Hi,

Very sad to inform you that I have to stop updating this website due to high commitment of my current job and my freelance job as well.

It is a waste to shutdown this website, which I hesitate to do so.

If you interested to take the ownership of this website & domain, please contact me directly. I will fully transfer the domain server & blog login information to you. This domain will expire in August 2010.

My contact email: admin@moneysospecial.com

Regards,
Kenson

Early of October, I read some latest news from an OCBC agent through a local forum that the MLR rate will be revised to 4.40% per annum soon, from 4.70%. I knew the agent personally and I believe the news was true since it is from reliable source.

However I did not share this news in my website immediately as the rates was  not officially announce yet. So I just waiting and checking on the OCBC website regularly. I thought the latest revised rates should be announce in the “Latest News” section or somewhere in the main page with eye-catching graphic, but end up the announcement only can be found in the property loan main page. To get into that page, I need to browse from main page to select personal banking. In personal banking page I have to select loan and finally landed to loan main page and found the advertisement.

OCBC Main page

OCBC Loan Main Page

And finally found this:

Congratulations to all OCBC Ideal Mortgage loan owner as you can enjoy lower rates now. I would said this is very attractive rates in current market and some more with short lock-in period.

And finally a question raised up in my mind: Why OCBC changed the MLR rates? This gave me not a very good impression again that the MLR rate is solely controlled by OCBC bank and it can change anytime!!

Tiring collecting and waiting your rewards point sufficient to exchange for real item? Now with Citibank Instant Citi Rewards you can redeem your rewards point as lower as 180 points to exchange RM 1 in purchase.

Now use your Citi Rewards Points for shopping, dining, movie tickets and more.

Here’s how it works:

1. Look out for our merchants displaying the “INSTANT CITI REWARDS” sign:
   
2. Select the item of your choice at the outlet
3. Inform the cashier you’re paying with your Citi Rewards points
4. 180 Citi Rewards points = RM1*
   Therefore, if your item is valued at RM20, just use 3,600 Citi Rewards points.
5. If you don’t have sufficient Citi Rewards points, the balance will be charged to your Citibank credit card automically.

Participating merchants:

• Cathay Cineplexes (tickets only, excluding Wednesday)
• The Coffee Bean (all outlets except Penang, International Airport, LCCT and all East Malaysia outlets)
• Senheng (all outlets nationwide)
• senQ (all outlets nationwide)
• Shu Uemura (boutiques only)
• The C. Club by The Carat Club (Pavilion KL)
• The Carat Club (Jalan Maarof, Bangsar and Pavilion KL)
• Samsonite (Tropicana City Mall, Jalan Maarof, Bangsar and Jalan University, PJ)
• Adidas TaylorMade (Dataran 32, PJ, Bukit Kiara Equestrian Club, KL and Bandar Sri Damansara Club, KL)

* This promotional conversion rate is valid until 31st January 2010. Normal conversion rate is 240 Citi Rewards Points per Ringgit Malaysia.

With the promotional conversion rate(180 points to exchange RM 1),  you only required 9,000 point to exchange RM 50 which is very attractive.  For standard Citibank rewards redemption, it cost 10,000 points to exchange Hush Puppies RM50 Voucher and this is the lowest point for RM 50 cash voucher redemption. It cost 12,500 points to exchange Jusco RM50 Voucher.

For more detailed info, please visit:

http://www.citibank.com.my/global_docs/microsite/citirewards/instant_redemp.htm

“Stretch your payment with the new PB Flexipay”

This is the slogan for Public bank new product “PB Flexipay”, a new product that allow you to convert your purchase to pay in installment method. The flexipay is different with the 0% IPP (Zero Percent Instalment Payment Plan) even though both allowed you to pay for purchase through installment scheme. For 0% IPP purchase, the installment interest payable to bank is paid by merchant and for the flexipay is paid by consumer to bank.

The flexipay is a very consumer friendly product if you required to purchase in large amount and the merchant do not provide 0% IPP.  With minimum interest paid to subscribe to the flexipay, now you can settle your purchase in installment way instead of pay off the bill immediately.

Public Bank Flexipay is one of the lowest offer in current market right now.

A one-ime interest will be charged upfront and the interest rates is based on the installment tenure.

