Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19

(Last update: 1 April 2020, 3.40pm
 to include FAQs by banks.)

With Malaysia going into an extended period of movement control order (MCO) that will last until 14 April 2020, Bank Negara Malaysia (BNM) has announced an
automatic moratorium
 for all individual and SME loans for a period of six months. This aid, which is set to take effect from 1 April 2020, is aimed at helping customers to help them ride out the adverse economic effects of a worsening Covid-19 pandemic situation within the country. It excludes credit card repayments, which will benefit from a
separate initiative
.

BNM’s automatic moratorium is supported by the
Association of Banks in Malaysia (ABM)
, stating that, “The measures announced have been designed not only to support customers in this highly unusual global environment, but also to ensure that banks can continue to play their role in sustaining the country’s economy.” As such, banks within the country have begun working out the details of the initiative.

One concern that Malaysians have raised regarding the automatic moratorium is the issue of compounding interest. According to an
FAQ
 released by BNM,
your interest will continue to accrue
 on the deferred loan/financing repayments, and for conventional loans, interest will be compounded as both principal and interest portions will be charged interest during the six-month deferment.

Banks, too, are releasing their own statements to confirm if they will be compounding interests. Here’s a table to help you get a quick idea of which banks are compounding interest and which are not:

Compounding interest

Not compounding interest

Affin Bank

Agrobank

Alliance Bank

AmBank

Bank Islam

Bank Muamalat

Bank Simpanan Nasional

CIMB

Hong Leong Bank

HSBC Bank

Maybank

MBSB Bank

OCBC

Public Bank

RHB Bank

Standard Chartered

SME Bank

UOB

Aside from banks, several non-banking institutions, too, have come forward to offer payment deferments to help their customers weather through this difficult time.

The automatic moratorium is in addition to other ongoing financial assistance that banks within Malaysia have already been offering to Malaysians since early February 2020, such as the rescheduling and restructuring of loan repayments. Many business owners had begun facing challenges since then, due to the travel and logistical restrictions imposed in China where the Covid-19 pandemic first started.

Banking Institutions

Affin Bank & Affin Islamic Bank

(Image: The Star)

Moratorium of up to six months and restructuring/rescheduling of installment repayments for mortgages, hire purchase, credit cards, education financing, ASBN financing, and personal financing

SME customers can also tap into a
financing scheme
 by Bank Negara Malaysia, which offers a few options of financial aid, including a special relief facility for SMEs.

With regard to the automatic moratorium,
Affin Bank
 has announced that it will not be compounding interest on loans during the moratorium period.

You can also check out the bank’s
FAQ
.

For more information, visit
www.affinbank.com.my
 or
www.affinislamic.com.my
, or email directly to respective business divisions of the bank:

Consumer Banking:
[email protected]

SME Banking:
[email protected]

Corporate Banking:
[email protected]

(Source:
Affin Bank
)

Agrobank

(Image: The Malaysian Reserve)

Temporary relief measures to be offered based on business needs; it will be determined on a case-by-case basis.

Customers may submit
applications
 for the bank’s available financial assistance.

With regard to the automatic moratorium,
Agrobank
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s
FAQ
.

For more information, call the bank’s customer contact centre at 1-300-88-2476 or visit the nearest branch.

(
Source:
The Star
)

Alliance Bank & Alliance Islamic Bank

(Image: The Star)

Moratorium of up to six months

Rescheduling and restructuring of installment repayments

Deferment of financing servicing for up to six months

Waiver of late charges for financing

Customers may submit
applications
 for the bank’s available financial assistance.

With regard to the automatic moratorium,
Alliance Bank
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 03-55169988 or visit the
bank’s website
.

(
Source:
Alliance Islamic Bank
)

AmBank

(Image: Allen International)

Temporary deferment of loan repayments or restructuring of installment repayments

Customers may submit
applications
for the bank’s available financial assistance.

SME customers can also tap into the
special relief facility
 for SMEs by Bank Negara Malaysia.

With regard to the automatic moratorium,
AmBank
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 03-2178 8888, email
[email protected]
, or visit the nearest branch.

(Source:
AmBank
)

Bank Islam

(Image: The Malaysian Reserve)

Rescheduling and restructuring of installment repayments

Moratorium for financing repayments of up to six months

Customers may submit
applications
 for the bank’s available financial assistance.

SME customers can also tap into the
special relief facility
 for SMEs by Bank Negara Malaysia.

With regard to the automatic moratorium,
Bank Islam
 has announced that it will not be compounding the profit.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 03-26900900 or visit the nearest branch.

(Source:
Malay Mail
)

Bank Muamalat

(Image: The Malaysian Reserve)

Moratorium of up to six months for monthly installment repayments available until 31 July 2020.

Customers may submit
applications
 for the bank’s available financial assistance.

With regard to the automatic moratorium,
Bank Muamalat
 has announced that it will not be compounding profit.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 1-300-88-8787, email the bank at
[email protected]
 or visit the nearest branch.

(Source:
Astro Awani
)

Bank Rakyat

(Image: The Star)

Temporary deferment of loan repayments or restructuring of installment repayments

Customers may submit
applications
for the bank’s available financial assistance.

With regard to the automatic moratorium,
Bank Rakyat
 has announced that it will not be compounding profit.

You can also check out the bank’s
FAQ
.

For more information, call the tele-Rakyat Contact Centre at 1-300-80-5454 or visit the nearest branch.

(Source:
The Star
)

Bank Simpanan Nasional (BSN)

(Image: The Star)

Temporary deferment of loan repayments or restructuring of installment repayments

Customers may submit
applications
 for the bank’s available financial assistance.

Micro entrepreneurs in all business segments can benefit from the BSN Micro/i Kredit Prihatin financing facility, with a 2% rate without collateral.

Eligibility requirement is reduced from minimum one year of operation to six months of operation

Financing amount increased from maximum of RM50,000 to RM75,000 per entrepreneur

Financing period: 1 to 5.5 years (with a 6-month moratorium)

Other financial products include the
special relief facility (SRF)
,
agrofood facility (AF)
, and
automation and digitalisation facility (ADF)
, offered at rates of 3.5% to 4%.

With regard to the automatic moratorium,
BSN
 has announced that it will not be compounding the interest charged for its loan during this period.

You can also check out the bank’s
FAQ
.

For more information, call the BSN Customer Contact Centre at 1-300-88-1900 or visit the nearest BSN branch.

(Source:
Bernama
)

CIMB Bank & CIMB Islamic Bank

(Image: New Straits Times)

Restructuring/rescheduling of installment repayments

Moratorium of up to six months

Customers may submit
applications
 for the bank’s available financial assistance.

SME customers can also tap into the
special relief facility
 for SMEs by Bank Negara Malaysia.

With regard to the automatic moratorium,
CIMB
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s FAQs for
individuals
 and
SMEs
.

For more information, call the bank at 03-62047788 or reach out to your nearest CIMB branch officers or relationship managers.

(
Source:
The Star
)

Hong Leong Bank & Hong Leong Islamic Bank

(Image: The Malaysian Reserve)

Moratorium of up to six months or restructuring/rescheduling of installment repayments

The bank has set up a “Priority Lane” process to facilitate customers applying for financial relief plan.

SME customers can also tap into the
special relief facility
 for SMEs by Bank Negara Malaysia.

With regard to the automatic moratorium,
Hong Leong Bank
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s
FAQ
.

Customers will need to call the bank at 603-7626 8899 or email
[email protected]
 to initiate all application processes.

(Source:
Bernama
)

HSBC Bank & HSBC Amanah Malaysia Berhad

(Image: Finance Brokerage)

Rescheduling and restructuring of installment repayments

Moratorium of up to six months for loans, mortgages, credit cards, as well as retail business banking and commercial banking

Repayment flexibility with extension of trade loans/financing payment period for 30 days for commercial banking and global banking customers

Pre-approved 30-day extension of trade loans/financing maturing between 18 and 31 March 2020 without additional fee or penalty rate

Customers in need of financial assistance will need to contact HSBC to initiate the application process, as well as for a case-by-case assessment:

Wealth and personal banking

Commercial banking

Global banking: Relationship and client service managers

With regard to the automatic moratorium,
HSBC
 has announced that it will not be compounding the interest charged for its loans during the period.

You can also check out the bank’s
FAQ
.

For more information, call the bank at the following hotline numbers from 9am to 4.45pm (weekdays):

Credit card customers: 1300-22-2733

Mortgage and financing customers: 1300-88-1121

RBB Fusion customers: 1300-80-1998

(Source:
The Star
)

Maybank & Maybank Islamic

(Image: The Star)

Moratorium of up to six months or restructuring/ rescheduling of installment repayments

Customers may submit
applications
for the bank’s available financial assistance.

