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Bank of Melbourne balance transfer credit card frequently asked questions

Want to consolidate your debt with a Bank of Melbourne balance transfer? Have all of your related questions answered here.

If you're struggling with debt on a high-interest credit card, a balance transfer with Bank of Melbourne is one way you could consolidate your debt and pay it off faster. While it can be a useful strategy, there are many terms and conditions you'll need to familiarise yourself with before conducting a balance transfer with Bank of Melbourne (or any other bank, for that matter). To make things easier for you, we've rounded up and answered some of the most common questions our users have around Bank of Melbourne balance transfers.

Bank of Melbourne Vertigo Platinum

0% p.a. for 24 months on balance transfers
with a one-time 2% balance transfer fee

Offer ends 22 November 2017

Eligibility criteria, terms and conditions, fees and charges apply

Bank of Melbourne Credit Card Offer

An introductory balance transfer offer that stacks up well with the market. Transfer of non-St.George and BankSA balances are allowed.

  • $99 p.a. annual fee.
  • 12.74% p.a. on purchases
  • 0.00% p.a. for 24 months with 2% BT fee on balance transfers
  • Cash advance rate of 21.49% p.a.
  • Up to 55 days interest free
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Bank of Melbourne balance transfer frequently asked questions

Yes, although you won't be able to transfer debts from existing Bank of Melbourne accounts. If you have a Bank of Melbourne credit card and want to transfer a balance from a credit card issued by another institution, you'll just need to submit a balance transfer request form to the bank.

This form can be downloaded online, printed out and sent to a branch for processing. Alternatively, you can make a request via the secure Bank of Melbourne online banking website.

Most promotional balance transfer offers are only available to new Bank of Melbourne customers, so you may be unable to take advantage of low interest rates on balance transfers if you're already with Bank of Melbourne.

No. You can only transfer balances from other financial institutions.

Yes, you can't transfer a balance from a St.George or BankSA credit card to a Bank of Melbourne card. Learn more about which cards you can and can't transfer from.

You can transfer up to two credit card debts to your new Bank of Melbourne card. You can transfer from a minimum of $200 up to 95% of the available credit limit on your new Bank of Melbourne credit card. Make sure your card can support your existing balance before conducting the transfer, otherwise the remaining balance will continue to collect high interest in your old account.

There is no balance transfer fee to roll over any credit card or store card balances to a Bank of Melbourne balance transfer card. However, you will have to meet minimum repayments each month.

Bank of Melbourne balance transfers allow you to move a debt or debts to a credit card with a low or 0% interest rate for a promotional period. The promotional period will vary from 12-20 months, after which time the promotional balance transfer rate will revert to the standard cash advance rate.

You can request a balance transfer when you're applying for a new credit card online, in-store or over the phone. When you're filling out the balance transfer application, you'll need to provide details about your old account and the balance you're transferring, so make sure to have these details handy.

If your Bank of Melbourne credit card has a promotional balance transfer offer, you'll be able to repay your debt without the added cost of high (or, in some cases, any) interest. As the majority of your previous repayments would have been eaten away by interest charges, this means that you can dedicate your repayments to reducing your debt. While you'll be required to make the minimum repayment each month, it's recommended to pay more than this amount so that you can repay your debt faster and make more savings. Remember that the promotional rate will be replaced by the revert rate when the offer finishes, so you should aim to repay your entire debt before this happens.

At the moment, all of Bank of Melbourne's balance transfer credit cards boast a 0% interest rate. However, the length of the promotional period these 0% interest rates are valid for vary from card to card. You can compare these in the table below.

While Bank of Melbourne does offer up to 55 days interest-free on purchases, this will not apply while there are still outstanding balance transfer amounts to be repaid.

Once the entire balance has been repaid in full down to a zero balance, any purchases made thereafter will receive up to a maximum of 55 days with no interest. In order to take advantage of the interest-free days, the full balance will need to be repaid each month down to a zero balance on or before the due date printed on the statement.

