Dividend Magic

Saving and Investing towards Financial Independence in Malaysia

Leigh

Best credit cards in Malaysia: Earn cashback & air miles with a hybrid strategy

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Filed Under: Credit Cards, FI/RE, Financial Independence, Financial/Life Hacks 16

In today’s fast-paced financial world, choosing the best credit cards can mean unlocking rewards that not only ease your everyday expenses but also pave the way for your dream travel destinations. I personally think that credit cards are a great companion in one’s financial journey. You just have to make sure that you make prompt and punctual payments every month. You do not want to pay the 18% p.a. interest that comes with late payments.

If you struggle with self-discipline and all you see in a new credit card is more spending, there is no need to read on. Stick with your debit card, e-wallets and cash. However, if like me, you see credit cards as a smart way to defer payments and enjoy a month of interest-free benefits, then keep reading!

A small note is that ALL credit cards are charged RM25 SST by the government per card. This is a given and there are no two ways about it.

The best way to earn and rack up credit card points WITHOUT going into debt

Let me emphasize that you should not be looking to get too many cards and you should ALWAYS pay your credit card debt on time. You should all know that credit card’s late payment interest is the highest, which is why you settle them first.

The best way to rack up credit card points without going into debt is to treat your credit card like a debit card and only spend what you can afford to pay off in full each month.

Here’s how you can maximize points while staying financially responsible, remember these 10 golden rules:

1. Use your Credit Card for everyday expenses

  • Use your credit card for expenses you would have paid in cash or with a debit card anyway.
  • e.g. Pay for groceries, dining, petrol, utilities, and subscriptions with your credit card.

2. Always pay in full and on time

  • Avoid interest charges by paying your balance in full before the due date.
  • A good idea is to set up auto payments to avoid late fees.

3. Optimize bonus categories

  • Choose a card that rewards your spending habits (e.g., cashback and air miles – more on this strategy later).
  • Some cards offer 5X points on dining and travel while others focus on cashback for shopping or fuel.

4. Stack rewards and promotions

  • Use credit card promos, cashback apps, and e-wallets to double-dip on rewards.
  • Pay via ShopeePay, GrabPay, or Boost if they offer extra points for top-ups (e.g. Alliance Visa Infinite, Affin DUO Visa)

5. Take advantage of welcome bonuses

  • Many cards offer sign-up bonuses if you hit a spending target within the first few months.
  • If you were planning a big purchase, time it with a new card application. Look no further than websites like RinggitPlus and CompareHero.

6. Pay bills and large purchases with your card

  • Consider using your card for insurance, rent, or tuition fees, if there are no extra fees.
  • Some banks allow you to earn points when paying government bills via their online portals.

7. Use supplementary cards wisely

  • If you have family members, get them supplementary cards to earn points faster.
  • Ensure they follow the same pay-in-full policy to avoid unnecessary debt.

8. Convert points into valuable rewards

  • Redeem points for air miles, cashback, or travel perks (make sure you do the math and not just redeem random RM10 vouchers).
  • Some cards allow you to transfer points to airline or hotel loyalty programs for better value.

9. Be strategic with multiple cards

  • Use different cards for different spending categories (e.g., one for travel, one for dining).
  • Ensure you track your spending so you don’t overspend chasing points.

10. Avoid cash advances & unnecessary fees

  • Never withdraw cash as an advance from your credit card—it incurs high interest and fees.
  • Be mindful of annual fees and only pay if the perks outweigh the cost.

A sidenote – Maybank 2 Cards Premier AMEX Reserve is the worst card to have now

I’ve spent the past week researching ways to restructure my finances and optimize my credit card usage. I talked about my Maybank 2 Cards Premier previously here and even touted the cards as the best card for air miles.

They’ve since fallen from grace and are not worth it anymore. If you did not already know, Maybank has recently implemented a shared monthly quota of 100 million air miles across the board for ALL their users. The quota is often exhausted within minutes of the new month. This is ridiculous and no one is happy about staying up on the 31st and waiting for the clock to strike midnight to convert their friggin miles.

I foresee Maybank slowly increasing the 100 million point cap but it may be too late as everyone I know has moved to greener pastures. We’ll get to which card would be best for air miles in a bit, but let’s talk about cashback first as I believe that should be a priority.

The hybrid approach – Comparing the best credit cards for cashback and air miles

We will look at a few criteria for credit cards.

  1. Annual fee and waiver requirement
  2. Income requirement (no exorbitant invite-only cards for the ultra-rich etc)
  3. Cashback rate and point conversion rate
  4. Lounge access and travel insurance
  5. Recommended way to use said card and other terms and conditions

The best credit cards in Malaysia for Cashback

Maybank 2 Gold/Platinum Cards Review – Best Maybank Credit Card

Link to apply

Annual fee: Free for life
Income requirement: RM30,000 (gold) or RM60,000 (platinum) p.a.
Cashback rate: 5% (RM50 monthly cap)
Point conversion rate: 5x TreatsPoints for spending with AMEX, 1x TreatsPoints for spending with Visa/Master
Travel insurance: Coverage of up to RM700,000 when you charge your travel tickets in full (make sure to read the terms of the insurance in full and what it covers specifically)

Alright, so this one here has always been the OG and holy grail of cashback credit cards. Maybank 2 Gold Card is often considered the best entry-level credit card here in Malaysia. Also, there is no difference between the Gold and Platinum other than the fact that you get a higher credit limit with the Platinum. You get two cards from Maybank here – 1x AMEX and 1x Visa/Mastercard. We’ll mostly be looking at the AMEX card as it gives you the cashback and most points.

