The cost behind Maybank EzyCheque Instant Cash

My first credit card is a Maybank classic card which I have kept for almost 10 years.

I can't remember since when, Maybank will send me every year without fail a promotional letter about EzyCheque Instant Cash promotion attached with a RM2000 cheque that I can bank in to my bank account before the expiry date as stated in the letter.

This Maybank EzyCheque Instant Cash facility always says it is "0% or interest-free for 6 months", but also with a so called "low cash advance fee of 3.88% or RM77.60". However, it is only "0% or interest-free" if I settle the repayment of RM333.33 every month for 6 months subsequently, there will be interest charges for late repayment and also penalty charges for early settlement (which could be caused by card cancellation, balance transfer, etc.) before the 6th month.

Let's say I accept the offer, and follow the scheme exactly, then I'll:

• Get RM2000 after I bank in the cheque.
• Charged RM77.60 for cash advance fee in my next credit card bill.
• Charged RM333.33 in my next 6 months of credit card bill.

What will be the actual cost then? Here is the calculation:

• I get RM2000 - RM77.60 = RM1922.40 from the bank.
• I pay back RM333.33 x 6 = RM1999.98 to the bank.
• Therefore, the cost incurred is RM1999.98 - RM1922.40 = RM77.58
• That will translate into RM77.58/RM2000 x 100% = 3.88%

Of course, this 3.88% in 6 months is comparatively cheaper than getting a normal credit card cash advance or personal loan. However, it only make sense to utilize this EzyCheque Instant Cash facility if I can earn back at least RM77.58 with it in the near future.

If I were to:

• spend the RM2000 to buy things, I will end up losing another RM77.58 which is good enough to have a nice dinner in a classy restaurant for two.
• use the money to settle any debt which interest rate is more than 7.76% per annum, I can save some money from there.
  
• keep the money in a FD account with interest rate at 2.5% per annum, I will need to keep it for at least 2 years to recover back that RM77.58. After that, if I don't withdraw the money, it will start working for me by bringing interest income.
  
• keep the money in a Flexi-homeloan account with interest rate at BLR-2% = 3.55%, I can save about RM5.70 housing interest every month, which will take me about 14 months to recover back that RM77.58. After that, if I don't withdraw the money, it will start working for me by saving RM5.70 every month until my homeloan is settled.
• invest the money in short term investment and make a return of more than 10% within a year, then I can make some pocket money with it.
• invest the money in long term investment and make an annual return of more than 10%, then I can probably double or even triple it up in years to come.
  

Sometimes, I opted to tear and discard the EzyCheque, and sometimes, I opted to utilize the facility. It all depends on how I'll use the money. The key point is that, by utilizing the facility, we are using our future money (in the subsequent 6 months) at the cost of 3.88%.

It all depends on whether:

• there is an urgent need for the money
• it is a good investment timing

Do not be afraid of that RM77.58 cost if you know that it worth to spend, but also do not waste it blindly.

Beta release of Microsoft Security Essentials free antivirus

Within the next couple of hours, Microsoft will release the first beta version of their Microsoft Security Essentials (MSE, codename Morro) to selected regions.

MSE is an anti-malware software aimed to provide protection against viruses, spyware, rootkits and trojans for certain Windows operating systems.

Here are some of the fact findings:

• The core developer team of MSE is in Israel.
  
• This beta release will be made available on 23 June 2009 to the first 75,000 downloads from Brazil, Israel and the United States.
• It is treated as the successor of Windows Live OneCare, which is a subscription based security solution from Microsoft which has been phased out since end of 2008. Retail sales of Windows Live OneCare will be discontinued by end of June 2009.
  
• Its antivirus framework is the same with Windows Live OneCare.
• Subsequent beta release(s) will include China. Its final release to the whole world will be by end of 2009.
• It will be made available free of charge and downloadable from Microsoft website.
• It can be installed in 32-bits and 64-bits version of Windows XP (SP2 and above), Windows Vista, and Windows 7.
• Its installation will need to pass through the Microsoft's anti-piracy Windows Genuine Advantage (WGA) validation process.
• It is designed to be lightweight and use little system resources.
• It is reported to take up about 50MB of RAM when running.
  
• It is able to provide real-time protection with heuristic feature.
• It has a user interface similar like Windows Defender. If Windows Defender is found when installing MSE, MSE will replace itself to Windows Defender.
  
• It relies on Windows Automatic Update feature to update its malware signature database.

And here is a comparison table to compare the features among various security solutions produced by Microsoft.

Three essential managers for successful project

Rick Freedman has just posted an article with the title of "Keep management roles in a project separate" in TechGuides.

In his point of view, every project engagement must have the following:

• Clear business meaning
• Defined success criteria
• Technical plan
• Project plan
• Sponsorship and stakeholder participation

Each of those engagements requires superior management of three elements:

• Process - managed by project manager
• Content - managed by technical manager
• Relationship - managed by relationship manager

The project manager must ensure that a clear scope has been written, a meaningful estimate has been derived, and a complete project plan has been developed, along with all the other process elements required by his chosen methodology.

The technical manager oversees all the technical decisions: the technical specifications, the materials list, the software stack, and the integration of all these components.

The relationship manager is required to manage the needs, expectations, emotions, and politics that are an inevitable part of every human endeavour, so that the perception of the end product matches the client team's vision.

It is not advisible for a single person to assume the job of all the three roles, because the required skills and temperament are different, and difficult to be mastered equally well by a single person. More importantly, playing all the three roles together will be facing conflict of interest. As such, separation of roles for these three essential management functions is strongly recommended in order to increase the success rate and client satisfaction.

I agree with him, do you?