1.New to GoBear?
If you don’t have an account yet with GoBear, you can still get a quote.
2.How is the coverage score on GoBear calculated?
The Coverage Score for a particular insurance product from a particular insurance provider is calculated and generated via a mathematical algorithm based on the coverage amounts of each of the key benefits of that product relative to those of and from other insurance providers. For example, with regard to travel insurance products:
• Personal accident
• Medical expenses
• Lost bags and belongings
• Cancelled trip
• Emergency medical evacuation
Based on the above, a score is then assigned to the product's coverage out of 5. The average of the 5 coverages is taken to give a score out of 10. The score assigned is completely based on the respective coverage amount and no other factor(s) other than as specified above.
3.Will I get charged any additional fees by GoBear if I click on “GO TO BANK” or "GO TO PROVIDER?
No. GoBear is completely free.
We compare relevant insurance plans of insurers on our site to find the best deal. When you have found the right deal, we connect you to the particular insurer directly. And only when you click on an insurance plan which redirects you to the insurer’s website, do we get a small referral fee from the insurer, not from you.
Remember, you do not buy the insurance from us. We only compare! You always buy directly from the insurer, broker or agent.
4.Do you work with all insurances?
We work with most insurers and banks in Malaysia. We do not play favourites with anyone.
We are a comparison site that puts you first and will always try to find the best deals in the market.
5.How can I save money by using GoBear?
Being able to compare means you get a clearer picture of the market and it leads to a smarter decision.
You can save money by being able to compare insurance plans and their fine prints, and you can also compare various credit card promotions and rewards.
Once you have made your comparison, you can find the best solution for yourself and your family. You can then choose what best fits your needs, pocket and sanity.
6.Can I also compare GoBear on my mobile device?
Yes! GoBear is first and foremost designed for mobile, because on-the-go solutions fit perfectly into your busy life.
We are constantly innovating to ensure that you can compare insurance plans 24/7 on any of your devices.
Real-time data means that the insurance details are constantly updated.
7.Can I save my quotes somewhere?
Yes, you can.
Simply create an account with us and enjoy added functions like being able to come back later and compare pre-selected policies side by side.
You can find the sign up info at the top of the website or in the menu on your mobile device.
8.How can I make sure that I don’t only get the cheapest quote but also the best quote for my needs?
GoBear searches in a smart way, which enables you to make better choices. You'll enjoy greater transparency when you filter by quotes, ratings and peer reviews. The filtering system ensures that you find the best deals to meet your needs.
9.Can I talk to a Customer Service agent to help me with the comparison of my insurance?
We don't sell insurance. That is why we are unbiased. We are not an insurance company, broker, agent or intermediary, and we do not advise on the suitability of the products.
This means that we do not have agents on hands to discuss insurance policies and give you value judgments. If you have any questions about a particular policy, please contact the insurer directly. You will find their telephone number once you click through to the insurer’s website.
10.Can I share my search results with my friends and family?
Yes. You can send the comparisons to yourself, your friends and family by email.
11.How updated is the data on your site?
Our website updates 24/7 with the latest insurance data. However, bear in mind that this is dependent on the input given by the insurance companies and banks, information from their respective websites as well as brokers' time of informing.
12.How will I know if my insurance still meets my needs?
It is always a good time to reassess your current insurance plans. GoBear will help you to find the latest prices, best insurance deals and added benefits available.
13.Why do I need to buy travel insurance?
A travel insurance may cover the high costs that can be incurred from any unforeseen circumstances such as luggage loss, cancellation of your trip, serious illness, accidents, etc. It provides you with peace of mind and pocket.
14.What are the different types or categories of travel insurance?
Travel insurance categories include: one way trip, single trip, annual trips, individual trips. Below are the most commonly used categories and plans explained in detail:
1. Single trip: A short term policy that covers a specific trip, usually always commencing from and returning to Malaysia.
2. Individual Plan: It covers the policy holder or an individual person.
3. Annual Cover: A policy issued for a 1 year period covering trips commencing from and returning to Malaysia. This insurance will cover the insured person only.
4. Family Plan: A policy insurance covering the policyholder and his immediate family i.e. his legitimate children and his legal spouse. Some insurers put a cap on the number of insured persons under this plan.
15. What do I have to take into consideration before choosing a specific travel insurance plan?
For specific advise you should always liaise with an insurance company or broker (which we are not) but in general it's recommendable to check certain needs and expectations you have before taking a decision such as:
1. Do you travel alone or with your family? How frequently do you travel?
2. Which country are you travelling to? Do they have access to good hospitals, medical facilities? Will you be travelling to more remote areas where there could be malaria, natural disasters, etc.?
3. Are you travelling within Malaysia? If you are, then you should be looking at plans that include domestic coverage.
4. Are you travelling for pleasure or business?
5. What sort of activities will you be undertaking? Skiing? Diving? Adventure?
6. What is your budget?
7. What are your expectations? Do you only require personal accident and medical expenses benefits, or do you also need coverage for repatriation, delayed departure, trip cancellation, loss of baggage or travel documents, etc.
16.How does GoBear compare credit cards?
