only and represents the fees associated with changing the name on the ownership of a specific property to its rightful owner, usually the purchaser. The Transfer of Title stamp duty computation is the same as the SPA.

However, in line with the Malaysian government’s initiative to reduce costs on home ownership, a 50% stamp duty discount will apply for transfer and loan agreements on residential properties as of 1st Jan 2015. The offer is for first-time buyers intending to purchase properties valued at RM500, 000 and below.

To breakdown the fees or calculate stamp duties based on your own loan amount, try out the
Valuation and Property Services Department’s stamp duty calculator
.

Costs Related to Legal and Bank Fees

Disbursement Fees
 cover registration as well as bankruptcy and land searches. These payments are payable to the Land Office and Insolvency Department and vary from state to state making it difficult estimate. A reasonable range would be from RM300 to RM1, 500.

Other
Legal Fees
 are charged by property lawyers for the SPA as well as the loan agreement. Both contracts follow the same fee structure of 1% on the first RM150, 000 and 0.7% on the subsequent RM1mil.

Do take note; the SPA legal fees are calculated based on the purchase price of the home whereas the loan agreement is calculated on loan amount only.

There are also
Processing Fees
 are charged by the bank as an administrative cost to process a loan and is only incurred one time per application. The costs range as follows, RM50 for loans up to RM30,000; RM100 for loans of RM30,001 to RM100,000; and RM200 for loans above RM100,000.

Valuation or survey reports
 are necessary for a bank to ensure that the loan amount is equivalent or less than the value of the house. The report is usually carried out by a recognised real estate valuation firm selected by the financier bank and costs are borne by the buyer.

Valuation fees are calculated as follows, 0.25% on the first RM100,000 and 0.2% on the remaining up to RM1.9m. For a full fee structure, you can check the
Board of Valuer’s Valuation Fee Schedule
.

Costs Related to Insurance

Before giving out a loan, some banks make it a requirement to insure the property and protect it against the unfortunate event that the loan bearer suffers permanent disability or death, and is unable to service the loan.

These types of loans are called Mortgage Reducing Term Assurance (MRTA) or Mortgage Level Term Assurance (MLTA). The payment for MRTA-type insurance is a one-time fee and its coverage reduces simultaneously with the decreasing balance of your loan over time.

The MRTA’s beneficiary is the bank, whereas the MLTA‘s can be conferred to anyone, is more expensive, has a recurring fee and includes a cash value

to be paid to the borrower’s beneficiary after settling the bank’s loan.

The premium for the MRTA is based on age, loan amount, interest rate and loan tenure. Thus, it is hard to give an estimate for this type of loan, and as not all banks make it compulsory to purchase.

What is My Total Cost Beyond Downpayment?

Here is the tally of estimated additional fees, not including your down payment and MRTA (and other general insurance), calculated for a residential property purchase price of RM500,000 with 90% margin of financing.

Item

Est. Cost

Stamp Duty on Sale and Purchase Agreement

RM9,000

Stamp Duty on Loan Agreement

RM2,250

Stamp Duty on Transfer of Title

RM9,000

Disbursement Fees (also including fee for transfer of ownership title, loan facility agreement fees, SPA stamping and legal disbursement fee)

RM1,500

Processing Fee

RM200

Valuation Fee

RM1,050

Legal Fees on SPA

RM3,950

Legal Fees on Loan Agreement

RM3,600

Total Additional Fees

RM30,550

All costs are rough estimates and will vary due to differing interest rates and between providers. Whilst all care has been taken in computing the numbers – we advise you seek professional estimates based on your personal case.

Is There Anything I Can Do to Reduce the Costs?

The additional costs represent a very real barrier to entry for home purchases, especially for young buyers and even those with middle income levels.

However, since developers are keen to sell their products, you should look out for various sales packages and offers that help limit the financial burden on the buyer.

Motivated developers have been to known to absorb legal fees, some stamp duties and even insurance costs.

Banks too help out by offering zero entry costs packages for certain loan amounts or at the very least subsidise some of the fees.

In other cases, banks may also finance these additional costs such as the MRTA premium into the loan. This would increase the sum of your monthly instalment and incur more interest costs overall, so if you can afford paying the premium, try to avoid adding it into your loan.

Even though it seems that the additional costs beyond your down payment are high, go ahead and do your research, then research some more. This is to equip you with negotiating tools to ensure you are getting the best deal.

More importantly, try to carefully recognise what is and IS NOT included in your sales offer and loan packages. Beware of anything that sounds too good to be true because more often than not, they are!

Still if after you have tried you best and find that you still cannot afford your dream home, don’t fret, it’s probably a sign that you might not be ready for home ownership just yet or maybe you could adjust your preference by starting small. Whatever you decide, be sure it’s right for you in the long run.

0

0

votes

Article Rating

SHARE

TAGS:

Buying A Home

Buying A Property

Home Buying Fees

Home Ownership Costs

Homeownership

Homes

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


May 2021 Unemployment Rate Continues To Ease, Down To 4.5%

Malaysia’s unemployment rate saw another marginal decline in May 2021, down by 0.1% from April 2021 to settle at 4.5%. This is according to the latest labour report by the Department of Statistics Malaysia (DOSM).

Following the dip, the number of unemployed individuals has declined accordingly from 742,700 in April to 728,100 persons. Of the overall total, more than 80% were actively unemployed, although DOSM noted that the size of this group has also reduced from 618,700 persons in April to 609,900 in May.

“Among the actively unemployed who were available for work and were actively seeking jobs, 52.2% were unemployed for less than three months while those who were in long-term unemployment of more than one year comprised of 10.2%,” DOSM’s report further clarified.

Meanwhile, with regard to employed persons, DOSM said that the number of this group has also continued to increase by 0.1% since April to 15.37 million individuals in May. In April, the department recorded a total of 15.35 million employed persons. By economic sector, the number of employed individuals in the services sector and manufacturing sector were both able to maintain its upward trend. However, employed persons in construction, agriculture, as well as mining and quarrying sectors declined.

In a statement, chief statistician Dato’ Sri Dr Mohd Uzir Mahidin also drew a year-on-year comparison between the unemployment rate in May 2020 and 2021. “In May last year, the country experienced an
all-time high monthly unemployment rate of 5.3%
 with 826,100 unemployed persons. Thus, in comparison with the same month of the previous year, the number was smaller yet still above 500,000 persons recorded during the pre-pandemic period,” he said.

(Image: Mashable)

Dato’ Sri Uzir further commented that the labour market will continue to face challenges in maintaining its recovery momentum moving forward, given the reimplementation of the total lockdown in June 2021 to combat yet another Covid-19 wave.

“However, efforts are underway to ensure more people are vaccinated under the National Covid-19 Vaccination Programme to guarantee that the country reach the objective of herd immunity by the end of the year. Furthermore, various initiatives were introduced under the PEMULIH package to support businesses and sustain employees in the labour market. Therefore, it is hoped that these measures will help the economic activities to gain its recovery momentum, thereby sustaining the labour market situation in the forthcoming months,” said Dato’ Sri Uzir.

(Source: DOSM [
1
,
2
])

1

2

votes

Article Rating

SHARE

TAGS:

Covid-19

Department of Statistics Malaysia

DOSM

Unemployment

Unemployment Rate

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Hann’s Thoughts: What’s The Best Option For A Loan Moratorium Extension?

In
last week’s column,
 I gave a summary on what Malaysia’s Covid-19 driven Prihatin 6-month automatic loan moratorium is all about, when it’s going to end unless something new gets announced, and how we can all manage the situation after the moratorium period ends, including “discussing” with our banks with regards to R&R.

Having previously
advised the Malaysian government
 on economic and financial (and youth/digital) matters, I’d like to share my views on what should be done by a combination of Bank Negara Malaysia (BNM), the Ministry of Finance (MoF), and the banks, after the loan moratorium period ends on 30 September 2020.

Don’t let the moratorium end on 30 September without a solution

Assuming no further announcements are made, the Prihatin 6-month loan moratorium will officially end on 30 September 2020. This is basically a hard landing with no other solution than to “discuss with your bank on Rescheduling & Restructuring (R&R) if you need further assistance”. I don’t think this should be the way forward to handle the delicate situation we’re in – both for consumers and the banking industry.

The obvious damage that has been widely reported in the news will be a potential spike in loan defaults from October onwards. Consumers and SMEs who have not fully recovered from the various MCOs (and the global Covid-19 crisis) will still struggle to continue surviving financially with those commitments ramping back up.
Bankruptcies
 for individuals,
insolvencies
 for SMEs, and increasing
 impairment losses
 for banks will set alarm bells ringing across the nation, resulting in a devastating ripple effect to the Malaysian economy.

Currently, the response given by most leaders and industry players is “if you are struggling, speak to your bank to do R&R of your loans”. This means a case-by-case R&R plan that will be a mix of three possible outcomes:
tenure extension, consolidation, and personal moratorium
.

On the face of it, this sounds like a useful solution for those who still need help, but there are a couple of key reasons why this will be a huge challenge to execute.

Firstly, the sheer number of R&R exercises that will need to be conducted will result in
tremendous process delays
 with the banking industry. This should be straight forward: even if “just” 1 million borrowers needed to do R&R post-moratorium, that’s 1 million “discussions” or “negotiations” to be conducted. Imagine 1 million face-to-face meetings or calls between borrower and banker – it is just not practical without an automated solution. That said, an “automated” solution will still need to be customised to each situation/borrower if the post-moratorium options are “targeted” to those who need it the most (and thus, will not be easily customisable).

