AXA: More Than 80% Of Vehicles Towed During Flood Did Not Have Flood Coverage

(Image: Malay Mail/Hari Anggara)

AXA Affin General Insurance Bhd revealed that more than 80% of the vehicles that it towed during one of the floods in Malaysia last year are not protected against flood damages. More specifically, only 18% of them had opted in for flood or special perils coverage.

The insurer noted that although there was a slight uptick in the take-up rate of flood coverage among its policyholders after such catastrophes – with 3.9% of AXA’s motor insurance policyholders adding on flood cover this year – most Malaysians were still grossly under-insured. Worse, many are also unaware of the importance of flood insurance.

Chief executive officer of AXA, Emmanuel Nivet commented that the public often recognise the importance of insurance protection only after it is too late, when they do not have the means to replace their damages and losses. “Such mindset should change as insurance is not about prediction or investment, but a precautionary measure to protect against unforeseeable risks and ensure greater financial protection and peace of mind,” he said in a statement.

(Image: The Star)

Nivet further stressed the necessity of flood insurance, and reminded the public that flood and special perils coverage is usually offered as an optional protection under most comprehensive motor policies. As such, you must request to add on this coverage.

Separately, the General Insurance Association of Malaysia also found that only 4% of Malaysians nationwide are protected against flood damages – which hints at the need to increase awareness among the people.

(Source:
AXA Affin General Insurance
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AmBank Signature Priority Banking Visa Infinite Card Revised To Offer Cashback

AmBank is revising its Signature Priority Banking Visa Infinite Credit Card-i to offer cashback benefits on retail purchases. Effective 1 August 2021, cardholders will earn cashback on retail spend instead of AmBonus Points.

“All your AmBonus Points and Lounge Access privileges will also be converted into Cashbacks, on top of other exclusive benefits that the card entails,” the bank said in a notice. Currently, the
AmBank Signature Priority Banking Visa Infinite
offers 5 points on every RM1 spent overseas and 1 point for local retail spend. The card also offered unlimited access to Plaza Premium Lounges both locally and internationally.

After the revision in August, cardholders will be earning cashback instead and the amount of cashback offered will be based on your monthly assets under management (AUM) with the bank, as well as the amount spent each month. Petrol, charity, and government-related transactions are not eligible for cashback.

This cashback structure is similar – but not identical to – the AmBank’s
cashback campaign
 for the Signature Priority Banking Visa Infinite that began in 1 November 2020 and will run until 31 July 2021.

AmBank added that cardholders’ existing earned AmBonus Points are still valid until the next expiry date and that you can continue to
redeem your points online
. For more information on this latest revision to the card, you may connect with your Relationship Manager with any additional enquiries.

(Source:
AmBank
)

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TNG eWallet Partners With Alipay+ To Enable Cross-Border Payments In Singapore

(Image: New Straits Times)

Touch ‘n Go (TNG) eWallet has officially expanded its cross-border payments capability to Singapore, in a collaboration with Alipay+, a payment and marketing solution operated by Ant Group. At present, TNG eWallet can be used in the city state to pay for rides with ComfortDelGro taxis.

“This is the beginning of a further expansion of our payment services to Singapore. ComfortDelGro is the operator of the largest taxi network in Singapore, operating about 9,000 taxis across the city. We view this as an excellent milestone to expand our payments proposition to Singapore, and we’re extremely pleased to have been able to bring our users this added convenience and use-case,” said the chief executive officer of TNG Digital, Alan Ni.

Ni also said that TNG Digital is working on growing the acceptance network of TNG eWallet in Singapore. “As borders reopen and international travel resumes, I expect our users to enjoy using the eWallet when we have more acceptance points in Singapore, in the exact same seamless way as how they would use the eWallet in Malaysia,” he stated.

(Image: TechNave)

Users who wish to access TNG eWallet’s cross-border payment service can do so by tapping on the Pay tile, and then swiping up as prompted by the app (“Swipe up to pay abroad via Alipay+”). You’ll then be required to key in your PIN, after which you can go ahead and make your payments using the QR code available. The foreign exchange rate used for your payments will also be available for your reference.

In celebration of this expansion of its cross-border payments, TNG eWallet users who ride ComfortDelGro taxis in Singapore and pay for their fares with the eWallet will be able to tap into an instant discount from RM4 and RM6 off their total fare. Ongoing until 25 June 2022, the discounts are varied at different weeks, and are capped at the first 300 transactions daily.

To note, TNG eWallet’s cross-border payment service has actually been enabled for Japan as well; if you tap on the drop-down list at the top right corner of the page, you’re able to generate a QR code for cross-border payments in Japan too. This option was introduced much earlier
back in 2020
, with supposedly over one million participating stores – although it is uncertain if this capability is still available now after two years of closed borders due to Covid-19.

(Sources:
New Straits Times
,
Lowyat.NET
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Tony Khong

    8 months ago

Can the Touch n Go ewallet be used in China?

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GSC-Hong Leong Credit Card – The Movie Day Returns!

Free GSC Vouchers mean you can watch the movies you want whenever you like.

Love Movies? Love paying for them with your GSC-Hong Leong Credit Card? Send one SMS to Hong Leong Bank to register for this special giveaway and you will be in to win two free GSC movie e-vouchers.

Only one condition applies: you need to spend more than RM1,000 in February on your GSC-Hong Leong Credit Card to apply.

Read the details
 or
apply for the GSC-Hong Leong Credit Card
.

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DOSM Survey: Higher Income Thresholds For B40, M40, T20 Households In 2019

(Image: The Malaysian Reserve)

The Department of Statistics Malaysia (DOSM) has released its Household Income & Basic Amenities Survey Report 2019, which contains updated income figures for the nation’s B40, M40, and T20 household groups. Overall, the income threshold for the household groups have shifted higher in 2019 when compared to 2016, which was when the last Household Income Survey was conducted by DOSM.

(Image: DOSM)

According to the report, the income range in 2019 for the different household groups are as follows: less than RM4,850 for the B40 group, between RM4,850 and RM10,959 for the M40 group, and RM10,960 and above for T20. The median household income for each of these groups are pinned at RM3,166, RM7,093, and RM15,021 respectively. You can compare these 2019 figures to the data from 2016 in the tables below.

Income range for B40, M40, and T20 Households in 2019 and 2016:

B40

M40

T20

2019 Income Range

<RM4,850

RM4,850 – RM10,959

>RM10,959

2016 Income Range

<RM4,360

RM4,360 – RM9,619

>RM9,619

Median income for B40, M40, and T20 Households in 2019 and 2016:

B40

M40

T20

2019 Median Income

RM3,166

RM7,093

RM15,021

2016 Median Income

RM3,000

RM6,275

RM13,148

(Image: DOSM)

Besides the income threshold and median incomes for each household group, the survey by DOSM also revealed the mean income, number of households, and percentage of total household income across the B40, M40, and T20 groups. For the percentage of household income each group holds out of the total household income in the country, it was found that the B40 group decreased in percentage by 0.4%, the M40 group decreased by 0.2%, and the T20 group increased by 0.4%.

B40

M40

T20

No of Households

2.91 million

2.91 million

1.46 million

Mean

RM3,152

RM7,348

RM18,506

Median

RM3,166

RM7,093

RM15,021

Threshold/Range

<RM4,850

RM4,850 – RM10,959

>RM10,959

Percentage of Total Household Income

16.4%

37.2%

46.8%

For more information, you can refer to the full
Household Income & Basic Amenities Survey Report
 2019 here.

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Finance Minister: No Other Country Has Such A Comprehensive Moratorium

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that no other country in the world has granted such a comprehensive loan moratorium like Malaysia has. According to the minister, most countries only provide targeted or limited loan assistance.

The latest
six-month moratorium
 offered under the PEMULIH stimulus package is offered to all individual borrowers and microentrepreneurs without imposing conditions such as income reduction or job loss. Tengku Zafrul stressed that the moratorium facility did not mean loans were forgiven, but that there would be no compounded interest or interest charged on interest.

“Only accrued interest will be charged as usual when we start to make payments after six months,” he said. For those who choose to extend the loan repayment period longer than the original period, the interest to be paid will definitely be higher but the matter has to be negotiated with the respective banks.

(Image: The Star)

“Credit card debts still need to be paid but if needed, it can be converted to a loan with a lower interest rate,” continued Tengku Zafrul. “That means that the credit card owner is still in debt but the cost is lower and the time to pay is also longer.”

