SHARPER SHOPPER

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

Buy your groceries at the lowest price.
Don't pay more but save more.
Be a sharper shopper.

For More Information : http://MyFinance.com.my/shopper.

We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

SHARPER SHOPPER

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

Be a Sharper Shopper.
Shop Wisely.

For More Information : http://MyFinance.com.my/shopper

We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

SHARPER SHOPPER

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

Be sharp about the price differences 
when you shop for your groceries. 
Buy at the lowest price. 
Be a sharper shopper.

For More Information : http://MyFinance.com.my/shopper
We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

HOW TO DEAL WITH THE SUDDEN RISE IN PETROL?

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


Starting from 2nd October 2014, the price of petrol has gone up by RM0.20. The increase at RM0.20 on the current rate may seem small but may be a massive increase on your expenses. The price increase was made to decrease the federal government current account deficit-to-gross domestic product (GDP) ratio to 3% by 2015 as well as to consolidate its fiscal position.

The new price of RON95 petrol will be RM2.30 per litre from previously at RM2.10 while diesel will cost RM2.20 per litre from previously at RM2.00. The rise will subsequently lower the government’s subsidy amount by about 30% and support the ringgit currency at the same time. While the announcement of the additional price hike benefits the economic fundamentals, it will somehow affect the economy and the rakyat as a whole.

Fuel hikes definitely bring about a huge impact on the basic necessities and other consumer goods due to the fact that most goods need machineries and transportation which are fuelled by petrol. This will in turn affect the price increase in almost everything that involves a consumer’s daily routine. The purchasing power of consumers will also gradually be lower.

Despite only a twenty cents increase, the fuel price hike would be associated with a rise in the prices for raw and basic supplies like chicken, fish and vegetables. For example, the previous price hike in September last year leads to a reasonable increase ranging from 8 to 13% in the prices of fish. However, the reduction of the subsidy for RON95 petrol and diesel by 20 sen per litre does not mean that the traders are allowed to increase the prices of their goods irresponsibly. There is no doubt that the higher fuel price would result in the rise of transportation cost, but the impact on goods is still considered minimal.

With the rise in the cost of living, the recent fuel subsidy reduction undoubtedly impacts your financial situation. In order to counter the hikes, there are some alternatives which can be used as a solution to mitigate the impact of rising fuel prices. One of the effective ways to help you ease the burden of the current fuel hike is through the use of a petrol credit card. Being a petrol credit card holder, you are entitled to so many privileges in the form of additional rewards points, discounts and cashback such as cash rebates.

Apart from that, the government plans to control the smuggling of fuel and to ensure that the current subsidy is not misused. In order not to burden the lower income group, the implementation of the subsidy rationalization in stages will also be continued. This is in line with the government’s subsidy rationalization plan to make sure that the country’s finances remain strong.

Read More : http://myfinance.com.my/articles/detail/1016143141 

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

SHARPER SHOPPER

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

Be A Sharper Shopper.
Buy Your Groceries At The 
LOWEST PRICE.

For More Information : http://MyFinance.com.my/shopper

We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

SHARPER SHOPPER

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

Be A Sharper Shopper.
Buy Your Groceries At The 
LOWEST PRICE.

For More Information : http://MyFinance.com.my/shopper

We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

HIRE PURCHASE FINANCING: THE EFFECT OF NOT MAKING PAYMENTS

 MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


In a hire purchase agreement, it involves the hirer and the vehicle, whereby the hirer agree to hire the vehicle by making prompt monthly installments to the banking institution for a specific period of time and subsequently purchase it.

A common problem associated with hire purchase financing is the effect of not making the monthly payments on time which will lead to repossession of the vehicle.

This problem usually occurs when the hirer defaults on the monthly installments. Thus, the banking institution as the owner has the right to repossess the vehicle under two circumstances whereby;

• No payment has been made for 2 consecutive monthly installments
or the final installment
• There is a default in payment for 4 consecutive monthly
installments in the case where the hirer is deceased

If there is a guarantor for the above case scenario, then the guarantor will be responsible for the non-payments. Therefore, is is highly advised not to delay the monthly installments to avoid repossession of the vehicle.

