Ramadhan credit card promotion round-up

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Ramadhan credit card promotion round-up

With less than two weeks left on the clock to enjoy some special Ramadhan credit card promotions; we selected a few that are worth cramming into your schedule before they run out!

Silka Maytower Hotel & Serviced Residences: Exclusive for Public Bank Credit Cardmembers, get 50% off on buffet dinner for the last week of Ramadhan (that’s next week!). There is no prior reservation is required but with a deal like this you may want to call up to make sure you get a spot! Valid until 6 August 2013 at La Maison Restaurant, Silka Maytower Hotel & Serviced Residences, 7, Jalan Munshi Abdullah, 50100 Kuala Lumpur (Tel No. 603 2692 9298).Palm Terrace Coffee House, Holiday Villa Subang & Coffee House, Sunway Putra Hotel KL: A deal for all Standard Chartered cardmembers; score a 50% discount on the Ramadhan buffet offering at the Palm Terrace Coffee House, Holiday Villa Subang from 5-7 August and a 25% discount on the Ramadhan buffet at the Coffee House, Sunway Putra Hotel, KL (children get a 50% discount). The deal is also available to Standard Chartered debit cardmembers. Flavors Restaurant, Swiss-Garden Hotel & Residences Kuala Lumpur: HSBC credit cardmembers get rewarded if they choose to buka puasa at Flavors in groups of 4 diners. Pay for 3 and the third person eats free at the International Ramadhan Bazaar Buffet Dinner. You will be required to book for this one so call in advance at 03-21413333 ext 1190. Promotion is only valid with 3 full paying adult diners until 7 August 2013. Children below 5 eat free.Various hotel buffets: CIMB Bank cardmembers will be spoilt for choice with a 20% discount on Ramadhan buffets in more than 10 participating hotels. Hotels include, The Westin, Hilton, The DoubleTree, The Dorsett Regency and Sheraton.  Hadramawt Restaurants, KL: If you are a Bank Islam cardmember, simply print out the RM20 voucher flyer to redeem at any Hadramawt restaurant with a minimum spend of RM150 in a single receipt. Deal is valid until 31 August 2013.

The Visa Raya Celebration at Suria KLCC: ALL Visa cardholders can participate in this shopping event at Suria KLCC until 11 August 2013. Get rewarded before and after you shop. The promotion works in 3 ways: 1) get RM10 and RM50 vouchers redeemable at participating stores before you shop at the Visa Gift Box counter. Just flash your card at the counter to get your voucher (on a first come first served basis – vouchers are capped at Visa’s discretion per day); 2) get a bonus gift when you use your reward vouchers at selected merchants (capped at 30 gifts per day – randomly distributed); and 3) Spend a minimum of RM500 on your Visa card with maximum 2 receipts to redeem gifts such as iPod shuffle, TGV movie tickets, exclusive kitchenware and more. Weekend giveaways include Samsung smartphone, Samsung tablet, iPad 16GB, and Harrods hampers.
Aeon Shopping Centres: Having a credit card linked to a major retailer is sure to give you deals. Aeon credit cardmembers are treated this Raya to 3 exclusive promotions: 1) Get free duit raya packets with every purchase of RM120 in a maximum of 2 receipts; 2) Cash vouchers worth RM10, RM20 and RM50 in randomly mixed amounts will be given out to 30 lucky shoppers per day during the promotion period who spend above RM400 in a single receipt; 3) Earn a 5% rebate on cumulative spends exceeding RM500 during the campaign period (capped at RM50 per cardmember). However, there are other terms, so do have a read before spending.  GNC and Melvita stores: Public Bank credit cardmembers can also take the opportunity to stock up on their required health and beauty needs during the Ramadhan period as GNC and Melvita stores are offering discounts at this time. Get 20% GNC branded non-sport items and 5% off all Melvita regular priced merchandise.  Courts Malaysia: If you’re looking for a little home improvement and you are an AmBank credit cardmember; courts is offering deals for you up until 6 September. Get instant savings of up to RM200 on bedding, electronics, dining and living essentials just by purchasing items on a 0% easy payment plans (EPP) with your card. You can also redeem AmBonus points on the spot for household items and electronics at lower point redemption rates during the promotion season. EPPs can be taken for 12 or 24 months only with AmBank and AmIslamic credit cards. Check out the full details online before heading to your nearest Courts outlet. 