Besides that, we will also see
differences in treatment among banks
. We saw this with the initial moratorium guidance, where banks were told to apply their own methodologies when it comes to interest and tenure, and the subsequent difficulties there (where customers were frustrated with differing treatment) and eventually resulting in the blanket “no accrued interest” announcement by the Finance Minister on Hire Purchases.

Given what’s at stake, the current “speak to your bank” advice is simply not good enough.

An extension to the automatic loan moratorium isn’t the answer, either

To be clear, I think all borrowers should have the ability to extend the 6-month moratorium period to December or even next year if they need it. In fact I did suggest it
last week
 as a technique which Malaysians can use within the R&R process (all useful techniques without an AKPK-style impacting of your credit standing) assuming the automatic 6 month moratorium does not extend past 30 September.

BUT
 I don’t think it is wise to just (simply) extend the current Prihatin-announced automatic opt-in moratorium mechanism, for both customers and the banking industry.

For starters, the “automatic opt-in” mechanics resulted in
a take-up rate of 88% according to a poll by AKPK
, which was way higher than what it probably needed to have been. Many opt-out (like this moratorium) vs opt-in studies have been conducted over the world across industries with consistent outcomes (90:10 results vs 10:90 results with the opposite opting), telling us that while there would have been some people that really needed the moratorium, many Malaysians who didn’t actually need the moratorium took it anyway.

To put it in better perspective, a
study done by BNM in 2018
 on the resilience of Malaysian households against financial shocks revealed that only 11.7% of households will be “underwater” should there be a decline in household incomes of 10% for the year (for reference, household incomes declined 8.7% during the Asian Financial Crisis in 1997).

What should be more worrying is that continued automatic deferments may result in the wrong kind of debt habits being built up by consumers who don’t need it. A study found that
habits may be formed in as little as 66 days
 (just over two months), so imagine a loan which you have already deferred for six months and having the option to defer it even further (with the small inconvenience of accruing interest) even if you don’t need it.

Finally, there’s the question of liquidity in the banking system. It’s a bit technical, but essentially if 90% of us are not resuming our installment payments, there may not be enough money going back into the banking system to give new loans to customers. Of course, this is a worst case scenario and BNM has already stated there is
enough liquidity in the onshore banking system
, but a second blanket moratorium will raise this concern.

While it’s never happened in the banking industry before, we’ve seen a similar issue with PTPTN, which
struggled to recoup the loans given to tertiary students
 and resulted in stricter terms for new loan applications – and meant that fewer young Malaysians were able to afford tertiary education.

If the last two paragraphs sound overly dramatic to you, let’s take a look at what our Finance Minister revealed in a recent Parliamentary reading: “The banking sector is estimated to suffer the Malaysian Financial Reporting Standards (MFRS) losses of RM1.06 billion for every month the moratorium is in place. In total, the loss will be about RM6.4 billion,
equivalent to the reduced capacity for banks to provide new loans to borrowers
,” he said (emphasis mine). Note the second part of the final sentence – this isn’t a worst-case scenario, but one that is
already happening
.

What is the most viable solution, post-moratorium?

(Image: Malay Mail)

So, on one hand, not everyone has been impacted so heavily that they need an automatic moratorium (definitely not ~90% of borrowers who took it up), but on the other hand, leaving those who need it to “have a R&R discussion with the banks” will be bad for consumers (inconsistency between banks and general confusion) and banks (processing of individual restructuring in the hundreds of thousands or millions). What should the industry do?

My personal opinion: the best compromise would be a
3-month Pre-Arranged Opt-in Moratorium
 for those 3 product lines (Home loans, Personal Loans and Hire Purchases). So, if you need the moratorium, there is one ready for you already pre-arranged and therefore no need for discussion with your bank, BUT you have to opt-in (rather than it be automatic).

There are multiple benefits to this option which I believe works best for both borrowers and banks. For instance, this
pre-arranged setup with fixed terms
 means there is no need to “discuss” with your bank, saving plenty of time and valuable resources (plus the added benefit of social distancing!) Either BNM or MoF can give a directive to the banks, similar to the one done in April-September 2020.

By making the arrangement “opt-in” and not “opt-out” (i.e.
not automatic opt in
), borrowers simply need to fill up a form (online or offline depending on the banks) to inform the bank. Fortunately, most banks would already have a similar form ready from the
May 2020 Hire Purchase situation
 (it wasn’t used after the intervention of the Finance Minister).

Next, a
three-month period
 is short enough to be less damaging to the banking industry, while still being long enough to offer an additional reprieve for borrowers. Plus, the situation can always be reviewed at the end of each deferment if another pre-arranged extension is required.

Finally, the previous arrangement of accrued but not compounded interest was confusing for many borrowers. It also encouraged those who did not need the moratorium to pick it up anyway (since
it made sense to do so
). In order not to build uncontrolled debt habits among borrowers,
introducing accrued and compounded interest
 to the new moratorium extension is an appropriate compromise that borrowers may have to bear in exchange for more time. The low OPR environment in the foreseeable future will also make this more palatable for borrowers.

Overall, I believe that a short-term pre-arranged opt-in moratorium offers the best balance in terms of fairness to consumers and risk exposure to banks, while still maintaining the positive trajectory of the economy’s recovery.

The Prime Minister, Tan Sri Muhyiddin Yassin, is expected to make an announcement regarding the loan moratorium on 29 July at 3pm.

4.6

8

votes

Article Rating

SHARE

TAGS:

Bank Loan Moratorium

Bank Moratorium

Bank Negara Malaysia

BNM

Ministry of Finance

Moratorium

Moratorium Extension

Moratorium Malaysia

Rescheduling & Restructuring

Tan Sri Muhyiddin Yassin

Tengku Datuk Seri Zafrul Tengku Abdul Aziz

About THE AUTHOR

Hann Liew

Hann Liew

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


GrabFood Deliveries Are Now Available In Another 19 New Cities And Townships

(
Image: Grab
)

Food lovers around Malaysia would be happy to know that GrabFood, Grab’s food delivery service, has recently undergone a second round of expansion exercise. This means that its services can now be found in 19 new cities and major townships across the nation.

The list of new spots includes Kajang, Bangi, Sungai Buloh, Rawang, Ipoh, Taiping, Seremban, Nilai, Kuantan, Kota Bharu, Kuala Terengganu, Miri, Bintulu, Batu Pahat, Muar, Alor Setar, Sungai Petani, Seberang Perai, and Langkawi.

GrabFood was previously available only in selected areas in Klang Valley, Penang, Melaka, Johor Bahru, Kuching, and Kota Kinabalu. The service hopes to work together with local favourites in all of the cities to make food more conveniently accessible.

Sean Goh, Country Head of Grab Malaysia, commented that restaurant partners on the GrabFood platform have seen a four-fold average increase in sales in 2019 alone.

“Through our platform, smaller food restaurants, especially in the outer-city areas are now able to accelerate their businesses,” said Goh, who hopes to see a similar success repeated in the new cities.

Additionally, GrabFood has also recently introduced GrabFood Signatures, a specially curated list of restaurant-partners across various cuisines that customers love. GrabFood will be working closely with them to come up with customised promotional campaigns and bundles for the users. Notable restaurants involved in this collaboration include MyBurgerLab, La Juiceria, Village Park Restaurant, and Inside Scoop.

GrabFood’s expansion is a precursor to Grab’s goal to also introduce other services, such as
GrabExpress
 and
GrabMart
, across the country. Aside from just offering better services to its consumers, the technology giant also sees this as a method to increase business and income opportunities for all across the country.

“With 1 in 70 people in Southeast Asia earning an income through the Grab platform, Grab is aiming to play a bigger role in supporting and creating more income opportunities for Malaysians across the country,” said Grab in a statement.

(Source:
Grab
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Food Delivery Services

Grab

GrabFood

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Finance Minister: Budget 2023 To Maintain Malaysia’s Recovery Momentum, Facilitate Structural Reforms

(Image: Malay Mail/Ahmad Zamzahuri)

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has reiterated that Budget 2023 will continue to focus on strengthening Malaysia’s economic recovery and resilience, as well as facilitating structural reforms that boost the wellbeing of Keluarga Malaysia.

“Even though Budget 2023 will only be tabled in the fourth quarter of this year, we have already started the engagement process to collate feedback from the people. The government is always committed to continuing to increase transparency in the preparation of the budget and encourage the participation of the public,” the minister said.

Tengku Zafrul also clarified that the process of developing the upcoming national budget has already begun with the issuance of a
pre-Budget statement back in June 2022
. It was published to ensure that the public was aware of the government’s priorities for Budget 2023.

(Image: Bernama)

On top of that, the Ministry of Finance (MoF) had also invited various entities – including industry associations, business chambers, and non-governmental organisations – to submit proposals to be considered for the national budget. The public, too, will be allowed to share their opinions when the MoF issues a Public Consultation Paper.

“Subsequently, I and my deputies will go to all states for dialogues and see for ourselves the condition and needs of the people to get feedback directly, for instance, like in the previous year, the Finance Ministry will hold Budget Tour Programme to meet the people,” Tengku Zafrul explained.

Malaysia’s national budget for 2023 is expected to be tabled in the Parliament on 28 October this year.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2023

Budget 2023 Public Consultation Paper

Budget Tour Programme

Datuk Seri Tengku Zafrul Abdul Aziz

Ministry of Finance

Pre-Budget 2023 Statement

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Top 5 Highest Paid Celebrities in Malaysia

In recent years, we witness an increase in local dailies that opt to report on the activities of famous Malaysian celebrities alongside crime pieces and public affairs. It wasn’t surprising at the very least – a lot of people grow up wanting to be a celebrity – given that it portrays a glamourous lifestyle that one can only dream of leading. But sometimes, a lot of the lifestyle that is portrayed is sponsored and what the public doesn’t see that it is indeed hard work maintaining a public image.

