MONEYME Freestyle Virtual Card

Offers fast approval and instant-use from your smart device, but check if an annual fee applies, as it's based on your credit limit.

The MONEYME Freestyle Virtual Card 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 get approved for. Plus, 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 your bank account. 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

19.99% p.a.

Purchase rate

$0 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	MONEYME Freestyle Virtual Card
Balance transfer revert rate	Cash Advance Rate (19.99% p.a.)
Purchase rate p.a.	19.99%
Annual fee	$0
Interest-free period	Up to 55 days on purchases
Cash advance rate	19.99% p.a.
Min credit limit	$1,000
Max credit limit	$20,000
Card type	Mastercard
Foreign currency conversion fee	2.99%

Minimum income	$36,000
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 your bank account
Access to MoneyMe Perks

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
No physical card available

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 has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The MONEYME Freestyle Virtual Card 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 that ranges from 14.99% p.a. to 19.99% p.a. depending on your credit score, 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 Card online in a few minutes.

Eligibility criteria

Income. You must be employed with an income of over $36,000 per year. If you receive government or Centrelink benefits, you won't be eligible to apply for this card – here are some other options you could consider.
Residency. You must be an Australian citizen, permanent resident or hold a current long-term visa (12 months or more).

Credit history. You must have no history of payment default, bankruptcy, judgements or serious overdue accounts, and a credit score above 600 with Equifax. You also can't have had a previous application declined in the past 365 days.
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.

Send money to your bank account. Transfer money to your bank account in just a few taps using your MONEYME Freestyle Virtual Card. Note that transferring money from your credit card will count as a cash advance transaction, which attract interest charges at the 19.99% 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 in-store purchases and your card details for 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. The interest rate for purchases is determined by your credit score with Equifax.
- 600: 19.99% p.a.
- 601 - 850: 18.99% p.a.
- 851 and above: 14.99% p.a.
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 withdrawals and transfers. If you use your card to withdraw cash from an ATM or transfer funds to another account, you'll be charged an interest rate of 19.99% p.a. A 1.5% fee also applies.
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 Card