The deals above are merely the tip of the iceberg. Credit card companies are offering deals enough to fill the yellow pages a few times over so just check with your bank for their full flier of Ramadhan promotions. Follow us on Facebook, Twitter, or Google+ to keep updated on our new posts.

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

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

Big rewards: one AmBonus point for every Ringgit spent. Big benefits: frequent discounts at bars and restaurants. Small fee: free for life.

With worldwide recognition, the AmBank Gold Credit Card helps you pay with peace of mind. Annual fee free for life.

With worldwide recognition, the AmBank Platinum Credit Card helps you pay with peace of mind. Annual fee free for life.

Infinite possibilities and exclusive privileges with the AmBank Visa Infinite Premium Credit Card

The AmBank World MasterCard Credit Card is the preferred card for global travellers - exclusive rewards and privileges plus cash back on all your overseas spending.

Exclusive premium travel card offers Enrich, Asia Miles and KrisFlyer Airmiles. Complimentary Golf green fees, discount dining and concierge services.

With worldwide recognition, the AmBank Platinum Credit Card-i helps you pay with peace of mind. Annual fee free for life.

With worldwide recognition, the AmBank Gold Credit Card helps you pay with peace of mind. Annual fee free for life.

This Shariah concept credit card may only be used to make Halal transactions.

A credit card based on Shariah principles - only accepts transactions from Halal merchants.

An exclusive premium credit card for the world traveller - based on Shariah principles.

Based on Shariah concepts a platinum credit card free from usury. Only accepts transactions from Halal merchants.

The best Gold credit card for earning Malaysia Airlines Enrich Miles. Earn 50% more Enrich Miles when you book your flights online.

Sign on to a life of privileges with a credit card reserved for graduates and professionals. Great premium travel benefits and annual fee waived for life.

Join the Jetset: Premium Travel credit card with discount offers on dining and extra Enrich Miles. Annual fee waived for life.

The classic CIMB Gold MasterCard - enjoy year after year of financial freedom with no joining or annual fees, ever.

The classic CIMB Gold Visa credit card - enjoy year after year of financial freedom with no joining or annual fees, ever.

The classic CIMB Platinum Business credit card - get it in any colour you like, as long as it's black.

The Classic CIMB Platinum Visa credit card - enjoy year after year of financial freedom with no joining or annual fees, ever.

The Classic CIMB Platinum MasterCard - enjoy year after year of financial freedom with no joining or annual fees, ever.

Public Bank Classic Visa Cash MegaBonus offers you up to 0.6% back in cash for every Ringgit you charge to your Card.

Platinum privilege of unlimited cashback - MegaBonus offers you up to 0.9% back in cash for every Ringgit you spend.

If your world is business and your business is around the world, the RHB Platinum Business card is definitely for you.

A lifestyle card with 20% cashback on entertainment, clubbing, cinemas, karaoke, and dining. Free WOWLOUD subscription.

The RHB Classic Visa credit card - a great all round credit card with benefits for everyday use.

With RHB Visa Infinite you will discover endless indulgences that give you pleasure beyond measure to attain total wellness.

Save even more at Tesco: get 2% cashback on your groceries (5% on the last weekend of the month) and 1 Clubcard point for every RM2 you spend!

Aim for more. Standard Chartered Classic MasterCard offers you exclusive year-long discounts and privileges.

Rewarding cardholders with special discounts and privileges throughout the year.

