Bank of Melbourne Vertigo MasterCard – Details and Application
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Bank of Melbourne Vertigo MasterCard Review
The Bank of Melbourne Vertigo MasterCard is designed to help cardholders reduce interest charges and make it easier to use a low interest credit card.
With a low purchase interest rate and a competitive balance transfer rate, there are plenty of ways for customers to save money. There is also the flexibility of being able to use the card anywhere where the MasterCard symbol is displayed, at millions of locations around the world. Add to this a low annual fee, and it’s easy to see how this card will quickly become a favourite.
| Product Name | Bank of Melbourne Vertigo Credit Card | |
|---|---|---|
| Balance Transfer Rate | 2.99% p.a. for 6 months | |
| Interest Rate on Purchases | 13.24% p.a. | |
| Offer end date | 2 July 2013 | |
| Annual Fee | $0 p.a. annual fee for the first year ($55 p.a. thereafter) | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.49% p.a. | |
| Minimum 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 | $40,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | MasterCard | |
| Late Payment Fee | $9 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Low purchase interest rate
If you’re the type of customer who sometimes needs a little time to pay off the amounts you’ve spent on your credit card, you can be reassured that you’re paying a very competitive purchase interest rate.
The purchase interest rate is a very low 13.24% This means that even if it does take you a little while to repay the money you spend on your card, you’ll know you’re paying far less on your balance than you would with other credit card companies.
Low annual fee
Most companies offering a very low purchase rate may try to compensate for the lack of profits by raising the annual fee amount. Bank of Melbourne want to make it easy for cardholders to save money so they don’t do this.
For this reason, they’ve kept the cost of their annual fee as low as possible, at a low $0 p.a. annual fee for the first year ($55 p.a. thereafter) per year.
Cash transaction interest rate
If you decide to withdraw cash from your Bank of Melbourne Vertigo MasterCard, you will be charged a cash transaction interest rate of 21.49%. This rate will be effective from the date the transaction occurs.
If your aim is to save money on credit card costs, it may be wise to avoid withdrawing cash or making cash transactions using this particular card.
Balance transfer interest rate
Paying high interest costs on existing credit cards can often feel as though each payment you make is instantly eaten away by interest charges. Yet if you knew you were paying far less interest each month, more of your hard-earned money would be put towards repaying your balance much faster.
That’s exactly how the Bank of Melbourne Vertigo MasterCard balance transfer offer works.
By transferring your credit card balances from other lenders over to Bank of Melbourne, you’ll be rewarded with a huge interest rate reduction, provided you request the balance transfer at the time of application. After the date of your card’s activation, you’ll be charged only 2.99% for 6 months on the amounts brought over from other cards. You are able to transfer over your balances from Australian issued credit cards other than Bank of Melbourne, St.George or BankSA credit cards.
When you consider the rate you’re likely to be paying on your existing credit card balance, this should be just a fraction of your current rate.
At such a low interest rate, this allows each of your monthly repayments to be applied to the outstanding balance you owe, instead of being put towards interest costs. This offers smart cardholders the opportunity to reduce debt very quickly and save money at the same time.
Interest free credit cards
Once you’ve managed to completely repay your outstanding balances, Bank of Melbourne also give you the opportunity to enjoy using your credit card completely interest free.
This is done by way of offering customers up to 55 days with no interest on eligible purchases made using their Bank of Melbourne Vertigo MasterCard.
A good example of how to use this to maximum benefit is paying your bills, groceries, fuel bill and other expenses at the beginning of the month using your credit card. You then have a couple of weeks to pay down those balances again each time you receive your pay.
You will need to ensure however that the balance has been reduced back to zero before the due date rolls around. This will guarantee that your account doesn’t attract any interest charges at all.
Credit card security
All Bank of Melbourne Vertigo MasterCard accounts are protected against fraud or suspicious transaction activity, so cardholders can feel secure their account is being monitored. This allows for much safer shopping and increased peace of mind for customers.
How to apply for the Bank of Melbourne Vertigo credit card
If you feel the Vertigo is the right card for you, you can apply by clicking the ‘find out more’ or ‘apply’ buttons on the right side or bottom of the review page. This will take you to the Bank of Melbourne website. From here you can complete the online application. You simply need to have the following information:
- Driver’s licence number
- Weekly income details
- Details regarding your assets
- Details regarding any debts you still have
The application can take up to 15 minutes, after which you’ll receive an immediate response from Bank of Melbourne telling you if your application was successful.