Remember, the balance due will continue to increase for as long as the hirer is subject to late payment penalty. It is best to contact the bank to discuss further if there is a problem involved.

Read More : http://MyFinance.com.my/articles/detail/9121411410

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

WHAT YOU MUST KNOW ABOUT HIRE PURCHASE FINANCING

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


The required documents to support your hire purchase financing agreement are your latest income documents, bank statements, identification card, vehicle driving license, and others. Once you have submitted your documents, you application should be reviewed within 1 week. If your application has been approved, it is very important to know certain elements as listed below before accepting the hire purchase financing offer.

1.The type of vehicle that I am purchasing

There are three types of vehicles in which you can apply for hire
purchase financing:

1) New vehicles
2) Used / pre-owned vehicles
3) Reconditioned vehicles

2. Is a Guarantor required to support my loan application?

Some hire purchase financing cases requires the support of a Guarantor. This may be because the applicant does not have strong credit record. For example, the applicant may be a first time car buyer (without any credit history record), the applicant may be too young for an expensive car with a high loan installment, the applicant may have very high credit exposure, and others. Thus the guarantor will be responsible for paying off the unpaid fees and charges should there be a default on the loan payment.

3. The initial Deposit

Usually, you need to pay a minimum deposit of 10% or more of the total cash value of your vehicle beforehand. Nevertheless, some banks may demand a higher deposit amount depending on the type of vehicle and market value for the vehicle. As for 2 door vehicles, banks will usually finance less than 90%. Normally up to 85% only.

4. Margin of Finance

In a hire purchase agreement, the conventional margin of hire purchase financing is up to 90% of your vehicle value.

5. Interest rate

The interest rates on your hire purchase agreement are divided into two categories – fixed or variable. Fixed or flat interest rate loans are more certain and consistent with a fixed installment amount. While for variable interest rate, the rates can fluctuate and change in accordance with the lender’s base lending rate (BLR).

6. Insurance

As a hirer, you will be required to insure and renew your car yearly as stated in your hire purchase agreement. Prior to approving your loan, you will usually be required to take out a comprehensive insurance coverage on your vehicle. (Please try our car insurance calculator to see how much you will need to pay for your car’s insurance)

7. Late Payment Charges

In hire purchase financing, you’ll be imposed a penalty fee and additional daily interest should you fail to make on-time payments.

8. Repossession

On the other hand, your car will be repossessed by the bank if you default on the monthly instalments as initially agreed by both parties in the hire purchase financing agreement.

Read More: http://MyFinance.com.my/articles/detail/9111401410

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

5 USEFUL TIPS TO AVOID BANKRUPTCY

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

According to a research by the Malaysian Consumers Associations (FOMCA), those who are facing bankruptcy due to credit card debts are mostly aged below 30. We suggest a few useful tips to prevent you from facing bankruptcy.

1. Financial literacy.

Parents should instill financial education among their children at a young age. Managing your finances should require you to be well-equipped with the knowledge and education on the ins and outs of finances.

2. Spending plan.

Living within your means is one of the effective ways one can experience financial freedom. When you have a budget, you will tend to stay on the safe side when it comes to spending. It is vital to avoid unnecessary expenses that will result in overspending. Spend within your budget. Set up some rules to keep your financial moves on track.

3. Emergency fund.

You must always have some extra cash during emergencies. Be prepared for the unexpected. You should always set aside some savings for your medical bills, car repairs etc.

4. Avoid using credit cards.

By right you should know that credit card debt is one the major contributing factors to the increasing number of bankruptcies in our country. Use a debit card instead to get yourself used to your financial management. Only use credit cards when you feel there is a need or a better discount or promotion associated with it.

5. Pay in cash.

Purchasing something in cash will prevent you from overspending. Spending irresponsibly will get you into unnecessary debt. When you pay in cash you will be able to track and monitor easily on what you can afford.

INFOGRAPHIC

Total number of bankrupts as of December 2013 was 253,635.