Standard Chartered Platinum MasterCard lets you travel the world and dine in style with our new array of exclusive privileges and benefits.

Enjoy a more rewarding and personal banking experience with Standard Chartered Preferred World MasterCard.

Enjoy a world of Infinite Luxury and Recognition with the UOB Visa Infinite Credit Card. Application by Invitation Only

8.88% interest rate on retail spending and cash advance makes this credit card an ideal choice for the cost conscious consumer.

View All

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What are the most popular credit cards for online 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.

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What are the most popular credit cards for online payment?

Malaysians are used to making payment online in recent years thanks to the AirAsia wave since 2001 and the deal site invasion since 2011, which you can refer to in e-commerce history & milestones in Malaysia.

Generally, the most used online payment method by Malaysians are (in this order):

Credit cardInternet banking (Maybank2u, CIMB Clicks etc.)Offline banking (ATM / Cash bank in)PayPal (used more at foreign shopping sites)
It is quite close between credit card and Internet banking, depending on average order value of the online business. Internet banking might contribute the most number of orders but credit card might contribute the highest transaction value to your business.

Maybank2u is undoubtedly the most preferred Internet banking method, followed by CIMB Clicks. But, how about the credit card? Who are the leaders (by card issuer)?

Before we start, you can refer to the list of credit card issuers by Bank Negara Malaysia, both banks and non-banks.

We have done a sampling* of over 2,000 local e-commerce merchants and here are the leaders:

The top 5 credit cards (by issuer) being used for online payment are (in this order): It wouldn't be a stretch to assume that this reflects the current credit card customer base by issuer. Based on the same sampling(*), more Malaysians are using Visa credit card (59%) to pay online compared to Master credit card (41%).

What we have seen lately is that local banks are trying to increase their credit card customers spending by working on co-promotions with e-commerce operators, especially deal sites and Zalora.

Is this kind of co-marketing campaign effective for both banks and e-commerce sites?

* Sampling source:
- Data collected in 2013 from online merchants operating and selling in Malaysia only.
- Online merchants ranging from various categories from electronics, fashion & accessories, health & beauty etc.
- Sampling size: 2,000+ orders contributing to RM400,000+ transaction value.

This was brought to you by ecommerce.milo, An e-commerce blog that focuses on e-commerce insights in Malaysia and Asia.

Teaser image courtesy of Sura Nualpradid at FreeDigitalPhotos.net

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How much bubble tea are you getting for your buck (or ringgit!)?

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How much bubble tea are you getting for your buck (or ringgit!)?

Bubble Tea, Pearl Milk Tea, Boba, whatever you call it these tea-based concoctions with treasures of tapioca balls underneath are a hit among Malaysians. In seemed like just yesterday when we noticed this Taiwanese import making an appearance in shopping malls around the Klang Valley. Back then there was only one dominant franchise but nowadays you hardly need to walk a stretch without running into a few bubble tea kiosks.

We’re sure everyone has their favourite brand of slushy bubble teas, just like the crew at RinggitPlus. We decided to find out which bubble tea brand was the ‘best’. Of course we realise that taste is a matter of personal opinion but just to satisfy our curiosity we hit the town to find the franchise that sells the best bubble tea in terms of taste and value.

The contenders lined-up for the challenge are: Cha Time, Ochado, Gong Cha and Come Buy.

Our methodology was simple. Armed with an electronic scale and self-made strainers fashioned out of coffee filters we measured the amount of tea and tapioca balls from each brand and gave a rating based on those criteria.

After an afternoon of merry tea drinking and cleaning up after we present you the results; hopefully answering that pivotal question, how much bubble are you getting for your buck? (or ringgit!):

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Credit cards with online benefits

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Credit cards with online benefits

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E-commerce is becoming the way for many to do business. The convenience is unsurpassed and the cost savings afforded to sellers through lower overheads helps to drive prices lower.

