Bank of Melbourne Credit Cards

Bank of Melbourne is a Victoria-based bank with a reputation for excellence and for working with their customers rather than against them. They have an extensive range of personal financial products, including a number of excellent credit cards. Read on to find out more about the credit cards Bank of Melbourne offers as well as some tips on getting the most out of your credit card.

Introducing Bank of Melbourne

Bank of Melbourne is based in Victoria, with each branch being staffed by locals who know the neighbourhood and understand the people they will be working with. This means that you will never be treated as just another number at Bank of Melbourne but as a friend and every visit to the bank will be a pleasure rather than a chore.

This is a bank with a difference because they are serious about listening to their customers and helping them find the best possible solutions for their personal situation. And since you will be working with people who are from the same area and are in a much better position to understand what you are going through, you will never have to worry about being pushed into a contract that is not to your benefit.

Bank of Melbourne has a vision and that is to become an integral part of the success of their customers, which is why they will be focusing on making extensive investments throughout Victoria over the next few years, thereby helping everyone to prosper.

Featured Bank of Melbourne Credit Card

Bank of Melbourne introduces this fantastic low rate balance transfer offer into the market. The card also features a low ongoing purchase rate and low annual fee. .

• $55 annual fee
• 13.24% p.a. on purchases
• 0.99% p.a. for 6 months on balance transfers
• Cash Advance Rate of 21.49% p.a.
• 55 days interest free
• Minimum Income Requirement of $15,000 p.a.

Read the Bank of Melbourne Vertigo Credit Card terms and conditions.

Compare Featured Bank of Melbourne Credit Cards

Bank of Melbourne: The Credit Cards

Bank of Melbourne has quite a few credit cards on offer, with different cards suited to different lifestyles. But don’t worry because they all come with great features and perks and no matter who you are, there will be a great option available for you as well.

The Amplify Credit Card

The Amplify credit card is an excellent option for people looking to get something back out of using their credit card to do their shopping or pay their bills. It features two rewards programs, one being the Amplify Rewards program and the other being the Amplify Qantas program.

With the Amplify Rewards program, you can earn one point per every dollar you spend, as well as bonus points by shopping with or using the services of any of the Amplify Rewards partners. You can redeem your points to a wide range of products and services, including applicants, charitable donations and travel-related rewards.

The Amplify Qantas program allows customers to earn 1 frequent flyer point for every $2 charged to their card. Points can be redeemed for any of the wide range of gifts available in the Qantas Online Store as well as free air tickets from Qantas or any of the 26 airlines they partner with.

In terms of rates and fees, you can expect to pay a reasonable annual fee of $79, and the purchase rate is 18.74% p.a.. This card also features a great promotional rate on balance transfers at 0.99% p.a. for 6 months, which you will definitely want to take advantage of if you have existing credit card debt.

The Vertigo MasterCard

The Vertigo MasterCard is the perfect card for people who aren’t away able to pay off their credit card bills in full every month, no matter the reason for it. This is because it features a great purchase rate of 13.24% p.a., which is probably one of the most competitive on the market.

Like the Amplify, this card also offers an excellent balance transfer deal with a rate of 0.99% p.a. for 6 months. Remember, to maximise your savings with a balance transfer you need to focus on paying it off before the deadline is up or it will revert to the standard purchase rate. You also want to avoid shopping with your card while you are paying off your balance transfer, because the lower interest rate debt will be paid off first, leaving you with your purchases incurring the higher rate.

The Vertigo MasterCard features a low annual fee of $55, in line with the idea of it being a no-bells-and-whistles credit card that you can use to better manage your finances.

The No Annual Fee Credit Card

If you are great at budgeting and always pay your credit card bills on time or you simply want a card for emergencies but don’t want to pay for the privilege of it sitting there, then the No Annual Fee credit card is for you.

It comes with a hefty interest rate of 20.49% p.a. on both purchases and cash advances, but if you pay your bills on time this won’t be a problem. However, there is no annual fee, which is what makes it so attractive. Why pay a fee when you are using your credit card as a glorified debit card?

The annual fee is valid for the life of the card and credit limits start from $500. You have your choice of Visa or MasterCard and you can rest safe in the knowledge that you are being protected from fraud by the Falcon Fraud Monitoring System. This is an excellent card as it offers you all the great features and flexibility Bank of Melbourne cards feature without the pain of paying an annual fee.

The Gold Low Rate Credit Card

This is a card that offers all the perks of a Gold card but at an excellent rate. With a highly competitive purchase rate of 15.99% p.a., this is an excellent card for anyone who wants to enjoy the extras of a Gold card without paying through the nose for it.

It features a low annual fee of $79 and includes complimentary insurance covers such as overseas travel insurance for trips up to three months, extended warranty and transit accident insurance in the event of accidental injury or death during travel.

