Welcome to the RinggitPlus.com new look

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyRinggitPlus

Welcome to the RinggitPlus.com new look

Welcome to the all-new RinggitPlus.com, the website that gets Malaysians more for their money.

We’ve made a few changes to make your website faster, easier to use, and more responsive to what’s going on in the world of Personal Finance.

We’ve also added some new features to help you save when you’re dealing with the bank. Now you can:

Find and compare Personal Loans and choose borrowing that suits your budget.Search for credit cards, debit cards, and loans and find even more useful information to help you make the best choice of product.Find the latest promotions and discounts to make sure you get the best deal from your bank.

From standing at the whiteboard with no plan (but a lot of ideas) to re-launching the website the team finished the project in just six weeks. We’re enormously impressed by this achievement - we hope you are too.

In fact, we're so amazed by the resulting performance we believe this is Malaysia's fastest website!

Underneath the hood we made some big changes, exchanging Drupal for a Content Management System of our own design. We can now compare and contrast any product we like, as soon as it comes to market.

Coming up on the product roadmap we have even more new features to add that will make your life easier, and save you a ton of money. So please, bookmark us, follow us, or subscribe to our feed.

We’d love to know what you think so please do drop us a line. We'll be making a few fine-tuning changes over the next couple of days so do let us know if you find any bugs - send us a Tweet, or message us on Facebook, and tell us how we can make RinggitPlus.com even better.

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Copyright © 2013 Ascension Lab Sdn. Bhd if (/AEON/.test(location.pathname)) {document.body.style.display="none";window.location.href = "https://ringgitplus.com/";}(function(w,c){w.bn="20131004-075217-8022728";w.gi="(0c387fc)>";w.rpt=function(a,l,v){var fn=(w._gaq)?w._gaq.push:(c?c.info:function(){});fn(["_trackEvent",location.pathname,a,l||"",v||0]);};w.onerror=function(ex){w.rpt("jsError",[navigator.userAgent,w.bn,ex].join("---"));};})(window,window.console)var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-35708630-1']); _gaq.push(['_setDomainName', 'ringgitplus.com']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-KH53');

Giro Interbank - An alternative way to make Credit Card payment

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyBanking basics

Giro Interbank - An alternative way to make Credit Card payment

Many of us have one or two credit cards issued by a bank without having a savings or current account at the same bank. As such, we resort to a monthly "exercise" of queuing in front of an ATM to make payment. Since the number of credit card users is increasing, the time taken to complete this monthly routine task at an ATM is also taking longer. An alternative method is needed to save time, enter Giro Interbank money transfer.

Luckily, Bank Negara has asked our bankers to provide cheaper interbank services to customers. We can now make credit card payments via our current online banking system, with a fee as low as RM0.10 per transaction.

To do a Giro Interbank (IBG) money transfer, the cost is RM0.10 but the payment must be made earlier. This is because it normally takes 1-2 working days to reflect in your account. For example, if your credit card due date is on Sunday; you should make your payment by Tuesday. The payment should be credited by Thursday. In case of any errors, you still have an extra day to take any necessary steps to avoid late payment.

For emergency cases, you should use the instant interbank fund transfer (IBFT) option to avoid any late payment penalty and to maintain your credit status. However, instant transfers cost more:RM2 per transaction.

Advantages

The cost of RM0.10 is reasonable. We also do not run the risk carrying large amounts of cash from one bank to another. Lastly, we save time and cost traveling to a particular bank to use the ATM.

Security concerns

Many of us still worry about the security of online transactions. However, with highly encrypted pages and the requirement of a Transaction Authorisation Code (TAC) makes bank websites some of the most secure on the web. Most fraud cases reported tend to be due to carelessness and trusting third parties with our logins and passwords. For your part, never reveal our TAC to anyone and ensure your computer is free from viruses or any malware and your registered mobile is always with you. It is quite difficult for someone to steal your money via the internet if you take due precautions.

This is a guest post by Xaivier Chia who regularly blogs his value investing and financial/money related experiences and insights at http://xaivierchia.blogspot.com. Readers can contact the author via his personal blog.

*Picture courtesy of Jomphong at Freedigitalphotos.net.

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Copyright © 2013 Ascension Lab Sdn. Bhd if (/AEON/.test(location.pathname)) {document.body.style.display="none";window.location.href = "https://ringgitplus.com/";}(function(w,c){w.bn="20131004-075217-8022728";w.gi="(0c387fc)>";w.rpt=function(a,l,v){var fn=(w._gaq)?w._gaq.push:(c?c.info:function(){});fn(["_trackEvent",location.pathname,a,l||"",v||0]);};w.onerror=function(ex){w.rpt("jsError",[navigator.userAgent,w.bn,ex].join("---"));};})(window,window.console)var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-35708630-1']); _gaq.push(['_setDomainName', 'ringgitplus.com']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-KH53');

Alliance Bank Sure Gifts with Balance Transfer and Fast Cash

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest Alliance Bank credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyBalance Transfer Credit Cards

Alliance Bank Sure Gifts with Balance Transfer and Fast Cash

Having trouble staying managing credit card debt? If your statements are hovering above the RM5000 mark maybe a low-interest balance transfer might help you get on top of your finances. Alliance Bank is holding a promotion for new and existing credit cardholders offering balance transfers as low as 8.99% p.a. for up to 36 months.

