Bank of Melbourne Vertigo MasterCard
What happens when I click Apply Now?
- Clicking Apply 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 receive your credit card in the mail within 1-2 weeks
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 an ultra-low purchase interest rate and an extremely 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.
Interest Rates, Fees & Charges
| Balance Transfer Rate |  |
0.99% p.a. for 6 months |
|---|---|---|
| Interest Rate on Purchases | |
13.24% p.a. |
| Annual Fee | |
$55 |
| Interest Free Period | |
up to 55 days |
| Cash Advance Rate | |
21.49% p.a. |
| Card Type | |
Standard |
| Minimum Income Requirement | |
$15,000 p.a. |
| Credit Card Type | |
MasterCard |
| Rewards Program | |
No |
| Additional Cardholder Fee | |
$0 p.a. |
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.
At the time of this writing, the purchase interest rate is a very low 13.24% p.a. 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 interest rate may try to compensate for the lack of profits by raising the annual fee amount. Yet Bank of Melbourne want to make it easy for cardholders to save money.
For this reason, they’ve kept the cost of their annual fee as low as possible, at a low $55 per year.
Cash Transaction Interest Rate
If you do decide to withdraw cash from your Bank of Melbourne Vertigo MasterCard, 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 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 over from other lenders over to Bank of Melbourne, you’ll be rewarded by a huge interest rate reduction. After the date of your card’s activation, you’ll be charged only 0.99% p.a. 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 exorbitant 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 your own 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 that the balance has been reduced back to zero before the due date rolls around, however. 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.
Read the Bank of Melbourne Vertigo Credit Card terms and conditions.
| Minimum Income | $15,000 | |
|---|---|---|
| Minimum Age | 18 years of age | |
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit | $500 | |
| Max Credit Limit | $40,000 |
| Annual Fee | $55 p.a. | |
|---|---|---|
| Minimum Repayment | 2.00% | |
| Interest Charged From | Purchase Date | |
| Late Payment Fee | $9.00 | |
| Over Limit Fee | $9.00 | |
| Overseas Emergency Replacement | $52.50 | |
| Gambling Transactions Allowed | No | |
| Gambling Transactions Interest Rate | 0.00% |
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
at which moment it the transferable amount owing ?
what are the credit limit on the Vertigo Mastercard?
What does the interest rate on balance transfers revert to after 12 months?
Peter A
What does the tranfer
rate go up to after 12 months @0.99%
Please advise if I can transfer personal loan amount to this card on this offer.
When a balance transfer is done and then a purchase is made with the card, which is paid off first?
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
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?
i have 2 credit cards will i be able to transfer both
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
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 Sean
At the end of the balance transfer period the interest rate reverts to the purchase interest rate.
Cheers
Jeremy
What is the minimum monthly repayment on balance transfers?
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 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 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
Hi John
Thanks for your comment.
1 additional cardholder is included. Yes there is internet banking available
Cheers
Jeremy
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
Hi Peter
Thanks for your comment.
At the end of the balance transfer period the interest rate reverts to the purchase rate
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
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
I live in Sydney, is it possible to make the credit card repayments at other banks such as westpac and st.george?
I was wondering what the process of my application for the Vertigo mastercard is as I applied two-three weeks ago.
Mary Landers
I would like to transfer from a Westpac Card – can I still apply as I believe Westpac/St George are affiliated? Thanks
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
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 Lorraine,
The upper-credit limit for the Bank Of Melbourne Vertigo Mastercard is $40,000. Thanks for the question.
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.
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.
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 there,
can you transfer a personal loan?
Do you provide Internet banking?
If yes can i have an acct setup so i can make extra payments on my CC
is there a fee to transfer from another card?
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
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
Hi Trish,
There is no fee for conducting a balance transfer to this card. Thanks.
Cheers
Jeremy
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
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
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
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
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
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
What is the minimum income for this card
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,
The St.George Vertigo MasterCard has a minimum income requirement of $15,000. But 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?
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 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?
What does the interest rate revert to on balance transfers after the 12 months @.99%
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
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
Hi,
Thanks for the question. After the balance transfer period, the interest rate will revert to the standard variable purchase rate. Cheers.
Jeremy
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