What you need to know about easy payment plans

July 18, 2014

Easy Payment Plan allows you to buy things with a swipe of your credit card and repay the amount by installments - meaning that you will not have to worry about not being able to settle the full amount owed at the end of the month.

 

By Denise Chan

An Easy Payment Plan or EPP allows you to own that fridge you always wanted without having to pay the whopping RM3,000 price tag that comes along with it. Instead, you have the luxury of spreading the cost of that fridge over the next few months or years at either very low or sometimes 0% interest. EPP is usually offered by most banks’ credit cards with repayment periods typically ranging between 3 and 36 months.

This allows you to buy things with a swipe of your credit card and repay the amount by installments – meaning that you will not have to worry about not being able to settle the full amount owed at the end of the month. Paying your bills late could lead to the bank slamming you with high interest charges (normally 15% to 18% p.a.) on your outstanding balance each month.

You could actually think of EPP as a short term, interest-free personal loan – you can also save the money you would have used upfront to spend by putting it into an interest bearing account.

How an EPP saves you money
Let’s take a look at an example:
Darren wants to buy a new gaming laptop for himself which will cost himRM5,000 – a little costly for the average joe but hey, he’s a serious gamer! He has several payment options at his disposal:

Cash or debit card
If he makes the purchase using cash, he will definitely get the laptop, but a whopping RM5,000 will be deducted from his bank account instantly.

Credit card
If he makes the purchase by credit card, the result is similar except that he would have to fork out the RM5,000 when he pays his bill at the end of the month.

EPP
Making the purchase by committing to a 0% EPP with a 12-month tenure, will lead to his debt being spread over the 12-month period and Darren will only need to pay RM5,000/12 months =RM416.67 monthly.

So instead of paying RM5,000 in one go, Darren can put the excessive cash into a savings account to earn some interest; He can get up to 2%p.a. in interest, and if he’s being clever he can do staggered multiple tenure FD deposits and earn well over 3% p.a. !

But take note!

Let’s take a look at some of the things you should take note of if you’re planning to use a 0% Easy Payment Plan to make a purchase.

Makes sure it really is “0%”
It is actually fairly common for consumers to be charged an extra fee (normally around 3-4%) by the merchant when opting for a 0% Easy Payment Plan. Most will tell you so, however you should make it a point to ask if such a cost exists.

For example, an extra 4% on the RM5,000 laptop would cost you RM300. It is by no means an amount that can simply be “shrugged off” and this in turn defeats the whole purpose of engaging in a 0% interest repayment plan!

Missed or late payments
Banks and merchants rarely advertise this about their 0% EPP but if you miss a payment or pay the installment later than the due dates, the bank will cancel the 0%, and charge you with the normal interest similar to the credit cards instead.

You could put yourself in danger of getting into more debt that you can afford. So, before you engage in this easy payment plan, be sure to have a look on the terms and conditions carefully.

Minimum spending
Most banks have a minimum spending requirement to qualify for their 0% Easy Payment Plan. Check what these minimums are so as not to be caught thinking you could use an easy payment plan when you actually can’t.

Purchase from a participating merchant
Look for stickers or signs on retail outlets indicating that they offer 0% Easy Payment Plans for your credit cards. Alternatively, look up the websites of your banks for the list of participating merchants offering 0% Easy Payment Plans.

This was brought you by Denise Chan from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.

How your credit score affects your loan approval

July 16, 2014

Loans are definitely one of life’s necessary evils but if used well, could help you afford the things you need to live a full life. Always remember to take note of your credit score because this will make or break your loan application.

 

By Denise Chan

You’ve probably heard it before but it bears repeating: banks aren’t in the business of lending you money for their health or your happiness. They do it to make money. At the end of the day, it’s a business like any other so their focus is essentially to make a profit. A large part of how they make money is on the interest they charge on loans (car loans,home loans, personal loans etc.) because the interest is higher than the interest they pay on depositors’ accounts.

So why take a loan if you’re going to have to pay it back with interest? Well, while paying interest may not seem to be a great financial move at first glance – in most instances, it really is a small price to pay for using someone else’s money! Imagine having to save all of the money you needed in order to buy a house. We wouldn’t be able to buy houses until we retired (if ever)!

Every loan we take puts us under an obligation to pay the amount back over time. Banks keep track of this and judge us based on our credit records. If you don’t miss payments on your loan, it is likely that your credit score will increase. However should you fail, there is a chance that your credit score could be affected. How much could it be affected by? The truth is, it really depends – but know this; your payment history makes up a significant portion of your overall credit score calculation.