Read the Bank of Melbourne Vertigo Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | 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 | $40,000 |
| Annual Fee | $0 p.a. annual fee for the first year ($55 p.a. thereafter) | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $9 | |
| Over Limit Fee | $9 | |
| Overseas Emergency Replacement | $52.50 | |
| Foreign Currency Conversion Fee | 3% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 | |
| Number of Additional Cardholders | 1 |
Pros
- This card offers a low interest rate on purchases of just 13.24%.
- 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 2.99% for 6 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.
Read the Bank of Melbourne Vertigo Credit Card terms and conditions.
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how do I know what limit i am eligible for as a new customer?
the balance transfer offer I am hoping to take advantage of needs to be over 10k.
thanks
Cadence
Hi,
Thanks for your question. The maximum credit limit on this card is $40,000. Your credit limit will be determined by your financial situation including your income and expenses. Based on this information the bank will make an assessment on the level of debt you will be able to service and assign you a credit limit in line with your financial situation. Cheers.
Jeremy
What is the maximum credit limit for a 0% balance transfer
Hi Happy. Thanks for your question. The credit limit is assigned based on the financial information you provide during the application. So your credit limit is based on the what size debt the bank thinks you can service. Bank of Melbourne will allow you to transfer up to 95% of your approved credit limit. Thanks.
What happens to interest rate on the balance transfer amount after the 12 months. Does it revert to normal purchase rate or the cash advance rate.
thanks dane
HI Dane. At the end of the balance transfer period the interest rate reverts to the purchase interest rate. Cheers.
Is there a branch in North Sydney can I drop in.
Hi Sean. Bank of Melbourne has an alliance with St.George so you can do your banking with them. There’ s a St.George branch on Walker St. North Sydney, just down from the station. Cheers.
at which moment it the transferable amount owing ?
Where can you make repayments?
Post office?
Thanks
Fiona
Hi Fiona. Thanks for your question and apologies for the time it’s taken for us to reply. You can pay your card a number of ways: through net banking (linked BoM transaction account, BPAY from another bank) or at a branch, or at an Australia Post Office / PostBillPay (this may attract a handling fee). Jacob.
Are transfers from St George credit cards to Bank of Melbourne not allowed?
Hi MB. Westpac owns both St.George and Bank of Melbourne, so you can’t carry out a low interest balance transfer between these banks. Hope this helps.
i made an application 2 days ago and have not heard anything reference55115490
Hi Mark. Check our guide on what to do in this situation. Thanks for the question.
what are the credit limit on the Vertigo Mastercard?
Hi Lorraine,
The upper-credit limit for the Bank Of Melbourne Vertigo Mastercard is $40,000. Thanks for the question.
Cheers
Jeremy
What does the interest rate on balance transfers revert to after 12 months?
Peter A
Hi Peter
Thanks for your comment.
At the end of the balance transfer period the interest rate reverts to the purchase rate
Cheers
Jeremy
What does the tranfer
rate go up to after 12 months @0.99%
Hi Sean
At the end of the balance transfer period the interest rate reverts to the purchase interest rate.
Cheers
Jeremy
Please advise if I can transfer personal loan amount to this card on this offer.
I live in Queensland. Cannot complete online application for Credit Card because you “have no branches in Qld”????
Call the number and get St George Call Centre. S.G. are everywhere up here. Cannot get BOM because Melb is too busy – diverts to St G.
Only want to apply for a Credit Card. Looks like I have to live in Vic… Who wants to live there??? Full of Collingwood support.
Hi Ross. Thanks for your question – sorry it’s taken so long to reply. I don’t believe one of the application criterion is that you have to have to live in Melbourne or that there has to be a branch in Queensland – all Australians can apply. You can apply online and have the card sent out in the mail. Go the Swans. Jacob.
When a balance transfer is done and then a purchase is made with the card, which is paid off first?