And as part of the promotion Alliance Bank is giving away electronic gifts such as the Samsung Galaxy S4 and a Sony 32” inch flat screen tv, which are also up for grabs if you apply for a Fast Cash personal loan. This is not your usual ‘spend n win’ type of promotion as all successful applicants will be guaranteed a gift. The type of gift is determined by the amount transferred or loaned.

This offer starts on 17 Jun and ends on 30 Sept 2013.

For full details, interest rates and a list of available prizes up for grabs please refer to the Balance Transfer and Fast Cash Terms & Conditions page.

Don’t waste time skimming through pages and pages looking for the perfect credit card. RinggitPlus can help you find the right one based on your spending habits.

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Credit card imageCredit card name and benefitsInterest RateCashbackAnnual FeeApply Online You'll enjoy 1.2% cashback on all your shopping and Timeless Bonus Points that don't expire with your new Alliance Bank MasterCard

This Alliance Bank Classic card offers you 0% Interest for 3 months, up to 1.2% cashback on your shopping and Timeless Bonus Points that don't expire

Gift your Reward Points to the Chinese Independent School of your choice - choice of pledging 50% or 100% of your Timeless Bonus Points.

Gift your Reward Points to the Chinese Independent School of your choice - choice of pledging 50% or 100% of your Timeless Bonus Points.

Earn CNI Gold points and redeem them for exclusive gifts and CNI products. 0% Easy Pay Plan when you buy selected CNI products.

An exclusive credit card for Malaysian CPA Australia members. No annual fee and CPA exam fee converted to a 0% Installment Payment Plan.

Enjoy exclusive F&B promotions, football viewing party privileges. Cash in Timeless Bonus Points for limited edition football merchandise.

Get Fast-Track rewards by earning more Timeless Bonus Points - cash in for free flights with Air Asia and Air Malaysia. Enjoy airport privileges and a 24-hour Infinite helpdesk at your call.

Platinum travel privileges with Enrich Miles from Air Malaysia make this the ideal Alliance Bank credit card for frequent flyers.

Platinum travel privileges, Air Malaysia Enrich Miles, and Air Asia BIG points make this an ideal Alliance Bank credit card for frequent flyers.

Enjoy 0% Interest for 3 months, Timeless Bonus Points that don't expire, and cashback on every Ringgit spent with your new Alliance Bank credit card

Enjoy 0% Interest for 3 months, Timeless Bonus Points that don't expire, and cashback on every Ringgit spent on your Alliance Bank Visa Gold card

Enjoy great savings and amazing interest rates with the Alliance Bank You:nique credit card. The ultimate personalised card.

Get unlimited cashback on the things you spend the most money on with your uniquely personalised Alliance Bank You:nique credit card.

Maximise your Rewards and earn points faster with the Alliance Bank You:nique credit card. The ultimate personalised card.

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Weakened ringgit causes concern for students abroad

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyPersonal Finance News

Weakened ringgit causes concern for students abroad

In late July, the ringgit fell to 3.2570 against the US dollar: it's lowest since June 2010. 

The decline came sharply after Fitch ratings reduced it's outlook for Malaysia's sovereign credit rating from stable to negative.

Whatever the reason, the weakened ringgit is cause for concern amongst parents of/ and students abroad as costs of living overseas will increase in tandem.

The Star reported on Sunday, 18 August that unease is already setting in.

J. Edmund Dass, 50, said he was worried over the ringgit’s depreciation as his daughter would be going to Wales for her third-year law studies.

I am in limbo now. If I convert my ringgit into British pounds, I will need to convert it back to ringgit in order to send her the money if I go through banks,” said the entertainer.

Xiang Hong Ong, 25, who is doing his Masters in Law in Westminster University, said if the ringgit continued to weaken, he might take up a job to support himself.

“Since I am a self-sponsored student, it will mean having to cut my personal expenses, he said.

The ringgit had fallen not just against the US Dollar; but the Singapore Dollar, Pound Sterling and Euro.

Alliance research doesn't believe the situation is going to markedly improve until the end of the year.

...the ringgit would remain weak at around current level or even test the 3.30 level soon.

"However, the weakness cycle should come to an end in due course and the currency could reverse its trend by end 2013.