Number of bankruptcy cases

2007 - 13,238
2008 - 13,855
2009 - 16,228
2010 - 18,119
2011 - 16,167
2012 - 19,525
2013 - 21,987

Causes of bankruptcy between 2007 and 2013

1. Sale and purchase of vehicles – 30,451 cases (26.14%)
2. Housing loans – 20,529 cases (17.62%)
3. Personal loans – 18.053 cases (15.5%)
4. Business loans – 14.431 cases (12.39%)
5. Credit card – 4,875 cases (4.18%)

Bankrupts between 2007 and 2014

aged 25 and below - 1,895 cases
aged between 25 and 34 - 25,552 cases
aged between 25 to 55 – 126,497 cases

Read More : http://MyFinance.com.my/articles/detail/8281371409

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my

WHAT YOU NEED TO KNOW ABOUT HIRE PURCHASE FINANCING

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


Most people use hire purchase financing as a private motor vehicle loan or to purchase private vehicles. For hire purchase financing, you will be considered ‘the hirer’ whereas the financier that finances the vehicle is considered ‘the owner’. The financier in this context would be the financial institutions.

Becoming a hirer means you have to come to a consensus on a tenure in which you have to pay the instalments to the financier upon possessing the vehicle. Once you’ve settled all the instalments, you will have total ownership over the vehicle.

If you are interested in taking on hire purchase financing to purchase your vehicle, it can be applied from any local banking institution. You may also get this financing through the dealer of the vehicle that you want to purchase.

Among the information that is vital in a hire purchase agreement are:

a) Description of motor vehicle
b) Calculation of total sum payable
c) Minimum deposit
d) Term charges and annual percentage rate
e) Late payment charges
f) Date on which hiring commences
g) Number of instalment repayments
h) Amount of each instalment repayment
i) Person to whom repayments are to be made, time and place of
   repayments
j) Address where the motor vehicle is to be kept

Read More : http://MyFinance.com.my/articles/detail/8271361409

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

3 EFFECTIVE WAYS TO SPEND WITHIN YOUR BUDGET

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


1. Make savings a priority

Focus on making every opportunity that you have, to save for your future. Try using our MyFinance Budget Portfolio to manage your budget daily, make sure that you know the amount of money you can save in a month. If needed, have a savings account particularly for the money you saved. This allows you to constantly be aware of spending within your budget.

2. Use cash

The usage of a credit card or a debit card makes it seem difficult for you to keep track of your spending. Spending within your budget requires you to be aware of your daily expenditures even the smallest ones. Making payments using cash is the absolute way for you to know the true value of money. Reduce your spending on your wants to prioritize your needs. When you see the money that you spend on something, you will learn to appreciate it more.

3. Get rid of the obvious unnecessary spending

Alcohol and cigarettes are not only dangerous for your health, but they are expensive too. Learn to be spend on what’s good and what’s bad for your life. Try as best as you can to get rid of spending on bad habits in your life. You could use the money for some of the most important things in your life or even save it for your future.

Read More : http://www.MyFinance.com.my/articles/detail/7211051405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

6 CHARGES ON CREDIT CARDS THAT YOU MUST KNOW !

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


Many credit card holders do not know what fees and charges that await them. Among the common fees and charges are joining fee, annual fee, cash advance fee, finance charges, late payment charges and service tax.

1. Joining fee.

In most cases, joining fee is considered a one-off payment. Different card issuers have different way of imposing this fee.

2. Annual fee.

As the name implies, this is a fee which you have to pay annually. However, the credit card issuer may exclude this fee if you meet their spending requirements.

3. Finance charges.

These charges are imposed on the remaining outstanding balance should you fail to make the payment on time. Credit card users who make on-time payments before their due date will get to enjoy these benefits

Repayment Track Record	Interest Charges
Credit card users who promptly settle their minimum payment due for 12 consecutive months	Up to 13.5% per annum
Credit card users who promptly settle their minimum payment due for 10 months or more in a 12-month cycle	Up to 16% per annum
Others	Up to 18% per annum

4. Cash advance fee.

The amount of this fee is between 3% up to as much as 5% of the total cash advanced from your credit card account. Cash advance fee is usually only charged for your cash advance transaction and not on your normal monthly spending transactions.