• 2% for a 6-month instalment plan (Minimum purchase amount is RM 1,000)
• 3% for a 12-month instalment plan (Minimum purchase amount is RM 2,000)
• 6% for a 24-month instalment plan (Minimum purchase amount is RM 4,000)

To subscribe to PB Flexipay, card member must inform PB Card Services (PBCS) by calling the Customer ServiceDepartment of PBCS at 03 – 2176 8000 or complete the Flexipay application form and return it by fax or mail to PBCS.

*** Flexipay only applicable to retail purchase only, not applicable to cash withdrawal, balance transfer, annual fees, finance charge.

Please visit the site for more information & terms and conditions.
http://www.pbebank.com/en/en_content/personal/promotions/flexipay.html

To make online shopping safer, it is advise to make sure you have an extra level of authentication. The ‘extra’ level, is a password that you will have to enter after entering your credit/debit card details while making online payments.

This new technology is called Verified by Visa (for Visa card) or MasterCard SecureCode (for MasterCard).

Verified by Visa (VbV) is an online service designed to make Internet transactions safer by authenticating a cardholder’s identity at the time of purchase. Verified by Visa software installed at a merchant website activates the cardholder interface during the authentication process.

The goal of Verified by Visa is to create a level of consumer trust and confidence in online shopping similar to that in the physical shopping environment. It is designed to improve both cardholder and merchant confidence in Internet purchases as well as reduce disputes and fraudulent activity related to the use of Visa payment cards. As a merchant you can benefit from guaranteed payments and reduced costs associated with the most common types of Internet disputes with Verified by Visa.

Visa official website has provided animated demonstrations show how simple it is for customers to use Verified by Visa:

• Verified by Visa activation during shopping demo
• Verified by Visa enrollment demo
• Verified by Visa shopping demo

MasterCard SecureCode is a new service from MasterCard and your card issuer that provides added protection when you buy online. There is no need to get new Mastercard card. You choose your own personal MasterCard SecureCode and it is never shared with any merchant. A private codes means added protection against unauthorized use of your credit or debit card when you shop online. Every time you pay online with your MasterCard card, a box pops up from your card issuer asking you for your personal SecureCode, just like the bank does at the ATM. In seconds, your card issuer confirms it’s you and allows your purchase to be completed.

You can check out the basic demonstration provided in MasterCard official website from the link below.

How It Works Demonstration

Bear in mind that not all banks in Malaysia offering this extra security safeguard a.k.a Verified By Visa & MasterCard SecureCode. Having this extra security feature can safeguard your cards against Internet transaction fraud.

Please do enroll your cards to Verified By Visa or MasterCard SecureCode as soon as possible. Internet transaction can be happened anytime if your card number, name, expiration date and CVV number being exposed. We don’t know when this will happen and this is possible happen, especially those people with quick reading can read and memorize these information within few seconds.

List of bank in Malaysia offering Verified By Visa & MasterCard SecureCode:

(click the name of the bank to visit the bank official page for more information)

• Alliance Bank
• EON Bank
• HSBC
• MBF – Visa, MBF – MasterCard
• Hong Leong Bank
• Public Bank
• Bank Islam
• CIMB Bank
• Maybank (Maybankard Secure Online Shopping (MSOS))
• RHB Bank
• Direct Access

Don’t forget to check out this site for step by step to activate Verified By Visa & MasterCard SecureCode for most of banks listed above.
http://www.ipay88.com/my/3dsecure.asp

Lastly, make sure you know How To Prevent Credit Card Fraud.

Yet another bank offering flexi fixed deposit after CIMB bank launching the Big Plus For 50 Plus promotion which is Hong Leong bank new Flexi FD Account.

As per the name, flexi fixed deposit allow you to make partial withdrawal and still earn a high FD interest on your balance.

Benefit of new Hong Leong bank Flexi FD account:

• High FD interest every month, 2.5% per annum.
• FD interest is automatically credited into your Flexi One Account every month, which is further compounded every month
• Excess balance in Flexi One Account above RM30,000 is automatically transferred to Flexi FD Account to earn 2.5% p.a. interest
• Make an early partial withdrawal and still earn a high FD interest on your balance
• Receive monthly consolidated statements of their Hong Leong Flexi FD & Hong Leong Flexi One Account
• Exclusive welcome gift when you open a Hong Leong Flexi FD with a minimum of RM50,000.
• From now until 30 November 2009, new Hong Leong Flexi FD accountholders stand chance to win a brand new Nissan X-trail 2.5L

** Minimum of RM30,000 deposit.

For more details, please visit to:

For Hong Leong Flexi FD:

http://www.hlb.com.my/promo/pfs/flexiFD/index.jsp?s=promo

For Hong Leong Flexi Content:

http://www.hlb.com.my/promo/pfs/flexiFD/index1.jsp?s=promo

or Call 1800 388 888 for enquiries.