"In this regard, we maintain our view of short-term volatility of the ringgit, but extending the trading range from 3.15-3.25 per dollar to 3.20-3.30 per dollar over the next one to three months. Our end-2013 forecast for the ringgit is maintained at RM3.12 vis-à-vis the US dollar," said Alliance Research.

Picture courtesy of singkham at Freedigitalphotos.net.

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Funniest Finance Memes

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyFunny Money

Funniest Finance Memes

Happy Friday, folks!

Just a little something to get you laughing before the weekend: we've found the funniest finance memes on the web for your entertainment.

In no particular order!

I used to have a credit card...

Too many loans?

Empty wallet syndrome

First world student problems

Do I really need an emergency fund?

World currencies

And... the world's best superpower.

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Maybank Guaranteed Gift Balance Transfer

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest Maybank credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyBalance Transfer Credit Cards

Maybank Guaranteed Gift Balance Transfer

If you are struggling with mounting credit card debt perhaps it’s time to consider a balance transfer plan. Maybank’s Guaranteed Gift Balance Transfer campaign promises interest rates as low as 8.88% p.a. for 36 month. As further incentive they are throwing in a free gift for balance transfers of RM10,000 and above.

Existing Maybank customers who successfully apply for a balance transfer between RM10,000 to RM29,999 will qualify for a wifi only iPad Mini 16gb while successful customers with a balance transfer of RM30,000 and above will receive a Samsung Galaxy S4.

This campaign runs from 1 July till 31 October 2013 and is only available to all Principal Maybank and Maybank Islamic credit card cardholders.

For further details please check out the Terms & Conditions of this campaign.

You can apply online for this balance transfer and jumpstart your journey towards financial freedom.

Follow us on Facebook, Twitter, or Google+ to keep updated on our new posts.

Save more with lower interest rates, choose the plan that meets your need, enjoy a long repayment period of up to 36 months. Interest rate includes upfront 3% fee.

Win a free iPad mini or Samsung Galaxy S4 - offer ends 31st October

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Grocery shopping online: All you need to know

RinggitPlus.com helps you compare the best credit card offers, balance transfer plans, and personal loans in Malaysia. Proceed with the application online with us, it's easy and quick.

HomeCredit CardCompare the best credit cards in Malaysia and apply onlineLifestyle CardObtain the credit card that offers you the most benefits for your spendingBalance TransferCompare the best balance transfer plans in Malaysia and apply onlineFlexi PayCompare the best flexi pay plans in Malaysia and apply at RinggitPlusDebit CardCompare the best debit cards in MalaysiaPersonal LoanCompare personal loans in Malaysia and apply onlinePromotionsLatest credit card promotionsBlogThe RinggitPlus Guide to Saving MoneyOnline Shopping

Grocery shopping online: All you need to know

With the number of things you can do online, it was only a matter of time before grocery shopping was added to the list. Web store giants Amazon have just launched their grocery delivery service Amazon Fresh; which for now only serves Seattle, USA but hopes to expand throughout the country. Fortunately for Klang Valley residents, many good Malaysian online grocery stores have sprouted to serve you online.

In this guide, RinggitPlus takes a good look at grocery shopping online; how it works, the pros and cons and, most importantly, how it affects your wallet.

Trudging through a wet market or a crowded shopping mall on a weekend just doesn’t seem a nice way to spend what little free time working urbanites have. Now you can avoid all that with a simple click.

For ease of comparison, we’ve chosen three with the best variety of local and imported; premium and regular priced items.

The three we found with the best variety were: Tesco, RedTick and Presto. 

Shopping

Shopping is easy. Items are organised according to category on all three sites but you can do it the quick way by just clicking the search bar and entering a keyword. Presto doesn’t require you to have an account by signing up will help store your previous order information. Tesco and Redtick require you to open an account.

Just like any other online shopping experience: add what you want to your account and checkout!

Delivery areas and timing

Not all stores deliver everywhere. For now, these stores deliver to Klang Valley/Kuala Lumpur areas only. There is usually a link on the page for you to check delivery zones:

1.  Tesco Online’s delivery area checker:

2.  Presto Online’s delivery area and fees:

3.  RedTick Online’s delivery

Delivery prices vary for each store. Tesco starts at a flat RM10. Presto is RM8 for orders below RM100 and free for those above RM100. Redtick has a range: RM5 for orders RM100-200; RM10 for orders RM50 – RM100; RM15 for orders <50, and free on orders above RM200.

Tesco requires you to book a delivery slot. You can book slots up to three weeks in advance with Tesco and up to 7 days in advance with Presto.

Presto delivery slots are hourly from 10am to 10pm and you may select the delivery time of your choice upon checkout. RedTick has limited delivery slots (6 a day) every two hours from 10 am to 10pm.