The finance minister highlighted that the granting of the moratorium is only a temporary measure that is part of the National Recovery Plan initiative. He added that it needs to be seen along with the government’s efforts to accelerate the transition to the next phase of the movement control order (MCO).

(Source:
The Star)

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Maybank And CGC Launch Malaysia’s First Hybrid Loan Facility For SMEs

(Image: New Straits Times)

Maybank and Credit Guarantee Corporation (CGC) have come together to introduce SME Clean Loan/Financing Plus, a first-in-the-market hybrid loan facility that combines overdraft and term loans. The new financing facility is targeted at small and medium enterprises (SMEs), meant to assist them in their cash flow management during the challenging post-MCO economy.

The new loan facility consists of a ratio of 30% term loan and 70% overdraft facility, and applicants are not required to provide collaterals as 70% of the total loan is guaranteed by CGC. In terms of financing amount, you’re allowed to apply for a loan of between RM250,000 to RM 1 million with a minimum tenure of three to seven years. It is open to both new and existing Maybank customers.

(Image: The Star)

“The introduction of SME Clean Loan/Financing Plus is timely given that many SMEs are currently facing liquidity issues after months of disruption to their business. The ingenuity of this solution lies in its flexibility which enables SMEs to obtain upfront cash from its term loan while readily available overdraft facility helps with their cash flow management,” said Maybank’s group chief executive officer for community financial services, Dato’ John Chong.

Dato’ John further elaborated that unlike other clean overdraft facilities in the market where the limit will normally reduce a month after disbursement, SME Clean Loan/Financing Plus will only start tapering two years after disbursement. As such, this provides ample liquidity to SMEs to meet their short-term cash flow requirement

(Image: The Sun Daily)

The president and chief executive officer of CGC, Datuk Mohd Zamree Mohd Ishak, added that the initiative is one of CGC’s efforts to soften the impact of the Covid-19 pandemic by providing targeted cash flow support to SMEs. “This facility supported by CGC’s award-winning Portfolio Guarantee Scheme has special features that will provide SMEs with the ability to better manage their liquidity challenges caused by the current adverse economic conditions,” he said.

In total, Maybank and CGC have allocated RM1 billion for this facility, and it is available as both conventional and Islamic financing schemes. Of the total amount earmarked, the two parties aim to disburse the first RM300 million within the first year to benefit as many SMEs as possible.

To find out more about the SME Clean Loan/Financing Plus facility, you can contact Maybank at 1-300-80-8668 or head on over to
Maybank’s website
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Lim Kian chong

    3 years ago

What  is your financing costs   : ?

a)  interest rate

b)  guarantee fees p.a.

c)  other fees /charges

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TNG eWallet Revises Monthly Limit For Reload PINs, Classifies It As Non-Transferable Fund

Touch ‘n Go (TNG) eWallet is set to revise the monthly limit for the amount that you can top up via TNG reload PINs, increasing it from the existing RM1,500 to RM8,000. This revision – which will take effect on 27 July onwards – was revealed in the e-wallet’s latest T&C document, where it also said that funds from TNG reload PINs will soon be classified as non-transferable funds.

For those who are unaware, your TNG eWallet balance is actually split into two categories:
transferable and non-transferable balance
. This depends on the source of your top-up funds. At present, transferable balance refers to any eWallet reloads that do not come from credit cards – like debit cards, online banking, and TNG reload PINs. Funds from these top-up sources can be transferred to other TNG eWallet accounts, bank accounts, or GO+ (hence the name transferable balance).

Meanwhile, non-transferable balance is defined as any top-up amount that comes from credit cards, and they cannot be transferred to other accounts. There is a slight leeway given, however; TNG eWallet permits a monthly quota of credit card reloads to be treated as transferable eWallet balance for free – which is
set at RM1,000
 (for users of all TNG eWallet tiers). If you’d like for subsequent credit card top-ups (exceeding the allocated RM1,000 quota) to also be treated as transferable balance, then you’ll have to pay an admin fee of 1%.

Come 27 July, however, all funds from TNG reload PINs will fall under the category of non-transferable balance, and you will no longer be able to transfer them to other TNG eWallet accounts, bank accounts, or GO+. Instead, you can only use them for online and offline retail transactions via the eWallet, including bill payments, prepaid reloads, parking, movie tickets, and purchases from partner platforms.

Additionally, TNG eWallet stressed that this amount will not qualify for the RM1,000 monthly quota of non-transferable balance that can be treated as transferable balance – that quota will be maintained purely for credit card top-ups. The T&C document does not state, however, whether you can re-classify the reload PINs to be transferable by paying the 1% admin fee mentioned above.

Aside from these revisions, no other amendments were made to other limits, including its wallet size, monthly transaction limits, as well as annual transaction limits:

While TNG eWallet did not share an explanation for this latest revision, it is likely introduced as a way to streamline the e-wallet’s features, ensuring that users use it in a responsible manner. It is also worth noting that the existing RM1,500 was itself
reduced from a previous monthly limit of RM5,000
.

(Source:
TNG eWallet
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Mr. kamal

    1 month ago

After 27 July, there’s no transfer from my Tng to other Tng account untill i paid for fee is’t it?

1

Reply

    Cik Anne

    1 month ago

    Reply to

        Mr. kamal

What so you mean paid for fee?

1

Reply

    Anonymous

    1 month ago

    Reply to

        Mr. kamal

What fee?

1

Reply

    Rcss

    1 month ago

I tried paying at a restaurant from their qr  and it didn’t work for non transferable money. How can I get transferable money as a foreigner or do I now need to pay in cash every where?

4

Reply

    Null

    1 month ago

Stupid decision

4

Reply

    Alif

    1 month ago

bye bye tng bad deciaion

2

Reply

    Anonymous

    16 days ago

    Reply to

        Alif

It’s necessary, else everyone will be able to get cash advance from their credit card (via TnG pin) without any cost

1

Reply

    Anonymous

    1 month ago

So now if i reload ewallet tng pin from convenience store it’ll be non transferable? how can i change my non transferable ewallet to transferable ewallet? because i have money balanced in the non transferable category but i cannot transfer to other tng accs

5

Reply

    Hwjwhy27wb

    21 days ago

This is seriously bull****, as someone who can’t access easily to my own bank, (for cdm) i usually use tng topup pin since it more convenient to transfer money and more accessible, now with this new update, guess i have to make 1h+ trip again just to put money in my bank

1

Reply

    Anonymous

    16 days ago

    Reply to

        Hwjwhy27wb

Use FPX to transfer from your bank to your TnG, it will be transferable fund

1

Reply

    Anoninonino

    16 days ago

this killing tng.. will never use tng again..

2

Reply

    Yang Dikenakan

    7 days ago

It’s no longer an ewallet if I cannot make the payments I need to from it. I have been caught in a bind at a restaurant I ate at, but just as well I had enough cash to cover the bill when this so called ewallet decided that I cannot make payment to a restaurant because of the non transferable amount I had. Useless!

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5 Things You Didn't Know a Home Insurance Policy Could Cover

Taking out home insurance is mostly because we fear the perils of fire, flood and theft befalling our home and taking with it huge chunks of our belongings.

Home insurance usually comes in two parts; covering the structure of the home and its contents. It’s usually important to purchase both especially if you live in high risk areas.

However, did you know a good home insurance policy can cover much more than just damage by fire and flood or theft loss? There’s a whole host of eventualities you can be protected against but we picked out five of the most surprising.

The Contents of Your Fridge

Though not all policies cover this, we found some that did. If your food should spoil because of your refrigerator malfunctioning, home contents insurance will pay for the cost of replacing the items!

We reckon groceries have become so expensive that it is now important to insure the items you stock in your fridge.

The policies that cover this eventuality mention specifically that the loss must be due to refrigerator malfunction and not because you merely set the temperature wrong!

Cracked Mirrors

We found a good many policies willing to replace cracked mirrors! Whilst mirrors are undoubtedly part of a household’s contents, it is such an important feature that it warrants a standalone clause!

Perhaps we in Asia are more concerned about the 7 years bad luck bit. No problem; some policies stated that they will pay up to RM500 for damaged mirrors.

Replacing Locks and Keys Post Theft

Unfortunately, insurance won’t pay if you’re simply trying to keep your cheating spouse out of the house but they will if your locks have been damaged from a break-in.

Perhaps the lock has been picked, bolts been cut or a duplicate key made to access your home for some quick thievery. Replacing locks can be expensive if you choose to buy a good, solid brand (and really, why would you not after a break-in?). Alleviate the cost of that too with the help of a good policy.