What’s the difference between your Credit Score and your Credit Report?
Credit Report
Your credit report is almost like a report card for your debt history. It consists of records such as the amount of loans you have; the type of loans (mortgages, hire purchase car loans, credit cards, bills) and loan applications pending. It will determine whether you get that house you’ve been dreaming of or that loan which will dictate the survival of your business. The interest rate the bank decides to offer you will also be based on this report.

For example, a CCRIS report records all past information on the loan amount, interest, and charges outstanding on each loan.
Therefore, you should pay your debts
 promptly as some banks may reject upcoming applications if you miss out on repayments by 2 months or more. Besides, depending on the bank’s requirements, they may reject your loan application if you have a debt ratio exceeds 50%.

Credit Score
Your credit score is the number generated from this report, along with other data that banks use to subjectively evaluate a loan application.

A well-known method used to measure this is the FICO score which rates applicants anywhere from 300 to 850 points (the higher the better). However, it is likely that many banks in Malaysia use their own internal method of measuring and determining your credit score. What this means is that your chances of getting your loan approved may vary depending on which bank you choose to apply at.

What factors determine your Credit Score?
In general, financial institutions focus on the 3 C’s: Character, Capital and Capacity.

Your characteristic reflected based on your attitude towards your loan. If you take pride in paying your bills promptly, you will get an A for reliability on your debt repayment. They also take consideration of your personal details such as the length of stay in your current address and the duration of your current employment.

Capital shows the amount of ‘valuable’ assets you hold which can be used as collateral such as real estate, personal property, investment or savings in the event your fail to pay your loan

Banks will also make an assessment on the capacity your income has to repay loans. The income you earn reflects your ability to pay off your debt. Thus, you need make sure that you have sufficient cash flow before applying.

1. What are the things that could hurt my Credit Score?
2. Bad payment history such as: making late payments
3. Defaulting on a loan
4. Having your home foreclosed
5. Having over-the-limit credit card balances

Does having multiple loans affect your credibility?
Yes it does.

If you have a variety of loans, it is quite likely that you will get a higher credit score. Having a mix of credit types is expected from people with longer credit histories, and helps you show you are an experienced borrower.

However, this is useless if you have bad payment history as this would mean a higher risk of bad debts. If you cannot juggle multiple loans, you shouldn’t apply for more. Having multiple loans isn’t necessarily bad, it is only bad if you can’t afford them.

Loans are definitely one of life’s necessary evils but if used well, could help you afford the things you need to live a full life. Always remember to take note of your credit score because this will make or break your loan application.

This was brought you by Denise Chan from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.
 

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Singapore's top 10 billionaires

Singapore's top 10 billionaires

In land-scarce Singapore, real estate is much more precious than gold.

So it is not surprising that Philip Ng Chee Tat, CEO of Far East Organisation, is the richest man in Singapore with an estimated net worth of US$5.2 billion, according to a Wealth-X list of the top 10 Singapore-based billionaires.

Nearly 80 per cent of the property tycoon's net worth comes from his real estate holdings.

Ng's net worth accounts for about one-fifth of the combined wealth of the 10 individuals on the Wealth-X list.

Among them are a few foreigners - citizens of Brazil, New Zealand and Indonesia - who have established their main business in Singapore and reside here.

No.1: Philip Ng Chee Tat (Singaporean), Far East Organisation (real estate). Net worth: US$5.2 billion.

Ng, 55, became CEO of Far East Organisation in 1991. His father founded the company 31 years earlier, and it has grown to become Singapore's largest private property developer with 750 properties in the residential, hospitality, retail, commercial and industrial sectors.

No.2: Eduardo Luiz Saverin (Brazilian) of Anideo (technology) and also co-founder of Facebook. Net worth: US$4.2 billion.


A well-known philanthropist, Ng has given generously to universities and educational institutions in Singapore. The new Jurong General Hospital in Singapore, which will be named after his father, Mr Ng Teng Fong, following a huge donation of more than US$95 million by the Ng family in March 2011.

No.3: Richard Fred Chandler (New Zealander) of Chandler Corporation (diversified investments). Net worth US$2.8 billion.


No. 4: Kuok Khoon Hong (Singaorean) of Wilmar International (palm oil). Net worth: US$2.4 billion.


No.5: Sukanto Tanoto (Indonesian) of Royal Golden Eagle (diversified businesses). Net worth: US$2.3 billion.