With regard to the automatic moratorium,
Maybank
 has announced that it will not be compounding interest for all individual, SME, and non-retail/corporate customers during the moratorium. This include personal, mortgage, ASB, education, and SME loans. However, non-retail/corporate customers will have to submit an application for the moratorium.

You can also check out the bank’s
FAQ
.

For more information, visit
www.maybank2u.com.my
 or reach out to your nearest Maybank branch officers or relationship managers.

(
Source:
The Star
)

MBSB Bank

(Image: The Malaysian Reserve)

Rescheduling and restructuring of installment repayments for corporate and SME clients

Moratorium of up to six months for retail customers

Customers may submit
applications
 for the bank’s available financial assistance.

With regard to the automatic moratorium,
MBSB Bank
 has announced that it will not be compounding profit.

While its
FAQ
 does have a clause stating that the bank will be compounding interest on conventional loans, MBSB Bank has reached out to say that they are now a full-fledged Islamic bank and are no longer offering conventional loans.

For more information, call the bank at 03-20963000 or visit the nearest branch.

(Source:
Bernama
)

OCBC Bank & OCBC Al-Amin Bank

Relevant financial assistance to be provided to business and individual customers on a case-to-case basis; affected customers are requested to engage with officers-in-charge.

Customers in need of financial assistance will need to
contact and set an appointment
 with OCBC to initiate the application process.

SME customers can also apply for Bank Negara Malaysia’s
special relief facility
 through OCBC.

With regard to the automatic moratorium,
OCBC
 has stated that it will not be compounding the interest for its loans during the period.

You can also check out the bank’s FAQs for
individuals
 and
SMEs
.

For more information, call the bank at 03-83149310 or visit the nearest branch.

(Source:
OCBC
)

Public Bank & Public Islamic Bank

(Image: The Edge Markets)

Moratorium of up to six months or restructuring/rescheduling of installment repayments

Customers may submit
applications
for the bank’s available financial assistance.

With regard to the automatic moratorium,
Public Bank
 has announced that:

Conventional loans
: You will pay more interest by deferring. Simple interest will continue to be charged on the outstanding balance without compounding during the moratorium period.

Islamic financing
: You will not pay more profit charges by deferring. Profit will continue to accrue on the outstanding amount, but will not be compounded.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 1800-22-5555 or visit the branch where you maintain your account.

(Source:
The Star
)

RHB Bank & RHB Islamic Bank

(Image: The Borneo Post)

Moratorium of up to six months or restructuring/rescheduling of installment repayments

Customers in need of financial assistance will need to submit their requests to the bank to initiate the application process:

SME:
[email protected]

Individuals:
[email protected]

With regard to the automatic moratorium,
RHB
 has announced that it will not be compounding interest during the period.

You can also check out the bank’s
FAQ
.

For more information, call the bank at 03-9206 8118, visit the nearest branch, or approach any relationship managers for assistance.

(Source:
The Star
)

SME Bank

 (Image: The Malaysian Reserve)

Temporary deferment of financing repayments or restructuring of installment repayments

SME customers can also tap into the
special relief facility
 for SMEs by Bank Negara Malaysia.

With regard to the automatic moratorium, SME Bank will not be compounding the interest on their loans during this period.

Although its
FAQ
 mentions that interest will be compounded on the outstanding balance for conventional loans, SME Bank is primarily focused on business loans, and thus, automatically do not compound its interest.

For more information, call the bank at 03-2603 7700 or visit
the bank’s website
.

(Source:
SME Bank
)

Standard Chartered

Temporary deferment of financing repayments for up to 6 months for:

Personal loans/Personal financing-i

Residential mortgage/Saadiq MyHome-i or Saadiq MyHomeOne-i and commercial mortgage loan/Biz Property Equity-1

Business instalment loan/Biz-Financing-i and guaranteed instalment loans/guaranteed instalment financing (GIF)

Credit card deferment programme

Conversion of outstanding credit card balances (excluding instalments) into a 36-month term loan at 13 p.a.

With regard to the automatic moratorium, Standard Chartered has announced that it will not compound the interest for conventional loans or profit for Islamic financing during this period.

You can also check out the bank’s
FAQ
.

For more information, call the bank’s Client Care Centre at 1300-888-888 or email at
[email protected]
.

UOB Bank

(Image: UOB Glassdoor)

For conventional and Islamic banking corporate clients:

Moratorium for up to one year

Flexibility to request extension of trade bills maturing between 18 March to 31 March 2020 for clients with good records

Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing

For individual customers:

Rescheduling and restructuring of mortgages, personal loans, and credit card repayments

Moratorium up to six months on personal loans, mortgages, and credit cards

Interest-only repayments or payment holiday of up to six months on credit card repayments

Customers may submit
applications
 for the bank’s available financial assistance.

With regard to the automatic moratorium,
UOB
 has announced that it will not be compounding interest during the period.

You can also check out the bank’s
FAQ
.

For more information, individual customers can call the Customer Contact Centre at 03-2612 8121 or email the bank at
[email protected]
, whereas business banking customers can contact the Business Engagement Team at 03-2616 6800 or email the bank at
[email protected]
.

*
Special Relief Facility by Bank Negara Malaysia (BNM)

(Image: The Star)

Affected small and medium-sized enterprises (SMEs) can tap into a
special relief facility
 provided by Bank Negara Malaysia (BNM). Allocated through the
Economic Stimulus Package 2020
, the facility is worth a total value of RM2 billion and will be provided as a form of working capital for SMEs impacted by the Covid-19 pandemic.

Each SME is allowed to borrow up to RM1 million, with an interest rate of up to 3.75% per annum. No guarantee and legal fees will be imposed, and you will not require a collateral either. The maximum financing tenure is set at five and a half years, including a moratorium of 6 months on both principal and interest payments.

Note that only SMEs with at least 51% of their shares held by Malaysians are eligible for this facility.

Non-Banking Institutions

Agensi Kaunseling Dan Pengurusan Kredit (AKPK)

(Image: Mypt3.com)

Possible deferment of loan repayments in AKPK’s debt management programme (DMP)

You will need to apply by filling in a
form
 and selecting “Kesukaran membuat pembayaran bulanan/Difficulty to commit to DMP monthly instalment” for Question 6.

APKP officers will be in touch, either through phone calls or emails.

Lembaga Hasil Dalam Negeri (LHDN)

Deadline for income tax filing is
extended by two months
 to facilitate the submission of tax returns affected by the movement control order.

New deadlines:

Resident individuals who do not carry on a business: 30 June 2020

Resident individuals who carry on a business: 30 August 2020

For more information, you can make enquiries via the Hasil Care Line at 03-8911 1000 or +603-8911 1100 (abroad).

Majlis Amanah Rakyat (MARA)

(Image: New Straits Times)

Application for deferment of loan repayments
 for students and entrepreneurs available:

3-month deferment for MARA students, including borrowers of the Advanced Education Loan facility. This is provided they do not have outstanding debts for three months.

6-month deferment for entrepreneurs, provided they do not have outstanding debts for more than two months.

30% discount on the lease of MARA business premises given to all entrepreneurs, although this is subject to terms and conditions.

For more information, visit
www.mara.gov.my
 or call the MARA Call Centre at 03-2613 2000.

(Source:
Malay Mail
)

Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN)

(Image: Malay Mail)

Deferment of loan repayments until 30 September 2020

For more information, call PTPTN’s Careline at 03-2193 3000 (Monday to Friday, 9 a.m. to 5 p.m.) or visit
www.ptptn.gov.my

(Source:
Malay Mail
)

Tabung Ekonomi Kumpulan Usaha Niaga Nasional (TEKUN Nasional)

Moratorium of up to six months (
can only be applied online
)

For more information, contact TEKUN Nasional through its official social media (
Facebook
,
Twitter
) or
feedback system
.

(Source:
Free Malaysia Today
)

***

The Covid-19 pandemic – which was first detected in Wuhan, China – had negatively impacted Malaysia’s economy after the Chinese government imposed strict travel and logistical restrictions to contain the spread of the virus. The situation further worsened when Malaysia became the worst-affected Covid-19 country in Southeast Asia, with numbers quickly soaring in a second wave of infection since early March 2020.

This prompted Prime Minister Tan Sri Muhyiddin Yassin to impose a movement restriction order that will last until 31 March 2020, forcing many businesses to either fully close or operate on a partial basis.

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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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    Adam

    3 years ago

This all only helps to who are have a permanent job. No one will consider of those who have working with cash job, part-time, subcontract worker and many more workers those are facing financial matter in this period.

1

Reply

    smith

    3 years ago

maybank is on compounding interest, please read the maybank webpage faq. this is quite misleading over here.

