A wise person should have money in their head, but not in their heart. –Jonathan Swift
TnG (Touch and Go) e-wallet recently launched GO+. It is essentially a low-risk investment that is managed by Principal Asset Management Berhad in collaboration with CIMB bank.
TnGo makes returns from investments through a combination of cash (at the bank), placement of deposits, money market instruments, and debt instruments. According to the latest information, the return is about 1.4-1.6% per annum ( daily fluctuation) which is quite equivalent to the current fixed deposit rate in retail commercial banks.
The good thing about GO+ is it allows you to get daily interest from the balance you keep in the account and you can cash out anytime if you need the money.
1) Setting up TnG Go+
You are allowed to set up TnG GO+ if you are a Malaysian who is 18 years old and above. Just click on the icon to set up GO+ and you will see your TnG screen as below. You just need an MYR10 deposit to begin your journey of earning daily interest in your GO+ account. Please use the link HERE to set up your GO+.
2) Cash in and Cash out
You can either fund your GO+ account by your TnG e-wallet balance or FPX online banking. If you want to cash out, you can either transfer the money in GO+ back to your e-wallet or a bank account.
3) Making Money Via GO+
It is a perfect way to keep your monthly budget in GO+ and makes some money from there. I usually spend about MYR 1000 per month on groceries. By topping up my TnG MYR1000 using my Public Bank Signature Credit card, I would immediately get my MYR38 rebate.
Besides that, by keeping MYR1000 in GO+, I get some daily interest from the balance. It is certainly not much but you might make an extra MYR 1 per month depending on how fast you use up your balance in the GO+ account.
4) Benefits of Keeping your Monthly Budget in GO+
As mentioned above, you get an immediate MYR38 rebate from your credit card ( depending on how much is your maximum credit card cash rebate for online shopping) plus another MYR0.50-MYR1 per month in interest, you can also monitor how you spend your money! You kill two birds with one stone!
5) More Ways to Make Money
If you have a few cash-back credit cards, I would suggest you top up your TnG GO+ and get your cash back reward every month ( + reward points). Don’t worry if you can’t finish spending the money in the GO+ account, cash them out to your bank account. Use the money to pay your credit card balance the subsequent month.
By keeping MYR1000 in GO+, you make roughly MYR1.2 per month, if you keep MYR10000, you can make MYR 12.5 monthly ( if the interest rate is 1.5%).
6) A Few Things to Take Note
TnG GO+ is not a shariah-compliant product and it is not a PIDM protected product. But I think it is a pretty safe alternative investment. I would suggest all of you do the same as me by topping up your GO+ and use the balance for your daily expenditure and get some interest from that.
Conclusion
By keeping your monthly budget in TnG GO+, you can monitor your expenditure and make some money. Get a cash back credit card and make some money today!
Please use my referral code 3q3wp9 to join TnG GO+ so that I can make extra one percent per referral. You can click HERE to join too!
Addendum: TnG Go+ is now a shariah compliant product ( August 2021)
Addendum: Book I’ve recently read
It is certainly an old book written back in 1926 by George S Clason that dispenses financial advice. Don’t be fooled by the old advice about wealth and money. They are like laws of physics, even though they are old but still apply to us until this very moment. You can buy the book HERE.
TnG is blocking everybody left right centre if you top up with credit card and withdraw. It’s like they suddenly just realised people don’t necessarily wants to keep long term in GO+. Very bad form to block our account without warning. Probably time to consider boycott TnG ewallet/GO+.
Dear Andrew,
Thanks for your feedback, so far I don’t have any problem topping up my e-wallet/GO+ using credit cards. Of course, since the money is for the purpose of my grocery expenditure, I never attempted to cash-out (withdraw) back to my bank account. I suppose if you top up in large amount and later withdraw back to bank account, TnG might find out you actually just want the cash rebate from your credit card and block you.