MoneyMe Freestyle Virtual Mastercard

Offers fast approval and lets you shop straight from your Apple or Android device, but check if an annual fee applies, as it's based on your credit limit.

The MoneyMe Freestyle Virtual Mastercard offers a line of credit from $1,000 up to $20,000 and charges a $0, $49 or $149 annual fee depending on the limit you choose. You can use your card to shop or transfer money straight away through Apple Pay and Google Pay.

This card is designed to make it easy for you to apply and cuts out the time you'd normally have to wait for a physical card to arrive. Another unique feature is the ability to send money directly to friends or to your own bank account with peer-to-peer transfers. But as the annual fee and monthly fees vary depending on your credit limit and balance, it's worth checking these details to decide if it's what you want.

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Amy Bradney-George

Last Updated Mar 3, 2021

16.99% p.a.

Purchase rate

$0 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	MoneyMe Freestyle Virtual Mastercard
Purchase rate	16.99% p.a.
Annual fee	$0
Interest-free period	Up to 55 days on purchases
Cash advance rate	16.99% p.a.
Min credit limit	$1,000
Max credit limit	$20,000
Card type	Mastercard
Foreign currency conversion fee	2.99%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

Line of credit up to $20,000
Annual fee from $0 to $149 depending on your credit limit and history
Ability to transfer money to friends or your bank account

Cons

Charges a 2.99% foreign transaction fee
Charges a $5 monthly fee if your balance is over $20 on top of any annual fee

Bonus points	N/A

Annual fee	$0
Late payment fee	$15
Foreign currency conversion fee	2.99%

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The MoneyMe Freestyle Virtual Mastercard gives you a way to ditch plastic cards completely, with a digital-only card that you can access through Apple Pay or Google Pay within minutes of being approved. You can also get credit back on your account when you shop with over 1,400 partner stores – including Apple, THE ICONIC and David Jones.

This card charges an annual fee based on your credit limit, which you can request when you apply. From $1,000 - $3,000 you pay no annual fee. For a credit limit of $3,001 - $5,000, the annual fee is $49. If you get a credit limit between $5,001 - $20,000, you'll pay a $149 annual fee. You can also request a change to your credit limit once you have the card.

Keep it mind that it also charges a monthly fee of $5 if you're carrying a balance of over $20 and a purchase interest rate of 16.99% p.a., so it's wise to pay off your balance in full as often as possible.

How to apply

If you meet the eligibility requirements and have the key documents and details on hand, you can apply for the MoneyMe Freestyle Virtual Mastercard online in a few minutes.

Eligibility criteria

Income. You must have a regular source of income.
Residency. You must be an Australian citizen, permanent resident or hold a current long-term visa (12 months or more).

Credit history. Applicants are required to have a good credit score, with no history of bad debt or payment default.
Age. You must be at least 18 years of age.

Required documents

Bank statement. During the application, you'll need to upload a bank statement.
Personal details. You'll need to provide personal details such as your full name and address.
Identification. You'll need to provide proof of identity such as your driver's licence or birth certificate.
Proof of income. You'll be asked to provide proof of income and employment (such as recent pay slips).

Card benefits

Credit limit from $1,000 up to $20,000. There are 3 available credit limit ranges to choose from and you can request the limit best suited to you when you apply. The default option during the application is the maximum $20,000 and you have the ability to request either of the lower ranges. Note that the actual credit limit you get is subject to lending criteria and approval. The card's annual fee also depends on your approved credit limit.
- Credit limit $1,000 - $3,000: Annual fee $0
- Credit limit $3,001 - $5,000: Annual fee $49
- Credit limit $5,001 - $20,000: Annual fee $149
Virtual card only. Since there is no physical plastic card for this account, you'll need to have a device compatible with Google Pay or Apple Pay to make purchases. As soon as you're approved, you can add the card to your digital wallet and shop or transfer money straight away.

Peer-to-peer transfers. Transfer money to friends or your own bank account in just a few taps using your MoneyMe Freestyle Virtual Mastercard. With this feature, you can easily send money to a friend using your mobile. Note that transferring money from your credit card will count as a cash advance transaction, which attract interest charges at the 16.99% p.a. rate straight away.
MoneyMe Perks. This exclusive feature gives you a way to get credit back when you shop with over 1,400 partner stores, including Apple, THE ICONIC, David Jones, Myer, Cotton On, eBay and more. Just log into the MoneyMe app, browse deals, pay with your Freestyle credit card and the money will be credited back to your account.
MoneyMe app. Download this application and you will easily be able to manage your repayments and credit limits using your smartphone. You can also use its Tap n Pay feature for your online purchases.

Rates & fees

Annual fee. This card charges an annual fee between $0 and $149 depending on your credit limit.
Monthly fee. As well as the annual fee, there is a monthly fee of $5. This will be waived if your balance is less than $20.

Purchase interest rate. Purchases attract a 16.99% p.a. interest rate.
Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 55 days interest-free on purchases.
Cash advances. If you use your card to make a cash advance, such as an ATM withdrawal or a transfer between accounts, you'll be charged an interest rate of 16.99% p.a.
Currency conversion rate. When you use your card to make a transaction in a foreign currency overseas or online, you'll be subject to the prevailing Mastercard exchange rate at the time plus 2.99% of the transaction value.
Minimum limit. The minimum credit limit available on the Freestyle Virtual Mastercard is $1,000.

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MoneyMe Freestyle Virtual Mastercard