Bank of Melbourne No Annual Fee Credit Card
Last updated:
Repay existing debt with no interest for 12 months and save with an ongoing $0 annual fee.
The Bank of Melbourne No Annual Fee credit card combines two cost-saving features with a $0 p.a. annual fee and a 0% p.a. balance transfer offer.
0% p.a.
Balance transfer rate
for 12 months with 1% balance transfer fee
20.74% p.a.
Purchase rate
$0 p.a.
Annual fee
55 days
Interest free period
Details
| Product Name | Bank of Melbourne No Annual Fee Card |
|---|---|
| Balance transfer rate | 0% p.a. for 12 months with 1% balance transfer fee |
| Balance Transfer Revert Rate | Cash Advance Rate (21.49% p.a.) |
| Balance Transfer Limit | 80% of available balance |
| Purchase rate (p.a.) | 20.74% p.a. |
| Annual fee | $0 p.a. |
| Interest Free Period | 55 days |
| Cash advance rate (p.a.) | 21.49% p.a. |
| Min credit limit | $500 |
| Max credit limit | $40,000 |
| Card Type | Visa |
| Foreign Currency Conversion Fee (Visa/Mastercard) | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | Yes - Conditions apply |
| Joint Application | Yes |
Pros
- $0 annual fee for the life of the card
- 0% p.a. on balance transfers for 12 months
Cons
- A one-time 1% balance transfer fee applies.
- Relatively high purchase interest rate of 20.74% p.a.
| Annual fee | $0 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% of the closing balance or $10, whichever is greater |
| Late Payment Fee | $15 |
| Foreign Currency Conversion Fee (Visa/Mastercard) | 3% of transaction value |
| Cash Advance Fee | 2% or $2.50, whichever is greater |
| Overseas Cash Advance Fee | 2% or $2.50, whichever is greater |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 3 |
Expert review
Review by
Sally McMullen
sally.mcmullen@finder.com.auSally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.
