All You Need To Know About Maybank’s New MAE Mobile Banking App And MAE Visa Debit Card
- By CompareHero.my
- October 12, 2020
Contents
The new MAE mobile app provides an ecosystem for Malaysians to better manage their everyday money matters.
One of the biggest challenges we face when it comes down to money management is finding one platform that helps you navigate through all your financial needs.
But the newly launched MAE by Maybank2u app could be the big game changer.
With its new features, users get to take charge of their own financial health by having all their financial needs parked under one platform to get a single, holistic view of everything spent across accounts, cards, and QR transactions.
Speaking at the virtual launch, Maybank Group President and CEO Datuk Abdul Farid Alias said the bank expects to attract three million users to its newly-launched MAE by Maybank2u app in 12 months’ time. Judging by the numbers, it’s definitely possible. So far, it has a total of 10 million registered users on Maybank2u, while its MAE e-wallet has 1.8 million users.
The long-term goal, Abdul Farid said, is for all 10 million Maybank2u users to migrate to the new MAE by Maybank2u app, with an additional two million new users to come on board.
Related: Maybank – First Bank To Introduce Online Appointment Management System, EzyQ
But what is the MAE by Maybank2u app and why is it so great?
At first glance, you’ll notice that the name of this new app is a combination of two things: the Maybank MAE e-wallet and the online banking Maybank2u app. So, is it a combination of their online banking and e-wallet platforms? Pretty much.
The new app essentially marries the two comprehensive apps into one all-encompassing app, which from a customer’s perspective is great because that means you can conduct all banking transactions in one platform.
What are some of the features in the MAE by Maybank2u app?
The new app includes features such as expense tracking (called Expense), individual and group goal-based saving (called Tabung) and dining recommendations (called Makan Mana).
Banking features on Maybank2u can be used alongside MAE (Maybank’s ewallet) features in this new app
Other basic transactions that were available on Maybank2u such as bill payments and fund transfers can also be accessed through the new app for existing Maybank customers.
The process of saving money could be easier if done with loved ones
The group saving feature, according to Maybank, is the first of its kind by a Malaysian bank, allowing customers to jointly save with friends or loved ones towards a goal such as an annual vacation. In a sense, the app also allows you to hold loved ones more accountable, financially, for that much desired vacay in Bali, for example.
If you’re the type that needs a little push when it comes to savings, then this app could be great for you. Instead of saving alone, now you get to save up with family and friends, and hold each other accountable on your financial journey.
Perhaps with this new app, deciding where to eat won’t be much of a problem anymore
Let’s face it, deciding where to eat has always, and might continue to be, a common problem that all of us face. But the new MAE by Maybank2u app aims to put this dilemma away with their new Makan Mana feature.
And if having a set variety of options isn’t enough for you, then spin the Makan Mana Wheel and it will decide fate for you! This dining recommendation feature aims to help Maybank customers find out the best dining options while enjoying promotions from thousands of its partner merchants all across the country.
And finally, to help accelerate the saving process, the new Maybank app is also equipped with new complementary features called Boosters which allows micro-spending “moments” to be transformed into savings.
Here’s a quick summary of what each of these boosters are:
- Spare Change – Rounds up expenses and transfers the balance into Tabung
- Scan & Save – Credits savings earned from promotions used during QR transactions
- Guilty Pleasure – Allows daily spending limit in any category of your choice and an amount to be credited into your savings if the limit is exceeded.
It doesn’t end there! The app also comes with a new MAE Visa Debit card
Now, you get to spend and reward yourself with the all-new MAE Visa Debit card, created with the goal to complement the MAE wallet.
This yellow card is packed with loads of benefits, including competitive foreign exchange rates and exclusive perks that can be enjoyed locally and abroad. Customers can apply for the debit card via the MAE app and it will be delivered directly to their doorsteps.
If you’re traveling – of course, when it’s safe to do so again – the amount in the MAE wallet will auto convert to the country where the customer is in, which will help customers know exactly how much is available for spending. That makes tracking your expenses so much more easier and efficient.
Related: Maybank Launches Digital SME Financing Platform With 10-minute Approval Time
All in all, this new Maybank app is pretty cool and comprehensive, and we recommend you check it out. The app, said Maybank President and CEO Datuk Abdul Farid Alias, was created with one important goal in mind: to simplify their customers’ lives and answer their problem statements.
“Our ambition is for MAE by Maybank2u app to be our customers’ trusted companion that improves the ways they spend and save while delivering a revolutionary user experience that we hope will delight them,” he said.
