Know your cashback credit cards

August 13, 2013

           

Here are some things to take note of when applying for a cashback credit card.

 

By Brendon Lee
Cashback credit cards have proven to be very popular among Malaysians. Next to the reward point system, cash rebates are a great way to save on spending. However, not all cashback cards are created alike; each one has its own cashback rate and is limited to specific spending categories.

To get the most savings from your cash back card, it’s important to choose the right one for your spending habits.

Here are some things to take note of when applying for a cashback credit card.

#1: Rates and categories Cashback rates and spending categories are interrelated as most cards limit their cashback to specific categories. The most popular categories are petrol, groceries, dining and utility bill payment. There are three mechanisms on which cashback cards operate:

• High cashback rates (5%-10%) limited to 2-4 categories and lower rates (0.5%-2%) for residuary categories.

• Blanket rate for all categories with a median rate (3-5%).

• User selected categories with fixed rates for each category set by the bank (0.5%-5%).

Depending on your spending habits – choose the card with categories that suit you.

#2: Caps Most cashback credit cards come with a monthly or annual cap, that is, a maximum amount of cashback that you can receive in a billing cycle. The most competitive products available usually have caps that fall in the range of RM50 – RM100 a month. It’s important to know what your card cashback cap is to ensure you don’t spend more under the false impression that you are earning cashback.

Usually, principal and supplementary cards contribute to the same cashback cap every month but some products calculate the spending separately and allow individual caps for the principal and supplementary cards.

#3: Fees and charges A cashback credit card, like any other will be subject to the usual fees and charges such as annual fees, cash advance fees, and late payment fees. However, if a cashback credit card allows you to select categories of spending, do note that every time you switch categories, there may be a fee involved. If you add on a category (if the card allows you to do this) you will have to pay a fee on this extra category as well.

Also, it is important to note that not all cashback cards have the same annual fee. Annual fees range from RM70-RM190 for mid-level credit cards and up to RM1000 for premium credit cards.

#4: Special terms and conditions
The terms and conditions of a new credit card commonly goes unread. But if you’re keen on making the most of your card’s cashback feature; it’s vital that you understand the special requirements that qualify you for a cashback card each time you swipe. For instance some cards advertise high cashback rates but are only available during the weekends while others require minimum amount of spend.

Others will only recognise transactions that conducted online or via standing instruction. Some banks are known to have tie-ins with specific merchants and offer bonus cashback if you do business with them.

A cashback credit card can save a few hundred ringgit a year. However, it can also be complicated. The key to finding the right credit card is to first evaluate your spending habits and pay attention to the fine print.

This was brought you by Brendon Lee from RinggitPlus.com. RinggitPlus compares credit cards, debit cards, balance transfers and personal loans to help Malaysians get more for their money.

China's online population rises to 591 million

China's online population rises to 591 million

BEIJING (AP) - China's population of Internet users has risen to 591 million, driven by a 20 per cent rise over the past year in the number of people who surf the internet from smartphones and other wireless devices.

The figures reported on Wednesday by an industry group, the China Internet Network Information Centre, represented a 10 per cent rise in total internet use. The number of wireless users rose to 464 million.

China's communist government encourages internet use for business and education but tries to block access to material considered subversive or obscene.

Internet companies are scrambling to expand wireless service.

 This week, the operator of China's most popular search engine, Baidu Inc., announced it will pay US$1.9 billion (S$2.38 billion) to acquire a distributor of smartphone apps, 91 Wireless Websoft.

Businessman and investor...at 18

Businessman and investor...at 18



The Straits Times
Monday, Jul 15, 2013

The idea of just leaving money in passive investments in hopes of it growing cuts no ice with teen entrepreneur Wong Li Hong.

 The Year 6 Raffles Institution student feels his money should work hard for him. This led him to start an online business with pal Lemuel Low, 18, early this year.

Their site, WhatsNext.sg, aims to be a one-stop guide outlining what locals and tourists can do in Singapore. "Lemuel and I noticed the lack of real guides for events and service providers in Singapore, as opposed to the large number of business directories which feature shop addresses but little else," says Li Hong, 18.

They put $1,000 into the project at first. It took a year to set up before they launched the online platform that allows two-way communication between shop owners and users.

They have now invested about $3,000 in total. Instead of asking their parents for extra money, Li Hong and Lemuel dug into their savings to ensure they were responsible for the project. Li Hong gets $450 a month as pocket money and said that it was more than enough to cover his expenses - mainly food, transport, half his monthly mobile phone bill and books.