Hi Les
Thanks for your question. With Bank of Melbourne, your repayments will always apply to the balance with the highest interest rate first (in this case, the purchase would be paid off first)
Cheers
Jeremy
Hi,
I am an ex bank Of Melbourne customer.Can I switch my CBA gold master card to BOM.
Regards
H. Mohammadi
what is the limit that can be transferred from existing credit card to the vertigo card and how long has the balance had to have existed on the old card. What is the rate after the introductory 12 months at .99
Hi Alan
When you apply for the credit card you will be assigned a credit limit. You can transfer up to 95% of the available credit limit on your new Bank of Melbourne Vertigo credit card.
At the end of the balance transfer period the interest rate reverts to the low purchase rate.
Cheers
Jeremy
Can I have an extra cardholder with this Mastercard? If so, what is the fee for that?
Also, is online banking available with this card?
Hi John
Thanks for your comment.
1 additional cardholder is included. Yes there is internet banking available
Cheers
Jeremy
i have 2 credit cards will i be able to transfer both
Hi Enid
Yes it is possible to do a balance transfer of multiple credit cards so long as they are not from Bank SA, Bank of Melbourne or St.George.
Cheers
Jeremy
If you have interest-free days on your account you will not be eligible for interest-free days until the balance transfer amount is paid in full.—Please clarify what this mean?
Hi, Can you please advise if there is a maximum amount that can be transferred and is there a minimum period of time that we will be locked into this card for. With thanks
Hi Anne
Thanks you for your comment
The maximum amount you can have transferred is 95% of your available credit limit. The maximum credit limit on the Bank of Melbourne Vertigo MasterCard is $40,000. After you apply for the credit card you will be assigned a credit limit based on your credit-worthiness.
There is no set period of time that you have to have the account open for.
Cheers
Jeremy
What is the minimum monthly repayment on balance transfers?
Hi Tim
Thanks for your comment.
The minimum repayment on the Bank of Melbourne Vertigo credit card is whichever is greater of: 2% of your total balance, or $10, or the amount of outstanding government and interest charges.
Cheers,
Jeremy
Hi Jeremy, at the time of application can we bring over balances from a couple of other cards and will the special interest rate apply to both of the balances if they are done on the one application?
Hi Nicole
Yes – that’s correct! You can transfer multiple credit cards to the Bank of Melbourne Vertigo when completing the balance transfer section of the online credit card application
Cheers,
Jeremy
What does the tranfer
rate go up to after 12 months of 0.99% ?
Hi Aaron
Thanks for the comment. At the end of the balance transfer period, the interest rate reverts to the standard variable rate NOT the cash advance rate
Cheers
Jeremy
Are you able to transfer a personal loan to your credit card?
If there is a balance left at the end of the balance free period is interest calculated from the end of the balance free period or from when the credit card is applied for?
Hi Nicole
Thanks for your comment
The interest rate reverts to the purchase rate at the end of the balance transfer period and is charged from the end of the balance transfer period.
Cheers
Jeremy
Hi there,
Can balance transfers help in clearing personal loans?
Hi Rikki
It is possible to a balance transfer of a personal loan balance to a Citibank Credit Card
Cheers
Jeremy
do you have customers in other states
Hi Felicity
The Bank of Melbourne Vertigo MasterCard is available to all Australians.
Cheers
Jeremy
I have my payslips ready as PDF files. In the email received after submission of application I am told: “Fax/email two computerised Payslips.” A fax number is provided, however there is no information for email submission?
Would you please provide the email information?
Many thanks
Mike
Hi Mike. I believe that the information has to be faxed. Sorry about the delay getting back to you. Jacob.
if I haven’t paid the balance transfer rate off in full by the end of the 12 month period what is the interest rate that the remaining balance will be charged at?
Hi Natalie
Thanks for your comment. The interest rate at the balance transfer period will revert to the purchase interest rate
Cheers
Jeremy
What is the fax no for sending the payslips, etc.
How many rental income statements do you need?
Hi Wang. Details have been sent your email. Sorry about the delay. Jacob.
Can i do i balance transfer from st george, gem and virgin
HI Reyhan. Thanks for your question. Bank of Melbourne does not accept balance transfer from St. George credit cards. Balance transfers from GEM and Virgin credit cards are allowed. Cheers.
