Everyday Credit Application

If you’re seeking a flexible, modern credit solution, you’ve come to the right place.

MyOzMoney offer everyday credit solutions with paperless applications – from credit cards to personal loans up to $50,000. We’ve made getting cash now easy.

To find out how much you might be approved for, complete your everyday credit application online at MyOzMoney today.

What is everyday credit?

Before you complete your credit application, it’s important to understand what sets each different credit product apart.

The biggest difference between a credit card and a personal loan is that with a credit card you get access to a credit limit that you can utilise as and when you need it, and with a personal loan you get a lump sum of cash that you’ll repay in regular installments.

For credit cards you only pay interest on the outstanding balance if you don't clear it in full by the due date, whereas for personal loans the interest is typically charged based on the principal amount you borrow (the initial lump sum you receive) in regular instalments throughout the life of the loans. This makes credit cards suitable for everyday expenses and offering flexibility in managing short-term needs or emergencies. Personal loans are often used for larger, one-time expenses, such as home renovations, a wedding, major purchases such as a car, or debt consolidation as they provide structured repayment terms. When you repay your credit card, the credit immediately become available again for use. This is different from a loan, where you are given the full amount of cash upfront then pay it back over time while it accrues interest.

Why should you apply for a credit card?

Because of its flexibility, a credit card can be a great option to cover everyday expenses and smooth out your finances, especially if your employment tends to be cyclical, seasonal, or have gaps, such as freelance work. It can also be a great backup when the unexpected happens and you find yourself in sudden need of quick cash in an emergency. Because credit cards are not secured, you won’t need any collateral to support your application.

Where before you might have considered applying for quick cash loans if you were in need of easy finance or to borrow money for debt relief or to help with things like bond assistance, a cash advance, medical loans – a credit card means you’ve got cash available to you, whenever you need it.

What are the benefits of applying for a credit card?

When you make an application for a Freestyle credit card, it’s important you know exactly what features you’re getting when you sign up:

• 100% online application process – no phone calls, no paperwork, no fuss;
• Unsecured credit. No collateral required;
• Fast approvals and instant access to your digital credit card;
• Enjoy more ways to pay
• • Use your digital credit card to Tap n Pay in store anywhere Mastercard is accepted
  • Go online shopping using your card details, or
  • Use your credit limit to transfer to any bank account;
• Interest free terms;
• Easily manageable from the convenience of your smartphone - no physical credit card taking up space in your wallet!

How does the repayment process work?

If you’re successful with your credit card application, you’ll be able to take advantage of our flexible customer-friendly repayment plans to make your credit line payments.

Much like with a personal loan, you will be required to pay a minimum amount monthly toward your outstanding everyday credit balance. You’ll have the option to pay early, reschedule payments, extend your payment plan or even break down your monthly repayments – all from the convenience of your phone.

What documents do you require to apply for a credit card?

Completing a credit card application is easy! The process takes less than five minutes and once approved, you can start using your card immediately.

To be eligible, you’ll need to have a stable source of income, be 18+ years old and be an Australian citizen or resident for tax purposes.

As part of your application, we will look at your recent bank statements via a safe and secure portal with bank-level encryption, eliminating any messy and time-consuming admin on your part.

We’ll ask you to tell us about your income and employment, regular expenses like rent or mortgage repayments, utility bills, subscriptions, insurance, and groceries – as well as any liabilities like existing credit cards or other loans.

We’ll also check your credit score and your credit history. This, combined with the information you supplied around your income and expenses, will help determine the success of your application, and the credit limit awarded.

But if you’re worried that your credit score has taken a few hits, or this is the first time you’ve applied for a credit card, don’t sweat it! Thanks to Comprehensive Credit Reports (CCR), every time you meet your credit repayments, you’re demonstrating positive credit behaviours – and these are now being recorded on your credit history, along with any defaults and new applications for credit. So, every time you make an on-time repayment, it’s helping you to improve your credit health – and increasing your chances of gaining approval for higher credit limits and lower interest rates in the future.