Previously, there have been cases where cardholders only activated their AMEX and left their Visa/Master dormant to avoid paying the RM25 SST on both cards. And as of 2018, we are unable to do this anymore.

“If the card is not activated within 3 months, the Service Tax will be imposed on the 3rd month.”

best credit cards in malaysia Maybank 2 cards AMEX SST

So be prepared to pay RM50 in SST to the government for both cards. Fret not though, read on and you’ll realise that the benefits outweigh the RM50 charge.

First and foremost, Maybank does not charge you any fees for both cards, it is free for life without any conditions. I plan to keep this card for life and never cancel it unless Maybank starts messing around with the fees or cashback.

With the Maybank 2 Cards AMEX, you get a guaranteed 5% cashback and 5X TreatsPoints.
A few things to note:

  • You get the 5% cashback only on weekends
  • There is a cap of RM50 per month. This means a maximum spending of RM1,000 per month.
  • You get 5X TreatsPoints if you use it during weekdays
  • No cash back for transactions related to government, utility bills and eWallets top-up.

I plan to use the AMEX for the following expenses:

  • Petrol (Petronas)
  • Accommodation (hotels, Airbnb etc)
  • Telco (CelcomDigi)
  • Grab food – pay direct instead of top up to GrabPay

Of course, I’ll do my best to swipe the AMEX only on weekends for the cashback. The above expenses should get me to RM1,000 spend every month to get RM50 in cashback. Get used to asking every cashier and merchant you meet – “Do you accept AMEX?”
You’ll be surprised that many actually do.

Maybank Islamic Ikhwan American Express Platinum Card-i Review

best credit cards in malaysia Maybank Islamic Ikhwan AMEX Platinum Card-i

Link to apply

Annual fee: Free for life
Income requirement: RM40,000 p.a.
Cashback rate: 8% (RM50 monthly cap, RM100 cap for Ramadhan and Syawal months)
Point conversion rate: 1X TreatsPoints for Gov Utilities, Education etc. (see above image)

This is an excellent card for ONLINE spending. You get 8% cashback with a cap of RM50 per month (RM100 on Ramadhan and Syawal months). It is free for life as well.

I plan to use this solely for online transactions – Shopee, Lazada and Grab. Make sure you’re using the AMEX as a payment method and not to top up. I’ll be using the previously mentioned Maybank 2 Cards AMEX for over-the-counter transactions and then Ikhwan AMEX for online ones. The monthly spending cap is just RM625 per month to reach RM50 in cashback.

We’ll focus solely on the card’s cashback prowess and set aside TreatsPoints, which fall short compared to those offered by the Maybank 2 Card AMEX. However, if you have sizable government bills, the Ikhwan AMEX provides 1X TreatsPoints for government transactions—making it a smart choice for those specific payments.

AFFIN DUO Visa Cash Back Review

best credit cards in malaysia AFFIN DUO Visa Cash Back

Link to apply

Annual fee: Free for the first 3 years. (RM75, subsequently waived with 12 retail transactions)
Income requirement: RM24,000 p.a.
Cashback rate: 3% (RM30 monthly cap)
Point conversion rate: Not worth looking into

Look at the t&c and you’ll find that this is the card that gives you cashback for e-wallet top-ups! And we’ll be opting for the Visa Duo and not the Mastercard.

Since I won’t be spending heavily on this card, I’ll only qualify for the RM30 monthly cashback instead of RM50—which requires a minimum spend of RM3,000. I’ll primarily use the card for e-wallet top-ups (which will yield a net gain) and for my monthly insurance auto billing. Together, these transactions should total RM1,000, hitting the RM30 monthly cashback cap.

UOB ONE Card Review

best credit cards in malaysia UOB ONE Card

Link to apply

Annual fee: Free for the first year. (RM120 subsequently years)
Income requirement: RM24,000 p.a.
Cashback rate: up to 10% (RM10 monthly cap per category)
Point conversion rate: Not worth looking into

One of the best credit cards out there, the UOB ONE Card has a few categories eligible for 10% cashback, with a monthly cap of RM10 for each category. You’ve got to hit >RM500 minimum spend per month to qualify. Categories include:

  • Petrol – 10% cashback
  • Groceries – 10% cashback
  • Dining – 10% cashback
  • Grab – 10% cashback
  • Other Retail Spend – 0.2% cashback

Note: There is a higher tier card called UOB ONE Platinum Card which has a higher cashback cap of RM15 per month and monthly minimum spend of >RM1,500. The income requirement is RM60,000 p.a.

RHB Shell Visa Card Review

best credit cards in malaysia RHB Shell Visa Credit Card

Link to apply

Annual fee: Free for the first year. (RM195, subsequently waived with 24 swipes)
Income requirement: RM24,000 p.a.
Cashback rate: up to 12% (RM50 monthly cap per category)
Point conversion rate: Not worth looking into

If your go-to petrol station in Malaysia is Shell, then this is one of the best credit cards for you. With a monthly spend of >RM2,500 on your card, you get a maximum of 12% cashback (RM50 monthly cap). Spending RM417 on your petrol per month would get you to the RM50 cap.