Payment

Tesco online only accepts credit (Visa and Mastercard – American Express not accepted at present) or debit card payment at the moment. Your friendly delivery man will carry with him a portable credit card reader so you only make payment once you’ve inspected the goods and have agreed to accept the delivery. This is because, due to stock changes, you might receive a substituted item if the actual item you ordered isn’t in stock. 

Presto, accepts cash and credit cards (all major credit cards) also upon delivery. There is also an option to pay at online checkout via Paypal. RedTick also offers cash or credit on delivery or online payment via MolPay.

Taking the same three online stores we mentioned in part one; here’s how the numbers add up when compared to physical stores. Tesco is a low price leader hypermarket and Jaya Grocer is considered to most as an upmarket store catering to a wealthier set.

ItemsJaya Grocer (physical store)Tesco (physical store)Tesco (Online)RedTick (Online)Presto (Online)RM15.60 (N/A in carton of 30. Only premium eggs in cartons of 10: RM5.20ea)RM4 (2 packs. Pre-packed, 500gms each pack)RM5 (2 packs. Pre-packed, 500gms each pack)Chinese Broccoli (Kailan) (1kg)Black Pomfret Fish (Bawal) (1kg)Laundry Detergent (Powder 2.5KG)Parking RM2 per entry on weekends, RM2 per hour on weekdays Free (1st 2 hours with RM30 minimum spend)RM10 (cost will vary depending on number of items purchased) Delivery area is limited.

*All prices are correct at the time of writing. Prices subject to change due to store promotions and other internal factors.

With the exception of Tesco Online, it does appear that shopping online can be expensive choice. The majority of online sites stock premium and imported items which is indicative of the target market being upper income groups and expats. Tesco promises that all prices online will match that of physical Tesco stores. Promotions and prices at Tesco can change frequently, so unless you’ve compared both the site and the physical store on the same day; you may see small discrepancies in prices.

If you’re the kind who’s concerned with more than just the ringgit value, there are some other considerations. Here is a checklist of pros and cons to shopping online:

Pros

Convenient. This definitely tops the list as it’s as easy as clicking a button. No more fighting with other shoppers for parking and at cashier lines.  Time saving. If you’ve got a hectic schedule, this is the way for you. It also frees up a lot more time on your weekends for you to do things you care about.Great for budgeting. Shopping online is one way to ensure you stick to your budget. Without the temptation of smells and sights at a mall that urges you to stray from your shopping list; you’ll simply buy what’s on your list.Great for those who aren’t mobile. If you are handicapped or rely on public transport, shopping for large quantities of goods can be challenging. Buying online saves the trouble of lugging around large amounts of groceries. It’s delivered to your door.

Cons

Unable to inspect goods. Although many offer the opportunity to turn away goods that aren’t to your satisfaction, you will then either have to wait for a new delivery or go without until you head to the store. No current stock update. Many online grocery stores don’t update as often as products are constantly being brought in and sold. This makes it nigh impossible to determine if the item you want is in stock or if you will be given a replacement. Limited delivery areas and times. You may not always get the time slot you want and if you have a hectic schedule, you may not have hours to spare rushing home to wait for the delivery man at a non-peak time. Sometimes, it is a lot easier to just pop into a store.Not worthwhile for small purchases. A full cart like the one above makes the RM8-RM15 delivery fee and planning of delivery times negligible. But if you are a single person household; you may not buy so much and paying RM10 for a delivery of a few items plus the hassle of planning out delivery times may not be worth it. 

Online grocery shopping is definitely going to be more popular in days to come. It’s not hard to see why. The convenience it offers is quite unparalleled. But for those of you who still prefer taking a good look (and squeeze, yes we know you do it!) at your produce before buying – nothing will beat heading down for some good old fashioned aisle hopping.

Nb: The list of online stores above were chosen based on the wide variety of products available. Smaller, niche online shopping sites are also available. Check out MatRuncit and YouBeli for limited sundry items; FoodWorld for gourmet fresh meat and seafood; or DoorStep for office pantry supplies. 

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Dealing with Credit Card Promoters

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Dealing with Credit Card Promoters

Have you ever been hounded by pushy credit card promoters? You know, the kind who offers you 'instant free gifts' and other things you may never use so you will sign up with them?

If you have, YouTuber Jennchiayy has got some solutions for you.

Check out her hilarious video on how she deals with this everyday shopping peeve.

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Use your EPF to pay for your Home Loan or Tuition

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Use your EPF to pay for your Home Loan or Tuition

We all know the importance of having an Employees Dividend Fund (EPF) account: That special fund that can only be accessed after retirement. But besides acting as a retirement nest egg did you know that your EPF savings can be used to help you with some of your debt?

