Overview of the Bank of Melbourne Credit Cards
The Bank of Melbourne is an institution designed to allow those from Melbourne to enjoy an easy banking system which is dedicated to their city and state. The Bank of Melbourne aims to introduce innovation to banking, and is doing so on behalf of its customers, neighbourhood and state. Your time is important, so they have a simple banking system in place to make time spent dealing with your finances as brief and enjoyable as possible.
When it comes to credit cards, no matter what your current spending habits are, Bank of Melbourne has a credit card that is suited to you and your needs. With so many different features, benefits and perks to choose from, it should be easy to find the right card that is suited to you. If you’re not from Victoria you can still get access to Bank of Melbourne’s products, so don’t worry!
Vertigo Credit Card
The Bank of Melbourne Vertigo Low Rate MasterCard is for anyone wanting to pay less money on credit card interest charges. Any customer wishing to work on rapid debt reduction can benefit from applying for this credit card, as will any customer wanting to pay far less interest on any purchases made using the card. Read on to find out more about the Vertigo and the other products the Bank of Melbourne offer.
Compare Bank of Melbourne Credit Cards
Vertigo credit card balance transfer deal
The introductory balance transfer offer allows customers to pay far less in interest costs on any outstanding credit card balances owed to other lenders. At the time of application for a Vertigo Low Rate credit card, select the ‘balance transfer’ option. You then simply roll your balances from your old high interest cards over to your new Vertigo card.
The interest rate you pay on those balances brought over is an ultra-low 0% p.a. for 12 months, which allows you plenty of time to enjoy reduced charges and work on repaying your credit card debt faster. If you don’t manage to pay off your balance in the promotion period, the interest rate will revert to the relatively low purchase rate of 13.24% p.a..
The balance transfer process
As mentioned, a balance transfer can net you some attractive savings, and can be carried out on some of Bank of Melbourne’s cards. If you’re applying for a Bank of Melbourne credit card like the Vertigo, which offers a balance transfer promotion, you can request a balance transfer when you apply for your card. The transfer will begin when the account becomes active. Once the introductory low rate period expires, the remaining balance will revert to the normal purchase interest rate.
It normally takes around two weeks for the process to be completed, and new customers will need to have their identity verified before their card can be activated and the balance transfer process can begin. Until that time, the debt will remain with the old card provider and you’ll need to keep your repayments up.
Competitive purchase interest rate
For those customers who use their credit card to pay for purchases and who know they may take a little time to repay the amounts they spend, the interest rate charged on purchases using the Vertigo is a low 13.24% p.a.. This is a very competitive purchase rate for the Australian credit card market.
Other fees and charges
Other fees and charges that may apply to your Vertigo Low Rate MasterCard include:
- Cash advance interest rate: 21.49% p.a.
- Cash advance fee: 2% of the transaction amount
- Annual Fee: $55 p.a.
Amplify Credit Card
The Bank of Melbourne Amplify credit card offers plenty of ways for customers to reap the rewards of using a credit card. With a choice of two different reward programs to earn rewards through, you’re sure to find the right rewards to suit your particular preferences.
The Amplify Rewards program allows you to earn 1 point for every $1 spent using the card to pay for eligible purchases. The opportunity also exists to earn bonus points when you shop with any of the Amplify Reward Partners.
Rewards can be redeemed for a vast range of items that include:
- Domestic Flights
- International flights
- Car hire
- Home wares
- Gift cards
- Electrical appliances
- Electronic devices
- Amusement experiences
Points may also be exchanged for airline miles or points with the Virgin Australia Velocity Frequent Flyer program, Malaysia Airlines’ Enrich program and Singapore Airlines’ Krisflyer program.
Amplify Qantas Frequent Flyer rewards
If you’re a member of the Qantas Frequent Flyer program, you can link your Bank of Melbourne Amplify Credit Card to your account and earn 1 point for every $2 spent using your card on purchases.
It’s possible to earn bonus flyer miles by shopping with any of the Qantas partners. This means you earn points from the partner and points for using your credit card to pay for the purchase.
Low introductory balance transfer offer
The Amplify credit card offers customers an excellent way to reduce the high costs of credit card interest bills. Rather than continue to pay exorbitant interest charges on your existing credit card debt with other lenders, simply select the balance transfer option at the time of your application with Bank of Melbourne.
Once your card is activated, you can then transfer your outstanding balances over from other lenders to your Bank of Melbourne Amplify credit card. The balances you bring over will attract an interest rate of just 0.99% p.a. for 6 months.
This promotional offer allows you reduce your interest charges for up to 6 months, which can be ideal for helping you pay off your credit card debt much faster. When your balance transfer period is over, the interest rate will revert to purchase rate of interest at 18.74% p.a., unlike other cards which revert to the cash advance rate.
Interest free period
The Bank of Melbourne will allow you to benefit from up to 55 days in which no interest will be accrued to your balances from eligible purchases. This means you can pay for bills now and take a few weeks to repay those amounts before interest will be charged to your account.
As long as you can manage to repay the entire balance amount before the due date, you won’t pay interest on your credit card account.