His allowance also covers new gadgets, such as computers or mobile phones. The site makes money through advertisements and recently broke even. Li Hong's parents, who are in their 50s, run their own businesses in real estate, food and beverage, and packaging. His 20-year-old brother is studying overseas.

He said his entrepreneurial spirit grew and was influenced by his parents, who started a business together over 20 years ago.

They were conscious about not wanting him to follow in their footsteps and hoped he would take on a less risky career path such as being a lawyer.

But he developed a keen interest in running his own business as he got interested in what they were doing throughout his growing-up years.

The teenager added that his parents have been supportive of his venture.

Q: Are you a spender or saver?
Rather than following a rigid budget, I believe in being flexible but always making sensible purchases. I believe that good businessmen should be both wise spenders and savers.

Q: How much do you charge to your debit or credit cards every month?
I own two debit cards, one for personal expenditure and the other for the joint account which I have with my friend for our business. I use my cards whenever possible because the online records make it easy to log my monthly spending. I typically charge $200 to my personal card every month.

Q: What do you invest in? I have invested in gold since 2010, when I was looking for a first alternative outlet for my savings.

This was largely influenced by my parents who advised me against leaving my savings in the bank.

But instead of speculating in the commodity, they told me to keep it for a longer term. I invested an initial $250 through an account my parents set up for me and have gradually added to that amount since. I've about $2,000 in gold now. Even though gold prices have fallen recently, I view this as a long-term investment and will continue this in the future. Today, I invest mainly in my own business.

Q: Moneywise, what have your growing-up years been like? I developed an outlook on money management under my parents' influence. When I was eight or nine, I used to spend all my pocket money at the toy shop near my old house. I wasn't conscious of my spending and thought that whatever money they gave me could be spent.

It was around that time that they made me keep track of all my purchases and jot down what I spent in a book.

Despite their belief in the virtue of saving, my parents never dictated how my allowance ought to be spent.

After I turned 12, my parents also made it clear that I would not be getting anything above my monthly allowance. T

hey pay for my school fees and holidays. Other expenses come out of my own pocket. That taught me, albeit by force, that if I wanted more to spend, I needed to earn it on my own.

 Q: How did you get interested in investing? I believe in two types of investment - investment in passive income sources, and investment in personal projects which we build ourselves.

The former is only a method for financing the latter, which has always been far more appealing to me. I have always been fascinated by functional systems - from cars to computers to well-crafted novels.

Successful businesses are the most fascinating of systems because they function by interacting with humans and interpreting their behaviour. I thus developed a passion for investing in and building personal businesses, which has largely shaped my path since.

Q: What's the most extravagant thing you have bought? Extravagance lies not in price but in value, so that would have to be the suit I had tailored last year for about $1,000.

Q: Home is now... A four-room condominium unit in the Keppel Bay area where I live with my family.

Drink more water, lose more weight?

Drink more water, lose more weight?

July 4, 2013
A study by Davy's group found that middle aged and older adults who drank two cups before a meal lost about four pounds more than a group that didn't drink the extra water.
                      

                
NEW YORK: Dieters who drink more water have greater weight loss, according to a new review of several prior studies. In one study that asked dieters to drink water before a meal, for instance, “the water enhanced the weight loss,” said Brenda Davy, a professor at Virginia Tech who led some of the work included in the review. Researchers said there is not yet enough evidence, however, to say for sure that drinking more water will help people shed the pounds. Rebecca Muckelbauer, a researcher at the Berlin School of Public Health, Charité University Medical Center Berlin in Germany, led the new review of the water studies. She said that, as a nutrition researcher, people had often asked her about whether they should drink water to lose weight, and she didn’t know the answer. She and her colleagues decided to examine all of the studies on weight and water consumption. Eleven studies fit their criteria.

Three of them showed that increased water intake among dieters was tied to greater weight loss. A study by Davy’s group found that middle aged and older adults who drank two cups before a meal lost about four pounds more than a group that didn’t drink the extra water. Yet another study found that women who increased their water consumption while they dieted lost more weight than those who kept it below one liter a day. It’s not clear how water might help people shed pounds.

One possibility, said Davy, is that water could squelch feelings of hunger.

 “This may have helped them reduce their calorie intake,” she told Reuters Health. Muckelbauer agreed that increased fullness is the most likely explanation, but another possibility is something called “water-induced thermogenesis.” The idea is that “drinking water itself increases energy expenditure of your body. It has an energy consuming effect. This is not very well studied,” Muckelbauer told Reuters Health.




The Institute of Medicine recommends that adults consume between 91 ounces of water for women and 125 ounces for men (2.7 – 3.7 liters) each day, but this total can come through food, plain water or other beverages.

