Bank of Melbourne Vertigo Visa – Details and Application

Information verified correct on June 27th, 2016
Bank of Melbourne Vertigo Visa Credit Card Find out more Go to site

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What happens when I click Go to site?
  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
Click here to start your application >>

Apply for the Bank of Melbourne Vertigo Visa Credit Card to repay your debt with a 0% p.a. for 18 months balance transfer offer plus save some money with the 1% p.a. for 12 months purchase rate offer.

This is a card designed for those in Victoria and Melbourne who want to enjoy a banking institution aligned to their home state.

This credit card has a special balance transfer rate offer as well as a low purchase rate offer. If you have a debt to repay, you can take advantage of the balance transfer offer to consolidate faster and cheaper. There is also the flexibility of being able to use the card anywhere where the Visa symbol is displayed, at millions of locations around the world.

Product NameBank of Melbourne Vertigo Visa Credit Card
Balance transfer rate (p.a.)0% p.a. for 18 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (13.24% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)1% p.a. for 12 months (reverts to 13.24% p.a.)
Offer end date29 September 2016
Annual fee$55 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you dont have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.49% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$40,000
Minimum Monthly Repayment2%
Card TypeVisa
Late Payment Fee$9
Foreign Currency Conversion Fee (VISA)3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$40,000
Annual Fee$55 p.a.
Minimum Repayment2%
Late Payment Fee$9
Over Limit Fee$9
Cash Advance Fee2% of the value of the transaction with a minimum charge of $2.50 will apply
Overseas Cash Advance Fee2%
Overseas Emergency Replacement$52.50
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$5
Foreign Currency Conversion Fee (VISA)3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • There is $0 charge for adding an additional card holder to this account. Some cards charge $10, $15 or even $90 to add a cardholder to the credit card account.
  • The balance transfer rate of 0% p.a. for 18 months is a competitive rate and a good tool for saving money.
Cons
  • This card has no rewards program and no additional perks like insurance and travel benefits.

Bank of Melbourne Vertigo Visa Credit Card review

Interest rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases are the main attractions for Bank of Melbourne (BoM) Vertigo Visa Card.

Customers can take advantage of multiple benefits by using Bank of Melbourne (BoM) Vertigo Visa Card. These benefits include balance transfer rate of 0% p.a. for 18 months which should provide adequate time for debt consolidation, low interest offer of 1% for 12 months on purchases and many more.

This card has been customised to provide the users with competitive interest rates which they can use to lower their debt burden on other cards. Lower interest on purchases also ensures that the interest burden of these cards is as low as possible.

Benefits of Bank of Melbourne Vertigo Visa Credit Card

  • Balance transfer offer. Get a balance transfer promotion of 0% p.a. for 18 months when you transfer your existing credit card balance to the BoM Vertigo Visa. This reverts to the standard purchase rate of 13.24% p.a. after promotional period expires.
  • 1% p.a. for 12 months on purchases. This card comes with 1% p.a. for 12 months on purchases, allowing you to spend for 12 months without paying any interest. This promotional rate reverts to 13.24% p.a. after the offer ends.
  • Interest-free days. This card provides 55 interest-free days on purchases. Customers can use this benefit to keep their interest cost to a bare minimum. For this, cardholders would need to pay the closing balance regularly.
  • Credit card security. This card comes with the latest security features for loss prevention.
  • SMS and email alerts. Customers also get the benefit of SMS and email alerts. They receive real time updates when the card reaches a particular limit. SMS alerts will cost money whereas email alerts are free of cost.
  • Widespread Visa access. Visa cards have near universal acceptance at all kinds of merchants stores. This makes purchases easier and also helps in keeping track of total expenses.

Bank of Melbourne Vertigo Visa Credit Card features

  • Low purchase interest rate. The purchase interest rate is at 1% p.a. for 12 months (reverts to 13.24% p.a.). This means if you regularly take a while to repay what you’ve spent on your credit card, you could pay less in interest.
  • Low annual fee. Credit cards that have a competitive purchase rate could have a higher annual fee. However, the BoM Vertigo Visa has an affordable $55 annual fee.
  • Cash advance interest rate. If you decide to withdraw cash from your Bank of Melbourne Vertigo Visa, you will be charged a cash transaction interest rate of 21.49% p.a. This rate will be effective from the date the transaction occurs. If you aim to save money on credit card costs, then it may be wise to avoid withdrawing cash or making cash transactions with any credit card. Cash advances also attract a fee of 2% of the value of the transaction with a minimum charge of $2.50 will apply.
  • Minimum repayment. Each statement month you will be required to repay 2% of the total outstanding balance at minimum.
  • Currency conversion. The rate for converting foreign currency and making purchases in overseas currency is 3%.