1

Reply

    Pang Tun Yau

    3 years ago

    Reply to

        smith

Maybank has announced that it will not be compounding interest earlier today:

https://ringgitplus.com/en/blog/bank-news/maybank-no-compounding-interest-for-individual-sme-and-corporate-loans-during-moratorium.html

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Reply

    Premraj Victor

    3 years ago

Sir, thank you for your article. I appreciate the efforts made by Ringgit Plus to given information regarding the moratorium. Can I just highlight about Maybank? According to thei FAQ (https://www.maybank2u.com.my/iwov-resources/pdf/personal/announcement/2020/moratorium-individuals_faq.pdf)- these were words printed- Will I need to paymore interest/profit after the moratorium period is over? Answer: No, you won’t have to. For consumer (Mortgage/ASB/Personal/Education) conventional and Islamic loan/financing, the contracted monthly interest/profitwill continue to accrue on the outstanding principal amountduring the moratorium period, but will not be compounded However, for hire purchase loans/financing, you do not need to pay more interest/profit. Therefore is Maybank compounding interest (or accreing
…
Read more »

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    Pang Tun Yau

    3 years ago

    Reply to

        Premraj Victor

Interest accrual is not the same as interest will compound. It means that during the deferment period, you may not have to make monthly repayment, but the loan will still accumulate interest as it is still active.

If interest compounds, it means each month the outstanding amount will be higher as you will be charged additional interest on the interest charged the previous month. We will demonstrate this in a future article, please keep a look out for that!

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    mm

    3 years ago

For Citibank Malaysia :
https://www.citibank.com.my/index.htm

Their FAQs on Covid-19 Relief Program :
https://www.citibank.com.my/MCO/?lid=MYENCBGCICATLHere

Perhaps the editor can update their article to include Citibank Malaysia.

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Alliance Bank Teases Arrival Of New Digital Card, Described As “The Next Revolution”

Alliance Bank has teased the arrival of a new card offering, which is deemed to be “the next revolution” where “everything is about to change”.

In a Facebook post containing the teaser image, the bank shared a visual of a translucent card superimposed against a phone, with a brief caption of “On your mark, get ready to digitalise your card!”. This leads us to believe that this may very well be a form of digital or virtual credit card offering. To note, virtual card offerings by banks have been on the rise globally these days as it is marketed to be both safer and more convenient.

In Malaysia, it is still more common to find physical cards in the market, but some local banks have also taken to providing an accompanying digital or virtual version within their mobile banking app so that cardholders can already start using their approved card via the digital/virtual version while waiting for the physical version to arrive after applying for it. One good example is the
Maybank Grab Mastercard Platinum credit card
, where approved cardholders can use the the activated virtual card first before Maybank sends them their actual card.

Aside from this, Alliance Bank’s teaser also indicated that the new card will be a collaboration with Visa, but otherwise, not much else is shared. We will continue to keep an eye out for further information, and will update again if we find out more. As Alliance Bank has also said in its teaser, stay tuned!

(Source:
Alliance Bank
)

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Alex Cheong Pui Yin

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

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PTPTN Publishes Details Of Loan Repayment Discounts, Deferment Programme

The National Higher Education Fund Corporation (PTPTN) has published key details regarding the implementation of its latest repayment discounts and six-month deferment programme for eligible PTPTN borrowers, announced during the re-tabling of Budget 2023. These include information such as the categories of discounts that will be provided, eligibility criteria, and how the two initiatives will be implemented.

With regard to the repayment discounts, PTPTN said that borrowers will be able to tap into four categories of rebates, provided from today until 31 May 2023 (three months). Here are some of the main things that you need to know about the discounts that are currently being offered:

PTPTN repayment discount categories
How to apply
Implementation method
How will the discount be provided
20% discount
 on the remaining debt for full settlement of the loan
Borrowers must first verify their loan balances before making repayments, either through:
– myPTPTN app
– PTPTN official portal
– PTPTN marketing executive
– Discount will be applied on the
total amount paid within the month

– Borrowers can make more than one repayment, as long as the total amount paid within the month meets the requirement
Discount will be provided at the end of the month to help clear off borrowers’ outstanding debt
15% discount
 for the settlement of at least 50% of the total outstanding debt
Borrowers must first verify their loan balances before making repayments, either through:
– myPTPTN app
– PTPTN official portal
– PTPTN marketing executive
– Discount will be applied on the
total amount paid within the month

– Borrowers can make more than one repayment, as long as the total amount paid within the month meets the requirement
Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt
15% discount
 for repayments made through salary deductions or scheduled direct debit
Automatically eligible, must schedule payment/apply for deduction through:
– myPTPTN app
– PTPTN official portal
– Discount will be applied on the
total amount paid within the month

– Borrowers can opt to use both channels if they wish to
Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt
5% discount
 for repayments made through myPTPTN app
Must make repayments through the myPTPTN app
Discount will be applied on the
total amount paid within
 the app
Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt

PTPTN also said that all borrowers will be eligible for the discounts listed, including those who have been subjected to enforcement action. Recipients of the Loan Advance facility (Wang Pendahuluan Pinjaman (WPP)), too, are allowed to take advantage of the offers.

Meanwhile, borrowers who are earning a monthly salary of RM1,800 (gross income) or below are welcome to apply for the six-month payment deferment if they find themselves struggling financially. Those who have participated in the Debt Management Programme (DMP) under the Credit Counselling and Debt Management Agency (AKPK) for PTPTN loans, however, are not eligible for this initiative.

PTPTN is already accepting applications for the deferment programme; if you are interested, you can head on over to
its official portal to kickstart the process
. You will need to complete an online form with your contact and employment information, as well as upload a certified copy of your latest salary slip. You will also be notified of your application status via email within 14 working days after it is submitted.

(Image: Malay Mail)

In its detailed
FAQ
, PTPTN further highlighted that the credit score of borrowers who tap into this programme will not be impacted. Likewise, they will also be exempted from enforcement and legal action during the deferment period. Administrative costs or fees are not charged either.

During the re-tabling of Budget 2023 last Friday, Prime Minister Datuk Seri Anwar Ibrahim announced the
reintroduction of PTPTN repayment discounts
, along with a new repayment deferment programme for borrowers with lower incomes. These initiatives were to be made available starting from 1 March 2023, he said then.

(Source: PTPTN [
1
,
2
])

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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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Costly Mistakes to Avoid When Driving a Manual

Last week we talked about the bad driving habits that can cost you thousands in repair expenses. Those bad habits we mentioned however, were specific to drivers of automatic transmission cars. What about people who drive manual? Don’t worry, we’ve got your back. Here are the driving habits you should stop doing to avoid expensive repairs on your manual transmission vehicle.

Just as before, the tips in here are taken from
a video by Jason Fenske via the EngineeringExplained YouTube channel
. You can find out in more detail the different points we describe below (including handy physical demonstrations of what happens inside your car) if you click through to the video.

Don’t Rest Your Hand On The Gear Shift

When anticipating a gear chance or immediately after changing gears, it’s natural to want to rest your hand on the gear shift for a bit. However, if you’re constantly applying pressure to it even when not switching gears, you’re potentially damaging your car. What you’re doing when you push down on the gear shift is that a part of the gear called the selector fork pushes against the rotating collar.

The static fork pushes against the moving collar which causes friction. This is tolerable if you only push down when you need to, but unnecessarily keeping it down when you’re not changing gears can put undue damage on the selector fork, which can result in expensive replacements sooner than necessary.

Not Putting Your Car In Neutral At A Stoplight

Sometimes when at a red light, manual transmission drivers will leave the car in gear while using the clutch to hold the car in place. What we should do instead is put it in neutral, and take our foot off the clutch.

Why? Whenever your car is in gear with your foot on the clutch, while the car is staying still, you’re applying more pressure onto the transmission than necessary. This can introduce unecessary wear and tear onto your transmission which will cost a bomb should you have to prematurely get it to working order again.

Don’t Use the Clutch to Hold Yourself on a Hill

One of the harder tests we all have to go through when getting our driver’s license in Malaysia is to get moving from a braked position on a hill. To do this, we put on the handbrake, get into gear, and slowly release the brakes while stepping on the accelerator pedal to push ourselves forward. This is the correct thing to do.

Some people however, get into the habit of playing with the clutch and accelerator to stay stable on a hill for fear of rolling backwards. This agains puts undue frictional damage on the transmission and should be avoided. If you’re not confident with your ability to do the hill maneuver, practice on flat roads until you get the hang of it. It can save you a lot of pricey repairs in future.

We hope this list helps you to break any bad driving habits that can ruin your manual transmission car. Speaking of cars, why not check out our
comparison tool for car loans
 to see the latest offers and deals in the Malaysian market right now. Have anything to add to our list? Do share your thoughts with us in the comment section down below!

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Ahmad Mudhakkir

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MAS Domestic Travel Promo Offers Up To 15% Off For TNG eWallet Payments

Malaysia Airlines (MAS) is currently holding a domestic travel promo that provides travellers with up to 15% off when they pay for flights to local destinations using their Touch ‘n Go (TNG) eWallet. The promo is ongoing until 30 November 2021, with the travel period set between today until 21 April 2022.