While the experimental studies suggest that drinking water may aid in weight loss, the surveys Muckelbauer examined don’t always show that people who drink more water are slimmer.

In fact, some found that obese or overweight adults drank more water than people of normal size, while others did not find such a link, Muckelbauer’s team reports in the American Journal of Clinical Nutrition.

 “We don’t have conclusive evidence that increasing water intake reduces weight, but there are certainly other benefits to increasing our intake,” said Davy. She said people in the US typically drink about 400 to 500 calories a day from other beverages, and replacing them with water is not a bad idea.

One study found that women who drink water, rather than sweet drinks, had a slightly lower chance of developing diabetes (see Reuters Health story of May 31, 2012 here:).

And women who don’t drink plenty of water have greater odds of getting kidney stones (see Reuters Health report of March 29, 2012 here:).

“There’s not a lot of risk for recommending (increased water intake) for individuals,” Davy said. Muckelbauer said it will be helpful to have larger experiments looking at the potential weight loss benefits of adding more water to the diet.
 ----- Reuters

Bankruptcy – A reality check

June 17, 2013

 

For most Malaysians “bankruptcy” is a synonym to being “penniless.” However, it is far much worse than just being broke.

Whereas being broke will revolve around a situation where someone has zero cash for meals or rent, bankruptcy is a legal phrase that comes with a court declaration.

Apart from the fact that you will have the normal financial difficulties associated with being broke, bankruptcy also comes with other baggage that strips one off many rights that many Malaysians take for granted.

Unlike what many people think, you don’t need to owe millions for you to be bankrupt. Any debt that goes beyond RM 30,000 can cause to be declared bankrupt.

To learn more about bankruptcy and its effect, please check out the infographic below.

This infographic has been contributed by iMoney.my – Malaysia’s leading website for personal finance products comparison. Check out their comparison tools to comoare mortgages, credit cards, personal loans, insurance and more.

30 Tips for First Time Travellers to Japan

30 Tips for First Time Travellers to Japan

By Steve,  FlipKey  |  Mon, May 27 2013

           

Before you leave, check out our 30 tips for first time travelers to Japan – it’s good to know the dos and don’ts firsthand.

Keywords

• northeast asia
• japan
• general
• japan
• tips
• traveller

 1. Bow to greet a person; bend your body 15 degrees for ward for a casual bow. When you meet elders, bow deeply from your waist.  2. Before eating a meal and after finishing it, be sure to thank your host for the meal and their company with a small bow. This is considered good table manners.  

3. Get Suica cards to travel the subway, metro, Japan Rail and also to pay for items in convenience stores. You can load them up with Yen as you go along.  4. Don't use your cell phones on trains and buses. Don't talk to anyone on public transport either. People usually sleep, read or listen to music quietly. 5. Drive and walk on the left side - it's the opposite driving direction when compared to the US. Park on the left and use the left side of escalators and elevators.  6.Food is expensive, so best to avoid restaurants and Starbucks. Rather, buy bread, spreads, rice cakes and noodles from small local shops, as these are less expensive.  7.When you finish eating at a bar, put your bowl up on the counter with your glass and wipe down the counter in front of you with a damp towel.  8. Water is safe to drink - whether it is tap water or bottled water. You can refill at any public fountain without worry.  9. Buy a map that indicates the names of destinations both in Japanese and in English. Carry a Japanese to English translation book to manage small phrases.  10. Carry tissues or hand towels with you - most of the public bathrooms don't have hand-drying facilities, unless you want to use the toilet roll.

11. Carry at least 10,000-20,000 yen in cash with you. Most Japanese ATM machines don't accept foreign cards. Also many establishments don't accept credit cards.  12. Always carry a notepad with you along with a pen or pencil. You may need to write down what you want, or even draw it if someone doesn't understand you  

13. Write down the full address of your hotel or destination to show someone in case you're lost. Get it written in Japanese as well.  14. When you're ready to pay your bill at a restaurants, cross your forefingers together to form an 'X'. The waiter will come to you with your check.  15. When you want to point towards someone or something, point with your open hand. Pointing at anything with your forefinger is considered rude.  16. Don't tip anyone; even waiters will be offended if you do so. Other than in the Roppongi area, tipping is considered unacceptable.  17.Public transportation is available only till midnight; if you're stranded after midnight, wait for it to resume at 5 A.M. Avoid expensive taxis.  18. When entering a Japanese house, place your outdoor shoes at the doorway. Wear the slippers your host provides.  19. Remove your house slippers when you enter a room that is covered with tatami flooring. You can step on tatami mats with your bare or socked feet.  20.When you visit the toilet at somebody's home, wear special toilet slippers. Do not wear house slippers in the toilet.
 