How to apply for the Bank of Melbourne Vertigo Visa Credit Card

If you feel that the BOM Vertigo Visa is the right card for you, you can apply by completing the online application form. Please allow up to 10 to 15 minutes for the application.

Eligibility criteria

You can find the application criteria in the table below. To apply for the credit card, you will need to be:

  • Be a permanent Australian resident
  • 18 years and above

Required documents

  • Driver’s license number
  • Weekly income details
  • Details regarding your assets
  • Details regarding any debts you still have

After the application has been completed, you can receive an immediate response from Bank of Melbourne telling you if your application was successful.

Frequently asked questions

How many credit cards can I balance transfer from?

The maximum number of credit cards you can balance transfer from is 2.

I have a Westpac credit card and I want to balance transfer to Bank of Melbourne Vertigo Visa card. Is it possible?

Westpac, St. George, Bank of Melbourne and BankSA are all affiliated. Hence balance transfer between these banks is not possible.

Do I need to be a resident of Victoria to apply for this card?

No, you don’t need to be a resident of Victoria to apply for this card.

What is the minimum income limit to apply for this card?

There is no minimum income limitation on this card. The applicant is assessed on their ability to repay the credit on a case to case basis. However this card does require a good credit rating.

Is there a balance transfer fee on this card?

No, This card does not charge a balance transfer fee. Two important costs for this card are the annual fee of $55 and minimum monthly repayment of 2%.

What is the exact benefit I get from balance transferring to this card?

This depends on the current debt on other cards and the interest rate you are paying. For example: Looking simplistically, If a person holds $10,000 debt on a card which is charging 21% p.a., the interest payments for the next 18 months will come to $3,150. If this debt is transferred to BoM card through balance transfer the net savings will be $3,150 minus annual cost of this card which is $55. Hence in this case the person can save $3,100 over the next 18 months. However there are a few adjustments which reduce this savings a bit. The exact savings in this case would come to $2,714.34 which is still very substantial. Applicants can look at the actual savings of balance transfer on this page.

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225 Responses to Bank of Melbourne Vertigo Visa – Details and Application

  1. Default Gravatar
    PC | June 13, 2016

    Hi! Can you balance transfer personal loan balances on to the credit card?

    • Staff
      Anndy | June 13, 2016

      Hi PC,

      Thanks for your question.

      Unfortunately, you can’t transfer your personal loan to a Bank of Melbourne Vertigo Visa, but Citi and Virgin credit cards allow this.

      I hope this helps.

      Cheers,
      Anndy

  2. Default Gravatar
    Ric | June 10, 2016

    Can the balance transfer be applicable for Westpac customers?

    • Staff
      May | June 10, 2016

      Hi Ric,

      Thanks for your question.

      The Bank of Melbourne Vertigo Visa card is underwritten by Westpac, so you won’t be able to conduct a balance transfer between these cards. For further information, you may like to read our article on which banks you’re able to transfer a balance to and from.

      Hope this helps.

      Cheers,
      May

  3. Default Gravatar
    Liz | April 28, 2016

    Hi,
    Is the transfer offer not applicable to existing St George customers?
    Thanks

    • Staff
      Sharon | April 28, 2016

      Hi Liz,

      Thanks for your inquiry.

      Unfortunately, transferring a balance from a St.George account to a BOM credit card is not allowed. As per their terms and conditions, you can only transfer balances from up to 4 non-St.George, BankSA and Bank of Melbourne, Australian issued credit, charge or store cards.

      You may check the following page to compare other balance transfer credit cards.

      I hope this helps.

      Sharon

  4. Default Gravatar
    Paul | March 17, 2016

    Can I balance transfer Citibank??