“We want to turn their dealing with money, which can be stressful, into convenient and pleasant experiences. Ultimately, we hope it will help them achieve their goals and dreams, and enable them to make sound financial decisions,” he added.
I’m sold, so how do I get this app?
The MAE by Maybank2u app is available for download from Google Play Store and Apple AppStore. Or you can download it straight via a QR Code on Maybank’s website.
Existing Maybank customers are only required to undergo a simple security set-up, after which they can start using the app immediately and seamlessly, with the data from all their Maybank accounts automatically made available in the new app.
Non-Maybank customers are able to conveniently open a MAE wallet via the app and complete the application without having to visit a branch. Once the application is successful, users may start using the app, and have access to all the banking features and money tools within.
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10.10 Sale: Guide To The Top 5 Best Deals Every Shopper Must Know!
- By CompareHero.my
- October 9, 2020
It’s time to shop smarter and harder for 10.10 sale this year! If you’re an avid online shopper, you should totally make a list of online shopping deals offered by different brands and stores in Malaysia. Here are 5 best deals that we found, read below to find out.
It’s that time of the year again where shopaholics across the country are all gearing up for one thing, and one thing only – the 10.10 sale, one of the hottest sales of the year.
The presence of the COVID-19 pandemic – until the foreseeable future – shouldn’t hinder us from enjoying our retail therapy. In fact, the pandemic has only accelerated our shift to digitalisation, and thus online shopping, as technology grows to become a more integral part of our daily lives.
This trend is reflected in consumers and our shopping habits – a larger percentage of society is becoming more dependent on shopping online instead of the traditional brick-and-mortar stores.
With so many exciting deals to be on the lookout for, and so many different brands and merchants to choose from, it can be easy to splurge unnecessarily on things that you don’t really want or need just because the price may seem okay.
We’re here to help you narrow down the options by sharing some of the best deals and provide some tips on how to navigate the 10.10 sale so you’ll make the most out of your shopping experience.
But before we get into what we feel are the best 10.10 deals, here’s a few tips on how to make the most out of your shopping experience.
Also read: Top Lazada And Shopee Tips And Tricks Every Online Shopper Must Know!
Contents
Prepare a list of what you want to get
Have you ever bought something and then instantly regretted it?
Well to avoid such circumstances, it’s always better to list down all the items that fall into your wish list and make a list of things that you need or want before you embark on any shopping endeavour.
Optimise your spending by paying with credit cards and e-wallets
We’ve already written about this, but certain shopping platforms (like Shopee) has its own close-loop e-wallet, which basically means that the money in your e-wallet can only be used on the platform itself.
And we are of the belief that since you’re already going to be spending on the platform, might as well use a payment system that actually rewards you. And the platform comes with its own perks such as cashbacks and rebates.
For example, to help Shopee users get more mileage for their Ringgit outside the platform, they’re also roping in an RM3 cashback with a minimum spend of RM15 with ShopeePay at any of their offline merchants. (P/S: We hear that new ShopeePay users can get RM8 free cash when they activate their ShopeePay.)
Having an e-wallet also makes refunds extremely easy. Plus, considering banks are always on maintenance at midnight (the same time as when most major sale campaigns happen), pre-loading your wallet will easily allow you to take full advantage of sales as you can easily check-out without issues.
An added bonus: we found out Grab is giving a RM20 rebate when customers use GrabPay for their 10.10 online deals. Just spend a minimum of RM100 with participating online stores, and get a RM20 rebate from October 10 to 12.
Consider using credit cards tied to the platform
While you can use any credit card to make your purchases, there are credit cards that are designed specifically for online shoppers. These cards typically fall under a rewards system to entice customers to spend with their cards.
These cards are also no different to other credit cards but they come with the added benefit of getting more rewards as you spend on their respective platforms.
1. Citibank x Lazada
Rewards:
- 10X Citi Rewards Points for all Lazada (including Lazada Wallet) spend
- 5X Citi Rewards Points for selected Citi Strategic Partner(s) spend & 1X for Other spend
- 1,000 bonus Citi Rewards Points with min. RM1,500 monthly spend
- Offset Lazada Spend via Citi Rewards Points
Requirements and fees:
- RM2,000 minimum monthly income
- RM100 annual fee, waived for first year upon activation
- 15% interest rate p.a.