For more news:

http://www.hlb.com.my/news/2009/n150909.jsp?flag=092009

http://www.kosmo.com.my/kosmo/content.asp?y=2009&dt=0916&pub=Kosmo&sec=Negara&pg=ne_12.htm

Editor Notes:

Good strategy for Hong Leong bank to taking up the market share in the Flexi FD product. The idea is good which allow partial withdraw but the mininum deposit is too high and the rates only on par with the normal FD rates, nothing to shout out.

Lastly, I don’t like the content strategy which in my opinion you need to be really really very very “lucky” to be the lucky winner. I would rather have the bank equally sharing the contest price (X-Trail 2.5L (A) on the road price is RM144,800) to all participant, for example offering 3.0% p.a. With the extra 0.5%, the RM145K can be equally sharing by deposit RM 29,000,000.

Calculation: 145,000 / 0.5% = 29,000,000

Isn’t this sound more attractive? Win Win situation for bank and consumer. What is your thought on this?

Credit card frauds are very common these days. We must take full precaution to prevent any kind of fraud that might happen. This post consolidates some of the prevention tips which found from Internet and present it in more organized and easy to understand format.

Receiving New/Renewed Cards

• Always check that the card is in your name, and that the sealed package is not compromised.
• Destroy your old/expired/unusable card, ensuring that the chip and magnetic stripe portion is completely damaged.
• Sign on the signature panel using permanent ink pen.

Safeguarding your PIN

• When receive your PIN, ensure the sealed envelope has not been opened.
• Go to the nearest Branch/ATM to change your PIN immediately.
• Change your PIN regularly for precaution.
• You must not disclose the PIN to any person, including any employee of the Bank.

Safeguarding your Card

• Never leave your credit card in an unsecured place, lying around at home or in the office.
• Never sign a blank receipt.
• Do not lend your card to anyone. Your card is not transferable.

Using your Card at Retail Outlets

• Keep your card secured and ensure that it is in your possession at all times.
• Check and ensure that the card you received after a transaction at a merchant is yours.
• Void incorrect charge slips before you sign a new one.
• Make sure your credit card is returned to you promptly after a purchase.

Online Usage

• Give your credit card details only on reliable websites and is from a company you trust.
• Register for 3D SSL(Verified By Visa or Master SecureCode) for extra security when you shop online.
• Manage your password carefully.
• Do not send credit card details via e-mail.
• Make sure the payment page is secured with SSL (the domain start with https://)
• Avoid using a public computer to shop online.
• Always print and save the confirmation page when completing an online purchase.
• Record or keep your receipts for all your online purchases.
• Never respond to e-mails that request for your credit card information.
• Be cautious about phishing e-mails .
• Never click on Internet links within e-mails. Instead, type the known URL.

Managing & Filing your Statement

• Secure your letter mailbox, report to bank if not receive your credit card statement on time.
• Shred all documents(charge slip, statemen) before discard them.
• Promptly check your credit card statement and report any suspicious transaction.
• Opt for e-statement if available.

If Card is Lost/Stolen

• Keep the bank phone numbers readily available with you.
• Report to your Bank immediately if your card is lost or stolen.
• Always check your credit cards to ensure that the cards are not missing from your wallet.

Beware of Scam

• Be wary of high-pressure sales tactics such as “SCRATCH & WIN” where they ask for your card details.
• Don’t provide your credit card information to anyone calling you. Bank don’t ask for your credit card information if they called you.

References:
http://www.wikihow.com/Prevent-Credit-Card-Fraud
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre07.shtm
http://www.citibank.com.my/MYGCB/APPS/portal/loadPage.do?htmlPageName=/info/det/fraud_prevention.htm&tabId=Credit%20Cards
http://www.hsbc.com.my/1/2/personal-banking/credit-cards/credit-card-education/protect-your-card/fraud-prevention

I believe most of the house owner will take seriously to settle their housing loan as soon as possible because getting a house is one of the biggest financial commitment in our life. The earlier we settle the loan, the earlier we release our burden and of course will save more interest.