    • Staff
      Debbie | March 17, 2016

      Hi Paul,

      Thanks for your inquiry.

      Yes, you can balance transfer of up to 4 non Bank of Melbourne, St.George and BankSA, Australian issued credit, charge or store cards.

      For other options, you can start comparing on our list of balance transfer credit cards.

      I hope this helps.

      Cheers,
      Debbie

  5. Default Gravatar
    Jino | March 14, 2016

    Hi
    I have an ANZ overdraft account with a balance of $20000 and a westpac credit card with $6000 and can I get both balances transfered to this vertigo credit card under 20mts interest free condition?

    • Staff
      Sharon | March 15, 2016

      Hi Jino, thanks for your inquiry.

      Yes, you can transfer your balances from those credit cards. Please note that you can transfer from up to 4 non Bank of Melbourne, St.George and BankSA, Australian issued credit, charge or store cards. You can transfer a min of $200 up to 95% of your approved available credit limit.

      I hope this helps,

      Sharon

  6. Default Gravatar
    San | February 3, 2016

    Can i transfer my credit without having permanent residency??

    • Staff
      Jonathan | February 4, 2016

      Hi San, thanks for your inquiry!

      Bank of Melbourne credit cards require Australian permanent residency. You can compare credit cards for temporary residents here.

      Cheers,

      Jonathan

    • Staff
      Debbie | February 4, 2016

      Hi San,

      Thanks for your inquiry.

      To apply for Bank of Melbourne Vertigo Visa, you should be 18 years old above and an Australian permanent resident.

      You may wish to refer to our guide here for credit cards for temporary residents.

      I hope this helps.

      Cheers,
      Debbie

  7. Default Gravatar
    Angela | January 31, 2016

    I would like to transfer from a woolworths credit card to the vertigo visa card. Can you please help

    • Staff
      Jonathan | February 1, 2016

      Hi Angela, thanks for your inquiry!

      To complete your balance transfer you can apply for the Bank of Melbourne Vertigo Visa and fill in the application details, including your Woolworths credit card account information. Did you have any specific questions with the Vertigo Visa or application process?

      Cheers,

      Jonathan

    • Staff
      Sally | February 1, 2016

      Hi Angela,

      Thanks for your question.

      Sure. If you’ve compared your options and decided that you’d like to balance transfer to a Bank of Melbourne Vertigo Visa, you can do so by clicking on the green ‘Go to Site’ button to begin your application.

      You’ll just need to include the details of your previous account and the amount you’re transferring to complete that section of the application. Before applying, you’ll need to make sure you meet the eligibility requirements, have the necessary supporting documents and will need to ensure that the debt you’re transferring doesn’t exceed 95% of the approved credit limit.

      You can apply for the balance transfer when you’re completing your card application online.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    Steve | December 22, 2015

    Hi, I’ve heard balance transfers are not available for St George Credit Cards? Can you confirm if this is correct?
    Thank you.

    • Staff
      Ysa | December 22, 2015

      Hi Steve,

      Thanks for your inquiry.
      Yes, this is correct.
      Since Westpac, St. George, Bank of Melbourne and BankSA are all affiliated, balance transfer between these banks cannot be completed.
      You may wish to check this page for a list of balance transfer credit cards and offers.
      I hope this helps.

      Cheers,
      Ysa

  9. Default Gravatar
    Pat | October 24, 2015

    If I apply for a card and have my wife as a additional card holder, will this give us a higher credit limit than a sole card holder. What is the best way to maximise the credit limit on the card

    • Staff
      Jonathan | October 26, 2015

      Hi Pat, thanks for your inquiry!

      Having an additional cardholder does not influence the credit limit. Generally increasing your income and having a good repayment history can maximise your credit limit. The criteria for increasing your credit limit depends on the banks lending policies. As a result we are unable to advise on a specific method to increase your credit limit.

      Cheers,

      Jonathan

  10. Default Gravatar
    Solomon | July 24, 2015

    I am in QLD, is this card for Victorians only?

    • Staff
      Jonathan | July 27, 2015

      Hi Solomon, thanks for your inquiry!

      The Bank of Melbourne Vertigo Visa is available to all Australian permanent residents.

      Cheers,

      Jonathan

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