Bank of Melbourne Vertigo Visa – Details and Application

Information verified correct on April 24th, 2017
Bank of Melbourne Vertigo Visa Credit Card Find out more Go to site

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  • Once approved, you will typically receive your credit card within 1-2 weeks
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Apply for the Bank of Melbourne Vertigo Visa Credit Card to repay your debt with a 0% p.a. for 12 months balance transfer offer plus save some money with the 0% p.a. for up to 6 months purchase rate offer.

This is a card designed for those in Victoria and Melbourne who want to enjoy a banking institution aligned to their home state.

This credit card has a special balance transfer rate offer as well as a low purchase rate offer. If you have a debt to repay, you can take advantage of the balance transfer offer to consolidate faster and cheaper. There is also the flexibility of being able to use the card anywhere where the Visa symbol is displayed, at millions of locations around the world.

Product NameBank of Melbourne Vertigo Visa Credit Card
Balance transfer rate (p.a.)0% p.a. for 12 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (13.24% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)0% p.a. for 6 months (reverts to 13.24% p.a.)
Offer end date1 May 2017
Annual fee$55 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.)21.49% 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
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$40,000
Minimum Monthly Repayment2% or $10, whichever is greater
Card TypeVisa
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 InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
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
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$40,000
Annual Fee$55 p.a.
Minimum Repayment2% or $10, whichever is greater
Late Payment Fee$15
Over Limit Fee$0
Cash Advance Fee2% of the value of the transaction with a minimum charge of $2.50 will apply
Overseas Cash Advance Fee2%
Overseas Emergency Replacement$52.50
Overseas ATM Balance check$0
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 Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • There is $0 charge for adding an additional card holder to this account. Some cards charge $10, $15 or even $90 to add a cardholder to the credit card account.
  • This card also comes with a balance transfer offer of 0% p.a. for 12 months and a purchase offer of 0% p.a. for up to 6 months, which are competitive rates and good tools for saving money.

Cons

  • This card has no rewards program and no additional perks like insurance and travel benefits.

Bank of Melbourne Vertigo Visa Credit Card review

Interest rate of 0% p.a. for 12 months on balance transfers and 0% p.a. for up to 6 months on purchases are the main attractions for Bank of Melbourne (BoM) Vertigo Visa Card.

Customers can take advantage of multiple benefits by using Bank of Melbourne (BoM) Vertigo Visa Card. These benefits include balance transfer rate of 0% p.a. for 12 months which should provide adequate time for debt consolidation, low interest offer of 0% for up to 6 months on purchases and many more.

This card has been customised to provide the users with competitive interest rates which they can use to lower their debt burden on other cards. Lower interest on purchases also ensures that the interest burden of these cards is as low as possible.

Benefits of Bank of Melbourne Vertigo Visa Credit Card

  • Balance transfer offer. Get a balance transfer promotion of 0% p.a. for 12 months when you transfer your existing credit card balance to the BoM Vertigo Visa. This reverts to the standard purchase rate of 13.24% p.a. after promotional period expires.
  • Purchase offer. This card comes with 0% p.a. for up to 6 months on purchases. This promotional rate reverts to 13.24% p.a. after the offer ends.
  • Interest-free days. This card provides up to 55 interest-free days on purchases. Customers can use this benefit to keep their interest cost to a bare minimum. For this, cardholders would need to pay the closing balance regularly.
  • Credit card security. This card comes with the latest security features for loss prevention.
  • SMS and email alerts. Customers also get the benefit of SMS and email alerts. They receive real time updates when the card reaches a particular limit. SMS alerts will cost money whereas email alerts are free of cost.
  • Widespread Visa access. Visa cards have near universal acceptance at all kinds of merchants stores. This makes purchases easier and also helps in keeping track of total expenses.

Features of the Bank of Melbourne Vertigo Visa Credit Card

  • Low purchase interest rate. The purchase interest rate is at 0% p.a. for up to 6 months (reverts to 13.24% p.a.). This means if you regularly take a while to repay what you've spent on your credit card, you could pay less in interest.
  • Low annual fee. Credit cards that have a competitive purchase rate could have a higher annual fee. However, the BoM Vertigo Visa has an affordable $55 annual fee.
  • Cash advance interest rate. If you decide to withdraw cash from your Bank of Melbourne Vertigo Visa, you will be charged a cash transaction interest rate of 21.49% p.a. This rate will be effective from the date the transaction occurs. If you aim to save money on credit card costs, then it may be wise to avoid withdrawing cash or making cash transactions with any credit card. Cash advances also attract a fee of 2% of the value of the transaction with a minimum charge of $2.50 will apply.
  • Minimum repayment. Each statement month you will be required to repay 2% of the total outstanding balance at minimum.
  • Currency conversion. The rate for converting foreign currency and making purchases in overseas currency is 3%.

