Bank of Melbourne Amplify Platinum

Last updated: Apr 27, 2020

Enjoy 0% interest rate offers for both purchases and balance transfers, plus a $0 first-year annual fee with the Bank of Melbourne Amplify Platinum.

When you apply and are approved for the Bank of Melbourne Amplify Platinum by 30 September 2020, you will enjoy 0% p.a. on purchases for 7 months, 0% p.a. on balance transfers for 22 months (with a one-time 1.5% balance transfer fee) and a $0 first-year annual fee ($99 p.a. thereafter). You can also make contactless, mobile payments and earn points as you spend.

Terms and conditions apply

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0% p.a.

Balance transfer rate

for 22 months with 1.5% balance transfer fee

0% p.a.

Purchase rate

for the first 7 months (reverts to 19.74% p.a.)

Reward point

Per $ spent (Visa/Mastercard)

$0 p.a.

Annual fee

for the first year ($99 p.a. thereafter)

Details

Product Name	Bank of Melbourne Amplify Platinum
Rewards program	Amplify Rewards
Balance transfer rate	0% p.a. for 22 months with 1.5% balance transfer fee
Balance Transfer Revert Rate	Cash Advance Rate (21.49% p.a.)
Balance Transfer Limit	80% of available limit
Purchase rate (p.a.)	0% for 7 months, reverts to 19.74% p.a.
Annual fee	$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Interest-free period	55 days
Cash advance rate (p.a.)	21.49% p.a.
Min credit limit	$6,000
Max credit limit	$80,000
Card type	Visa
Foreign currency conversion fee (Visa/Mastercard)	3%
Complimentary travel insurance	Yes

Minimum age	18 years of age
Available to temporary residents	Yes - Conditions apply
Joint application	Yes - Conditions apply

Pros

$0 annual fee for the first year
0% p.a. balance transfer for 22 months
0% p.a. for 7 months interest rate on purchases
Uncapped rewards points on eligible purchases
Complimentary travel insurance and purchase insurance covers

Cons

Annual fee reverts to $99 after the first year
Charges a one-time 1.5% balance transfer fee
Charges a 3% foreign transaction fee

Rewards program	Amplify Rewards
Rewards Points per $ spent (Visa/Mastercard)	1

Annual fee	$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee (Visa/Mastercard)	3%
Cash Advance Fee	2% or $2.50, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

Go to Bank of Melbourne's site More info

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Bank of Melbourne Amplify Platinum is one of the few cards in the market that offers a 0% balance transfer and purchase rate offer, along with a waived annual fee for the first year.

This card earns 1 Amplify Point per $1 spent and the Amplify Rewards program gives you plenty of ways to redeem your points, including digital gift cards, retail items and frequent flyer point transfers to Singapore Airlines KrisFlyer or Malaysia Airlines Enrich. It also offers complimentary insurance for purchases and travel. The current offer means you won’t pay an annual fee in the first year but after that, you’ll pay $99 p.a. for this card.

How to apply

You can apply for the Bank of Melbourne Amplify Platinum card online in 10 minutes and receive a response instantly. Just make sure you've met the eligibility criteria and have the necessary information to complete the application.

Eligibility criteria

New cardholder. To be eligible for the promotions, you must apply for a new card and cannot hold or have held an Amplify Platinum or Amplify Signature issued by St.George, Bank of Melbourne or BankSA in the previous 12 months.
Age. You must be at least 18 years of age to apply.

Residency. To apply online, you must be an Australian citizen or permanent resident.
Good credit score. Have good credit history with no defaults or bad debt.
Eligible balance transfer debt. If you elect to transfer a balance, you can transfer from $200 up to 80% of your available credit limit from up to three Australian credit, store or credit card accounts not issued by St.George, Bank of Melbourne and BankSA.

Required documents

Personal information. Including your full name, date of birth, residential address and contact information.
Proof of identification. To verify your identity, you'll need a valid Australian driver's license, passport, Medicare card or birth certificate.
Income. You'll need to provide payslips or similar financial documents on hand to confirm your income. This will include supplemental income information like rent from rental properties.
Employment. You'll need to confirm your current place of employment and provide your employer's contact details. If you're self-employed, you may need to provide your tax information and your accountant's contact details.
Balance transfer information. If you're transferring a balance(s), you'll need to provide the amount, account number and BSB number of the card(s) you're transferring from.

Go to Bank of Melbourne's site More info

Card benefits

$0 first-year annual fee. Save on account costs in the first year with a $0 annual fee waiver when you apply by 30 September 2020. This reverts to $99 p.a. in subsequent years.
Balance transfer offer. If you apply and get approved for this card by 30 September 2020, you can take advantage of a 0% p.a. for 22 months balance transfer offer (with a one-time 1.5% balance transfer fee). After the promotional period, any balances remaining will be charged at the variable cash advance rate. Interest-free days do not apply while you carry a balance transfer debt.

Purchase rate offer. Save on purchases with a 0% p.a. interest rate for 7 months when you apply and get approved for this card by 30 September 2020.
Rewards points. Enjoy uncapped points potential and earn 1 Amplify Point per $1 spent on eligible transactions. Amplify Points can be auto-redeemed for Velocity Points at a rate of 2:1.
Complimentary travel insurance. Save and travel with peace of mind thanks to complimentary international travel insurance for trips up to 3 months for you, your spouse and any dependent children travelling with you. You'll be covered for emergency and medical services, travel delay, lost luggage and more. You must use your card to pay for at least $500 of your prepaid travel costs to activate the insurance. Eligibility requirements, exclusions and other conditions apply.
Extended warranty. When you use your Amplify Platinum card to purchase an item that has a manufacturer's warranty, you will get an extended warranty that will come into effect when the manufacturer's warranty ends.
Purchase protection. If a newly-purchased item gets damaged or stolen, purchase protection through your Amplify card can help you get a reimbursement or pay for repairs on the item as long as the claim falls within a certain time frame after the original purchase date.
Balance transfer offer. New customers who apply by 30 September 2020 can repay their debt and save with a 0% p.a. interest on balance transfers for the first 22 months. After the promotional period, any balances remaining will be charged at the variable cash advance rate.
Mobile payment technology. Enjoy the convenience of making contactless payments using compatible device by adding this card to your Apple Pay, Samsung Pay or Google Pay wallet.

Rates & fees

Annual fee. Outside of any promotions, this card charges an annual fee of $99.
Purchase rate. This card charges a 19.74% p.a. variable interest rate on purchases.

Interest-free period. You will receive up to 55 days interest-free on new purchases when you pay your monthly payment balance listed on your statement in full by the payment due date. Note that these interest-free days are separate from any longer-term interest rate promotions and the monthly payment balance excludes current balance transfers.
Cash advances. If you use your card for cash advances, such as an ATM withdrawal, you'll collect interest at the 21.49% p.a. variable cash advance rate and will be charged a cash advance fee of 2% or $2.50 (whichever is greater, capped at $150 per transaction).
Credit limit. You can request a minimum credit limit of $6,000 up to $80,000.
Additional cardholders. You can earn more points and manage expenses by adding 1 additional cardholder to the account at no extra cost.

Go to Bank of Melbourne's site More info

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Bank of Melbourne Amplify Platinum