Bank of Melbourne balance transfer credit card frequently asked questions

Information verified correct on September 30th, 2016
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Want to consolidate your debt with a Bank of Melbourne balance transfer? Have all of your related questions answered here.

If you’re struggling with debt on a high-interest credit card, a balance transfer with Bank of Melbourne is one way you could consolidate your debt and pay it off faster. While it can be a useful strategy, there are many terms and conditions you’ll need to familiarise yourself with before conducting a balance transfer with Bank of Melbourne (or any other bank, for that matter). To make things easier for you, we’ve rounded up and answered some of the most common questions our users have around Bank of Melbourne balance transfers.
Bank of Melbourne Vertigo Visa Credit Card

Bank of Melbourne balance transfer credit card

An introductory balance transfer offer that stacks up very well with the market. Transfer of non-St.George and BankSA balances allowed.

  • $55 p.a. annual fee
  • 1% p.a. for 12 months (reverts to 13.24% p.a.) on purchases
  • 0% p.a. for 18 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

Bank of Melbourne balance transfer frequently asked questions

I already have a Bank of Melbourne credit card. Can I turn this into a balance transfer credit card?

Yes, although you won’t be able to transfer debts from existing Bank of Melbourne accounts. If you have a Bank of Melbourne credit card and want to transfer a balance from a credit card issued by another institution, you’ll just need to submit a balance transfer request form to the bank.

This form can be downloaded online, printed out and sent to a branch for processing. Alternatively, you can make a request via the secure Bank of Melbourne online banking website.

Most promotional balance transfer offers are only available to new Bank of Melbourne customers, so you may be unable to take advantage of low interest rates on balance transfers if you’re already with Bank of Melbourne.

Can I transfer balances from another existing Bank of Melbourne credit card?

No. You can only transfer balances from other financial institutions.

Are there any credit card providers that I can't transfer a balance from?

Yes, you can’t transfer a balance from a St.George or BankSA credit card to a Bank of Melbourne card. Learn more about which cards you can and can’t transfer from.

How much can I transfer?

You can transfer up to two credit card debts to your new Bank of Melbourne card. You can transfer from a minimum of $200 up to 95% of the available credit limit on your new Bank of Melbourne credit card. Make sure your card can support your existing balance before conducting the transfer, otherwise the remaining balance will continue to collect high interest in your old account.

How much does a balance transfer cost?

There is no balance transfer fee to roll over any credit card or store card balances to a Bank of Melbourne balance transfer card. However, you will have to meet minimum repayments each month.

How does the balance transfer offer work?

Bank of Melbourne balance transfers allow you to move a debt or debts to a credit card with a low or 0% interest rate for a promotional period. The promotional period will vary from 12-20 months, after which time the promotional balance transfer rate will revert to the standard cash advance rate.

You can request a balance transfer when you’re applying for a new credit card online, in-store or over the phone. When you’re filling out the balance transfer application, you’ll need to provide details about your old account and the balance you’re transferring, so make sure to have these details handy.

How do I use the balance transfer credit card to reduce debt?

If your Bank of Melbourne credit card has a promotional balance transfer offer, you’ll be able to repay your debt without the added cost of high (or, in some cases, any) interest. As the majority of your previous repayments would have been eaten away by interest charges, this means that you can dedicate your repayments to reducing your debt. While you’ll be required to make the minimum repayment each month, it’s recommended to pay more than this amount so that you can repay your debt faster and make more savings. Remember that the promotional rate will be replaced by the revert rate when the offer finishes, so you should aim to repay your entire debt before this happens.

What is the interest rate on Bank of Melbourne balance transfer credit card?

At the moment, all of Bank of Melbourne’s balance transfer credit cards boast a 0% interest rate. However, the length of the promotional period these 0% interest rates are valid for vary from card to card. You can compare these in the table below.

Can I still get interest-free days on my credit card?

While Bank of Melbourne does offer up to 55 days interest-free on purchases, this will not apply while there are still outstanding balance transfer amounts to be repaid.

Once the entire balance has been repaid in full down to a zero balance, any purchases made thereafter will receive up to a maximum of 55 days with no interest. In order to take advantage of the interest-free days, the full balance will need to be repaid each month down to a zero balance on or before the due date printed on the statement.

Will my old credit card be closed once the balance transfer has occurred?

Bank of Melbourne will take care of transferring the balances, but it’s your responsibility to contact the bank or credit card company to close the account yourself if you don’t want to continue paying maintenance fees on it.

Are my payments allocated to different balance amounts first?