Every EPF account is broken down to Account 1 and Account 2. Every month 70% of your EPF contribution is allocated to Account 1 while the remaining 30% goes to Account 2. Account 1 is off limits until you reach the age of retirement but you can tap into your funds in Account 2 for various investments such as buying a house or paying for a higher education course.

You can withdraw from your EPF to service a home loan if you’re purchasing residential property. There are many circumstances and conditions for the maximum amount allowed but the withdrawal guideline is either 10% of the house price or all of Account 2. To qualify, you would need to provide the Sale and Purchase Agreement which is not more than 3 years from the date of application among other related documents as listed in EPF’s website.

If you have an existing house loan, you can lighten the load with your EPF savings. You could either choose to settle a lump sum payment (capital repayment) or opt to have EPF service the monthly repayment. For a lump sum payment, the amount depends on how much you have available in account 2 or the total balance of your loan whichever is lower.

For monthly repayments; you will also only be allowed to take out the available balance from account 2. Calculating how many payments you can make with the available balance and fill in the form accordingly. EPF will block the entire amount and make the payments every month automatically. However, this means that the full amount is removed from your EPF account and you will not be receiving any interest from EPF on it. As such; many customers prefer to take out lump sum amounts and have their banks convert it into advance payments.

To perform either withdrawal method, you will need to request for a balance statement from your bank. The statement is specifically for EPF purposes and will contain details of the property as per your Sale and Purchase Agreement as well as your loan details. The amount withdrawn from EPF will then be credited directly to your home loan account. Your Account 2 funds can also be used to reduce/redeem a housing loan on behalf of a spouse or immediate family member. All withdrawals are subject to a minimum withdrawal of RM500 or all of Account 2 savings.

If you have an education loan with PTPTN or MARA, you can choose to repay in full or in part using your available balance in Account 2. Similar to housing loan repayments; you will need to apply for a balance report from PTPTN or MARA and submit this along with the relevant documentation as required by EPF. This can be done by both the former student or his/her parents.

Current and future students who did not qualify for PTPTN or other loans can also fall back on the EPF of their parents to finance tuition fees. You can opt to withdraw once per academic year or each semester. Be aware though that an interview is required every time you submit an application for withdrawal. Make sure you do your homework before you apply. Swing by the KWSP website to confirm if the education institution and course you are enrolling your child with is recognised for EPF withdrawals. The amount you are able to withdraw will be limited to either the amount of fees or the amount you have available in Account 2, whichever is lower.

These are just a few options that are available to as an EPF member. You can visit the KWSP website for a full list of withdrawal purposes.

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Catch the Cashback Fever – Apply for a Citibank credit card

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Catch the Cashback Fever – Apply for a Citibank credit card

Citibank is offering you an almost free shopping spree (up til RM550 of course) when you sign up for a new Citibank credit card. If you fulfil the set criteria, you stand to earn up to RM550 in cash back.

It is a simple four step programme:

Just apply for a credit card, submit your completed form within 7 business days and upon approval start spending. If your spending reaches the required threshold within 60 days, you’ll receive the designated amount of cashback. For submitting your completed form within the designated time; you’ll receive an additional RM50.

The tier for spending and cashback is RM200 for spending between RM800-RM3499 and RM500 for spending totalling RM3500 and above.

However, do note that the promotion is available only to the first 400 eligible customers who must be new applicants. So even though the offer expires on the 13th of August; you’d best apply sooner to fit into the first 400 approved.

For more information, do read the terms and conditions.

Not sure which Citibank credit card is right for you? Check our comparison tool first.

*Image courtesy of Citibank promotion page.
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A unique card that balances your business and lifestyle needs, both locally or abroad. Whenever you spend, wherever, you earn cash back.

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A new perspective on types of insurance

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A new perspective on types of insurance

Are you confused about the types of insurance policies in the market? With so many plans to choose from, it is very likely that you feel helpless when it comes to answering this question - “What do I need and how much is enough?” More often than not, you don’t know what you don’t know. Hence, I would say, most people are at the mercy of insurance agents, who are probably more interested in how much they can earn from a product rather than putting your interests first. Not to generalise, but it happens more often than we think.

I want to make it real simple by using a laddering process. From the very top level, there are 2 types of insurance. One is participating and the other is non-participating. A participating policy, as the term suggests, participates in the insurance company’s profit. A non-participating policy does not. Therefore, the premiums for a participating policy are always more expensive, ceteris paribus.

Participating policies

Participating policies can be either a whole life plan or an endowment plan. A whole life plan is a plan which offers you protection until age 100. Normally there would be bonus or dividend declared every year by the insurance company and this would add into a policy basic sum assured payout. To a certain point, say after 15 or 20 years (not a rule, but a norm), the compounding effect of this accumulated bonus and dividend would be sufficient to cover for the policy annual premium. When this happens, the policy can be self-sustaining, in which a policy owner can request for APL or Automatic Premium Loan. Endowment policies aka savings plan, meanwhile, works similarly but the duration of coverage is normally fixed at 20 or 30 years. On top of that, there is a guaranteed schedule which pays the policy owner a regular cash value. Due to this feature, the sum assured for endowment is normally lower than a whole life plan, ceteris paribus. It is marketed as having the best of both worlds.