- 9.99% balance transfer fee
2. Maybank x Shopee
Rewards:
- 5X Shopee Coins on Shopee purchases on Special Days (28th of every month, CNY, Raya, 9.9, 11.11, 12.12)
- 4X Shopee Coins on dining, entertainment, and contactless payments
- 1X Shopee Coins on all transactions with card, online or offline
- Earnings beyond 5,000 Shopee Coins to be rewarded as Maybank TreatsPoints
- RM500 Shopee Vouchers (only for early birds who sign up for card by 7th July 2020 and spend RM300 within 45 days; first come first served basis)
(FYI, 100 Shopee Coins will entitle Shopee users to RM1 discount off any order from Shopee Mall or Shopee Preferred Sellers. The fact that users get to use the credit card for everyday purchases outside the platform gives this a big plus point.)
Requirements and fees:
- RM2,000 minimum monthly income
- RM0 annual fee (Lifetime annual fee waiver)
- 15% interest rate p.a.
3. CIMB e Credit Card
Rewards:
- 12x bonus points with featured partners
- 10x bonus points with non-featured partners
- 5x bonus points for online and auto-billing transactions
- 1x bonus points with in-store contact-less and other transactions
Requirements and fees:
- RM2,000 minimum monthly income
- RM100 annual fee, waived for the first year, waived for subsequent years with total annual spend of RM12,000
- 15% interest rate p.a.
- 7.99% balance transfer fee
By the way, the CIMB e Credit Card offers exceptional deals every 10th of the month if you didn’t know that already!
Get rewards of 10X to 12X Bonus Points for almost all your e-payments as well as contactless in-store purchases. Their featured partners include Shopee Lazada, Taobao, REVO, Poptron, The Coffee Bean, ZALORA, MR. D.I.Y., HappyFresh and The Body Shop.
Related: 6 Best Shopping Credit Cards For Malaysians
Take advantage of bank promotions
While spending on certain shopping platforms, like Shopee for example, take advantage of their partnership with different banks, as well as the credit card that your account is tied to get additional value for your money.
We’ve mentioned this before, but we found a handy list from mypromo.my, which we’ve summarised below.
Disclaimer: There are various terms and conditions, such as minimum spends, excluded products, and utilisation periods. These promotions are also at the discretion of the platforms and banks, and are subject to change.
Here’s a list of additional discounts you can get if you’re a shopee user and have a credit card tied to it:
- Mondays: Standard Chartered Mastercard users can get RM30 off
- Tuesdays: Maybank credit card users can get RM15 off
- Wednesdays: Citibank card users can get 15% off
- Thursdays: UOB credit card users can get RM30 off
- Fridays: RHB credit card users can get RM18 off; RHB credit card users can get RM10 ShopeePay voucher upon e-wallet top-up
- Saturdays and Sundays: AmBank credit card users can get RM30 off
Now that we’ve got the tips out of the way, here are the five top sales we think you should be aware of:
1. ShopeeMall
If you’re completely new to online shopping, then you might want to try scavenging on Shopee as they are offering multiple deals as part of the 10.10 sale.
Their platform is also generally a great place to get a variety of items at discounted prices, from kitchenware to skincare, home appliances and food and beverages. Its diverse product offerings make it suitable for all types of consumers.
To pull in the crowd, Shopee is offering new customers free shipping, a welcome treat of RM8 off for a minimum spend of RM40, and RM10 off via ShopePay.
Other great deals include:
a) Midnight Madness
As soon as the clock hits midnight on 10 September, you get to go on a shopping frenzy as the RM10 lowered free shipping is expanded sitewide from 12AM – 2AM. Some other great discounted products below:
- Twin Point Chef’s Slicing & Paring Knife Set (3 Pcs) – RM187 from RM 249
- Sulwhasoo Overnight Vitalizing Mask 120ML – RM78 from RM183
- Dyson Cyclone V10 Vacuum Cleaner – RM1950 from RM2245
- Realme Band – RM 79 from RM129
Shopee’s Super Brands Spotlight is also exciting as you can get huge discounts on items that are 100% authentic for electronics, daily essentials, fashion and lifestyle.
The huge discounts include:
Electronics
- Up to 30% off of Samsung
- Up to 12% off WesternDigital
- Up to 48% off Philips
- Up to 75% off Perry Smith
- Up to 48% off Huawei
- Up to 44% off Vivo
Fashion
- Extra 50% off voucher for Siti Khadijah
- Up to 25% off Christy Ng
- Extra 50% off voucher for Timberland
For a full list of discounts, click here.
b) Vouchers and rewards
To encourage people to shop in their online stores, Shopee is offering a vast array of vouchers for users to collect. They are offering coins cashback of up to 25% and vouchers like RM55 off Timberland products or RM100 off Samsung products.
