8% Cash Back – Maybank Islamic PETRONAS Ikhwan Visa Credit Card

Maybank Islamic PETRONAS Ikhwan Visa Credit Card is one of the best petrol cash back credit card since it revised their terms and condition from treatpoints to cash back effective 1st November 2016. It give up to 8% of cash back on Petronas spending.

maybank-petronas-ikhwan-visa

Unlike Standard Chartered and other banks that imposed many limitation, Maybank Islamic PETRONAS Ikhwan Visa Credit Card condition is very easy to achieve for 8% cash back.

Every Ringgit Spent Petronas Others*
Weekend (Saturday & Sunday) 8% 1 TreatPoint
Weekday (Monday to Friday) 1% 1 TreatPoint

*excluded Government Bodies, PETRONAS service stations and other petrol stations

All you have to do is pumping petrol at Petronas station during weekend, and you can get 8% cash back, capped on RM 50 Continue reading 8% Cash Back – Maybank Islamic PETRONAS Ikhwan Visa Credit Card

Malaysia Overnight Policy Rate Reduced to 3 percent

Since increment of Overnight Policy Rate (OPR) to 3.25% at July 2014, today Central Bank of Malaysia (Bank Negara Malaysia) has announced to reduce the OPR to 3% reflects to current economy status. We believe soon bank will follow the footstep to reduce the FD and BLR (we will update it later).

Let’s go ahead to check out Central Bank statement:

At the Monetary Policy Committee (MPC) meeting today, Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) to 3.00 percent. The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25 percent and 2.75 percent respectively.

The global economy continues to record growth at a more moderate pace, across major advanced and emerging market economies. In Asia, persistent weakness in the external sector has weighed on growth, although domestic demand remains supportive. Looking ahead, there are increasing signs of moderating growth momentum in the major economies. Global growth prospects have also become more susceptible to increased downside risks in light of possible repercussions from the EU referendum in the United Kingdom. International financial markets could also be subject to greater volatility going forward. In this light, global monetary conditions are expected to remain highly accommodative.

For Malaysia, domestic demand continues to be the main driver of growth. Private consumption will be supported by growth in income and employment, and measures implemented by the Government. While investment in the oil and gas sector is moderating, overall investment is expected to be supported by the on-going implementation of infrastructure projects and capital spending in the manufacturing and services sectors. Exports are projected to remain weak following more subdued demand from Malaysia’s key trading partners. Overall, while the domestic economy remains on track to expand in 2016 and 2017, the uncertainties in the global environment could weigh on Malaysia’s growth prospects.

Inflation was lower as the impact from the Goods and Services Tax (GST) implemented in April 2015 lapsed and is expected to remain stable in an environment of low global energy and commodity prices and generally subdued global inflation. Consequently, inflation is projected to be lower at 2 – 3 percent in 2016, compared to an earlier projection of 2.5 – 3.5 percent, and continue to remain stable in 2017.

Overall domestic financial conditions have remained stable since the previous MPC meeting with financial markets continuing to function in an orderly manner. The risks of destabilising financial imbalances have receded. Both macro and micro prudential measures as well as supervisory oversight have resulted in more prudent lending standards and contained speculative activities in the property market.

The adjustment to the OPR is intended for the degree of monetary accommodativeness to remain consistent with the policy stance to ensure that the domestic economy continues on a steady growth path amid stable inflation, supported by continued healthy financial intermediation in the economy. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation.

Official link http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=3435&lang=en

2014 Income Tax Rates

If you haven’t read my previous post ‘ Are you taxable?‘, then you should have a look, if you’re taxable, then this post is important as you will have to know how much tax you should pay. If you pay less, you will be fined, if you paid extra, you can request refund the extra.

Are You Taxable?

Remember I’ve mentioned that, if your annual total income was less than RM 30,667 (after deduction of EPF), then you don’t even need to register a tax file with Inland Revenue Board Of Malaysia nor pay income tax.

Even though your annual total income over RM 30,667, Yes, you have to register a tax file with Inland Revenue Board Of Malaysia, but it doesn’t mean that you MUST pay income tax. Continue reading 2014 Income Tax Rates

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