Bank of Melbourne Gold Low Rate Credit Card – Details and Application

Information verified correct on December 10th, 2016

The Bank of Melbourne Gold Low Rate credit card comes with all the features you'd expect in gold card, for a 'low rate' on purchases.

Important Information

Your low rate card can be a 'no rate card' if you can pay off your purchases quickly. The up to 55 interest-free days this card offers is a way for you to make your daily purchases, as well as avoid the added interest costs.

When gold is not enough, the Bank of Melbourne also offers the Low Rate Platinum Card.

Bank of Melbourne Credit Cards


Bank of Melbourne Gold Low Rate Credit Card Review

The competitive 15.99% p.a. interest rate that you get with the Bank of Melbourne Gold Low Rate credit card allows for flexibility in your purchases. You have that extra buying power you need for everyday purchases or a sudden emergency, without the fear of high interest accumulation.

When comparing low rate credit cards, don’t just look at the interest rate amounts being charged. There are other things like interest-free periods and purchase insurance to consider that can help protect your spending.


Complimentary travel insurance

In addition to low rates, the Bank of Melbourne Gold Low Rate credit card provides you with complimentary insurance for your travel needs.

  • International travel insurance If you purchase your travel expenses with your Gold Low Rate card, your overseas travels are covered. For up to 3 months you are protected from medical costs, trip cancellations and rental vehicle accidents. In addition, your personal belongings are protected from loss, theft or damage for up to $10,000.
  • Travel inconvenience insurance For trips inside of Australia you are protected for up to $500 per person if your flight plans are cancelled or delayed so long as you purchased your tickets with your card. If the delay is more than six hours, this insurance will cover the cost of meals and accommodations while you are waiting for the next flight.
  • Transit accident insurance If an accidental injury or death occurs while travelling by plane, bus, ferry or train overseas, transit accident insurance will cover you.
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Purchase protection

Not only are your travels protected, you and your purchases are as well.

  • Legal liability cover In the event that you are found liable in a personal damages suit, the insurance on your card will cover you for up to $2.5 million.
  • Purchase protection insurance For items purchased with your Gold Low Rate card you are covered for up to 3 months in the event of loss, theft or damage.
  • Extended warranty When you purchase items with your card that includes a warranty, that warranty will be extended by up to one year.

Bank of Melbourne Balance Transfer Credit Card


Bank of Melbourne Gold Low Rate credit card Features

In addition to complimentary travel insurance and purchase protection insurance, the Bank of Melbourne Gold Low Rate credit card comes with several other features.

  • Annual fee. $79 will be charged to your credit card by the Bank of Melbourne each year that it is in use.
  • Interest rate. The interest rate for purchases made with this card is 15.99% p.a.
  • Interest-free days. You have up to 55 days to pay off your purchases before the interest rate is applied.
  • Cash advances. The interest rate charged for cash withdrawals made with your card is 20.24% p.a.
  • Minimum monthly repayment. You will be required to pay the greater of 2% of the value of the transaction or minimum charge of $2.50 each month.
  • Late payment fee. If you are late or miss a repayment you will be charged $9.
  • Over limit fee. In the event that your purchases surpass the amount of credit that has been extended to you, you will be charged $9.
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How to apply for the Bank of Melbourne Gold Low Rate Credit Card

Eligibility

If this low rate card has the features you are looking for check that you meet the eligibility requirements set forth by the Bank of Melbourne:

  • Age. You will have to be 18 years of age or older to apply for this card.
  • Residency. Only applications from permanent residents and citizens of Australia will be considered.

Documentation

You will need to have some documentation to refer to while filling out your application:

  • Driver’s license number. Applicants will be prompted to enter their driver’s license number.
  • Income. You will be asked about your after tax weekly income.
  • Assets. Be prepared to disclose details outlining your personal assets. This will include any investments or savings accounts.
  • Liabilities. You will be asked about your liabilities, including loans, store accounts and credit cards. Have available the repayment amounts you pay monthly and available balances.

Filling out the application should take anywhere from 10 to 15 minutes.

Carefully consider what is important to you in a personal credit card before making a final decision.

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2 Responses to Bank of Melbourne Gold Low Rate Credit Card – Details and Application

  1. Default Gravatar
    ian | October 3, 2013

    I purchased my virgin flight tickets to Bali in August for my holidays in October 13th til 12th November on my gold credit card.The gold c/card has travel insurance. How do I activate my insurance ?

    • Staff
      Jacob | October 3, 2013

      HI Ian.

      Thanks for your question.

      You can find more information about your question on this page. The cover is automatic once you meet the eligibility requirements. In a nutshell, ‘Eligibility requires you to having a return overseas travel ticket before you leave Australia and by charging a minimum of $500 of your prepaid travel costs to your credit card. These costs include but are not limited to the cost of your return ticket, airport or departure taxes and prepaid overseas accommodation. ‘

      You’ll need to consult the product disclosure statement for detailed information about this policy.

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