What’s Wizitcard? Four essentials you need to know
Heard about Wizitcard but not sure how it can work for you? Here are 4 key things you need to know before you apply.
Sponsored by Wizit, offering flexible and convenient alternatives to traditional credit cards and personal loans. Wizit products include Wizitcard and Powerup.
These days a standard credit card isn't the only option for getting more flexibility with your spending. There are a number of products available designed for this, with Wizitcard being one of them.
If you've heard about the interest-free forever Wizitcard already, but aren't sure how it works or if it's right for you, here are 4 key things to know about the product.
1. It's geared at savvy spenders
The Wizitcard is designed for people who are already fairly savvy with their spending, but just want a bit of extra flexibility throughout the month.
Instead, the card lets you manage your day-to-day transactions and spending by offering a small amount of credit so you can make purchases when you need to and manage your cashflow, even if it's before payday.
When applying for this card, Wizit not only looks at your credit history, but also your ability to pay off the card by assessing your financial situtation.
2. Simple fee structure with no interest
One of the biggest differences between the Wizitcard and a traditional credit card is that it doesn't charge any interest on purchases, ever!
Some credit cards can apply interest rates as high as 23% on the money you owe if you don't pay it back within the interest-free period, which is usually up to 55 days. However in comparison, the Wizitcard doesn't have a set interest-free period and there's no interest rate applied to the money you owe.
Instead, you'll pay a simple $19 monthly fee for each month you use the card and/or have a balance owing.
If you have zero balance and you haven't used the card for the whole of the statement period, you don't pay the fee at all.
You also don't need to repay your balance in full each month, you just need to meet the minimum repayment amounts. This is $45 for monthly repayments, $20 for fortnightly or $10 for weekly, depending on your cashflow and what suits your budget the best.
While there is no interest applied to the money you're due to repay, there is a $1 fee applied for each day your balance is overdue. This amount is capped at $100 per rolling 12 month period and subject to 10 day grace period.
3. You can use your card instantly
After opening the account you'll be able to start using the digital card instantly via Apple Pay or Google Pay, no need to wait for a physical card to arrive in the mail.
While it's not a traditional credit card, you can use your Wizitcard anywhere that Mastercard is accepted (which is basically everywhere!) and keep a close eye on your spending and repayments via the Wizit app.
4. Access more money if you need it
While the Wizitcard is designed to assist with smaller day-to-day transactions, if you need access to more money one month you can apply for Wizit's other product, Powerup, a separate line of credit.
When you utilise Powerup, you'll have access up to $30,000. Credit limits and interest rates will be based on your financial situation.
Transfer available funds from your Powerup account directly to your bank account. If you have a Wizitcard, required funds can be instantly transferred from your Powerup account.
Interest is only charged on funds you transfer from your Powerup account.
If you're looking for a bit more flexibility with your spending but don't like the idea of a traditional credit card, a product like the Wizitcard could be a good option for you.
Get started with the Wizitcard today
Sponsored by Wizit, offering flexible and convenient alternatives to traditional credit cards and personal loans. Wizit products include Wizitcard and Powerup.
