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Bank of Melbourne Vertigo Visa – Details and Application

Bank of Melbourne Vertigo Visa Credit Card Find out more Go to site

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  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • 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 to repay your credit card debt with a 0% p.a. for 14 months balance transfer offer plus save some money with the annual fee waiver in the first year.

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 of 0% p.a. for 14 months. 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 14 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.)13.24% p.a.
Offer end date20 September 2017
Annual fee$0 p.a. annual fee for the first year ($55 p.a. thereafter)
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$0 p.a. annual fee for the first year ($55 p.a. thereafter)
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
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

  • This card also comes with a balance transfer offer of 0% p.a. for 14 months.
  • Pay no annual fee in the first year.

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 14 months on balance transfers and $0 annual fee in the first year 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 14 months which should provide adequate time for debt consolidation, waived annual fee in the first year, up to 55 days interest-free 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. Apply by 20 September 2017 and get a balance transfer promotion of 0% p.a. for 14 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.
  • Annual fee. The Bank of Melbourne Vertigo Visa attracts a competitive annual fee of $55. However, new cardholders who apply by 20 September 2017 can receive an annual fee waiver in the first year.
  • 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 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

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

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

No, you don’t need to be a resident of Victoria 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.

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%.

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 14 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 14 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

  1. Default Gravatar
    DinaMarch 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
      MayMarch 3, 2017Staff

      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
    TyJanuary 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
      AnndyJanuary 31, 2017Staff

      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
    BarbaraOctober 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
      AnndyOctober 31, 2016Staff

      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
    PamelaOctober 17, 2016

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

    • Staff
      YsaOctober 22, 2016Staff

      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
    PCJune 13, 2016

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

    • Staff
      AnndyJune 13, 2016Staff

      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
    RicJune 10, 2016

    Can the balance transfer be applicable for Westpac customers?

    • Staff
      MayJune 10, 2016Staff

      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
    LizApril 28, 2016

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

    • Staff
      SharonApril 28, 2016Staff

      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
    PaulMarch 17, 2016

    Can I balance transfer Citibank??

    • Staff
      DebbieMarch 17, 2016Staff

      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
    JinoMarch 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
      SharonMarch 15, 2016Staff

      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
    SanFebruary 3, 2016

    Can i transfer my credit without having permanent residency??

    • Staff
      JonathanFebruary 4, 2016Staff

      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
      DebbieFebruary 4, 2016Staff

      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 July 28th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
NAB Premium Card - Exclusive Offer
Exclusive to finder.com.au, enjoy a no BT fee, long-term balance transfer offer with platinum privileges, including travel insurance.
19.74% p.a. 0% p.a. for 24 months $90 p.a. Go to site More info
Qantas American Express Ultimate Card - Online Offer
Apply by 31 July 2017 to earn 100,000 bonus Qantas Points and get 2 American Express Airport Lounge entries each calendar year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
St.George Vertigo Platinum
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
12.74% p.a. 0% p.a. for 20 months $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to receive a long-term, no fee balance transfer and a $129 Virgin Australia Gift Voucher each year.
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

* 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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