Dividend Magic

Saving and Investing towards Financial Independence in Malaysia

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Dividend Income (Malaysia) Update 2026

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Filed Under: Dividends 0

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

Dividend Magic Dividend Income Update

Dividend Income (Malaysia) Update – Jan 2026

Dividend Income (Jan) –  RM3,745.80
Dividend Income (2026) –  RM3,745.80
Dividend Yield – 0.82%

Freedom Fund updates can be found here.

RM3,745.80 in total dividend income for January 2026.

Total dividends consist of:

Matrix – RM525 -4.5%
Scientex – RM3,182 +37%
SunCon – RM82.80 +358%

Matrix’s 1st dividend decreased a little compared to last year’s dividend – by about 4.5%.

Scientex’s dividend increased by 37% compared to the same time last year.

SunCon increased its dividend by 358%.. You read that right. But, unfortunately I only have a small token amount in holdings.

No additional buy or sell.

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 2026

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

2026 Asset Allocation
Safe Assets (49%)
FD and savings – 7%
ASM, EPF & PRS – 26%
Bonds – 14%
Growth Assets (51%)
US stocks, MY stocks, crypto, P2P

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, Moomoo and Webull. Don’t forget to use my referral link for extra rewards.

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

Webull Malaysia Full Review and Guide + RM200 free NVDIA shares

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Filed Under: Free Stuff, Investment 0

If you’re looking for a flexible, feature-rich investing app in Malaysia, Webull is starting to look very compelling.

Referral link: https://www.webull.com.my/k/Magic
Code: Magic

If you’ve missed Webull Malaysia’s first promo, not to worry, they’re still offering a subsequent promo giving new users RM200 worth of free NVIDIA shares with a deposit of RM1,000 and maintaining it for 60 days.

It is a little less but still a good deal because the entry point is now RM1,000 instead of RM5,000. What’s more, the 6% p.a. return is still on for new users! Capped at RM50,000 and for 45 days.

Webull Malaysia free RM200 NVDIA stock

Rewards you’ll get when signing up with my referral link

Use my link and code to register, deposit RM1,000 to get free RM200 worth of NVDIA shares. At the same time, make use of their 6% promo to get the most of your idle cash.

Referral link: https://www.webull.com.my/k/Magic
Code: Magic

  • Deposit RM1,000 into Webull.
  • Maintain the RM1,000 balance for 60 days.
  • Receive RM200 worth of NVIDIA shares.*
  • Enjoy 6% p.a. for 45 days on your Moneybull balance (up to RM50,000).

*new users only, campaign ends 31 March 2026.

In this article, I’ll walk you through how Webull works, why this promo is attractive, how their cash-management product “Moneybull” works, and the risks to be aware of.

What and who is Webull Malaysia?

Webull Malaysia is a local arm of the global Webull platform. It’s regulated by the Securities Commission Malaysia (SC), which gives it legitimacy and a layer of investor protection.

Some key features:

  • Access to US stocks (fractional shares) + Malaysian listed shares.
  • 24-hour trading for select US stocks and advanced charting tools.
  • No “platform fee” for now, and zero commission for Bursa Malaysia trades (at least for a limited time).
  • Option between Islamic and conventional bank account types. Once selected, the account type cannot be changed.

How to deposit money into Webull Malaysia

No FPX deposit (for now), you’ll have to deposit using DuitNow.

Follow the steps below to retrieve Webull’s Malaysia Account Information and Reference Number:

  1. Tap the Webull logo at the bottom of the screen
  2. Select “Securities”
  3. Tap “Transfers” at the top of the screen
  4. Tap “Deposit”
  5. You may copy the Webull’s Malaysia Account Information and Reference Number details into your online banking.

Just make sure you’re depositing under the same account holder’s name and to add in the correct reference. I got my money within seconds of doing the transfer.

The bank account details such as Account Number and Reference in your Webull Malaysia App are specific to your account for deposit purposes. It is important that the depositor’s name match your Webull account details.