Good Afternoon,
Can you tell me if there is a penalty if the balance is not paid out in full at the end of the 12 months.
thanks
Ian Hopkins
Hi Ian. Apologies for the delay. The balance transfer offer has changed and is now 2.99% for six months. To answer your question, there is no penalty for not paying off the entire balance that was transferred to the card under a balance transfer promotion, only that the remaining balance will be charged at the purchase rate of interest, currently 13.24% p.a. Thanks for your question.
I live in Sydney, is it possible to make the credit card repayments at other banks such as westpac and st.george?
Hi Phil,
Great question. Yes if you’re with the Bank of Melbourne, you are able to make credit card payments at any NSW St.George branch, but due to the structure of ownership within the Westpac Group, you are not able to make payments at any NSW Westpac branch. Thanks.
Cheers.
Jeremy
I was wondering what the process of my application for the Vertigo mastercard is as I applied two-three weeks ago.
Mary Landers
Hi Mary,
Please check with the financial institution who is handling your application. Quote your application reference number for clarification regarding the delay in your application. Thanks.
Cheers,
Jeremy
I would like to transfer from a Westpac Card – can I still apply as I believe Westpac/St George are affiliated? Thanks
Hi,
Yes they are affiliated but you are able to perform a balance transfer from a Westpac to a St.George credit card. Thanks.
Cheers,
Jeremy
Does this card have free travel insurance??
When is the $55 Annual Fee due and payable? Does it have to be paid upfront or can the fee simply go onto the card as a purchase?
Hi Tom,
The annual fee will be charged to your account on the anniversary of your account opening and will be charged as a purchase. Cheers.
Jeremy
i don’t have account with you still can i apply this credit card and can i do balance transfer to commonwealth bank credit card.
Hi,
Thanks for the question. You are able to apply for this card and perform a balance transfer to a Commonwealth Bank Credit Card.
Cheers,
Jeremy
Does this institution close your current card on balance transfers? I think this will be the only way I will have sufficient credit limit to effect the transfer. if not, can you suggest a suitable institution, preferably one with a 12 mth low interest rate on balance transfers?
Hi Sam. Thanks for the question and sorry for the delay in getting back to you. All institutions do not close your existing account after you carry out a balance transfer — this is up to you. For current balance transfer offers, please refer to our balance transfer credit card comparison page. There are a range of offers. Jacob.
I want to use the card in 3 months time if I apply now does the 12 month period start from date of application or date of first use??
Thanks
Hi Anne. Thanks for your question. The balance transfer promotion will being from when the card is activated at the time of application. Cheers.
I would like to know the interest rate of balance transfers after the 12 month promo period ends, and if there are any cancellation fees after this time.
Hi Marni,
Thanks for your question. Once the balance transfer rate has finished you will be charged the cash advance rate on your card’s outstanding balance. To terminate the contract the Bank of Melbourne Vertigo Mastercard terms and conditions state: “Can I terminate the contract?
Yes. You can terminate the contract by writing to the credit provider so long as:
• you have not obtained any credit under the contract; or
• a card or other means of obtaining credit given to you by your credit
provider has not been used to acquire goods or services for which credit is
to be provided under the contract.
However, you will still have to pay any fees or charges incurred before you
terminated the contract.” Hope this helps.
Cheers
Jeremy
What would the interest rate on balance transfer revert to after 12 months on 0.99%?
Can I transfer balance of a personal loan from CBA?
Hi,
The interest rate after the balance transfer introductory period reverts to the purchase rate. You are able to bring the balance from a CBA card to a Bank of Melbourne card. Thanks.
Cheers,
Jeremy
hi there,
can you transfer a personal loan?
Hi Tara,
Thanks for the question. You are unable to transfer a personal loan to your credit card taking advantage of the low rate of interest offered through a balance transfer option with the Bank of Melbourne; however, Citibank do offer the option of a balance transfer from a personal loan.
Cheers,
Jeremy
Do you provide Internet banking?
If yes can i have an acct setup so i can make extra payments on my CC
Hi Anna,
The bank of Melbourne do provide an option to set up an online banking account which is by far the easiest way to make payments onto your credit cards and to other accounts in Australia as well. Please contact a representative from your institution to set up an account. Thanks.
