4 must-knows about Wizit: How Wizitcard and Wizit Powerup work
Heard about Wizit but not sure what they offer? We take a closer look at how Wizitcard and Wizit Powerup work, and what each one costs
Sponsored by Wizit. Wizitcard is an interest-free credit card with a $19 monthly account-keeping fee. Wizit Powerup is a separate line of credit. Approval is subject to eligibility and lending criteria. T&Cs apply.
Wizit offers two personal credit products – Wizitcard, a 0% interest credit card, and Wizit Powerup, a line of credit that does charge interest.
While they both let you borrow money, each works in very different ways and you apply for each one separately. Keep reading to understand what you'd be signing up for, the fees and costs, and four key things to know about Wizit.
1. Wizitcard is a 0% interest credit card
Wizitcard is a credit card offered through the Wizit website and app, with a credit limit of $500 - $1000.
Wizit issues it as a digital card that you can add to your Apple or Google Wallet and use once your account is ready. You can use it anywhere that accepts Mastercard.
It's important to know that it differs from a traditional credit card in the way that it charges you. The interest rate is 0%. So instead of charging interest, Wizit charges a $19 monthly account-keeping fee, which applies to any month where you have a balance owing on the card.
The flat-fee structure means that the amount doesn't change based on the balance you owe. So an account owing $900 pays the same $19 fee as an account owing $50. If charged every month, the account-keeping fee comes to $228 a year.
If you exceed that limit, then you won't be able to make any further transactions, and Wizit will contact you to discuss your account.
2. Wizit Powerup is a line of credit
Wizit Powerup is a line of credit for amounts between $500 and $30,000.
A line of credit is different to a personal loan. Rather than receiving the full amount as a lump sum with a fixed repayment schedule, you access what you need as you go. You can draw down the balance, up to your approved limit, and you only pay interest on the credit you've used.
Another key difference is that unlike a loan, which has a fixed end date, a line of credit remains available, even after you've made repayments.
It's important to know that, unlike Wizcard, Wizit Powerup charges interest.
Wizit sets interest rates on Wizit Powerup between 19.9% and 47.8% p.a., which is on the higher end. Rates are set based on your customer profile, which is set once Wizit assesses your application.
There's no monthly account-keeping fee and no penalty for repaying early. There is a late payment fee of $1 per day while the account is overdue, which applies after a 14-day grace period. It is capped at $100 per rolling 12-month period, and $0.55 whenever a direct debit fails.
Minimum repayments are dynamic. They vary based on how much credit you've accessed, and how often you receive income.
Learn more about Wizit Powerup
3. Wizitcard and Wizit Powerup work together
First of all – they are separate products, with separate applications, but you can access some useful features if you are approved for both. To do so, you'll need to link them in the Wizit app. Linking Wizitcard and Wizit Powerup enables two things:
Transfers: You can move available Wizit Powerup funds to your Wizitcard or to your nominated bank account. Transfers to your Wizitcard are instant.
Auto Powerup: Wizit describes this as a feature that transfers available Wizit Powerup funds to your Wizitcard when your card isn't enough to cover a transaction. It's available if your Wizit Powerup account is linked to Wizitcard.
Be careful though – The Wizitcard's 0% p.a. rate doesn't apply to funds transferred from Wizit Powerup.
Wizit charges interest as soon as funds transfer from Wizit Powerup to your Wizitcard. Interest only applies to the amount transferred to the card, and is billed to your Wizit Powerup account.
Moving funds back from your Wizitcard to Wizit Powerup is a different process, and slower. You need to lodge a manual request, which is subject to Wizit's approval. So you should take this into account when calculating your ability to repay your credit and interest.
Interest and fees
Given that these are separate products with separate applications, the fees are quite different from one another. Here's what they look like side-by-side, to help you decide if either are right for you:
| Wizitcard | Wizit Powerup | |
|---|---|---|
| Product type | Credit card | Line of credit |
| Credit limit | $500 - $1000 | $500 – $30,000 |
| Interest | 0% p.a. | 19.9% – 47.8% p.a., based on customer profile |
| Ongoing fee | $19 monthly account-keeping fee when a balance is owing | None |
| Late payment fee | $1 per day overdue, 14-day grace, capped at $100 per rolling 12 months | $1 per day overdue, 14-day grace, capped at $100 per rolling 12 months |
| Dishonour fee | $0.55 | $0.55 |
| Early repayment fee | None | None |
| Minimum repayments | $10 weekly, $20 fortnightly or $45 monthly | Aligned to income frequency, varies with credit accessed |
If you're considering either Wizitcard or Wizit Powerup, here are some additional things you should consider to help prevent unnecessary costs building up:
Repayment timing: The $1-per-day late fee starts after a 14-day grace period. So if you miss a payment, paying within the grace period will help you avoid late fees.
Card account-keeping fee: The $19 fee applies during months where you had a balance owing – even if you repay it before the end of the month.
Auto Powerup interest: Interest starts the moment funds transfer – not when you spend them.
Whether either product suits your needs depends on your personal circumstances. Calculate any potential fees and interest against your income and spending to help understand affordability.
Get started with Wizit today
Sponsored by Wizit. Wizitcard is an interest-free credit card with a $19 monthly account-keeping fee. Wizit Powerup is a separate line of credit. Approval is subject to eligibility and lending criteria. T&Cs apply.
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