Damage by Malicious Persons

Sometimes, it’s not just thieves and strangers who want to ruin your beautiful home. Maybe it’s your jealous neighbour from hell; unhinged lover or the
ah long
 who splashed red paint on your house.

Whatever the damage, if it was done by a ‘malicious person’; some insurance policies will have your back! Just make sure you pay the insurer even if you didn’t pay the
ah long
 (just kidding).

Property of Domestic Servants

Again, we wondered why a separate clause – if the domestic worker kept items in the home, then it should by and large be covered but in case you were wondering, some policies explicitly highlight that they will cover the replacement of personal items belonging to domestic servants.

Sometimes, you may not be aware of what your domestic worker owns and so having this policy will help to pay for whatever needs replacing in the event of any of the insured perils.

These five things are of course, just the fringe benefits. The main reason to take a policy is of course to help deal with costs associated with fire damage, flood damage, theft or any other mishap.

Policies in the market can be tailored to your needs and budget, so do ask your agent the extent of the coverage you will be receiving. Not all policies will cover all eventualities but it’s important to at least be protected against life’s major perils.

Now, isn’t it time you looked into insuring your home?

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Should You Give Your Kid a Credit Card?

A while ago, we wrote about how one of our customer have encountered difficulties in securing a credit card because she was deemed
too old to qualify for one
. And just when we thought that is a unique situation for some Malaysians to be in, recently, we have received an inquiry from an enthusiastic parent as to whether it is advisable to give their teenager their very first rectangle piece of plastic upon the completion of their SPM/O-Levels.

As absurd as it may sound, giving your soon-to-be an adult teen a credit card is not entirely a far-fetched idea as they move on to the next stage of their life. Even then, does that mean that you should not give your kid a credit card? Well, that’s something that we will be exploring in this article.

What Are The Benefits of Giving my Kid a Credit Card?

1. Financial Literacy

Actual hands-on experience will provide your child the insight that they will not get from role-playing or listening to a lecture. As a powerful financial teaching tool, it will let your kids know how to use it, read monthly statements which will help aid them in their book-keeping skills and discover the consequences of not paying on time faster than an Instagram Story video.

Teach your kids that whenever they swipe, it is expected for them to make full payment for the things that they are purchasing. Learning the difference between full payment and minimum balance as well as the interest that comes attached to each purchase will hopefully nurture them into responsible paymasters.

2. Easier Access When Purchasing Big-Ticket Items

If your kid is staying with you, chances are you will be the one who’s buying everything that they require and they would not need to pay a single cent as they are depending on you. However, the situation is different altogether if your child is studying overseas and their source of funding will be whatever it is that you have transferred to them from your bank account via
money-transferring services
.

A credit card can come in handy when it comes to paying for expensive essentials such as a flight ticket home or reference books and best of all, they will also learn how
to gain and accumulate credit card reward points
 for their future use. Just make sure that the transactions are only for necessities and not a random Ed Sheeran concert ticket.

Read Also :
Always Use Your Credit Card to Pay For These 8 Things

3. Handy During Emergencies

As much as we dislike to think of it as a possibility, in the scenario that something unfortunate happens to your kid and they would need to be hospitalised (i.e; an invasive surgery), apart from their health insurance, they would need to pay the hospital administrative fees as well as a deposit (which will be returned to them or absorbed into their medical fees) prior to getting treated.

Which is all fine and dandy if your child is accompanied by a guardian but what happens if they are on their own with no sufficient cash in hand? As such, having a credit card can come in handy in times of urgent need while assuring that your child is able to receive the care and treatment that they require in a timely manner.

4. Building A Good Credit Score

By the time your child is ready to graduate and move on to working life, if they have been consistently using their credit card during the duration of their studies, they would have inadvertently built a good credit score because of their card usage.

This will prove to be advantageous especially if they are seeking for business and financial-related occupations as some employers do look at the credit score of an interview candidate to assess their financial capability in managing their finances. In a competitive, cut-throat job climate, having an extra edge will definitely be a great respite for your kid and all they need to have is prudent money habits, practiced in a consistent manner.

Why I Should Not Give My Kid A Credit Card?

1. Living Beyond Their Means

The rise of young bankrupt Malaysians is a reality. With those aged between 25 and 44 making up the majority of those who are
declared bankrupt
, it is important to ensure that your child understands the power of a credit card and the responsibilities that come with it. Teach them that making the minimum payment will only help them to avoid penalties and that it won’t help them to settle their outstanding balance .

Failure to make payment will in turn bring them to financial ruin and result in an infavourable credit report which will definitely affect their chances in securing a loan, be it for a car or a home.

2. Making Impulsive Buys

The thing about credit cards is that it allows the user to buy things that are normally inaccessible with their current income. This notion can distort the true meaning of a credit card to your kid as they will view it as something that can be used to fulfill any of their wants immediately, thus leading them to make impulsive buys which is usually based on their emotions more than their actual needs.

Prevent them from turning into overnight shopaholics by lowering their credit limit and ensure that they do not abuse the privileges that comes with owning a credit card. After all, if this habit can happen to a gainfully employed adult, it is absolutely possible for a kid to develop the same addiction too.

So…Should I Still Give My Kid a Credit Card?

There are no fast and hard rules as to whether you should give your kid a credit card as there are both pros and cons when you choose to do so. If you feel that your kids are not ready for a credit card and the responsibilities that it’s attached to, that’s alright. After all, it all depends on the individual’s spending style so yes, it is possible for your kid to have a credit card and stay debt-free as long as they keep the credit cards do’s and don’ts in mind.

Evidently, it is irrefutable that having a credit card can easily pave the way to a healthy credit report while playing a role in educating your child as they turn into knowledgeable, informed buyers when it comes to making their purchasing decisions in the future.

If you have been thinking of getting your kid a credit card, let us
help pick one
 that works best for them as well as their needs. As always, do spare some time to read the terms and conditions.

Are you planning to give your kid a credit card? Tell us about it in the comments section below – we’d love to hear from you!

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Arnie Ruxana

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For The First Time: RinggitPlus' Unboxing This Week With 5 Participating Banks!

That’s right! For the first time this year, we’ve opened up our Unboxing This Week to give you more choices, more banks, and more opportunities to take home an iPhone 12 64GB.

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

But, this week, we’re taking it up a notch! For this week (21 – 28 June), we’re giving everyone the chance to win an iPhone 12 64GB when you apply for a credit card with 5 featured banks:
Citibank, Standard Chartered Bank, HSBC Bank, Ambank, and CIMB Bank.

So, if you’ve considered applying for a credit card with any of these banks, now’s a good time to get more out of your application!

The Main Prize: Apple iPhone 12 64GB (Worth RM3,899)

Stand a chance to win an Apple iPhone 12 64GB when you apply for selected cards from any of the 5 banks listed above through us! The main prize will be gifted to 40 randomly chosen successful applicants who submit their application from 21 to 28 June and meet individual bank requirements to be eligible for the prize.

Read on to find out the individual bank requirements:

Citibank:
 Activate and spend a minimum of 8 retail transactions on your new card within 60 days upon gaining approval. Current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion.

Apply for a Citibank Credit Card here.

Standard Chartered Bank:
Activate your card within 30 days upon approval to be eligible for this prize. Do be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign.

Apply for a Standard Chartered Credit Card here.

HSBC Bank:
 Activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval. Current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign

Apply for an HSBC Credit Card here.

Ambank:

Activate your card within 30 days upon approval to be eligible for this prize. Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.

Apply for an Ambank Credit Card here.

CIMB Bank:
 Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, You do have to activate and spend any amount to meet the requirements of the campaign and be eligible to win an iPhone 12. Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the 6 months are not eligible for this campaign.

Apply for the CIMB e Credit Card here.

For all the other applicants who do not win the iPhone 12, no need to be disappointed because you get to walk away with something cool too! We’re gifting you a set of Realme Buds Air Q TWS Wireless Earphones.

***

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

While this week’s flash deal ends on 28 June (1 pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Maximise Your Income Tax Relief in 2017 By Spending On These

Why are we talking about income tax relief for 2017 when many are still struggling to complete their 2016 income tax filing you ask? That’s because it’s better to take advantage of the tax relief as early as possible so you can save more money on your next income tax filing!

Besides, what with the newly introduced tax reliefs (which include lifestyle, breastfeeding equipment, and child care centre or kindergarten fees), it’s now more important to keep all your receipts than ever. Here are all the things that you can claim for your income tax relief in 2017, so start spending on these and don’t forget to keep the receipts and proof of purchases!