Set reminders to be notified about their big 10.10 rewards for specific time slots throughout the day, such as 25% coins cashback at 1AM, 20% coins cashback at 10am, 15% coins cashback at 1pm and 10% coins cashback at 10pm.
Disclaimer: these aren’t all the time slots, we just narrowed it down, but check out their website for the full time slot.
Of course a lot of these deals come with minimal spending, so be sure to read the T&C before committing to anything. Take advantage of this great promo to stack your vouchers to maximise savings.
Here’s a list of their other great promos:
1. 24x Brands Spotlight
Like its previous spotlight, Shopee is offering large discounts of up to 79% on 100% authentic products. On 10.10, enjoy more Brands Spotlight slots (usually doubled) compared to regular daily promos. This segment features limited time special deals and vouchers from brands like Anker and HP.
2. 10 Sen Deals, No Shipping Fee
If you thought buying something for 10 cents was a crazy idea (it kinda is) – well it’s really possible with Shopee’s 10 Sen Deals. Now you can get random items like a mosquito repellent badge or a baby infant teether or a 3M shoelace for as low as RM 0.10.
3. 12x RM10 Shocking Sale Sessions
Perhaps you want more relevant items that come with a practical purpose. In that sense, you can get your hands on a tripod, shoes, sling bag, earphones and a mattress protector, among other things, for as low as RM10.
4. Play & Win Up To RM1 Million Prizes
Did you know that you could also play games on 10.10 and receive prizes? You heard us right, no money required, just you playing games online to stand a chance to win cool prizes. Some of these games include Shopee Poly, Shopee Farm, Shopee Candy, Shopee Snake, Shopee Claw, and Shopee Link. If you can also actually sharpen your skills for the actual date.
Scared of missing out on that super cool item you just saw? Shopee’s RM 1 Deposit, Big Savings lets you sort of “book” the item by buying it now and to enjoy the savings later. All you gotta to do is follow the steps below:
Some items covered by the voucher include:
- TP-Link Archer Dual-Band Wi-Fi 6 Router – RM244
- Black Shark 3 Gaming Smartphone – RM 2,599
- OnePlus 8 Pro (12GB + 256GB) – RM 3,188
- Logitech Wired Gaming Mouse G502 Hero – RM169
All in all, Shopee has some pretty cool promos heading your way which you should totally be on the lookout for.
2. Huawei
Techies, it’s crucial that you bookmark Huawei’s page before sleeping tonight because there are tons of offers that you don’t wanna miss out on.
For starters, they are offering RM100 voucher discounts and freebies for some of their most exciting products like the Huawei Watch GT 2 Pro, the Huawei FreeBuds Pro, the Huawei MatePad T10s.
Other than that, their Must Buy Deals are up to RM1500 off!
Some notable deals:
- HUAWEI MATE 30 Pro 5G – RM2,699 from RM 4,199
- HUAWEI MediaPad M5 Lite – RM899 from RM1,299
- HUAWEI MateBook 13 R5 – RM2,999 from RM3,499
They’ll also have a Flash Deal for a limited number of items starting at 10.08am on 10.10. Since these will go on a first come, first basis, it’s crucial that you continue to stay on their page as the sale happens to make sure you don’t miss out!
HUAWEI Band 4 is selling for a super crazy RM10.10 from its original price of RM139. Only 10 units are available. The HUAWEI FreeLace earphone will be selling for RM110.10 from RM369. Only 30 units are available.
And finally, one of the hottest gifts on that day is the HUAWEI nova 4e, which will sell for RM510.10 from the original price RM999. Only six units are available and all come with a free gift worth RM108.
To tie it all together, HUAWEI customers get to stand a chance to win an amazing price when they follow two simple steps:
- Register as a HUAWEI account user and complete a questionnaire CORRECTLY
- Subscribe the registered email for lucky draw and latest offers
31 random winners will be picked from participants who answered all the questions correctly. Some of the prizes to be won include a HUAWEI Bluetooth earphone worth RM205, a Wooden Bluetooth Speaker worth RM120 and a magnetic card phone holder.
For a full list of their 10.10 sales, click here.
3. Watson
If you need to restock your health and beauty products, make sure you do so this 10.10 with Watson.
As part of their 10.10 Online Xtra Sale they are offering up to 75% off items as well as free delivery for a minimum spend of RM100.
Make the most of your bargain by taking advantage of their second item at RM0.10 promotion, which essentially offers the second item at only RM0.10! (Crazy, we know!)
