Malaysia Home Loan Tips

Sunday, October 6, 2013

BR1M disbursements changing in the coming Budget 2014

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

BR1M disbursements changing in the coming Budget 2014

The Finance Minister II told reporters the 1 Malaysia people's aid (BR1M) will see an increase upon the announcement of Budget 2014. Not only that, there will be a new mode of disbursement.

"BR1M's distribution method will be changed into being disbursed twice a year instead of once come 2014 and the government plans to deposit the money straight into the recipient's bank account." said Finance Minister II Datuk Seri Ahmad Husni Hanadzlah.

It will of course be less of a hassle for recipients to collect their BR1M as the distribution method now is done through cash vouchers.

Lastly, Ahmad Husni stated that the government will plan to look at a model to aid those earning a household income of RM4,000 to RM5,000 but made no indications as to what these might be. Considering the recent petrol price hikes, and the almost inevitable introduction of GST, there is no doubt that even middle income earners with household levels of RM5000 will need some help to manage their rapidly disappearing money.

*Picture courtesy from Newsabnxcess.com

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');

Top five balance transfers in Malaysia

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.

Top five balance transfers in Malaysia

Balance transfer credit cards are the best option if you are struggling to pay off your card bills every month. You can consolidate debt from several credit cards by moving it onto one card.

However, balance transfers Terms and Conditions can be a little tricky to understand. And the impact of variable annual percentage rate (APR) interest might be confusing. When deciding between balance transfers, checking the APR can help you compare what each one means to your bottom line.

Ideally, look for balance transfers that offer 0% APR for 6 to 12 months. To help out with the headache in choosing a good balance transfer credit card, here are the top five balance transfers in Malaysia at the moment.

Loan Period : 6 monthsInterest Rate : 0%Minimum Amount : RM1000

AEON credit cards offer 0% interest for six months on any transferred credit card balance from any bank or financial institution. Furthermore, there are no other fees, such as processing fees. With a low minimum amount of only RM1000, it makes it even easier to perform a balance transfer.

If you fail to make the minimum monthly installment of 5% due on the payment due date, you will be charged the usual tiered finance rate of between 13.5-17.5%.

Loan Period : 6 months, 12 months
Interest Rate : 0%
Minimum Amount : RM1000

The Standard Chartered balance transfer has an amazing interest rate that is only available to the new low cost Standard Chartered Visa Translucent credit card. The offer however, expires 31st October 2013. Standard Chartered bank is the only bank that offers 0% interest rate for two different loan periods which give card members more choice in planning their monthly payment.

However, in the event that the card member fails to meet the minimum payment of 5% of the monthly installment or RM50, whichever is higher, a finance fee of 18% per year will be charged. The fee will be levied on the outstanding balance of the monthly installment due from the due date to the date of the full settlement.

Loan Period : 3 to 9 months, 12 months, 24 months, 36 months
Interest Rate : 3.6%, 3.6% (0% for first 6 months), 4.5% (0% for first 12 months),
4.5%
Minimum Amount : RM500-RM1000, RM1000 for 12 months to 24 months, RM2000

BSN balance transfer programme offers the most choice and one of the lowest interest rates in town. This promotion only lasts till 31st December 2013. Take note that supplementary card holders can apply for their balance transfer program, however they must first obtain consent of the principal card holder.

There are no exit fees charged for card members who opt for early settlement at any time. However, the whole balance of the installment amount which includes the outstanding principal and interest fees will be charged to the card member’s account.

Loan Period : 6 months, 12 months, 24 months
Interest Rate : 0%, 2%, 5%
Minimum Amount : RM3000, RM1000, RM3000

Though Public Bank’s balance transfer plan offers 0% interest rate for the 6 month installment plan, the minimum amount needed is higher than others at RM3000. Their 12 month plan, however, offers a low rate of only 2% and only a minimum of RM1000 is needed.

Beware of the RM100 settlement fee charged if you pay off the balance transfer early. Missed or late payments will also result in the standard tiered interest rate of 15% to 18% being charged.

Loan Period : 6 months, 9 months, 12 months, 24 months, 36 monthsInterest Rate : 6%, 9%, 0%, 4.5%, 8.8%Minimum Amount : RM1000 for 6 to 12 months, RM2000 for 24 to 36 months

Maybankard balance transfer programme advertises a 0% balance transfer rate for 12 months but this is not actually the case once the up-front processing fee of 3% is charged. Nonetheless, even at 3%, it is one of the better balance transfer deals around. You can also enjoy a long repayment period of up to 36 months albeit at the rather high interest rate of 8.8%.

The 36 month Maybankard plan also gives you a guaranteed gift of an iPad Mini or Samsung Galaxy S4 upon sign up subject to availability (offer ends 31 October 2013). You can also make payments via Maybank2u online, which is nice and convenient.

Other than that, Maybankard card members are required to pay their monthly installment of their 12, 24 and 36 month plan in full. They do not accept any minimum amount of payment for their monthly installment. Failure to do so will see a finance charge of up to 18% per annum.

Keep in mind that even with the 0% or low interest rates there are pitfalls.

As always, it is a good habit to be a punctual paymaster. Keep track of when your payment due dates by jotting them on a calendar, or post-it notes on your fridge. Balance transfers are great in consolidating debt, they won't make a difference if you fail to make your payments on time.

Lastly, try not to add new credit charges to your balance transfer card, pay off the debt first before you use the card. And, of course, you can always compare all the balance transfer plans in Malaysia right here at RinggitPlus.

Transfer your outstanding balance from any other credit cards to BSN. With a range of low interest flexible payment options BSN offers a comprehensive Balance Transfer plan to consolidate your debt.