While the celebrities make it look like a simple stroll in the park, they are constantly under the microscope and work hard to stay in the limelight. After all, their life decisions do make an impact and in some instances, they may even influence the behaviour of other people as well.

For all the high life they may enjoy and the hardship they go through behind the scenes, how much do the people we constantly idolize actually make? Here are the top five in Malaysia as according to
 Top Richests.

Tan Sri Michelle Yeoh

 Photo courtesy of France24

Net Worth – US$245 million (RM997 million)

One of the biggest Malaysian actresses to ever grace our country since P.Ramlee, she has been casted in Hong Kong and Hollywood films like James Bond, Crouching Tiger Hidden Dragon and most recently, the Star Trek series.

She has been on the receiving end of many prestigious awards and titles, with the latest coming from the French President Fancois Hollande, with an award of the highest honour in France for a non-citizen,
 Commander of the Legion.

With all the success that she has achieved, she is still priming herself and strives to expand her acting career.

Ling Tan

 Photo courtesy of The Star

Net Worth – US$60 million (RM244 million)

This beautiful angel is a super model that is based in
 New York
. She was born and raised in Kuala Lumpur but her long and windy career has taken her all over the world.

She started out in a local competition called the Asian Model Search Contest. She has since participated in hundreds of fashion shows by the top designers and fashion photographers, with many more to come.

Datuk Seri Siti Nurhaliza

 Photo courtesy of The Star

Net Worth – US$17 million (RM69 million)

With a voice that has taken Malaysia by storm, this powerful singer and artists barely needs an introduction. According to Wikipedia, this talented lady has garnered more than 200 local and international awards through out her career.

She started her very own Production company call Siti Nurhaliza Productions and What’s Up Entertainment.Besides her insanely successful music career, the queen of music even started her very own cosmetic and beauty product brand called SimplySiti back in 2010 and still remains the driving force behind the business.

Maya Karin

 Photo courtesy of RotiKaya

Net Worth – US$ 14 million (RM57 million)

This amazing lady is a triple threat, singer, actress and television host. According to IMDB, she has made a total of 20 appearances in various films.

Her music career begun in 2002 with the iconic music album called “Erti Cinta” before taking a long break and returning to the music scene in 2013. Upon her return to the music scene, she signed with Warner Music and then released another album shortly after, called “Teka-teki”.

She was also a Channel [V] VJ, tv-host for a bridal show, “Ratu Sehari” and a travel series, Beauty Secrets From the East.

Bront Palarae

 Photo courtesy of UtaraNews

Net Worth – US$ 8 million (RM33 million)

The thorn among the roses, Bront Palarae is an actor, screen writer and producer. This dashing fellow has an interesting background as he is born of Pakistani, Malay and Thai descent.

With 38 different credits to his name for involvement in TV series and films, has made a huge impact on the industry since he made his debut on television in the year 2003 in a film called Lang Buana. The superstar is far from done with his latest film, Ayat-Ayat Cinta 2, coming to cinemas early next year.

How to Get Started

If the idea of being a celebrity struck a cord, you could always start by building a following on Instagram or Facebook, something none of these stars had when they were getting started.

When you start earning some money through the advertisements and product sponsorships on social media, make sure you have the right savings account to manage your money. If you think you may need one for your upcoming rise to stardom, check out our
 comparison tool
 to find the best suited account to maximise your benefits.

0

0

votes

Article Rating

SHARE

TAGS:

Bront Palarae

Celebrities

Datuk Seri Siti Nurhaliza

Ling Tan

Maya Karin

Tan Sri Michelle Yeoh

About THE AUTHOR

Gavin Pereira

Gavin Pereira

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Ihtisham ahmad

    6 months ago

I wish to become an actor because I have very talent

0

Reply


Etiqa To Honour Flight Delay Claims From Travellers Affected KLIA & klia2 System Glitch

(Image: The Star)

Travellers affected by the recent flight delays at KLIA and klia2 who purchased
travel insurance from Etiqa
 can claim for flight delay compensation based on their stipulated policies – even though delays caused by airport system disruptions are generally not covered.

Etiqa Insurance and Takaful Group CEO Kamaludin Ahmad said that the company will honour claims for the system disruption as long as the delay is longer than the stipulated duration in the travel insurance policy. Etiqa offers four travel policies (two conventional, two takaful), with travel delay benefits ranging from RM60 (Travel Ezy & i-Travel Ezy, which applies to domestic flight delays of 30mins or more) to RM5,000 (
TripCare 360
 &
TripCare 360 Takaful
, which applies to domestic and international flight delays of 2 hours or more).

“We know we are unable to resolve the delays that are occurring, but we are definitely in a position to alleviate some of the pain,” he said in a statement.

(Image: Anthony Loke (Facebook))

In most travel insurance policies, flight delay benefits only cover adverse weather conditions, strikes, and carrier-related mechanical breakdowns. System disruptions at the airport such as the one that happened at KLIA and klia2 isn’t covered.

Those affected by the airport system glitch and had their flights delayed past the stipulated requirements (30mins for Travel Ezy, 2 hours for TripCare 360 and their takaful equivalents) are encouraged to submit a claim. Etiqa has multiple channels for claims, including its
website
, email (
[email protected]
), careline (1-300-88-1007), and even via WhatsApp (019-650-7931). Be sure to have the following details ready: your IC number, flight itinerary, boarding pass, and bank account details.

(Source:
The Edge Markets
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Etiqa

Etiqa TripCare 360

KLIA

klia2

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Bank Negara Continues To Maintain OPR At 1.75%

(Image: Malay Mail)

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to maintain to overnight policy rate (OPR) at the current 1.75%.

In its statement, BNM said that near-term growth in 2021 will be affected by the re-introduction of stricter Covid-19 containment measures, but the impact will be less severe than that of 2020. The growth trajectory is projected to improve from the second quarter onwards, driven by the recovery in global demand, turnaround in public and private expenditure amid continued support from policy measures, and higher production. The roll-out of vaccines in the coming months will also lift sentiments, it said.

“The MPC considers the stance of monetary policy to be appropriate and accommodative,” the statement concluded. “Given the uncertainties surrounding the pandemic, the stance of monetary policy going forward will be determined by new data and information, and their implications on the overall outlook for inflation and domestic growth. The Bank remains committed to utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery.”

The OPR was slashed a total of four times in 2020 since starting out the year at 3.0%. It was reduced by 25 basis points in
January
 and again in
March
, while
May
 saw a huge 50-basis point slash to bring it to 2.0%. In
July
, it was further reduced to the then record-setting low of 1.75%, with the MPC deciding to maintain this rate at its
September
 and
November
 meetings.

(Source:
BNM
)

4

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Monetary Policy Committee

MPC

OPR

Overnight Policy Rate

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Travel Tips for Chinese New Year!

The Year of the Monkey beckons as it peeps from just around the corner and Malaysians are already geared up for either their
balik kampung
 reunion or a quick getaway for the long weekend.

Regardless of the direction you’re taking, we have travel tips for the coming Chinese New Year just for you and it’ll sure get your ball of financial prudence rolling in a positive fashion all through the year ahead.

1) Pick Your Highways Wisely

Typically announced by concessionaires about a week ahead of celebrations, toll rebates may just be your best bet in saving on travel costs if you’re planning to hit the road this Chinese New Year. These rebates can go up to 30% but only apply to designated days to encourage smoother flow of traffic.

Feeling a little more adventurous than usual? Why not go down the road less taken and opt for a scenic route instead of a bland highway? Use
Waze
 or the good-old fashioned map to find the best unbeaten tracks for your journey. Just be sure to factor in the extra fuel and time costs.

Chances are, you’re going to end up on the highway during the unpredictable festivity period so don’t plan your holidays too far ahead so you can coolly reap the benefit of these discounts!

2) Book Your Flights Smartly

If you managed to pre-plan your brief getaway or reunion dinner and scored cheap tickets during a relatively busy travel period, go ahead and give yourself a pat on the back.

But there’s no need to frown if you haven’t because airlines have been known to drop last minute promotional festive deals, which you can pounce on. Skim through airline websites to sniff them out and you’re sure to come across some pretty amazing deals.
Malaysia Airlines
 has
Deals of the Day
 while
AirAsia
 has its
weekly promotion
.

If you can’t score any, be sure to put these considerably costly tickets on your travel credit card to rack up some serious rewards points. Use these points to claim a gift at a later date or you could even use your stack of points to redeem flights – yes, it is possible!

3) Pack Lightly

It’s almost a rule of thumb to pack luggage economically no matter where you go, abroad or in your own backyard, simply because it promotes savings that can go a long way.

If you’re driving, you get to reduce cumbersome traveling that can save loads of petrol especially for long distance driving. You also need not spend extra on baggage allowances if you’re hitting the skies.

If you find yourself not being able to pack it all in one case, be sure to roll up clothes and puffy apparel to save up on space within the same luggage. Check out our
tips on packing light
 and getting more value from it.

This gives you leeway to do a little shopping or simply bring home some Mandarin oranges that the in-laws packed for you – if you don’t mind a little extra weight on the way back.

4) Avoid the Going and Return Rushes

Many a times we get caught up in to-and-fro festive traffic from anywhere in the country, especially when driving, and Chinese New Year is no exception.