Full steps and details via Webull Malaysia here.

Moneybull: Earn up to 6% p.a. on idle cash

Webull Moneybull 6% interest

One of the most interesting features Webull Malaysia has right now is Moneybull, a cash-management solution. Here’s what you should know:

  • Moneybull is powered by AHAM Capital, a fund manager, and it invests your idle cash into a Shariah-compliant money market fund – AHAM Aiiman Enhanced i-Profit Fund (Class B Accumulation)
  • Under normal conditions, this money market fund returns up to 3.4% p.a.
  • As part of the current promo – Webull is offering 6% p.a. for 45 days on Moneybull balances (up to RM 50,000) for eligible users.

To show you that I actually put my own money in – RM200,000:

How to deposit and move money into Moneybull

Auto Sweep automatically sweeps uninvested cash to Moneybull, ensuring funds remain instantly available as buying power for MY stock trading.

Tip: Set your Reserve Amount to RM0 so all your money will be moved to Moneybull to earn that 6% interest.

How to register for a Webull Malaysia account

  • Download the Webull Malaysia app.
  • Enter your mobile number and verify it with an SMS code.
  • Complete eKYC:
    • Take a photo of your IC (front and back).
    • Take a selfie for facial verification.
    • Upload a document that shows your address (e.g. bank statement or utility bill).
  • Fill in your personal details.
  • Review and accept the user agreement
  • Submit your application.
  • Account approval usually takes 1 to 3 working days.

Is Webull safe to use?

Safety is a major concern for any investing platform, and Webull Malaysia has several layers of protection in place:

  • Regulated by the Securities Commission Malaysia (SC)
    Webull Malaysia operates under a Capital Markets Services Licence. This means they must follow strict rules on client funds, reporting, and risk management.
  • Your money is held in a trust account
    Client funds are kept separate from the company’s own money. This prevents misuse and protects your deposits if anything happens to the company.
  • Moneybull uses a licensed fund manager
    Moneybull is powered by AHAM Capital, which is one of Malaysia’s largest and most established fund managers. Your money is invested in a regulated money market fund, not held by Webull directly.
  • No lock-in for Moneybull
    Since Moneybull is a money market fund, your funds remain accessible. You can redeem anytime, and Auto Sweep ensures liquidity when you buy stocks.

How to sign up (using my Webull referral link)

  1. Click my referral link: https://www.webull.com.my/k/Magic
  2. Or use my code: Magic
  3. Register for a Webull Malaysia account and complete KYC.
  4. Deposit RM 1,000 into your Webull account (via bank transfer, or whichever deposit method Webull supports).
  5. Keep that balance for at least 60 days (do not withdraw).
  6. Once you deposit RM1,000, your stock coupons will appear on the rewards page by T+1, with the estimated arrival date of your shares.

Final thoughts and verdict on Webull Malaysia

Webull Malaysia ongoing promotion

Get started with Webull Malaysia: deposit funds, receive NVIDIA shares as a bonus, and optionally transfer cash to Moneybull for competitive returns on idle funds (6% pa for 45 days!).

Grab this opportunity, get the free RM200 NVDIA share and learn about investing with Webull along the way!

This content is sponsored by Webull and has not been reviewed by the Securities Commission Malaysia (SC).

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 22

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.

My credit card strategy – RM7K+ spending a month

I spend about RM7,000 a month on my credit cards, and after plenty of trial and error, I’ve built a hybrid strategy that really works for me. It’s a mix of cashback and rewards cards that cover all the main spending categories – from weekend petrol runs and online shopping to insurance payments and e-wallet reloads.

Hopefully, it’ll give you some idea(s) to tweak your own strategy and get more value from your cards too.