Valid only for Economy and Business class bookings, the promo is applicable to local flights that depart from any points of departure in Malaysia. It is also subjected to the availability of seats as they are limited, and are not necessarily available every day or for every flight throughout the travel period.

Additionally, the promo is not applicable for bookings via travel agencies or Malaysia or MAS call centre. Instead, travellers must book their flights from the
dedicated landing page for the campaign
, which ensures that the correct coupon code (“
TNGDOM21
”) is automatically applied.

Once you’ve selected your flights and keyed in the required details, you’ll then have to pay by scanning the TNG eWallet QR code that is generated at the payment page.

(Image: Malaysia Airlines)

Finally, all travellers should to abide by the latest standard operating procedures (SOPs) determined by the National Security Council (KKM) and the Ministry of Health (MoH) to ensure a safe flight and an enjoyable trip.

 (Source:
Malaysia Airlines
)

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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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BSN Increases MyRinggit-i BANJIR Loan Facility Up To RM10,000

Bank Simpanan Nasional (BSN) has increased the amount of aid provided under its recently launched personal financing facility, BSN MyRinggit-i BANJIR, up to RM10,000.

The facility – which was launched just last week to ease the burden of flood victims – initially offered an
interest-free loan of up to RM5,000
, with a tenure of three and a half years. It includes a six-month moratorium on the instalment payments of the facility, and is open to all individuals who are affected by the floods nationwide.

Those interested can begin applying for the facility starting from today (27 December 2021), by filling in an
online application form on BSN’s website
. Alternatively, you can visit the nearest BSN branch if you do not have internet access to visit the webpage.

(Image: Malay Mail/Yusof Mat Isa)

Note that each household is only entitled to one application. You’re also required to provide several supporting documents, namely:

A copy of your identity card (IC)
A copy of the electricity bill of the affected home
Confirmation letter from the district officer/JKKK/police report that your home is affected by the floods

Upon submission, BSN will notify you of your application status via SMS within seven working days. You can also check if your application has been approved via
BSN’s website here
. If approved, you can opt to receive your cash through various payment methods allowed by the bank, including cash at BSN’s counters, standing instructions, as well as interbank transfers (IBG).

Aside from the BSN MyRinggit-i BANJIR facility, BSN also has a flood relief programme that offers help in the form of a
moratorium or reduction of instalment repayment (up to six months)
. These are provided for house loans, hire purchase, credit cards, as well as personal loans.

If you have any enquiries regarding regarding the assistances on offer, you can reach out to BSN via its contact centre at 1300-88-1900, or visit its
official website
. You can also visit any BSN branches to speak to a bank personnel.

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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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Citi Year-End Campaign Offers Grand Prize Of Business Class Trip To Paris, RM38,888 Cashback

Between today until 28 February 2023, Citi credit cardholders can take part in the Spend & Fly 2022 Card Wide Year-End campaign to win a grand prize in the form of a vacation to Paris (for two persons), as well as RM38,888 cashback. Additionally, there are exclusive monthly prizes that let you fly to other countries as well, on top of weekly and daily cashback rewards.

Open to all new and existing Citi cardholders, this campaign requires you to perform selected transactions or banking activities and earn entries. The entries earned will then put you in the running to win the monthly and grand prizes. Meanwhile, the weekly and daily cashback rewards can be won by accumulating the highest number of contest entries for the week and gaining the highest cumulative spend in a day, respectively.

Here are the details of the rewards that are being offered through this campaign:

Prizes
Details
Total prizes allocated
Prize cap for each cardholder
How to win
Grand prize
– 2x return trip tickets to Paris (Business class on Singapore Airlines), and
– RM38,888 cashback
1x for the entire campaign
1x
– Earn entries to be shortlisted at the end of campaign period

– Answer three out of five questions correctly as fast as you can (within five minutes) when contacted via SMS
Monthly prizes
– 2x return trip tickets to Seoul, Sydney, London, or Tokyo, depending on campaign month (Economy class on Singapore Airlines), and
– RM1,288 cashback
30x per month
– 1x per month
– 4x throughout whole campaign
– Earn entries to be shortlisted at the end of each campaign month
– Answer one question correctly as fast as you can (within an eight-hour window) when contacted via SMS
Weekly prizes
RM128 cashback
30x per week
– 1x per week
– 17x throughout whole campaign
Accumulate highest number of contest entries for the week
Daily prizes
RM388 cashback
15x per day
– 1x per day
– 120x throughout whole campaign
Spend the highest cumulative amount for the day

Meanwhile, here is the full list of banking transactions and activities that will let you earn entries to be put in the running for the grand and monthly prizes:

Banking transactions and activities
Number of entries
Every RM50 spent in a single receipt (local spend)
1x
Every RM50 spent in a single receipt (foreign spend)
5x
Newly approved application of the following:
– Credit limit increase
– Citi 0% Easy Pay Plan
– Citi PayLite
– Citi Quick Cash
– Citi FlexiBill
8x
Every newly approved and activated credit card (principal & supplementary)
8x
Log in to Citi Mobile app at least once per month
5x

Citi is also sweetening the deal by giving 88x bonus entries to start you off, provided for all existing cardholders and new cardholders who activate their cards in November 2022. In addition to that, you can increase your chance of winning by spending a minimum cumulative amount of RM500 in a day to double up the total entries that you’ve earned for that particular day!

As for prize fulfilment, winners of the daily, weekly, and monthly prizes will receive their rewards within eight weeks from the end of each campaign month. Meanwhile, the grand prize winner will be announced and receive their gift within eight weeks from the end of the full campaign period.

Prize winners should also note that there may be conditions governing the use and redemption of certain rewards, so remember to double check! For instance, the RM38,888 cashback that is bundled as part of the grand prize has a 45-day validity period once received.

Finally, do be aware that no registration is required to participate in this campaign. Eligible cardholders will be automatically enrolled, and your expenses will be tracked for the purpose of the campaign.

(Source:
Citi
)

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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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Touch 'n Go’s 10 SEN TO WIN Campaign Offers Free Enhanced TNG Card

Between today and 30 June 2022, Touch ‘n Go (TNG) eWallet is running its 10 SEN TO WIN campaign to offer its users a free enhanced TNG card. Users can enter this campaign by making a minimum payment of RM0.10.

To participate in the campaign, you will need to tap on the ‘10 SEN TO WIN’ banner on the homepage of your TNG eWallet, and then pay a minimum of RM0.10 to gain one entry to the campaign. You can pay more than RM0.10 if you wish to, but note that it will not affect the number of entries; each transaction will only earn you one entry regardless of the amount paid.

Note as well that you may perform as many transactions as you like to gain additional entries – there is no limit on the number of transactions that you can do for this campaign. However, each individual will only be allowed to win one enhanced TNG card throughout the whole campaign. There will be a total of 10 daily winners (110 winners throughout the whole campaign).

Do also be aware that the winners for this campaign will be selected via a random draw, which will then be announced on TNG’s website and social media within ten working days after the end of the campaign. However, the process does not just end there; if you are selected, you will also be contacted via email and be required to answer one question. Only upon providing a correct answer are you finally confirmed as a real winner, with the prize being couriered to you within 30 days of the email.

Additionally, all participants – including those who are not selected as the winner – will get a full refund of their payments within ten working days after the end of the campaign.

The
enhanced TNG card
 was introduced earlier this year in April, and it comes with the capability to reload the card straight from your TNG eWallet using near-field communication (NFC) technology. This means users will no longer need to go through the hassle of visiting specific stores or reload kiosks to top up their physical TNG cards. Since its launch, the card has proved to be very popular among the people, with
early batches of release often being fully snapped up
 within a short time. So here’s a chance for you to secure this card for free simply by participating in this campaign!

(Source:
TNG eWallet
)

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Nur Adilah Ramli

Nur Adilah Ramli

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Which Degree Programmes Earn the Highest Starting Salaries in Malaysia?

Every year, we hear news about the
rising number of unemployed fresh graduates
 – even those from prestigious universities and colleges. One of the reasons why the unemployment rate among fresh graduates is so high is because most of them chose the wrong field of study at the start of their tertiary education.

This leads to a cluster of problems after they graduate as they become dissatisfied with the available job options and the companies that they can work with. One way to tackle this issue is by identifying the courses of study with the highest employment rate, and choose the one that suits you best for a long-time career option. Here’s some of the most popular courses in Malaysia that help you get a decent starting salary when you enter the workforce.

Petroleum Engineering

Starting salary: RM3,606

Malaysia being one of the biggest oil producers in the world
 makes it hardly surprising that this course tops our list. Numerous oil and gas companies including the giants such as Shell, BP, as well as Esso also have their bases in Malaysia, and qualified petroleum engineers are in high demand as the study isn’t everyone’s cup of tea.

