How Your Credit Card Can Save You Money While Travelling

Heading off on vacation soon? Follow these tips to save as much as possible with the help of your credit card!

There are many reasons to use a credit card while you travel – convenience, security features, and purchase protection come to mind, but that’s not all! Your card can also help you spend less and save more while you set off on your next adventure. Here are eleven ways a credit card can help whittle your travel costs:

1. Get Better Exchange Rates

Your credit card often offers more competitive exchange rates than that of money changers even after considering foreign transaction fees.

Lower rates can significantly save you a chunk of cash when you shop, dine, and pay for accommodation in the destination currency.

2. Redeem Reward Points For Flight Tickets And Hotel Stays

Most credit card reward systems allow you to earn points for everyday spending, which can later be converted for flight tickets and hotel stays. For example, swiping with a Maybankard World MasterCard for anything from dining to shopping will earn you TreatsAirmiles, which can be used to redeem complimentary flights and discounts on flight tickets. Check also if you can use your reward points for in-flight shopping or extra baggage fees.

Some credit cards offer extra reward points when you swipe for overseas purchases, sometimes double or more!

3. Major Discounts At Participating Merchants

Take advantage of the airline, hotel, recreational and retail co-brand cards for substantial discounts on your travel expenses. With CIMB Enrich World MasterCard, cardholders enjoy major flight deals from Malaysia Airlines as well as bonus Enrich Miles - which can be converted for free or discounted flight tickets.

Be sure to check with your credit card provider for the latest promotions, especially the ones that apply to your travel destination. You can also bookmark our travel promotions page to stay in the loop for the best travel discounts and offers.

4. Complimentary Travel Insurance

This is probably one of the biggest benefits having a travel credit card. Most cards will cover you for a host of travel inconveniences, such as missing connecting flights and accommodation due to delays, as well as medical benefits. You can also claim for reimbursements when purchasing essentials if your luggage is lost or delayed.

5. In-Flight Perks

Flights can be a lot more comfortable with good-time inducements like in-flight meals, entertainment, as well as having a preferred seat. Unfortunately, some airlines (especially budget airlines) will charge you extra for these little comforts.

With an AirAsia-Citi Gold Visa card, you can enjoy in-flight meals and Pick-a-Seat vouchers to enhance your flight experience. You can also use your points to pay for checked baggage.

6. Free Premium Loyalty Memberships

Your credit card can actually “buy” you premium hotel memberships - a rewarding experience, especially if they offer discounts on room rates and dining.

Maybankard World MasterCard for instance, gets you a free Hilton Premium Club Membership that has huge savings perks. Depending on your tier, you can enjoy discounts of up to 50% for dining and room service plus lower rates or even complimentary accommodations at participating hotels.

7. Free or Discounted Airport Ride Transfers

Airport transfers do not come cheap; taxis, private cars, and airport limousines can cost a bundle. However, under the ‘Complimentary Ride Home’ campaign, those holding a Citibank PremierMiles Visa Credit Card are entitled to free limousine airport transfers!

Standard Chartered WorldMiles World MasterCard has a similar perk, where cardholders can enjoy up to RM80 cash back on airport limousine rides from KLIA.

8. Complimentary Airport Lounge Access

Some cards offer complimentary access to the Plaza Premium Lounge at participating branches to cardholders, and perhaps even for the supplementary cardholder. Admittedly, this benefit is usually offered by the higher-end credit cards (which could cost you quite a bit on the annual fee department), but most other cards offer access to Plaza Premium Lounges at discounted rates.

There are also cards that extend the privilege to your travel companions. For example, Standard Chartered WorldMiles World MasterCard offers 20% off Plaza Premium Lounges’ published rates for your guests.

9. Discounted or Complimentary Golf Privileges

Fancy a round of golf during your trip? Well, you might have to consult your wallet first because green fees range from RM90 to RM200 or more (for exclusive clubs) for an 18-hole round.

If you have a credit card like the Maybankard Visa Infinite, complimentary golfing sessions as well as discounts for accompanying guests.

10. Discounts On Credit Card Payments

It doesn’t always “pay” to pay with cash for travel expenses. Credit card payments are often the preferred method by many merchants across the globe, with various deals and special discounts attached. For instance, AirAsia is offering discounts of up to 50% on selected flights for those who pay for tickets via MasterCard, whereas paying with an AmBank credit card gets you 70% off hotel bookings on Expedia.

Another current promotion offers discounts on accommodation and dining at selected Starwood Hotels and Resorts (e.g. The Westin and Sheraton) for those who pay with Citibank cards.