5. Late payment charges.

This type of penalty is imposed due to the failure of settling the minimum monthly payment before your credit card due date. Remember, even if you pay the minimum monthly payment after the payment due date, you will still be charged for the monthly finance charges on your outstanding balance together with the late payment charges.

6. Service tax.

A service tax will be charged once a year from the date your credit card account is approved. The amount of RM50 per year is imposed on a principal credit card user and RM25 for a supplementary credit card user. The service tax will be charged on the same month each year since your card has been issued to you.

Read More : http://MyFinance.com.my/articles/detail/8221351408

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

5 MYTHS ABOUT PERSONAL LOANS REVEALED

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


Personal loans are one of the best solutions to your financial needs. Their high demand doesn’t mean people do not get the misconceptions of it. Misconceptions are misconceptions – they are just inevitable. Be sure to know the truth. Here are some of the myths about personal loans.

1. Personal loans are not necessary alongside existing loan(s).

One of the things to consider by the bank is your ability to make the loan repayment. Having too many loans or credit card bills doesn’t mean that you are not entitled to benefit a personal loan. Debt consolidation could give you a better control over your debt.

2. The interest rates are unreasonable.

The interest rates of loans that are without collateral are usually higher in comparison with collateral loans. Remember, personal loans are unsecured loans or loans without collateral which do not need any assurance or a guarantor. Hence the banks would be holding a higher risk in the event the loan is defaulted.

3. I can apply more than I actually need.

Personal loans should meet your requirement. A loan amount should be equivalent to your ability to make the repayment. You should not be offered something which you can’t afford. This is to ensure you have savings on unnecessary installments and benefit other loans in the future.

4. Applying for a personal loan at various lenders increases the chance of loan approval.

It’s not a wrong thing, but it’s always a smarter idea to do one thing at one time. This will result in your application process being delayed. Your application is also more likely to be rejected. Remember, the lender is required to evaluate your eligibility for your loan approval.

5. Loan approval totally depends on your credit rating.

Your credit rating is just one of the contributing factors to the approval of your loan application. There are some other factors to be evaluated by the lender such as income level, type of the company you’re working for and overall financial history.

Read More : http://MyFinance.com.my/articles/detail/7211041405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

5 Things You Should Know About Personal Loans

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


There are different types of loans that a bank can offer you – personal loans are just one of them. These loans are commonly used for general purposes depending on your own needs. However, personal loans have very strict qualification requirements. If you are interested in going for a personal loan among all, there are certain things you should know about it.

1. Personal loans are unsecured.

Personal loans don’t need you to use an asset as collateral. One of the reasons why personal loans are stricter than other collateral loans is because in the event you are not able to pay your loan, the lender is not able to straight away take any of your asset. However, they can still take other actions such as making a report to the authority and filing a lawsuit.

2. The loan amount is fixed.

Your credit rating will be one of the factors in deciding the amount of money you can borrow from personal loans. The better your credit rating is, the higher the amount is. Some banks decide to have a low maximum amount of personal loans. If you’ve patronized a certain bank, they might be able to take things into consideration.

3. The interest rates are usually fixed.

Personal loans have fixed interest rates most of the time. They don’t change for the entire period of the loan. The interest rates vary depending on your loan amount and loan tenure. However, there are personal loans in which their interest rates are not fixed.

4. The repayment period is fixed.

When you want to repay your loan, you are given a set period of time to do so. The longer the period is, the lower the amount of money you have to repay each month. However, a shorter repayment period gives you the advantage of paying less interest. Your repayment period may also affect the interest rate you get. Bear in mind, paying off your loan early could cost you a penalty as well.

5. Be smart enough when applying for it.

Getting a personal loan from a bank you have a relationship with would be much easier. They will personally ask your reasons to apply for the loan. If you have rational needs, they might even increase the loan amount. Personal loans should meet your affordability and requires you to make your decision conscientiously.