How to apply for the Bank of Melbourne Vertigo Visa Credit Card

If you feel that the BOM Vertigo Visa is the right card for you, you can apply by completing the online application form. Please allow up to 10 to 15 minutes for the application.

Eligibility criteria

You can find the application criteria in the table below. To apply for the credit card, you will need to be:

  • Be a permanent Australian resident
  • 18 years and above

Required documents

  • Driver’s license number
  • Weekly income details
  • Details regarding your assets
  • Details regarding any debts you still have

After the application has been completed, you can receive an immediate response from Bank of Melbourne telling you if your application was successful.

Frequently asked questions

How many credit cards can I balance transfer from?

The maximum number of credit cards you can balance transfer from is 2.

I have a Westpac credit card and I want to balance transfer to Bank of Melbourne Vertigo Visa card. Is it possible?

Westpac, St.George, Bank of Melbourne and BankSA are all affiliated. Hence, balance transfer between these banks is not possible.

Do I need to be a resident of Victoria to apply for this card?

No, you don’t need to be a resident of Victoria to apply for this card.

What is the minimum income limit to apply for this card?

There is no minimum income limitation on this card. The applicant is assessed on their ability to repay the credit on a case to case basis. However this card does require a good credit rating.

Is there a balance transfer fee on this card?

No. This card does not charge a balance transfer fee. Two important costs for this card are the annual fee of $55 and minimum monthly repayment of 2%.

What is the exact benefit I get from balance transferring to this card?

This depends on the current debt on other cards and the interest rate you are paying. For example: Looking simplistically, If a person holds $10,000 debt on a card which is charging 21% p.a., the interest payments for the next 12 months will come to $3,150. If this debt is transferred to BoM card through balance transfer the net savings will be $3,150 minus annual cost of this card which is $55. Hence in this case the person can save $3,100 over the next 12 months. However there are a few adjustments which reduce this savings a bit. The exact savings in this case would come to $2,714.34 which is still very substantial. Applicants can look at the actual savings of balance transfer on this page.

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233 Responses to Bank of Melbourne Vertigo Visa – Details and Application

  1. Default Gravatar
    Dina | March 1, 2017

    Hi
    I’m looking to see if you still have this offer, as I want to do a balance transfer?

    The Bank of Melbourne Vertigo Visa does offer 0% p.a. for 18 months on balance transfers and 0% p.a. for 6 months (reverts to 13.24% p.a.) on purchases. You can enjoy these benefits at the same time or is there a better offer?

    Many Thanks

    Dina

    • Staff
      May | March 3, 2017

      Hi Dina,

      Thanks for your question.

      I’m afraid that the current and available offer for the Bank of Melbourne Vertigo Visa Credit Card is only 0% p.a. interest on BT for 12 months and 0% p.a. interest on purchases for 6 months. Other cards that also offer 0% interest on BT and purchases at the same time are listed here.

      Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

      Cheers,
      May

  2. Default Gravatar
    Ty | January 31, 2017

    Hi There,

    Does this card allow promotional rates on both balance transfers AND purchases at the same time?

    Ie – I apply for this card, am accepted, but then also want to transfer a balance from another card to this one, will I still receive the promotional rates for both purchases and transfers?

    Or is it only one at a time?

    Many thanks

    • Staff
      Anndy | January 31, 2017

      Hi Ty,

      Thanks for your question.

      The Bank of Melbourne Vertigo Visa does offer 0% p.a. for 18 months on balance transfers and 0% p.a. for 6 months (reverts to 13.24% p.a.) on purchases. You can enjoy these benefits at the same time.

      To receive the balance transfer offer, you must request for it during the application process. Even with outstanding balance transfer, you can still enjoy the purchase rate offer.

      Cheers,
      Anndy

  3. Default Gravatar
    Barbara | October 31, 2016

    I’m trying to apply for a balance transfer cc on line but it keeps saying my amount to transfer ($4500) is greater than 95% of my credit limit ($30000). My maths seems to give a different answer!
    Please help.