Bank of Melbourne will allocate your repayments to the amounts attracting the highest rate of interest first. Once these have been repaid, payments will then be focused on repaying the balance with the next highest interest rate and continue down to the amounts attracting the lowest interest rates. As your balance transfer will have a low promotional rate, balances such as cash advances and purchases will be repaid first.

How much money can I save by using a balance transfer offer?

The answer to this question will depend on the following factors:

  • How much you currently owe on your credit card debt
  • How much interest your current credit card company is charging
  • How much you repay and whether you make more than the minimum repayments each month
  • Which Bank of Melbourne balance transfer credit card offer you select

How do I apply for the Bank of Melbourne balance transfer credit card offer?

If you’ve found a Bank of Melbourne credit card that you’d like to apply for, you can begin your online application by selecting the green ‘Go to site’ button on our comparison tables and review pages. This will take you to a secure online form where you can begin your application. The application should only take around 10 minutes to complete, but make sure you meet the eligibility requirements first. You will need to be older than 18 at the time of application, and you will also need to be a permanent Australian resident.

You will be asked questions regarding your income, employment, assets and other liabilities, such as repayments you make on other outstanding debts. Be sure to have this information handy before you begin the application.

You also need a form of Australian ID, such as a driver’s licence.

During the application, you’ll find a balance transfer option. Select this option. You may also be asked to fill in the details of your other credit card company such as your account number and the amount to be transferred over to Bank of Melbourne.

Once your new credit card is activated, Bank of Melbourne will arrange your balance transfer from your old card for you.

Comparison of Bank of Melbourne credit cards

Rates last updated September 30th, 2016.

Bank of Melbourne Vertigo Visa Credit Card

Intro APR of 1% for 12 months and BT offer of 0% for 18 months extended until 4 January 2017.

September 30th, 2016

Bank of Melbourne Amplify Signature

30,000 bonus points, 1% purchase + 0% balance transfer offers valid until 4 January 2017.

September 30th, 2016

Bank of Melbourne Amplify Platinum

New bonus points offer of 30,000 upon sign-up which is valid until 4 January 2017.

September 30th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
Bank of Melbourne - No Annual Fee Card
No annual fee for life plus a 0% p.a. interest for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
1% p.a. for 12 months (reverts to 20.49% p.a.) 0% p.a. for 18 months $0 p.a. Go to site More info
Bank of Melbourne Amplify Classic - Amplify Rewards
Enjoy a 0% p.a. interest for 18 months on balance transfers and 1% p.a. for 12 months on purchases plus no annual fee for the first year. Also earn Amplify points on purchases to redeem rewards and travel through Amplify Rewards.
1% p.a. for 12 months (reverts to 19.49% p.a.) 0% p.a. for 18 months $0 p.a. annual fee for the first year ($79 p.a. thereafter) Go to site More info
Bank of Melbourne Amplify Platinum
A long term balance transfer offer of up to 18 months with a signup bonus points of 30,000 on eligible spend. Enjoy low interest rate on purchases combined with an annual fee waiver in the first year.
1% p.a. for 12 months (reverts to 19.49% p.a.) 0% p.a. for 18 months $0 p.a. annual fee for the first year ($99 p.a. thereafter) Go to site More info
Bank of Melbourne Amplify Signature
Receive 30,000 bonus points when you meet the minimum spend. Also enjoy low introductory offers on purchases and balance transfers combined with no annual fee in the first year.
1% p.a. for 12 months (reverts to 19.49% p.a.) 0% p.a. for 18 months $0 p.a. annual fee for the first year ($279 p.a. thereafter) Go to site More info
Bank of Melbourne Corporate MasterCard
Experience a complete financial management system available online
More info
Bank of Melbourne Amplify Business Credit Card
Earn rewards points on your business spending and receive 0% for 12 months on purchases.
0% p.a. for 12 months (reverts to 19.49% p.a.) $89 p.a. More info
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3 Responses to Bank of Melbourne balance transfer credit card frequently asked questions

  1. Default Gravatar
    DIANE | January 13, 2015

    I have heard if you apply for cards etc and it gets declined this can be a black mark against your name. Also what is the interest rate after the 16 months ?

    • Staff
      Elizabeth | January 13, 2015

      Hi Diane,

      Thanks for your question.

      Each time you apply for a credit card the application will appear on your credit file, however this isn’t necessarily considered a ‘black mark’. It just means that other credit issuers will be able to see what you’ve applied for. After the 16-month period the cash advance rate, currently 21.49% p.a., will apply.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    Jacqueline | January 8, 2012

    can I apply to transfer balance from my partners credit card to a new card under my name. He is currently studying full time so cannot apply with a permanent job/income. Or can I be guarantor with him applying?

Credit Cards Comparison

Rates last updated September 30th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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