Here Is What You Can Use Your Touch ‘n Go Card For in Malaysia

Did you know that you can pay for groceries with the Touch ‘n Go (TnG) card? Gone are the days when we used it to pay for the toll only. The card now offers more features and benefits to its card users. Read on so you can get the most out of your TnG card.

On 25th July 2017, it was announced that TnG has entered a joint-venture with Alibaba’s Ant Financial Services Group (which provides the Alipay platform) to build an e-wallet. The new e-wallet will provide current and new TnG card users access to more services. However, it is in evaluation by Bank Negara and is expected to be officially launched next year.

What is Touch ‘n Go?

It is a prepaid smartcard that uses contactless technology, hence the name for the card. The information contained in this card can be read and written via magnetic induction using specific radio frequency and smartcard software. TnG cards are used as a mode of payment for highways, public transport, selected parking locations, retail and also theme parks.

Touch ‘n Go Sdn Bhd was incorporated in October 1996 and launched its Touch ‘n Go services in March 1997 at the Metramac Highway and PLUS Expressways. Touch ‘n Go is the only Electronic Toll Collection (ETC) operator for all highways in Peninsular Malaysia. It is also accepted as the Common Ticketing System (CTS) for major public transport in Klang Valley. Touch ‘n Go Sdn Bhd is a private limited company, and among its shareholders are CIMB Group Holdings Berhad, MTD Capital Berhad and PLUS Expressways Berhad.

Today, there are more than 17 million active TnG cards with more than 6 million average transactions per day.

The Different Types of Touch ‘n Go Cards

Touch ‘n Go Card: This is the basic card, and costs RM10.60 including GST.  You will need to top-up to reload your card with value.

Touch ‘n Go Zing: This card has an auto-reload function. It is linked with the user’s credit or debit card account which will debited with the auto reload value. It is available for all VISA, MasterCard, AMEX and debit card holders of participating banks.

Tesco Clubcard: Card holders  can enjoy Tesco Clubcard and TnG features. It can also be used as a prepaid smartcard at selected Tesco stores and other Touch ‘n Go participating outlets.

Watsons VIP Card: A 2-in-1 card that provides reward points for Watson VIP members in addition to the benefits you are entitled to with Touch ‘n Go.

Touch ‘n Go Photocard: Personalize this cardface design with your own chosen photo or graphic. The card is priced at RM21.20, and is sold at Touch ‘n Go Customer Experience Centre Bangsar South, NU Sentral Hub and Wisma Nufri Johor Bahru Hub.

Where Can You Use Touch n’ Go?

Tolls

Enter the Touch ‘n Go lanes on highways and tap on the payment portal to pay your toll fee. Toll use is the most utilized feature of TnG cardholders for tolls payment.

Public Transport

Use it to pay for the LRT, MRT, Monorail, KTM and busses. Just tap onto the gates with your TnG card and the ticket fee will automatically be deducted from your card balance.

Parking Spaces

More parking spaces in malls, hospitals, and sometimes even hotels, accept payment via TnG cards.  Remember that you need a minimum balance to ensure you have enough to cover the parking fees when exiting. Many prefer using their TnG cards to avoid queing at the autopay machines but do take note that additional fees are imposed when you pay with TnG.

Retail Stores

Whether you’re stocking up on your groceries, buying a book, or even getting a car wash, you can pay for it with a TnG card. The list of retail stores that accept TnG payment are:

• Watsons Personal Stores
• Vitacare Pharmacy
• MPH Bookstores
• TESCO
• Sam’s Groceria
• KK Super Mart
• The Chicken Rice Shop (selected outlets only)
• The Loaf
• Dunkin Donuts
• Juice Works (selected outlets only)
• Baskin Robbins
• com
• Cars International (selected outlets only)

For a full list of retail stores that accepts TnG payment, click here.

Alternatively, you can use the TnG Interactive map here to see where TnG cards are accepted and where you can reload your card.

Touch ‘n Go Safety

After you buy a TnG card, you should register it online at the MYTouchnGo portal. In case of a discrepancy or if your card is stolen, your TnG card can be easier verified for refunds. .  You can also block or cancel your card by contacting 03-2714 8888 Touch ‘n Go Careline Center, 7:00am to 10:00pm daily, including public holidays. You can also monitor all of your TnG transactions, view rebates, and transfer ownership of your card via the portal.