Read also: How To Quit Your Job And Travel The World

11. Concierge Service

It’s a service that many aren’t aware of about, although it’s offered by most credit card providers in Malaysia. Concierge service acts as your personal assistant, and you can ask them to assist you on things like making reservations at restaurants or arranging your flights and overseas transportation.

While it may not directly save you cash, you can ask your concierge to help you find accommodation or flight tickets within an affordable price range, thereby saving you time and effort!

If you are itching for a vacation, don’t forget to use your credit card when paying for your travel expenses to benefit from all these privileges. 

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6 EASY STEPS TO AVOID PARCEL PROBLEMS

Oh, hello there! We’ve been thinking over the past few weeks on an easier, simpler way of showing you what is necessary in the preparation of parcels before they are sent to their destinations. What we’ve done is that we have created this simple infographic to explain the problems and how to solve them.

Oh yeah, not to forget, EasyParcel is currently giving FREE RM25 to send out your parcels everywhere throughout Malaysia. You can book online and pick the courier company that you love. We have Poslaju, Nationwide, Airpak and Skynet to deliver all your parcels!

Visit us now and book for your first parcel delivery online!

Do Your Aging Parents Have Enough To Retire?

Some Malaysians are running out of savings soon after retiring. According to the Employees Provident Fund (EPF), many withdrew 70% of their savings and spent the money in less than 30 days.

The fund said members ran out of their EPF savings within three to five years after retiring despite the lifespan of Malaysians increasing to 75 years old.

“More worrying are the cases where retirees withdrew 70% of their savings and spent the money in less than 30 days,” a spokeswoman for the fund was quoted as saying.

EPF went to advise Malaysians, especially those about to retire, to plan their expenditure and manage their finances well, so as not to be left in the lurch during their old age.

Like it or not, retirement is not going to come easy for many of us, what with the rising cost of living. So, what about our parents, then? Do they have enough to retire? Well, for starters, ask yourself these two questions:

Are they neck-deep in debt?

According to the Manulife Investor Sentiment Index, Malaysians rank the highest in Asia in terms of indebtedness. It said although Malaysians rank saving for retirement a top financial priority, its research showed a lack of financial planning.

The survey revealed 68% of Malaysians have debt, the highest proportion of all eight markets surveyed in Asia, more than double the regional average of 33%. The top three causes: living expenses (60%), mortgage (44%) and children’s education (37%).

It said the majority of the debt is long-term with a quarter of those in debt not expecting to be able to pay it off for three years or more.

Education debt is a bane for every middle-income parent. Working parents in Malaysia spend 55% of their salaries on each child to complete tertiary education.

For example, doing medicine at a private university can set a parent back anywhere from RM250,000 to RM333,000. If that parent taps into his or her EPF Account 2 to fund the entire course, he or she will be left short to live during retirement. (We have done calculations for this over here, just scroll to the “Child’s tertiary education” section.)

Then there’s the usual credit card debt. Say, your dad retires with a credit card debt of 10,000 and let’s assume the interest rate is 15%. If he were to pay the minimum, he incurs RM3,158 in interest over 6 years and 11 months.

If you are young and still earning a pay cheque that might not be a big deal, but when you are solely drawing out of your retirement fund, paying RM13,158 in debts is no joke.

Are they in the pink of health?

Malaysia does not rank well when it comes to health: the country has five million smokers and it is the most obese in the region. Among the top five causes of death in Malaysia are coronary heart disease, stroke and cancer.

What’s worse, treating these diseases are expensive. For example, a coronary angioplasty done in a private hospital will set you back RM29,070 on average and a mastectomy can come up to RM10,160 – both are in the five-figure range and they are the norm.

But these are today’s prices. You’ll have to factor in the medical inflation rate or the increase of medical expenses, which is between 10% and 15% every year.

Just to give you a taster of how the inflation rates affect medical care, see the table below:

Top 2 killer diseases in Malaysia*
	Est. current charges (RM):	Est. cost in 20 years (RM):
Stroke	35,000 - 75,000	235,000 - 505,000
Heart attack	10,000 - 30,000	67,000 - 202,000

*Source: World Health Organization, The Star

This doesn’t include post-treatment care which could easily cost six figures for five years. If your parents do not have a comprehensive and adequate health insurance coverage, this amount will have to come out from their retirement fund, or your pocket.Even with health insurance, outpatient treatments are generally not covered by regular health insurance plans.

