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Bank of Melbourne credit cards balance transfer guide

Looking to transfer your existing debt to a Bank of Melbourne credit card? Here’s everything you need to get started.

If you’re forking out to cover high interest costs, it might be time to move your debt to a card with 0% on balance transfers. Bank of Melbourne is one of many Australian card issuers that offers low rate and interest-free balance transfers to new cardholders. You can usually request a balance transfer when you’re applying for a new card, but there are some features, rates and fees to consider before you do.

If you’re considering transferring your debt to a Bank of Melbourne credit card, read this guide to compare your options and learn how to find the right balance transfer card for you.

Bank of Melbourne Credit Card Offer

Bank of Melbourne Vertigo Visa Credit Card

0% p.a. for 16 months on balance transfers

Offer ends 26 September 2018

Eligibility criteria, terms and conditions, fees and charges apply

Bank of Melbourne Credit Card Offer

A low rate credit card that features a long-term balance transfer promotion with no balance transfer fee. Plus, a competitive annual fee.

  • $55 p.a. annual fee.
  • 13.74% p.a. on purchases
  • Cash advance rate of 19.49% p.a.
  • Up to 55 days interest free
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Comparison of Bank of Melbourne credit cards

Rates last updated September 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Bank of Melbourne Vertigo Visa Credit Card
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
Enjoy 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Bank of Melbourne Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$99 p.a.
Offers a long-term balance transfer, low standard variable purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
Bank of Melbourne Amplify Card
19.49% p.a.
3% p.a. for 36 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. for 36 months balance transfer offer, Amplify or Qantas points per $1 spent and enjoy a $0 annual fee for the first year.

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Rates last updated September 24th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
St.George Vertigo Platinum - Online Offer
0% p.a. for 25 months
12.74% p.a.
$99 p.a.
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Simplicity Card
0% p.a. for 15 months with 1.5% balance transfer fee
19.99% p.a.
$0 p.a.
Save with 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from approval. Plus, a 15 month balance transfer offer.
St.George Vertigo Visa
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Citi Clear Platinum - Exclusive Offer
0% p.a. for 24 months with 1.5% balance transfer fee
14.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Ends 30 September 2018 Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Ends 30 September 2018 Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
NAB Low Fee Platinum Card
0% p.a. for 24 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.

Compare up to 4 providers

What you'll find in this guide

How can I benefit from a balance transfer with Bank of Melbourne?

  • Save on interest. Offering 0% or low interest rates for a promotional period, balance transfer credit cards are to help you save on interest costs when you’re paying off a debt. You can potentially save hundreds or thousands of dollars with a balance transfer, but it depends on your debt and ability to repay it during the promotional period. If you enter the amount you’re transferring and the interest rate you’re currently paying, you can use the table above to compare Bank of Melbourne cards by how much interest you could save.
  • Consolidate multiple debts. You can transfer up to three non-Bank of Melbourne credit, charge or store card debts to a new card. Not only does this mean you can pay off all of your card debts with a low interest rate, but you’ll only have to pay one credit card bill each month.
  • Pay off your debt faster. By avoiding extra interest costs, you should be able to pay off your credit card debt much faster with a low or 0% balance transfer offer.

Are there any risks when completing a balance transfer with Bank of Melbourne?

As with all debt products, there are some risks that come with doing a balance transfer with Bank of Melbourne.

  • Revert interest rate

    At the end of the introductory period, any unpaid debt will start to collect the standard variable cash advance rate. While the promotional balance transfer rate may be between 0% or 3%, the revert cash advance rate can be as high as 20.49% p.a.

    To avoid growing your debt again, you should aim to pay your balance in full before this applies. Even if you plan to clear your debt within the introductory period, make sure you check what the revert rate is and when it kicks in before you apply for a balance transfer with Bank of Melbourne.

  • Impact on your credit score

    As with any new card application, it can harm your credit score. This is especially true if your application is denied, which is why it’s crucial to check that you’re eligible for the card before you apply. However, if you transfer your debt to a balance transfer card and pay it off in full, this can also have a positive impact on your credit score.

What rates and features should I look at when choosing an offer?

