Finding the right credit card shouldn’t be complicated. Whether you’re looking for overall value, cashback on everyday spending, or additional features and benefits, it’s important to understand what you’ll actually get from your credit card. A credit card calculator can help you estimate your potential cashback, calculate your overall value and find a limit that works for you before you apply.

At MONEYME, we keep things simple. Our application is fully online, takes just minutes to complete, and approvals can happen in as little as 60 minutes with access to your card as soon as you’re approved.

How is cashback calculated?

Cashback is calculated as a percentage of your eligible spending.

At MONEYME, you can earn 1% cashback on eligible spending, capped at 1% of your credit limit each month. For example, if your credit limit is $20,000, you could earn up to $200 in cashback per month, or up to $2,400 per year. Your actual cashback will depend on your eligible spend, and may increase during selected promotional offers.

Everyday purchases like groceries, fuel and subscriptions can all contribute to your cashback. The more you use your card for eligible everyday spending, the more cashback you could earn.

At MONEYME, cashback is earned on eligible purchases and credited to your account when you make your minimum monthly repayment on time.

To view ineligible cashback purchases click here.

How much cashback could you earn each month?

How much cashback you could earn each month depends on how you use your card for everyday spending.

If you regularly use your card for purchases like groceries, fuel and subscriptions, these all contribute to your cashback over time. Using your card for recurring payments or as your go-to for everyday spend can help you earn more consistently.

You can also boost your cashback by taking advantage of selected offers and promotions, which may offer additional cashback or bonus rewards on eligible spend.

The more you use your card for eligible purchases, the more you could earn, up to your monthly cashback cap.

How are credit card repayments calculated?

Credit card repayments are usually calculated as a percentage of your outstanding balance or a minimum fixed amount, whichever is higher.

At MONEYME, your minimum repayment is typically 3% of your balance or $30, whichever is greater. Paying only the minimum keeps your account in good standing, but it can increase the amount of interest you pay over time. Paying your full statement balance by the due date can help you avoid interest on purchases.

How does interest work on a credit card?

Credit card interest is what you’re charged when you carry a balance past your due date. If you don’t pay your full statement balance, interest can apply to what’s left, and on any new purchases.

At MONEYME, you can get up to 44 days interest-free on purchases when you pay your previous month’s closing balance in full by the due date. So if you pay it off in time, you can avoid interest altogether and focus on earning cashback on your everyday spend.

If you do carry a balance, interest will apply based on your personalised rate. Paying more than the minimum, or clearing your balance in full, helps reduce interest and overall costs.

How are credit card limits calculated?

Credit card limits are calculated based on a range of factors, including your income, expenses, existing debts, and credit history. Lenders use this information to assess how much you can comfortably afford to borrow and repay.

At MONEYME, we look at your financial situation to determine a credit limit that works for you. You can check your eligibility and see your potential limit before you apply, without impacting your credit score. If approved, you could access up to $20,000, with decisions often made in as little as 60 minutes.

Regularly checking your credit score can help you understand where you stand before applying for a credit card. Your score is one of the factors lenders consider and can influence both your approval and the credit limit you’re offered.

With MONEYME’s free credit score tool, you can easily keep track of your score over time and spot any changes or issues early, so you can take steps to improve your position before you apply.