Bank of Melbourne No Annual Fee Credit Card – Details and Application

Information verified correct on December 3rd, 2016

Bank of Melbourne No Annual Fee Credit Card can help you cut costs with no annual fee plus a promotional offer on balance transfers and purchases.

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 18 months and also save heaps of money with the 1% p.a. for up to 12 months introductory purchase rate offer.

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 Falcon Fraud monitoring.

Product NameBank of Melbourne - No Annual Fee Card
Balance transfer rate (p.a.)0% p.a. for 18 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (20.49% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)1% p.a. for 12 months (reverts to 20.49% p.a.)
Offer end date4 January 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 Repayment2%
Card TypeVisa
Late Payment Fee$9
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 InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
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 Repayment2%
Late Payment Fee$9
Over Limit Fee$9
Cash Advance Fee2% of the value of the transaction or minimum charge of $2.50
Overseas Cash Advance Fee2%
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 AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Absolutely $0 annual fee for the life of the card.
  • You can add up to 3 additional card holders for no extra cost.
  • This credit card will give you peace of mind with Falcon Fraud protection monitoring that operates 24/7.

Cons

  • No rewards program meaning you won't earn rewards points on your purchases.

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 18 months. This offer is only available to new cardholders who apply by 4 January 2017. The card comes with a low minimum credit limit of $500 and at the cost of a $0 annual fee.

Benefits of using 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 4 January 2017. For 18 months, you can get a 0% p.a. for the transfer of your balances. This reverts to the standard purchase rate of 20.49% p.a. after the introductory period ends.
    • Purchase offer. If you're looking to use the card for purchases, the introductory offer of 1% p.a. on purchases for up to 12 months could also come in handy.
  • Low credit limit. This credit card offers a low credit limit, with the minimum credit being only $500.

Bank of Melbourne No Annual Fee Credit Card features

  • 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 Falcon Fraud monitoring, which keeps an eye on your account’s activity to detect unusual transactions. With Falcon Fraud, you have a 24-hour account monitoring. 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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4 Responses to Bank of Melbourne No Annual Fee Credit Card – Details and Application

  1. Default Gravatar
    | September 18, 2016

    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

    • Staff
      May | September 18, 2016

      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

  2. Default Gravatar
    Sara | April 29, 2013

    What does it mean when a card has 0 days interest free?

    • Staff
      Jacob | April 29, 2013

      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.

Credit Cards Comparison

Rates last updated December 3rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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