Where can you get a Touch ‘n Go Card?

TnG cards can be purchased at Touch ‘n Go Hubs, Touch ‘n Go SPOTs at selected petrol stations, and at Touch ‘n Go Sales Counters located at highways. You can also get a Touch ‘n Go card from selected PETRONAS petrol stations, LRT Stations and third party agents. Click here to find a location near you.

For TnG Zing card, you can only get it if you are a cardholder of the participating banks which are:

• CIMB Zing Card
• Maybankard Touch ‘n Go Zing
• Hong Leong Bank Berhad (Debit)
• Hong Leong Bank Berhad (Credit)
• Bank Simpanan Nasional Berhad
• Affin Bank Touch ‘n Go MasterCard Gold
• Affin Bank Touch ‘n Go MasterCard Classic
• AEON Credit Malaysia Berhad

As for the Watsons VIP card, you can purchase it at any Watson’s store or and the Tesco clubcard is also available at Tesco outlets nationwide.

How do I reload my Touch ‘n Go Card?

 TnG cards can be reloaded via:

• TnG Customer Experience Centre, (CEC)
• TnG Hubs
• TnG Spots
• Petrol Kiosks
• Convenience stores
• ATMs
• Pharmacies
• Self-service Kiosks
• Customer Service Counters at selected Toll Plazas
• Reload lanes at toll plazas on selected highways

Always make sure you go through authorized partners only. You risk having your TnG card blacklisted if an illegal reload through unauthorised parties has been detected. The card and its remaining balance will be forfeited and then forwarded to the authorities for investigation. For a list of authorized TnG reload points, click here.

You can reload your TnG card with RM10, RM20, RM35, RM50, RM100, RM200 and RM500. The maximum reload value is capped at RM1,500 for safety purposes.

Your TnG card will remain active as long as you reload or use at least once a year. A card is deemed inactive when it has no record of transactions in a 12 month period. Once a card is deactivated, a dormant fee of RM5.30 will be charged immediately and deducted from the deposit or the unutilised card balance. If a deactivated card continues to remain inactive, RM5.30 will be further deducted from the deposit or unutilised card balance once every 6 months.

If you will no longer be using the card, you can return it to TnG counters and get your unutilised card balance refunded, but this is subject to the terms & conditions. Stay tuned as we will update this article once more information on the upcoming Touch ‘n Go e-wallet is available.

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Got RM10,000? Here Is How You Can Turn It Into RM100,000!

Malaysians often use the term ‘first bucket of gold’ when saving money, which means your first RM100,000 or even more. With inflation, it is harder for us to save money today but it is possible. For those who have saved their first RM10,000 or above, here is how you can grow your wealth withthat money.

Many people use a savings account or a fixed deposit account or a one-time  investment with a high (usually unrealistic) expectation for returns in a short span of time. A lack of diversity in your investments is similar to gambling. You bet on one choice and expect to get the greatest return. This is the greatest mistake many Malaysians are still making today.

There are no shortcuts to growing your wealth other than these financial steps:

• Settle your debts;
• Have adequate savings (flexible cash flow);
• Get insured (risk management);
• Invest smartly.

This diversification model is an important way to secure your wealth with balanced risk management.

Clear Your Debt First

Regardless of your total assets and savings, they only count if you have zero debt. For example, if you have a total savings of RM10,000 and a total debt of RM4,000, your savings amount is technically what you have left after paying your debt and interest rates. You should prioritise clearing your debts first. This way, your savings or investment will produce a healthy net return without losing value by your debts’ interest rates.

Learn how to calculate flat rate interest and reducing balance rate here.

However, if your total debt is more than RM10,000, you don’t have to use all of the money you saved to clear your debts. You can use 70%-80% to clear as much as possible and leverage on debt repayment tools in the market such as a debt consolidation personal loan or 0% interest balance transfer (for credit card debt). Here is a detailed article on how to use debt repayment tools.

Savings Account and Fixed Deposit Account For The Risk-Free Hunters

Let’s talk about your savings because you want to make sure your money continues to grow in spite of inflation. Keeping between 30% to 40% of your first RM10,000 in a savings or fixed deposit account is a good idea.

Besides, most of us will need to have at least one savings account for liquidity and daily transactions such as bill payments, grocery shopping and more.

