Bank of Melbourne Amplify Platinum

Offers 130,000 bonus Amplify Points and a discounted first-year annual fee – with a 19.49% p.a. interest rate for purchases.

The Bank of Melbourne Amplify Platinum is suited to people who want to earn points on their credit card spending and like having a choice of different rewards – including gift cards, retail items, travel and frequent flyer points. If you apply for this card by 24 February 2022, you’ll earn 130,000 bonus Amplify Points by spending $3,000 in the first 90 days.

You can also take advantage of 0% p.a. on balance transfers for 24 months (with a one-time 1% balance transfer fee) as well as a $49 first-year annual fee discount. After the first year, the annual fee goes to $99 – which is on par with other platinum cards. But if you’re not paying off the full monthly balance listed on your statement by the due date (to get interest-free days) the interest costs could add up.

Amy Bradney-George

Last Updated Mar 3, 2021

0% p.a.

Balance transfer rate

for 24 months with 1% balance transfer fee

130,000

Bonus points

19.49% p.a.

Purchase rate

Reward point

Per $ spent

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Details

Product Name	Bank of Melbourne Amplify Platinum
Rewards program	Amplify Rewards
Balance transfer rate	0% p.a. for 24 months with 1% balance transfer fee
Balance transfer revert rate	Cash Advance Rate (21.49% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	19.49% p.a.
Annual fee	$49 annual fee for the first year ($99 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.49% p.a.
Min credit limit	$6,000
Max credit limit	$80,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

130,000 bonus Amplify Points
Reduced annual fee of $49 in the first year
0% p.a. balance transfer for 24 months
Uncapped rewards points on eligible purchases

Cons

Charges a one-time 1% balance transfer fee
Charges a 3% foreign transaction fee

Rewards program	Amplify Rewards
Bonus points	130,000
Rewards points per $ spent	1

Annual fee	$49 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	3%
Cash advance fee	3%
Overseas cash advance fee	2%
Additional cardholder fee	$0
Number of additional cardholders	1

Go to Bank of Melbourne's site More info

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Bank of Melbourne Amplify Platinum currently has a competitive bonus points offer, which you could use to get Woolworths WISH eGift cards, retail items through the Amplify Rewards website or 65,000 frequent flyer points with Velocity Frequent Flyer or Singapore Airlines KrisFlyer.

This card also earns 1 Amplify Point per $1 spent and offers complimentary insurance for purchases and travel. If you're more focused on paying off credit card debt at the moment, you could also take advantage of the 0% balance transfer offer. But, as this introductory rate only lasts for 24 months, you should focus on paying off your debt before thinking too much about rewards.

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

Bonus Amplify Points offer. Receive 130,000 bonus Amplify Points if you apply for a Bank of Melbourne Amplify Platinum card by 24 February 2022, get approved and spend $3,000 within the first 90 days of card approval.
First-year annual fee discount. The Bank of Melbourne Amplify Platinum credit card offers a reduced annual fee of $49 for the first year (reverts to $99 p.a. thereafter). This offer is valid until 24 February 2022.

Balance transfer offer. If you apply and get approved for this card by 24 February 2022, you can take advantage of a 0% p.a. for 24 months balance transfer offer (with a one-time 1% 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.
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.
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 19.49% p.a. variable interest rate on purchases.

Balance transfer offer. If you apply and get approved for this card by 24 February 2022, you can take advantage of a for 24 months balance transfer offer (with a one-time 1% 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.
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 3% of each cash advance amount.
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