Financial Tips & Advice in Malaysia

[malaysiafinance]

What are Priority/Premium Banking in Malaysia?

Premium banking is like a ticket to the business class of an airplane. You enjoy preferential treatment which is more than what is offered to other passengers like more legroom and free food and services. Though every airline passenger reaches the same destination, your experience is better than the others.

Priority banking in Malaysia is a set of customized and exclusive banking services that is offered when you stack a certain limit of funds in the bank. In this premium/ priority banking, you get to enjoy the services of banks which are not available to general customers like a dedicated relationship manager and attractive rates on locker and deposits. When you avail a premium banking service, banks treat you as a priority customer with better features and benefits.

 Let us look at the benefits of priority/ premium banking.  

 Private Banking Services

When you visit your bank, you enjoy preferential treatment from the bank officials and the banks offer personalized service from the dedicated team of bankers. Moreover, you also receive a priority debit master card, which you can access anytime and anywhere, in a secured manner. There could be a separate kiosk or priority queue in the bank at your service so that you need not wait for your turn. You can enjoy better interest rates and better foreign exchange rates along with a special loan package when you avail a premium banking facility.  

Professional Guidance

With a priority banking service, you get a personalized assistance of experts. There are dedicated relationship and wealth managers who help you manage and grow your money. You can also take the help of an investment manager who can guide you in your investments so that you can create a good portfolio.

Lifestyle Benefits  

With banks like Citigold premier banking, you can enjoy a series of lifestyle benefits. You can enjoy luxury holidays with partner resorts and hotel chains with lifestyle benefits. You can also enjoy unlimited access to airport lounges, food and drinks vouchers, invitations to high-level events and parties, along with discounts for lifestyle services like spa, saloon and gold courses. You might also be offered discounts on travel, shopping and entertainment. Many banks also provide privileges in hospitals and clinics to their priority clients.

Global Banking

An additional benefit that priority customers can enjoy is global banking. Whether you relocate to another country or are travelling between continents, the bank ensures you that you get all the services wherever you go. You can use mobile services for your services or use their ATMs and branch services if they have a multi-country presence. Many priority customers also get to enjoy travel insurance that is offered complimentary with the priority banking.

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Things to Know About Personal Loan in Malaysia.

A personal loan is one of the best ways to finance your immediate cash crunch. However, there are many Malaysian who still do not know much about a personal loan. Here are some things you should know about a personal loan in Malaysia.

What is a Personal Loan?

A personal loan is a debt that is offered by banks and financial institutions on which they charge interest. Once your application is approved, the lender gives you a repayment schedule according to which you are required to repay the loan amount.  A personal loan has no end-use, and therefore, you can use it for any purpose you wish for. Moreover, it is easier to avail an unsecured personal loan, as you need not submit a collateral which quickens the process for the lender as well.

 Where Can You Use Your Personal Loan?

You can use your personal loan to finance any of your financial obligations -

Wedding

Consolidation of debts

 Higher education  

To buy a car

Home renovation

Things to Know About Personal Loan in Malaysia

Eligibility

Before the lender approves your personal loan, they ensure that you are eligible for it. Your eligibility differs according to the lender you choose. Generally, lenders look at your age, occupation, the city you live in, occupation, etc. to decide if you are eligible or not. You should check your eligibility before applying so that your application is not rejected. 

Credit score

Your credit score is an important factor in your eligibility. While looking at your loan application, probably your credit score is the first thing that they consider. Your credit score is based on your credit report, which is a record of your past debts procured from lenders and bank. Any activity that you do related to your debts is reflected in your credit score. A credit score of 697 to 850 is considered suitable for availing a personal loan.

 Fine print

Apart from the basic information like the loan amount, repayment schedule, tenure, etc., there are many other things that you should know while availing a personal loan. These might not be told to you verbally, but are mentioned clearly in the loan agreement. Read the terms and conditions carefully before signing the loan agreement. Often people skip reading these fine prints and are ignorant about essential terms like fees and charges of availing a loan. Moreover, also enquire about the hidden cost so that you are not surprised when you have to pay those.

Choose the loan carefully

To shop for the best personal loan in Malaysia for you, it is essential that you choose your personal loan carefully. Compare lenders to find the one whose terms and product matches your needs. Choose a lender that offers you the lowest interest rates and favorable repayment schedule.  

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How To Make Most of your Credit Card in Malaysia

A credit card is like a magic pot. You can make payments through it as you need and pay later only when the bill comes. A credit card is also the storehouse of various benefits and rewards, which, when used well, can help you save a lot of money.  However, it is also a known fact that a credit card can push you into a debt trap if used carelessly.

Let us look into ways through which you can make the most of your credit card in Malaysia .

Pick the Right Card

To make the most of your credit card benefits it is necessary that you pick the right credit card for you. There are various types of credit card that you can avail as per your needs and use. For example, if you like shopping, it would be better for you to take a credit card that offers shopping-related discounts and rewards. Similarly, for your travel needs, a travel credit card can help you save money. Through a travel credit card, you can earn reward points whenever you use it for booking your flights. Moreover, you can also earn miler points and redeem them to book your next trip at discounted rates.

Pay your Balance in Full

Though a credit card company provides you with the facility of paying only the minimum balance you should not fall into that trap. Minimum payment of bill leads to accumulation of outstanding balance on your credit card statement, which consequently attracts high-interest rates. Always pay your bills in full to avoid any interest. Maintain a monthly budget and follow it to avoid overspending. Moreover, automate your payments so that you do not miss out paying your bills.  

 Use your Rewards Judiciously

You can make the best use of your card by using the rewards judiciously. E.g. you can accumulate your credit card travel miles points for an extended trip to get the maximum discounts on your flight and hotels bookings. Similarly, if it is an airline card, you can use the card to book the trip at the time when it is worth the most to get the maximum benefit.  

Use your Credit Card Carefully

Lastly to make the most of your credit card it is essential that you use the card carefully. Never max out your credit limit as it can adversely affect your credit score.  Moreover, you should not withdraw cash from your card as it attracts high-interest rates.