These traffic crawls are no joke and can consume hours off fuel-burning time on the road. The same applies to pre-festive traffic going out of the big cities and is no way to begin or end the celebrations.

Before hitting the road, figure out the possible stretch of leave days people would normally take to leverage on weekends and you should not have any problem getting to your destination as you are to return from it.

If you can’t quite figure out when these possible days are, take an extra day off on either end of your travel period to make way for much needed recovery if you do end up driving for hours longer than usual. A precautionary measure if you will!

5) Bring Along All Essentials!

Malaysia, along with several other countries within the region, has a significant Chinese population. This translates to businesses shutting down for quite some time during the festive period.

Be sure to stock pile on all your personal essentials before establishments start pulling down their shutters and bring them along with you on travels to avoid being stranded.

Things like medicine, hygiene products, emergency snacks, and even
Ang Pow packets
 are all essentials that will be very hard to get hold of especially during Chinese New Year. This comes from bitter experience, so do take note!

Buckle Up and Be Safe!

Yes, that too is an important travel tip and probably the most important amongst all listed above. Whether your vessel is commandeered by a pilot or it is you that sits behind the wheel, always remember to be safe whilst saving loads on travel for the festive season or just the long weekend. Be sure to strap your little ones in their child safety seats too!

Happy Chinese New Year, everyone!

0

0

votes

Article Rating

SHARE

TAGS:

Budget Travel

Chinese New Year

Financial Advice

Money-Saving Tips

Personal Finance

Trips

Waze

About THE AUTHOR

Austin Victor

Austin Victor

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Finance Minister: AKPK To Develop Temporary Assistance Programme For Financially Struggling Malaysians

(Image: The Sun Daily)

The Credit Counselling and Debt Management Agency (AKPK) will set up a temporary assistance programme to help Malaysians who are still struggling financially after the expiry of various repayment aids offered under the PEMULIH economic package, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

According to minister, the programme will help to ease the credit burden of individuals as well as small and medium enterprises (SMEs) who continue to face difficulties in improving their cashflow after the end of the PEMULIH aids. Further details about the programme will be announced soon, he said, adding that borrowers will also receive financial counselling from AKPK in addition to the programme. These include proper financial planning based on the borrower’s needs, financial management training, and referrals to other agencies through the Social Synergy Network to improve the borrower’s skills and income.

(Image: The Star)

“Therefore, the notion that there are those among the affected who will default in the first instance if the moratorium assistance is phased out or not implemented more broadly, such as the complete removal of the regular interest charge, is untrue,” Tengku Zafrul commented during a Parliament session today. He is referring to an earlier move to
waive accrued interest
 for the ongoing six-month loan moratorium amid public concern.

The minister further reiterated that all banking institutions have gone the extra mile in assisting Malaysian borrowers during this difficult time, despite loans being a formal agreement that “must be honoured between the bank and the customer”. “I would also like to clarify that in implementing the current moratorium, all banking institutions have taken various measures that help to further reduce the cost of credit, especially for the most affected borrowers, and go beyond the obligations set out in the original credit agreement,” he said.

(Image: The Star/Muhamad Shahril Rosli)

Elaborating on the matter, Tengku Zafrul said that all banks have already agreed to
waive compounded interest and penalty fees
 on all product loans during the moratorium. Regular interest (or accrued interest) will, however, continue to be charged so that
banks can still meet their other obligations
, including paying interest to depositors, covering other funding costs, and offering credit to stimulate the economy.

Aside from that, banks are also allowing affected credit cardholders to
convert their credit card balances to term loans
 at lower financing rates. “Thirdly, borrowers who apply for assistance through AKPK and are among the most affected, such as borrowers who have lost their source of income or households facing the situation of the death of a breadwinner, can receive a reduction in interest costs from banks as one of the loan restructuring assistance packages,” said Tengku Zafrul.

(Source:
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

AKPK

Cash Flow

Compounding Interest

Credit Counselling and Debt Management Agency

Moratorium

Moratorium 2.0

Moratorium Malaysia

PEMULIH

PEMULIH Moratorium

PEMULIH Stimulus Package

Tengku Datuk Seri Zafrul Abdul Aziz

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Bank Of England Reveals First Banknotes Featuring King Charles III

The Bank of England (BoE) has unveiled its first banknotes that feature King Charles III, which are set to enter into circulation from mid-2024 to gradually replace those currently bearing his mother’s portrait, Queen Elizabeth II.

In a statement, BoE said that the portrait of the King “will appear on existing designs of all four polymer banknotes (£5, £10, £20, and £50), with no other changes to the existing design”. His image will be printed on the front of the banknotes, as well as in the see-through security window, whereas the back of the banknotes will continue to feature Winston Churchill (£5), Jane Austen (£10), JMW Turner (£20), and Alan Turing (£50).

“In line with guidance from the Royal Household, to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes. Notes featuring HM Queen Elizabeth II and King Charles III will therefore co-circulate,” BoE further elaborated, adding that all polymer banknotes carrying the portrait of Queen Elizabeth II will remain as legal tender and can be used by the public as usual.

The governor of England’s central bank, Andrew Bailey also highlighted that King Charles III is only the second monarch to feature on circulating BoE banknotes, with
his mother being the first starting in 1960
; prior to that, images of the country’s rulers were featured on coins. It is also reported that there are about 4.5 billion individual BoE notes worth approximately £80 billion in circulation at present.

Meanwhile,
fifty pence coins bearing the image of King Charles III
 have already entered circulation earlier this month on 8 December 2022, distributed via post offices across the country. At that time, an estimated 4.9 million of the new coins were handed over to post offices, with about half of the total number earmarked for distribution in a phased manner. And just like the banknotes, coins carrying the image of Queen Elizabeth II will also still be accepted in shops alongside these new coins.

Queen Elizabeth II passed away on 8 September 2022 at the age of 96, and was subsequently laid to rest with a state funeral service at Westminster Hall on 19 September. The coronation of King Charles III, meanwhile, is set to be held on 6 May 2023.

(Sources:
Bank of England
,
BBC
)

5

1

vote

Article Rating

SHARE

TAGS:

Andrew Bailey

Bank of England

Banknotes

Foreign Banknotes

King Charles III

Queen Elizabeth II

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Peranan Utama Skor Kredit Dalam Kehidupan Anda

(
Baca artikel ini dalam
Bahasa Inggeris di sini
.
)

Anda mungkin pernah mendengar istilah “skor kredit”. Tetapi adakah anda benar-benar tahu maksud skor kredit dan betapa besar peranannya dalam hidup anda?

Skor kredit ialah nombor yang mewakili kelayakan kredit seseorang individu. Anda boleh anggap skor ini sebagai ukuran daya tarikan anda kepada pemberi pinjaman – semakin tinggi skor kredit anda, semakin sesuai sebagai bakal peminjam. Pemberi pinjaman, seperti bank dan institusi kewangan lain, menggunakan skor kredit untuk menentukan kebarangkalian peminjam mampu membayar balik pinjaman mereka tepat pada masanya.

Skor kredit anda dikira berdasarkan analisis sejarah kredit anda. Ini termasuk tempoh sejarah kredit, jumlah hutang, rekod prestasi pembayaran balik hutang, serta bilangan akaun kredit yang baru dibuka.

Bagaimanakah Skor Kredit Memberi Kesan Kepada Kehidupan Anda?

Skor kredit memberi kesan yang ketara kepada kehidupan anda. Setiap kali anda ingin membuat pinjaman daripada bank atau memohon kad kredit baharu, keputusan permohonan anda bergantung besar pada skor kredit dan kesihatan kredit anda.

Oleh itu, jika anda ingin membeli rumah idaman anda, atau menukar kereta anda dengan kereta baharu, skor kredit merupakan faktor penting dalam membantu anda mencapai beberapa matlamat utama dalam hidup anda.

Kepentingan Mengekalkan Skor Kredit Yang Baik

Seperti yang telah disebutkan, skor kredit merupakan sebahagian daripada maklumat yang digunakan oleh bank dan pemberi pinjaman lain untuk memutuskan sama ada mereka patut meluluskan pinjaman anda. Skor kredit yang tinggi menunjukkan bahawa anda adalah seorang pengguna kredit yang bertanggungjawab, dan memberikan lebih keyakinan kepada bakal pemberi pinjaman apabila mereka menilai permohonan pinjaman atau kad kredit anda.

Sekiranya permintaan kredit anda diluluskan, bank juga akan menggunakan skor kredit anda untuk menetapkan syarat kredit anda. Terma kredit ialah satu set syarat yang ditetapkan oleh pemberi pinjaman untuk kredit yang diberikan – ini termasuk jumlah pinjaman, had kredit, kadar faedah, dan tempoh pinjaman. Untuk pembiayaan seperti pinjaman rumah, pinjaman kereta dan pinjaman peribadi, anda biasanya akan menikmati terma kredit yang lebih baik jika anda mempunyai skor kredit yang tinggi. Ini bermakna anda akan membayar jumlah faedah yang lebih rendah sepanjang tempoh pinjaman.

Dengan membayar faedah yang lebih rendah, anda boleh menjimatkan sejumlah besar wang anda sepanjang tempoh pinjaman, terutamanya untuk pembelian item bernilai tinggi seperti rumah atau kereta.

Skor kredit yang rendah akan membawa kepada kadar faedah yang lebih tinggi. Walaupun permohonan pinjaman anda diluluskan, anda akan dikenakan kadar faedah yang lebih tinggi kerana pemberi pinjaman perlu menanggung risiko yang lebih tinggi berdasarkan kemungkinan anda tidak dapat membayar balik pinjaman anda. Kesannya, anda akan membayar lebih banyak wang dalam jangka masa panjang. Anda juga mungkin diberi tempoh pembayaran balik pinjaman yang lebih pendek atau dikehendaki untuk mempunyai penandatangan bersama (
co-signer
) untuk sebarang pinjaman yang dimohon.

