Category Business

Benefits of Using a Credit Card to Pay Your Insurance Premium

June 10, 2017 Finance & Investment  No comments

Are you paying for an insurance premium on a regular basis? If you do, then how do you pay for it? In Malaysia, most insurance companies accept payments through banks. But let’s admit it. Not everybody has the time to go to the bank. Sometimes, locals banks even have long queues where you will have to wait for an hour before it’s finally your turn to deposit money. The quick fix? Pay insurance premium by credit card. Here are some benefits of doing so:

  1. It’s Convenient Your bank can arrange automatic deduction using your credit card. Setting up automatic payments also guarantees that you do not miss paying your premiums. This can be very helpful especially if you are the type who tend to forget deadlines for bills. Most insurance companies only allow a maximum of a 30-day grace period for you to pay your premium. If you go past the grace period, then it is possible that your policy will lapse. The insurance company has the right to terminate your policy due to excessive delay in payments.
  2. It Saves You Time Because the premium is automatically credited to your account, you do not have to head to the bank or spend time on online banking. It is also easier than writing out a check and driving to the post office to mail it.
  3. It Saves You Money This is by far the biggest advantage of paying your insurance premium through credit card. Most insurance companies offer discounts for paying an entire premium up-front.

Take note that you will not earn rewards by using your credit card to pay for insurance premiums. You may want to ask your bank about this. At OCBC Malaysia, payments to financial institutions and insurance companies are excluded in online transactions or those that were covered with cashback rewards. However, your biggest reward here is the convenience. If you are interested in paying your premiums via credit card, feel free to make an arrangement with your bank.

Read More

Why You Need to Have a Credit Card in Malaysia

May 14, 2017 Finance & Investment  No comments

T

For an extended period, many Malaysians opted not to own a credit card. The trend starts to change nowadays, with a constant rise in the usage of credit cards in Malaysia. If you’re on the verge of applying for one but still not sure of its benefits, read on for its many advantages that plain old cash simply don’t have.1

  1. They are faster and more secure

Transactions are much more secure, swift, discreet, and organized than ever with a credit card. And if it’s lost or stolen, you can simply call your bank and report it. The bank will deactivate it right away. Then, you can simply go to the bank and replace the card.

  1. They make large transactions more practical

This is both a small, yet a huge advantage at the same time. One that cash cannot easily match. In the past, you’ve made significant transactions with the use of written cheques to ‘manually’ transfer funds to the beneficiaries. But these have their problems. Mainly, you need to write down sensitive information on a cheque – information that could easily be used to perpetuate fraud.

  1. They have less risk of causing additional costs

Aside from the problem of data theft we’ve mentioned above, using cheques often has a risk of additional costs. If you don’t have the necessary funds in your account to cash a cheque, you face a bounced cheque. This often results in fees you have to pay in addition to having a voided transaction. Finally, you have to wait several days for the cheque to be verified and approved.

  1. They are more versatile Credit card transactions are instantaneous. The moment you input your card number, card expiration date, security number, and cardholder name, you’re done. There’s no waiting for verification or approval.
  2. They can be a solution in case of emergencies

With a credit card, you have the option of overdrawing on your account to make transactions you can’t afford to miss. Be advised that this isn’t a desirable option, and you will be paying it off with interest. But it can be a valuable safety net in emergencies. And you have the option of setting up measures to prevent any overdraft from occurring at all.2

Conclusion

Credit cards have much in the way of versatility and grace that you can benefit from. From the increased security, the swiftness of transactions, efficiency, and convenience, credit cards offer advantages that neither cash nor cheque can match. They make paying bills, installment plans, debt, and purchasing expensive items much easier. If you want a peace of mind and an easier time handling money and expenses, it may be time to consider applying for a credit card.

Read More

Do You Really Save With Cash Rebate Credit Cards?

April 9, 2017 Finance & Investment  No comments

This is a kind of question that almost every credit card holders ask themselves now and then. Usually, when using your credit card, you delegate the financial transaction to your bank instead of using your own cash. After using it for quite some time, you would be able to earn reward points and cash rebates.

 

Cash Rebates and Credit Card Reward Points – What’s the Difference?

There are fundamental differences between cash rebates and credit card reward points. These systems were created to encourage credit card holder to use their cards more often.

 

Reward Points

Basically, the credit card reward points are a non-transferrable and non-refundable bonus that you get for using your credit card for your financial transaction. For instance, you used your credit card for your groceries, pay your bills online, pay for your dinner in a restaurant, or buy movie tickets. You will receive a point or two for doing so. The points are then stored in your personal account. You will get the benefits of the reward points in the form of free air miles, hotel discounts, and other exciting freebies that your bank offers at the moment. Since the points are non-transferrable and non-refundable, you won’t be able to convert it to cash.

Reward Points

 

Cash Rebate

The cash rebate, on the other hand, is a good way of getting back a percentage of what you spent using your credit card. It’s like a refund for every certain amount that you spent. Most of the credit card companies offer as much as 2% cash rebates every month. This may not seem like a good idea at first because you need to use your credit card more often. However, as time goes by, you’ll be able to reap the benefits of your cash rebates.

If you have earned enough cash rebates, you can use it to pay for your petrol, get discounts for your appliances purchase. Since the rebates are actual cash, there is no limit to what you can do about it. You can also get a cash rebate as a sign-up bonus.

Cash Rebate

 

In Conclusion

So, can you really save money with cash rebate? The answer is definitely yes! As long as you are responsible with the way you use your credit card, you can absolutely save money and use it for other purchases. If you are looking for the best cash rebate credit card in Malaysia that offers cash back percentage, you can compare their benefits online. Better yet, contact a financial advisor and meet him in person to get your questions answered.