  1. Maybank 2 platinum cards AMEX – 5% cashback (RM1,000 weekend 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. CIMB Visa Infinite – Bonus points when you reach RM5,000 spending per month.
    Main/filler card. I consolidate the bulk of my spending here. And when I hit RM5K per month, I get additional bonus points.
  4. CIMB Preferred Visa Infinite – Bonus points when you reach RM10,000 spending per month.
    I don’t spend RM10K per month. I just keep this card for the superior lounge benefits!
  5. Alliance Bank Virtual Visa Platinum – I use this to top RM3K into my e-wallet. Shopee Pay mostly and TnG (1% fee). Maxing this out every month can net me a round trip to nearby countries once a year – think Thailand, Singapore or Indonesia.

I have more details on the above 5 cards I use, and more down below. Feel free to customise and pick the best cards for yourself.

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

Maybank 2 cards platinum/gold - Amex and Mastercard/Visa

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

Maybank Islamic Amex Ikhwan Platinum

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 below image)

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

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 use this solely for online transactions – Shopee, Lazada, Grab and any online transactions. 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.

Maybank credit card rejected?

Having trouble getting your Maybank card approved? If, like me, you’re having issues getting your Maybank card approved, try the following:

Try applying online via Maybank2u

First, try the easiest way – apply online via Maybank’s official site.

Maybank card centres

If you’re having trouble getting past the online application, try the physical approach. I’d suggest heading over to one of their card centres.

Already have conventional cards? Try emailing them to split your credit limit.

Now, this is where I was stuck. I tried every available method, even went to 2 card centres and got rejected. I already had Maybank 2 Cards with a RM40K credit limit. I was applying for Maybank Islamic AMEX Ikhwan Platinum but kept getting rejected because apparently I’ve hit my total limit with Maybank.

The solution – email them ([email protected]) requesting to split the credit limit between Maybank and Maybank Islamic. In my case – RM30K Conventional and RM10K for Islamic. And in your email, let them know which card you’re applying for as well.

It was a tedious process but I managed to get my card within a month and I hope this will help you as well.

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 Virtual Visa Platinum

Alliance Bank Visa Infinite Review (No longer applicable after August 2025)

Link to apply.

Effective August 2025, Alliance Bank has reduced the Visa Infinite’s e-wallet and e-commerce spending points to ZERO.

I will be cancelling my card but will be changing instead to the Alliance Bank Virtual Visa Platinum as that card still provides points for e-wallet top-ups.

Annual fee: Free for life
Income requirement: RM24,000 p.a.
Cashback rate: No cashback
Point conversion rate: 15,000 TBP for 1,000 Enrich Miles. RM2-3 – 1 Enrich Mile
Lounge access: nil

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)
  • 1X TBP – all other transactions

Why this card? I will only use this card for e-wallet top ups. Capped at RM3,000 per month.

CIMB Preferred Visa Infinite

CIMB Preferred Visa Infinite

Link to apply

CIMB Preferred Visa Infinite Points and Bonus Points

Note: auto-debit/recurring transactions do not count towards points.

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, then by all means, go for it.

Also, if you’re spending RM10K a month consistently, this will be the card to charge all your expenses too. But I think for the average Malaysian, RM10K a month in spending is a little high. So if you’re like me and spend maybe close to RM5K a month, look at CIMB’s Visa Infinite below.

CIMB Visa Infinite

CIMB Visa Infinite

Link to apply

CIMB Visa Infinite Points Bonus Points

Note: auto-debit/recurring transactions count towards points!

Annual fee: Waived
Income requirement: RM60,000 per annum
Cashback rate: No cashback
Point conversion rate: RM2.5 – 1 Mile
Lounge access: 5X access to Plaza Premium lounge (NOT for supplementary cardholders). Spending of RM60,000 required.

This is the card I’m using as my monthly spending is in the range of RM5K – 6K.
To keep things simple, I consolidate the bulk of my spending here. I maximise my Maybank Amex weekend spending (RM1,000 cap per month), the rest goes here.

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.