A few health, personal cair, haircare, skincare, cosmetics, men products and family planning products come with this offer such as Pearl Drops Ice White Fresh Mint Boost Toothpaste, Kinohimitsu UV Bright, Seven Seas Evening Primrose Oil + Sunflower, SENKA
Perfect Whip for Body, among other items.
Watsons are also offering 50% off items categorised as health, skincare, men, oral, sanitary protection and baby, as well as cosmetics. At the same time, offering 40% off derma skin care, body care, and hair care products.
Other awesome Watson promotional deals include:
- Buy 2 and save up to 50% off
- Xtra Kaw Deals of up to 75% off
- Facial Masks Buy 1 Free 1
For a full list of promotions, click here.
4. Nike
Are you big on sports gear? Well don’t look away because Nike is offering a few mouthwatering deals this 10.10.
If you’ve been eyeing a certain Nike sneaker for a while, now is the best time to make that purchase with the deals that they are offering.
- Buy 2 Get 20% off (Code: TEN20)
- Buy 3 get 30% off (Code: TEN30)
- Buy 4 Get 40% off (Code: TEN40)
Just be sure to read the terms and conditions before making a purchase.
5. Dyson
Perhaps it is time to replace that old vacuum cleaner after years of service. As part of its 10.10 presale, from now until October 11, shoppers get to save RM300 on the Dyson Cyclone v10™ Absolute vacuum cleaner.
Other 10.10 special deals offers customers who buy the Dyson Digital Slim™ Fluffy Pro Vacuum to receive a free tool bag & RM250 voucher for their next purchase.
Other cool offers is purchasing a Dyson Pure Cool Me™ air purifier (Gunmetal/Copper) for only RM1299 (previously RM1699) or purchase a Dyson Supersonic™ hair dryer (Black/Purple) from now till October 11 and receive a free silver case (worth RM299).
For a full list of promotions, click here.
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Bank Negara Malaysia Receives 500,000 Applications For Repayment Assistance Amid Moratorium Conclusion
- By CompareHero.my
About 500,000 applications for repayment assistance have been received by Bank Negara Malaysia (BNM) as Malaysians transition into targeted repayment assistance following the end of the six-month loan moratorium period on October 1, according to BNM.
To aid vulnerable Malaysians who are struggling with their loans, banks have introduced a range of packages for affected borrowers, including targeted extension of the moratorium, and repayment flexibilities to help borrowers based on their specific financial situation.
In addition to these efforts, individual banks have also directly engaged over 2 million borrowers through calls, emails and SMS to offer repayment assistance. On other hand, BNM, together with other stakeholders in the banking industry, has also conducted more than 150 engagement sessions with various stakeholder groups, including with SME associations.
These packages allow the banking sector to better support the broader economy through continued lending. BNM has also eased the application process for borrowers by simplifying the application steps, enabled online applications and extended the operating hours of branches (including weekends).
Despite these aids, BNM states that there continues to be a steady increase in borrowers choosing to resume payment of their monthly instalments. Borrowers who can afford to resume monthly repayments, BNM advises should do so, as this would reduce their overall debt and borrowing costs.
Although broader economic conditions have improved, some borrowers may still face repayment challenges due to unforeseen circumstances in the coming months, and can still engage their banks to discuss alternative repayment arrangements, according to BNM.
All applications for repayment assistance that are made before 30 June 2021 will not appear on a borrower’s CCRIS records. Borrowers may also seek guidance and explore alternative options for assistance with Agensi Kaunseling & Pengurusan Kredit (AKPK).
To further assist borrowers and customers in coming forward to apply for repayment assistance, selected bank branches throughout the country will continue to extend operating hours on weekdays and open on weekends. Those in areas under Enhanced Movement Control Order (EMCO) or Targeted EMCO (TEMCO) and face constraints in submitting applications may contact their bank for assistance.
The banks would also like to reassure borrowers or customers that no penalty will be given to those who have applied for assistance with relevant documents but have not heard back from their banks.
Borrowers facing difficulties with their banks can contact BNMTELELINK at bnmtelelink@bnm.gov.my.
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5 Types Of Car Insurance Add-ons (& Whether Or Not They’re Worth Getting)
- By CompareHero.my
- October 8, 2020
From windscreen coverage, special perils to legal liability of passengers, there are other types of optional car insurance coverage you can add. But which ones are really worth adding into the package? Read below to find out whether or not you should get these 5 car insurance add-ons.
