Bank of Melbourne No Annual Fee Credit Card can help you cut costs with no annual fee plus a promotional offer on balance transfers.
It will be much easier to pay debts with Bank of Melbourne No Annual Fee's promotional balance transfer offer of 0% p.a. for 12 months, with a one-time 2% balance transfer fee.
While there are no special offers such as reduced rates on cash advance, this credit card is available as a variable rate card. The credit limit offered with this credit card is quite competitive at just $500.
Moreover, the No Annual Fee Credit Card offers a few security features and you have Verified by Visa for online purchases as well as a 24/7 fraud monitoring.
| Product Name | Bank of Melbourne No Annual Fee Card |
|---|---|
| Balance transfer rate (p.a.) | 0% p.a. for 12 months with 2% balance transfer fee |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Cash Advance Rate (20.49% p.a.) |
| Balance Transfer Limit | 95% of available credit limit |
| Purchase rate (p.a.) | 20.49% p.a. |
| Offer end date | 22 November 2017 |
| Annual fee | $0 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 20.49% p.a. |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Minimum Monthly Repayment | 2% or $10, whichever is greater |
| Card Type | Visa |
| Late Payment Fee | $15 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Annual Fee | $0 p.a. |
|---|---|
| Minimum Repayment | 2% or $10, whichever is greater |
| Late Payment Fee | $15 |
| Over Limit Fee | $0 |
| Cash Advance Fee | 2% of the value of the transaction or minimum charge of $2.50 |
| Overseas Cash Advance Fee | 2% |
| Overseas Emergency Replacement | $52.50 |
| Overseas ATM Withdrawal Fee | $5 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 3 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- Absolutely $0 annual fee for the life of the card.
- Transfer your balances at a rate of 0% p.a. for 12 months.
- You can add up to 3 additional cardholders for no extra cost.
- This credit card will give you peace of mind with a fraud monitoring that operates 24/7.
Cons
- No rewards program meaning you won't earn rewards points on your purchases.
- A one-time 2% balance transfer fee applies.
Bank of Melbourne No Annual Fee Card review
The Bank of Melbourne No Annual Fee Credit Card is a low maintenance credit card that allows you to keep your card costs to a minimum. If you're looking to consolidate a debt, you can take advantage of the 0% p.a. balance transfers for 12 months. This offer is only available to new cardholders who apply by 22 November 2017. The card comes with a low minimum credit limit of $500 and at the cost of a $0 annual fee.
Benefits of using a Bank of Melbourne No Annual Fee Credit Card
- $0 annual fee. This is the most attractive feature of this credit card. Bank of Melbourne charges a $0 annual credit card fee.
- Balance transfer offer. This card features a low balance transfer offer if you apply before 22 November 2017. For 12 months, you can get a 0% p.a. interest for transferring your balances (with a one-time 2% balance transfer fee). This reverts to the variable cash advance rate of 2% of the value of the transaction or minimum charge of $2.50 after the introductory period ends.
- Low credit limit. This credit card offers a low credit limit, with the minimum credit being only $500.
Features of the Bank of Melbourne No Annual Fee Credit Card
- Rates and fees. The credit card offers a variable interest rate on cash advances and purchases. There are various fees that apply with the credit card. One is the cash advance fee, which charges 2% of the value of the transaction or minimum charge of $2.50, as well as bank transfers, which are done through phone or online banking.
- Interest-free period. This card comes with up to 55 interest-free days on purchases.
- Card replacement fees. Replacement fees apply and the fees vary. If the credit card is to be replaced within Australia, the fee is $15, while those to be replaced outside the country are charged $52.50. For emergency or urgent replacements, you will be charged $45. Other fees and charges include over-limit fee, missed/late repayment fee, statement copy fee, automatic payment dishonour fee, and foreign transaction fee.
- Security. There are two main security features provided with this credit card. The first is a 24-hour account monitoring, which keeps an eye on your account’s activity to detect unusual transactions. The second is Verified by Visa, which gives you an extra security layer using your credit card online.
- Minimum repayment. You will have to repay at least 2% per statement month to avoid late payment fees.
- Currency conversion. Making transactions involving foreign currencies will attract a fee of 3% per transaction.
- Additional cardholders. Get up to 3 additional cardholders for $0 each.
How to apply for the Bank of Melbourne No Annual Fee Credit Card
Eligibility criteria
Below are the details required to complete your application:
- You are at least 18 years old.
- You are an Australian permanent resident.
- Personal details, such as your full name, driver’s licence number and contact information, will be required with your application.
- You can apply for this credit card as an employed or self-employed person. If self-employed, you will provide your most recent tax information.
Required documents
The Bank of Melbourne will also require the following documents:
- Some of the acceptable identification documents include proof of age card, government-issued ID card with photo, citizenship certificate, and Australian or foreign passport, among others.
- Some of the financial information required would be details of your investments, savings or assets, weekly income details (after tax), liabilities, latest tax information and much more.
Apply for the Bank of Melbourne No Annual Credit Card if you are looking for a credit card with no annual fee, low credit limit, and worldwide access with Visa POS and ATMs. Check out similar cards and compare to find the ideal card that suits your financial situation.
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I am trying to apply for the card the promotion states no annual fee every apply before 1st may. yet on your webpage the card is no annual fee for first year then $55 per year after that. Please advise as the web advertisement above states no annual fee ever?
Hi Tracy,
Thank you for your inquiry.
As per checking Bank of Melbourne No Annual Fee Credit Card has no annual fee. But you can always clarify this information directly with the provider.
I hope this information has helped.
Cheers,
Harold
Hi,
for no annual fee credit card, there is $15 card replacement fee within Australia, does it mean card holder pay fee every time card replaced when expired?
Thanks
Hi Fred,
Thanks for your question.
The $15 card replacement fee is applicable when your card is lost in Australia. There will be no fee when your card is replaced or renewed due to account/card expiration.
Cheers,
May
What does it mean when a card has 0 days interest free?
Hi Sara. Thanks for your question. This means that you will get charged interest from the day you make a purchase on the card. Other cards have up to 55 days interest free, and some cards have an extended interest free period when you first activate the card. Jacob.