Read More : http://MyFinance.com.my/articles/detail/7211031405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

5 Things To Consider Before Going To The Grocery Store

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


1. Not when you’re hungry

If you do, there is a big likelihood that you will tend to buy more than you actually need. You would also most probably buy a lot of junk food which could not only be dangerous for your health but also to your finances.

2. List out what you want to buy

Make a list of the only things that you really want to buy. This will prevent you from overspending. Be prepared for the items that you really need. Avoid being influenced by the sales promotion that you will eventually end up buying unnecessary stuff.

3. Buy more to save more

Supermarkets always offer promotions on value buy when you buy their items in a slightly higher quantity. Check your list to determine the items that you eat or use on a regular basis. Then you could consider buying the stock for a month for example. Make use of the promotional offers. Not only will it save you financially, but it will also save your time.

4. Don’t forget your member card

Before going to the supermarke, remember to bring along your member card. It will definitely help you reduce your expenses. You will be able to enjoy the members’ privileges and additional discount offers that save you even more. Some members’ card even comes with free parking for limited hours!

5. Be a sharper shopper

Patronize the supermarket with the best value only after making the comparison in our sharper shopper page. This will allow you to benefit by saving more money from the promotions and discounts as well as knowing which supermarket has the most reasonable price for the items you intend to buy. Bear in mind, the longer you are in a supermarket, the higher the chance for you to overspend.

Read More : http://MyFinance.com.my/articles/detail/7211061405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

4 Ways To Manage Your Personal Finances Appropriately

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators

1. Set your financial goals

You should set aims for your finances. Finances would have a big impact to your life as a whole. The old saying “time is money” shows how important it is for us to value time. You should set a certain period of time to achieve your goals. Whether it is venturing into a new business, going for a holiday, buying a new home, planning for a wedding or even changing a career which is all associated with your financial situation.

2. Plan your work, work your plan

Once you have set your goals, now it is time for you to plan on how to achieve them. A spending plan is without a doubt one of the effective ways to differentiate between your needs and wants. It also helps you to avoid debt and use the money for the future. You should be wise enough to prioritize your goals. Remember, do not run off track.

3. Spend within your budget

Financial management requires you to always be on the safe side. You should create your own budget and stick to it even after you have made your monthly payments. Please use our MyFinance Budget Portfolio to track your daily and monthly spending. Spend your money as wisely as possible. You are able to control your spending only if you track your spending regularly. This is also to prevent you from getting into unnecessary debt.

4. Ask for financial advice 

Being old enough doesn’t mean you are an expert. Thus, always seek for advice in your financial management. A financial planner could be the answer to your financial issues. Please visit out forum to ask around for financial advice as we have many financial planners in the forum where they are more than willing to attend to your queries.

Read More : http://www.MyFinance.com.my/articles/detail/7211071405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

3 Alternatives To Personal Loans You May Want To Consider

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


There are always times when you need financial help. Most people would go for personal loans. Remember, everything comes with a price – personal loans require you to pay a certain amount of interest. Here are some of the alternatives to personal loans you might want to consider.

1. Credit Cards.

What sets credit cards apart from personal loans is the fact that you are able to get the money straight away. Credit cards usually have lower interest rates too. However, you are responsible over your own spending. On the other hand, taking out cash using a credit card comes along with a withdrawal fee. You might want to think twice before taking out small amounts of money. Making on-time payments is also important to avoid having to pay higher interest.

2. Loans from Friends and Family.

These loans are probably the least expensive among all. There is even a high possibility that you are not required to pay any interest. However, these loans are rarely successful as your family and friends might not have the amount of money you need. It also takes some time for them to think about it. They also have the right to not lend you the money at any time they like.

3. Peer Lending.

When you lend certain amount of money from an individual, he or she is usually someone you are truly close to. They really trust you – probably they have lent you money before and you pay on time as agreed by both of you. Once both of you have agreed on the on the deal terms, you may get the money instantly. Again the interest may be lower than obtaining a loan from the bank.

