{"id":9542,"date":"2014-04-29T09:46:09","date_gmt":"2014-04-29T01:46:09","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=9542"},"modified":"2024-04-18T14:57:33","modified_gmt":"2024-04-18T06:57:33","slug":"consumer-fees","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/consumer-fees","title":{"rendered":"You Wouldn\u2019t Believe How Much You\u2019d Save Without These Fees"},"content":{"rendered":"

\"HiddenFees\"<\/a><\/p>\n

Fees are nuisance, for consumers, but boon for service providers. Are we day-to-day victims of unnecessary fees or are these fees really necessary? Here we unveil some of the most notorious hidden fees that we hardly think and yet are the ones that cause biggest dents in our bank accounts:<\/p>\n

<\/span>1. ATM cards do come with strings attached<\/b><\/span><\/h2>\n

Think withdrawing small amounts from the ATM each time helps you with sticking to your monthly budget? You may be paying more than you think. Most banks here charge about RM0.50 per withdrawal after the fourth withdrawal of the month. However, you can consider paying RM8 a year for unlimited withdrawals depending on bank.<\/p>\n

Each bank treats this differently. Be sure to check with them on what their policy is on this.<\/p>\n

Nothing is free, and these fees are one way the financial institutions boost their respective source of income.<\/p>\n

<\/span>2. Beware of big bags when flying<\/b><\/span><\/h2>\n

Most budget airlines do not include free check-in baggage so make sure you factor this in when you\u2019re booking your flight to avoid being slapped a hundred Ringgit surprise when you check-in at the airport. It is always cheaper to purchase the check-in baggage allowance online when you are booking the flight.<\/p>\n

If you are flying from internationally on AirAsia, the charges are:<\/p>\n

\"consumerfees1\"<\/a><\/p>\n

 <\/p>\n

<\/span>3. Shave down on your smartphone bills<\/b><\/span><\/h2>\n

Welcome to the 21st<\/sup> century \u2013 where you can send thousands of messages via chat apps like Whatsapp and KakaoTalk instead of incurring hundreds of Ringgit on SMSes and calls.<\/p>\n

A 1GB data plan at one of the telecommunication companies in Malaysia can cost about RM48 a month, which comes up to RM576 a year. Malaysians spent about RM13.5 billion on SMSes<\/a> a year. By switching to chat apps you could save a LOT of cash!<\/p>\n

Check out our postpaid phone plan comparison page<\/a> to find the best plan for you.<\/p>\n

<\/span>4. You snooze, you lose (money!) <\/b><\/span><\/h2>\n

Bill payment is a month to month affair that you will have to deal with. It is a fact that non-compliance means you have deal with the repercussions, namely the dreaded late fee charge.<\/p>\n

For mobile plans, most operators in Malaysia do not charge late payments. However, if your line is barred due to overdue payments or bill limit, then usually a fee of RM10 will be charged to reinstate the service.<\/p>\n

However, credit card is a dangerous bill to ignore. With the average interest rate of 15%, the interest charges can amount to a lot the following month. Not paying your credit card bills in full can lead to dire consequences<\/a>.<\/p>\n

<\/span>5. Annual fee on your credit card<\/b><\/span><\/h2>\n

Most credit cards in Malaysia do not require customers to pay an annual fee, but you can easily eliminate the fees by picking up the phone.<\/p>\n

However, if you are adverse to the trouble of calling and negotiating with your bank every year, always ensure that the credit card you are applying for has no annual fees. You can compare all credit cards<\/a> on our comparison page to check which credit card has no annual fees.<\/p>\n

The key to avoiding hidden charges and fees is to find out as much information as possible before making any financial decision \u2013 be it buying a new TV or signing up for a new Internet line. By doing so, you will save yourself from a whole lot trouble and disputes later.<\/p>\n

<\/span>Need help managing your money? Learn how to <\/b>be your own financial planner<\/b><\/a> now.<\/b><\/span><\/h3>\n

<\/span>Living paycheck to paycheck? Here\u2019s how you can earn more this year<\/a>!<\/b><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"

If you are wondering why your saving plan is not really taking off, take a cold hard look at your expenses. Stop paying these consumer fees and start saving the money!<\/p>\n","protected":false},"author":1,"featured_media":9545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[218],"tags":[219],"class_list":["post-9542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-management","tag-bi"],"acf":[],"yoast_head":"\nYou Wouldn\u2019t Believe How Much You\u2019d Save Without These Fees | iMoney<\/title>\n<meta name=\"description\" content=\"If you are wondering why your saving plan is not really taking off, take a cold hard look at your expenses. 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