MoneyMe Freestyle Virtual Mastercard

Key features

If you like the idea of online-only banking and are in need of some plastic, then you might want to consider the MoneyMe Freestyle Virtual Mastercard credit card. There’s up to 55 interest free days, the ability to pay via Apple and Google Pay and a purchase rate from 14.99% to 19.99% p.a. depending on credit assessment. And as the name suggests, this is a virtual credit card, meaning you'll be able to manage your entire account through the MoneyMe app. 

One unique feature of the Freestyle Virtual Mastercard is its 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 

It’s also worth noting that this credit card also comes with a $5 monthly fee if your balance exceeds $20 (fee is waived for balances under $20), giving you a good incentive to ensure your balance is paid off in full every month. Applying for this virtual plastic takes as little as five minutes, plus you could be approved within 60 minutes! 

Freestyle Virtual Mastercard customers are also able to transfer funds into any bank account, no matter which bank you’re transferring to. Just keep in mind that this is MoneyMe’s version of a cash advance, there is a 19.99% cash advance rate and a 1.50% cash advance fee. 

Other fees to keep in mind are the $15 late payment fee and the 2.99% foreign exchange fee that’s charged for purchases made on international websites or if you take the card overseas.

Who is it good for

The MoneyMe Freestyle Virtual Mastercard credit card could be a good option for Aussies who prefer to keep their banking entirely digital. And with the option to have a $0 monthly fee for balance under $3,000, this card could also benefit spenders who only plan to use it for smaller purchases.

To be eligible, applicants will need to tick a few boxes, including earning more than $25,000 a year, having a VEDA above 600, and not having any serious blemishes on their credit file. For a full list of requirements, visit the MoneyMe website.

Any catches

There’s no denying the innovative edge the MoneyMe Freestyle Virtual Mastercard offers, however you will need to be careful with how you use it. If you do need to transfer some of the funds into your bank account, you will immediately be charged the 19.99% cash advance rate (plus a 1.50% cash advance fee). 

There is also a $5 monthly fee for balances over $20, so be sure to always pay the balance off in full every month to avoid this.