To top it off, Malaysians are living longer. The average Malaysian is expected to live up to 74.7 years from 72.2, this despite diseases and illnesses. Ironically, one of the reasons is better healthcare.

So, what do you need to do?

First, evaluate your role in your parents’ finances. According to the Credit Counselling and Debt Management Agency (AKPK), when it comes to accumulating debts, young adults often start with education loans, followed by car loans and credit cards.

If you find yourself saddled with any of these, pay them off quickly instead of relying on mummy and daddy to deal with your debts. This applies to situations where you are not on a loan but your parents are paying for your education or car.

For starters, get on some part-time job and bring in the cash. We have written about how ride-sharing and blogging, among others, can help you generate some income, even to the point of financing an MBA and covering your car loan.

So, taking charge of what is yours as early as possible would free up your parents’ cashflow and even rescue their retirement funds.

Second, and this is the hard bit, is to have a sit-down with your parents and talk about the family’s finances.

If your parents don’t have anything in their nest egg, it can be scary, because you may have to support them. And this is why sandwich generation exists. Ideally, you want to encourage them to save but there’s only so much you can do – ultimately, it’s their responsibility.

Introduce AKPK’s Debt Management Programme to them if they need help to renegotiate their debts. This should be done before it’s too late.

Either way, this allows you to know where they stand with their finances. Maybe they need the advice of a financial planner? Or it’s time to rebalance their investment portfolio to match their age and needs?

Regardless of the circumstances, many parents have sacrificed their time and money to fund their children’s endeavours. While this might be a selfless act, it also takes a toll on their finances.

What you should do, at least, is to take ownership of the money they spend on you and try to alleviate that burden by trying to cover the cost yourself.

But what if it is your parents’ bad habits that are affecting your financial life? Then, seek professional help and take measures to protect yourself.

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Is Akaun Emas The Answer To Your Long-Term Care?

No matter which way you cut it, you can never have too much protection to safeguard your finances in old age. You never know when you will need that money. When it comes to your long-term care, the idiom ‘better safe than sorry’ stays true.

Hence, when the Employees Provident Fund launched the Akaun Emas in November 2016, it was welcomed news indeed and another step in the right direction to address Malaysia’s ageing needs. The Akaun Emas, effective this January, aims to help EPF members save a second source of funds to serve their needs when they retire.

While it is a good initiative, will it last till the time we need long-term care in our old age? With the average life expectancy of Malaysians having gone up to 75 years of age, Malaysia is 13 years away from being classified as an ‘ageing society’ – with the senior population reaching 15% by 2030.

So what does this mean for our long-term care needs in our financial planning and retirement? First let’s look at the anticipated cost of care.

Source from www.managedcare.com.my

Is Akaun Emas sufficient for your long term-care?

As depicted in the infographic, the cost for basic care for 5 years – while remaining relatively active with low care needs – is roughly RM 240,000, excluding factors of inflation and other external factors. Furthermore, according to the Malaysia Health Insurance organisation, the cost of healthcare increases at an average of 15% annually.

The Akaun Emas is a good initiative, but without additional options, the money accumulated won’t be enough when we need long-term care during our senior years.

Stacked on top of other investment options, you may have enough. However, investment incomes from interest rate-driven instruments have dropped.

Though it should be noted, the EPF has a reliable track record of fund managing, having been able to give an average dividend of 6% in the past 5 years. Despite that, returns for the coming years are expected to be lower.

Here’s how much Akaun Emas accumulated in this scenario:

Age: 55

Average monthly income: RM6,000

Balance from Account 1 and 2: RM30,000

Projected balance at age 60: RM158,100 (Assuming average dividend rate of 6% p.a.)

* Calculated using EPF Savings Calculator.

Your Akaun Emas savings only covers the basic cost of care for about three years, should you dedicate the whole sum to long term-care.

Stocking up ammunition for our twilight years

The positive note is the Akaun Emas certainly provide some much needed support for retirement. The more money you have for long-term care, the better off you are and three years coverage of basic care is better than nothing.

However, the advent of the Akaun Emas signifies an important message.

We need options that cater to our twilight years in retirement and our long-term care is a big part of it. As such, it is imperative to discuss these needs with a financial advisor and arm ourselves with greater awareness of the available investment and insurance offerings that can help in this endeavour.

Among the offerings available, you could rely on these products to cover long-term care expenses:

• Private Retirement Scheme (PRS)
• Dividend-paying stocks
• Real Estate Investment Trusts (REITs)
• Unit trust funds
• Exchange Traded Funds (ETFs)
• Insurance plans

Another option to accommodate this niche is a living trust. Currently, the only available option that has a care-specific focus is a CareTRUSTTM. Its specific purpose is for you to set aside money to ensure you have access to continuum care that is financial sustainability. A trustee is also assigned who will only act on your instructions to pay for your care needs.