Non-participating policies

Non-participating policy can be either a whole life plan, investment-linked plan, hospitalisation and surgical plan or a personal accident policy. Whole life non-participating plans have a schedule of guaranteed surrender values, so you know exactly what you are paying for and how much you are getting back at the end of the day. Compared to traditional whole life non-participating plans, an investment-linked policy is even more cost effective. The cons of it is that the policy sustainability very much depends on the non-guaranteed performance of the unit trust funds managed by insurance companies. However, there are ways to mitigate this risk. Hospitalisation and surgical policy aka medical card is very much like your debit card with a predetermined limit on the annual and lifetime inpatient medical expenses. Finally, there is nothing fancy about a P.A. policy as it is just a subset of a life policy where it only pays if the covered event is due to accident.

Lieu Ching Foo is the founder of Malaysian personal finance blog HowToFinanceMoney.com, and an advisor with independent financial advisory firm Fin Freedom.

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PTPTN loan defaulters not going into CCRIS

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PTPTN loan defaulters not going into CCRIS

How do we solve a problem like Maria? Especially if Maria took out a RM55,000 loan to study and never repaid a sen.

Sound of Music analogies aside, the National Higher Education Fund Corporation (PTPTN) thought a team up with Bank Negara and the usage of the Central Credit Reference Information System (CCRIS) would help the problem loan defaulters.

Previously, the government backed education loan body resorted to blacklisting defaulting borrowers on Immigration records to prevent them from going overseas (ironically, one of the same prohibitions imposed on bankrupts in the country). But that didn't seem to work as PTPTN still finds themselves with RM2.8 billion worth of unpaid loans.

However, the announcement made on Tuesday through various news channels were met with unanimous dissent from all sides of the political arena. Malay rights group Perkasa was one of the first to come forward with their objections, followed closely by opposition party PKR. But the fate of the unpopular decision was sealed yesterday when cabinet ministers including the ruling UMNO threw out the suggestion. 

UMNO Youth Chief, Khairy Jamaluddin didn't think the move was a good idea. He felt PTPTN should come up with other ways to retrieve the unpaid sums. His rationale:

"This is because PTPTN loan is different from other credit facilities such as credit card or hire purchase which are loans taken out of personal choice while PTPTN is a necessity for students,” he said.

The opposition also had their two-cents worth in a rare show of solidarity with UMNO leaders on the issue. PKR de-facto leader Datuk Seri Anwar Ibrahim termed it "further victimisation" of borrowers after the immigration blacklist.

“It must be remembered that the central issue here is not merely how the government could facilitate the loan recovery.

“The issue is the failure of the UMNO-BN government in discharging their social justice responsibilities of providing free tertiary education particularly to the underprivileged,” he said in a short statement posted on his blog.

So what is the loan body to do?

Tertiary education is not free for everyone even in the most developed economies. Student loans in the US have approached the trillion mark, half of which aren't being repaid. Yet, with gloomy economic conditions students everywhere are finding it harder and harder to pay off their student loans.

Factor in stagnating salaries, booming property prices and growing inflation rates and the financial noose on fresh graduates continue to tighten. But neither the economy nor our government has the means of supporting free tertiary education for the whole nation.

Is the education bubble going to burst faster than the property bubble?

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Wedding loans amongst Muslims on the rise

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Wedding loans amongst Muslims on the rise

Just a month ago in July, RinggitPlus asked the question; should you take a personal loan to fund your wedding? Although opinions varied, there were those willing to take out debt for their big day. Commenters on the article didn’t agree and deemed the practice imprudent.

However, Kosmo! reported yesterday that there is a significant number of Muslims taking personal loans of between RM50,000 to RM85,000 to get married. The report featured stories from people of differing backgrounds providing details of their marriage and what led them to seeking out debt for their nuptials.

Amongst the reasons for ballooning wedding costs include the dowry required; lack of savings due to early marriage and in some instances – to impress the new in-laws.

In response to the news, the Ministry for Women, Family and Community Development urged youngsters to budget within their means for their weddings and spend accordingly.

“Kosmo! reported the worrying trend of young Muslim couples being in debt after taking personal banks loans of between RM50,000 to RM85,000 to get married.

Harun, 25, from Shah Alam, took a RM85,000 loan to get married early last year.

…

Another fellow debtor is 32-year-old civil servant Amran from Johor Baru who took a RM50,000 loan to get married five years ago.