Bagaimanakah Anda Boleh Meningkatkan Skor Kredit Anda?

Ia bermula dengan kesedaran. Kebanyakan daripada kita tidak mengetahui keadaan semasa kesihatan kredit kita. Untuk meningkatkan kesihatan kredit dan skor kredit anda, anda perlu memahami status kredit anda terlebih dahulu, serta semua faktor yang mempengaruhinya.

Untuk membantu anda memahami status kredit anda, agensi pelaporan kredit menyediakan laporan kredit yang mendalam kepada pengguna. Sebagai contoh, Experian Personal Credit Report Plus (PCRP) merupakan salah satu laporan kredit yang boleh anda manfaatkan. Ia akan memberikan gambaran yang meyeluruh tentang kesihatan kredit anda pada sesuatu tempoh masa serta memberikan penjelasan tentang status kredit anda. Ia juga menawarkan skor kredit tiga digit untuk rujukan mudah tentang kesihatan kredit anda – semakin tinggi angka tersebut, semakin baik kesihatan kredit anda.

Selain memaklumkan skor kredit anda, PCRP – serta kebanyakan laporan kredit lain – juga membolehkan anda mendapatkan maklumat berguna seperti rekod Skim Potongan Gaji Angkasa (SPGA), rekod PTPTN, rujukan perdagangan bukan perbankan, sejarah litigasi, dan lain-lain.

Lebih penting lagi, PCRP juga memberikan maklumat terperinci tentang kredit perbankan anda. Sebagai contoh, anda boleh mengetahui sama ada mana-mana kemudahan kredit anda berada di bawah pemantauan khas oleh bank atau institusi kewangan di bawah Akaun Perhatian Khas.

Dengan menggunakan laporan kredit, anda akan mendapat gambaran yang holistik tentang semua aspek kesihatan kredit anda. Ini membolehkan anda memahami dengan lebih baik bahagian utama yang perlu anda teliti dalam usaha meningkatkan skor kredit anda .

Contoh laporan PCRP Experian

Sebagai contoh, ramai yang tidak sedar bahawa tindakan membayar jumlah minimum bil kad kredit bulanan dengan penggunaan kad yang lebih tinggi akan menjejaskan skor kredit serta membebankan mereka dengan faedah yang lebih tinggi. Kesannya lebih teruk jika anda tidak membayar balik pinjaman bank atau penyata kad kredit anda tepat pada masanya – ini akan direkodkan selama 12 bulan dalam laporan kredit anda dan memberi kesan negatif kepada skor kredit anda.

Kebanyakan laporan kredit juga akan menerangkan kepada anda faktor-faktor yang telah mempengaruhi skor kredit keseluruhan anda, dan memberikan beberapa cadangan untuk memperbaikinya. Anda digalakkan untuk menyemak kesihatan kredit anda dari semasa ke semasa, walaupun anda tidak merancang untuk membeli kereta atau rumah dalam masa terdekat. Ini untuk memastikan skor kredit anda cukup baik untuk bank-bank meluluskan permohonan anda apabila anda ingin membuat pinjaman kelak. Selain itu, mempunyai skor kredit yang baik juga dapat membantu anda mendapatkan kadar faedah yang menarik.

Jika anda serius untuk meningkatkan skor kredit anda, amatlah disarankan supaya anda mula dengan menyemak skor kredit anda melalui laporan kredit terlebih dahulu. Selain daripada Experian, anda juga boleh mencuba agensi pelaporan kredit lain, seperti CTOS.

0

0

votes

Article Rating

SHARE

TAGS:

CTOS

Experian

Experian Personal Credit Report Plus

Longform

Skor Kredit

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


ShopeePay Offers RM3 And 3% Coins Cashback For DuitNow QR Payments

In celebration of the upcoming Hari Raya festivities, ShopeePay is now offering cashback for all DuitNow QR payments, provided in the form of both RM3 and 3% Shopee Coins cashback.

Specifically, users will be able to earn the RM3 cashback reward
twice
 during the promo period when they use their ShopeePay to make DuitNow QR payments at participating merchants:

1x RM3 cashback when they scan DuitNow QR code under ShopeePay
1x RM3 cashback when they scan the DuitNow QR Code under any other banks or e-wallets

You will need to spend a minimum of RM5 in order to tap into this benefit, and it will be provided on a first-come, first-served basis. This particular offer is already ongoing, and is set to end on 15 May 2022.

After earning the RM3 cashback rewards, all subsequent DuitNow QR payments made with ShopeePay will then earn you daily 3% Shopee Coin cashback rewards instead. Capped at 300 Coins per transaction, this offer is also provided on a first-come, first-served basis – with no mention of an end date to the promo as of yet.

For context, this
3% Shopee Coin cashback promo from ShopeePay
 has actually been ongoing since January this year. It was initially offered as part of a New Year’s Day deal, and had a limit of 20 redemptions per day.

Going back to the current Hari Raya deal, note that the RM3 and 3% coins cashback rewards are not stackable. You will also not be able to claim them if you have already used any 1 SEN ShopeePay voucher rewards. Some of the major brands that you can spend with to enjoy the perks of this promo include KFC, Burger King, Tealive, Mr DIY, and Mydin.

To earn the cashback, simply launch the Shopee app on your mobile device when you are shopping, and tap on the QR scanner at the top left of your screen. Scan either the ShopeePay or DuitNow QR code provided by the merchant, and pay for your purchase to get rewarded.

(Source:
ShopeePay
)

4

1

vote

Article Rating

SHARE

TAGS:

DuitNow QR

E-Wallets

Shopee

Shopee Cashback

Shopee Coins Cashback

ShopeePay

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Samsung Wallet Is Officially Launched, A Combination Of Samsung Pay And Samsung Pass

Samsung has officially launched its Samsung Wallet, which was unveiled back in February during its Unpacked 2022 event. The new app – which is described as “an easy-to-use, secure platform that holds everything your digital life needs” – will see the functions of two existing Samsung services, Samsung Pay and Samsung Pass, being combined.

For context, Samsung Pay is a mobile payment service that was launched in 2015, whereas Samsung Pass is the tech giant’s app that lets you save biometric information to log into apps and websites. With both now merged as Samsung Wallet, users will be able to use the resulting platform as a comprehensive tool to make payments, as well as keep a range of personal documents and items.

As was mentioned in
the initial unveiling
, some key things that you’ll be able to store in your Samsung Wallet include credit and debit cards, loyalty cards for stores, as well as official digital IDs such as driver’s licence and student cards. Of these, Samsung said that support for official digital IDs will only be added later this year.

Aside from that, the new platform also allows you to store your boarding passes as well as digital house and automobile keys, making it convenient for you to board flights or open doors via your mobile device. Note, though, that this Samsung Wallet feature is only available for selected airline, home security, and automobile manufacturer partners. For instance, Samsung Wallet only supports digital boarding passes for Korean Air at launch, and digital automobile keys for select BMW, Genesis, and Hyundai models.

“Samsung Wallet also incorporates the functionality of Samsung Pass which securely stores passwords and enables users to quickly and easily log into apps and services. It even helps users quickly monitor their digital asset portfolio by checking the value of their cryptocurrencies across various exchanges in one place,” the tech giant further stated in a statement.

In terms of security, Samsung Wallet will be protected by Samsung Knox, dubbed a “defense-grade security platform”. Among other things, your data will be protected by fingerprint recognition and encryption. Key sensitive items in Samsung Wallet will also be stored in the embedded Secure Element – an isolated environment – which limits the probability of digital and physical hacking.

Finally, Samsung clarified that Samsung Wallet will be made available only to six markets for now –France, Germany, Italy, Spain, the UK, and the US – as opposed to the original seven markets that were mentioned previously. Users in these regions who have Galaxy phones that support Samsung Pay and are running on Android 9 Pie or later, can begin tapping into the new platform just by firing up their Samsung Pay or Samsung Pass app. They’ll then be prompted to update and migrate to Samsung Wallet.

(Sources:
Samsung
,
Mashable
)

0

0

votes

Article Rating

SHARE

TAGS:

Samsung

Samsung Galaxy

Samsung Pass

Samsung Pay

Samsung Wallet

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF Shares More Details On Interim Payments For i-Sinar Applications

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has announced that members applying for the i-Sinar facility under Category 2 will be able to receive an interim payment of up to RM1,000 from the total amount applied starting from 26 January 2021. This came following Prime Minister Tan Sri Muhyiddin’s announcement of this new aid during the reveal of the PERMAI special assistance package yesterday.

But how exactly does the interim payment feature for i-Sinar (Category 2) works, and does it affect your future i-Sinar payment schedule? Here’s a quick guide to help you understand.

What is the interim payment feature for i-Sinar (Category 2)?

The interim payment is an advance payment of RM1,000 that will be provided to EPF members who are applying for the i-Sinar facility under Category 2. According to the EPF, the interim payment is intended to help lessen the financial burden of applicants who are affected by the current Covid-19 pandemic and the flooding in several states in Malaysia. It is also meant to be an immediate assistance to members while their applications are being approved and verified by the EPF.

To clarify, the advance payment of RM1,000 is included as a part of the overall i-Sinar amount that was applied for by the applicant. It will be deducted from the first payment amount disbursed to members.

Who is eligible?