Our goal is simple: to show you the most transparent and unbiased comparison that suits your needs, not anyone else’s. Here is how:
1. Search by reward types
What to be gained in return is generally what credit card users concern most – GoBear gets it! Start your search by selecting your preferred reward type: cashback or air miles.
2. Calculate annual rewards based on your spending needs
To help you find your best credit card, you are asked to input your monthly spending amount with an option to break them down into categories like dining, entertainment, fuel, general, groceries, online shopping, shopping, as well as telco and town council. Refer to What is definition of each spending category and what is included in your rewards calculation? for details of shopping categories.
With your input plus what we call the GoBear Rewards Converter, we will calculate your estimated annual earnings on cashback and air miles based on your monthly spending over a period of one year. How we do it is basically by converting the different credit card reward points based on average cash values or actual air miles you can redeem. Please refer to Which airline miles do you use in your total air miles calculation? for more details on air miles
3. Compare reward earnings vs other benefits, features and fees
To give an all-rounded comparison, we also showcase a directory of other features, benefits and fees each credit card introduce.
17.What is definition of each spending category and what is included in your rewards calculation?
Dining: weekend and weekday dining (if you get awarded at different rates, the average applies)
Entertainment: ticketing for cinemas, bars or events (or either of them)
Fuel: includes card-specific rewards, miles or cashback gained from spending on fuel
Groceries: grocery spending at multiple outlets
Travel: 50% overseas spend and 50% travel-related spending e.g. flight, hotel
Online Shopping: all spending on online shopping
Shopping: all spending on retail shopping
General: all other spending (except cash advances)
To give a clear comparison, the followings is excluded:
- Nominal discounts for fuel
- Bank-wide discounts for fuel
- Bank deals with specific merchants
- Any ad-hoc promotions, unless they are quantifiable as an annual bonus related to a minimum spend in the first year.
18.There are other comparison sites, why should I use GoBear to compare credit cards?
Four words: transparent, unbiased, personalised, coverage.
GoBear credit card comparison is displayed based on your personal input and selections. We don’t “pre-rank” the card listing and indirectly tell you which card to pick. You also find no advertisement on our site unlike other comparison websites.
We currently also cover the largest range of credit cards to give a thorough comparison. Click on our sitemap to view a full list of the cards available.
19.How accurate are the total air miles or cashback calculations?
At GoBear we make best efforts to make our calculations accurate. Firstly, we ensure the data collected from the credit card issuers as well as our calculation engine are updated as constantly possible. Secondly, the input you provide on your monthly spending breakdown is obviously crucial for a more spot-on calculation. Having said that, there are certain personal spending patterns, specific merchant deals or rewards that we do not include in our comparison because our goal is to give you an apple-to-apple comparison. GoBear’s advice to you is to treat the total annual cashback and total air miles earned as one of the considerations during your comparison process. Click on More Details to learn more about the limitations and benefits of each individual card.
20.What should I look out for when comparing between rewards, cashback or miles cards?
Firstly, you must understand what each card offers:
Rewards Cards: Reward cards earn you rewards that are specific to your card issuer (e.g. CitiDollars). These rewards are collected while spending money on your credit cards and can be exchanged for either vouchers, cash or air miles.
Cashback Cards: Cashback cards offer you a percentage of your total spending on this card. Depending on what you spend your money on, you could earn up to 5% cashback on your credit card.
Miles Cards: Miles cards earn you miles, which can be exchanged for frequent flyer miles at selected airlines. Most Malaysian banks have deals with Enrich and One World.
When comparing these 3 card types, you should keep in mind that rewards cards may not instantly give you “miles” or “cash” and sometimes a conversion rate applies when redeeming for these rewards. However, this does give you the option to choose your rewards or benefits at a later point of time.
Pure miles and cashback cards do not offer this flexibility but often offer better conversion rates. Cashback cards are loved by those who like instant “cash discount” from a bill.
21.Which airline miles do you use in your total air miles calculation?
GoBear has chosen Malaysia Airlines's Enrich miles as the basis for our total air miles calculation. Why Enrich? It’s one of the most popular frequent flyer programs and currently , a majority of different credit card miles can be redeemed to Enrich miles. For any card that has multiple redemption options, it is highlighted in More Details section.
22.What are other items I should take note of when comparing credit cards?
Most cards waive their annual fees for the first year, some credit card issuers may waive it for multiple years or even perpetually.
Keep in mind that if spending per year on the card doesn’t reach the minimum spending set internally by the credit card issuers, you may be charged the full annual fee the following year.
However, often you will be able to convince a bank to waive your fee even if you did not reach the minimum spending. No harm to try we say!
Interest rates on outstanding credit card balances range from around 8% to around 15% in Malaysia. Almost all cards have an interest-free period, which means you have some time to pay off your outstanding balance before interest kicks in.
Not all cards have the same interest rates, if you are often late in paying your balance it would be wise to choose a card with a lower interest rate and save yourself hundreds of ringgits per year.
Minimum Monthly Repayment
The minimum monthly repayment is approximately 5% of the outstanding balance or at least RM50.