Sales And Management Studies

Starting salary: RM3,054

Most companies usually offer high starting salaries (compared to the other industries) to their sales representative because they are the strikers who are required to score the goals (sales) that boost the company’s profit rates. It’s a stressful and demanding job, but one that is well rewarded.

If you have the drive to achieve success in a short span of time and prefer to be out and about meeting people and building rapport with people, this is the right course for you.

Corporate or Mass Communication

Starting salary: RM3,200

Jobs that involve good communication and strategising skills are highly sought after in the current job market. Over 64% of today’s unemployed fresh graduates are having a tough time finding a job due to poor command of English and conversational skills.

Taking a course that specifically trains you in the art of communication in various aspects will open doors to you wherever you go, as plenty of organisations are in desperate need of competent corporate strategists, public relations officers and even journalists!

Actuarial Science

Starting salary: RM2,475

It’s a very specific course that focuses on evaluating and managing financial risks, especially in the financial services industry. While a lot of math and bookkeeping is involved – not unlike accounting – it pays relatively well as you progress in your career.

Pharmaceutical

Starting salary: RM3,640

Pharmaceutical courses offer its graduates a huge variety of opportunities in the job market. It gives you great flexibility in terms of career options, as you can choose to work anywhere you want and still earn well.

These are just some of the courses that can help you secure a better paying job – not to mention increase your chances at securing a job – after you graduate. Some of these courses can be on the pricey side, but there are many ways for you to get financial assistance to help fund your studies. One of them is to apply for scholarships.

Drop by the Scholarship Fair 2017 this 22nd of April at the Eastin Hotel Kuala Lumpur, where there will be representatives from various world-class institutions both local and international – which includes universities in countries such as Dubai, Grenada, Australia, Switzerland, Spain, United Kingdom, and the United States. You can seek advice, recommendations, as well as apply for a scholarship from these professionals to help secure your future.

If you are interested in this event, sign up for it at
http://www.scholarships2u.com/fair
 . The first 3,000 registrations are free, so hurry and visit the website today! Do you know any other courses that offer a good starting salary? Let us know your thoughts and suggestions in the comment section below!

The starting salaries are sourced from
JobStreet
 and
Gradlink UK

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Industry Stakeholders: Untimely To Increase Insurance Premiums Now

(Image: Asia Insurance Review)

Several parties and industry stakeholders have spoken out against insurance companies for increasing insurance premium payments during the present challenging period, saying that the hike has come at the wrong time.

For context, several major insurance companies had announced earlier this year that there will be an
“inevitable” hike in medical insurance premiums in 2020
. In fact, some have already sent notices to inform their customers of the expected increase in premium prices.

The president of the Malaysian Medical Association (MMA), Datuk Dr M. Subramaniam said that instead of raising premiums, insurance companies should find ways to make medical insurance more affordable. He also said that the increase will affect the B40 and M40 groups the most as they are among those worst affected by Covid-19.

(Image: Astro Awani)

“More than a million people affected by the pandemic in the country have opted to defer their life insurance premium payments for three months this year. The total amount of premium payments being deferred is more than a billion ringgit, according to media reports. This should be enough indication that the people are facing tough financial times,” added Subramaniam.

Subramaniam also urged the insurance industry to explain the rationale behind raising the premiums, questioning if there has been sufficient engagement with stakeholders that included representation for policyholders.

Additionally, Subramaniam noted that the country’s
penetration rate of life insurance stood at 54% last year
 despite having a target of 75%. On top of that, it was also reported that only 10% of the B40 group has life insurance. “How will making insurance less affordable increase the penetration rate?” he questioned.

(Image: New Straits Times)

Similarly, the president of the Federation of Malaysian Consumer Associations (FOMCA), Datuk Dr Marimuthu Nadason also appealed to insurance companies to stop increasing the premiums of medical insurance.

“Notices are being sent to policyholders at a time when consumers are still struggling to make ends meet, which is very unjust and unfair. FOMCA advocates for the deferment of repricing rollout by insurance companies which was initially intended to take effect in 2020. However, due to the severe economic disruption caused by the pandemic, the one-year postponement does not provide enough breathing space for policyholders who remained burdened by economic and employment uncertainties,” said Marimuthu, who had requested
for insurance companies to postpone the premium increase
 back in September.

Marimuthu also pointed out that hospital occupancy has decreased tremendously due to Covid-19, which means that insurance companies will have a lesser pay out compared to previous years. “It was also reported by the Association of Private Hospitals that private hospitals and clinics have seen a drop of almost 70%, thus resulting in a healthier loss/claims ratio as well as improved overall profitability for insurers,” he said. Given such a situation, Marimuthu said that insurance companies should not reprice the medical cards, adding that this scenario will also persist in the following year.

On top of that, Marimuthu said that with many Malaysians having lost their jobs or are required to pay cuts, policyholders are already facing emotional and financial stress to keep up with the current premiums. If the insurance industry decides to go ahead with the scheduled repricing exercise, it may see many policies lapsing or being surrendered.

Meanwhile, the head of corporate affairs of Prudential Assurance Malaysia Bhd, Kho Hui Yi said that healthcare is growing increasingly important in the financial planning of families. “It is our duty to ensure that medical protection for our policyholders will continue to be effective in the long run, amid sustained medical inflation of more than 10% per annum in the past few years,” she said.

(Image: TRX)

Kho also explained that the rise in premiums is attributed to several reasons, including increases in hospital and doctor charges, advancement in medical treatment and drugs, as well as increasing demand for better healthcare services.

“But we understand that Covid-19 has affected our customers. For those whose premium and/or insurance charges are being revised in 2020, we will credit back the incremental portion of the insurance charges deducted for year 2020 to their policy account value. At the same time, Prudential is maintaining its premium for the year 2020 and the new premium (if applicable) comes into effect next year,” Kho further said.

(Sources: The Sun Daily [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Get Fresh Seafood for Chinese New Year with These 8 Online Seafood Businesses

Time flies like an arrow and before we can even say
lou hei
, it’s exactly 5 days before Chinese New Year. If seafood is on your menu for your reunion dinner but you have been busy
 making travel plans
and
 filling ang pow packets
 that you can’t drop by a physical store, here are some of the places that you can reach out to for fresh and affordably-priced Malaysian seafood. Just make sure that you have enough space in your fridge (or start clearing it!) to stock up on these CNY essentials.

My Fish Man

 Image courtesy of My Fish Man

With over 50 types of fishes and shellfish found in Malaysian waters stocked on their virtual aisle, My Fish Man offers competitive prices for seasonal sea-based catches that are sourced by local fishermen. Their fresh boxes for Chinese New Year have recently sold out, an indication of their success among fellow seafood lovers. Don’t worry on missing out as you can still buy fish slices and fillets, steamboat packages, and homemade sauces that are made by single mothers.

Product Offerings: Squids, prawns, crabs, fish, fresh boxes, steamboat packages and dipping sauces.

Price Range: 500g of freshwater prawns will cost you RM30.00

Website:
 My Fishman

Bonfisken

Established by the people behind Albatross Exim, if the name rings a bell in your mind, you may have seen Bonfisken’s products in many major hypermarkets nationwide such as Jaya Grocer, Cold Storage, Isetan, Aeon and more. If the usual prawns and red snapper do not appeal to you, you can opt for less traditional but still auspicious offerings such as salmon sashimi, hoki fish or even Maine lobster if you’re feeling luxurious.

Product Offerings: Fancy European styled seafood, deepsea water fish, sashimi, lobster and more.

Price Range: 500g of freshwater prawns will cost you RM30.00

Website:
 Bonfisken

Seafood Malaysia

Owned by a group of aquaculture farmers, equipment suppliers, fishermen and fishing boat owners, Seafood Malaysia’s wide selection combined with fast delivery services make it a firm favourite among food connoisseurs. Have no idea how to pick a fresh fish? Fret not as they even have articles that you can refer to so that you can differentiate between a fresh and frozen fish as well as methods to maxismise the freshness of the fish that you’ve purchased. Currently they are running a RM5 flat fee for a minimum seafood purchase of 3kg and above, so procrastinate no more, it’s time to load up that virtual trolley cart!

Product Offerings: Abalone slices, baby octopus, clams, golden pomfret, scallops, prawns and more

Price Range: 900g of cultured prawns will cost you RM71.80

Website:
 Seafood Malaysia

My Seafood Mart

Based in Pulau Ketam, this online seafood shop in Malaysia is no ordinary merchant. If you have wanted to taste the exquisite flesh of Dragon Grouper but have no inkling as to where’s a good place to find them, My Seafood Mart is the answer to your concerns. With over 2 decades of experience in the fishing industry, My Seafood Mart prides themselves in delivering seafood that stays fresh until it reaches the doorstep of their client while keeping the prices at an affordable rate.

