The Bank of Melbourne Amplify Business Credit Card gives you access to complimentary unauthorised transaction insurance for the account and transit accident insurance for eligible travel. It also offers up to 55 days interest-free on purchases when you pay the total amount listed on your statement by the due date. Otherwise, a 19.49% p.a. variable interest rate applies to purchases. Keep this in mind if you plan to pay off business spending over a few months, as some business credit cards offer lower rates.
Bank of Melbourne Amplify Business Credit Card
- Purchase rate
- 19.49% p.a.
- Reward point per $ spent
- Annual fee for the first year ($89 p.a. thereafter)
- $0 p.a.
- Interest-free on purchases
- Up to 55 days
$0 first-year annual fee
Choice of earning Amplify Points or Qantas Points on all eligible spending
Complimentary unauthorised transaction insurance
Up to 3 additional cardholders could be limiting for some businesses
No complimentary travel insurance
|Product Name||Bank of Melbourne Amplify Business Credit Card|
|Purchase rate p.a.||19.49%|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate p.a.||20.24%|
|Min credit limit||$1,000|
|Max credit limit||$20,000|
|Available to temporary residents||No|
|Rewards program||Amplify Rewards / Qantas Frequent Flyer|
|Rewards points per $ spent||1|
|Annual fee||$0 first year ($89 after)|
|Late payment fee||$0|
|Foreign currency conversion fee||3%|
|Cash advance fee||3%|
|Overseas cash advance fee||3% of each cash advance amount|
|Additional cardholder fee||$0|
|Number of additional cardholders||3|
How to applyYou can apply for the Bank of Melbourne Amplify Business Credit Card online in around 10-20 minutes. To get started, check if you meet the eligibility criteria and have the documents and details needed to complete the application.
- Business spending. You must agree to use this card wholly or predominantly for business expenditure.
- Residency status. You must be an Australian resident or citizen to apply for this card. You'll also need to provide a valid Australian residential address.
- Age. This card is only available to applicants who are at least 18 years of age.
- Personal details. This includes your name, date of birth and contact details. You also need to provide valid identification such as your Australian driver's licence number, Medicare card, passport, Australian birth certificate or NSW photo card.
- Business details. This includes your ABN or ACN, business income and expenditure, business contact information and details of your tax agent or accountant.
- Financial details. This covers your income, including any additional income you receive, as well as assets, debts and other regular expenses. You may also need to provide supporting documentation such as recent payslips, tax assessment notices from the ATO or bank statements.
- Additional cardholder information. If you want to add cards for employees, you'll need to provide some personal details including their names and contact information.
- Preferred rewards program. You'll need to choose between Amplify Rewards or Amplify Qantas Points. And if you choose Qantas Points, you'll need to provide your Qantas Frequent Flyer membership number.
- $0 first-year annual fee. The Bank of Melbourne Amplify Business Credit Card offers a first-year annual fee waiver, which saves you $89 on the annual fee that applies from the second year.
- Rewards program. This card offers uncapped points per $1 on eligible spending, with different earn rates based on the rewards program and type of spending. With Amplify Rewards, you'll earn 1 point per $1 on eligible spending in Australia, 2 points per $1 on eligible overseas spending and 0.5 points per $1 on government payments. With Amplify Qantas, you'll earn 0.5 Qantas Points per $1 on eligible spending in Australia, 1 Qantas Point per $1 on eligible overseas spending and 0.25 Qantas Points per $1 on government payments.
- Simplified tax reporting. You can directly export expense data into MYOB or BAS. Transactions can also be downloaded into Microsoft Excel for financial reporting and accounting tasks.
- 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 card gives you access to cover for accidental death and injury 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. As with any insurance, make sure you read the policy document, available on the Bank of Melbourne website, for full details.
- Mobile payments. You can add this credit card to your Google Pay or Samsung Pay wallet to make payments straight from your mobile phone or other devices.
Rates & fees
- Annual fee. Outside of any promotions, the Bank of Melbourne Amplify Business Credit Card has a $89 annual fee. This is at the low end of the scale for business cards, which typically have annual fees ranging from $40 to $1,750.
- Additional cardholders. You can add up to 3 additional card for employees. Unlike some business cards, there is no additional cardholder fee.
- Purchase rate. This card's 19.49% p.a. variable interest rate for purchases is lower than the average standard credit card interest rate in Australia.
- Interest-free days. If you pay the total balance listed on your statement by the due date, you'll get up to 55 days interest-free on purchases made with this card.
- Cash advance rate. If you use your card for cash advances such as ATM withdrawals, you'll be charged a 20.24% p.a. variable interest rate from the date of the transaction.
- Foreign transaction fee. A fee worth 3% of the total transaction is applied when you use this card to spend overseas or shop online with an overseas business.
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