Hitting >RM2,500 monthly spend, you also qualify for 5% cashback (another RM50 monthly cap) on the following:

  • Groceries
  • Online Spend
  • E-wallet reload
  • Utilities

Spending another RM417 on the above categories will get you to the other RM50 cap as well. This leaves you with RM1,666 left to spend and getting only 0.2%. I didn’t like that I’d have to waste the RM1,666 leftover. This is a pretty good card if you’re willing to spend >RM2,500 on this card alone. You could potentially get RM100 in monthly cashback with this card. Not too shabby at all.

Bank Islam Visa Platinum Credit Card-i Review

best credit cards in malaysia Bank Islam Visa Platinum, Visa Infinite, Visa Gold Review

Link to apply

Annual fee: RM388 – waived with 12 swipes in a year
Income requirement: RM36,000 p.a.
Cashback rate: 3% – 5% (RM30 monthly cap)
Point conversion rate: Not worth looking into

Bank Islam has some pretty good credit cards lined up. We’ll take a look at the more attainable Bank Islam Visa Platinum Credit Card-i. You get a 3% cashback on spending between RM500 – RM1,499. Anything above RM1,500 and you’re eligible for 5%.

What I don’t like about this arrangement is that you only get cashback above a certain spending and that’s a big no for me. But otherwise, the cashback is pretty straightforward to reach and it’s a pretty good cashback %.

Bank Islam’s card is not the best credit card out there and is a hit-or-miss for me. I’d go for the other cards mentioned above for cashback.
Also, as it is an Islamic card, you’re prohibited from certain merchants.

best credit cards in malaysia Bank Islam Visa Platinum, Visa Infinite, Visa Gold Review

The best credit cards in Malaysia for Airmiles

Alliance Bank Visa Infinite Review

best credit cards in malaysia Alliance Bank Visa Infinite Card

Link to apply

Annual fee: Free for the first year. (RM438, subsequently waived with minimum spend of RM12,000 p .a.)
Income requirement: RM60,000 p.a.
Cashback rate: No cashback
Point conversion rate: 15,000 TBP for 1,000 Enrich Miles. RM2-3 – 1 Enrich Mile
Lounge access: 2X complimentary access to Plaza Premium lounge, 1X access to Travel Club lounge. Principal cardholders only

After talking about all the best credit cards for cashback, it is now time to look at air miles. Below are the Timeless Bonus Points (TBP) given for every RM1 spent.

  • 8X TBP – online shopping and e-wallet reload (RM3,000 cap, 1X TBP after)
  • 5X TBP – Dining, groceries and overseas transactions
  • 1X TBP – contactless transactions, entertainment, auto-billing, and other retail transactions (including Instalment Payment Plan, Flexi Payment Plan, JomPay and FPX transactions)

At its peak optimisation, the Alliance Visa Infinite card will convert 1 Enrich Point for every RM1.875 spent online.

Why this card? Not every merchant accepts AMEX, and the previous three cards come with monthly cashback caps. The Alliance Visa Infinite will act as my filler card, given that Visa is accepted almost everywhere. I’ll use this card for all other categories—places that don’t accept AMEX, like food, accommodation, parking, and more. You get the idea.

Now, this is by far not the best card for airmiles but it fits my strategy and needs. One of the best for miles is actually below – Maybank’s Singapore Airlines KrisFlyer AMEX Platinum Card.

CIMB Preferred Visa Infinite

CIMB Preferred Visa Infinite

Link to apply

Annual fee: Free for life (as long as RM250K AUM is maintained to remain a CIMB Preferred client)
Income requirement: Nil. You just need the RM250K parked with CIMB
Cashback rate: No cashback
Point conversion rate: RM2 – 1 Mile
Lounge access: 8X unconditional access to Plaza Premium lounge including for supplementary cardholders. Special access to prestigious lounges like Plaza Premium First in Malaysia.

This is one of the best cards in terms of Premium Plaza Lounge access. They have campaigns too where you can earn 35,000 bonus points by meeting a few conditions. If you’re eligible and have RM250K to park with a bank, go for it.

Maybank Singapore Airlines KrisFlyer AMEX Platinum Card Review

best credit cards in malaysia Maybank Singapore Airlines KrisFlyer AMEX Platinum Card

Link to apply

Annual fee: Free for the first year. (RM300 for subsequently years)
Income requirement: RM60,000 p.a.
Cashback rate: No cashback
Point conversion rate: RM2-2.5 – 1 KrisFlyer Mile
Lounge access: 5X complimentary access to Plaza Premium lounge

With this card, the biggest benefit by far is that you bypass Maybank’s ridiculous monthly 100 million miles cap that ALL their cardholders face. With this card, your Krisflyer miles are credited directly to your KrisFlyers account every month.

If you’re into miles, this card here would top the list for me. However, I decided not to sign up because after using my Maybank 2 Cards AMEX and Ikhwan AMEX, I wouldn’t have much left over to maximize this card’s benefits. I prioritize cashback first, and then any additional spending goes towards earning miles.

To keep it simple—following my hybrid strategy—if you’ve maxed out spending on your cashback cards and still have extra funds to spend, this card is an excellent option. Personally, I chose the Alliance Visa Infinite instead to serve as my filler card.