Product Offerings: A range of premium grouper fish, golden pomfret, snapper, and other shellfish.

Price Range: 500g of frozen peeled red big prawn will cost you RM55.00.

Website:
 My Seafood Mart

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
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DTS Homemart

 Image courtesy of DTS Homemart

Hosted on Youbeli, DTS Homemart claim to fame revolves around their marine farming methods coupled with the use of patented Omega Rich™ special feed mix. This winning combo is capable of breeding fish that are not only nutritious and free of harmful residues, but also tasty. So if you are concerned about the quality of fish that’s been farmed, here’s a brand that you can rely on.

Product Offerings: Chinese New Year fresh seafood packs, shellfish, smoked fish

Price Range: 750g of sea-fresh tiger prawn will cost you RM51.00

Website:
 DTS Homemart

FreshSeafood Malaysia

Aiming to provide the best seafood experience to its customers with their IQF (Individually Quick Frozen) technology which is said to be effective in preserving the seafood’s freshness, FreshSeafoodMalaysia was founded by SH Chong, who’s pretty much an old-timer in the aquaculture business. If you’re often plagued by allergies when consuming farmed seafood, you will be glad to know that FreshSeafood Malaysia is reared without any preservatives or antibiotics.

Product Offerings: Scallops, abalone, tiger prawn and sea cucumbers.

Price Range: 1kg of cultured prawns will cost you RM53.00

Website:
 Fresh Seafood Malaysia

Saudagar Seafood

Incepted in 2016, Saudagar Seafood is the brainchild of Azzarizal Mohd Zainol Faruk Hassan who had previously worked for Jetty Mart, one of the pioneers of online seafood distribution in Malaysia. Having picked up the ropes of seafood delivery via Jetty Mart, their goal is to ensure that the price of seafood is on par with wholesale market prices. As they are still new in the business, their delivery services are limited to Klang Valley areas.

Product Offerings: Squid, prawns, crabs, fish, cockles and more.

Price Range: 500g of freshwater prawns will cost you RM45.00

Website:
 Saudagar Seafood

Uncle Ali The Fishmonger

 Image courtesy of Uncle Ali The Fishmonger

Based in Bukit Jelutong, on the surface, this charming restaurant is more known among the suburbians for their unique take on Australian-style crustacean cuisine. In actuality, Uncle Ali The Fishmonger (UTAF) humble origins as a seafood delivery business catapulted it into what it is today. UTAF would post the latest, freshest catch on their social media platforms (Facebook and Instagram) so that returning customers would know what are the latest deals in town and rush out to snap them.

Product Offerings: Squids, prawns, crabs, fish and other crustacean-delights.

In-house menu recommendation: Chili mud crabs and fried mantou.

Price Range: 500g of freshwater prawns will cost you RM30.00

Website:
 Uncle Ali The Fishmonger

Physical Address : 21, Trivo Jelutong, Seksyen U8, DE, Jalan Bazar P U8/P, 40150 Shah Alam, Selangor

May this article help you in your quest for the freshest and most affordable seafood available in Malaysia without hurting your wallet too much for this coming festive season.

Cut the hassle of making a payment to the seafood supplier via physical deposit by opening a
 savings account
 that allows you to shop online with minimal to no transaction fees with our comparison tool.

All the best in finding the best bank account that fits your saving and spending needs best.

Do you have any experience with online seafood suppliers that you would like to share? Let us know in the comment section below.

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Arnie Ruxana

Arnie Ruxana

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AmBank Offers AmFlexi-Plus Instalment Plan At 0% Interest For Online, Travel Spend

AmBank is currently running the 0% AmFlexi-Plus campaign, which allows its credit cardholders to convert their online or travel expenses into 3, 6 or 12-month instalment plans with 0% interest. Already ongoing, the campaign is slated to run until 30 June 2022.

The AmFlexi-Plus campaign is open to both principal and supplementary AmBank credit cardholders, whose card account is not in default of payment, including any interest or management fee.

As we’ve mentioned earlier, this campaign is applicable to both online and travel spend categories, and you’ll need to meet the minimum spend requirement for each category to be eligible for the promotion. For online spend, you can only tap into the 0% AmFlexi-Plus campaign if you spend a minimum of RM1,000 on online retail (personal expenses only) – either in a single transaction or through cumulative receipts within 30 days from the transaction date.

Meanwhile, under the travel spend category, you will have to meet a minimum spend requirement of RM100 with selected airlines, hotels, travel agencies, and car rental or transportation service providers. These expenses can also be spent either in a single transaction or through cumulative receipts within 30 days from the transaction date.

You may apply for the AmFlexi-Plus plan more than once, provided that you meet the terms and conditions, and obtain approval from AmBank. Note as well that the amount to be converted to a monthly instalment must be either equal to or less than your current outstanding retail balance. If the amount that you request is more than your retail balance, AmBank will determine the approved amount based on your retail balance at the time it processes your request.

To enjoy the 0% AmFlexi-Plus, simply pay for your online or travel spend using your AmBank or AmBank Islamic credit card. If you fulfil the requirements as specified above, you can either call AmBank’s contact centre at 03-2178 8888 to request for the offer, or reply to the SMS invitation that you receive from the bank.

Finally, if you do take up this offer, make sure to repay the monthly instalments on time as an interest or management fee will be charged on the outstanding principal amount if you fail to do so. The amount will be calculated from the posting date until the full payment is credited into your card account.

(Source:
AmBank
)

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Nur Adilah Ramli

Nur Adilah Ramli

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Public Islamic Bank Removes Hibah Performance Bonus Feature For Four Credit Cards

Public Islamic Bank (PIB) has announced some changes to the features of all its credit cards, removing their unlimited hibah performance bonus on local and overseas retail purchases. Slated to take effect starting from 1 January 2021, the four cards involved are:

Public Islamic Bank Visa Platinum credit card-i

Public Islamic Bank Platinum Mastercard credit card-i

Public Islamic Bank Gold Visa credit card-i

Public Islamic Bank Mastercard Gold credit card-i

In the case of the
Public Islamic Bank Visa Platinum credit card-i
 and
Public Islamic Bank Platinum Mastercard credit card-i
, cardholders are currently allowed to earn an unlimited hibah performance bonus of 0.2% on both local and overseas retail purchases. This feature will be removed come the start of next year.

Similarly, the bank will also remove the unlimited hibah performance bonus of 0.1% on local and overseas retail spend for the
Public Islamic Bank Visa Gold credit card-i
 and
Public Islamic Bank Gold Mastercard credit card-i
.

Credit cards

Before 1 January 2021

Effective 1 January 2021

– Public Islamic Bank Visa Platinum credit card-i

– Public Islamic Bank Platinum Mastercard credit card-i

Unlimited hibah performance bonus of 0.2% on local and overseas retail purchases

Removed

– Public Islamic Bank Gold Visa credit card-i

– Public Islamic Bank Mastercard Gold credit card-i

Unlimited hibah performance bonus of 0.1% on local and overseas retail purchases

The hibah performance bonus feature enables cardholders to earn a certain percentage of cash rebate for every ringgit spent on the card. But with these changes, these cards will no longer offer any rebates for retail transactions. Instead, the Public Islamic Bank Visa Platinum credit card-i and Public Islamic Bank Platinum Mastercard credit card-i will continue to provide cardholders with perks such as free automatic travel coverage of up to RM500,000 and 2x complimentary access to any Plaza Premium Lounge in Malaysia.

For more information, cardholders can contact the bank’s PB Card Services at 03-21768000, or email Public Islamic Bank’s customer service at
[email protected]
.

(Source:
Public Bank
)

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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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AmInvest Wins Three Awards For Fund Management

(Image: The Star)

AmBank’s investment arm, AmInvest, has won a total of three fund management awards at the 11
th
 Fund Management Awards 2020 and the Institutional Asset Management Awards 2020.

At the 11
th
 Fund Management Awards 2020, which is organised by Alpha Southeast Asia, AmInvest was named Malaysia’s Best Overall Asset & Fund Manager for the second consecutive year. Additionally, it was also crowned Malaysia’s Best Asset Manager for Fixed Income Funds.

In winning the two titles, AmInvest was praised for its role as a leading multi-asset fund management company. It was also acclaimed for its commendable processes and performance, including advanced portfolio management and diversification as well as above par risk-adjusted returns.

Meanwhile, the Institutional Asset Management Awards 2020 – run by InsuranceAsia News – saw AmInvest bagging the award for Malaysia’s Insurance Fund House of the Year. This is the third consecutive year that AmInvest has won this title, citing its best practices, services, and performance in managing its insurance clients’ assets as the crux of its win.