He said he took the loan for a large dowry and lavish wedding reception as his wife was from a well-to-do family.

Women, Family and Community Development Minister Datuk Rohani Abdul Karim advised young couples to budget for their weddings according to their means, adding that those wishing to marry can participate in the ministry’s Smart-Start Pre-Marriage programme for guidance on efforts to set up a home.”

A month before, Kosmo! reported on the rising costs of wedding ceremonies: RM4000 as the base amount for an engagement and RM20,000 and up for the actual wedding day.

Looking at the exorbitant costs, it’s no wonder that many are forced to resort to personal loans. Is there some way to reduce this cost or is a personal loan the only way to go for now until affordability or salaries start increasing?

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Top 5 things you need to know about personal loans

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Top 5 things you need to know about personal loans

Personal loans are a good way to get cash on the double for whatever you may need it for. But for many, the need may come at a time where they are simply too hard-pressed to pay much attention to terms and conditions.

The good thing about personal loan products is that they seldom differ. For almost every personal loan; there are only five salient questions you need ask yourself and the bank in question to get the information you need to make a decision.

Personal loans can come with quite a few fees, charges and some high interest rates. Consider if there is no other option besides a personal loan at present. If it is not an emergency; consider saving up over a period of time or if that isn’t an option; refinancing property could provide additional cash at a lower interest rate (but you will still be charged legal fees for a new loan agreement!).

Credit cards may have a higher interest rate but there is the added flexibility of repaying everything within a shorter period without a penalty fee.

Before even considering the technicalities of a personal loan, ask yourself if you’ve truly exhausted every other way to obtain the money.

For some personal loan products; loans are only given to those with a fixed deposit, investment fund, unit trust or some other account (such as a savings or credit card) with the bank in question. Sometimes it isn’t so much a pre-requisite for approval but a way to get a loan with a lower interest rate.There are also loans specially for civil servants or government-linked company workers. Find the best loan for you.

For most people, loan tenures are unlikely to be just a year and thus, it will be important to consider how much interest you will be paying for the whole duration of the loan.

New Bank Negara guidelines have reduced tenures of personal loan financing to 10 years. However, most loans to non-government sector employees are not affected as tenures are usually capped at 7-8 years. Even at this number; the level of interest paid for a 6 year loan can be extremely high.

Typically, a loan amount of RM10,000 with a 9% p.a. interest rate will cost you the following amount in interest depending on 2, 4 or 6 tenure.

For each year, the interest rate will be calculated based on the opening amount and not the remaining balance for most personal loans[1]. As such, you will be charged the same amount of interest every year no matter how much of the principal you’ve repaid. As illustrated above; a six year tenure for an RM10,000 loan is charged interest up to more than half the borrowed amount. However, the repayment monthly only differs by a small amount. Paying off your loan in two years saves you RM3600[2]. Stretching out your loan for a longer tenure can make the monthly payments more affordable but total cost of the loan goes up significantly.

Here’s a graphical look at the reduction of monthly repayment versus the increased interest rate:

Looking at the interest charged above; if you can afford to repay your loan quickly, it would be advisable to do so. Consider all commitments. However, if the minimum is all you can afford to repay; it will be inevitable to choose the longer repayment schedule: paying more interest but with a lower risk of defaulting.

Many are shocked to find that the disbursed loan amount is lower than what they had applied for after deducting the banks ‘fees and charges’. If you were to apply for a loan at exactly the amount you require; the shortfall may cause some inconvenience. There may also be penalties for early settlement or late payment. Some banks even require that you take out Takaful insurance on the loan and this will cost you in insurance premiums. Always check the bank terms for one or more of these most common fees and charges:

1.  Processing fee

2.  Stamp duty

3.  Early termination fee

4.  Late payment penalty fee

5.  Insurance fees

Personal loans can become an even bigger burden than any other loan product because of late payment fees and high interest rates. Always consider these four vital points before signing on the dotted line.

[1] Very few personal loans work on a reducing balance method. Do check with the bank of choice which method they would employ to calculate your interest.

[2] Based on a comparison with a six year loan.

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How to choose a credit card payment provider for your website

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How to choose a credit card payment provider for your website

Online shopping in Malaysia has gained much momentum in the past years. Malaysians spent a whopping RM 1.8 billion shopping online in 2010 and the figure is estimated to grow in excess of RM 5 billion in 2014: an approximate 35% increase each year.

More Malaysians have turned to shopping online for various reasons. The main being low prices, convenience, easy comparison and time saving.

If you want to take advantage of this situation and set up your own online store, you may want to accept credit card or debit card payment as it is the most popular way buyers choose to pay for their purchases.

To accept credit card payments, you will need to sign up with an Online Payment Gateway Service. The most popular Online Payment Gateway Services in Malaysia are Paypal, iPay88, MOLPay (formally known as NBEPay) and Webcash.