It also comes with the Care Administration service – whereby a Care Manager assigned to you will coordinate a variety of care services that you may require – as part of the package.  A Care Manager’s job is to ensure the quality of care you receive is in sync with the appropriate healthcare and long-term care – which are based on your care needs and financial affordability.

This service is convenient when you need immediate access to quality care from reputable providers, saving time on vetting through them yourself.

An infrastructure in its youth

Despite its benefits, the Akaun Emas is an instrument for retirement. It is not specifically tied to paying for care, as is the case for many investment products currently available in Malaysia. Many would likely spend their Akaun Emas savings on various needs, leaving the leftover (if there is any) insufficient to pay for long-term care when it is needed.

Insurance may cover some medical costs such as surgery, hospitalisation and perhaps a set amount of recovery days in a nursing home. However, Malaysia’s aged care infrastructure is still young. Our insurance structure has yet to incorporate sufficient coverage for long-term care which includes assisted daily living devices, services and supplies.

Furthermore, with various factors that include the ringgit’s falling value, inflation, longevity risks, unforeseen health problems and behavioural spending habits, statistics from EPF have shown many having exhausted their regular EPF Account 1 and 2 within five years.

Depending on adult children to pay for our care when the money runs out is not always a reliable option. They too will need to save for their aged care while supporting their own families.

Hence, the best course of action is to be prepared for the latter years of our long-term care now with care-specific goals in mind.  Doing so early on would not only give us peace of mind, but also help ensure the financial burden of care does not pass from us to our children.

Without careful planning, discipline and other mechanisms to fund our care, our Akaun Emas savings would meet the same end.

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Last Minute Income Tax Tips for 2016!

With so many things to think about when filing our income tax, it's no surprise that some of us wait until the last minute to do it. Luckily, we made a handy graphical guide, just for you!

Have you done your income taxes for this year yet? They're due pretty soon and there's quite a bit to figure out. But fret not, we've compiled an easy-to-read, super-digestible graphical guide to filing your income tax for 2016, including tips and tricks we've found that can save your some tax expenses. Read on!

Now you have pretty much everything you need to start filing your income tax like a boss. 

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Manage Your Debts Better with These Mobile Apps

We all can use a little help with debt management, and thankfully there are apps that do just that. Here are some of the best ones that can make your finances a lot easier.

Your smartphone can help you out with your debt management quite a bit, if you don't already know. In fact, there are apps out there specifically made to help people deal with their debt, budget, and financial management. In this piece, we share with you a robust selection of apps (available for both Android and iOS) which you can use to get rid of your debt and get your finances back in shape!

AKPK Budget Calculator

While AKPK (Malaysia's Credit Counseling and Management Agency) has a reputation for being the last resort for those at the end of their rope, we don't think that's a fair sentiment to carry. Everyone can use advice when it come to handling credit, so what better place to turn to than an agency dedicated exclusively to that?

On their site (accessible via any mobile browser) you can find a handy budget calculator that can help you determine how much debt you're in and what you have to work with. You don't even need a smartphone for this one, so for those too skittish to download new apps, you can try this out to quickly get a feel for how much an app can help you.

To Clear Your Debts

For those of you completely comfortable with installing apps already, you should know that a budget calculator is just the tip of the iceberg. Check out Debt Payoff Planner for iOS and Android for example. Input your income, expenses, and debts, and the app can let you know exactly how much to pay on each debt every month. You can track all your debts with a clean summary and even see on what date you'll be debt-free.

Another app that can help you keep track is called IOU (ioutool.net) and it's plenty simple to use. Since it's more for tracking the little debts you have with your friend or family, it's not all that fully-featured. Which means it's great for those who keep forgetting who they owe or who owes them money. Use these two apps to clear out the little tiny debts and organise your larger commitments, too.

Read Also: Find Out When Android Apps Become Cheap or Free with AppSales

To Manage Your Budget

Now that you know how much you owe and how much people owe you, it's time to adjust your budget so you can properly allocate your cashflow to the necessary channels. Dollarbird is an app for both Android and iOS that can put your expenses into a calendar format so you can clearly see what you will owe and when you owe it. This helps you plan your expenses days ahead. It even comes with a neat visual summary of your cashflow for you to look through and analyse to see where you can make improvements.