So I used the Adjustable Rate Mortgage Calculator to calculate when I can settle my loan with extra payment(prepayment) every month. The end result is very interesting and excited because I only need 9 years to settle my house loan.

Year 1 = 3000 every month

Year 2 = 3000 every month

Year 3 = 4000 every month

Year 4 = 4000 every month

Year 5 = 5000 every month

Year 6 = 5000 every month

Year 7 = 5000 every month

Year 8 = 5000 every month

Year 9 = 5000 every month

Here we need to make few assumption as well:

- Rate remains fixed for first 3 years

- The rate increase every 12 months by 0.250%

- Interest rate cap at 12.000%

- You are displined enough to pay the total amount planned every month.

Of course, this is for the planning purpose and you might take consider some extra expenses such as family planning, travel, marriage, high debt due to high renovation cost which will caused you overspend and unable to hit the target.

So use this calculator to plan it and create your target as I already have my target:

To settle my house loan within 10 years.

You can download the mortgage calculator from the link below.

http://www.sendspace.com/file/i2uiqh

Sourced from my personal blog:

Cheras Vista Phase 3

Tawarruq is the new Shariah concepts introduced in Malaysia for the use in personal financing. The Syariah Advisory Council of Bank Negara Malaysia  in its 58th meeting held on 27th April 2006 / 28th Rabiul Awal 1427 resolved that the use of ijarah sukuk and Shariah-compliant securities as underlying asset in tawarruq or murabahah to manage liquidity in Islamic financial system is permissible.

Syariah concept personal financing works in different way compare to conventional personal loan. As Islam prohibit taking interest, customer which require financing from bank will buy goods or commodity on credit from the bank on a installment payment basis and then immediately resells it to third party for cash. In this way, the customer can obtain cash without taking an interest-based loan.

The flow chart below illustrate the detailed flow of personal financing, including the bank profit calculation. The information provided below was referenced to Bank Islam site.

1. The customer applies financing product based on Tawarruq concept from the Bank. Bank obtains Tawarruq transaction documents from the customer.
2. Bank will buy the commodity at London Metal Exchange (LME) through Broker 1.
3. Under the Murabahah contract, Bank then sells the commodity to the customer at Bank’s Selling Price (Principle + Profit) on deferred payment term.
4. Under the Wakalah contract, customer requests Bank to sell the commodity in the market.
5. Acting as the appointed sale agent for the customer, Bank sells the commodity to Broker 2.
6. Bank then credits the Wariq (proceed) from the sale of commodity to the customer’s account.
7. Finally, customer pays amount due to the Bank (Principal + Profit) by way of agreed instalment method.

Key note of the Shariah based personal financing:

• The montly installment is fixed and calculated based on the bank profit rate and the financing tenure. Early settle of the personal financing will no have any rebate or with minimal rebate, which vary from bank to bank.
• No interest will be charged for late payment. Bank will take legal action if failed to make three consecutive installment payment.

Looking for personal financing which offer great saving? Here is the good promotion that you can’t missed it.

Bank Islam is launching the “EXTRA BAG ANZA” Personal Financing-i Campaign with these benefits:

• Financing Rate from 4.1% per annum (valid for first 3 years only).
• For female customer: 20 designer handbags worth RM5,000 each is giving away to selected female customers, for every three months.
• For male customer: Umrah or holiday packages worth RM6,000
• Designer handbags include these brands: Chloe, Salvatore Ferragamo, Jimmy Choo and others.
• No guarantor
• No hidden charges
• Financing tenure up to 15 years.
• Based on Shariah Concept

General Terms & Condition:

• Applicable for financing amount of RM30,000 and above.
• Valid until 30th Jun 2010.
• Other terms and conditions apply.
• Valid for employee in Government Sector, Government Sector, Subsidiaries of Government or Public Listed Company

For promotion brochure, please visit:

http://www.bankislam.com.my/bimb_pdf/PFEBA_Poster.pdf

Contact & Website:

http://www.bankislam.com.my –       03-26 900 900

Check out how the Shariah compliant Personal financing works here.