By comparing the best savings accounts in Malaysia here, you will find that Maybank2U Saversthe Affin Bank Savings Account and the Public Bank Wise Saving Account stands out among the rest with higher interest rates between 2.5% and 2.8%.

With a fixed deposit account, you are not allowed to withdraw money until the term of the deposit is over. The investment term and the interest rate are fixed so you can accurately predict the returns you will get from your fixed deposit. The term for fixed deposits starts from one month to twenty-four months with a minimum amount of RM1,000.

Find out the best-fixed deposit account in Malaysia here.

Insure Yourself!

You never know what will happen next in life. Retrenchment, disability, health issues, critical illness, and accidents can cripple your finances if you do not insure yourself properly.

With a monthly payment of RM250, you have comprehensive insurance including medical coverage of RM100,000 a year and coverage of RM100,000 in the event of death or total permanent disability.

Here is everything you need to know about life and medical insurance:

• Is There Disability Insurance in Malaysia?
• What Is The Difference Between Life Insurance and Medical Insurance?
• What Does Life Insurance Really Cover?
• Is life insurance a form of investment?
• Life Insurance Companies in Malaysia
• Why Should You Get Life Insurance?
• What Do You Know About Medical Cards?

Investment Is King

Once you have covered the steps above, here comes the most interesting part to build your wealth with your RM10,000 (or what is left of it). It is almost impossible to rely on one source of income to save money these days. Some of us may get a part-time job or start our own business, but investing is probably the easiest way to grow your wealth if you do it right.

“How many millionaires do you know have become wealthy by investing in savings accounts? I rest my case.” – Robert G. Allen

Yes, as painful as it may sound, many of us are trapped in the same income bracket because we stay away from investing, which is an important financial element for growing your wealth.

Here are tips on investing to help you take your first steps.

Start With The Safe Options 

If you are able to fully utilise your RM10,000 without having to worry about clearing debts and sustaining your daily finances, you can start with allocating 20% to 30% of your savings on low-risk investments such as Real Estate Investment Trust  (REITs), Exchange Traded Funds (ETFs), and Exchange Traded Bonds and Sukuk (ETBS).

1. REIT is a fund or a trust that owns and manages income-producing commercial real estate (shopping complexes, hospitals, plantations, industrial properties, hotels and office blocks).
2. Generally, there are three types of ETFs: equity ETFs, fixed income ETFs, and commodity ETFs. These ETFs consists of baskets of stocks, bonds or commodities based on an index which instantly offers broad diversification and averts the risk involved in owning stock of a single company.
3. ETBS are fixed income securities, also known as bonds or Sukuk, listed and traded on the stock market. ETBS are issued either by companies or governments (the issuer) to raise funds for their needs. Sukuk refers to issues that comply with Shari’ah principles.

Basically, these investment products are listed on Bursa Malaysia and they are a perfect fit for beginner or investors who want to have peace of mind. Before investing in these products or the stock market, you will need to complete these five simple steps first.

Other than the investments above, you can consider listed companies that offer dividends for fixed income. There are a number of stocks that rewards it shareholders dividends every quarter and it provides a stable return on top of the share price growth throughout the investment period.

To know which counter (stock) to invest in, you should learn how to calculate dividend yield first. In simple words, a dividend yield is the ratio of dividend payout to the current stock price.

For example, company X offers 12 sen of dividend for 2016 and its stock price was RM1.20 when you bought its shares. In result, the dividend yield of the company is 10% for that year and you would have earned 10% in the forms of dividend for this particular investment.

Check out these insights shared by Dividend Magic on investing for dividends in Malaysia!

Be A Stock Investment Guru 

After securing low-risk and fixed income investment, you can allocate some of your money on a stock investment that bears higher risk & return, allocate 20% to 25% out of your RM10,000. Investing in a stock means you are investing in a company or business that you believe in.

For those who are uncertain or not confident about Malaysia’s economic outlook, read this encouraging analysis: Foreign investors are cashing in on an emerging market with a booming currency, as told by market experts on CNBC earlier.

“A larger proportion of companies listed on the local stock exchange, Bursa Malaysia, beat earnings expectations in the first quarter this year — a “sea change” from the last two years,” CNBC reported.

This represents a good opportunity for all of us to start scouting the right investments and invest to reap its benefits a few years down the road. But first things first, how should you choose?