The 4 best credit cards in Malaysia – 2025 hybrid strategy

I spend an estimated RM5K per month using my credit cards. And these are the best credit cards that fit my hybrid strategy.

  1. Maybank 2 platinum cards AMEX – 5% cashback (RM1,000 spending)
    Petrol, accommodation, telco, Grab (weekends only)
  2. Maybank Islamic Ikhwan American Express Platinum Card-i – 8% cashback (RM625 spending)
    Government transactions and online spending – Lazada, Shopee
  3. AFFIN DUO Visa Cash Back – 3% cashback (RM1,000 spending)
    E-wallet reload and insurance auto-billing
  4. Alliance Bank Visa Infinite – Filler card for everything else
    Food, accommodation, parking, meta ads top-up etc. Anywhere that doesn’t accept AMEX.

These 4 cards make up my hybrid strategy. If you’ve got any ideas or suggestions that will help, please feel free to comment and let me know how I can improve and up my credit card game. Would genuinely love to be able to improve and let everyone know at the same time.

If you’re exploring credit cards, you might also be interested in Premier Banking in Malaysia. Discover the best Premier Banking options from Malaysian banks here.

As always, follow my Facebook and Instagram to keep up to date!

Car Loans in Malaysia: Choosing the Right Tenure and Avoiding Costly Mistakes

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Filed Under: Financial Independence, Personal Finance 2

In this article, we will be looking at the personal finance side of car loans in Malaysia. I recently financed the purchase of my car and did some short calculations. Asked myself questions such as:

  1. Should I be paying 100% cash?
  2. When to take a longer-term loan and when to opt for a shorter one?
  3. TLDR – We want to positive carry the loan.

How to Look at Car Loans in Malaysia

Almost all cars are depreciating assets. When purchasing a car in Malaysia, many people rely on car loans to help finance the vehicle. While car loans are a common solution for vehicle financing, understanding the terms and conditions of the loan is essential to making a sound financial decision. In this article, we’ll explore the key aspects of car loans in Malaysia and discuss how to approach them intelligently.

Understanding Car Loans in Malaysia

Car loans in Malaysia are generally offered by banks and other financial institutions, with terms that range from 5 to 9 years. The interest rates vary depending on factors like the length of the loan, the borrower’s creditworthiness, and the car’s value. While car loans may seem like an easy way to own a car, understanding the long-term financial impact is crucial.

Loan Tenure

The Pros and Cons of Long Loan Tenures

A significant consideration when taking out a car loan is the loan tenure. Many borrowers opt for longer tenures because they offer lower monthly payments, which can make the loan more affordable on a month-to-month basis. However, longer loan terms come with their drawbacks. One of the major downsides is the higher total interest paid over the course of the loan. While the monthly repayments may seem manageable, borrowers often end up paying far more in interest compared to a shorter loan term. Moreover, cars lose value quickly, and with a long loan tenure, the vehicle may depreciate faster than the borrower can pay off the loan, leaving them owing more than the car is worth.

The Advantages of Shorter Loan Terms

On the other hand, shorter loan terms, typically ranging from 5 to 6 years, come with higher monthly repayments but offer significant advantages. With a shorter loan term, you’ll pay off the loan more quickly and incur less interest overall. This is financially advantageous in the long run, as the total cost of the loan is reduced. Additionally, because you’ll owe less on the car as it depreciates, you’re less likely to be “upside down” on the loan—owing more than the car is worth. However, the trade-off is that monthly repayments are higher, which may put a strain on your cash flow.

How to Choose the Right Loan Term

When deciding between a longer or shorter loan term, it’s important to assess your personal financial situation. If you can afford the higher monthly repayments, a shorter loan term is usually the more cost-effective option. It helps reduce the total interest paid and allows you to build equity in the vehicle more quickly. However, if you’re on a tight budget and need to keep your monthly payments low, a longer loan term may be a better fit, even though it will ultimately cost you more in interest.

Why Stretching Your Loan Tenure Is Bad Advice

You may have heard someone say this, “You should always take the maximum loan term because your instalment for 9 years is going to be lower than your 5-year instalment, you will have more cash flow.”

Some people may suggest that stretching your car loan to the longest possible tenure—such as nine years—is a good financial move because the monthly instalment is lower compared to a shorter loan tenure. They argue that this provides more cash flow flexibility, and if you have extra money, you can always pay more or even settle the loan early. While this may sound logical on the surface, it’s actually bad financial advice.

Yes, increasing your loan tenure will result in lower monthly instalments, but good financial planning isn’t just about minimizing your short-term expenses. A crucial factor to consider is the total interest paid over the life of the loan. The longer your loan tenure, the more interest you will pay, making the overall cost of your car significantly higher.

Another misconception is that making extra payments will help you save on interest or shorten your loan term. However, the way car loans in Malaysia are structured—especially with the Rule of 78—means that early payments do not proportionally reduce your interest burden. Under this system, the bank front-loads the interest, meaning you pay a larger portion of interest in the earlier years of your loan. If you decide to settle your loan early, say after two years on a five-year tenure, your savings from the remaining interest will be far lower than expected because you’ve already paid most of the interest upfront.

Yes, early settlement does save you some money, but the savings are not as significant as many assume. Banks are not charities—they structure loans to maximize their profits. Your goal in financial planning should be to minimize how much banks earn from you and maximize your own savings.