If you own a car in Malaysia, you need to first be equipped with an updated road tax and car insurance policy before you can lawfully hit the streets. Car insurance, a.k.a. Motor insurance typically comes in various degrees of coverage to protect other vehicles from you (and vice-versa).
Most drivers in Malaysia purchase the ‘comprehensive’ policy, but as all-encompassing as that term sounds, it doesn’t actually protect you from every kind of damage. There are additional coverage options (‘add-ons’) which you can choose to include in your yearly premium, but this brings us to the next question – are they worth it?
Related: 3 Main Types of Car Insurance Coverage (And What They Actually Cover)
Contents
1. The add on: Windscreen
Oh no! You drove behind a construction truck and a small stone hit your windscreen! You leave your car with a small crack in the morning, and by the time you get back after work, you notice that the crack has grown to double its size. Ah nevermind, the insurance company will pay for the new windscreen… right?
Nope! It’s a popular misconception that windscreens are covered under typical motor insurance. They’re actually an add-on, and not a very cheap one too.
From what we’ve learned, windscreen coverage will cost you about 10%-15% of the value of your windscreen. So if it’s worth RM1500, you will likely have to pay an additional premium of about RM225 to your yearly motor insurance policy. However, it’s best to check the total bill with your provider first as different companies may have different ways of calculating your add-on premium.
Oh, it’s also worth mentioning that if you claim this, your No Claim Discount (NCD) will NOT be affected. If you’re unfamiliar with what an NCD is, it basically refers to a discount you’d get when you renew your car insurance IF you have not made any claims from your insurer.
Yes, if you’re always travelling in construction-prone areas that may cause stones and rocks to hit your car. If not, you can always try to be more aware of where you drive in your attempt to preserve your windscreen. Avoid driving behind large trucks and under scaffolding, and be wary of the trees you park under. (True story: we know of cars that have been damaged by a nangka fruit which dropped from 10 feet!)
2. The add on: Riot and strikes
Riots? In Malaysia?
Let’s be honest – this nation is a lot more tolerant and chilled compared to many other countries, so riots and strikes are extremely rare. And if anything, they’re mostly peaceful and well-controlled… except for the few times in recent times. (PTSD flashback: Low Yat’s 2015 mobile phone riot.)
We heard that the premium can cost around 0.3% of the insured sum, so if your car is insured for RM50,000 you’d be forking out RM150. Of course, this would depend on your insurer so it’s best to check with them for the accurate sum.
Maybe, maybe not. But if you don’t choose this add-on, just be wise with where you leave your car. If you're going for an intense football game, a political rally, or a high profiled court case hearing, it would be a good idea to tuck your car safely in your parking lot and opt for public transport instead.
3. The add on: Flood, typhoon, and landslide
Let’s face it: floods are synonymous with Malaysia. Who can forget the tragic Kelantan-Terengganu-Pahang flood of 2014 which killed 21 people and affected over 200,000 others.
So much has been done to wade out the scary after-effects of our annual monsoon season, such as the building of our SMART tunnel (which doubles as a storm drainage to prevent flooding). But even at time of writing, Malaysians still hear of heavy downpours that bring traffic to a standstill.
If your car gets damaged due to flood, repairs are going to be extremely costly. To add to that, your car may never be able to feel the same, unless you go for a complete overhaul. From what we learn, the annual premium for this add-on is 0.5% of the total sum insured, so that’s RM250/year if you insure your car for RM50,000.
Definitely! Nature can be tricky, and you never really know what’s coming your way. Like we said, fixing damages from flood can leave you with a big hole in your wallet. Some even choose to sell off their car for a new one instead! So knowing that, wouldn’t be safer if you took up this add-on?
4. The add on: Car accessories
So you didn’t like the stock rims that came with your car, so you swapped it for a steezy new chrome set instead. You get into an accident one day, and BOOM! You bust a tyre and now your fancy rim’s gone. So’s your carbon fibre hood, your dashcam, your LED light attachments, and your very, very, very, very expensive speakers.
You know where we’re going with this.
Do you get to claim the damages for them? No way! Your comprehensive policy will only cover the original and standard fittings that came with your car. This means that your accessories, which make up about RM30,000, are forever gone and you’ll need to fork out extra cash if you want to get them back again.
To get this add-on, we hear that it can cost around 15% of the total insured sum (of your accessories). Again, check with your insurer for the accurate sum!
Probably only if your accessories are swanky and expensive! If it doesn’t cost too much, maybe it would be a better option to just skip this add-on altogether.