  • Introductory interest rate and offer length. Bank of Melbourne currently offers four balance transfer credit cards. There are three interest-free options: The Vertigo Visa card has 0% p.a. on balance transfers for 16 months, the Vertigo Platinum card has 0% p.a. for 24 months and the Bank of Melbourne No Annual Fee card charges 0% p.a. on balance transfers for 12 months. Meanwhile, the Bank of Melbourne Amplify card offers 3% p.a. for 36 months. You can use the table above to see which card offers you the greatest interest savings based on your balance and current interest rate.
  • The revert rate. All Bank of Melbourne balance transfer credit cards revert to the cash advance rate after the introductory period. The Vertigo Visa and Vertigo Visa Platinum both revert to 19.49% p.a. Meanwhile, the Amplify card reverts to 20.24% p.a. and the No Annual Fee card charges a 20.49% p.a. cash advance rate. If you don’t think you can repay your debt within 24 months or less, you might want to opt for a card with a lower revert rate to reduce your overall interest costs.
  • Balance transfer fee. A balance transfer fee is a one-time fee charged when you first move your balance to your new Bank of Melbourne card. While the Amplify credit card and Vertigo Visa don’t charge a balance transfer fee, the Vertigo Platinum and No Annual Fee cards both charge a 1% balance transfer fee. This might not seem like a large fee, but it will add to your overall costs and is important to consider.
  • Annual fee. Some Bank of Melbourne cards offer $0 annual fees in the first year or for life, while others charge annual fees as high as $99. The cards with higher annual fees offer extra features such as reward points, complimentary insurance and concierge services. You may not take advantage of these features if you’re concentrating on paying off your balance rather than making purchases, so you need to weigh up whether the fees are worth it before you apply.
  • Eligible debts to transfer. You can’t transfer debts between accounts from the same institution, so you can’t move a debt from one Bank of Melbourne card to another. As they all belong to the Westpac group, you also can’t do balance transfers between Bank of Melbourne, BankSA and St.George. If you try to, your application will be rejected. However, you can conduct balance transfers between Bank of Melbourne and Westpac. You can see our guide to which banks you can and can’t transfer between for more information.
  • How much you can transfer. You can transfer up to 80% of your approved credit limit to a Bank of Melbourne credit card. If your card has a $20,000 credit limit, you could transfer a maximum of $16,000. You can see our guide to balance transfer limits for more information.

Can I transfer my debt to an existing Bank of Melbourne credit card?

If you already have a Bank of Melbourne credit card, you can transfer up to 2 non-Bank of Melbourne Australian issued credit, charge or store cards at a promotional interest rate of 2.99% p.a. for 12 months. You can compare other card issuers that offer balance transfers after application on finder.

What else do I need to know?

As well as the rates and features, here are some terms and conditions you should consider before you apply:

  • Eligibility requirements. As with any credit card, you must meet eligibility requirements (such as credit history, residential status and minimum annual income) to receive approval for a Bank of Melbourne credit card. A rejected credit card application can have negative impacts on your credit score, so it’s important to check the specific requirements before you apply.
  • Closing your old account. If you apply for a Bank of Melbourne card and are approved, it can take up to a week for your balance transfer to go through. Once it’s complete, it’s your responsibility to contact your old bank to close your account. If you don’t, then you’ll continue to be charged any account maintenance fees (like annual fees) that come with your card.
  • Making repayments. You’re required to pay at least the minimum repayment of 2% of the closing balance or $10 (whichever is greater) each statement. If you want to clear your debt before the revert rate applies, you’ll need to pay more than the minimum. If you divide the size of your balance by the number of months in the 0% introductory period, that’s how much you’ll need to pay each month to clear your balance while the promotion lasts.
  • Repayment allocation. Bank of Melbourne is obligated to put your payments towards debts with the highest interest rates first. If you use your card to make a purchase while you’re also paying off your balance transfer, your repayments will automatically go to paying off your purchase first because it collects a higher interest rate. If you want to make the most of your 0% balance transfer offer, you should avoid making purchases and put your money towards paying off your original debt.
  • Interest-free days. If you use your card to make a purchase, remember that interest-free days don’t apply while you’re paying off your balance transfer.Bank of Melbourne offers a number of alternatives for Aussies looking to pay off their debt with a balance transfer credit card. As there are many low and 0% balance transfer cards on the market, you should still compare your options to find the right card for you. You can use the balance transfer guides on finder to get started.

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Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

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Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

Westpac Altitude Platinum Card - Qantas

Interest rate

20.24

Annual fee

50*

*$200 p.a. after first year

ANZ Low Rate

Interest rate

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58

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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 ?

    • finder Customer Care
      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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