Best is to avoid outstanding balances altogether to reduce the interest “surprise”. See details from Interest Rates.
All credit cards allow advanced cash withdrawal from an ATM, however, you will pay an initial fee that could range between RM15-25 or 5% of the withdrawn amount. Also, the interest rate on cash advances could be higher than the standard interest rates. Refer to Interest Rates.
Cash advance is different from payment and it also is subject to a higher interest rate than what you spend on retail. GoBear’s advice: do not use your credit card at an ATM unless absolutely necessary.
23.What can I use personal loan/finance for?
A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialized loan products available if you need to finance your renovation or education.
24.Who can get a personal loan/finance?
To qualify for a personal Loan/finance you need to be:
- A Malaysian or a Malaysian permanent resident.
- Aged between 21–65.
Also, you will need to earn at least
- RM 9,600 per year if you are a Malaysian.
- RM 24,000 per year if you are Permanent Resident in Malaysia.
25.Why should I create an account?
Here are some useful benefits if you create an account
1. You save time by only entering your details once
2. You can save and retrieve quotes
3. We keep your personal details safe
4. You can control your preferences
26.What is the difference between a personal loan and personal finance-i?
Personal loan: This is a lending facility which disburses you a certain amount of money, which you will have to repay over a certain tenure with interest based on your Principle amount
Personal Finance-i: This is a finance facility that functions according to the principles of the Shariah. Instead of paying interest like a personal loan, you pay a percentage of profit over an asset that the bank has bought on your behalf. Two main Shariah principles that Banks apply is Murabaha and Bai al Inah.
27.What documents are required for a personal loan/finance application?
- Photocopy of your NRIC (both sides)
- If you are a salaried employee, you’ll need proof of your income. Banks accept a variety of documents to verify this, such as salary slips, tax returns, EPF statement or bank account statements. Depending on the bank, they will require a combination of these documents.
- In addition, if you are applying for a loan only available to Public servants and GLC employees or other special private enterprises, you often need to provide proof of employment letter by your employer
- If you are self-employed, you’ll also need proof of your income. Banks accept a variety of documents such as Business registration certificate, Bank statements (usually 6 months), Tax declarations and EPF statements. Depending on the bank, they will ask you for a combination of these documents
28.How much can you borrow with a personal loan/finance?
Depending on your employment status you can borrow up to 35x your income. However, this is only applicable for Public Servants and Employees. For regular employees of private companies, the maximum you can loan is up to 25x your monthly income. Most banks restrict your loan amount to around 10x your monthly income, so you will have a larger selections of loan/finance plans if you lower the loan amount relative to your income. The maximum amount is restricted at RM 400,000
29.What is my loan/finance tenure?
The tenures for personal loans/finance can range from 6-months up until 10 years for personal loan. The length of the loan, or tenure in jargon, is an important determinant. The longer the tenure, the more interest you will pay.
30.Are there additional bank fees with personal loans/finance?
Some banks charge a fixed processing fee and other banks charge up to 4% of the approved loan amount. According to Malaysian law, there will be a stamp duty of 0.5% imposed on your approved loan/finance amount. Some banks will offer to pay this fee for you.
In addition, you can also incur late payment fees (often a fixed 1% p.a. on the balance that is overdue) or early repayment fees.
31.What is the lowest personal loan/finance interest/profit rate?
Banks revise their personal loan rates from time to time. Personal Loan rates usually range from 3.5%–24% per annum. The loan or finance package you are eligible for depends largely on your occupation
This is the Flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing.
32.What is the Effective Interest/Profit Rate and why is it important?
The effective interest rate takes into account the fact that you are repaying your principal, but your total interest paid will not be reduced. Sounds complicated right?
We’ll give you a short example here.
Imagine you borrow $1000 for two years to buy a new mobile phone at a “flat interest rate” of 5%.
You will be paying $87.50 per month for one year (effective interest rate of 9.10%).
Why is the effective interest rate almost twice as high?
Let’s look at the two different calculations:
1. The loan balance is reduced every month.
((interest rate(%)/12) x loan amount) / (1-((1+interest rate(%)/12))(-loan tenure x 12)
2. The loan balance remains the same during the tenure
((Interest Rate x Years)+1)/(years x 12)) x Principal.
33.Why does GoBear not include the Effective Interest/Finance Rate?
The Effective Interest/Finance Rate is introduced by government agencies to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate.
When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
34.How does GoBear break down the costs?
When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan:
Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment.
Total Payment: Includes all interest paid, all principal repaid and loan servicing costs.
Interest Payments: All interest that you will pay during the duration of the loan
Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees.
The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.
35.Having trouble signing in or retrieving your quotes?
Forgot your password? You can reset your password online.
If you're still having trouble signing into your account after resetting your password, please send an email to firstname.lastname@example.org and let us help you.
36.Where is the GoBear office?
Our Malaysian office is located in:
Level 15.01, 1 First Avenue,
2A Dataran Bandar Utama
Bandar Utama Damansara, 47800
Petaling Jaya, Selangor, Malaysia
Our head office is located in Singapore.
4 Battery Road, Level 28
Call us at +65 3108 0309