No.6: Peter Lim (Singaporean), a private investor (diversified Investments). Net worth: US$2.2 billion.

In the number two spot - and the youngest billionaire on the list - is 32-year-old Brazil-born entrepreneur Eduardo Saverin, co-founder of Facebook. Saverin moved to Singapore in 2009.
Taking the third position is New Zealander, Richard Chandler of Chandler Corporation. His net worth from diversified investments is estimated to be US$2.8 billion.

No.7: Mr Goh Cheng Liang (Singaporean) of Wuthelam Holdings (paints). Net worth: US$2.1 billion.


No.8: Robert Martin Friedland (American/Canadian) of Ivanhoe Capital (mining). Net worth: US$1.9 billion.

No.9: Lim Oon Kuin (Singaporean) of Hin Leong Group (oil trading). Net worth: US$1.8 billion.

Wealth-X and UBS Billionaire Census 2013 noted that there are 27 billionaires in Singapore with a combined net worth of US$64 billion.

No.10: Sam Goi Eng Hui (Singaorean) of Tee Yih Jia Group, (frozen foods). Net worth: US$1.8 billion.

The top 10 billionaires in Singapore and their net worth are in the gallery below.
-----  Asiaone(Singapore)     10 July 2014


 

New Singapore online shopping site offers all-green products

Report from AsiaOne (Singapore) dated 7 July 2014 :-

New Singapore online shopping site offers all-green products

SINGAPORE - Environmentally-conscious shoppers in Singapore have a new online store to head to.
E-commerce site Envy Singapore, launched last Friday, offers a plethora of merchandise with one common trait - environmentally-friendly products which adhere to ethical manufacturing standards.

Not only that, products are also organic or natural, which means they do not contain harmful chemicals or artificial ingredients.

The multi-brand portal is founded by local distributor Natural & Free Lifestyle Pte Ltd, and features beauty staples from moisturisers to shampoo, and also consumables such as baby food, dried fruits and nuts.

Other niche all-natural products include locally-designed organic cotton clothing, hair dyes, wines and ciders.

"Each brand made available on Envy Singapore has been carefully studied and curated by our team to ensure that they fit the website's standards. We do this to ensure the standards of what we can offer to our customers, so they can be assured that these items are good for them, and the environment," said Ms Monika Tjia, Director of Natural & Free Lifestyle.

A new mother herself, Ms Tjia's first foray into this industry was motivated by her commitment to provide only the healthiest products for her baby, which meant going completely organic.

Noting that it was a tedious task searching for random brands, products and services sporadically available across the island, she realised a need for a site such as Envy Singapore.

"It's a necessary upgrade, making small changes to what we choose to use, wear, and consume, to make that big difference later on," added Ms Tjia.

Visit Envy Singapore at http://envysg.com or log on to its Facebook page at http://facebook.com/envysingapore.

Lending to family and friends: Should you do it?

July 4, 2014

In Malaysia, and most Asian societies, family ties are extremely important. Couple this with the fact that money as a topic is taboo for most and you’ve got a definite recipe for lending disaster.

 

By Diana Chai

 

We’ve all been at either end at least one time in our lives: when we either need to borrow money or lend it to someone else. It isn’t a big deal if it’s a matter of some loose change but what if the sum is a little higher? In the best of times; the money is paid back promptly and with no altercations but sometimes; the ordeal becomes a many-year-long nightmare of uncomfortable avoidance of communication or outright denial of repayment.

 

In Malaysia, and most Asian societies, family ties are extremely important. Couple this with the fact that money as a topic is taboo for most and you’ve got a definite recipe for lending disaster.

 

So before you borrow/lend money from/to family or friends, consider these issues.

 

As a lender

If you’ve been approached to lend money to someone; these are some considerations and steps to take before heading to the ATM.

 

Can you afford it? If you are struggling to make ends meet: giving someone a chunk of your money even in the expectation of getting it back is unwise. RM10 for a lunch is one thing but a larger sum you cannot afford to write it off in the worst case scenario will be problematic.

 

Who is asking? Consider how you feel about the person who is asking. If your relationship isn’t as close; lending money could create animosity.

• How do you feel about lending? Though many consider ‘feelings’ as a trap word: it is very important when you are dealing with family, loved ones and of course, money. Consider how you would feel if the borrower doesn’t repay or spends the money in a way you don’t approve. Will you be able to continue the relationship as it were? Understand that once you’ve passed the money to your friend/family member: you no longer have control over what happens to it.

