Question 1

Credit Card Basics

Accepted Answer

How do credit cards work?

A credit card lets you borrow money from a lender and use it for purchases or transactions, offering a flexible way to manage finances. This revolving line of credit comes with a specific credit limit. Your credit card repayments and associated fees vary based on the type of card and your usage.

What are the different types of credit cards?

Explore options like low-rate credit cards for flexibility, rewards credit cards to earn points, or travel credit cards for frequent flyers. Each type suits different spending habits and financial goals.

Where can I use a credit card?

Use a credit card for everyday transactions, large purchases, or cashless payments for added security. Many cards offer perks like rewards points, frequent flyer miles, or cashback on eligible purchases.

How does the interest-free period work?

With the MONEYME Freestyle Virtual Credit Card, enjoy up to 55 days of interest-free purchases if you repay the balance in full on time. Check eligibility and any associated fees for complete clarity.

What’s the difference between Visa and Mastercard?

Visa and Mastercard are payment platforms that enable card transactions. The key differences lie in the perks offered and exclusivity agreements with banks.

Question 2

Application and Account Management

Accepted Answer

Am I eligible to apply for a credit card?

To apply for a Freestyle Virtual Mastercard, you must be at least 18 years old, an Australian resident or citizen, and have a regular income.

Can I get a credit card with a poor credit score?

MONEYME considers factors beyond your credit score, such as your income, expenses, and financial commitments, to assess eligibility fairly.

How do I apply for a credit card?

Apply online or through the MONEYME app for a streamlined process that only takes a few minutes.

How can I manage my credit card account?

Easily manage your Freestyle account through the MONEYME app or Member’s Area to view your transaction history, check your balance, and adjust your credit limit.

Can I pay anyone using my card?

Yes! Use the "Pay Anyone" feature on the Freestyle card to send funds directly to someone else's account.

Question 3

Credit History and Credit Score

Accepted Answer

What is a credit limit?

A credit limit is the maximum amount you can borrow on your credit card, determined by factors like your income, credit history, and credit rating.

How do credit card companies determine a credit limit?

Lenders assess your repayment ability using your credit history, income, and financial commitments to set a credit limit tailored to you.

How can I increase my credit limit?

If eligible, you can request a higher credit limit. Lenders typically review your repayment history and existing financial stability before approval.

What are the costs associated with credit cards?

Common fees include annual fees, late payment fees, and foreign transaction fees. MONEYME’s Freestyle card charges a 2.99% foreign exchange rate plus the Mastercard rate for international transactions.

What is a late payment fee?

Failing to meet your minimum repayment can result in a late payment fee of up to $35.

Can I pay off my credit card earlier?

Yes, you can pay off your balance early without incurring any additional fees.

Question 4

Other Queries

Accepted Answer

What happens if my credit card is lost or stolen?

Report a lost or stolen device immediately. With the Freestyle Virtual Mastercard, there’s no physical card to lose—it’s stored securely on your phone.

Can I use my credit card abroad?

Yes, you can use your Freestyle card for international purchases. Fees include a 2.99% foreign exchange rate plus the prevailing Mastercard exchange rate.

How can I make a complaint?

Contact MONEYME via email or phone to lodge a complaint. We aim to review and resolve concerns promptly.

Question 5

Secure and responsible personal lending

Accepted Answer

MONEYME uses the same strong security measures as banks and other reputable companies. When you take out a personal loan with MONEYME, you can rest assured that your security is our priority.

During the application process, we use fast and secure Illion technology to access 90 days of your bank statements online in a matter of seconds. This means there’s no paperwork required, and our online application form takes just minutes to complete. The information is read-only, which means we do not access your login details and cannot, in any way, alter your bank account.

Question 6

What is a comparison rate?

Accepted Answer

Comparison rates are designed to help customers understand the true cost of a loan. Most loans come with a range of fees beyond just the interest rate offered, and so to help consumers make more informed decisions, the comparison rate includes the interest rate as well as any fees associated with the loan.

When you receive a finance offer from MONEYME, you can clearly check the comparison rate and total cost of your loan, including the interest rate charged as well as any other applicable fees.

Question 7

How are MONEYME’s interest rates determined?

Accepted Answer

We set interest rates primarily according to the borrower’s credit history. Other factors that can impact the interest rate you’re offered include your total income, debt obligations, and living expenses.

