The Skye Mastercard
Offering all the convenience of a credit card, Skye Mastercard also provides a wide range of shopper-friendly features. Cardholders can enjoy no international transaction fees, Motion Code technology, 90 days interest free on purchases, interest free shopping via SkyePlans on purchases over $250, and Long Term Interest Free plans on purchases at Skye Retailer Partners.
What we love...
First things first. Who or what is Skye? We don’t blame you for asking. Skye is pretty new to the scene. In fact, Skye Mastercard was launched in 2018 by Flexigroup, putting a new face on Lombard and Once brands. But, just because it’s new – and not offered by one of the big banks – doesn’t mean it hasn’t got plenty to offer.
With a wide range of interest free options, Skye Mastercard is designed to be a shopper’s credit card. If used wisely, it can allow cardholders to enjoy interest-free shopping on everything from their day-to-purchases to big ticket items such as holidays and electronics. It does this in three specific ways.
First off, Skye Mastercard provides 90 days interest free on every card purchase (excluding cash advances). This gives cardholders around three months to pay back their purchases, with no interest to pay. If there is any balance remaining after that 90 day period, it will attract the card’s standard purchase rate.
Alternatively, for larger purchases, there is the option to create a SkyePlan. Any purchases of $250 or more can be converted to a SkyePlan, giving you 9, 12 or 15 months interest free. To do this, simply access your account online via Skye Self Service within 30 days of making your purchase, choose ‘Convert to SkyePlan’ next to the transaction, and choose your plan.
You will pay an establishment fee to access this feature, paying 3% of the purchase cost for a 9 month plan, 4% for a 12 month plan, or 5% for a 15 month plan. You will then pay 9, 12 or 15 fixed equal monthly repayments to pay off the purchase. If you miss a payment, any outstanding amount will attract the card’s standard purchase rate.
Last on the list is the Long Term Interest Free plan, which allows you to purchase items at Skye partner retailers and enjoy interest free terms ranging from 6 to 60 months. With this option, you can choose to make minimum monthly repayments plus extra repayments at any time, or you can set up equal monthly repayments to pay off the purchase within the interest free period.
With either option, you can repay extra at any time, and you can pay off the total amount at any time with no penalty. Interest is only applied to any balance remaining at the end of the interest free term. And how do you apply? You can apply instore, or before you go shopping, at home online.
What’s not so great...
One of the main things to be aware of with the Skye Mastercard is interest. While it may offer a number of options for interest free shopping, cardholders should ensure they repay their purchase before the interest free period expires. With a high standard purchase rate, any balance left unpaid will rack up interest quickly.
Cash advances are also best avoided. Skye Mastercard has an even higher cash advance rate, with interest accruing on cash advances from day one.
Why should you choose this card?
If you want a number of interest free options at your fingertips, Skye Mastercard could be an excellent choice for you. However, it would best suit someone who is organised with their finances. Someone who is able to stick to a repayment plan, to pay off each purchase before it starts accruing interest.
Aside from its interest free purchase options, Skye Mastercard also offers a selection of other features. In terms of card security, it provides all the standard Mastercard security features. On top of this though, it has Motion Code technology. So, instead of having a static 3-digit security code (CVV) printed on the back of the card, its code is always changing.
With a mini-screen on the back of the card, it refreshes the CVV every hour to a new random code. When you provide that code as part of a purchase, the code will be verified by the card provider. But, if the code ends up in the hands of those who shouldn’t have it, as dynamic data, it becomes rapidly unusable.
In addition, Skye Mastercard offers no international transaction fees on purchases made overseas or online at international retailers. Cardholders can also benefit from 24/7 account access via Skye Self Service, backed by worldwide 24/7 hour assistance with Mastercard Global Service for lost or stolen cards, emergency card replacement and emergency cash advance.
Providing a selection of interest free features, Skye Mastercard can help to save on interest, while offering extras such as no international transaction fees and Motion Code technology.