5. The add on: Legal liability
While a comprehensive policy covers you and the other vehicle from damages, it doesn’t cover you if someone gets mad and starts suing you. Under this add-on are two types of coverages:
Legal liability OF passenger
This protects you if your passenger does something which causes injury to others. Here’s an example to illustrate.
Let’s say you’re driving your family to lunch, and your two kids are playing at the backseat of your car. One of them opens the door thinking that it would be funny, but this sudden action causes the driver in the next car to get startled. The driver ends up hitting the pavement and damages his car.
He can technically sue you for causing this accident. If you had this add-on, you would be protected against this legal liability. Think of it as a shield to protect yourself from legal trouble if your passenger(s) hurt another person or vehicle.
We hear that the additional premium for this cover is less than RM10, but for an accurate sum, please check with your insurer.
Legal liability TO passenger
Now, what if the person who wants to sue you is one of the passengers in your car? Here’s another example to illustrate:
Let’s say you’re driving some acquaintances to dinner. During that drive, you try to crack jokes because the air was awkward and cold. And in that moment, you tell a bad joke and accidentally hit your steering wheel and hit the pavement, causing injury to one of your passengers. You then realise that the joke was on you, as said passenger decides to sue you for negligent driving.
With this legal liability coverage, you will be shielded against the lawsuit and be compensated for the financial losses of such events. We hear that the premium for this cover is 20% – 30% of your third party premium, but as always, do check with your insurer for the accurate sum.
Yes, and especially so if you’re always the designated driver in your company or circle of friends. This would also be very helpful if you’re an e-hailing driver, or have a job of that nature.
“So many add-ons! So what’s actually included in my car insurance policy?”
It all depends on the type of car insurance coverage you sign up for. There are three main types of car insurance in Malaysia: third party; third party, fire, and theft (a.k.a. second party), and comprehensive.
To know what your car insurance covers, you need to first check which one of the three types your policy falls under. Do note that the table below is not exhaustive as insurers may or may not add and subtract benefits to your coverage. It’s best to double check your policy for a more accurate picture.
| Policy | What it covers | What it does not cover |
| Third party |
|
|
| Third party, fire, and theft (a.k.a. Second party) | Same as above:
But also includes:
|
|
| Comprehensive (a.k.a. first party) | Same as above:
But also includes:
|
|
In addition to above, most comprehensive policies also come with a free tow truck service, depending on how far your vehicle is from the nearest panel workshop. Some also provide you with a 24-hour roadside assistance service, so you’ll always have help if you’re stranded in the wee hours of the morning.
Read also: Car Insurance Add-ons in Malaysia
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5 Tips To Get The Most Out Of Your Credit Card
- By CompareHero.my
- October 7, 2020
If you own a credit card and know how to use it the right way, you can actually improve and boost your credit score. Here are 5 tips on how you can take advantage of your credit card usage and maximise your credit rewards to earn extra benefits!
Your credit card isn’t just there to help you pay for stuff in advance. That little piece of plastic actually holds more power and benefit than you know!
In this article, we’ll show you how you can maximize credit card rewards and use your card to benefit you in surprising ways.
Contents
1. First, you need to select your card wisely
If you don’t have a credit card yet, or if you have the capacity for another one, it’s important to first choose the right card that fits your lifestyle.
Where do you tend to spend most of your money? Do you fly or travel a lot? Do you spend a lot on petrol? Do you shop online most of the time? Do you generally just prefer getting cash rebates back?
Choose one that suits you best so that you can make the most out of the benefits. Start comparing credit cards here.
2. Keep your utilisation rate low and gain a good credit score
Did you know that your credit card usage can affect your credit score?
What’s a credit score? In a nutshell, it is a number between 300-850 which represents your creditworthiness and how likely you are to repay debt. These are the three most important digits of your life. Banks, companies, money lenders, investors, and even some potential mothers-in-law will check your credit score before deciding whether or not to have anything to do with you.
A good credit score shows that you’re trustworthy when it comes to money, so it’ll be easy for you to get financing help when you need it. Likewise, a poor credit score will raise red flags and have institutions turn away from you.
Your credit score is determined by several factors, one of them being the amount owed (20%). Take a close look at your debt utilisation ratio. If your credit limit for all your cards combined is, say, RM50,000, you should utilise no more than RM15,000 (30%) in order for your credit score to reflect positively. In fact, the lower, the better!
This is also why people keep their underutilised cards open instead of closing them. In a way, it’s a way to game their credit score.