Fudget is another app for both iOS and Android that can help you manage your budget. A lot quicker and simpler than Dollarbird, this one is more for those who'd rather see things in a list form and plan it out that way instead of looking at a calendar. Both these apps are free and can drastically improve how you work with your money, and subsequently, how you handle your debts.

To Remind Yourself to Be Vigilant

After having some apps tell you how much debt you owe and how to budget for them, you would do well to have an app that reminds you of these too. Changing your spending habits is as hard as changing your diet. Without encouragement, reminders, and plenty of motivation, you may fall off the wagon sooner than you think.

Habit tracker apps like Habitbull can help you set reminders and notifications for you to get yourself back on track with your spending on days when your old habits threaten to creep back into your life. Set non-spending goals, saving goals, or debt-repayment goals and the app will remind you of them periodically on either your iOS or your Android device.

Another way to simplify your debt management is to consolidate them under one personal loan. Doing this can make it a lot easier on your wallet as long as you get a loan with a lower interest rate overall. Check out our comparisons page to see which personal loan can be the best for you to use for this purpose.

Have anything to add to this article? Share your thoughts and ideas with us in the comments section down below!

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The Different Types of Job Search Sites in Malaysia and Their Advantages

If you're looking for a new position after leaving your last job, perhaps you should try your hand at writing job application and seek out your new job using these sites!

Even if you’re not actively looking for a job, it’s always worth updating your resume and checking out what skill sets other companies in your industry are looking for. Doing this is a lot easier with the help of the many job search sites our there. But did you know different job search sites offer different advantages and features? We go through them all and tell you which sites are best for what.

JobStreet

We can’t start a list of job sites without mentioning JobStreet. One of the biggest job sites in terms of public awareness in Malaysia, most employers look to it to advertise their open positions too.

Using it is quite simple also, you just need to key in your skills and an equivalent of a resume then their search engine will match you to companies looking for people with criteria that match yours.

Monster

Monster is another big name in the job search world. Similar in use with JobStreet, you just key in your particulars and off you go.

They will also occasionally email you positions they think you’ll fit even after you’ve gotten the job, so you always have a sense of what the market needs and can improve your skills accordingly. Handy.

MauKerja

This site is a relative newcomer to the scene but it does have plenty of promise. The site’s interface is very welcoming with adorable mascots and easily navigable menus. Important information is laid out neatly as well.

At the moment, MauKerja is good for those looking for part-time jobs or for contract employment if you’re in between jobs or waiting for your exam results to come out. While it does have listings for more serious, career-building work, it’s not yet as extensive from what we’ve found. This may change in the future as the company gets more known, of course.

SPA Malaysia

If you’re looking for governmental positions or jobs offered by government agencies, try checking out SPA Malaysia. Also known as Suruhanjaya Perkhidmatan Awam Malaysia, SPA Malaysia’s official site is where you can find up-to-the-minute job openings relating to positions in government.

The sign-in and navigation is a bit cumbersome and tricky, but once you get past that, SPA Malaysia is the unrivalled when it comes to finding a cushy government gig.

Glassdoor

Job search sites are places where potential employers get to know potential employees, but what if prospective workers want to know more about potential companies? Glassdoor provides that by having an employee reviews section.

Employees can review their employers and let potential recruits get to know a company right from the people who work there. This is especially useful for things that are difficult to know without working there like office culture, location annoyances, problematic co-workers, or other similar details.

Read Also: Why You Should Look At Job Listings Even if You Already Have a Job

LinkedIn

While people may use this service more to connect with each other professionally and keep each other updating on career moves, it’s also a good place to advertise your current skills, achievements, and value to prospective employers.

Outside of LinkedIn, it might be much too difficult to connect with others in your field or industry in a purely professional manner if most of your time is spent in the office. LinkedIn provides this service well and is a great tool for networking.

Indeed

Of course, if you’re only interested in sending your application to the most number of available positions out there without thinking about company culture or networking, look no further than Indeed.

Indeed is a giant database of nearly every job listing available online. It even collects listings that appear on other sites like JobStreet or JobsDB. By doing this, you get the most comprehensive list of available positions without having to dig around online too much.

Now that you know the many different sites and services you can use to help yourself find a new job, we wish you good luck in your future endeavours! Of course, you don’t need to switch jobs just to earn more. You can always either generate a comfortable side income, or enjoy the perks of a good credit card even with your modest salary.

Do you know any other online services that help people look for jobs? Share your thoughts, questions, or stories with us in the comments section down below!

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