1. Premiums Paid For Education Or Medical Insurance

Deductible Amount: RM3,000

Many overlook the importance of having a medical insurance and instead prefer to depend on their company’s group insurance instead.The problem with employee benefits group insurance is that the coverage is often low and subject to annual limits. Besides, you’ll be completely vulnerable if you or your company decide to end your employment, so isn’t it safer for you to have your own medical insurance policy?

If you are a parent with young children, consider taking out an education insurance policy for each of them for their future education. It’s specifically tailored to be your savings tool to help fund your child’s higher education expenses once they enter a college or university.

After all, you get an income tax relief of RM3,000 for medical insurance as well as education insurance premiums, so make full use of it and get yourself and your children insured! If you’re not sure where to start, head to our
medical insurance comparison page
 for a comprehensive list of the available medical insurance in the market.

2. Lifestyle Related

Deductible Amount: RM2,500

Sure, it doesn’t look like much, but the new lifestyle tax relief allows you to claim on items that were not covered previously, which include broadband, gym membership, as well as smartphones and tablets! What’s more, you get to claim for these on a yearly basis. Now is the best time for you to get that smartphone or tablet that you’ve always wanted! Here’s a list of the things that can be claimed under the lifestyle tax relief:

Computer

Reading materials

Newspaper

Sports equipment

Broadband

Gym membership

Smartphones and tablets

3. Life Insurance And Employee Provident Fund (EPF)

Deductible Amount: RM6,000

Malaysians are woefully underinsured, that’s a sad fact that many are unaware of. With the income tax relief of RM6,000 (which is combined with your EPF income tax relief), you no longer have to hesitate about purchasing a life insurance policy. It’s an important financial tool that will prove valuable at times of need; such as providing some financial relief to your family members after your death or in the event of a disability.

There are plenty of affordable life or term life insurance policies to suit any budget. Don’t believe us? Take a look at our
comprehensive list of the available term life insurance policies
 in the market and get your quote now!

4. Basic Supporting Equipment

Deductible Amount: RM6,000

Supporting equipment for the disabled are often expensive, not to mention few and far between. One way to make it more affordable is by buying secondhand supporting equipment on websites like
Mudah.my
 or Lazada.

Fortunately, to ease your financial burden, the government offers an income tax relief of RM6,000, which is also extended to a disabled spouse, child, or parent.

5. Medical Examination

Deductible Amount: RM500

Not everyone is willing to fork out their precious money for a medical examination, but one way or the other we all need to get medical checks in our life. It could be for your work purpose (some companies require their employees to go for annual medical check-ups or before starting a particular position) or to qualify for an insurance policy.

Whatever the reason, it’s always good to be on top of your health via medical check-ups. As the saying goes, ‘prevention is better than cure’, so make use of the RM500 medical examination tax relief and get yourself checked a soon as you can!

6. Breastfeeding Equipment

Deductible Amount: RM1,000

New moms rejoice! Starting from 2017 onward, new mothers (who are taxpayers) with children of up to 2 years old can get a tax relief of up to RM1,000 for breastfeeding equipment every 2 years. Breastfeeding equipment can be on the pricey side, and mothers should only use the good ones to maintain the quality of their milk for longer storage and convenience.

With the new tax relief, you no longer have to worry about buying the better (and more expensive) breastfeeding equipment for your bundle of joy.

Read also:

A Step By Step Guide To Filing Your Income Tax Online

7. Child Care Centre and Kindergarten Fees

Deductible Amount: RM1,000

If you’re struggling with your young children’s child care and kindergarten fees, your finances can now have more breathing room with the new income tax relief of up to RM1,000 especially for that purpose. The tax relief is aimed to ease the burden of parents with children of up to 6 years old, and can be claimed by either parent of the children starting from.

We’ve listed seven of the things you can spend more to save on your 2017 income tax, but of course, there are plenty more things listed on the 2017 income tax relief, which you can view
here
.

What are the income tax reliefs that you can make the most of in 2017? Do you have any plans on how you can save on tax? Share your thoughts and ideas with us in the comment section below!

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Syaza Abd Jani

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Maybank Kim Eng To Be Renamed As Maybank Investment Banking Group

(Image: The Business Times/Kua Chee Siong)

Maybank Kim Eng Group has announced that it is aligning its brand name, along with the names of its entities, to highlight Maybank as the master brand. This involves the removal of the name “Kim Eng” from the group’s name and logo.

With this development, the group will now be known as Maybank Investment Banking Group (Maybank IBG), and is to be referred to as Maybank Investment Bank within Malaysia. The entities in its markets globally, meanwhile, will adopt new company names and logos. For instance, Maybank Kim Eng Sekuritas in Indonesia is now renamed as
Maybank Sekuritas Indonesia
.

According to the chief executive officer of Maybank IBG, Ami Moris, this aligning of brand signifies a new chapter for the group given that 2021 marks the 10
th
 anniversary of Maybank’s acquisition of Kim Eng, which was then the largest equities franchise in the region. The acquisition subsequently paved the way to the formation of Maybank Kim Eng as a brand name.

(Image: The Star)

“We have grown from a single market entity in Malaysia to become the leading homegrown investment bank in ASEAN, this is a testament to our commitment to delivering to clients. Our success is measured against that. From day one, we brought the whole of Maybank, including the expertise of Maybank Investment Bank in Malaysia to serve clients’ advisory, funding, and investing needs,” said Moris.

Moris also commented that the aligning the brand to be closer to Maybank is a reflection of how Maybank Kim Eng has evolved to what it is today. It also bears the group’s aspiration to strive cohesively in achieving its environmental, social, and corporate governance (ESG) ambitions.

“The next 10 years for Maybank IBG will be about becoming the region’s leading sustainability-first investment bank aligned with Maybank group’s ambition,” said Moris, adding that the group has already begun to work towards the aim by focusing on supporting clients’ transition to sustainability-first businesses.

(Sources:
The Star
,
The Sun Daily
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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RM1 Waiver On ATM Interbank Cash Withdrawals To End On 1 February 2022?

(Image: New Straits Times)

A notice from Citibank appears to indicate that the RM1 MEPS fee for all ATM interbank cash withdrawals may be reinstated on 1 February 2022.

Introduced on 6 April 2020 shortly after the first Movement Control Order (MCO) commenced in Malaysia, the RM1 waiver was meant to
encourage people to move only within nearby areas during the MCO and utilise any bank’s ATM
 to withdraw cash. When it was announced by then-Defence Minister and current Prime Minister Dato’ Sri Ismail Sabri bin Yaakob, he stated that this waiver
will continue until the end of the MCO period
.

Now that the various MCOs have been lifted and SOPs updated under the National Recovery Plan, and with most of the country open once again, it appears that the RM1 MEPS fee for interbank cash withdrawals at all ATMs in Malaysia may be reinstated once again. Citibank’s notice reads:

Dear valued customers,
Reinstatement of RM1 Interbank Cash Withdrawal Fee
• Effective 1 February 2022, Debit & ATM Cardholders will be charged RM1.00 fee for each interbank cash withdrawal at an ATM of another bank.
• Citibank Debit & ATM Cardholders can continue to perform cash withdrawal transactions at Citibank ATMs at no charge.

Based on the choice of words, there is a strong suggestion that the fee will not be limited only at Citibank ATMs. However, PayNet’s website as well as several other bank websites and social media pages we checked have not mentioned a similar announcement. We have contacted Citibank via its Facebook page for further information but have not yet received a response, but we will continue to keep a look out for further updates.

(Source:
Citibank
)

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Pang Tun Yau

Pang Tun Yau

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

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Malaysia Listed As One Of Top 10 Countries With Cheapest Gasoline Prices

(Image: Bernama)

Energy price tracker, GlobalPetrolPrices.com has ranked Malaysia as one of the top ten countries with the cheapest gasoline prices, based on its latest data. Specifically, Malaysia secured the No. 10 spot, out of 150 countries that GlobalPetrolPrices.com is currently tracking.

According to the tracker’s data (as of 16 May 2022), Malaysia’s gasoline price is logged at US$0.466 per litre (RM2.05), whereas the average gasoline price globally is US$1.36 per litre (RM5.99). Meanwhile, the country with the cheapest gasoline price is Venezuela (US$0.022 per litre), and the most expensive is Hong Kong (US$2.897 per litre).

