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MoneyMe: Bonus $150 Cashback for Approved New Freestyle Virtual Mastercard @ Cashrewards

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First post so go easy guys :). Just received this email from cahsrewards, not sure but could be targeted

Special Terms

The cashback offer of $150 will be paid to the Cashrewards member if the customer is approved for a new Freestyle Account. Cashback will be paid to your Cashrewards account after 30 days of opening your new Freestyle Account. You must have an active Cashrewards account to which the cashback can be deposited.

You are not eligible to receive the cashback if your Freestyle Account is closed or in default prior to the cashback being credited to your Cashrewards account.

The offer is not available in conjunction with any other MoneyMe offer and is only available to new Freestyle customers and limited to a maximum of $150 cashback per customer.

You cannot transfer or assign your right to the cashback to any other person, and we accept no responsibility for any tax implications that may arise from the offer.

We reserve the right to, at any time, withdraw or extend the offer or otherwise vary these T&Cs. Participation in the offer is deemed acceptance of these T&Cs.

The Freestyle Virtual Credit Account is provided by MoneyMe Financial Group Pty Limited ACN 163 691 236 Australian Credit Licence 442218 (we/us/our).

Applications are subject to eligibility criteria including credit approval. Other terms and conditions may apply.


Eligibility Criterias

18+ years
Employed
Earns more than $24,000 per year
Australian resident or citizen
No major defaults or bankruptcy

Referral Links

Referral: random (3180)

$10 for referee and $10 for referrer, after referee makes $20 purchase within 90 days.

Related Stores

Cashrewards
Cashrewards
Marketplace
MoneyMe
MoneyMe

Comments

  • +25 votes

    Except they want the online log in details for your bank accounts to verify your income…

    • +4 votes

      This is such a terrible, terrible idea.

      • +1 vote

        Yep. It will void your insurance in case of stolen card / hack

    • +1 vote

      They want access to your online banking? Oh hell no, not a chance.

    • +2 votes

      do you have the link that says that..

      damn…pretty sure there is a terms and condition in our bank account not to provide login details to others
      and them not being liable for any loss.

      • +1 vote

        Correct, handing out your login details for third party tolls means that some banks will void your protection when your bank account gets cleaned out by a thief

    • +1 vote

      What on EARTH do they need such a privileged piece of identifying information? How is this at all justified?

    •  

      Exactly, they are doing shit technology. Be very careful, if they are under attack, your bank account maybe under risk (if they cache/store a copy of your bank logins on their server). Last time spoke with them for walkaround, they said no. So it's not worth for few $$$ to put my bank account under risk.

  • +3 votes

    Its a type of credit card. You need to apply like other credit cards.

    • +7 votes

      Seems kind of dodgy that they hid the fact that it's a credit card in the fine print.

    • +1 vote

      Except that no other credit card applications need your online login details to your bank account.

  • +3 votes

    Annual fee

    Fee

    Credit limit
    $0
    Up to $3,000

    $49
    $3,001 to $5,000

    $149
    $5,001 to $20,000

    • +1 vote

      There is also a monthly fee of $5 if the closing balance is greater than $20.

    • -2 votes

      So $1 profit if approved for 3 to $5k.

      •  

        5k+, the formatting didn't work out so well in that comment

  •  

    I can absolutely 100% guarantee this is not targeted, it's just an incentive to try and get you to sign up for a credit card.

  •  

    Any trick to see how much you wanna sell your personal info.

  • +4 votes

    No oldies. Max age is 65.

    •  

      That is Active Discrimination, also, when you are on the Pension, you've got a fixed Income.

  •  

    $150 is $150. Does this have any other real costs than time?

    • +17 votes

      You give them full access to your online banking.
      Not happening.

      • +1 vote

        Isn’t the payslip enough? Has anyone tried applying?

        •  

          Tried last time, they accept nothing except the illion system.

          •  

            @xavi3r: illion system

            never of of that system before
            that must be really secure..

            •  

              @pinkybrain: Illion is Dun & Bradstreet Australia rebranded several years ago. Recently I applied for another credit card I think HSBC that requires the same thing, however you can avoid doing this with HSBC by uploading payslips.

      • +5 votes

        Even the Nigerian Prince that emails me from time to time doesn't ask for that. And he is willing to share many multiples of $150 with me.