You can shop online with any credit card but what about a little enticement? Some credit cards are now offering incentives to encourage you to keep on clicking.

If internet shopping is the way you get everything from hotel stays to new clothes; you would want to get a card that rewards you for doing the things you love. The UOB VOX card gives an impressive 5% cash rebate for online purchases but this is capped at RM50 per month. The Hong Leong Mach credit card also gives cashback for online spends if the category is one of your chosen (the card’s cashback works on selected categories which cardholders are allowed to customise). However, the rate is 1% for online purchases and the cap for all cashback receivable is RM50 per month as well. The Mach card offers cashback in more spending while the UOB Vox is focused on online spending.

For the higher income bracket, the RHB Visa Signature offers 1% uncapped cashback for online spending. Those who do virtually all their shopping online will benefit from the unlimited cashback. 

The RHB EVO also rewards online shoppers with double reward points for every ringgit spent on e-commerce transactions and bill payments made through the internet.

If you’re the frequent traveller who prefers to book tickets and hotels online; choose a travel card that not only gives you travel benefits but also a card that understands your travel booking style. The CIMB Enrich Platinum and Gold Mastercard cards are tied-in with MAS. Aside from earning points through conventional spending methods you can also earn extra points by booking flight tickets online. Normally you would earn 1.5 Enrich miles for every RM6 spent on retail transactions but when you book your air tickets through MAS online booking, you’ll earn one Enrich point for each ringgit you spend.

Similar to the CIMB Enrich cards, the Maybank SIA Krisflyer allows you to earn extra airmiles. Every RM2 spent on normal purchases earns you one Krisflyer mile, however if you book for your tickets online through SIA you will receive 2 Krisflyer miles for every RM2 spent.

E-commerce benefits can be sporadic and dependant on the card issuer’s agreement with specific online merchants. Online shopping giants Zalora for instance offer rebates to specific cardholders for a limited period: Currently, all RHB credit cards get a flat 15% discount on shopping or an RM20 voucher for purchases of RM100; CIMB cardholders receive 20% storewide or 25% for purchases exceeding RM150; Standard Chartered credit cards receive 15% storewide as well. As the biggest online fashion destination; it’s a good rebate if you’re a fashionista (or one in the making).

There are then some issuers who encourage you to use their online services because it reduces cost for them, which in turn, benefits you.  All HSBC credit cards (except those under Islamic Banking) encourage reward point redemption through their online portal as opposed to calling or heading to a branch. Using the online method will save you 500 points off the redemption amount on selected items.

Depending on the kind of online shopper you are – you may want to consider a card which rewards you for doing what you love.

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What is a Standing Instruction?

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What is a Standing Instruction?

If you have ever had the annoyance of a hefty fee or increase in interest rate simply because you missed a deadline on your loan payment – you might consider making a Standing Instruction.

Standing instructions are a way of making an automatic payment of a fixed amount to a loan, bill, or credit card at the same time every week or month. It can be made from your savings or checking account and is most commonly used to make payments to a mortgage, car loan, or to pay bills.

Almost anything a bank does for you that offers any kind of convenience will come at a cost.

Depending on your bank, each transaction made will cost you RM2 in fees*. This means that if you use Standing Instructions to pay 3 loans and 2 credit cards, you will pay 5 transaction fees at a cost of about RM10 every month.

Tip: If your account has insufficient funds to make a payment at the time you set the transfer, you may be charged between RM2-5 in fees for every unsuccessful attempt.

Standing instructions aren’t for everyone – especially if you want to avoid paying fees. If the following applies to you, then a standing instruction might be the a good option to manage your money:.

You are usually forgetful. Having an automated mode of payment will definitely help ensure that you don’t get penalised for missing deadlines again.Your payment amounts are fixed. This is important. Standing instructions are typically set to the pay the same amount at the same time. If you have a loan that doesn’t have fixed payment; you will still end up short or worse – if you forget when the payment should change – you could end up paying a lesser amount month after month. Your income is fixed and is credited on time every month. As there is a penalty for every failed attempt at automated payment – it’s best to ensure that your income is fixed (not based on commission or hours) and that you are certain to have enough money in your account at the time every month when payment will be debited.