At the end of the day, the best approach is to avoid unnecessarily long loan tenures and instead choose a term that balances affordability with minimizing interest costs. Being mindful of the total cost of borrowing—not just the monthly instalment—is key to making a smart financial decision.

Positive Carry – The Best Way to Look at a Car Loan

The ONLY time you should maximise the tenure of your car loan is when you have the loan amount in cash already. Ie. you’re able to afford to buy the car 100% cash.

Car loans in Malaysia are relatively low, effective interest rates could be 5+% for new cars. And if you put that cash into FDs (3-4% return) or even into REITs (5-6% return), you’ll be earning a positive return.

For example, let’s say your car loan’s effective interest rate is 5% and you invested your money in REITs for a 5.5% return. This gives you a positive carry of 0.5%. Effectively, you’re getting a free loan AND a return of 0.5% for driving the car. In all other cases, you do not want to increase and maximise the tenure of your loan.

Now, I do understand that not everyone would have the ability and capacity to have that much cash lying around. I’m just saying that positive carry is the best possible way of taking a car loan.

Side Note: What is Effective Interest Rate

Car Loan Effective Interest Rate (EIR)

Car loans in Malaysia typically use a flat interest rate system, which may seem low at first glance (e.g., 2.5% to 3.5% per annum). However, the actual cost of borrowing is much higher due to how interest is calculated. The Effective Interest Rate (EIR) is the true cost of borrowing, taking into account the fact that loan repayments reduce the principal over time.

For example, a flat rate of 3% per annum on a 7-year car loan actually results in an EIR of around 5.5% – 6.5%, depending on the tenure. This means that while the flat rate looks low, the real cost of the loan is much higher when considering how interest is spread out.

Additionally, Malaysian car loans often follow the Rule of 78, meaning that most of the interest is front-loaded in the early years. This makes early settlement less beneficial than expected because much of the interest has already been paid upfront.

Conclusion

In conclusion, taking out a car loan in Malaysia is a significant financial decision that requires careful consideration. It’s important to strike a balance between affordable monthly repayments and minimizing the total interest paid over the life of the loan. By assessing your financial situation, comparing loan offers, and understanding the full cost of the loan, you can make a smart decision that benefits you in the long run.

You’ll want to take a look at articles on car loans from both Carro and Carsome. They lay out additional tips that I decided not to cover here as we’re looking at the personal finance side of it.

Dividend Income (Malaysia) Update 2025

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Filed Under: Dividends 1

A list of my past dividend income from Malaysia and updates can be found below:

Dividend Magic Dividend Income Update

Dividend Income (Malaysia) Update – March 2025

Dividend Income (Mar) –  RM4,453.84
Dividend Income (2025) –  RM10,998.04
Dividend Yield – 2.55%

RM4,453.84 in dividend income in March! A big jump from RM2,620.22 in March last year. Moving in the right direction.

Public Bank paid out RM770 in March 2025, up 10% compared to RM700 in 2024.
Maybank went up to RM1,859.84 from RM1,801.72 last year. A 3+% increase.

I’ve since added more Maybank on MooMoo, and it gave me an additional RM1824 this year.

No additional buy or sell in March. But markets are really volatile now, and I’ve got my ammo at the ready.

Previously, I’ve also moved most of the stocks from my Hong Leong trading account to moomoo (I took advantage of their promo and will be getting an Apple share for transferring in) and will be investing from Moomoo. You can find my latest review on moomoo MY hERE.

Moomoo referral link: http://j.moomoo.com/00KiPh
Referral Code: DM77

Asset Allocation

Updated 2025

I’ll also be leaving my previous section on asset allocation here (down below) and updating it again towards the end of the year.

All my assets can be categorised into two main categories – Safe and Growth

2025 Asset Allocation
Safe Assets (48%)
FD and savings – 7%
ASM, EPF & PRS – 26%
Bonds – 15%
Growth Assets (52%)
US stocks, MY stocks, crypto, P2P

2024 Asset Allocation
Safe Assets (54%)
FD and savings – 13%
ASM, EPF & PRS – 24%
Bonds – 17%
Growth Assets (46%)
US stocks, MY stocks, crypto, P2P

For a little privacy and to avoid disclosing my exact numbers, I’ve lumped my growth assets into one. 😉
And so, the above is what my allocation looks like. It is very conservative considering my age. I’m still (relatively) young. Ideally, I would like to have about 60% in growing assets, maybe even 70%.

Financial Independence but not Retirement

Relating to FI/RE, I realise that I may be reaching my goal soon. And maybe it is time to update the FI/RE guide as well.
As this wasn’t an overnight achievement, there isn’t much excitement on my part. Perhaps more of a gradual anticipation.
I am, however, a little disillusioned. So I have a few questions for everyone:
1. What is your FI/RE number?
2. What do you plan to do with said amount?
I’m considering dumping into EPF (reaching the RM1M mark to enable withdrawals) and leaving the rest in stocks. OR leaving >50% in stocks and the rest in Safe Assets.
3. What jobs have you considered taking once you are financially independent?
I don’t like to be idle and I’m considering so many different jobs.
a. Work and travel
b. Working a simple job nearby with whoever is hiring
c. Becoming a personal trainer as I enjoy working out
d. Go into the financial planning field and utilise my CFP
e. Live off-grid and farm

For stock investing, I use Rakuten and moomoo MY. Don’t forget to use my referral link for extra rewards.