Apply before 31st Dec 2013 and get 0% interest for up to 12 months

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

Save more with lower interest rates, choose from five plans to suit your needs, enjoy a long repayment period of up to 36 months.

How about paying no interest on your Balance Transfer? When you apply for a Public Bank Balance Transfer you can choose 0% interest for a repayment period of 6 months.

0% Interest Balance Transfer Plan that's only available with the new low cost Standard Chartered Visa Translucent credit card.

Apply before 31st Oct 2013 and get up to 12 months at 0% interest

View All

Which is more important, your friends or money?

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.

Which is more important, your friends or money?

Morally, we would always choose friends over money but how would you behave if a million dollar lottery win was on the line?

It's a tricky situation but in the end we must not forget that we can't survive without money, just as much as we can't survive without friends!

Thus, there should always be balance.

"A wise man should have money in his head, but not in his heart." - Jonathan Swift

So get out there, spend some money with or for your friends!

Tighten your friendships and splurge a little if it means creating wonderful memories (but not too much - you don't want to be broke!).

Have a great Merdeka weekend!

Show me the money!

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.

Show me the money!

There are so many idioms or catch phrases that exist today. Have you ever wondered where they came from, where or who started them?

One of the most famous catch phrases was non other than "Show me the money!" Originating from the 1996 movie Jerry Maguire, starring Tom Cruise, this one took the world by storm. Take a look at the video and see why it successfully became a worldwide phenomenon

The unsweet sound of sugar subsidy cuts?

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.

The unsweet sound of sugar subsidy cuts?

It would now appear that there may be more subsidy cuts coming in the Budget 2014. The next being on sugar.

Health Minister, Datuk Seri Dr S. Subramaniam is urging the government to cut it's subsidy on sugar to discourage a high sugar intake amongst Malaysians. The move, he says, will help reduce the instances of diabetes which is fast spreading amongst Malaysian citizens.

"The number of diabetic patients in the country has increased to 2.6 million or 15 percent of the total population. This is partly due to lack of control in the intake of sugar," he told reporters after opening a diabetes awareness campaign in the Segamat Parliamentary constituency at the Buloh Kasap Multi-purpose hall, here, Sunday.

This of course, he stressed, doesn't take into account the many who do not get tested and thus may be living with the disease but not contributing to statistics.

Diabetes is worrying. Linked to many other illnesses including heart disease and stroke.

However, sugar is only one part of the problem. Sugar is present in many forms of food including fruit and carbohydrate-rich foods such as white rice - much of which are consumed by Malaysians daily. Diabetes can also be caused by hereditary susceptibility and other medical conditions.

Thus, saying a reduction in subsidy will aid the rise of diabetes is a tad simplistic. Just another way to rationalise subsidy reduction? It begs the question what other 'surprises' are in store for Budget 2014.

Queen Marie Antoinette may have 'let you eat cake': You're not going to now.

Primary School Students set to be taught to Manage Money in 2014

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.

Primary School Students set to be taught to Manage Money in 2014

Bringing finance into the classroom.

If all goes well in the plans of the Education Ministry and Bank Negara to teach financial literacy in schools by 2014 as reported by the News Straits Times; your child may likely be teaching you how to manage money.

In an effort to promote financial literacy and money management as a life skill; teachers will undergo training in the subject from next year onwards.

Bank Negara consumer and market conduct department director, Suhaimi Ali feels strongly about educating the young on financial management.

"We need sound financial literacy initiatives to ensure that students can effectively plan and sustain their retirement," he said at a seminar on financial literacy and retirement savings organised by the Employees Provident Fund here yesterday.

He stressed on the increasing number of bankruptcy cases amongst the younger generation that showed a clear need to educate and build awareness from a young age on the risks of financial mismanagement.

"By 2015, we hope that financial education will be promoted as a life skill.
"There must also be greater access to information on financial management through interactive programmes and mobile applications, coupled with a network to drive financial education initiatives at the national level."

But the initiative doesn't end with the children. Suhaimi also took parents to task for indulging their children's every whim without clear guidance on proper saving and spending habits.

"The initiatives should be fine-tuned to target parents, too, as they play a crucial role in advocating financial literacy to their children."

The plan is a noble one but with many teachers still grappling with teaching simple, compulsory subjects such as English; it remains to be seen if the curriculum will serve the purpose for which is was intended or fail on execution.

Picture courtesy of CE Photo at Wikimedia Commons.

World's first 'test tube' burger eaten in London costs £215,000 to make

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.

World's first 'test tube' burger eaten in London costs £215,000 to make

Science has seemingly given a reason for both vegans and meat lovers to rejoice. Scientists have managed to turn cells they took from a cow into strips of muscle, combining them to make a patty. The process uses 45% less energy, 96% lesser greenhouse emissions and 99% less space and could turn around the way meat production impacts the environment.

Sadly, our pockets need several thousand per cent more money to buy the beef. The research was rumoured to be funded by the co-founder of Google and cost £215,000 (RM1,076,080). That's one expensive burger!

The world’s first fully lab-grown burger was cooked and eaten by two food critics at a news conference in London. The texture of it, according to the food critics, is surprisingly close to that of a normal burger patty. However, the taste and flavor is somewhat different.

"The mouthfeel is like meat. I miss the fat, there's leanness to it, but the general bite feels like a hamburger. What was consistently different was flavor”, said Mr Schonwald, a food writer.

There were talks about insects being the food of the future, now there are burger patties being grown in the lab. What will be thought of next?

*Picture courtesy by Grant Cochrane at FreeDigitalPhotos.net.