Best method to top up SSPN-i oh Best method to top up SSPN-i


 

Every year I will top up SSPN-i for my kid, so I have to find the best efficient way to top up. My step as follows:

1) Step 1: Top up to BOOST e-wallet using my citibank credit card.

Why I use citibank? Because I can balance transfer to Public Bank for 12 month for 3% upfront interest.

*** You can use other credit card to up to BOOST, example Standard Chartered JustOne Platinum Mastercard 15%, maximum RM 60 per month.

*** Or You can transfer to Bigpay using Pbank VS, RM 38 cash back and from Bigpay to Boost. But now BigPay maximum RM 1k per month. If you plan to do this, you need to do it in 8 months.

I pay RM 240 to Public Bank but I get 4% interest from SSPN. This is not apple and apple comparison. Got some calculation assumption in it. For simplicity, just assume equal.

Affin bank credit card do offer 0% for new credit card holder. Link as follows:

Affin Online - Promotions

Standard Chartered Bank also 0%

0% Cheque-On-Call Plus – Standard Chartered Malaysia (sc.com)

Term and condition: Please click here for the Standard Chartered 0% Cheque-On-Call Plus full terms and conditions. (sc.com)

On top of that, I get Tax relief of 8k from LHDN. (RM8,000 for net savings under SSPN-i )

2) Step 2: Top up SSPN-i using BOOST e-wallet. Maximum top up only RM 999 + RM 1(service charge)

You get boost coin, I am at Level 5 in BOOST e-wallet.

18 Nov - Top up 999 ; get 1157.6 boost coin

9 Nov - Top up 999, get 2475 boost coin

9 Nov - Top up 999, get 1800 boost coin

9 Nov - Top up 999, get 3600 boost coin

Total boost coin 9032.6, what can I use for this boost coin???

Boost Coin 2100 - you get RM 15 cash

You get redeem 4x = RM 60 cash

From 4k, you can indirectly get back RM 60 cash.

You need 2 months to complete the 8 k transfer to SSPN, why? Because boost monthly spending is RM 4999 for premium member.

SSPN - i - check statement:

E-SSPN-i (ptptn.gov.my)

Lai lai lai - fast fast top up, another 2 months is BYE BYE 2020.

If you have any other better method, do share share.

A table to show tax saving (full utilization of RM8000 SSPN tax relief), for one person (husband or wife) as follows:

Income tax bracketTax saving from SSPN
1%RM80
3%RM240
8%RM640
13%RM1,040
21%RM1,680
24%RM1,920
24.5%RM1,960
25%RM2,000
26%RM2,080
28%RM2,240
30%RM2,400






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