• Set down the rules. Once you’ve considered everything above and have decided to proceed with this loan, set out the rules for lending and repayment. Keep in mind that there is a good chance for default so set rules for what will happen then. If possible (as much as you may not like to do this) put things down in writing. It doesn’t have to be a five page, legal missive: a friendly email or SMS will do just fine. “Hey Joe, so I am cool with lending you the RM200; but I need it back by the 30th of June as my bills will be due then. Thanks.”

• Don’t be afraid to ask. Many people are uncomfortable with asking for their money back but many a time; borrowers may take for granted that a quiet lender is a lender who doesn’t need to be repaid. A quick, simple call or message will suffice.

• Be ready to write off. There may be a time when it gets too tiring to keep asking and though you love the borrower; the person may be a real flake with money. Consider if the relationship really is worth losing over money. The call is completely yours and if you paid close attention to the first few points; this part won’t be hard at all.

As a borrower
Sometimes the shoe is on the other foot. Borrowing from friends and family may not be the kind of thing you really want but you may find yourself without a choice. If so, do consider the following:

• Have you tried every other formal way? Consider bank loans or even credit cards. Borrowing from a loved one or friend should be the absolute last option. Don’t take advantage of someone’s relationship with you.

• Put your request in writing: Along with a date for repayment. Be disciplined and treat the lender with respect by stating your intention to repay and when.

• Inform your lender if you have problems with repaying. If the date of repayment comes by and you don’t have the funds to repay: speak up and let the lender know. However, where possible, make returning this amount your priority.

• Don’t take advantage. Just because a lender has been kind enough to lend you money once; it does not give you free reign to ask every time the need comes up.

• Scrutinise your finances. If you’ve come to a point where you need to borrow substantial amounts from friends because financial institutions won’t lend to you; there is evidently a problem. Identify the problem and fix it.

• No one is perfect nor is any man an island – at some point in our lives we may be faced with difficulty or be in a position to help someone who is. If we are able; helping is usually the noble thing to do but sometimes even the best of intentions can go wrong. Don’t end up losing a perfectly good relationship over money or lose money over a really bad relationship. A little thought can go a long way.

This was brought you by DIANA CHAI from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.

Learn How To Make Money Online With Mini-Course Email Marketing !

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 "Discover The Secret Way Of Making Money Online Without Selling"

Imagine... getting paid for sharing information and helping others... and being "thanked" for promoting products... couldn't get cooler than this, does it?

 

Dear Friend,

This is amazing stuff.

Frankly, I find it hard to believe, but I've just made money from affiliate commission without even trying to pitch a product.

The trick is this - by using a mini-course.

Maybe you've heard of what a mini-course is, maybe you don't. The fact is, many marketers aren't even aware of this simple and yet highly profitable method to make money from your prospects.

Technically, this is what represents a mini-course:

A set of emails with content, between 5-7 emails that are "chained" together to teach a specific topic.

Let me explain why it works so effectively and the process behind it:

 

Because they're "going through" your mini-course, you're not even pitching them to buy products - you're simply helping them with recommendations.

This method of making money online is so super cool and easy to do because all you're doing is giving away a FREE mini-course!

Which leads me to... The Mini-Course Formula.

"So What Is The Mini-Course Formula anyway?"

In short, it's the my complete blueprint, of A to Z on how to use mini-course to make money online under stealth mode.

The long version - The Mini-Course Formula is a blueprint that is systematically broken down into 4 components so that you can have an automated system to make money from the internet using emails. The components are:

Module #1:	Optin Page. You’ll discover how to layout a money-making plan as well as layout a persuasive, high-converting opt-in page to get website visitors to subscribe.
Module #2:	Mini-Course Creation. This is where you’ll find out how to create a mini course that will have subscribers beating a path to your opt-in page subscription form.
Module #3:	Email Strategy. Discover how to convert your subscribers into customers who buy from you again and again. This is where the money’s at.
Module #4:	Traffic Generation. Get traffic to your opt-page in order to build a big, responsive list and of course, make money from it.

If you notice, in essence, all it takes is SENDING EMAILS to make money online with this system. And by the way - I'll teach you how to automate the emails so that you're using a software to send them out sequentially. This way, you're literally hands-free.

So technically, the more people who are signing up for your free mini-course, the more money you'll be making. The beauty of this system is, you're simply giving your mini-course for free.



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