Freestyle Credit Card - $250 Back with $1000 Spend @ MoneyMe (Annual Fee $0 - $149 | $5 Monthly Fee, if Balance More than $20)

100

Looking through credit cards and this one popped up. $250 if you're happy to take a temporary hit to the credit score although the annual fee wording seems a bit dubious. Would read through the T's&C's prior as the wording isn't as clear cut as other cards.

Limit: Up to $20,000*

Annual fee from $0 to $149 Based on your credit limit and rating
Minimum withdrawal amount is $100
Monthly fee: $5 (waived if your balance is less than $20)
Interest-free period: up to 55 days**
Interest rate: 16.99% p.a.
Credit back: $250*
Other fees and charges may apply.

Related Stores

moneyme.com.au
moneyme.com.au

Comments

  • Free money. Sounds good.

  • What does min $100 withdrawal mean for this product?

    Also if the annual fee is depending on credit score, bit applying this product reduces credit score, will the fee go up afterwards? You're right, it is a bit dubious.

    I find their video ad a bit disturbing - buy things NOW - you'll get credit within minutes.

    Disclaimer: Nothing against OP.

  • Not free money, the annual fee is paid upfront and there's all sorts of other fees. Last time I did the maths even with the cashback, you end up behind

  • Just gave it an attempt:
    Got $15,000 credit
    Annual fee $149
    Monthly fee $5 (could be waived)
    Charged to your Account and payable on the first repayment date in each calendar month if your closing balance is greater than $20.

    I didn't see many benefits so I didn't proceed with the offer.

    And your title is a bit misleading. It's only the monthly charge $0 if balance is less than $20, not $0 annual fee.

    • did they perform a credit check on you to get this offer?

      • I just checked with clearscore, I didn't see a check record. But could be some delays in the system. If you care a lot about credit check record, I suggest you NOT to attempt as the offer isn't that good.

      • Yes, they perform a credit check.
        it is a line of credt

  • Monthly fee on top of (varied) annual fee? Homer don’t like it!

  • I signed up anyway. I was able to adjust my limit down to $1500 and got $0 annual fee.

    • Can confirm this works.

      I reduced my limit down to the minimum $1000, and my annual fee also became zero.

      :-)

      • Spoke too soon. :-(

        Just received an email that my application has been approved, and the limit shown in the email is at the level where the $149 fee is chargeable. :-(

        Luckily, I kept a screenshot showing the $1,000 limit & $0 fee.

        • The call centre lady was nice enough.

          She said that I had been given a higher credit limit because I had ticked the box for 'give me the maximum credit limit'.

          I said that I had moved the slider back to $1,000, and did not want to pay the annual fee.

          She then quickly said that she would give me a choice to either reduce my credit limit below $3,000 (which has no annual fee), or she could waive the annual fee for the first year. I agreed to the second choice.

          • @vikvance: Hi, thanks for the tip… For anyone wondering, I had my approved on 15th September, before they revised their policy and reduced the fees from $250 to $0 for < $3000. I had a chat to them at 7:30 pm and surprisingly someone answered and said that fee will be waived off and the charge will soon be removed from my account within a few days. Cheers!

  • What do they mean by balance? Balance at end of month? So if you pay off at end of month in full no fee?

  • Got an email from cashrewards about this offer, seems pretty tempting if you can get the 0$ annual fee.
    Get card
    Buy $1000 woolies gc
    Pay off $1000
    Spend $250 on whatever
    Close account?

    • Or put another way….

      Buy $1055 woolies gc (actual cost is $1002.25 with 5% cashrewards discount)
      Receive $250 credit back within 3 days of reaching $1000 required min spend
      Pay $752.25 balance
      Close account

      • that's a tidy around $303 profit.

      • Yep that makes more sense! Didn't know the credit is credited so quickly.
        Sounds like a good deal to me, only shame is that I've got a new cc since a few weeks, not sure if I want to/can take the hit on my score

      • look below term… I don't think it works… but do let us know if it does work.

        Eligible purchases do not include fees, cash, cash equivalent transactions or illegal transactions, payments to charities, social service and government agencies, payments for proprietaries and sundries, streaming subscriptions, reoccurring payments or memberships, gambling, adult dating or escort services and refunds debited from the Freestyle Virtual Credit Account.

        Definition of CET
        Gift cards and prepaid cards. Most issuers consider the purchasing or loading value onto a gift card or other prepaid card as a cash equivalent transaction that is subject to the cash advance fee and interest rate.

        • where did you source the "definition of CET"
          Was it from MoneyMe terms and conditions?

          • @watertight: I looked it up out of interest what is a much more accurate definition of the CET.

            A few financial institutes got that or similar explanation. It may or may not relevant unless a direct call to moneyme to confirm but again I read below their staff isn't reliable to give a straight answer.

  • Will the payment at Australia Post fall under government agency?

  • I spoke to a customer service agent and was told that there is no restrictions to the type of purchase. I even posed her the question of whether payment of annual rates by local council will be counted, she said yes. Generally, i don't find any of them knowledgable. What are other people's experiences?

    Will bill payments be counted? One said yes, the other said no.

  • Below is the T&C if anyone interested, personally I think it's quite ok… considering you got whole 12 mths to reach that $1k spend basically anyone can get that $250 back.

    BTW OP, where did you read re the monthly fee $5??? I can't find it anywhere stating that

    Terms & Conditions
    The AUD$250 credit back offer is available for a limited time only when you apply and are approved for a new Freestyle Virtual Credit Account from 1st of September 2020 and spend A$1,000 on eligible purchases within 12 months of card approval. Eligible purchases do not include fees, cash, cash equivalent transactions or illegal transactions, payments to charities, social service and government agencies, payments for proprietaries and sundries, streaming subscriptions, reoccurring payments or memberships, gambling, adult dating or escort services and refunds debited from the Freestyle Virtual Credit Account. The A$250 credit back will be paid as a statement credit to your respective Freestyle Virtual Credit Account within 3 days of meeting minimum spend criteria. Existing Freestyle customers who currently hold a Freestyle Virtual Credit Account, are not eligible for this offer. The credit back offer is limited to $250 per customer.

  • Can rego payment be counted towards eligible spending?