In its website, GlobalPetrolPrices.com explained that the differences in gasoline price between countries arise from the various taxes and subsidies that each country decides to impose on gasoline. “All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” it noted.

Additionally, the tracker clarified that as a general rule of thumb, richer countries will post higher gasoline prices, whereas poorer countries, as well as oil-producing and oil-exporting countries, tend to have significantly lower prices. However, there are exceptions to this; the United States, for instance, has low gas prices despite being an economically advanced country.

To note, GlobalPetrolPrices.com is a portal that collects data on the prices of fuel, electricity, and natural gas in numerous countries worldwide – which have been used by parties such as Bloomberg, the World Bank, and the International Monetary Fund (IMF). It also provides fuel price forecasts to a range of clients, including Tesla, Samsung, and Barclays.

(Sources:
The Edge Markets
,
GlobalPetrolPrices.com
)

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Nur Adilah Ramli

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    KHOO RAYMOND

    1 year ago

How about Brunei?

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American Express Cards Feeds you at Brotzeit German Bier Bar and Restaurant

Spend RM150 and above in a single receipt and get an RM20 cash voucher for your next visit at Brotzeit German Bier Bar and Restaurant when you pay with your American Express Credit or Charge card.

The restaurant serves exotic pizzas, salads and of course, German sausages!

Valid at Brotzeit restaurants in Mid Valley and Sunway Pyramid.

Haven’t got an American Express card? Get one from
here
.

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Diana Chai

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Become A Homeowner Of KITA Sejati Serviced Apartments From RM270,000

If you’ve been in the market for a new home, you’re probably aware of the recent OPR hikes and the possibility of
property prices increasing
. While choices are undeniably abundant, it may be challenging to find a property that matches your budget as well as your preferences.

Award-winning property developer LBS Bina Group has unveiled KITA Sejati at KITA @ Cybersouth. This property offers plenty of interesting features and makes a great option for first-time homebuyers as it’s priced from only RM270,000.

Let’s learn more about KITA Sejati in KITA @ Cybersouth.

Whether you’re an individual looking to buy your first home, a parent wanting a new home for your little family, or an elderly couple with plans to downsize, KITA Sejati offers cosy and comfortable homes that you can call your own.

Being part of KITA @ Cybersouth, your living experience will be redefined by the balance between an urban lifestyle and the serenity of nature. Plus, its affordable price tag from only RM270,000 makes for an attractive purchase.

Book your KITA Sejati home for only RM200 and you could stand a chance to win cars, motorcycles, household appliances, and more in conjunction with LBS Fabulous Virtual Property Fair.

Click here to visit the website
 and learn more about KITA Sejati.

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Lisa Ameera Azman

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What Is Financial Planning And Why Is It Important?

Everyone aims to achieve some form of financial goal. Whether it is a long-term one such as purchasing a house, retiring comfortably, or even short-term ones such as saving up for a new smartphone, it is extremely unlikely that one can go through life without a financial goal.

That said, meeting these goals can be a major challenge if you do not have an understanding about your finances as well as ways that you can use to manage them wisely. This is where financial planning comes into play, allowing you to prepare yourself to the best of your abilities (and resources, of course).

What is financial planning?

Simply put, financial planning is a continuous process of managing your current financial status, determining your short- and long-term goals, as well as drawing up specific strategies to help you achieve those goals.

If you set aside a portion of your salary as savings each month, you’re already doing some form of financial planning. However, there’s a lot more to financial planning than just saving – comprehensive financial planning encompasses aspects such as cash flow, savings, assets, debts, investments, insurance, and so on. The idea behind it is to ensure you are not just on track to achieving your financial goals, but also covered in areas you may not have considered or even thought about.

Why is financial planning important?

There are many reasons why financial planning is important. Here are some key benefits to consider:

It helps you identify financial lapses and take steps to fix them.

Proper financial planning is crucial in helping you to discover and rectify possible financial oversights – because you’re always kept informed about the state of your finances. For instance, you may be able to identify some outstanding credit card balance that may have accidentally forgotten (it can and does happen), or realise that the unit trust fund you’ve been investing in every month hasn’t been performing as it should. From there, your next steps to rectify them becomes easier and more effective.

It allows you to make the most out of your assets.

Just as how you’d plan vacations to make the most of your holiday, financial planning helps you make informed decisions so that you can manage your resources to its most efficient state. Some good questions to ask yourself can be:

How can you safely set aside your emergency savings while still earning higher interest than a basic savings account?

How can you still generate returns even when you are spending?

How do you maximise your income tax returns?

There are of course many more questions like the above. At the end of the day, you should have the mentality that your assets should be working hard for you.

It lets you measure your progress.

Having a financial plan in place means you can now measure the progress to your financial goals as most plans will require you to quantify your goals or set estimated deadlines. Some, for example, may involve you creating a few savings accounts for separate goals, and then contributing to each account over a period. This way, you can actually see yourself progressively saving up for something (which can be very motivating!), and also know how soon you can achieve your goals!

It enables you to improve your cash flow.

Financial planning can help you improve your immediate cash flow by monitoring your spending patterns and nature of your expenses. With some measure of planning and budgeting, you can easily identify and prioritise essential obligations, which can then encourage you to be more prudent about your expenses, ultimately leading to a healthier cash flow.

***

So as you can see, financial planning is a critical step in safeguarding your future; it is about creating a roadmap for your finances. More importantly, it isn’t something that only the wealthy should do – everyone needs to have their own “financial roadmap”.

Of course, it is entirely possible for you to make a financial plan yourself, but sometimes, the process can get too overwhelming, especially if you have limited experience with the financial instruments and options available. This is where a financial planner comes in.

What is a financial planner?

Think of them a little like a doctor. A financial planner is a qualified professional who can guide you in “diagnosing” your existing financial situation and, after taking account of your future goals, draw up strategies to achieve those goals. The
scope of their services
 is extensive, covering the following areas:

Cash flow management

Risk management

Investment planning

Tax/zakat planning

Retirement planning

Estate planning

In most cases, financial planners will start by having you fill out a questionnaire to help them evaluate and identify potential areas for improvement. You may be asked to answer questions about your current debt, savings, investments, insurance policies, and risk tolerance. From there, you’ll both be involved in discussions to draft out a financial plan (aka your “plan of attack”) for reaching your goals.

A common misconception about financial planners is that their services are better served for those with complex financial circumstances and for the wealthy. With a financial planner’s objective and expert consultation on managing your assets, their services can actually benefit all of us – and especially when you’re facing major life changes, such as a marriage or moving up to a better-paying job.

What qualifications or certifications should a financial planner have?

If you’re now better informed of the importance of a financial planner, that’s great! But before you go ahead and engage one, here’s one thing you
must
 be aware of: individuals who wish to practise as financial planners must first
be licenced by the Securities Commission Malaysia (SC)
. This, in turn, requires them to possess relevant certifications and meet certain requirements.

In Malaysia, some key professional qualifications that you can expect a financial planner to have include the following:

Certification

Association/Board

Certified Financial Planner (CFP)

Certification issued by the
Financial Planning Association of Malaysia (FPAM)

Islamic Financial Planner (IFP)

Registered Financial Planner (RFP)

Certification issued by the
Malaysian Financial Planning Council (MFPC)

Shariah Registered Financial Planner (Shariah RFP)

Essentially, Licensed Financial Planners (with the CFP certification) and Registered Financial Planners (with the RFP certification) provide the same scope of financial planning services, but the certifications are issued by the different boards that the individual registers with. Meanwhile, Islamic Financial Planner (IFP) and Shariah Registered Financial Planner (Shariah RFP) are qualified to provide financial planning services using shariah-compliant financial products within the Islamic financial framework.

Note, though, that earning these qualifications does not automatically make someone a licensed financial planner. They’ll need to clock in at least three years of relevant work experience before they can eventually obtain their licences from the SC – and the right to call themselves a financial planner.

RinggitPlus Financial Planner: A comprehensive financial planning service

As you can see, financial planning is something that can benefit everyone, regardless of their wealth status or financial circumstances. To meet this particular need, we have launched RinggitPlus Financial Planner.

RinggitPlus Financial Planner provides comprehensive one-on-one financial planning sessions with our Licensed Financial Planners, enabling you to take charge of your money to achieve your goals in life. After an initial assessment, you’ll meet one of our Licensed Financial Planners for an in-depth consultation, and receive a personalised financial plan to guide you. And depending on the package that you subscribe to, our Licensed Financial Planners will also be at hand to advise you on the execution of your plan or to review it after a period of time.