As always, follow my Facebook and Instagram to keep up to date!

Dividend Income (Malaysia) Update – February 2025

Dividend Income (Feb) –  RM3,054.20
Dividend Income (2025) –  RM6,544.20
Dividend Yield – 1.52%

RM3,054.20 in dividend income (Malaysia) for February 2025. This is a pretty big increase compared to the previous year. IGB REIT’s dividends actually decreased for the first quarter. It has been some time since they’ve decreased dividends. RM832.11 from RM898.52 previously.

Thankfully, we were saved by SunREIT’s increase in dividends – RM2,222.10 vs RM1,878.56.

BUY: Bought more Scientex in February. Holding a total of 52,300 units now.

SELL: Sold APOLLO to free up a little money, anticipating a downturn in the economy.

Dividend Income (Malaysia) Update – January 2025

Dividend Income (January) –  RM3,490.00
Dividend Income (2025) –  RM3,490.00
Dividend Yield – 0.89%

RM3,490.00 in dividend income (Malaysia) for January 2025. This is a huge increase compared to the previous year as we added Apollo to our portfolio. Scientex’s dividends increased from RM1,900 in 2024 to RM2,280 this year. That’s a 20% increase. Matrix’s one also increased from RM500 to RM550, a 10% bump. All in all, a good start to the year 2025.

As Matrix have been giving the portfolio a very solid performance, I’ll be monitoring and waiting for the right price to add more.

BUY: During trading last week, Scientex’s share price briefly took a dip below RM4. I took the opportunity to add 6,300 units at RM4.01 per share. You’ll see this reflected when I update my Freedom Fund come end of Q1.

Moomoo referral link: http://j.moomoo.com/00KiPh
Referral Code: DM77

MULA Review – Fee-Only Financial Planning in Malaysia

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Filed Under: Dividends 0

I recently got to try out and get a financial planning session with Priscilla Yong, a CFP from MULA.

You may have seen and heard of MULA:
Website: https://www.mula.com.my/
Instagram: @mula.advisory

I was interested in having a financial planning session because I wanted to have an unbiased third-party view on how my financials stand. Being a CFP myself and managing my own finances since forever, it was an eye-opening experience. On one hand, it helped solidify some beliefs and I got some reassurances but I also found that I was a little too comfortable with some parts. More on this later.

My Plan

MULA Review Financial Planning Dividend Magic DM

I won’t be posting the whole report I got as some of the information are private and also because these are not meant to be shared with the public. I’ve gotten prior approval and permission from MULA to share these.

As above, this is the table of contents. From here, you should have a rough idea on what the financial plan from MULA covers.

MULA Review Financial Planning Dividend Magic DM

My goals – kept it simple, needed just about RM5,000 per month and some for travelling every year. For now.

MULA Review Financial Planning Dividend Magic DM

This was the part where I was a little too snuggled in my comfort zone and was rightly brought back to reality by Priscilla who informed me that my current mortgage rate was a little higher compared to what is being charged in the market. And this is where I benefited from having a financial planner look through my numbers. I think I will be saving a lot more once I get my mortgage looked at.

Reasons for Engaging a Financial Planner

The main reason I looked for a financial planner was to make sure I was on track financially and also to get a second opinion on the handling of my finances. There will always be ways where I can optimise and do better.

Your reasons for engaging the services of a financial planner may differ from mine. But I think even if you’ve been absolutely thorough with your own financial plan, it is still good to have someone else take a look at it.

MULA Review – Verdict

I’d like to point out that I was first asked to provide feedback on MULA’s app when it first launched. After learning more about them, I decided to give them a shoutout here and also got a referral code to share with everyone.

Fee-Only Financial Planners

I’m a huge advocate of fee-only financial planners. You don’t want them to push certain products just because they are incentivized by commissions. Always, always go for a fee-only planner.

MULA is one of the cheapest I’ve come across in the industry at RM1,999 for a one-year plan. You get a comprehensive plan, and a thorough explanation of said plan via a video call.
AND you get access to your financial planner throughout the year where you can schedule a quick call if you need to reconfirm figures etc or just to get their opinion. Realistically one would only do a review semi-annually or annually.
Also, with MULA, it gets cheaper by 10% every year you renew your plan.

Teknologi Terkini and Very User-Friendly Interface

When I started the financial coaching process, I had to key in all my financial info in their MULA App. I must say, I really like their simple UI.
They also have your data stored securely and you can pull them up to refer at any given time via the app. The amount of data I had to key in initially was a lot. I spent close to an hour going through old documents to make sure my figures were correct. But I still went through with it as it would be valuable information that I could compare with in the future

All your reports, old and new will also be available.

MULA Promo and Referral Code

First off, the code to sign up is: A007
MULA has also very generously provided us with some T-shirts. They’ll be given to the first 5 customers who sign up using the above code.

MULA Review Financial Planning Dividend Magic DM T Shirt

Please show your love to MULA as I believe they’re leading the financial planning industry onto the right path by first and foremost being – Fee-only. And they’re also making financial planning easily available to the masses. Trust me, we all need it. And of course, all these at a very reasonable rate.