The group chief executive officer of AMMB Holdings Bhd, Datuk Sulaiman Mohd Tahir, commented that AmInvest has been managing funds for the past 39 years, and that the group is grateful for its investors’ continued trust in its capabilities and expertise.

(Image: The Malaysian Reserve)

The chief executive officer of AmInvest, Goh Wee Peng, also chimed in to say that the group is optimistic about the outlook of the bond market moving forward as monetary policies globally is likely to remain accommodative in the foreseeable future. This is because many economies around the world are slipping into recession following the Covid-19 pandemic, with recovery being gradual. “Credit selection is crucial and we will focus on issuers with strong and sustainable cash flow generating ability,” she said.

Established in 2007, Hong Kong-based Alpha Southeast Asia is a regional institutional investment magazine that is focused on Southeast Asia, with six issues published annually. InsuranceAsia News also operates from Hong Kong, and it offers commentaries, features, and interviews about Asia’s insurance market.

(Source:
The Sun Daily
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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DoctorOnCall Partners With Shopee To Give Malaysians Easier Access To Covid-19 Tests

(Image: Lowyat.NET)

DoctorOnCall is collaborating with Shopee Malaysia to offer the public easier access to Covid-19 tests. Through DoctorOnCall’s official store on the e-commerce platform, you will be able to purchase Covid-19 real-time reverse transcription polymerase chain reaction (rRT-PCR) tests, which are available via a few arrangements at different prices.

According to the International Atomic Energy Agency, the rRT-PCR test is considered to be the most accurate method available for detecting the Covid-19 virus. Compared to other available virus isolation methods, it is significantly faster and has a lower margin of error as the entire process can be done within a closed tube.

DoctorOnCall allows you to take the test via three different arrangements: home visits, swab & go at screening centres, and drive-thrus. Each arrangement is priced differently at RM700, RM600, and RM400, respectively. According to the FAQs, you will be able to get your test result within 48 to 72 hours upon collection of your sample.

Those who wish to be tested at home must be staying within the Klang Valley as the DoctorOnCall team is currently only serving this area. If you purchase the swab & go option, you will need to head to Klinik Qualitas Sharani at Bangsar and get screened there. The drive-thru test is the most accessible of all; it is available in Klang Valley, Penang, Kedah, Perak, Melaka, Johor, as well as Sabah and Sarawak and you can get tested without leaving your car.

Aside from the rRT-PCR test, you will also be able to buy
DoctorOnCall vouchers
 worth up to RM100 at discounted prices. Originally valued at RM20, RM50, and RM100, you can now get them at RM18, RM42, and RM80, respectively. These vouchers can be used when you are buying medications at
DoctorOnCall’s online pharmacy
; just enter your Shopee voucher code at the check-out stage to enjoy your savings.

To kick off this collaboration, DoctorOnCall and Shopee have also launched a health education and awareness series on Shopee Live, the e-commerce platform’s in-app live streaming feature.

“By leveraging our technology and marketing tools such as Shopee Live, DoctorOnCall is able to bring curated content to viewers at home, educating and creating awareness on the importance of hygiene as well as ideas on having a healthy Ramadan. This is what people need right now,” said the regional managing director of Shopee, Ian Ho.

Head on over to
DoctorOnCall’s official page
 on Shopee to check out its available products.

(Sources:
Digital News Asia
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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RinggitPlus Launches Free Financial Health Check Tool For All Malaysians

(
Update
: The RinggitPlus Financial Health Check tool has been discontinued.)

As more Malaysians come to understand the importance of financial literacy and are looking at how they can improve their financial health, RinggitPlus and mangro have developed RinggitPlus Financial Health Check, an assessment tool that is fully conducted online and is free of charge.

What is the RinggitPlus Financial Health Check tool?

As its name suggests, the RinggitPlus Financial Health Check tool is a product that was developed to help you check your financial health, giving you an immediate overview of how your finances look like, and some recommendations to improve them. Tapping into the expertise of our licensed financial planners (CFPs) and the technological know-how of our partner, the tool will let you review your performance in seven key areas:

Cash flow

Debt management

Estate planning

Insurance

Investment

Retirement

Taxes

Best of all, the process takes minutes to complete. All you need to do is answer a set of 16 personal finance questions, which should take no more than 8 to 10 minutes of your time. The questions seek information such as your loan and credit card commitment, savings and investment, as well as retirement goals, to provide an accurate assessment.

Once you’ve completed the questionnaire, you’ll be given a score that lets you know how you’re faring financially. The scoring system is specially designed by our licensed financial planners to accurately capture the state of your financial health. A high percentage means you’re financial health is in great shape, while lower scores indicate some areas of improvement.

On top of the overall financial health score, you will also be alerted to the specific areas that require extra attention, along with detailed assessments and tips on how you’re doing or can make better money decisions. The full recommendation segment can be viewed when you sign up for an account, which is also free of charge.

The information shared with us will be secured as per the Personal Data Protection Act (PDPA), while the technology behind this tool is co-developed with
mangro
, a financial wellness startup by kipleX, which is itself a venture building company under Green Packet.

Ready to find out how you’re doing financially? You can now access the
RinggitPlus Financial Health Check tool here
 for free.

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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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    fiza

    1 year ago

hi..im unable to view the financial health tool using the link given..

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    Nurus

    1 year ago

    Reply to

        fiza

same as me. please update link

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How Much Should You Have in Your Emergency Fund?

Why You Need an Emergency Savings Account

The simple answer is because anything can happen – and an emergency savings account can provide a nice, plush cushion.

Losing your job or being stuck with a big bill for an unexpected car breakdown is all part and parcel of life, so you’ll want to be financially prepared if it happens.

Saving for a rainy day is a great habit to get started with the minute you start earning; this way, your fall-back cash can accumulate much quicker!

How Much Should You Set Aside?

Here’s a quick guide to figuring out an appropriate amount:

Tally Your Monthly Expenses

Start by totalling up all your monthly expenses; this should include loan payments, credit card bills, utilities, childminding and other recurring commitments.

Next, estimate how much you spend on essentials such as food, transportation costs (toll and fuel), and groceries as well as the fun stuff like entertainment or shopping.

If you have other payments that you make annually, you can prorate it over twelve months. For instance, divide your annual insurance premium or gym membership to see how much it comes up to in monthly terms.

Decide How Much You Need in Reserve

Dave Ramsey, a prominent financial guru, recommends starting with a minimum of
three to six months
 of your monthly expenses. Suzy Orman, another money master, says
eight months
 is optimum. Other experts consider a 12-month reserve safest.

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

So which figure is the right one? We suggest aiming for three months’ worth if your monthly expenses amount to less than 50% of your income and six months if your expenses come out of more than 50% of your income.

Why? Because the fewer commitments you have, the smaller your cushion needs to be. Ideally, you should slowly build your emergency reserve to the ultra safe 12-month’s worth, but we would start from three months and work from there.

Determine the Amount to Put Away Each Month

Typically, saving 10% to 20% of your current income is recommended, where the more you can comfortably put aside, the better. If you want to know how long it will take you to accumulate the total amount, check out this example:

Assume you are earning RM5,000 per month, and your monthly expenses amount to RM3,950 (based on the table below).

By putting away 20% of your monthly income to amass six months’ worth of reserves, you will accumulate your fund in approximately 24 months. If you choose to set aside only 10% of your income, it will take 48 months.

Item

Expense (in RM)

Car Loan

550

House Rent

1,500

Babysitter

600

Food

650

Petrol and Toll

300

Entertainment

100

Clothes

100

Life Insurance Premium*

100

Car Insurance and Road Tax *

50

Total

3,950

*Note: Figures have been prorated over 12 months where the Life Insurance Premium is RM1, 200 in total; Car Insurance and Road Tax is RM600.

Some Notes on Emergency Funds

Once you have a cushy emergency fund, you may suddenly see many non-essential expenses as emergencies and feel that you should start dipping into it. We strongly suggest you to NOT do this. While it is tempting, the fund is only for emergencies. We recommend putting it into a less accessible account, perhaps in a different bank even, just to be sure you don’t give in to any impulses.

Another thing to remember is that just because you have an emergency fund now with the saving system you’ve stuck to, doesn’t mean you should now stop saving. If you’ve been comfortably putting cash away for an emergency fund, you should continue saving with the same amount anyway.

What Comes Next?

Once your emergency fund is sorted, you’ll feel (and be) more financially secure should anything unexpected happen to your income or expenses. With this security you can be freer to explore alternative income sources, search for a better job, or just be more comfortable with your finances in general.

With this newfound security, perhaps you’d like to start an investment portfolio or save up a deposit to buy your first home. Whatever you decide to do, make a plan for your finances and you’ll be amazed at how much you can achieve.

If you are ahead of the class and already have a rainy-day account, give yourself a pat on the back! If you haven’t, it’s time to start. Put your money in a high-interest account to make the most of your savings. For help finding the best account to store your funds, do check out our
comparison page
.