Aside from that, RinggitPlus Financial Planner consultation sessions are fully conducted online for your safety and convenience. This means that you can browse and purchase your preferred package from our website, fill in your profile via our online chatbot, and talk to our Licensed Financial Planners through a one-on-one video session – all from the safety of your home!

Finally, RinggitPlus Financial Planner is also up to 83% more affordable than standard market rates*. So, do check out
RinggitPlus Financial Planner
 and give your finances a boost with a financial plan that is specially customised for you.

* Benchmarked to 27 licensed planners in KL listed in Smartfinance.my

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Scan & Pay Campaign Offers Randomised Cashback Of Up To RM50

Maybank is currently running its Scan & Pay – Up To RM50 Cashback Promotional campaign, where customers can earn up to RM50 cashback when they spend a minimum of RM30 with selected merchants using Scan & Pay on the Maybank2u or MAE by Maybank2u (MAE) app. Held in conjunction with the upcoming celebrations of Hari Raya, Hari Gawai, and Pesta Kaamatan, the campaign is already ongoing and will run until 19 June 2021.

To be eligible for this campaign, you’ll need to have an active Maybank2u or MAE account, and are registered to use the Scan & Pay feature. Upon meeting the minimum requirement spend, you’ll then have the chance to earn a cashback of random value, ranging between RM0 to RM50. The amount will be determined by a randomiser programme.

Each eligible customer is allowed to earn four of these cashback rewards throughout the whole campaign, subject to the following cashback period:

15 April to 18 May 2021 (2x cashback)

19 May to 19 June 2021 (2x cashback)

You can spend with
more than 250,000 retail merchants
 nationwide in order to tap into the benefits of this campaign – ranging from household essentials to pharmacy and healthcare, to F&B. Expenses with selected online merchants are also taken into account. Major participating brands include Mydin, Guardian Pharmacy, Nando’s, Starbucks, and Uniqlo.

Maybank also clarified that to qualify for this campaign, the source of funds for your Scan & Pay feature must be set to your Maybank current, savings, or MAE account. In other words, you cannot use your debit or credit cards to fund the Scan & Pay feature for the purchases in this campaign.

Additionally, note that only Scan & Pay transactions performed via the Maybank2u app (version 5.6 and above) and MAE app (version 0.6.4 and above) will be accepted, so make sure to update your app to the latest version before performing the required transactions. You are also not allowed to split your bills in order to redeem multiple cashback rewards.

Lastly, all cashback earned will be credited into your account within seven working days from each eligible transaction. They will be awarded on a first-come first-served basis, and the bank has allocated a total of RM1.7 million for this whole campaign.

To find out more about
Maybank’s Scan & Pay – Up To RM50 Cashback Promotional campaign
, head on over the bank’s website.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Latest Maybank Campaign Offers RM10,000 Grand Prize, Special Rewards Including 999.99 Gold

Maybank has launched its new Tap, Track, Win with MAE and Maybank2u campaign, which offers customers the chance to win a grand prize of RM10,000 cash, on top of a variety of exclusive special prizes such as Macbook Pro, iPad Pro, and 999.99 gold. Kicking off today, it is set to run until 5 February 2023 in two phases (15 – 31 Dec 2022, and 1 Jan – 5 Feb 2023).

Open to any individuals with an active Maybank2u or MAE by Maybank2u (MAE) account, the prizes that are up for grabs via this campaign are as follows:

Prize type
Prizes
Number of winners
Grand prize
RM10,000 cash prize
50 winners (25 winners each phase)
Special prizes
Macbook Pro 13” (256GB)
8 winners (4 winners each phase)

Dyson Airwrap Styler
8 winners (4 winners each phase)

iPad Pro 11” (128GB)
8 winners (4 winners each phase)

999.9 Gold (5g)
8 winners (4 winners each phase)

RM50 cash prizes
2,102 winners (1,051 winners each phase)

RM100 cash prizes
1,200 winners (600 winners each phase)

RM250 cash prizes
720 winners (360 winners each phase)

To win the special prizes, you’ll need to carry out a range of eligible transactions via Maybank’s various online banking platforms (Maybank2u app, MAE app, or Maybank2u website) to earn campaign entries. Every transaction performed will get you one entry to put you in the running for these prizes.

To win the RM10,000 grand prize, however, you are required to complete Trackers, which are essentially sets of completed transactions (example: five FPX payments to complete the FPX Tracker, or 10 Scan & Pay transactions via MAE app to complete the Scan & Pay Tracker). Each accomplished Tracker, in turn, earns you one entry for the grand prize.

So to illustrate, let’s say you’ve completed five payments via FPX. This entitles you to five entries for the special prizes, and one entry to win the grand prize.

Here’s the full list of eligible transactions and Trackers that you can complete to earn entries for this campaign:

Eligible transactions
Minimum transaction amount (RM)
Platforms to earn entries
Total number of transactions required to complete Tracker
Bill payments (direct payees only)
RM30
– M2U app
– MAE app
– M2U website
5
JomPAY transactions (direct payees only)
RM30
– M2U app
– MAE app
– M2U website
5
Mobile prepaid and game reloads (direct payees only)
RM10
– M2U app
– MAE app
– M2U website
5
Scan & Pay DuitNow QR transactions at participating MAE and non-MAE merchants (including other banks and e-wallets)*
*
Source fund must be current/savings account only
RM5
– MAE app
10
DuitNow Transfer transactions*

*
Pay-To-Own-Account not eligible
RM30
– M2U app
– MAE app
– M2U website
10
ASNB transfers
RM30
– M2U app
– MAE app
– M2U website
10
M2U Tabung Haji transactions
RM50
– MAE app
– M2U website
5
Set up a MAE account and apply for a debit card via the MAE app*
*All to be performed during the same phase of the campaign period
N/A
– MAE app
1
Sama-Sama Lokal orders made via MAE app
RM30
– MAE app
10
Set up one individual Tabung in the MAE app
N/A
– MAE app
1
MAE app daily check-in
N/A
– MAE app
30

On some selected days, Maybank may even issue additional bonus entries for each transaction performed, but this is up to the bank’s prerogative. Note, though, that all entries earned during a specific phase are only valid for that phase (e.g. entries earned in Phase 1 are valid only during Phase 1). Similarly, all Trackers will also be refreshed on the 1
st
 of every campaign month, which means that you’ll need to start re-filling your Trackers all over again then.

Do be aware as well that even though most of the qualifying transactions or banking activities can be performed via multiple Maybank online banking platforms, the entries earned for this campaign will only be reflected in the campaign page shown in the MAE app. So this means you must download the MAE app if you wish to participate in this promo. To check your entries, simply fire up your MAE app and tap on the campaign banner on the main page:

As for winner selection, Maybank clarified that it will use a randomiser programme to do so, and then subsequently announce the winners within 90 days after each campaign phase. If you do win, you’ll also be informed via a push notification from the MAE app or via email.

Finally, there is no need to go through any registration process in order participate in this Tap, Track, Win campaign. You can simply go ahead and perform any of the qualifying transactions mentioned above, and they will be automatically tracked within your MAE app.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Win Google Pixel 7, iPad Air, Apple Watch SE, And More With Unbox This Week

Tech fans, this is your week! Exciting prizes like the Google Pixel 7, iPad Air, Apple Watch SE, and more are up for grabs.

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

From  19 to 26 June, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, RHB, Alliance Bank, Public Bank, and UOB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

UOB – iPad Air M1

Stand to be one of the lucky winners to take home a brand new iPad Air! Supercharged with the M1 chip, your experience is bound to be super fast, seamless, and enjoyable, even if you constantly switch between different apps. With the new Centre Stage feature, you can now stay in frame in all your video calls.

If you don’t win an Apple Watch, you’ll still get a guaranteed RM250 in TNG eWallet Credit as a gift.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

Standard Chartered – RM800 Touch ‘n Go eWallet Credit

Take home guaranteed RM800 Touch ‘n Go eWallet Credit when you apply for a Standard Chartered credit card this month!

You could use it to pay your utility bills, offset your toll spending, for nice meals, or even share it with friends and family.

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

HSBC Bank – Google Pixel 7

Stand a chance to win a Google Pixel 7 when you apply for a HSBC credit card this month!

Take beautiful, crisp photos with the 50MP main camera, 12MP ultrawide camera, or 10.8MP front camera. The Pixel 7 is powered by the new Google-made Tensor G2 chip so you can expect a smooth and seamless user experience. Another thing to note is that the smartphone is built with a long-lasting battery!