Cheers
Jeremy
is there a fee to transfer from another card?
Hi Trish,
There is no fee for conducting a balance transfer to this card. Thanks.
Cheers
Jeremy
What would the total monthly repayment be on a balance of $11,000?
HI Adrienne. It depends on how much you want to pay. If you’re referring to the minimum monthly repayment. Please use our credit card repayment calculator to figure this out. Sorry for the delay. Jacob.
What is the minimum income for this card
Hi,
The St.George Vertigo MasterCard and most lending institutions do not have a ‘strict’ minimum income requirement with their cards, but rather will assess your income during the application and make a decision based on that. Cheers.
Jeremy
Am I able to transfer my Virtual Communities/St George account balance to a BoM .99% for 12 months account?
Hi,
Thanks for your question. Balance transfers will not be accepted from a St.George credit account to a Bank of Melbourne account as they are both owned by the Westpac Group. Cheers.
Jeremy
What income do you need for the maximum credit limit?
Hi Christy,
The maximum credit limit is decided by your financial situation and is based on the information you provide during the application process. Thanks for your question.
Cheers
Jeremy
1. If my application for this card is approved, can I transfer the bank of a credit card not in my name, (for example, my husband’s card) to this card as long as it is from other banks?
2. What does min credit limit mean, I have to spend 500 $ using this card each month?
Hi Wang. Thanks for your question. Bank of Melbourne allow you to transfer the balance from a credit card in someone else’s name provided that the card you’re transferring from is not part of the Westpac Group. The minimum credit limit is the minimum amount of available credit you are allocated on this card. Sorry for the delay in this response. Jacob.
3. Can I make a balance transfer from a westpac credit card to this card? I ask this because as you mentioned above, BOM is belong to westpac group.
Hi,
Thanks for the question. This is taken from the BOM balance transfer FAQ page: “Balance transfer requests will not be accepted:
1. From another Bank of Melbourne, St.George or BankSA credit card
2. If the transfer amount is from a credit card not issued in Australia
3. If the transfer amount is less than $500
4. If the transfer amount will be more than 95% of your available credit limit
5. If your card account is not in good order.” Hope this has helped.
Cheers
Jeremy
Recently my application to St George for Credit Card balance transfer was declined. I own my own home, have an investment property, receive a pension and a carers allowance, work casually, receive rental income and have an excellent credit rating. Is my age the problem? I am 67. Is it worth applying to Bank of Melbourne for a credit card balance transfer given you are affiliated with St.George?
Hi Julie. Thanks for your question. Balance transfer between St.George and Bank of Melbourne will not be allowed as both institutions are owned by Westpac. Cheers.
Hi Jeremy,
My prior question was not whether I could transfer a St Geo balance to Bank of Melb, but rather, given I had been declined by St. Geo, would Bank of Melb use the same lending criteria?
Hi,
Thanks for your question.
It ultimately depends on why you were declined. If it was relating to an issue with your credit file it would be difficult to approved with any lender. Generally speaking however, the lending criteria is the same for the Bank of Melbourne Vertigo and the St.George Vertigo.
Veda Advantage & Dun & Bradstreet are the main credit reporting agency in Australia and both can provide you with a copy of your credit file to review. Cheers.
Jeremy
Can you tell me when this current .99% per annum transfer offer is availabe to?
Ta Julie
Hi Julie. Thanks for your question. The offer has since changed and is now, 0% for 8 months. These offers do not have set end dates, but do change when the lender feels they need to adjust their rates and promotions to remain competitive. Cheers and sorry about the delay in getting back to you.
What does the interest rate revert to on balance transfers after the 12 months @.99%
Hi,
Thanks for the question. After the balance transfer period, the interest rate will revert to the standard variable purchase rate. Cheers.
Jeremy
Hi , my husband and I wish to transfer to your card and do it in my name , I have just been given Australian residency after being here 2 years ( CANADIAN), my husband is an Australian.Currently we owe around $8,000 and wish to clear this with ANZ. I am full time and earn around $37,000 a year. My husband around $70,000.
Thanks
Hi Shelly,
thanks for the question.
You can apply for this card by clicking the ‘apply now’ button on the right hand side or bottom of this review page. For more information about balance transfers for joint cardholders this could be useful.
