[Guest Post]The Current State of Credit Cards in Malaysia

Malaysia’s Central Bank, Bank Negara Malaysia, has published a report that gives a picture of the state of credit cards in Malaysia. The bank’s Financial Stability and Payment Systems Report 2012 shows that the number of credit cards and accounts in Malaysia is at 8.07 million, down from the 3.9% from the previous year’s figure of 8.21 million. In fact, the number of credit cards and accounts in Malaysia has been falling since 2008 when that figure was at 10.812 million, followed by 10.818 in 2009 and then saw a big drop in 2010 to 8.547.

credit card business compare hero

The same is not true for debit card accounts in Malaysia, which has seen a lot of growth since 2008. In 2008, the number of debit card accounts stood at 24.44 million and it has steadily increased to 34.99 million in 2012.

Just to compare the state of credit cards in Malaysia with internet banking, we find that the number of internet banking subscribers in Malaysia doubled from 6.19 million in 2008 to 13.657 million in 2012. Mobile banking saw a more impressive growth in Malaysia, the number of mobile banking subscribers in Malaysia reached 2.45 million in 2012 from just .58 million in 2008.


Charting the trends in the transaction value of credit cards, the report shows a steady increase in this figure from RM 65.29 billion in 2008 to 94.08 billion in 2012. The highest growth is in purchases which grew 6.9% in 2012 from the previous year, but cash advances fell 18% in 2012 from the previous year. Debit cards saw a more impressive growth in transaction value since 2008 when the figure stood at 3.06 billion.

Credit Card Regulations from the Bank Negara Malaysia Continue reading [Guest Post]The Current State of Credit Cards in Malaysia

Manage Your Finance Better By iMoney.my

Nowadays,we can’t avoid to talk about money.We have to work hard and hard to earn some pennies to get a house to live in and buy a car for transport with loans.If you’re lucky that you could have some savings after all,you probably want to deposit in a bank which could provide you a small amount of returns.Well,some of others may think to invest in gold,unit trust or equity market for better returns.


However,most of us are not professionals on finance.When we apply for a loan,we definitely want to have the one with the lowest interest rate to reduce the total cost;Of course,when we deposit some money into a bank,we definitely want to get as higher interest as we could.I know it’s easy to say and hard to do,but iMoney.my gives you the chance to know the information with simple clicks now.

Let’s say I’m interested in buying a new car recently and Toyota Vios is at the top of my list.However,I don’t know which bank could provide me the best interest rate and how much I should pay for my monthly installment.Well,it’s simple and easy by using tools on iMoney.my.

Firstly,visit ‘car loan’ page:car loan page

Secondly,just choose the car maker and the model(ie. Toyota Vios):

car selector

Thirdly,drag the bar to /key in the loan amount of your car value as well as your loan period(up to 9 years).

loan amount and period Continue reading Manage Your Finance Better By iMoney.my

Birthday~

Hours later,I will officially start my 27th year of my life.Every year of birthday celebrations,I always have my dearest family and friends around me.I feel happy and warm.

I wish I could always bring happiness to all of you.

 

Private Retirement Scheme launched in Malaysia

Yesterday,Malaysia Prime Minister Najib Tun Razak announced the voluntary private retirement scheme(PRS) as an alternate employee pension scheme in addition to Employee Provident Fund(EPF) which is compulsory in Malaysia.

There will be a range of private investment funds to choose.Individuals depending on their own retirement goals,needs and risk appetite could choose several funds to invest in for a long term.

Like EPF,the total investments in PRS will also separate into two accounts.Account A could only be withdrawn on reaching the legal retirement age (currently it’s 55 years old) whilst Account B could be withdrawn once a year from one year after the first contribution of any approved fund.However,since the tax on the income contributed under the scheme is exempted,the pre-retirement withdraw will entitle a tax penalty of 8% on the withdrawal amount.

Continue reading Private Retirement Scheme launched in Malaysia

My First Home Scheme

PM Najib announced a project called My First Home Scheme for low-mid income class to buy their first home after work.The main concept is the government will guarantee people who have met the criteria for 10% down payment so that the applicants can get 100% amount for the buying property from 25 participant banks.

I have made some conclusions of the criteria:

1.Malaysian

2. First time to buy property in Malaysia

3.Below 35 years-old

4.Monthly income below RM3000

5.Have a stable job and with it for more than 6 months

If you’ve met all above requirements,you’re entitled to buy a house from RM100,000 to RM220,000 with 100% loan up to 30 years.However,another detail added recently is the monthly instalment could not over one-third of monthly income.

Continue reading My First Home Scheme