You’ll still be able to take home a guaranteed RM250 in Touch ‘n Go eWallet Credit if you don’t win the Google Pixel 7!

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

RHB – Apple Watch SE

Stand to win the Apple Watch SE when you apply, activate, and spend with an RHB Credit Card! Whether you’re an avid fitness enthusiast or simply aiming for a more active lifestyle, the Apple Watch SE provides personalised activity goals, workout tracking, and progress updates to keep you motivated and on track.

You can also seamlessly connect and sync your Apple Watch SE with your other Apple devices, including iPhone, iPad, and Mac, for a unified user experience that enhances your daily routines.

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

Alliance Bank – Tribit FlyBuds C2 True Wireless Earbuds or URBANLite Ledge 24″ Luggage

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed pair of Tribit FlyBuds C2 True Wireless Earbuds or URBANLite Ledge 24″ Luggage this week!

Score the Tribit FlyBuds C2 True Wireless Earbuds when you apply for an Alliance Credit Card with Balance Transfer. Enjoy detailed audio, punchy bass, and a stunning stereo sound with the Tribit FlyBuds C2. Not only that, thanks to its fast charging case, it will only take you 1.5 hours to reach a full charge.

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the URBANLite Ledge 24″ Luggage that you can use on all your travels. Its high security combination lock makes it difficult for others to access your belongings. On top of that, the luggage comes with 360º spinner wheels which makes moving about really easy

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

Public Bank – Xiaomi 70mai Smart Dash Cam 1s

Always driving about? Having a dash cam can ensure that you’ll have recorded on-the-road footage no matter where you are.

Take home a guaranteed Xiaomi 70mai Smart Dash Cam 1s when you apply for a Public Bank credit card. With 1080p resolution, you’ll be able to record crystal-clear footage just in case you witness any unfortunate incidents on the road.

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

***

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

While this week’s flash deal ends on 26 June 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

Lisa Ameera Azman

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Maybank Premium Cards Campaign Offers Chance To Win MacBook Pro, iPad Air

Maybank is currently running a Spend And Win – Maybank Premium Cards campaign that offers selected credit cardholders the chance to win either an Apple MacBook Pro or an Apple iPad Air. Running for four months from today until 14 March 2023, those participating in the campaign will need to meet specified spend requirements to earn entries and win the prizes.

Specifically, this campaign is open to all new and existing cardholders of Maybank’s Premium credit cards, namely:

American Express Platinum Charge Card

American Express Gold Card

American Express Green Card

Singapore Airlines KrisFlyer American Express Platinum credit card

Singapore Airlines KrisFlyer American Express Gold credit card

Maybank 2 Cards Reserve American Express credit card

All Maybank/Maybank Islamic Visa Infinite credit cards

All Maybank/Maybank Islamic World Mastercard credit cards

Visa Signature credit card (not inclusive of Visa Signature Barcelona)

American Express Platinum Credit Card

If you hold any of the cards listed above, then you can join this campaign by earning entries to win the following prizes:

Prizes
Specs
Total prizes allocated
MacBook Pro (MBP 13.3)
– M2 chip
– 8-core CPU
– 10-core GPU
– 8GB Unified Memory
– 256GB SSD storage
50x
iPad Air
– 10.9”
– Wi-Fi
– 64GB storage
– Colour: Space Gray/Starlight
100x

Meanwhile, entries can be earned by meeting the following qualifying milestones or criteria, with different number of entries provided depending on the milestone or criteria achieved:

Qualifying transactions/banking activities
Number of entries earned
Minimum cumulative spend of RM120,000 or RM200,000 within four campaign months
– RM120,000 to win iPad Air
– RM200,000 to win MacBook Pro
1x
New cards approved during the campaign period, with minimum cumulative spend of RM120,000 or RM200,000
Additional 2x
Minimum spend of 30% from overseas transactions, and achieve the minimum cumulative spend of RM120,000 or RM200,000
Additional 2x

So for instance, if you manage to apply for a new card during the campaign period and spend a cumulative amount of RM120,000 within the four campaign months, then you’ll earn yourself a total of 3x entries (1x entry + 2x entries) to win an iPad Air. If 30% of your cumulative spend during the four months is made up of overseas transactions, then you’ll get another 2x entries, giving you a maximum of 5x entries.

Only retail spend are accepted as qualifying spend for this campaign. Non-qualifying spend, meanwhile, include balance transfers, existing EzyPay plans, and cash advances.

At the end of the campaign period, Maybank will select 150 winners from its pool of eligible cardholders using a randomiser programme, and then contact them to confirm their details. The winners will also be announced on Maybank’s website or social media, and receive their prizes within six to eight weeks after the campaign period. Do be aware that each cardholder is allowed to win only one prize throughout the whole campaign.

If you’d like to join this campaign, you’ll need to register your participation by sending an SMS to 66628, with the following details:

Malaysian cardmembers:
LUXREW<space>last six digits of NRIC number without spacing

Non-Malaysian cardmembers:
LUXREW<space>last six digits of passport number without spacing

Finally, note that cardmembers with multiple eligible cards are only required to register once. After you are registered, all your card expenses will be automatically tracked.

(Source:
Maybank
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank, Mercedes-Benz Launch Exclusive Co-Branded Mercedes-Benz Credit Card

Maybank has partnered with Mercedes-Benz Malaysia to roll out an exclusive co-branded Mercedes-Benz Visa credit card. Said to be the first of its kind in Malaysia’s automotive history, the card is made of metal to give it a premium feel befitting the brand, and also comes with a range of perks.

In a statement, Mercedes-Benz noted that that cardholders will enjoy exclusive benefits when they use the card to pay for selected purchases at any Mercedes-Benz Autohaus nationwide. Specifically, they can earn an accelerated 10x TreatsPoints for every RM1 spent at authorised Mercedes-Benz Autohaus in Malaysia, on top of a 10% discount for the purchase of original vehicle parts, official merchandises, and accessories.

Additionally, cardholders will enjoy 8% discount on the Mercedes-Benz Extended Limited Warranty Programme, which lets you extend the standard four-year warranty period for your vehicle by up to two years. Also provided is a discount of up to 20% for MobilityPlus, a Mercedes-Benz car replacement programme for customers who finance or lease their ride through Mercedes-Benz Financial.

Aside from the perks offered for Mercedes-Benz-related expenses, the new card comes with the following features as well, to make the card more appealing:

5x TreatsPoints for every RM1 spent overseas

2x TreatsPoints for every RM1 spent locally

1x TreatsPoints on all transactions for utilities, petrol, education, EzyPay, and insurance

3% cashback for all petrol spend (domestic only), capped at RM50 per month

Additionally, there are several benefits that are currently being offered until the end of this year, including a discount of up to 40% on dining at Marriott Bonvoy hotels, access to 100 golf courses nationwide (complimentary green fees), and complimentary access to Plaza Premium Lounges worldwide. Note that these perks come with its own use terms and conditions, so be sure to check ahead of time before tapping into it.

If you’re a frequent traveller, you will also want to take note of the Mercedes-Benz card’s comprehensive travel insurance coverage. In addition to a personal accident insurance of up to RM2 million, you may enjoy further coverage for flight misconnection and luggage delay (RM1,000, respectively), as well as lost luggage (RM3,000).

Senior executive vice president and head of cards & group community financial services for Maybank, B. Ravintharan said that this partnership with Mercedes-Benz is in line with the bank’s mission to offer new value-added and best-in-class products for its customers. “In line with the bank’s mission of Humanising Financial Services, we constantly look at new opportunities in emerging lifestyle trends to improve customer offerings and fit their current needs and way of life. This also aligned to the bank’s strategy to continuously build on its strong franchise in the region by offering distinct value propositions for different market segments,” he said.

Meanwhile, the managing director of Mercedes-Benz Services Malaysia, Anamika Talwar said that the launch of the exclusive branded metal credit card will complement the luxury brand experience associated with Mercedes-Benz. “The Mercedes-Benz card is designed to enrich the experience of cardholders who are lifestyle enthusiasts. Our customer can now have the prized three-pointed Star, not only in their garage, but also in their wallet,” she said.

Individuals who wish to apply for the new Mercedes-Benz credit card will need to meet the annual income requirement of RM100,000 (you do not need to own a Mercedes-Benz). Meanwhile, the annual is set at RM800 per year – waived for the first two years, and then subsequently with a minimum annual spend of RM80,000.