The Platinum Visa Credit Card

As with any Platinum card, this credit card from Bank of Melbourne features premium extras and great advantages, including a low $89 rate on purchases. Even the annual fee is one of the most competitive on the market at $89.

With the Platinum Visa Credit Card you get a wide range of complimentary insurance covers, a concierge hotline to help you organise anything from travel arrangements to entertainment and much more.

Budgeting Effectively

Many people have no idea what an impact fees and charges can have on their budget and then they wonder why they can never stick to their budgets. This is why it is essential that you minimise fees and charges as much as you can, which means choosing the right card for you as well as being aware of those fees and how to avoid them.

The first step is to obviously choose a card that is suitable for your lifestyle. For example, if you don’t always pay off your credit card statements in full, then you want to avoid a card like the Amplify credit card because it comes with a higher rate. In your case, the Vertigo MasterCard is a better option because of the competitive rate. Conversely, if you never have an outstanding balance on your card, then you should definitely be taking advantage of the rewards programs on the Amplify or save even more money by opting for the No Annual Fee Card.

No matter which card you choose, you need to make sure you know all the details, including what the promotional interest rate on balance transfers is and how long it’s valid for, or how long you have before your purchases start accruing interest. This way you can make payments on time and avoid being charged unnecessary interest.

Staying on budget is also a matter of knowing exactly what you spend at all times. Bank of Melbourne makes it easy to track your expenditure because you can check your account at any time with the Internet Banking, Phone Banking and Mobile Banking services. You even get SMS and Email alerts. When you can see exactly where the money is going, it’s much easier to control your spending.

Minimising Costs

Of course, it’s much easier to stay on budget when you are able to minimise your costs and there are plenty of ways for you to avoid paying unnecessary fees. For example, you can lower your interest costs by making payments on a regular basis to reduce the amount you owe. This way you will be accruing interest on a smaller balance, which will translate to lower payments. To make things even easier, as your balance drops keep paying the same amount, even if your repayments are smaller, as it will help you pay off your debt even faster until you aren’t paying any interest at all.

Also make sure that you make all your payments by the due date so you can avoid late fees, which can add up to a serious amount pretty quickly. You also want to ensure you are always tracking your spending as this way you will know how much money you have left and can avoid going over your limit, which will incur additional fees.

If you can, pay off your credit card bills in full to take advantage of the interest free days and avoid interest costs completely. However, note that with cash advances you will incur interest from the moment you make the withdrawal and, in some cases, you will also be paying a fee. This is why you should avoid cash advances whenever possible and only resort to them if it’s an emergency.

International Travel

Managing your credit card is easy at all times with Bank of Melbourne, even if you are travelling abroad. And it can make international travel a lot more pleasant, since you get a lot of perks, if you choose the right card, as well as voiding the need to carry around large amounts of cash since Visa and MasterCard are accepted all over the world.

When you are preparing to leave on an international trip, it is recommended that you consider one of the cards offering complimentary insurance. Why pay for something that you can get for free?

Since some countries and merchants require you to enter a PIN when making purchases or paying for services, you should set it up before leaving. This is also an advantage for you because it increases security and reduces the risk of fraud occurring.

Also, make sure your internet banking account is set up so you can check your expenses and yoru balances. You can also make payments online, so you are never late, no matter where you are, and you can avoid paying late fees.

Another way to avoid late fees is to set up an Automatic Payment Plan so all repayments are taken care of. This way, you won’t have to spend half your trip worrying about making repayments and you can simply relax and have fun.

If there’s a chance that you will be doing a lot of shopping, then you might consider increasing your credit limit, if possible. This will make it easier for you to avoid those penalties you get charged when going over your limit.

Increasing Your Credit Limit

If you find you need to increase your credit limit, whether it’s because you will be travelling abroad or are going to make a large purchase and want to ensure you avoid paying over limit fees, it can be done quite easily.

First of all, to be eligible for an increase, your account needs to at least six months old and you need to be the primary cardholder. Also, you must not have applied for an increase within the previous six months. There is also an approval process involved and your financial situation must meet all the bank’s criteria for you to be granted an increase.

The application process is quite simple as it can be done online, through your Internet Banking account, which also receives the quickest response. Other options include faxing or mailing in a Credit Card Limit Increase form, or via telephone.

Security

Bank of Melbourne does everything it can to ensure its customers are protected against fraud, which is why they have many security systems in place. For example, they use the Falcon Fraud monitoring system around the clock to ensure that no suspicious activity takes place in your account. If a suspicious transaction is identified, you will receive a call to ensure that the transaction is genuine and not someone using your card without authorisation.

Likewise, the Secure Online Shopping service ensures that all payments and purchases made online are safe and secure. However, to take advantage of this service, you need to register for an Internet Banking account.

Bank of Melbourne is fully dedicated to its customers and the community, which is what makes them such an excellent financial institution to work with. You won’t find any other bank who can understand Victorians quite like Bank of Melbourne.