To recap, we have over 500 listed stocks on Bursa Malaysia across different industries. You should always invest in a business or company that you believe in after conducting proper research from Bursa Market Place, news, annual reports and any other sources that can provide you legitimate information about the company. Here is a full guideline on the steps to evaluate and select stocks for your investment portfolio.

Unit Trust For The Convenience Seekers 

In the past, unit trust was not favored due to its hefty costs in the form of commissions and sales charges. However, many investors are opting to unit trust investment on digital platforms such as Fundsupermart for its user-friendliness and cheaper rates.

To recap, according to The Star’s report in July last year, the entry fee at 5%-6% imposed on total funds invested in Malaysia is among the highest in the world. Through Fundsupermart, you need to fork out a minimum RM1,000 to start investing in unit trust followed by a subsequent minimum amount of RM100 on a monthly basis.

Some fees may differ for funds and providers. The common ones would be sales charge and management fees. The sales charge is paid upfront and it is the commission for distributing the product. This may differ from different channels of distribution (such as banks, agents, and online platforms) for the same unit trust.

The management fee is charged by the fund manager for managing investors’ monies in the unit trusts, which usually ranges from 0.5% to 2.5% (depending on the complexity of the fund). Click here to learn more about investing in unit trust online!

Important Tips Before You Start:

1. Do not invest all of your money in just one investment.
2. Build a portfolio consisting of low-, middle- and high-risk investments. Example: REITs, overseas fund unit trust, and small-cap stocks, depending on your preference.
3. Always do your research before investing your money.
4. Only invest in a business, stock or industry you are confident with.

There you have it. We wish you the best in turning your first RM10,000 into RM100,000 with these tips! Let us know if you have more insights to share.

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What Does The New Insolvency Act Mean To Malaysians?

No one sets out to be bankrupt when they take on a loan. Neither will they default on their payments without a good reason. There are many reasons for falling into debt but so many don’t realise the consequences of it. Being declared a bankrupt is not a small matter, and neither is it easy nor simple to remedy.

Yet the sad fact remains that the number of bankrupts have been on the rise in recent years. Actions must be taken, not just prudence by borrowers but also new policies and laws must be drawn to control the number of bankrupts in the country.

This has prompted a new bill to be passed to help deal with the high number of bankrupts in the country. Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said had introduced an amendment to the Bankruptcy Bill 1967 in hopes to reduce the bankruptcy rates in Malaysia.

However, the most important aspect of preventing bankruptcy truly lies in each individual’s financial prudence when it comes to borrowing and repayments. It all boils down to understanding the difference between eligibility and affordability.

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The Easiest Way To Cut Your Biggest Household Expenses