On a personal note, I will be stepping into the financial planning industry as well (which was actually what brought MULA to my attention initially). I’ll have more updates for everyone soon as I look to join a financial planning firm and take on some clients! It’ll of course be a fee-only FP firm.

If you’d like to know more about personal finance, you can start with this article here.

Refund from TnG Card (Touch n Go) – Step by Step Guide

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Filed Under: Other, Financial/Life Hacks, Investment 0

This article will serve as a guide on how to get a refund from TnG card in 5 easy steps.

TnG Card FREE Replacement

Before moving on to getting your refunds, I’ve got a PSA here for those of you wanting to get your expiring TnG cards replaced for free. So apparently, 1 month before your TnG card is set to expire, you’re able to get a free replacement.

TnG Card free replacement 1 month

Based on the discussion found on Lowyat forum here in Nov 2024. Unsure if this works currently or if TnG will be discontinuing this but it is worth checking out.

Touch n Go – TnG Refund in 5 Easy Steps

How to Request a Refund from TnG Card (Touch 'n Go)

Today I learnt how you can request a refund from TnG card easily. Decided to figure out how to get back my funds as my IC and also one TnG card expired previously.
I’ll keep the post short.

Confirmed working as of 15 May 2024. I received my refund.

How to Request a Refund from TnG Card (Touch 'n Go)

Step 1 – TnG Refund Page

After getting hold of your TnG card’s serial number, you can head to their Refund page hERE.
Go ahead and Register. You’ll then be brought to this page hERE.

You’ll find your IC(s) listed here with its respective balance if you’ve ever reloaded and used your IC as TnG. Mine looks like this:

Step 2 – Find your TnG Card’s Serial Number

Before initiating the refund, ensure you have your TnG card’s serial number. This number is typically located on the back of your card. Alternatively, if you’ve registered your TnG card via the TnG eWallet app, you can retrieve the serial number there.

Step 3 – Link and Register Cards

Initially, you won’t see any of your TnG cards here, so please go ahead and register them. Look to the fields on your left and you’ll find Cards & Devices > Register Additional Card/Device.

Proceed to key in your card’s serial number.

Step 4 – Request Refund

With your card linked, you can now request a refund. Look to your left again and you’ll see Refunds > Refund Request.

Choose Card Termination as the Refund Request Type.

Then select the card you want to terminate and request a refund from. Reason: Expired Cards
Select how you’d like to receive your refund: Bank Transfer, DuitNow or TnG eWallet.

Step 5 – Done!

And you’re done! This is a pretty straightforward process. After submitting your request, the refund will be processed within 14 to 30 days. For lost or stolen cards, the refundable amount is based on the available balance at the time of the refund form submission.

Please be aware that your card will be terminated, so I only do this for expired ones to get the money out. I hope this helped!

Important Considerations:

  • Registered Users Only: Refunds are exclusively available for users who have registered their TnG cards on the portal.
  • Refund Methods: Ensure that the bank account details provided match the registered card owner’s information. Refunds to third-party accounts are not permitted. For non-Malaysian account holders, refunds over RM100 can be processed via Telegraphic Transfer (TT). Refunds to the TnG eWallet are only applicable for verified accounts.
  • Card Termination: Requesting a refund will result in the termination of the associated TnG card. It’s advisable to only proceed with this for expired or inactive cards.

For further assistance, you can contact Touch ‘n Go via:

In addition to this, you’ll be surprised to find that we still have credit cards that provide us with cashback here in Malaysia – namely the Affin Duo Visa Card. You can read more about the Best Credit Cards in Malaysia here.

MooMoo Malaysia Review: Platform, Fees & Full Guide

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Filed Under: Dividends, Free Stuff, Investment, US Stock Investment 9

MooMoo Malaysia is finally licensed by our own Securities Commission and is finally available for trading here in Malaysia.

What’s New (2025)

  1. Cash Plus – I’ve added the details below, but basically our idle cash can now earn interest. 3-3.5% for the MYR fund and 4.5+% for the USD fund.
  2. New, new user promo – details added below in the article.
  3. Additional RM40 for new users when you use my code – DM77
    The full steps on how to claim can be found below.

Sign up link: Moomoo Malaysia

See how MooMoo Malaysia compares to other brokers here: Stock Brokers Comparison

Key details to know before signing up

  1. Fees – one of the lowest available to us (licensed brokers), zero commission for 180 days
  2. Cash Plus – Your idle cash can now be put into MY or USD money market funds that earn at least 3-3.5%. US one earns you close to 5% as of Aug 2024.
  3. Regulation – Licensed and regulated by the Securities Commission of Malaysia
  4. Interface – Very user-friendly
  5. Account type – Nominee

MooMoo Malaysia FAQ

Some other frequently asked questions I got from readers.

  1. What is Moomoo?
    MooMoo Malaysia is an online brokerage platform that offers commission-free trading and advanced tools for investors.
  2. Is Moomoo available in Malaysia?
    Yes, Malaysian investors can access Moomoo for a localized and user-friendly trading experience.
  3. What fees does Moomoo charge?
    Malaysia Stocks:
    0 commission
    2. Platform Fees: RM 3 / Order
    Minimum: RM3
    US Stocks:
    0 commission
    Platform Fees: $0.99 / Order
    Minimum: $0.99
  4. How do I open a Moomoo account?
    Download the app or visit the website, complete the registration process, and verify your identity. These can all be done 100% online!
  5. Does Moomoo offer research tools?
    Yes, it provides real-time market data, charts, and analytics. They have a vibrant social community as well.
  6. Is customer support available for Malaysian users?
    Yes, Moomoo offers dedicated support for users in Malaysia.
  7. How secure is the platform?
    They are licensed by our highest authority in Malaysia – The Securities Commission (SC)
    Moomoo also uses industry-standard security measures ie. 2FA for logins etc.

