Sponsored post by: CompareHero.my

Mike, a close friend of mine, was hosting a small gathering to watch the Euro 2016 Final Match between Portugal and France. Both Mike and I were excited as it was a game not to be missed.

I arrived at 2 a.m. in the morning, which was an hour before the kick-off. As I walked into his living room, I’ve noticed a brand new 65-inch television sitting on top of a cabinet. Here was how our conversation went:

I started with, ‘Nice TV, bro! Is it 65-inches?’

Proudly, Mike replied, ‘Yup. It’s a 65-inch LED Smart TV. I bought this baby last Saturday at Harvey Norman.’

I asked, ‘How much is it?’

Mike answered, ‘I got it for RM 4,999.’

I responded, ‘Wow, looks like you have made it! You have become rich.’

Mike burst into laughter. Then, he replied, ‘No man. I got myself a personal loan from UOB Bank to pay for this baby. I was able to borrow RM 5,000 at an interest rate of 9.99% per year which is a lot better than paying an interest rate of 18% per year if I use my credit card.’

Nodding, I continued by asking, ‘Bro, how did you find out about this? Did you received a call from UOB Bank?’

Mike answered, ‘Nope. I found out about it from CompareHero.my.’

I asked, ‘CompareHero.my? What does it do?’

Mike replied, ‘CompareHero.my is a website that allows us to compare financial products and apply them for free. It is how I found out about the personal loan deal.’

I asked, ‘How does it work?’

Mike reached for his iPad and invited me to sit on his sofa. He logged onto CompareHero.my and we explored the website together.

From the home page, Mike clicked ‘Personal Loan’ and was directed to a page where we can select the loan amount and our intended repayment period. Quickly, Mike typed ‘RM 5,000’, selected ‘60 months’ and clicked ‘Compare Now’.

We were given a list of 23 personal loan products from multiple banks. CompareHero.my has already compiled and summarized relevant information such as the minimum monthly income needed to qualify for the loan, interest rates and even the monthly installment which allows us to compare products conveniently.

Pointing at the UOB Bank, Mike explained, ‘Instead of paying RM 4,999 in cash, I’m now paying an installment of RM 125 a month over the next 60 months.’

Mike continued, ‘Also, I’ve just upgraded my existing Astro package to an IPTV package which now comes with Maxis broadband.’

Impressed, I asked, ‘That’s sweet, man. Brother, you know that I have an Astro package too. How much does it cost to upgrade?’

Mike replied, ‘Well, before upgrading, I was paying around RM 128 a month for my Yes 4G package where I got 38GB of data every month.’

‘Then, I checked out CompareHero.my and found that I could upgrade my existing Astro plan to an Astro IPTV plan which includes an all-in-one Astro and broadband plan which gives me unlimited amount of data from RM 199.23 onwards a month. So, I decided to cancel my Yes 4G package and go with the Astro IPTV plan. After all, it’s just an add-on of RM 71.23 a month for a consolidated service.’

From the Personal Loan page, Mike scrolled up and clicked ‘Menu’ and selected ‘Broadband’. Mike proceeded by clicking ‘Compare Broadband Plans’. From which, Mike clicked ‘IPTV’ and was promptly given 6 different IPTV deals to choose from.

Mike explained that CompareHero.my provides relevant information which includes contract period, data, speed, and monthly costs. Once again, it is convenient as users do not need to source for these information separately from different service providers.

Continuing on, Mike said, ‘Bro, once you’ve decided on a package, you just need to click on the ‘Apply Now’ button, leave your particulars and click ‘Submit’. CompareHero.my will contact you and take it from there.’

Nodding, I commented, ‘That sounds pretty easy.’

Mike replied, ‘Yes, it is. Another thing,brother. While it cost another RM71.23 a month for the IPTV deal, I have found a way to save RM 28 on petrol spending a month.’

Curiously, I said, ‘Really? How does it work?’

Mike replied, ‘It’s simple. I’ve applied for a new Standard Chartered Justone Platinum Mastercard which pays 10% cash back on my petrol spending if I spent a minimum of RM 2,500 a month on my credit card.’

Then, Mike explained further, ‘Brother, I’ll be spending around RM 3,000 a month on this credit card. From which, RM 500 is for petrol. So, I would be entitled to cash back of RM 50 a month on my petrol spending.’

‘But, there is an annual fee of RM 265 for applying this credit card. It works out to be around RM 22 a month. So, if I deduct the RM 22 a month from the RM 50 cash back on petrol, my net savings would then be RM 28 a month. This would offset the additional charges for my Astro IPTV package subscribed recently.’

Nodding, I asked, ‘How did you find out about this credit card deal?’

With glee, Mike pointed at his iPad and replied, ‘CompareHero.my, bro. Let me show you.’

Mike scrolled up and clicked onto ‘Credit Cards’. He proceeded by clicking onto ‘Compare Credit Cards’. Promptly, we were given a list of 14 different credit card deals from multiple banks. This includes Standard Chartered, Citibank, HSBC.’

CompareHero.my provides relevant information such as maximum cash back, minimum monthly income to apply for the credit card, fees & charges and interest rates in a single page.

Mike explained, ‘Similar to broadband, once you’ve decided on a credit card deal, you may click ‘Apply Now’, fill in your particulars and click ‘Submit’. Then, Standard Chartered would follow up on your credit card application’.

I commented, ‘Mike, this is definitely a useful website. I’m impressed.’

Mike said, ‘Brother, did you know that CompareHero.my is giving away ‘RM 100,000’ in cashback?’

I replied, ‘Not at all. What’s the campaign about?’

Mike explained, ‘Well, CompareHero.my is giving away as much as RM 100,000 worth of cashback in the form of Lazada vouchers to Malaysian users who successfully applied for selected broadband, personal loan and credit card products.’

‘For broadband, you will get RM 200 in cashback if you subscribe any of the 3 providers: Maxis or Astro IPTV and another broadband provider’

‘For credit cards, you will get another RM 200 in cashback if you apply for Standard Chartered or another provider which you can check on their website.

‘And for personal loan, you will get another RM 100 in cashback if you go with UOB Bank.’

‘Personally, I got myself a personal loan from UOB, applied for a brand new Standard Chartered credit card, and upgraded my Astro plan to an Astro IPTV package. So, I received as much as RM 500 in cash back.’

I exclaimed, ‘That is so worth it. I want to explore further.’

Mike laughed and said, ‘Chill bro. You can do the shopping tomorrow. It’s already 3 a.m. We have a game to watch, remember?’

I said, ‘Oh yea, I’ve almost forgotten about the game. Mike, thanks for the tips.’

Mike replied, ‘You are most welcome. Come. Let’s enjoy the game.’

CompareHero.myCompareHero.my is Malaysia’s leading financial comparison portal for comparing credit cards, broadband plans and personal loans. Sign up today with CompareHero.my to get RM500 worth of cashback in Lazada vouchers when your personal loan, credit card and broadband plan are approved!


KCLau
KCLau

Personal finance author and trainer

    2 replies to "How Mike Pocketed RM500 from Applying UOB Personal Loan, Astro IPTV & a Brand-New Standard Chartered Credit Card With CompareHero.my"

    • T

      doesn’t this get you into another debt in which if you fail to service the loan, you will be charge a higher interest depending on the terms & condition. On top of that, instead of paying rm 5K for the TV, you end up paying RM 7,500. You think this is a good bargain?

      • KCLau

        Personal loan facilities is not recommended because the interest charges is high and close to what credit cards are charging.

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