Bank of Melbourne will take care of transferring the balances, but it's your responsibility to contact the bank or credit card company to close the account yourself if you don't want to continue paying maintenance fees on it.

Bank of Melbourne will allocate your repayments to the amounts attracting the highest rate of interest first. Once these have been repaid, payments will then be focused on repaying the balance with the next highest interest rate and continue down to the amounts attracting the lowest interest rates. As your balance transfer will have a low promotional rate, balances such as cash advances and purchases will be repaid first.

The answer to this question will depend on the following factors:

  • How much you currently owe on your credit card debt
  • How much interest your current credit card company is charging
  • How much you repay and whether you make more than the minimum repayments each month
  • Which Bank of Melbourne balance transfer credit card offer you select

If you've found a Bank of Melbourne credit card that you'd like to apply for, you can begin your online application by selecting the green 'Go to site' button on our comparison tables and review pages. This will take you to a secure online form where you can begin your application. The application should only take around 10 minutes to complete, but make sure you meet the eligibility requirements first. You will need to be older than 18 at the time of application, and you will also need to be a permanent Australian resident.

You will be asked questions regarding your income, employment, assets and other liabilities, such as repayments you make on other outstanding debts. Be sure to have this information handy before you begin the application.

You also need a form of Australian ID, such as a driver’s licence.

During the application, you'll find a balance transfer option. Select this option. You may also be asked to fill in the details of your other credit card company such as your account number and the amount to be transferred over to Bank of Melbourne.

Once your new credit card is activated, Bank of Melbourne will arrange your balance transfer from your old card for you.

Comparison of Bank of Melbourne credit cards

Rates last updated October 22nd, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Bank of Melbourne Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
Bank of Melbourne Vertigo Visa Credit Card
13.24% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$55 p.a.
Receive up to 55 days interest-free on purchases and the protection of Verified by Visa online purchases.
Bank of Melbourne Amplify Platinum
19.49% p.a.
$99 p.a.
Earn 1 Amplify Rewards Point per $1 spent and receive complimentary travel insurance and purchase protection.
Bank of Melbourne Amplify Signature
19.49% p.a.
$279 p.a.
Earn 1.5 Amplify Rewards Points per $1 spent and receive an additional card at no extra cost.
Bank of Melbourne Amplify Card
19.49% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$79 p.a.
Earn 1 Amplify Rewards point per $1 spent and receive up to 55 days interest-free on purchases.
Bank of Melbourne No Annual Fee Card
20.49% p.a.
0% p.a. for 12 months with 2% balance transfer fee
$0 p.a.
Get up to 55 days interest-free on purchases and peace of mind with a 24/7 fraud monitoring.
Bank of Melbourne Corporate Mastercard
Experience a complete financial management system available online and the protection of complimentary insurances.
Bank of Melbourne Amplify Business Credit Card
0% p.a. for 12 months (reverts to 19.49% p.a.)
$0 p.a. annual fee for the first year ($89 p.a. thereafter)
Earn an uncapped 1 Amplify Rewards point per $1 spent in Australia and 3 complimentary insurances.

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3 Responses

  1. Default Gravatar
    DIANEJanuary 13, 2015

    I have heard if you apply for cards etc and it gets declined this can be a black mark against your name. Also what is the interest rate after the 16 months ?

    • Staff
      ElizabethJanuary 13, 2015Staff

      Hi Diane,

      Thanks for your question.

      Each time you apply for a credit card the application will appear on your credit file, however this isn’t necessarily considered a ‘black mark’. It just means that other credit issuers will be able to see what you’ve applied for. After the 16-month period the cash advance rate, currently 21.49% p.a., will apply.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    JacquelineJanuary 8, 2012

    can I apply to transfer balance from my partners credit card to a new card under my name. He is currently studying full time so cannot apply with a permanent job/income. Or can I be guarantor with him applying?

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