I hope this helps,
Marc.
Do you offer travel insurance
Hi, thanks for your question. The Bank of Melbourne Vertigo MasterCard does not offer complimentary travel insurance. For a list of cards that do, please refer to our page on frequent flyer credit cards. Hope this has helped.
I have a Ignite credit card with Westpac & an Aussie credit card.
I wish to close the aussie credit card & transfer the remaining ammount to a new BOM card. Is this ok.
Hi David. What you’re suggesting is very possible. If you’re carrying a balance on the Aussie Credit Card, you can transfer it to the new card paying a reduced rate of interest. Please refer to our balance transfer page for further information on this topic.
Is additional cardholder free?
Hi Mohammad. If you check the fees and charges tab at the bottom of the page, it says you can have one additional cardholder at no extra cost. Cheers.
I’m concerned. This page says 9 months at the intro interest rate but when I applied, the notes on balance transfers said it was only for 6 months from date the money comes over. Which is it and why the false advertising?
Hi Rebecca. Thanks for your question. The current balance transfer offer for the Bank of Melbourne Vertigo MasterCard is 0.99% p.a. for 9 months. Cheers.
I have ignite card from Westpac and I wish to transfer the balances to new BOM card. Is it allowed as you mentioned BOM is owned by Westpac Group?
Hi Guy. Thanks for your question. Please refer to our article on balance transfers between related institutions for further information. You can transfer a balance between Bank of Melbourne and Westpac, but not Bank of Melbourne and St.George. Cheers.
Can you please tell me at the end of the nine months period were you pay .99% interest, what interest rate do you pay on the remaining balance (transferred balance)13.24% or 21.49%, and for how long before you can pay 13.24%. Thanking you nerea.Can I consolidate $40.000. cc,on this deal? Or is there a better deal that you can offer?
Hi Nerea. At the end of the nine month balance transfer period, the interest rate reverts to the purchase interest rate of 13.24%. The amount your are able to transfer through a balance transfer will depend on the credit limit that is assigned to you by the lender when you apply. For more information on balance transfer credit cards, please check our balance transfer comparison page. Thanks for your question.
Is this card linked to Qantas frequent Flyers or Jetstar or Virgin
Hi Grahame. Thanks for your question. This card us not linked to any rewards program, for a list of cards that are, please check our rewards and frequent flyer comparison pages. Cheers.
If you have not paid off a balance transfer after the 9 month is up, do you get charged the ‘cash’ interest rate for the balance outstanding or is at 13.24%.
Thanks.
Hi Gayle. At the end of the nine month balance transfer period, the interest rate reverts to the purchase interest rate of 13.24%. Thanks.
Am I able to transfer my Personal Line of Credit balance?
Hi Jo. Thanks for your question. The Bank of Melbourne do not accept balance transfers from a personal line of credit to a credit card. Citibank are one institution that do offer this. Cheers.
what does the interest rate revert to after 8 months on outstanding card transfer balance ?
HI Aldis. After the balance transfer period, the standard purchase rate of interest will apply to any unpaid balance transfer amount. Cheers.
Hi, I have a current credit card with a balance of $5,600; I’ve been paying $200 per month but over half of that goes to interest and I would like to decrease this commitment through a 0% rate on balance transfers. I am employed by my own company and pay myself only $25,000 per year – do you consider me as self-employed or an employee? I am currently waiting for my 2012 financials to be finished. Is there any point in my applying for this card with your bank? Thanks, Kerry
Hi Kerry. Thanks for your question. I believe that if you’re an employee of your own company, you’re not classified as self employed, best to check with your accountant about this though. A balance transfer is the most popular way of reducing your interest charges, so if you’re looking to get on top of your interest repayments, this is certainly the way to go. If you have payslips to prove your annual income, and you meet the eligibility requirements for this card, there shouldn’t be any reason why you can’t apply for this card. Probably a good idea to speak to your accountant about getting your paperwork in order before applying though as the lender may ask for additional financial information to support your application. Jacob.
I am a Bank of Melbourne (St.George) customer, Do I still have to pay annual fee for the credit card?
HI Babu. Thanks for your question. Yes, you will still have to pay the annual fee. Jacob.