Looking for ways to cut down on your household expenses? We show you how you can do it by using the right credit card. Out of the six financial concerns we asked Malaysians in a recent survey, the high cost of living emerged as the top concern weighing on their minds. Housing, petrol, groceries and dining out are the biggest outgoings for families in Malaysia based on the figures released by the Department of Statistics in 2014. In 2014, an average household spent a total of RM3,578 a month, an increase of 9.8% per annum at the nominal value since 2009. On the other hand, the median monthly household income by strata in urban locations only grew at 9.8% per annum between 2012 and 2014. This means consumers are being pressured on both sides, making it increasingly difficult to thrive financially. Based on the chart above, the average Malaysian spends about RM2,508.18 on these necessities, which include petrol, groceries and eating out. Housing, utilities & petrol 23.9% RM855.14 Groceries 18.9% RM676.24 Restaurants & hotels 12.7% RM454.41 Transport 14.6% RM522.39 TOTAL RM2,508.18 While food, eating out and petrol may be out of our control, there are ways we can manage our expenses and cut spending without sacrificing quality of life. Don’t worry, we are not asking you to start penny pinching and butchering your personal budget (though that may help in most cases). By using existing products to optimise your finances, you can cut your household expenditure easily. One of the easiest tools to use is a credit card. However, the key is to use the right credit card that fits your spending habit and lifestyle. 1) High cashback credit card Some of us think that a cashback card would only make an impact when you spend on big-ticket item. However, small recurring expenses can also add up to a large amount at the end of the month. The best way to maximise your cashback is to identify your biggest monthly spending, and then find a credit card that offers high rebates for those spending categories. Some of the highest recurring expenses that most Malaysians have are groceries, dining out and fuel. There are many cashback credit cards in the market, but one of the cards that offer the highest cashback is the HSBC Amanah MPower Platinum Credit Card-i. For example, if you spend more than RM2,000 on the card in a month, you get to earn up to 8% cashback on groceries and petrol. Here’s how much you have to spend on groceries and petrol to get the maximum RM50 monthly cashback: Spending category Spending amount Cashback amount Groceries RM500 RM40 (8%) Petrol RM400 RM32 (8%) Other local spending RM1,101 RM2.20 (0.2% unlimited) Total cashback is RM74.20 (RM72 + RM2.20), but monthly cashback is capped at RM50 a month for petrol and groceries. So, the total cashback is RM52.20. If you are able to save about RM50 a month on these expenses, you will be saving up to RM600 in a year! To put things into perspective, if you put the same RM600 in an investment product that gives you 5% per annum for the next five years, you will have RM4,246.92 balance waiting for you! 2) Good rewards credit card If cashback is a little too complex for you to keep track of, you can stick to good ol’ rewards credit cards. Though you are not rewarded with cold, hard cash, you get to slowly accumulate your points and redeem something worthwhile. How do rewards credit cards work? For every ringgit you spend, you will be rewarded with credit card points. The points can then be used to redeem products or air miles. The best rewards credit cards are not just those that give you high points for every ringgit spent, but also those that give you high value for the points accumulated. Here’s example of how you can compare points redemption value: To redeem HSBC Visa Platinum Maybank 2 Cards 1,000 MAS Enrich Miles 10,500 reward points 10,600 TreatPoints 1,000 SIA Krisflyer Miles 8,500 reward points 8,480 TreatPoints 1,000 Cathay Pacific Asia Miles 7,000 reward points 7,420 TreatPoints Compared to Maybank 2 Cards, HSBC Visa Platinum allows you to redeem air miles with less reward points. To redeem 1,000 Cathay Pacific Asia Miles, you just need to spend RM1,400 locally, or RM875 overseas. By spending RM1,400 locally on your card every month, you will have enough points to redeem 12,000 Asia Miles by the end of 12 months. Of course, you can redeem more than air miles with your reward points. With 84,000 points collected in a year, you can redeem an Elba Microcomputer Rice Cooker 1L with 73,000 points. That’s RM200 savings! 3) Solid balance transfer programme With the high cost of living, it really takes some financial ninja moves to stay out of debt. However, if you have incurred some credit card debts, it is not the end of the world. The best action to take is the swiftest action. Don’t neglect your problem, but find a solution before your debt balloons into something unmanageable. One of the easiest ways for you to tackle your credit card debts is to use a good balance transfer programme. What makes a credit card balance transfer programme good?  It should have a low to  0% interest rate, long repayment tenure and 0% processing or management fee. From now till June 30, 2017, new HSBC & HSBC Amanah customers can transfer their credit card debts over at 0% interest rate and 0% management fee for 12 months. This is how much you can save: Balance transfer balance Without balance transfer With balance transfer RM10,000 Interest rate: 15% Monthly payment: RM833.33 Time to clear balance: 1 year 2 months Interest incurred: RM903.00 Interest rate: 0% for 12 months Monthly payment: RM833.33 Time to clear balance: 1 year  Interest incurred: RM0 With the right balance transfer, you get to pay off your debt quickly and at zero interest! Never sweep your debts under the rug, but tackle it as soon as possible. In this case, time really equals money because the longer you wait, the bigger your debts will get due to the compounding interest. The point of this article is really to point out the importance of having the right credit card for your needs. There is no single credit card that is the best for everyone. It all boils down to your lifestyle and spending habits – and sometimes, even location! For example, the HSBC Visa Platinum credit cards offer up to 8x reward points for retail spending in Mid Valley Magamall and The Gardens Mall. If you do not stay nearby or only visit these malls once a year, this perk is pretty much useless. Even a credit card that is perfect for your lifestyle can be rendered useless if you have terrible money management habits. Missing payments or late payments means incurring interest, and that will ultimately dwarf whatever gains from the cashback and reward points you have accumulated. Don’t be a slave to your credit cards. Instead, learn how to use them as a tool to make your money work harder for you. Source