Only EPF members who fall under Category 2 will be eligible to tap into the interim payment feature. Those who fall under this category are those whose total income has been reduced by 30% and above from March 2020 onwards. Total income includes your base salary and other benefits, such as allowances and overtime.

EPF members who are classified under Category 2 are already able to apply for the EPF i-Sinar facility
since 11 January 2021
.

Why the need for an interim payment?

According to the EPF, it could take two to three weeks before a member’s application status is approved or rejected. If approved, they will only get their first payment by the end of the following month.

As you can see, there’s quite a big gap between application and disbursement of money, and the interim payment is designed to address this.

When and how will the interim payments be disbursed?

For eligible EPF members who have already submitted their i-Sinar applications, they will be able to get the RM1,000 interim payments starting from 26 January 2021. Meanwhile, those who have yet to apply and wish to do so now will be able to get their payments within 7 days starting from their date of application.

Depending on your preference, the RM1,000 interim payment will either be credited straight to your bank account, or disbursed to you via payment order (PO). If you opt for PO, you will need to pick up the PO from your preferred EPF branch before cashing it in at an RHB Bank branch.

An illustration of how the interim payment feature works

To help the public better understand how the interim payment feature works and how it affects the overall i-Sinar payment structure, the EPF has shared the following examples:

Example 1
:
Fatimah applied to withdraw a total of RM10,000 via the i-Sinar facility, with RM5,000 as her first payment. With the interim payment feature implemented, the payment schedule for her i-Sinar application will be as follows:

Example 2
: Ali applied to withdraw a total of RM700 via the i-Sinar facility as he only has RM800 available in his Akaun 1 (it is necessary to maintain an account balance of RM100 after your i-Sinar withdrawal). With the interim payment feature implemented, the payment schedule for his i-Sinar application will as follows:

***

For more information about the EPF i-Sinar facility and the interim payment feature, you can head on over to the
official EPF i-Sinar website
. Alternatively, you can read up on our
coverage of the topic here
. You can also check out our write-up on the pros and cons of taking the EPF i-Sinar withdrawal facility in order to make a better informed decision.

0

0

votes

Article Rating

SHARE

TAGS:

Akaun 1 Withdrawals

Category 2 i-Sinar

Employees Provident Fund (EPF)

EPF Akaun 1

EPF i-Sinar

EPF i-Sinar Interim Payments

i-Sinar

i-Sinar Applications

i-Sinar Online

i-Sinar Withdrawal Scheme

KWSP

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BigPay To Expand To Thailand, Indonesia, And Philippines

BigPay, the digital financial services arm of Capital A, aims to expand its business reach in the coming year by tapping into the lucrative travel segment in the ASEAN region. Specifically, it intends to commence business in Thailand this year, followed by Indonesia and the Philippines in early 2024 – adding on to its current operation and offerings in Malaysia and Singapore.

According to the chief executive officer of BigPay, Zubin Rada Krishnan, BigPay already has a strong local team in Thailand, ready to begin building customised solutions to address local customers’ pain points and needs. Meanwhile, in the Philippines, BigPay will partner with UnionDigital Bank – a fully digital bank that is the
subsidiary of UnionBank
 – to introduce BigPay to users in the country.

Rada Krishnan shared that BigPay’s new expansion plans will enable the digital platform to introduce its range of existing financial products to more Southeast Asians, thereby improving their lives. These include  its
goal-based savings feature Stashes
, credit, remittances, bill payments, insurance, and mobile top-ups.

“For example, we want to help Indonesians working in Malaysia to easily remit money to family back home, and help their family in Indonesia to invest that money, or provide them with credit when there’s a shortfall. In the long run, we will help small businesses in ASEAN to broaden their activities beyond their own borders with innovative and easily accessible financial services,” said Rada Krishnan, adding that other features – such as Stashes – will help Southeast Asians to cultivate a habit of saving money with ease.

In addition to the expansion plans in these countries, BigPay will also tap into the opportunities and ecosystem of Capital A’s travel superapp, the airasia Superapp, to drive its growth. “BigPay will power seamless payment experiences in airasia Superapp, making it easy for people in ASEAN to pay for their travel in a simple one-click journey. When customers need help with paying for big purchases, or for money on their travels – BigPay can offer accessible credit,” Rada Krishnan stated.

Rada Krishnan further noted that existing BigPay users are already able to benefit from a range of exciting and unique offers within the airasia Superapp – such as exclusive previews and priority access for airasia promos – but there are more perks in the pipeline that BigPay hopes to introduce soon.

As for the advantages that BigPay has over its competitors, Rada Krishnan shared that the digital platform is focused on providing features that allow users full control over their finances with convenience. These include its
financial feed
 that allow users to easily see their spending patterns and how they can better manage their cashflow. The newly revamped user interface also enables BigPay users to easily check the rewards that they’ve earned, including cashback, airasia Points, and exclusive deals.

Finally, Rada Krishnan believes that BigPay’s outlook is quite bright in the near future as travel has picked up significantly recently. Furthermore, the digital platform is able to piggyback on airasia’s developed ecosystem to serve customers in this segment within Malaysia and throughout the region.

“We believe that customers will continue to benefit from the innovation that BigPay and others in the fintech space will provide. As the focus of investors and stakeholders pivots to profitability over pure growth, we believe we will see the industry focusing on building truly differentiated offerings that customers will be willing to pay for,” said Rada Krishnan.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

BigPay

BigPay Bill Payments

BigPay Card

BigPay Later

BigPay Later Personal Loan

BigPay Lifestyle Insurance

BigPay Round-Ups

BigPay Stashes

BigPay Virtual Card

Zubin Rada Krishnan

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Public Bank Quantum Visa & Mastercard Review: The New Default

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

Ever since Maybank released its Maybankard 2 Gold and Platinum credit cards, few have been able to challenge them as the “must-have” credit cards thanks to the cards’ low entry point and solid benefits. Now, here’s a genuine contender – from Public Bank, of all places.

Quantum Leap by Public Bank

Public Bank isn’t popular for its credit cards, and even less so among youths. But with the Quantum Visa and Mastercard, Public Bank specifically designed its benefits to cater to the “Gen Y” of Malaysia, which it believes will be the main economy driver for the country.

Interestingly, Public Bank offers the Quantum cards as a Visa and Mastercard combo; apply for one and you’ll get the other. The two cards both offer 5% cashback, but for different categories and capped at RM30 per card. Therefore, the maximum theoretical cashback you can receive every month is RM60.

You will need to keep in mind the categories that apply to the two cards.
Effective 1 September 2019
, the Public Bank Quantum Visa card offers cashback for contactless transactions above RM30, while the Public Bank Quantum Mastercard offers cashback for online transactions. This revision is quite significant, because even though the cashback categories has been reduced from four to two, the “contactless” category means the Quantum Visa has become a lot more useful.

On top of that, you also earn VIP points that can be redeemed for various products as well as air miles. For local spending, you get 1 VIP point for every RM1, while you get 2 VIP points for every RM1 spent overseas. For reference, 10,000 VIP points can be converted to 1,000 Enrich miles or 2,000 AirAsia BIG Points.

For the Quantum Visa, there is an additional condition: cashback is excluded for the following: petrol station (yup, it seems like you won’t get cashback for petrol), transactions at University Tunku Abdul Rahman and Tunku Abdul Rahman University College campus, on top of the usual exclusions.

Finally, there’s another feature unique to the Quantum cards called the Flexipay plan. Flexipay allows cardholders to convert any purchases above RM1,200 into 0% 12-month installments. This is great for big-ticket purchases and freeing up cashflow, but what’s even better is that Flexipay installments are classified as “retail transactions” that follow the same transaction category as the original transaction.

For example, if you purchase a smartphone online with the Quantum Mastercard and converted it using Flexipay by calling Customer Service, each installment payment in the following months will be categorised as “online transactions” (i.e. follows the original transaction category), and thus, be eligible for cashback. (
This is still valid as of 26 Sept 2019)

What qualifies as a “contactless transaction”?

Now, let’s clear up a common misconception regarding contactless transactions. While it is well-known that you can tap your card to pay for any transaction below RM250, what happens if you want to pay for something above that amount?

As it turns out, you can still tap to pay – you’ll just be prompted to key in your six-digit PIN after tapping the card.

Visa itself clarified this
 on its website, and the transaction will still be tagged as a “contactless” one which qualifies for cashback (if above RM30). Meanwhile, Samsung Pay users will be glad to know that using their phones to tap and pay also qualifies as a “contactless transaction”.

Public Bank and Visa covers the entire thing quite well – you only won’t receive cashback if you slot in your card to the card chip reader, or used the card in places where Public Bank has explicitly excluded in the above section.

Entry-level requirements

The
Public Bank Quantum credit cards
 are designed as entry-level cards, and the only requirement is a low minimum annual income of RM36,000 – that’s RM3,000 a month. Granted, most entry-level cards have a lower minimum income requirement (such as the
Maybankard 2 Gold
 and the
CIMB Cash Rebate Platinum Mastercard
), but the benefits of the Quantum cards are on par with the Maybankard 2 Gold, and superior to the CIMB Cash Rebate Platinum Mastercard.

Most importantly, the Public Bank Quantum Visa and Mastercard is free for life! No minimum swipes, no minimum spending required. Note that all credit cards are charged RM25 in SST per year, per card.

Changes for the better

Most revisions to credit card features in recent times has usually been negative. However,
in the case of the Quantum cards
, the change is actually for the better. Not only are the cashback conditions a lot easier to remember, the revision also makes the Quantum Visa in particular a lot more useful in day-to-day use.