Step-by-step Guide: How to Redeem from your MooMoo MY Cash Plus Account

It has been frustratingly hard for me every time I try to redeem/withdraw from the Cash Plus account and I assume it must be for you too. So here’s a short guide for you to refer to whenever you get stuck.

Below is the step-by-step guide.

Look for the Accounts button at the bottom of your screen.

Accounts button. Step-by-step Guide: How to Redeem from your MooMoo Cash Plus Account

Now look for Securities and Funds, and select Funds.

Funds Step-by-step Guide: How to Redeem from your MooMoo Cash Plus Account

Scroll down a little and you’ll find your Cash Plus fund – mine is United Money Market Fund-Class R.

United Money Market Fund-Class R Step-by-step Guide: How to Redeem from your MooMoo Cash Plus Account

Click on it and you’ll be brought to the fund page. At the bottom, you’ll see your Redeem button.

Redeem Step-by-step Guide: How to Redeem from your MooMoo Cash Plus Account

    Step-by-step Guide: How to Withdraw from your MooMoo MY Account

    If you’re looking to withdraw to your bank account after redeeming, follow the below steps:

    Go back to the same Accounts tab earlier at the bottom of your screen.
    Look for the All button.

    All button Step-by-step Guide: How to Withdraw from your MooMoo Account

    You’ll then find Withdraw under the Funds category.

    Withdraw button Step-by-step Guide: How to Withdraw from your MooMoo Account

      Make sure that you’re withdrawing to your own bank account as the name of the account holder has to match.

      MooMoo Malaysia Referral Code and Latest Promotion

      Sign-up offer and promotion for new users right now (updated December 2024):

      1. Deposit ≧RM1,000 and hold for 60 days to get RM100 reward. You can get an extra RM40 when you use my code – DM77 via Exclusive Deposit as shown in the image above
      2. Deposit ≧RM10,000 and hold for 60 days to get RM550 in rewards (including 0.3 shares of Nvidia stock)
      3. Deposit ≧RM30,000 and make 3 buy transactions and hold for 60 days to get one Nvidia stock for free

      More T&Cs on Moomoo’s website.
      Another noteworthy update is that Moomoo now supports FPX deposits. I get mine immediately reflected.
      You can sign up via my link here: https://j.moomoo.com/00KiPh
      Exclusive deposit code: DM77
      Thank you in advance!

      Also, from today to Jun 30th, Moomoo will reward customers who sign up with the above link with an extra RM50 reward. All you have to do is deposit RM1,000 and you will get an extra RM50 in coupons. The stock coupons will automatically arrive in your account within 5 working days.

      What I’ve Received as Rewards from Moomoo so far

      March 2024 – 1 Apple share (new customer promo)
      March 2024 – RM50 cash voucher and RM50 cash coupons (new customer promo)
      April 2024 – RM50, RM100 and RM500 cash coupons (deposit & invest)
      July 2024 – 1 Apple share (transfer-in promo)

      A few other fee subsidies and all but I won’t be taking those into account. One Apple share is worth about RM1K today. So that’s a total of RM2,750 in rewards I’ve gotten out of Moomoo so far. I know not everyone would’ve been able to capitalise on all their promotions but I hope you’ve gotten some at least.

      I will continue to share new promos that are worthwhile so you won’t miss any. Sign up for my newsletter for these updates (subscribe via the form on the home page, right sidebar or at the very bottom of this page)

      You can sign up via my link here: https://j.moomoo.com/00KiPh
      Exclusive deposit code: DM77

      My Verdict: Yes I’ve Moved to MooMoo Malaysia

      Update: I’ve moved my Hong Leong stocks to Moomoo.

      Now, personally, I’m thrilled another licensed brokerage has joined us.

      Security and safety-wise, nothing beats SC licensing and regulation for us Malaysians. Their holding company – Futu Limited is also a listed company on NASDAQ. I’d say this is as safe as it gets for investors.

      I will be looking to probably move my funds from eToro to MooMoo MY within the next few months. Currently checking out their paper trading functions as well.

      I know most of you savvy investors will be looking to cash in on the RM100 cash coupons and Apple share to get the most bang for your buck. Make sure you are aware of the terms, ie the RM8,000 deposit will need to remain in your account for at least 30 days to qualify.

      As always, you can sign up via my referral link hERE and help support the blog. Thank you!
      Exclusive deposit code: DM77
      See how MooMoo Malaysia compares to other brokers here: Stock Brokers Comparison

      Disclaimer:
      All views expressed in the above post are the independent opinions of the author, which are not necessarily shared by Futu Malaysia Sdn. Bhd. (“Moomoo MY”). No content shall be considered financial advice or recommendation. Moomoo MY links are included in this post, through which referrals are made and I may receive certain commissions. Please contact Moomoo MY for more information.