When you’re searching for credit options, it’s always a good idea to compare credit cards and express loans to ensure that you’re getting the best deal that works for you best. Not all money lenders are alike and not all credit cards come with the same benefits and features. Here we’ve put together some general information that may help you decide between a personal loan vs credit card and then compare your credit card options to secure the best deal for you.
Comparing credit cards and credit card providers are about more than just checking the advertised interest rates. Interest rates are fairly comparable between providers and securing the lowest possible rate can save you money but it’s worth considering a few other things first.
1. What do I need my credit card for?
Thinking about why you want a fast approval credit card will help you find the kind of provider that suits you best. If you’re looking for fast cash to help you with some ongoing costs like medical expenses or other living expenses, then you may want to consider an interest-free credit card. Many providers, including MoneyMe, offer interest-free periods on purchases made with your credit card to help lower your fees and charges. For example, as a MoneyMe customer with a Freestyle virtual Mastercard®, you can access up to 55 days interest-free. When you repay your credit balance within this period, you don’t pay any interest on credit funds that you have used. When considering credit cards and providers, check how much you can afford to repay on your credit balance each month and decide whether interest-free periods can work for you.
2. What do I need my credit card for?
A credit card comes with a revolving line of credit which means that when you repay part or all of the credit balance that you have used, those funds become instantly available again. This can make them a great way to cover your day to day living expenses throughout the month. You can set yourself a clear budget for things like entertainment costs, petrol and groceries, as well as bills and other incidentals, and then at the end of the month (or your next pay cycle) payout the balance that you have accrued. This ensures that you’re making the most of your interest-free period and keeping within your living budget.
When it comes to credit limits, you can keep a little left on your card for emergency spending to give you peace of mind when life’s little moments happen like needing urgent repairs around the house or to your car.
MoneyMe has developed an instant credit card approval process that gets you fast cash when you need it. Completing and submitting your credit card application online with MoneyMe takes you just minutes from start to finish. Approvals are fast, usually returned to you within the hour when you apply during our business hours. When you’re approved, we’ll let you know the credit limit that we have offered you. You can, at any time, apply to have your credit limit increased or decreased quickly and hassle-free from your MoneyMe dashboard, available on your smartphone. The Freestyle virtual Mastercard® is available for balances between $1,000 and $20,000.
3. Credit card features
Other things to compare between credit cards and providers include the features list. Check whether the advertised interest rate is introductory only (you will usually find introductory rates on balance transfer promotions), annual and monthly fees, and other fees and charges like late payment fees, cash advance fees (and interest rates), fees charged for exceeding your credit limit and fees for using your card overseas.
Shopping for a credit card can seem a bit overwhelming at first. There are a lot of providers and it might be tempting to choose your everyday bank option. It can certainly be tempting to simply apply for the first option that comes your way. Taking some time to quickly evaluate not only credit card options but also the providers can offer you a range of benefits:
Choosing the right credit card comes down to ensuring that all of your financial needs are met. Not everyone lives or manages their money the same way. Not all people need money for the same reasons. The ideal credit card is the once that works for what you need. That might mean lower annual fees or monthly fees, or that might be longer interest-free periods.
If you’re considering buy now and pay later options, it’s worth bearing in mind that the Freestyle account with MoneyMe actually offers you a longer interest-free period than most buy now and pay later services. If you’re repaying fortnightly, for example, over 4 fortnights then you’re really only accessing 42 days of interest-free time. When you choose MoneyMe, you can access up to 55 days interest-free instead as well as knowing that your Freestyle account is powered by Mastercard so will be accepted a lot more places.
Finally, Freestyle is made for the Gen Now credit user. We don’t send you a plastic bank card that you need to keep in your wallet. Instead, Freestyle is an online credit card and lives in your smartphone. You can use it wherever Tap n Pay is accepted as well as for online shopping. You can even transfer cash directly from your Freestyle account to your everyday banking account (or another person’s) when you need a quick cash loan between pay cycles.
To be eligible for any of our credit products, including our range of personal loans, you must be at least 18 years of age, currently employed and a permanent resident in Australia. Applications are completely online and take you just minutes to complete and submit. We specialise in low doc personal loans and credit, so we won’t ask you for reams of paperwork. Instead, we verify your application details completely online. You’ll be asked to input your online banking credentials at the end of your application. This gives us access to a PDF format 90-day banking statement which will verify your salary and your living expenses instantly. This is why we can offer an instant credit card approval process and we save you time and frustration with every credit application you make with us.
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5 Applications are subject to eligibility criteria including credit approval. Other terms and conditions may apply. 6If not repaid after 55 days, interest rate of 16.99% p.a. will apply.