Bank of Melbourne Amplify Business Credit Card – Rates and fees

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Manage your business spending, earn rewards and get 0% interest on purchases for 12 months with the Bank of Melbourne Amplify Business credit card.

The Bank of Melbourne Amplify Business credit card offers a wide range of benefits for businesses, with features including additional cards for employees, complimentary insurance and compatibility with financial software programs. It also earns rewards for purchases, with the choice of the bank’s Amplify Rewards or Qantas rewards. Find out more about the Bank of Melbourne Amplify Business credit card and how to apply here.

Product NameBank of Melbourne Amplify Business Credit Card
Rewards ProgramAmplify Rewards
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 19.49% p.a.)
Offer end date28 August 2018
Annual fee$0 p.a. annual fee for the first year ($89 p.a. thereafter)
Interest Free Period
The interest-free period on purchases is the period or number of days you do not 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.)20.24% 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.
$1,000
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.
$20,000
Card TypeVisa
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$0 p.a. annual fee for the first year ($89 p.a. thereafter)
Late Payment Fee$15
Cash Advance Fee2% fee for cash advance transactions, with a minimum charge of $2.50
Foreign Currency Conversion Fee
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3%
of transaction value
Gambling Transactions AllowedYes
Additional Cardholder Fee$0
Number of Additional Cardholders3

Pros

  • Earn uncapped rewards points and receive complimentary business inconvenience insurance.

Cons

  • Complimentary travel insurance is not included.
Rewards ProgramAmplify Rewards
Rewards Points per $ spent (VISA/MC)1
Rewards Points per $ (VISA/MC) CapUncapped

Benefits of the Bank of Melbourne Amplify Business Credit Card

  • Rewards program. Sign up for Amplify Rewards and you'll earn 1 point per $1 spent in Australia, 2 points per $1 for overseas purchases and 0.5 points per $1 spent on government payments. If you decide to opt-in to Amplify Qantas, you'll earn between 0.25 and 1 Qantas point per $1 spent.
  • Uncapped rewards. Earn uncapped points when you enrol in either the Amplify Rewards or Amplify Qantas program and use this card to pay for purchases. Note that you will need to be an existing Qantas Frequent Flyer member or sign up to become a Qantas member before you can earn Amplify Qantas rewards.
  • Simplified tax reporting. This account allows you to directly export expense data into MYOB or BAS. Transactions can also be downloaded into Microsoft Excel.
  • Complimentary business inconvenience insurance. This card offers complimentary coverage for a range of situations including business premise invasion, recruitment costs and temporary replacement of employees.
  • Unauthorised transaction insurance. This insurance covers you against unauthorised transactions made by additional cardholders for your Bank of Melbourne Amplify Business account.
  • Transit accident insurance. This provides accidental death and injury cover for cardholders who sustain an injury as a passenger on a plane, bus or ferry while they are overseas. To get coverage, cardholders must pay for the entire trip on their Bank of Melbourne Amplify Business credit card before leaving Australia. The insurance is also extended to spouses, providing the terms and conditions are met.
  • Secure online shopping. Sign up for Verified by Visa through Bank of Melbourne's Internet banking website and get an extra level of authentication for Internet transactions.
  • Interest free days. Pay your account balance in full by the due date each statement cycle to get up to 55 days interest free on new purchases.

Features of the Bank of Melbourne Amplify Business Credit Card

  • Purchase rate. This card has a standard purchase rate of 19.49% p.a. (variable).
  • Cash advance rate. The cash advance interest rate for this card is 20.24% p.a. (variable).
  • Annual fee. Bank of Melbourne's Amplify Business credit card charges an annual fee of $89.
  • Foreign transaction fee. A fee worth 3% of the total transaction is applied when you use this card for purchases in a foreign currency or with overseas merchants.
  • Cash advance fee. This card has a 2% fee for cash advance transactions, with a minimum charge of $2.50.
  • Card replacement fees. This card charges $15 per card for replacement in Australia, $45 per card for emergency replacement in Australia and $52.50 per card for overseas replacement.
  • Automatic payment fee. A $9 fee is applied once per statement period for any dishonoured payments made under the automatic payment plan.
  • Statement copy fees. There is a charge of $2 for every statement copy request made over the phone or online, and $2 for all other requests.

How to apply for the Bank of Melbourne Amplify Business credit card

If you’ve decided that the Bank of Melbourne Amplify Business credit card is right for you, you can apply online or in-branch. Before you apply, make sure you meet the following eligibility requirements.

Eligibility requirements

  • Age. You must be at least 18 years of age to apply for a credit card.
  • Residency status. You must be an Australian resident or citizen to apply for this card.
  • Residential address. You must have a valid Australian residential address to apply for this business credit card.
  • Business spending. You must use this card wholly or predominantly for business expenditure.
  • Business details. You must provide details of your business, such as your Australian Business Number (ABN) or Australian Company Number (ACN).

Required documents

Once you’ve determined that you meet the eligibility requirements, start preparing the following documents and evidence:

  • Personal details. You’ll need to offer details such as your Australian driver's licence number, residential address and contact number.
  • Financial details. You might be asked to provide copies of your recent business tax statements.
  • Employment details. You’ll need to provide information regarding your employment details and income. As a business credit card, you’ll also be asked to provide your ABN or ACN, business income and expenditure, business contact information and details of your tax agent or accountant.
  • Additional cardholder information. If you have employees that you wish to include as additional cardholders for this account, you will need to provide personal details including their full name/s and contact information.

After your application is approved and fully processed, you should get your primary card and any additional cards for your employees within 5-10 business days. You can then activate these cards and start using the account for all your business spending.

The Bank of Melbourne Amplify Business credit card offers some basic tools and features to help small- to medium-sized businesses manage spending. It also features a rewards program with uncapped earnings and has a competitive annual fee of $89. While these features could be beneficial for some business cardholders, it’s wise to compare your options before you apply.

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