Rates and fees verified as correct at 20 October, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Purchase rate||Balance transfer rate||Annual fees||Interest free days on purchases|
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$209 $0 - $149 based on credit limit, $5/month for balances over $20.
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The MoneyMe Freestyle Virtual Mastercard Credit Account is a virtual card that lives on your smartphone, which provides you with instant access to up to $20,000 once approved.
All you have to do is ‘Tap n Pay’ using the virtual card that’s on your mobile phone either in-store, online, or to send money straight to your bank.
Yes. Unlike a standard personal loan which you’d pay back over a set term - a line of credit gives you access to credit when you need it, so long as it’s within your credit limit.
When you reach your credit limit, you’ll need to repay the amount. Once you’ve repaid the amount you borrowed, it essentially ‘resets’, so the cash becomes available again for you to use without having to re-apply.
Can anyone get a line of credit? Applying for a line of credit generally requires similar qualifications to what you’d need if you were applying for a personal loan or credit card. You must be a resident of Australia that’s currently working and over the age of 18 to be eligible to apply.
On top of this, your creditworthiness (your income, credit history and overall financial wellbeing) will also be taken into consideration when the lender assesses your application.
With the MoneyMe Freestyle Virtual Credit Account, customers can borrow amounts from as little as $1,000 to as much as $20,000.
Some of the features that MoneyMe Freestyle Virtual Mastercard comes with are:
Up to 55 days interest-free on purchases
The ability to pay via Google and Apple Pay
The ability to transfer funds into any bank account from any bank you’re transferring to (16.99% cash advance fee applies).
Annual fees dependant on your credit limit.
Annual fee tier system: The MoneyMe Freestyle Virtual Mastercard comes with a unique annual fee tier system, where the amount you pay depends on the size of your credit limit. The fees are as follows:
$0 for a credit limit of up to $3,000
$49 for a credit limit between $3,001 and $5,000
$149 for a credit limit of between $5,001 and $20,000
Some of the fees that come with the MoneyMe Freestyle Virtual Mastercard are:
$15 late payment fee
2.99% foreign exchange fee when you make purchases on international websites or overseas
$5 monthly fee if your balance exceeds $20 (fee is waived for balances under $20)
16.99% p.a. cash advance fee: Freestyle Virtual Mastercard customers can transfer funds into any bank account from any bank. But be aware that you’ll immediately incur a 16.99% p.a. cash advance fee when you do so
To apply for the MoneyMe Freestyle Virtual Mastercard, you’ll need to be employed, 18 years or older and an Australian resident.
If you’re eligible, all you need to do is fill out a quick online application via the MoneyMe website or the MoneyMe app (available on the App Store or Google Play). Some of the things you’ll need to submit with your application via MoneyMe’s online portal are:
Your personal details
Income and expenses
Generally, you can expect to receive the outcome of your application within a few minutes if you apply within business hours. It could take longer, however, should MoneyMe need to confirm any details or if you apply outside of business hours.
Once you’re approved, you’ll be able to start using your line of credit right away.
Personal details for each applicant: Full name, date of birth, marital status, number of dependants
Contact details: Including your home address, mobile phone number and a valid email address
Details about your residential status and citizenship status
Other information providers may potentially ask for includes:
Proof of salary (i.e. payslips) and evidence of other income including government payments and rental income
Statements for any liabilities including credit cards or other existing loans
A copy of your council rates notice
A copy of your driver's licence or passport
Home loan statements (if you’re refinancing)