21. When you visit a Japanese temple, throw a coin into the offering box and fold your hands in prayer. Burn incense and wave your hand to extinguish the flame; don't blow on it.  22. Take photos only in areas where they're permitted. Watch the signs, and ask locals if you're not sure. Don't offend by taking pictures inside temples.  

23. If you're not sure what to order at a restaurant, indicate one of the plastic food replicas that are displayed near the front of the restaurant.  24. If the restaurant waiters don't lead you to a table, it means you can sit anywhere. Wait for a few moments for them to lead you otherwise.  25. In a traditional Japanese restaurant, take your shoes off at the entrance and kneel at the low Japanese table. Wear nice socks.  26. During formal traditional meals or tea ceremonies, men can sit cross-legged while women must fold their legs neatly under their hips.  27. You can give your host, business partner or friend a gift while meeting, parting or during a special occasion. Make sure you pack it in simple brown paper.  28. While exchanging cards, stand up, bow slightly and hold your card facing the others with the fingertips of both hands.  29. When you receive someone's visiting card, be sure to examine it with pleasure and carefully place it in your wallet. Don't shove it in your back pocket.  30. Do not blow your nose in public; try to discreetly wipe your nose or just snort or sniff to control your cold if you have one.

 

More PayPal users in Singapore all victim to hackers

More PayPal users in Singapore fall victim to hackersLosses range from $50 to over $3k; PayPal says users clicked on scam links.


By Irene Tham,
The Straits Times | 27-05-13       

SINGAPORE - Hackers stole from many PayPal accounts in Singapore in the past two months, highlighting the need for a higher level of security for accessing online accounts.

The losses range from $50 to more than $3,000, with many victims saying this was the first time it had happened to them.

At least one major bank, which declined to be named, told The Straits Times that it has received more complaints in the last few months from customers about fraudulent PayPal transactions on their credit cards.

PayPal, on the other hand, maintained that its system was not hacked into, but rather that users responded to scammers' e-mail, say, by clicking on fraudulent Web links resulting in their accounts being compromised.

A PayPal spokesman said it would refund the account holder "the full amount of every eligible unauthorised transaction if a dispute is raised with PayPal within 60 days of the unauthorised transaction occurring".

Purchaser Janice Leow, 30, was in Bangkok on holiday in March when she received an SMS from DBS Bank alerting her to a $1,000 PayPal transaction which she did not make.

"I was shocked. My credit card was with me. How could it have happened?" said Ms Leow.

On her return to Singapore a few days later, she called DBS and was told that more than $3,000 from multiple PayPal transactions had in fact been chalked up on her credit card.

"I had not used my PayPal account for online shopping for several months, so it couldn't be me making the purchases," she said, adding that DBS is still investigating if her card was defrauded.
Her PayPal account is frozen.

Another victim Jasmine Ser, 32, discovered a suspicious PayPal charge of $47 on her UOB credit card bill last month. After logging in to her PayPal account, she found that her credit card was linked to three unknown sellers in Indonesia with whom she had no dealings.

Like Ms Ser, Ms Leow has terminated her PayPal account. She added that UOB has refunded her the amount and issued her a new credit card.

Ms Ser felt that PayPal should follow the practice of banks, which make online customers enter a one-time password (OTP) to access their accounts.

An OTP is randomly generated on namecard-size devices called tokens or sent via text message to users' cellphones. OTPs, good for only one log-in, provide an added layer of online security in a process called two-factor authentication (2FA), a standard protection for online banking in Singapore since 2006.

Security expert Assurity Trusted Solutions' chief operating officer Chai Chin Loon advises Web users to use complex passwords, change these at least once every three months and activate 2FA where possible.

Many online services like Gmail and Facebook have introduced 2FA.

Earlier this week, Twitter rolled out 2FA following the hacking of several high-profile Twitter accounts. Last month, a bogus Associated Press Twitter feed said the White House had been bombed and United States President Barack Obama was injured.

Some online service providers like Yahoo and PayPal offer 2FA only in certain markets like the US. Singapore users do not have this security layer.

PayPal's spokesman said it is evaluating what extra security options are needed for Singapore users.

Protect yourself
Security expert Assurity Trusted Solutions, a subsidiary of technology regulator Infocomm Development Authority, has advised all Web users to:

- Use complex passwords;
- Change passwords at least once every three months; and
- Activate the two-factor authentication process, a standard protection for online banking in Singapore since 2006, where possible.