Read More : http://MyFinance.com.my/articles/detail/7211111405

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

How To Handle The Outstanding Balance Of Your Credit Card ?

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


By paying your credit outstanding balances in full, it means you can enjoy an interest free period of about 20 days for all your transactions. However, if partial payments are made, you will automatically lose this offer. Even if the outstanding balance involves less than RM 1.00, this partial payment will cause the loss of the interest free period.

You will be paying more interest for a longer period if you make only the minimum payment each month – 5% of the outstanding balance or RM 50.00 whichever is higher. Bear in mind that paying only the minimum of 5% of your credit card outstanding balance can result in a huge debt because of the interest chargeable and its compuonding effect. So be prepared that over time you will begin piling up a huge outstanding balance if you choose to only pay the required minimum amount.

Pay your credit card in full so that you are free from credit card debts and you will not be haunted by credit card interest. If you are not careful with your repayments, you might end up with overwhelming credit card debts. To prevent things from becoming bad to worse, you can ask your card issuer for a waiver of interest and finance charges and restructure the outstanding amount into a term loan with affordable repayment terms.

Besides, you can also refer to the Self Help Guide: Debt Relief Plan of Agensi Kaunseling Dan Pengurusan Kredit (AKPK) at its websitewww.akpk.org.my or call its toll free no. 1800-88-2575. You might also want to consider joining AKPK’s debt management programme. 

In conclusion, try to pay off your credit card outstanding balance in full and on time. Otherwise, you might want to switch to debit cards instead as payments for your transactions are deducted directly from your bank’s savings account.

Read More : http://www.MyFinance.com.my/articles/detail/8813114074

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

Avoid Becoming A Victim Of Telephone Scammers

MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators


Please be aware on the illegal financial activities by scammers impersonating authorities from Bukit Aman and Bank Negara officers to deceive victims into disclosing their personal banking details. These scams are a serious crime with Malaysians losing tens of millions yearly resulting in more than RM60mil in losses since 2012. There are at least 2,000 victims to date in which in some of these cases the victims lose their whole life savings.

The scammers would call their victims and introducing themselves as an official representative from Bukit Aman PDRM (Polis DiRaja Malaysia) or Bank Negara Malaysia. In most cases, the Voice over Internet Protocol (VOIP) which is a system for making voice calls over the Internet is used to mimic their caller IDs.

Intended victims would receive emails or calls purportedly from Bukit Aman or Bank Negara Malaysia warning them that they are now required to transfer their money to a new and safe account. Once the money has been transferred into the scammers’ account, the money will disappear as it is withdrawn by the scammer using fake identities.

Among the financial details they would usually ask for, are credit card and debit card details which include card code verification (CCV) and other personal identification numbers (PIN).
Scare tactics are used by the syndicates to con their victims. Besides mentioning that the victim’s account is not in a “safe” condition, they would also tell their victims that they have won a huge amount of cash but they are required to pay some initial fees first before claiming their prize.

It is very important to be careful and be reminded to never fall for such scams and to avoid giving personal banking information to these scammers. Financial institutions, banks, including credit card issuers and Bank Negara Malaysia will never request for personal financial information when contacting their customers, be it via telephone calls, SMS or emails.

Phishing scams are also another form of scam that is massively used by these syndicate. The scammers trick the victims into clicking on the links they provide on the email and send them to a spoof site which looks exactly like Bank Negara Malaysia’s official website. They will ask the victims to give their account details on the website. They will then steal the victims’ banking details such as their bank account number and passwords. Malicious software is also being used to take over the victim’s computer.

These financial scams target generally every bank account holder regardless of their background, age or income levels. One of the main effective ways to get rid of this financial fraud is through prevention. You should check with the bank officers by contacting the bank directly before making any decisions with your account.

You can report a scam or file a consumer complaint with Malaysian Communications And Multimedia Commision at 03-86888000 or you can visit their website at http://www.skmm.gov.my/

Read More : http://www.MyFinance.com.my/articles/detail/7301241406

We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.