    • Staff
      Anndy | October 31, 2016

      Hi Barbara,

      Thanks for your question.

      Please note that the amount that you can transfer to your Bank of Melbourne Vertigo Visa is up to 95% of your approved and available credit limit. If you have further questions about your balance transfer request, you may have to directly get in touch with Bank of Melbourne on 13 22 66.

      Cheers,
      Anndy

  4. Default Gravatar
    Pamela | October 17, 2016

    What would my interest rate be on remaining transferred balance at the end of the interest free period?

    • Staff
      Ysa | October 22, 2016

      Hi Pamela,

      Thanks for your question.

      A standard purchase rate of 13.24% p.a. will apply after the promotional period ends.

      Cheers,
      Ysa

  5. Default Gravatar
    PC | June 13, 2016

    Hi! Can you balance transfer personal loan balances on to the credit card?

    • Staff
      Anndy | June 13, 2016

      Hi PC,

      Thanks for your question.

      Unfortunately, you can’t transfer your personal loan to a Bank of Melbourne Vertigo Visa, but Citi and Virgin credit cards allow this.

      I hope this helps.

      Cheers,
      Anndy

  6. Default Gravatar
    Ric | June 10, 2016

    Can the balance transfer be applicable for Westpac customers?

    • Staff
      May | June 10, 2016

      Hi Ric,

      Thanks for your question.

      The Bank of Melbourne Vertigo Visa card is underwritten by Westpac, so you won’t be able to conduct a balance transfer between these cards. For further information, you may like to read our article on which banks you’re able to transfer a balance to and from.

      Hope this helps.

      Cheers,
      May

  7. Default Gravatar
    Liz | April 28, 2016

    Hi,
    Is the transfer offer not applicable to existing St George customers?
    Thanks

    • Staff
      Sharon | April 28, 2016

      Hi Liz,

      Thanks for your inquiry.

      Unfortunately, transferring a balance from a St.George account to a BOM credit card is not allowed. As per their terms and conditions, you can only transfer balances from up to 4 non-St.George, BankSA and Bank of Melbourne, Australian issued credit, charge or store cards.

      You may check the following page to compare other balance transfer credit cards.

      I hope this helps.

      Sharon

  8. Default Gravatar
    Paul | March 17, 2016

    Can I balance transfer Citibank??

    • Staff
      Debbie | March 17, 2016

      Hi Paul,

      Thanks for your inquiry.

      Yes, you can balance transfer of up to 4 non Bank of Melbourne, St.George and BankSA, Australian issued credit, charge or store cards.

      For other options, you can start comparing on our list of balance transfer credit cards.

      I hope this helps.

      Cheers,
      Debbie

  9. Default Gravatar
    Jino | March 14, 2016

    Hi
    I have an ANZ overdraft account with a balance of $20000 and a westpac credit card with $6000 and can I get both balances transferred to this vertigo credit card under 20mts interest free condition?

    • Staff
      Sharon | March 15, 2016

      Hi Jino, thanks for your inquiry.

      Yes, you can transfer your balances from those credit cards. Please note that you can transfer from up to 4 non Bank of Melbourne, St.George and BankSA, Australian issued credit, charge or store cards. You can transfer a min of $200 up to 95% of your approved available credit limit.

      I hope this helps,

      Sharon

  10. Default Gravatar
    San | February 3, 2016

    Can i transfer my credit without having permanent residency??

    • Staff
      Jonathan | February 4, 2016

      Hi San, thanks for your inquiry!

      Bank of Melbourne credit cards require Australian permanent residency. You can compare credit cards for temporary residents here.

      Cheers,

      Jonathan

    • Staff
      Debbie | February 4, 2016

      Hi San,

      Thanks for your inquiry.

      To apply for Bank of Melbourne Vertigo Visa, you should be 18 years old above and an Australian permanent resident.

      You may wish to refer to our guide here for credit cards for temporary residents.

      I hope this helps.

      Cheers,
      Debbie

Credit Cards Comparison

Rates last updated April 24th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
20.74% p.a. 0% p.a. for 18 months with 1.5% balance transfer fee $64 p.a. annual fee for the first year ($129 p.a. thereafter) 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
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Premium Card
An introductory rate of 0% p.a. for 24 months on balance transfers combined with premium benefits such as travel insurance covers.
19.74% p.a. 0% p.a. for 24 months with 3% balance transfer fee $90 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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