Want to consolidate your debt with a Bank of Melbourne balance transfer? Have all of your related questions answered here.
Bank of Melbourne balance transfer credit card
An introductory balance transfer offer that stacks up very well with the market. Transfer of non-St.George and BankSA balances allowed.
- $0 p.a. annual fee for the first year ($55 p.a. thereafter) annual fee
- 13.24% p.a. on purchases
- 0% p.a. for 14 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- Up to 55 days interest free
Bank of Melbourne balance transfer frequently asked questions
I already have a Bank of Melbourne credit card. Can I turn this into a balance transfer credit card?
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.
Can I transfer balances from another existing Bank of Melbourne credit card?
No. You can only transfer balances from other financial institutions.
Are there any credit card providers that I can't transfer a balance from?
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.
How much can I transfer?
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.
How much does a balance transfer cost?
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.
How does the balance transfer offer work?
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.
How do I use the balance transfer credit card to reduce debt?
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.
What is the interest rate on Bank of Melbourne balance transfer credit card?
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.
Can I still get interest-free days on my credit card?
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.
Will my old credit card be closed once the balance transfer has occurred?
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.
Are my payments allocated to different balance amounts first?
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.
How much money can I save by using a balance transfer offer?
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
How do I apply for the Bank of Melbourne balance transfer credit card offer?
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 June 25th, 2017.
- Bank of Melbourne Amplify Card
A new offer of $0 annual in the first year, which is valid until 20 September 2017.
May 3rd, 2017
- Bank of Melbourne Amplify Signature
Bonus points offer changed from 30,000 to 90,000 which is valid until 20 September 2017.
May 3rd, 2017
- Bank of Melbourne No Annual Fee Card
Balance transfer offer has been changed to 0% p.a. for 14 months and is valid until 20 Sept 2017.
May 3rd, 2017