Gone are the less-optimised Groceries and Entertainment categories that most users simply cannot fully make use of. With the Quantum Mastercard’s Online and Quantum Visa’s Contactless cashback categories, cardholders now have a solid cashback card for online
and
offline purposes.

There is just one issue with these changes: the lack of cashback eligibility for petrol transactions; even in the original cashback categories, petrol wasn’t included. But hey,
there are better cards for that
.

Public Bank Quantum vs Maybankard 2 Gold

So it does come to this. Between the Public Bank Quantum and the
Maybankard 2 Gold
, which is the better credit card?

Let’s first look at the Maybankard 2 Gold. This is a very popular card for a reason: the American Express card offers 5% weekend cashback on almost any transaction and offers 5X Treats Points for every RM1 spent on weekdays (after the
June 2019 revision
). The cashback is capped at RM50 per month, but that’s not a hard figure to hit when the cashback is eligible for virtually all types of spending (the only exceptions are for government- and education-related payments).

The Maybankard 2 Gold also has a lower minimum annual income at RM30,000 (RM2,500 a month), and the Amex card can be used to get cashback for petrol transactions – the Quantum cards do not offer cashback for this category.

On the other hand, the Public Bank Quantum credit cards can be used any day of the week to be eligible for cashback (Mastercard for online, Visa for offline contactless). And while it is becoming more commonly accepted, there are still a significant number of places that do not accept Amex cards.

Plus, the Mastercard/Visa portion of the Maybank 2 Cards are practically useless, with no cashback nor TreatsPoints multipliers to offer. Public Bank, with its new revision, makes
both
 the Quantum cards worthy of use.

All things considered, perhaps it shouldn’t be “Public Bank Quantum vs Maybankard 2 Gold”, but rather “Public Bank Quantum and Maybankard 2 Gold”. After all, the Maybank 2 Amex can offer cashback for areas where the Quantum cards cannot.

Verdict: The best entry-level credit card combination for cashback

With the
September 2019 revision
, it is fair to say that Public Bank finally has a credit card (or two) that are better than Maybank’s legendary 2 Cards. The Quantum cards have zero annual fees, zero minimum spend requirement for cashback, and both cards are easy to earn cashback with.

In our original review, I said that the Public Bank Quantum cards are “a really useful complement to the Maybankard 2 Gold”. Today, it’s the other way around.

4.4

5

votes

Article Rating

SHARE

TAGS:

AIA Visa Gold

Mastercard

PB

Public Bank

Public Bank Quantum

Public Bank Quantum Mastercard

Public Bank Quantum Visa

Quantum Mastercard

Quantum Visa

Visa

Visa Gold

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Sandra

    3 years ago

Are ewallet top-ups eligible for cash back or points

0

Reply


HelloGold To Close Down Consumer Business By 2 February 2023

Mobile gold savings app HelloGold has announced that it will be closing down its operations in both Malaysia and Thailand by 2 February 2023.

In an email sent to its users, HelloGold said that users will be able to continue buying and selling gold, and to withdraw their funds from the platform until 7am of the aforementioned date. Additionally, any gold that remains in users’ HelloGold accounts after the deadline will be sold, and all funds will be transferred back to their bank accounts within five working days.

Meanwhile, those who are subscribed to the SmartSaver programme – which is essentially a savings plan that automatically buys gold at the lowest price every working day on your behalf – will receive their gold in their HelloGold account. Accordingly, they should also sell and withdraw their funds from the platform as soon as possible after obtaining it.

“We expect that the platform may experience high traffic following this announcement and therefore apologise in advance for any inconvenience caused. However, we would like to reassure you that we are taking steps to minimise any inconvenience,” co-found and chief executive officer of HelloGold, Robin Lee said in the email.

Lee also explained that the decision to shut down the business stemmed from the fact that HelloGold, in its current form, is “no longer commercially viable in the current market conditions”. Instead, the company will be pivoting to a business-to-business (B2B) model as it continues to pursue a white-labelling business locally and abroad.

For context, HelloGold was established in 2015 as the world’s first
shariah
-compliant and blockchain-based mobile app that lets users trade and save via gold trading. It subsequently expanded its services to Africa and Thailand in 2019, and has onboarded over 200,000 users since.

(Source:
FintechNews Malaysia
)

4

2

votes

Article Rating

SHARE

TAGS:

Gold

Gold Investment

Gold Savings App

HelloGold

Robin Lee

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Maimunah binti awang yusop

    7 months ago

I alwaya need some advance

0

Reply


Maybank And Shopee Are Teaming Up To Launch The Maybank Shopee Credit Card, To Be Announced Very Soon

Maybank is set to launch a new credit card in partnership with e-commerce platform Shopee, and the card may be launched in conjunction with Shopee’s mid-year 7.7 sales. The Maybank Shopee Credit Card is being described as an all-inclusive “lifestyle and e-commerce credit card” that will pay you back in Shopee Coins.

While not much is known about its exact features for now, we’ve been told that the Maybank Shopee Credit Card will offer both offline and online benefits. The Maybank Shopee Credit Card is also expected to be a Visa-branded credit card.

As a co-branded card, the primary perk of the Maybank Shopee Credit Card is supposedly “cashback” in the form of Shopee Coins. A popular feature, Shopee Coins Cashback is a popular rewards feature during Shopee’s sales events. 1 Shopee Coin is worth 1 sen, and regular Shopee users will know that Shopee Coins can be used to offset up to 25% of an order, capped at a maximum of RM30 per order, per day.

Maybank’s move to launch a credit card with an e-commerce platform can be seen as a timely one what with more consumers turning to online shopping in light of Covid-19. Currently, the only other co-branded e-commerce credit card in Malaysia is the
Lazada Citi Platinum Card
, which was introduced last October.

At present, there is no available information on who can apply for the credit card, but more details will be revealed at the Maybank Shopee Credit Card launch event happening next week. We will be covering more details on the card when it is officially launched, so stay tuned.

3.2

15

votes

Article Rating

SHARE

TAGS:

2015 Malaysia's Economic Monitor Report

Co-Branded Credit Cards

E-Commerce

E-Commerce Platform

Lazada Citi Platinum Card

Maybank

Maybank Shopee Credit Card

Shopee

Shopee Maybank Credit Card

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Lesser Known Ways to Score Cheaper Holidays with Your Credit Card

If you like travelling as much as a lot of us do; you’re definitely excited about the current removal of fuel surcharge. This now makes taking a trip even more affordable. As you scratch out your next travel destination on your
scratch map
; you might also be looking for good deals to make that holiday just a wee bit cheaper. In our experience; having a credit card can actually make budget travelling just a little easier.

As you may already know, collecting points to be redeemed for travel agent vouchers and discounts for hotels or even airmiles. If you have a
travel credit card
; you can
convert airmiles directly into air tickets or discounts on flights
. But those tips are already known to you. But we found there are some other ways you can qualify for discounts on your travels by using your credit card.

1. Exclusive Card Deals

On a recent vacation, our writer called a hotel to make a booking. She asked the sales person if any discounts were available and it turned out that a special 20% discount was applicable for 2 particular bank credit cards. The discounted price turned out to be cheaper than any hotel booking website or any other deal.

Tip
: Before making a hotel booking; check hotel booking sites for average prices. After that, call up the hotel and ask for deals tied to your credit card. Chances are; there may be some promotion that wasn’t advertised. This applies to domestic hotels but if you book a hotel booking website; they oftentimes offer discounts for some Malaysian credit card issuers at select international destinations so research helps!

2. Book Now and Beat Possible GST Charges

GST will be implemented in just a month and the Customs Department released a
document detailing how GST is expected to impact the travel industry
. It appears that increases can be expected on almost all services from hotels; to flights (domestic); to tour packages and agent fees. However, since both hotels and airlines allow to book and pay for your holiday now; why not use your credit card to do this?

Why do you need a credit card for this? Perhaps you don’t have the full amount for your holiday as yet. It allows you to book now even if you don’t have the full cash payment on hand at this very moment. A credit card also allows you to collect points and pay for these expenses online. You have the option of turning large payments into easy pay for even easier repayment.

Tip
: Paying off your CC early prevents you racking up interest fees that in the end negate the benefit of beating GST in the first place. Aim to pay off your full incurred charges within 3 months (or less if you can manage it!) or the interest on your CC will definitely negate the GST charge you sought to avoid.

3. Free Concierge Services. Travel Insurance and Travel Lounge Access

Some travel cards and even regular credits in the platinum level and higher offer travel benefits that saves you money. Instead of buying travel insurance or
lounge access
; make use of the benefits on your card when you pay for your flight ticket fully with your card.

Tip
: Peruse your credit card benefits online or call up your bank for the full list of benefits. To confirm this; you can always call the airport lounge in question or give the travel concierge a test round.

4. Emergency ‘Currency’ with Standard Rates

Carrying cash overseas is always a matter of estimation. We have to estimate the amount we will need and buy the required currency before we leave. But what happens if you ended up stranded without cash and find the nearest money changer is charging cutthroat prices for the conversion of RM to local currency? If you have just a little cash left – save it for the times you absolutely need it and use your credit card in places that will accept cards. This not only prevents you from being at the mercy of small money changers with high rates (because not every country is RM-friendly); but it also enables you to score the 1% rebate/cashback that many travel credit cards offer on international spending. This rebate can further reduce the impact of exchange rate costs.

Tip
: Make sure there is no overseas charge fee for your credit card before using it. If your card charges a fee; then any benefit is negated. Also, do confirm with your bank what the average exchange rate is for the currency of the country you are visiting and if any rebate/cashback applies.