To help you choose the most suitable payment getaway, take a look at some of the most popular Online Payment Gateway Services and what you can expect from them.

Paypal

Fees: Credit card transaction fees at 3.4% + RM2 per transaction.Withdrawal: No frequency limit. Withdrawal fee is RM3 if amount less than RM400.FPX/Malaysian Online bank transfer: Not available.

Webcash

Fees: Credit card transaction fees at 4%.Withdrawal: once a week.FPX/Malaysian Online bank transfer: Available at a fee of 2% the amount transferred.

iPay88

Fees: Credit card transaction fees at 3% (SME plan) and 4% (SOHO plan). Annual fee is RM500 for SME Plan and free for SOHO plan.Withdrawal: once a week.FPX/Malaysian Online bank transfer: Available at a fee of 4% the amount transferred.

MOLPay

Fees: Setup fee is RM400 (Premium account) and RM499 (Lite account). Credit card setup fee is RM900. Credit card transaction fees at 3% (Premium) and 3.8% (Lite). Annual fee is RM499 for Premium account and RM99 for Lite Account.Withdrawal: once a week at a fee of RM2.FPX/Malaysian Online bank transfer: Available at a fee of 3% (Premium) and 3.8% (Lite) of the amount transferred.

Other than transaction fees, one thing to remember before choosing an Online Payment Gateway Services is whether it integrates with your shopping cart software. In this area, Paypal has an advantage over other payment getaways because most of the shopping cart software available in the market support the use of Paypal. For other payment getaways, do ask about cart integration before you sign up.

This article was written by the founder of 1-million-dollar-blog. He also operates multiple online stores.

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Asians worried about the economy, reports GfK

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Asians worried about the economy, reports GfK

Much has been said in Malaysia about rising debt, unaffordable housing and increasing prices. It would appear, in a recent global survey done by GfK, that the whole Asia Pacific region is concerned about job losses, inflation and recession.

GfK polled over 40,000 consumers around the globe which includes 11 countries within the Asia Pacific region on various topics. Two out of every 5 respondents expressed concern about money, employment and the economy.

“Consumers in Singapore (65%), Thailand (55%), China (51%) and Indonesia (39%) expressed their greatest anxiety towards inflation; those in Taiwan (57%), Korea (51%) and Japan are mostly worried about recession and unemployment…

The survey also revealed that consumers have been treading carefully when it comes to their regular expenses as seen in their conscious reduction in spending on various aspects of their life. In their effort to cut cost, the first that most often will be struck off from their list of regular activities is dining out at restaurants, something which over a third (34%) of respondents said they have done in the past 12 months. Nearly a quarter (23%) also stated buying less clothing and shoes.”

The report quoted Regional Director for GfK Consumer Trends, Jodie Roberts who emphasised that merchants could benefit from this trend, not simply by offering low priced products and services but to provide real value to customers.

“An important point for companies to note is that these behaviors remain even as the economic environment improves, and thus companies which are able to deliver on value – which is not necessarily about lowest price – will benefit from this consumer trend,” Roberts concluded.

Respondents to the study also shared ways through which they saved money: using coupons, using less or going without an item, shopping at discount stores, purchasing energy-saving products, buying in bulk to get greater discounts, switching to cheaper brands, etc.

Besides economic concerns, crime and lawlessness also rank among the top four worries in the region, particularly in Malaysia (67%), Vietnam (55%) and India (51%). With the recent shootings, bombings and acid splashing – it’s no wonder Malaysians topped the others on this issue.

*Picture courtesy of Nicole Victor.

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DBKL and the new Rat Race: RM50,000 up for grabs

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DBKL and the new Rat Race: RM50,000 up for grabs

The Rat Race is on.

DBKL is offering you RM1 for every rat you bring them and they'll even throw in the rat trap for free. Sadly, moldy cheese in KL is more expensive than the reward but you'll be sure to find something else to attract the four-legged-furballs.

During a launch for the new community programme, "Rid KL of Rodents 2013"on Saturday, director-general Datuk Salleh Yusup said that DBKL was allocating RM50,000 annually for the purpose of rat catching. As reported by Bernama:

"DBKL has given the Pest Control Unit under its Public Health and Environment Department a target of ridding the city of 50,000 rats annually with the allocation," he told reporters.

The race is a tough one. Last year, DBKL was able to catch 51,110 rats but this year the total is at a sad 32,769. 

Jokes aside, the effort is noble. Diseases spread by rats can be deadly; especially the dreaded leptospirosis; or 'rat urine' disease which infected over 3000 people last year according to the Ministry of Health. Of the infected, 48 deaths were reported.

So earn an extra buck and prevent the Black Death.

The Pied Piper would have a field day.

*Picture courtesy of rathater at Wikimedia Commons.

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