The 4 best credit cards in Malaysia – 2025 hybrid strategy

I spend an estimated RM7K 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. CIMB Visa Infinite – Bonus points when you reach RM5,000 spending per month.
    Main/filler card. I use this card for everything else not covered by the above 2 cards
  4. CIMB Preferred Visa Infinite – Bonus points when you reach RM10,000 spending per month.
    I don’t spend RM10K per month. I just keep this card for the superior lounge benefits!
  5. Alliance Bank Virtual Visa Platinum – I use this to top RM3K into my e-wallet.
    Shopee Pay mostly and TnG (1% fee). Maxing this out every month can net me a round trip to nearby countries once a year – think Thailand, Singapore or Indonesia.
  1. AFFIN DUO Visa Cash Back – 3% cashback (RM1,000 spending)
    E-wallet reload and insurance auto-billing
  2. 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 3

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

Dividend Magic Dividend Income Update

Dividend Income (Malaysia) Update – Oct 2025

Dividend Income (Oct) –  RM957.93
Dividend Income (2025) –  RM25,539.63
Dividend Yield – 5.58%

Freedom Fund updates can be found here.

RM957.93 in total dividend income for October 2025.

Total dividends consist of:

Sunway – RM400.12 +128%
Sunawy (Preference shares) – RM32.81 -%
Matrix – RM525 +5%

Huge increase from Sunway as they’ve gone up by a lot throughout the year. We’re at 4.43% dividend yield now for Sunway.

Matrix’s 4th dividend increased a little compared to last year’s dividend. But in total we’re still down as they paid out less during their 2nd and 3rd dividends.

No additional buy or sell.

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 – Aug & Sept 2025

Dividend Income (Aug/Sept) –  RM8,123.45
Dividend Income (2025) –  RM24,581.70
Dividend Yield – 5.37%

Freedom Fund updates can be found here.

RM8,123.45 in total dividend income for August and Sept. Combined the two together as we actually received only nothing from in August.

So, in September 2025, we received a total of RM8,123.45 from:

IGB REIT – RM938 +10%
Public Bank – RM735 +5%
Maybank – RM1,743.60 +3.4%
Maybank (MooMoo) – RM2,370 +4.3%
SunCon – RM26.10
SunREIT – RM2,310.75 +20%

Huge increase in dividends from both IGB REIT and SunREIT. Total dividend yield for the portfolio is 5.37% right now, and we’ve got one more quarter to go!

Dividend Income (Malaysia) Update – June & July 2025

Dividend Income (June/July) –  RM3,543.00
Dividend Income (2025) –  RM16,458.25
Dividend Yield – 3.59%

Freedom Fund updates can be found here.

RM3,543.00 in total dividend income for June and July. Combined the two together as we received only RM18 from SunCon in June.

In July, we received one from Matrix and one from Scientex.

Matrix paid out RM405 this time again, compared to RM500 last year. A 21% drop in dividends.

Scientex paid out RM3,138 in dividends. No increase in the % compared to last year. An increase in amount because I added more Scientex stocks to the portfolio.

Dividend Income (Malaysia) Update – April & May 2025

Dividend Income (Apr/May) –  RM1,899.21
Dividend Income (2025) –  RM12,897.25
Dividend Yield – 2.89%

RM1,899.21 in dividend income in April and May. Combined the two together as May has always been a slow month. Only received IGB REIT’s dividend. A slight jump from RM1,602.64 in April/May last year. Moving in the right direction.

Matrix paid out RM405 this time around, compared to RM500 last year. A 21% drop in dividends.

Sunway paid out RM400.12 compared to RM51.85 last year. A 684% increase. No surprise here as Sunway has been on a roll and share price has gone up by a lot as well.

Sunway PA paid out RM32.81 compared to RM65.62 last here. Half of the stock was bought back by Sunway so this is actually the same when compared.

IGB REIT paid out RM1,061.28 compared to RM984.87 last year. A 7% increase.

No additional buy or sell in April and May.

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

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.

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 (now closed) Review – Fee-Only Financial Planning in Malaysia

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Filed Under: Dividends 0

As of 2025, MULA is no longer in business.

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.