MONEYME Freestyle Virtual Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The MONEYME Freestyle Virtual Card Review

With the soaring popularity of digital cards in Australia, MONEYME Freestyle Virtual Card entered the market with its enticing flexible features. This card charges an annual fee based on your credit limit. Get approved within minutes and you can use it straight away using your digital wallet to pay via Apple Pay or Samsung Pay.

What we love...

If you are looking for flexible options in using credit, the MONEYME Freestyle Virtual Card has a few ways to do this. What makes this card even more attractive is the speed of its process. Once an application is submitted, you can expect the result within minutes. If you’re approved, you can use it right away using your digital wallet to pay via Apple Pay or Samsung Pay.

In terms of flexibility, it offers its users the option to choose a credit limit based on what they request. This card comes with a unique annual fee tier system, where the amount you pay will be based on the size of your credit limit. From $1,000 - $3,000 you pay no annual fee. For a credit limit of $3,001 - $5,000, the annual fee is $49 while for a credit limit between $5,001 - $20,000, you'll pay $149.

The card offers up to 55 days interest-free on purchases. That means, if you clear your balance by the due date each month, you will have up to 55 days before interest starts accruing on your purchase. This helps you cover day-to-day spending using your virtual card, without having to pay interest for the privilege.

After the interest-free period, you will be charged with a low purchase rate depending on your credit score. MONEYME determines the interest rates that apply which ranges from 14.99% p.a. to 19.99% p.a. based on your credit score. The higher your credit score is, the lower the interest rate that applies. Please see below the corresponding rate on every score range.

• 400-600 VEDA - 19.99% p.a.
• 601-850 VEDA - 18.99% p.a.
• 851+ VEDA - 14.99% p.a.

MONEYME Freestyle Virtual Card allows you to transfer funds to friends or your own bank account within seconds. You can also get credit back on your account when you shop with over 1,700 partner stores – including Apple, THE ICONIC, and David Jones.

Designed to offer a more secure way to pay, this digital card can work well when signing up for subscription services you don’t plan on continuing, or when buying something online from a retailer you’re unsure of.

What's not so great...

MONEYME Freestyle Virtual Card also charges a monthly fee of $5 if you're carrying a balance of over $20 and a purchase interest rate of up to 19.99% p.a. Thus, it's best to settle your balance all the time.

Additionally, 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 transactions.

Why should you choose this card?

If you are into utmost convenience, easy application, fast approval, and more secure transactions, you can opt to use a digital card. MONEYME Freestyle Virtual Card offers similar features to any other credit card, absent the plastics.

Before applying and making a decision on whether this card is right for you, remember to check the eligibility criteria:

• Aged between 18-65 years old
• Employed with income over $25,000 p.a.
• Not on government or Centrelink benefits
• Veda credit score above 600
• No serious marks against their credit file (Default, Bankruptcy, Judgements, Serious overdue account)
• No previous application declined in the past 365 days

Overall rating

Despite being designed for tech-savvy consumers, this is a simple credit card that keeps it real, the MONEYME Freestyle Virtual Card has a competitive rate on purchases, flexible annual fee tier, and up to 55 days interest free on purchases.