(Sources:
Maybank
,
Mercedes Benz
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Simple Tips to Getting Through the Early Stages of GST

There’s no denying that
Malaysians did succumb to GST fever this weekend
. Malls were packed even more so than usual and shopping trolleys became a suddenly rare species of convenience at the local hypermarkets. If you did attempt to do the ‘stock up before GST run’; you know this to be true.

But now the day has dawned and we find there is no turning back. We as consumers would like to believe the GST was an elaborate April Fool’s prank and that tomorrow we’d go back to spending willy-nilly in a GST-free Utopia. As that is, safe to say, not going to happen – how will we adjust to this change?

Whilst only time will really tell us what the impact will be on our collective pockets – here are some simple things we can do in the interim to pass the hilly upward slope of a new tax system.

1. Get Informed

The best way to fight fear is to illuminate it with information. Some news portals
reported that the people are still confused about how the system works
 and this likely caused the panic buying and fear mongering that has been happening in the run-up to implementation.

Customs Malaysia
 has released
guides on GST
 as well as
an App for you to check prices of items
 to make sure you’re not being overcharged. There is even a
list indicating which sundry items
 will attract GST. We also
have a guide on GST
 as do our friends
at Savemoney
, so get reading!

There are a tonne of resources available to help you understand but it will take some time and effort to go through them.

2. Ask Questions

Is a retailer blaming GST for a sneaky-looking price increase? Ask them about it! If you’ve done no. 1 above, you’re probably already in the know about what should and should not be attracting GST.

You don’t have to get worked up over the matter, but asking for clarification on a suspiciously high increase should not be turned down by the seller/merchant.

If you don’t get the information you seek after asking the seller, you can still choose to
make an inquiry with the Custom’s Department GST Hotlines
. If there is really cause for concern – you can even
make a complaint
. It’s going to take awhile for even smaller businesses to adjust to the new tax system but with a little bit time; we should all get there.

3. Take Savvy Spending Advice Seriously

GST may raise the prices of some items and the ripple effect may cause a lot more items to increase in price as well. Some things may get more expensive but some not so. The reality is that with or without GST; we still need to be savvier shoppers if we want to make it.

Perhaps it time we all practiced the cardinal rules to getting more for our money:

1) Comparing prices and items;

2) Managing finite resources by buying what is needed first;

3) Looking for deals;

4) Encouraging healthy competition amongst retailers by supporting those who charge fairly; and

5) Exercise your consumer rights.

Whilst none of these will guarantee prices will come down – it’s the little things we can do to get more for our money.

A Necessary Evil?

Whilst some quarters believe the system
is the way to go to for the country’s development
; others
remain adamant that we are not ready for it
. Whichever side of the divide the truth may lie; one thing is certain: It’s here and we just have to deal with it.

GST has been implemented in many countries including the UK, Australia and over here in Asia; Singapore, Thailand, Japan and India amongst many others. Although, that doesn’t imply necessarily how it will work here, it is easy to see that a new tax system is always
a difficult thing to ‘sell’ to the public
. Because seriously, who likes paying more tax?

Hopefully, when more is known and the dust has settled; we can look to really assessing if GST has worked for us. But until then, there’s more surviving to do. We hope the simple tips above, help you do just that.

With effect from June 1, 2018, the regular
GST
 rate of 6% will be reduced to zero percent as per government directive.

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Diana Chai

Diana Chai

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Your Citibank card will fill your stomach at Grandmama’s

Yet another amazing deal you can use your Citibank credit card with is a
20% discount on the a la carte menu at Grandmama’s, Pavilion KL.

To qualify, you’ll need to spend at least RM100 within a single receipt. Promotion ends 31 December this year. Bon appetit!

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John Royce

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TNG eWallet Reduces Quota Of Transferable Credit Card Reloads To RM1,000

Touch ‘n Go (TNG) eWallet has announced some changes to its user terms and conditions that will be enforced later this month, including reducing the monthly quota of transferable credit card reloads to RM1,000. Additionally, it is introducing a new fee of 1% for subsequent reloads made via credit cards (exceeding the allocated RM1,000 limit) if they wish to categorise it as transferable balance.

To quickly explain, your TNG eWallet balance is split two categories –
transferable and non-transferable balance
 – depending on the source of your top-up funds. Transferable balance refers to any eWallet reloads that do not come from credit cards (such as debit cards and online banking), and as such, can be transferred to other TNG eWallet accounts, bank accounts, or GO+.

Meanwhile, non-transferable balance is defined as any top-up amount that comes from credit cards (cash in or reload) or government initiatives, and cannot be transferred to other accounts. However, to ensure that users are not completely restricted by this limitation, TNG eWallet also allows for a quota of credit card reloads that can be treated as transferable eWallet balance. This quota was previously set at RM2,000 and RM5,000 for users in the Pro and Premium tier, respectively.

(Image: New Straits Times)

With the upcoming update, however, this quota of transferable credit card reloads will soon be reduced to RM1,000. Here’s a table to quickly summarise the change:

User tier
Existing quota of transferable credit card reload permitted each month
New quota of transferable credit card reload permitted each month (after update)
Lite
N/A
N/A
Pro
RM2,000
RM1,000
Premium
RM5,000
RM1,000

To further provide extra flexibility for users who wish for more transferable credit card reloads, however, TNG eWallet is also introducing a new capability that allows you to classify any credit card top-ups that exceed the permitted RM1,000 quota as transferable balance – but it comes at a 1% fee. So for instance, if you’d like to use your credit card to reload another RM1,000 into TNG eWallet after hitting the permitted RM1,000 limit, and have it be treated as transferable balance, you’ll need to pay an admin fee of RM10 to do so.

These updates by TNG eWallet are set to take effect starting from 22 March 2023, and are likely introduced in a bid to provide more clarity and transparency for their users, especially in the wake of a growing number of users who have had their accounts restricted due to a generally vague description of “excessive” credit card top ups.

(Source:
TNG eWallet
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Sad Pbb Vs holder

    6 months ago

what a joke, boikot these buggers

0

Reply

    Law Bee Guann

    6 months ago

Just ask why should we pay for the 1%charge once we are using credit card transfer to our Touch n Go Ewallet ya…

2

Reply

    Anonymous

    6 months ago

    Reply to

        Law Bee Guann

Bcos banks charge them switching fees. Similar to petrol stations earlier.

0

Reply

    Lolypop

    4 months ago

    Reply to

        Anonymous

Boss, that is stupid reason where VISA and MASTERCARD have rules that all fees not supposed to passed to cardholder and not allowed to charged or burdens cardholder with it. We should all compliant to Visa and Mastercard directly. If they unable to bear, just don’t allowed credit card, and loss most customer/users. Let’s stop using TNG if like that. Back to CASH mode or other eWallets if not like the new rules. Else, no choice to accept it and get bully. LOL

3

Reply

    Anonymous

    3 months ago

    Reply to

        Lolypop

Power of negotiation from tng is sucked

0

Reply

    Putrizahara

    6 months ago

Join

0

Reply

    Chu

    4 months ago

Is it worth to pay the 1% fee and then earn 3.4% interest from Go+?

0

Reply

    Tan

    4 months ago

    Reply to

        Chu

1% with grace period of 20 days with 3.4% interest rate P.A. Long term yes?

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    Anonymous

    4 months ago

    Reply to

        Chu

3.4% is annual rate

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    Anonymous

    4 months ago

    Reply to

        Chu

Please take note u need to repay the amount you transfer from credit card to touch n go! If it is ur money in saving account, which only have 1%, then should be worth it. Otherwise not worth it, because 3.4% is annual rate,  convert to 30 days, will be 3.4%/365 x 30 = 0.28%. Not worth it!

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    Lolypop

    4 months ago

    Reply to

        Anonymous

Sure not worthy. All this finance company will never let you earned. End up, you actually lost money instead of earning. Else why so many financing companies out there keep growing and citizen keep getting poor and gap between poor and rich getting bigger. Middle class people now become more poor because they think putting their money into financing company so call investment will grow they money. End up… become poor… Some link investment in insurance also, they used the word as Investment but the fund grow is because you paying premium monthly and the investment g got no return
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    Ah Hong

    2 months ago

It is really a regressive move for Touch N Go to impose the additional 1% administration fees.  It will translate into 12% per year. We might well use credit card directly when purchase expensive items such as watches, handphone, jewellery etc. There is no additional charge at all. This is really a silly move than ptevent tje users to spend big using Touch N Go and thereby reduce their turn over volume?

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