      • +1 vote

        That's what they email you if you don't go ahead (I asked for an alternative way to verify my income, e.g. pdf version of bank statement to be emailed):

        "Something for you to know:

        We use this technology so we can get back to you with a fast outcome.
        We use bank level encryption to ensure your money is completely safe.
        We're granted read-only access to your bank account, your information is 100% secure."

        read-only - or so they say. A pdf would be read only, too. Just saying. Also doesn't require my online log-in details…

        • +1 vote

          how is is read only if they can login to your bank account

          also pretty sure bank has T and C against liability if you do this..
          either case it is pretty dodgy to request this..

          never heard this done before by and CC company

        •  

          On the website it also says

          "When submitting bank statements online, we use illion’s trusted and secure technology that provides a ‘read-only’ 90-day snapshot in PDF format of your bank statement transactions. That means no one at MoneyMe, or illion, has access to your account or login details – it simply takes a snapshot of your transactions in PDF format. This, along with some personal, employment and spending details is all we need to process your Freestyle application."

          so I guess the illion system accesses your account and creates the PDFs that are sent to moneyme and in theory they shouldn't be storing your login details. Still, no different to me providing that pdf (apart from them knowing it isn't faked)

          Banks say the number one rule is don't give anyone your login details. Makes me wonder too about all the people using cloud based accounting software that wants constant direct access to your accounts to load transactions etc

  •  

    Add to eligibility that you must be over 18 and under 65. though reading the bank account info i would not have joined

  • -1 vote

    $20 referral is back.

  • +2 votes

    Are people serious that you need to put your bank password in the application??

    Lol if so. I can see where they're getting their cashback from.. It's a pyramid scheme! :p

  • +4 votes

    I'm only willing to give my personal details for a free ring sizer…

  •  

    A bit dodgy… they say I am already a member. Guaranteed I've never joined up, so how they have linked my phone no is suss.

  •  

    cybersecurity recommendation, don't apply this if it needs to give out your bank access

  •  

    i agree… too much … this goes against all that 'dont do' cyber safty

    nothing stopping them accessing your account or seeing your other incoming & outgoing.

    (unless you chg your password)

  • +2 votes

    I signed up to their last deal where you get back $250 for $1,000 spend.

    Some key points:
    - The credit amount is seen as a loan rather than a credit card from a Bank Perspective.
    - When you log in with your netbank details, they pull bank statements from the other bank electronically (encrypted), it’s totally safe.
    - Their Call Centre is in Australia and no wait times.
    - You can select your credit limit, so best to stay under $3,000 if you want to maximise your benefit.

    •  

      And no dramas? Does seem to read ok.

      •  

        Yeh I had it open for a week and then closed it as soon as I got the cash back.

  •  

    Someone posted it not long ago. Probably 2 months ago, lots of negative feedbacks

  • +2 votes

    Change your bank account pw after signing up.

  •  

    I am confused with the monthly fee of $5 if balance above $20.
    Let's say my cycle is 1-30 per month, and I get 55 interest free days at max as per the contract.
    So if I buy something for $1000 on 1-Jul and my statement is generated on 30-Jul with $1000 as due amount with due date as 24-Aug.
    Now if I repay all amount before 24-Aug I know there will be no interest.
    But what is the monthly fee. How do I avoid it?
    Does it mean I have to pay off the $1000 before 30-Jul or 24-Aug to not be charged that fee?

    • +1 vote

      Yeh you would need to pay off the balance (or at least $980) before the statement closing period (30/7) to avoid the $5 fee.

  •  

    SO glad to see that it wasn't just my Spideysense tingling that made me quit the application process at the "Give Us Your Bank Login Details" stage….not happening!

    Then received a text that a Rep would call me shortly to help with my application….replied No Thanks! then they texted for confirmation of application cancellation and asked for Feedback why….hmmm

  • +1 vote

    I applied with no worries, change my bank pw right away, got approved then wait for my free$150 in 30days. Let you guys know after…

    •  

      how'd you go?

      •  

        Still waiting for the money, I believe it's 30 days

  •  

    I believe this card has one benefit - it enables you to shop on your phone and get cashback via cashrewards without having to 'activate'. I generally use the desktop to get cashrewards as it is much easier to activate then shop. I see this as a way to access cashback when I can't or don't want to use a desktop.

    Am I correct in my understanding?