Standing instructions are especially good if you are busy and have little time to spend bothering about bills and loans. Nonetheless, it’s not altogether cheap. RM10 paid each month is RM120 a year which could be better spent elsewhere.

If you feel uncomfortable setting up automatic payments on the off-chance you do forget a bill, these are some other ways you could try to avoid the problem.

1.  Download a debt management app. Both Android and iPhones have personal finance apps including apps for debt management. IOU for instance, is an app for both iPhone and Android where you can enter the debt and set a due date.2.  Set a manual reminder on your phone. You could also do this the old-fashioned way by marking your calendar on the same day every month to pay. When you have a routine – it’s harder to forget or break the pattern. If you’re a frequent traveler – accustom yourself to making payments online so no matter where you are – you will pay.3.  Get friends or loved ones to help. Not pay your bills of course, but to remind each other. Setting a bill payment day where everyone pays their own respective bills also helps if one person should forget.4.  Use Online Banking. All your bills can be paid online at anytime using online banking. Payments need not be a hassle and settling your accounts is a chore that can be completed when it suits you, not only when the bank is open.

There is no doubt that setting up a Standing Instruction will ensure all your payments are made at the time they are due every month in the amount required. Whilst such a convenience might be welcome, consider the extra cost of using an automated payment system.

*Fees may vary from bank to bank. Majority of banks in Malaysia have set standing instruction fees at RM2.

Image source: guardian.co.uk

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New BNM Guidelines: will it reduce the debt burden?

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New BNM Guidelines: will it reduce the debt burden?

The past few weeks have seen the issue of household debt being frequently discussed in every major daily. The statistics released by the Credit Counselling and Debt Management Agency (AKPK) regarding the reasons people found themselves in debt (based on their enrolment for the Debt Management Programme) triggered more discussion about why the situation was escalating at the rate it has.

According to AKPK's findings, the highest percentage (23%) belonged to those who were unable to practice prudent financial management. Meaning; many undertook loans they were unable to repay. The statistics implied that personal financing was easily obtainable and thus resulted in imprudent financial management.

In response to the overall problem of increasing household debt; Bank Negara Malaysia released a new set of guidelines on Friday (12 July) in hopes of alleviating the problem. The new guidelines: which will come into immediate effect: will limit housing loan tenures to 35 years; personal loan tenures to 10 years and the barring of pre-approved financial products.

Limiting loan tenures will no doubt reduce the total amount of interest paid by a borrower and pre-approved loans will no longer be given to applicants who otherwise will not qualify based on income. But shorter tenures also mean higher repayment amounts every month which will further add to the already escalating living costs in the country. For many, a reduction to 35 years may not seem like much but the impact may be felt more by young, first-time house buyers with limited incomes to whom every ringgit more to their monthly commitment counts. 

No doubt, more stringent loan approval processes will bring down the number of loans approved and of course; the level of debt, but will such a move be merely superficial tinkering as opposed to being truly beneficial to the rakyat? As it is, burgeoning costs of living and escalating prices of houses and cars mean more people are forced to take out larger loans as salaries aren’t increasing in tandem. Tightening loan requirements may mean many will be unable to afford homes and cars or worse, may resort to illegal moneylenders.

In the press statement as reported by Bernama, Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz said, "Our recent supervisory review of financial institutions' compliance with the guidelines are falling short of expectations, in a number of respects, resulting in lending decisions that are inconsistent with the obligation to ensure that financial products offered are affordable."

One cannot help but wonder if perhaps it would be more helpful to ensure that costs of living and having a home are affordable.

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PTPTN loan defaulters not going into CCRIS

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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 MoneyDebt Management

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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