Read More

Solving The Case of Cash Rebate Credit Cards: Should You Get One?

March 19, 2017 BusinessWealth Management  No comments

20110413.090855_cardsEver wondered why Malaysian credit card companies reward their customers for retail purchases? Yes, it is part of their strategy to lure new customers and keep the existing ones. This marketing plan comes as no surprise given the intense competition among credit card companies. You might be thinking, “Does this cash rebate thing really benefit me?” That is an excellent question because there are credit card holders who claimed rebates only entice them to shop and spend more. This post explains the good side of credit card rebates and why you should apply for a card now.

 

  1. Some companies offer maximum benefits. What features make a good credit card? A good credit card is one that provides no cap on rebates or automatically credits deductions into your account every month. A better cash rebate credit card in Malaysia does not have an annual fee for the first three years. You don’t want the cost to eat away any profits you could make from the rebate. A credit card with no annual fee is one of the most important features to look at, especially for first-time credit card holders.

 

  1. You can earn more points out of the items you regularly buy. Gone were the days when companies only give rewards when you purchase to a few, selected merchants. Now you can earn rebates from eating at your favorite restaurant. Many Malaysian credit card companies even extend their services to supermarkets, drugstores, and gas stations. Because these are the essentials, credit card holders can take this as an opportunity to earn more without worrying about where to shop.

 

  1. It encourages you to become a more responsible credit card holder. A cash rebate is like free money to the responsible card user. One mistake that people make is always using their credit cards on all purchases, thinking that they will get something in return. Or at times they buy something they cannot afford. It will not make sense to receive a little something from a cash rebate when you have to pay high interest on your balance.

 

As the end-user of a certain product, the final decision still depends on you. So you will still be the one to choose which credit card to get. The best thing you can do is compare cards and pick one that you think offers the maximum benefits. Malaysian credit card companies have their own sets of reward programs, and you might want to check if your preferred bank offers cash rebates.

Read More

5 Creative Strategies to Develop Effective Workplace Leaders

November 21, 2016 Business  No comments

followership

As the life of your company progresses, you should encourage your employees to improve and grow. Rank and file workers will soon become managers, and managers rise up to become executives – it’s just the way the workplace operates. Of course, before you can entrust greater responsibility to your employees, you need to make sure they’re ready to take on the challenges that come with higher ranking leadership positions. If you want to make an effective leader out of each one of your employees, be sure to put these 5 effective strategies into action.

 

  1. Designate Weekly Leaders – Most workplaces delegate the responsibility of lower ranking leadership roles to a single worker at the grass roots level of the organizational chart. This particular employee is tasked to oversee the operations of rank-and-file workers and to provide reports on weekly performance. Instead of having just one person to hold responsibilities, have weekly rotations per within teams so that everyone gets to experience how it’s done.

 

  1. Encourage Team Performance Discussions – At the end of every work shift, have different teams and departments within the company huddle up to summarize the work day that has been. Have different members pitch in their thoughts and think about ways to improve performance in the days to come. You can also encourage them to devise strategies that they believe will work best for their team so they’re constantly given the chance to think as leaders.

 

  1. Provide Leadership Training Seminars – Everyone should have an equal opportunity at a promotion, so be sure you equip all of your employees with the necessary tools they need in order to secure higher ranking leadership roles. Plan leadership training seminars a few times every year and organize simulated activities they can perform to test their leadership skills and knowledge.

 

  1. Promote from Within – Hiring new talent to fill in higher ranking positions can completely squander any efforts your employees might make in order to rise through the ranks. To develop leadership skills in your workers, choose to promote existing employees instead of taking on new recruits. Consider the use of employee engagement data to see who’s worthy and ready of a new job title to help you make the right pick.

 

  1. Delegate New Tasks – Are your workers ready to take on bigger leadership responsibilities? Because opportunities for promotions can be hard to come by, you can try delegating new tasks to top performing employees to help them continue their career development, thus become more adept at the duties of their job. By entrusting greater responsibilities on them, you show that you trust their ability to handle bigger tasks and that you want them to continue progressing as workplace leaders.

 

Effective leaders are the biggest asset any company can have. Make reliable, trustworthy, and efficient leaders out of your talent by getting creative with your leadership development strategies.

Read More

Three Tips for Every Online Entrepreneur

February 10, 2016 BusinessOffice Solutions  No comments

 

The world of online business has plenty of room for everyone who wants to deliver a great product or service. However, you must market yourself in the right way in order to get the attention of the audience that can actually afford your offering! Here are three tips for every online entrepreneur.

– The virtual office can save you thousands of dollars per year. 

You do not need a physical storefront in order to do business anymore! The virtual business office has completely replaced the brick and mortar store in some industries. Even your address can be a virtual address. Look into the technology and imagine how you would be able to redirect funds that you did not have to spend on rent and real estate insurance, among other things.

On top of that, if you think it is necessary to have your business registered, you can also consider a Malaysia business registration here.

 

– Partner with a good merchant services company. 

Many new online business people think that accepting digital payments is somehow difficult to do. Actually, this is not something that you need to deal with in detail. If you have the right merchant services partner, you immediately expand your ability to take money from customers, most of whom do not prefer to pay in cash in the modern commercial landscape.

– Keep the personal touch as you automate your processes.

Even though you can automate virtually all of your communications, you need to make sure that they are personal as well. The business people with the most loyal customer base make it a priority to maintain a personal relationship with their most important customers no matter what. This can be done through a digital platform like Periscope or Youtube.

The tips above are used by Fortune 500 companies successfully. However, these are not the only things that you can do to make your online venture successful. Your success depends on your ability to move with the times, the technology and the audience that you serve!

 

Read More