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Desiree Nair

Desiree Nair

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6 Premium Class Cinemas In Malaysia 2018 – Which Is Worth Your Money?

We Malaysians love going to the cinema, but it can get boring sitting in the same typical seats every time. If you’re willing to pay a bit (or a lot) more to bump your cinematic experience up a class or two, give premium cinema seats a shot. Premium cinema halls offer luxurious seats, blankets, table service, and even lounges for you to wait in before your movie begins.

Naturally, these added privileges will cost you more than the average RM15–20 for a standard ticket, so which premium cinema is worth the added expense? It’s very expensive to try out all the premium cinemas in town just to know which is best, but as part of this very important research, we tried out six different premium-class cinemas in the Klang Valley and rated them for your convenience. Here’s what we found.

1) TGV LUXE

Price

RM23

Lounge

★★

Appearance

★★★

Comfort

★

Value for money

★★★

Reviewed outlet

Sunway Pyramid

TGV LUXE is the cheapest premium cinema in this list. It does have a waiting lounge, but it doesn’t have the food services, blankets, or ultra-comfortable chairs offered by the other premium cinemas we went to. One thing TGV LUXE does have to set it apart from a standard cinema, however, is the ample amount of space. If arm and leg room is very important to you, you’d probably be happy paying a little more for the extra-wide seats.

The seating layout for TGV LUXE is similar to most standard cinema halls, with the first two rows at the top consisting of twin seats. Couples will be glad to hear that for TGV LUXE, twin seats are priced the same as regular seats. However, we felt that the twin seats in our hall were much less comfortable than the regular LUXE seats, which weren’t extraordinarily plush to begin with; the twin seats aren’t velvet-clad, and they are a lot harder than the regular seats.

2) GSC Premiere Class

Price

RM32.50

Lounge

★

Appearance

★★

Comfort

★★

Value for money

★★

Reviewed outlet

Signature @ The Gardens

GSC Premiere Class is pretty much a hall full of couple seats. The seats are comfortable and spacious, but if you were expecting armchairs for this premium class cinema, you would be disappointed. The seats look a lot like the normal, non-reclining twin seats you would find in a standard GSC cinema hall. Despite looking the same, however, the seats in GSC Premiere Class cost about RM10 more than twin seats in a standard GSC cinema.

On top of that, GSC Premiere Class doesn’t offer any special food services and its seats only have normal cup holders instead of the little tables you would find at other premium cinemas. Still, you would probably score some fancy points on your trip here as GSC Premiere Class is only available at the more elite GSC Signature outlets. Be warned, though – despite its supposedly fancier branding, you may find the entrance and waiting area slightly underwhelming.

3) mmCineplexes Platinum Movie Suites

Price

RM40

Lounge

★★★★★

Appearance

★★★

Comfort

★★★★

Value for money

★★★

Reviewed outlet

eCurve, Damansara

The Platinum Suites is the lowest-priced premium cinema that has reclining armchairs as seats. The armchairs are made of suede material and are great to kick back in with a blanket, which you’ll have to pay an extra RM5 to rent one. If you’re there with a date, don’t expect to get too close – the seats are set out in pairs, but there will still be a gap and a table between your armchairs. Overall, the seating arrangement is very spacious, so it’s perfect for those who don’t like cramped spaces.

The main highlight of the Platinum Suites isn’t the cinema hall itself, but its lounge. Decorated with choice lighting and framed portraits of old-school movie stars, this is one lounge worth waiting in for its aesthetic value alone. Better yet, it has a free-flow drinks fountain where you can help yourself to soft drinks before your movie starts.

4) MBO Premier

Price

RM47.45

Lounge

★★★★

Appearance

★★★★

Comfort

★★★

Value for money

★★★★

Reviewed outlet

The Starling Mall

Not many people are aware that MBO Cinemas, which is known for its affordable cinema tickets, also has premium cinema halls. Similar to GSC Premiere Class, it adopts the twin seat layout, but its chairs win out over GSC as they are leather-clad, fully reclinable, and come with a moveable table at the side. Each table is equipped with a fancy-looking menu and a call service button; food service throughout the movie is available at MBO Premier for a much lower price than other premium cinemas.

The best part is that each MBO Premier ticket comes with popcorn, a soft drink, a snack (this time it was a bag of Famous Amos cookies), and moist towelette neatly packed in a paper carrier bag. This MBO Premier pack really makes your ticket worth more for your money. If only MBO also threw in complimentary use of a blanket instead of charging RM8 for renting one, it would definitely be the best premium cinema deal out there.

5) GSC Gold Class

Price

RM70 (RM50.50 without Gold Class Privilege)

Lounge

★★

Appearance

★★

Comfort

★★★★

Value for money

★

Reviewed outlet

Signature @ The Gardens

GSC Gold Class prides itself on being the first premium-class auditorium with an attached lounge in Malaysia. The cinema’s reclining leather armchairs are as wide and comfortable as advertised, but unfortunately the ones at Signature @ The Gardens seemed like they had seen better days. The seats are laid out in the same two-by-two fashion as The Platinum Suites, but with much less generosity in terms of space. Each shared table in GSC Gold Class is equipped with a call button and the Gold Class staff provided good service throughout.

RM70 is what you have to pay if you wish to receive the “Gold Class Privilege”– a hot beverage and the use of a blanket. In terms of value for money, GSC Gold Class is a poor contender because for about the same amount at TGV INDULGE, you get a two-course meal. Even if you choose to pay less and do without the drink and blanket, RM50 is still quite a lot to fork out just to watch a movie in reclining chairs – especially if the Gold Class outlet you go to looks like it needs an appearance revamp.

6) TGV INDULGE

Price

RM74 (RM52 without Indulge Dining Set)

Lounge

★★★★

Appearance

★★★★

Comfort

★★★★★

Value for money

★★

Reviewed outlet

1 Utama Shopping Centre

TGV INDULGE sets itself apart from other premium cinemas by hyping its “gourmet cinema experience” – basically, you get to eat full meals at the lounge before your movie starts or in the cinema at any point during your movie. The INDULGE Dining Set includes a starter and main, but sadly, no drinks. To make the whole process of ordering food from your seat even easier, your side table not only has a service button, but also a card terminal with Visa payWave function.

However, no matter how much of a novelty it is, eating lamb shank in a dark cinema hall is a difficult task. If you opt out of the gourmet aspect, INDULGE wins in terms of comfort. The blankets that are included in the basic ticket price are warm and snuggly, the reclining chairs are very cosy, and each hall has both twin and non-twin seat options. So, instead of making a mess of yourself, it may be better to just skip the meal option – you get to save RM20 and enjoy the luxurious seats in peace.

Which is the best premium cinema experience?

It’s a good thing that Malaysians have a wide range of premium cinemas to choose from. You have the option to pay just a little more for extra legroom, or go all the way and spend over RM70 on a two-course meal in a reclinable armchair – while enjoying the movie. But, it’s important to note that ticket prices fluctuate according to cinema location, the day of the week, and the movie you are watching. For clarity, the prices quoted in this article are for the weekend screenings we went to within the Klang Valley.

After due deliberation, we found that there was no clear “best premium cinema in KL” – each of the cinemas we reviewed had their fair share of pros and cons. That said, MBO Premier takes the lead in terms of value for money. It doesn’t have the classiest seats, but its seats are reclinable and each ticket includes a snack combo at no additional charge. On a separate note, the spacious interior and classy lounge at The Platinum Suites at mmCineplexes pleasantly surprised us. But the luxurious TGV INDULGE still takes the crown in terms of comfort – the twin seats at TGV INDULGE are the way to go if you want to make an impression on your date.

At the end of the day, it all comes down to your personal preference and how much you’re willing to spend for a better experience – we hope this review helps the next time you’re planning an “atas” movie escapade!

*Disclaimer: Prices are correct at the time of writing.

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Jacie Tan

Jacie Tan

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High Fashion for the little Bambini with your American Express Card

High fashion for kids now comes with a lower price tag courtesy of American Express. Pay with your American Express Credit or Charge Card at any of Vogue Bambini’s Kuala Lumpur outlets and receive an instant 30% discount on normal priced items as well as an extra 10% on sale items.

Brands at Vogue Bambini include: Little Marc Jacobs, Paul Smith Junior and Junior Gaultier. Your child will now be the most fashionable Bambini in town – no Mafioso links required.

Vogue Bambini is available at: Pavillion KL, Bangsar Shopping Centre, Parkson KLCC and Parkson Pavillion, KL. Additional 10% discount not applicable on sale items with a 40% savings and above. Offer valid until 31 December 2013. Please see the
flyer
 for more info.

Don’t have an American Express Card? Click here to apply for a
 American Express Gold Card
 or an
American Express Platinum Card
.

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Diana Chai

Diana Chai

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