Keep in mind that you will need to have repaid your balance transfer amounts, purchase amounts and any cash advances in full each month to take advantage of the interest free days.
Rates and fees
If your balance tends to carry over from month to month, your account will attract the following interest charges:
- Purchases: 18.74%
- Cash Advances: 20.74%
- Annual Fee: $79 p.a.
Platinum Visa Credit Card
The Bank of Melbourne Platinum Visa credit card offers customers the opportunity of owning a prestige credit card, along with a low balance transfer offer of 0% p.a. for 9 months, which reverts to the relatively low purchase rate of 15.99% p.a.. You’ll also get a generous introductory purchase rate of 0% p.a. for 12 months.
In addition, you get all the perks of a platinum card, such as complimentary travel insurance.
Customers can enjoy as long as 55 days interest free on valid purchases made using the card. This offer only exists if the balance is repaid in its entirety each month prior to the due date displayed on the statement.
Platinum Visa perks
Prestige Platinum cardholders have the advantage of enjoying a wide range of complimentary insurances attached to their account. These can be ideal for anyone who travels regularly, or who intends to travel. Some of the policies available are also ideal for protecting the personal items you purchase using your card.
Some of the complimentary travel-related insurance policies available include:
- International travel insurance for trips of up to six months
- Transit accident insurance
- Domestic flight inconvenience insurance, which covers you for flight delays and also luggage delays of over 12 hours.
However, the Bank of Melbourne Platinum Credit Card also offers several ways to protect the items you purchase. These policies include:
- Purchase cover insurance, which protects lost, stolen or damaged items for up to 4 months
- Up to 12 months extended warranty cover
- Price protection insurance which covers the difference if you find an item cheaper than what you originally paid for it.
Platinum card holders have the ability to take advantage of their own personal concierge. No matter what time of the day or night you call, or from where in the world you’re calling, your concierge will be happy to help you with the things you need, from making bookings at restaurants, organising tickets for shows, and even purchasing gifts for loved ones.
Low balance transfer offer
As mentioned above, any balances transferred over from credit cards held with other banks will attract a low interest rate of 0%. This introductory offer will extend for up to 9 months, giving customers the opportunity to save money and the time to repay balances while the rates are still low. One of the great features of the Platinum card from Bank of Melbourne, is that unlike many other cards on the market, the interest rate at the end of the promotional period reverts to the purchase rate, and not the cash advance rate. This is currently set at 15.99% p.a..
Rates and fees
The Bank of Melbourne Platinum Visa card offers customers the benefit of a very competitive purchase interest rate.
The following rates may apply:
- Purchase rate: 15.99%
- Cash advance interest rate: 21.49%
- Annual fee: $89 p.a.
Gold Low Rate Credit Card
The Bank of Melbourne Gold Low Rate credit card offers customers the advantage of owning a prestige credit card and at the same time offers a low purchase rate.
The Gold Low Rate Card can definitely be advantageous for cardholders who travel frequently. It can also be great for those customers wishing to pay less interest on their outstanding credit card debts.
Range of complimentary insurances
One of the perks of owning the Bank of Melbourne Gold card is having access to a range of complimentary insurances attached to your account. These include:
- International travel insurance
- Medical expenses cover for accidents and illnesses that occur while travelling
- Extended warranty up to 12 months
- Purchase protection
- Accident insurance for mishaps while in transit
- Public legal liability cover.
Interest free period
The Gold Low Rate Visa card allows you to enjoy paying no interest at all on your purchases if you’re willing to regularly repay the amounts you spend using your card, within the 55 interest free days given each statement cycle.
You’re able to pay for valid purchases at the beginning of the statement cycle and then spend a couple of weeks repaying those amounts. As long as you’ve cleared your full balance before the due date, you won’t pay any interest on those amounts.
Rates and fees
If you have any outstanding amounts owing on your credit card, you will attract the following interest charges:
- Purchases: 15.99%
- Cash advances: 20.24%
- Annual fee: $79 p.a.
No Annual Fee Credit Card
The Bank of Melbourne No Annual Fee credit card is perfect for any customer who wants to take advantage of the flexibility of a credit card, without having to worry about paying an annual fee.
This credit card is most likely to be suited to customers who only use their credit card in emergency situations. Covering an unexpected bill or unforeseen expense quickly is made much easier with a credit card. You can cover the costs and then work on repaying the amount you spent in your own time. Once the balance has been repaid, you can leave it aside for the next emergency expense that crops up, and still know there will be no other fees incurred.
Customers who also worry about giving their credit card information out over the internet may also find this card beneficial. The low credit limits available on this account start as low as $500. This allows you to purchase the things you want online, but still give you the peace of mind that if your personal information is compromised in any way, the limit is so low, you won’t be losing much.
The interest rate on purchases and cash advances is the same with the No Annual Fee credit card. This is presently 20.49%. Be aware that a cash transaction may incur a further cost of 2% of the amount transacted.
There is no interest free period with this credit card, so it is best left aside for emergency use wherever possible.