Ensuring that your credit score is as good as it possibly can be is a quick and easy way of giving yourself the best chance for securing the lowest possible interest rate offered. You can check your credit score for free in the MONEYME app, learn what’s impacting your score, and how to improve it.

Question 8

What is refinancing?

Accepted Answer

Refinancing refers to taking out a new loan and using the loan funds to pay off an existing loan. It is typically done to obtain lower interest rates and/or better loan terms.

Refinancing and switching to a lender with lower interest and lower general fees can help you reduce the total interest you pay over the term of your loan. An interest rate difference of even just 1% or 2% could add up over the loan term and result in big long-term savings. This is why it's worth periodically checking that you are getting the best interest rate that you can.

Many of our customers are using a MONEYME personal loan to refinance or consolidate their existing debt. If you’re interested in refinancing or consolidating your debt, you can find out your interest rate and repayments without impacting your credit score and with no obligation to apply. You can do this online or straight from the MONEYME app.

Question 9

What is my credit history?

Accepted Answer

The term ‘credit history’ is usually used to describe how you have managed your credit in the past. Your credit file, also referred to as your credit report, includes information such as how many credit accounts you have, the number of credit enquiries you have made, and whether you are making your loan repayments on time. Past or current loans and credit cards generally form part of your credit file and history.

Your credit report will impact whether you are approved for a loan with us, and the interest rate you are offered. Generally, the better your credit report and credit score, the better your loan offer. Other factors can affect your approval chances and interest rate too, such as your living expenses and your total income.

Question 10

How do I find out what my credit score is?

Accepted Answer

If you are curious about your credit score, you can check it for free in the MONEYME app. You will also be able to see what’s on your credit report, how this is affecting your credit score rating, and what you can do to improve your score.

Your credit score is calculated based on what is listed on your credit report and how you have managed any credit products in the past. Generally, a higher score means lenders will consider you less risky and you may be offered better loan terms, whereas a lower score may both affect your ability to get a loan and the interest rate you are offered.

Question 11

Which credit reporting agencies do MONEYME use?

Accepted Answer

The credit reporting agency we use is Equifax.

Question 12

How to contact MONEYME

Accepted Answer

Whilst we’re completely online, we’re always here to help. You can reach us via phone, email, or by using our LiveChat function. Check our operating hours and contact details here.

Question 13

How is credit card interest calculated?

Accepted Answer

Understanding how credit card interest works can help you make the most of an interest-free credit card like the Freestyle card. Interest is typically charged when you carry a balance beyond the interest-free period. Here’s a breakdown:

Daily interest rate: Your annual percentage rate (APR) is divided by 365 to calculate the daily interest rate.
Daily balance: The provider calculates your balance each day based on new charges, payments, and any remaining amount.
Interest calculation: Each day’s balance is multiplied by the daily interest rate. This is totalled for the billing cycle to determine your monthly interest.

For example, if your APR is 20% and you carry an average balance of $1,000 over a month, your interest would be around $16.44.

Avoid interest by paying in full during the 55-day interest-free period on eligible purchases - a key benefit of using a flexible credit card like the Freestyle Credit Card.

Freestyle Credit Card

A digital credit card for everyday

Up to 55 days interest free

Tap, shop and transfer

Ready to use in minutes, not days

100% digital, zero plastic waste

Interest free days and zero fee options

18.74

23.74

Annual fee

$0 Credit limit up to $3,000

$49 From $3,001 to $5,0003

$149 From $5,001 to $10,0003

Monthly fee

$0 Balance under $20

$5 Balance over $20

Other fees

1.5% On cash advances

Get a credit card in just a few steps

Apply in minutes

Choose a credit limit

Add to your mobile wallet

Like any credit card, just 100% plastic free

A different kind of lender

Quick quotes, fast approvals

Transparent and flexible

Real support, real fast

For people and the planet

Credit card for a rainy day

Trusted by over 110,000 Aussies

Efficient service.

What is a credit card?

Credit card vs a bank card

Everything you need in one app

Purpose-driven and responsible

Frequently asked questions

Freestyle
Credit Card

Up to 55 days
interest free

Tap, shop and
transfer

Ready to use in
minutes, not days

100% digital, zero
plastic waste

Interest free days
and zero fee options

$49 From $3,001 to $5,000³

$149 From $5,001 to $10,000³

Like any credit card,
just 100% plastic free

Quick quotes,
fast approvals

Transparent and
flexible

Real support,
real fast

For people and the
planet

Credit card for
a rainy day

Everything you
need in one app

Purpose-driven
and responsible