Read also: How Cancelling Your Credit Card Can Affect Your Credit Score (Instead Of Helping It)
3. Use it to pay for your flights for free insurance
Did you know that if you pay for your flights with your credit card, you can automatically get protected against travel mishaps? This will of course depend on the credit card you choose, as some cards don’t offer this benefit.
Also, it’s worth mentioning that this would only cover the principal cardholder and not others in the travelling crew. (So consider getting others in your trip covered with a separate travel insurance policy.)
Some of our favourite cards to get free travel insurance include:
Maybank 2 Platinum Card
If you are a Maybank 2 Platinum Card holder, you get to enjoy complimentary insurance coverage up to RM1 million involving death and total and permanent disability. This applies when you use this card to purchase your flight tickets in full.
You are also entitled to coverage on these travel inconveniences:
- Lost Luggage (more than 48 hours) – up to RM2,500
- Delayed Luggage (more than 6 hours) – up to RM800
- Flight Delay (more than 6 hours) – up to RM800
- Missed Connection (more than 4 hours) – up to RM800
On top of this feature, you can earn 5 x TreatsPoints with your American Express card by spending in Malaysia or overseas and get an extra 5% cashback during the weekend.
Eligibility:
- Minimum Income: RM60,000 per annum
- Minimum Age: 21 years old
- Annual Fee: Free for life
CIMB World Credit Card
With this card, you’ll be able to enjoy exclusive regional golf privileges along with accumulated bonus points whenever you spend and World Mastercard Concierge Services. You also get airport premium ride deals, regional dining privileges, and food and beverage privileges.
Insurance coverage is the icing on the cake with these benefits:
- Lost Luggage – up to RM12,000
- Delayed Luggage – RM1,000 or up to RM2,000 per family
- Flight Delay – RM1,000 or up to RM2,000 per family
- Missed Connection – RM1,000 or up to RM2,000 per family
- Accidental death or total permanent disability – up to RM1,000,000 lump sum.
Eligibility:
- Minimum Income: RM90,000 per annum
- Minimum Age: 21 years old
- Annual Fee: Free for life
Alliance Bank Visa Infinite Card
Aside from the 5x Timeless Bonus Points for overseas retail spend and 2x Timeless Bonus Points for local retail spend, you also enjoy these features:
- Complementary Supplementary Card
- Lifetime Annual Fee Waiver
- Free Flights with Enrich Miles and AirAsia BIG Points redemption
- Access to KLIA Plaza Premium Lounge
The travel insurance, which is issued by MSIG Insurance (Malaysia) Bhd with Alliance Bank Malaysia Berhad, has these benefits:
- Lost Luggage – up to RM5,000
- Delayed Luggage – up to RM2,000
- Missed Connection – up to RM2,000
- Medical Expenses Coverage – up to RM50,000
- Death or Total Permanent Disablement – up to RM2,000,000
Eligibility:
- Minimum Income: RM150,000 per annum
- Minimum Age: 21 years old
- Annual Fee: Free for life
You may not be able to utilise this now, but it’s good to know that you can enjoy these benefits when borders reopen again.
4. Collect and redeem all your points
Now you also would know that credit cards come with reward points (except if they’re cashback-only)… But the thing is, these reward points have expiration dates! There are cards that will give you evergreen reward points, but cards like these are quite rare. As such, it would be a good idea to check up on your card’s terms if you’re unfamiliar with it.
So, what can you do with your points?
If you have a credit card with air mile benefits (e.g. CIMB Enrich World Mastercard®, AmBank Platinum, Alliance Bank Platinum Visa, HSBC Visa Signature), you can exchange your points for airmiles which can then be used to redeem flights or to upgrade to first class.
You can also use your points to redeem a whole bunch of other stuff too, such as watches, kitchen appliances, bags, makeup, shopping vouchers, and more. Just be savvy enough to compare your points to the item you want to redeem – there may be times where it would make more sense to buy the item as is!
5. Take advantage of all the promos
So the thing about credit cards is that they’re always tied to promotions. They could have a promotion with a local gym, or a popular food chain, a supermarket – the list goes on.
To make the most of your credit card, take advantage of the promotions being run with the card. You may get discounts of 20% or more, and even enjoy great freebies!
If you’re not already following your banks on social media, we’d suggest you start now. That way, you won’t ever miss an update from them about their latest promotions.
But all this is nothing if you don’t pay your balance in full
While it’s great that this little piece of plastic can add so much value to your life, it’s never worth it if you’re accumulating credit card debt. To enjoy using your card to your fullest, remember to always pay your owing in full so that you’ll never have to pay exorbitant credit card interests (which start from 15% p.a.!) on your balances.