These are just some of the credit card benefits we’ve discovered in our travels. If you know of anymore; we’re happy to hear them. Happy trails.

0

0

votes

Article Rating

SHARE

TAGS:

Airport Lounge Access

Credit Card Deals

Travel Insurance

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


RapidKL Introduces Unlimited Day Pass For Its Rail And BRT Services

Prasarana Malaysia Berhad, the owner of RapidKL rail and bus services has launched the MyCity pass – an unlimited 1-and 3-day pass for the MRT, LRT, monorail, and BRT.

The 1-day pass is priced at RM15 and the 3-day pass at RM45 for those with Touch ‘n Go card. Meanwhile, new users or those without a Touch ‘n Go card can get the 1-day pass at RM25 (or the 3-day pass at RM55) inclusive of a brand-new Touch ‘n Go card. Customers just need to maintain a RM5 balance to ensure the unlimited day-pass is usable. Similar to the
My100 pass
, Malaysians can use their MyKad as the cashless travel pass.

The company said the pass was introduced as a way to support Malaysia’s tourism industry and as a response to the request from international travellers and those not living in Kuala Lumpur and Selangor. It will give them the convenience if they were to travel within Klang Valley for a short time period.

However, do note that the MyCity pass does not cover RapidKL bus, MRT feeder bus, KTM Komuter, and the ERL. The regular fare will be deducted from the Touch ‘n Go card for these services.

The pass will be useful for those living outside the Klang Valley and tourists visiting the Klang Valley. The passes make it cheaper to ride on the Klang Valley rail network instead of buying individual tickets for their trips.

The MyCity Pass is available at all the LRT, MRT, Monorail and BRT stations. For enquiries, you may contact RapidKL through their
official Facebook page
 or email them at
[email protected]
.

(Source:
MyRapid
,
SoyaCincau
)

0

0

votes

Article Rating

SHARE

TAGS:

MyCity

MyRapid

RapidKL

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


AirAsia Offers RM88 And RM208 Fixed Fares For Domestic Travels

AirAsia has announced another fixed-fare promotion exclusively for BIG members, offering domestic flights within the country at a flat rate of RM88 and RM208. The ongoing promotion, which ends on 8 July 2020 (that’s tomorrow!), allows you to book for travel between 3 August to 30 November 2020 – including weekends. It is also applicable for all seats.

The RM88 one-way all-in offer is applicable for all flights within Peninsular Malaysia or East Malaysia. These include routes from Kuala Lumpur, Penang, and Johor Bahru to other states in Peninsular Malaysia, as well as from Kota Kinabalu and Kuching to other areas in East Malaysia.

Meanwhile, if you’re travelling between Peninsular and East Malaysia, the all-in fare is fixed at RM208 each way. Travel routes include from Kuala Lumpur, Penang, and Johor Bahru to Kota Kinabalu, Kuching, and Miri, as well as from Kota Kinabalu and Kuching to Kota Bahru, Penang, and Johor Bahru.

Do note that the prices displayed when you’re making your flight bookings do not reflect the promo yet, so don’t panic! Instead, you’ll have to proceed to the booking details page to see the promo price applied.

As usual, this promo is applicable only to the regular base fare, not inclusive of the Value Pack or Premium Flex bundles. If you wish to opt for either of those, you’ll have to top up a little more. You’ll also have to make your bookings via AirAsia’s website or mobile app to tap into the promo; it does not apply if you purchase from third parties.

To find out more about the RM88 and RM208 flat-rate promotion, head on over to
AirAsia’s website
.

(Source:
AirAsia
)

0

0

votes

Article Rating

SHARE

TAGS:

AirAsia

Domestic Travels

Flights

Promotional Campaigns

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Tune Protect Launches New Mobile App For Customers On The Go

Insurance provider Tune Protect has introduced a new mobile application, the Tune Protect App, to enhance its customers’ digital experience. The app comes with a variety of features that lets Tune Protect customers digitally self-manage their insurance policies at any time.

On the Tune Protect App, users can get a quick quote as well as buy an insurance plan instantly. It also allows you to look at all your policies in one place, submit and track insurance claims, and contact customer support, all within the app itself. Moreover, customers who have opted for the
Pay-As-You-Drive benefit
 for the Tune Protect Motor Easy plan can use the app to capture their odometer reading while driving.

“Every feature of the app was designed with the intent for it to be a one-stop and go-to platform for customers,” said How Kim Lian, Group Chief Financial Officer of Tune Protect. “Our focus is to deliver value-added services that users can engage with anytime, anywhere and to make protection easily accessible and manageable for our customers.”

Tune Protect touted the launch of its app as “timely” especially given the lifestyle shift in the new normal, with many consumers moving their transactions online. The digital insurer also cited a 2018 report by Comscore which found that Malaysia is one of the top 3 countries with the greatest share of mobile app usage time at 92%, just behind Mexico (94%) and Argentina (95%).

The Tune Protect Mobile App is available for download via the
App Store
 or
Google Play
. You can also find out more about the app on the
Tune Protect website
.

5

2

votes

Article Rating

SHARE

TAGS:

Digital Insurance

Insurance Mobile App

Mobile Apps

Tune Protect

Tune Protect App

Tune Protect Mobile App

Tune Protect Motor Easy

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Carmageddon: Malaysians Brace For Higher Fares And Longer Waiting Times For E-Hailing Services After 12 July

*UPDATE 12/7/2019: The government has decided to allow unlicensed e-hailing drivers to operate for another three months from the originally announced deadline of 12 July.

E-hailing drivers will now have more time to apply for the Public Service Vehicle (PSV) license, which is a requirement for all ride-hailing drivers on the road. According to the Transport Ministry, this decision is a “soft landing” approach towards the regulation of the e-hailing industry.

During the three-month grace period, unlicensed e-hailing drivers will be let off with warnings and a final reminder.

The original article appears below.

***

Malaysians are bracing for higher fares and longer waiting times for ride-hailing services come 12 July, which is the deadline set by the government for ride-hailing drivers to get a Public Service Vehicle (PSV) license to continue driving on the platforms. With just a fraction of the estimated 167,000 e-hailing drivers owning PSV licenses, many are forecasting a chronic shortage of drivers in what has been dubbed “Carmageddon”.

The numbers certainly paint a bleak outlook. The Ministry of Transport revealed that just 10% of the current 167,000 e-hailing drivers had signed up for a PSV license, and only 62% of that amount – just 10,151 – qualified for the license ahead of the deadline. The expected shortage of licensed e-hailing drivers is expected to heavily disrupt the entire industry, and experts are predicting longer waiting times and possibly higher fares – bad news for those who rely on apps such as ride-hailing giants Grab and other players such as MyCar, MULA, and others.

The Malaysian E-hailing Drivers Association (MeHDA) predicted that fares may increase up to 50% and longer waiting times for customers. “We will see fewer drivers when the deadline comes because many part-timers are opting out; plus many other drivers are still not PSV-ready,” said MeHDA president Daryl Chong.

(Image: Vulcan Post
)

According to Chong, e-hailing companies use algorithms to match supply and demand; lower supply or higher demand will see higher fares for rides, which are commonly seen during peak hours. “The surcharge on fares is already in practice now with a maximum cap of 100% set by APAD (Land Public Transport Agency). For example, a RM10 ride can go up to RM20 during peak hours. E-hailing companies give incentives to drivers during peak hours in the morning and evening to encourage them to pick up passengers,” said Chong.

However, Chong added that there is a possibility of e-hailing companies absorbing the expected price increase to ensure passengers are not too affected, before concluding that this “transitional occurrence” is expected to improve by the end of the year as drivers continue to get their PSV license after the deadline. “We expect 70% of the total e-hailing drivers to be PSV-ready by the end of the year,” he said.

Meanwhile, e-hailing companies are also predicting an increase in ride fares that will affect their businesses. MyCar founder Mohd Noah Maideen said that there is a possibility that fares would increase by 30% once the regulations come into effect. MULA Kuala Lumpur Branch Manager Kumeran Sagathevan concluded that “(service) disruption would definitely be unavoidable as the supply cannot keep up with the demand to start off with.”

On the other hand, some economists believe that e-hailing ride fares will not increase as affordability is among the main reasons passengers use them. Sunway University economics professor Dr Yeah Kim Leng said, “If they hike up their prices, they will lose their market share. It would not be in their interest to do so.” However, with the fewer drivers in the field, Dr Yeah added that this is a good opportunity for PSV-ready drivers to earn more thanks to less competition.

(Source: The Star (
1
), (
2
))

0

0

votes

Article Rating

SHARE

TAGS:

E-hailing

Grab

MeHDA

Ministry of Transport

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Online Shopping: Are Women Still From Venus?

How women shop differently than men online.

We all know that women and men shop differently. Women are often stereotyped as impulsive buyers and they tend to shop for both essential and unnecessary products. Men on the other hand are seen as more disciplined shoppers, buying only what they need and in a short amount of time. But does this behaviour hold true for online shopping?

Recent insights from Indonesia’s
Female Daily Network
 may help us to understand this topic better. Although women only make up 30% of Internet users in Indonesia, they are spending more money on e-commerce than their male counterparts. Similar to other markets, clothing, make-up, bags and children’s products are the main items that Indonesian women shop for online. Interestingly enough, women do shop for gadgets too. However, they are more interested on the physical looks rather than the products’ features and specifications.

Now if only we knew how much out of the
RM1.8bil of online shopping in 2010
 was actually done by women shoppers?

Image:
MadameNoire

0

0

votes

Article Rating

SHARE

TAGS:

Consumer Behaviour

E-Commerce

Personal Finance

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments