Tune Money

How do I stumble upon this Tune Money prepaid card? I don't quite remember but now I am really pissed off with Tune Money. I googled and found out that actually there are lots of complaint on Tune Money prepaid card. Why didn't I pay attention to all this complaints? Man, now I am regretting.

My problem start after I got the card. I went to their website and activated my card. What shocked me is my balance is RM-9.99(as you can see from the screenshot).


I sent email demanding why this happen and the next day still no reply from Tune Money. I called and told the guy who answered about this problem. He asked me to email them payment slip. WTF? They asked me to activate, on what basis? I already made the initial payment and they already sent me the card(why did they sent me the card if I did not make initial payment). Then why the hell did they asked me to send the prove of payment again? It showed that their system suck and those IT guys cannot rectified this "so called glitch in their system".

Well, they called me on Saturday and inform me that the money is in and I can use it. Hmm, quite impressive. They seem to have improve their service. Maybe I will give them second chance.

Is it profitable to take loan for ASB or save when you have money? This question has been lingering in my mind for the past few weeks.

I took a loan for ASB two years ago. Actually I took the loan as a way to make sure that I will save for my wedding. I planned to take this loan for two years and this coming January 2009 is the deadline.

I really don't know how much I will get after I terminate the loan but that is not the main concern here. What I want to do is share my knowledge on which way is better: take loan or use own money.

Let just assume that we take a loan of RM50000 for a period of 13 years(like what I did). We have to pay RM476 per month for this period. This is the image
of how much money we will get after 13 years, assuming the average ASB dividend rate is 7.5% and bonus is 1.5%.



As you can see, after 13 years, you will get RM128,228.84 in your ASB account. This is only if you did not take out the dividend and bonus(you just let them accumulated).

This screenshot is if you use your own money(in this case RM476 a month) for saving.



This time, you will get RM129,676.36. This is RM1,880.51 more than if you take loan. But that is not all. As you can see from the first screenshot, the total outflow(the money you paid to the bank) is RM74,686.00. Therefore, the money that you really get is only RM53,526.82 if you take the loan for ASB.

I am not saying that you lose money here. If you save obediently for 13 years, you will get RM129,676.36 and if you take loan you will get RM129,676.36. It just that the difference between taking a loan and saving with own money is more than RM53,526.82.

Confuse? Just compare this: I give you RM10 and the next day you pay me RM20. So, how much actually I get from you? Maybe you argue that the ending amount is almost the same. Well, maybe you are right. The choice is yours.