Bank of Melbourne Vertigo Platinum

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Repay your credit card debt and save with 0% on balance transfers for 18 months and a $49 first year annual fee with the Bank of Melbourne Vertigo Platinum.

The Bank of Melbourne Vertigo Platinum credit card combines a competitive interest-free balance transfer offer and discounted first year annual fee with premium extra features.

0% p.a.

Balance transfer rate

for 18 months

12.99% p.a.

Purchase rate

$49 p.a.

Annual fee

for the first year ($99 p.a. thereafter)

55 days

Interest free period


Details

Product NameBank of Melbourne Vertigo Platinum
Balance Transfer Rate0% p.a. for 18 months
Balance Transfer Revert RateCash Advance Rate (21.49% p.a.)
Balance Transfer Limit80% of available balance
Purchase Rate12.99% p.a.
Annual Fee$49 for the first year ($99 thereafter)
Interest Free Period55 days
Cash Advance Rate21.49% p.a.
Minimum Credit Limit$6,000
Maximum Credit Limit$80,000
Card TypeVisa
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available to Temporary ResidentsNo
Joint ApplicationYes

Pros

  • Balance transfer offer of 0% p.a. for the first 18 months, with no balance transfer fee
  • Reduced $49 annual fee for the first year
  • Range of complimentary insurance including extended warranty for purchases and overseas travel insurance

Cons

  • This card does not offer any rewards program for your spending.
Annual Fee$49 for the first year ($99 thereafter)
Minimum Monthly Repayment2% 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 Fee2% or $2.50, whichever is greater
Additional Cardholder Fee$0
Number of Additional Cardholders3

Expert review

Amy Bradney-George

Review by


Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The Bank of Melbourne Vertigo Platinum card offers one of the longest interest-free balance transfers on the market. It’s also one of the few options that partners this balance transfer promotion with a discounted $49 first year annual fee and a low purchase interest rate.

Although this card boasts complimentary insurances, you’ll only take advantage of it if you’re using your card to make purchases. This is important to consider if you’re only using the card to repay your balance transfer debt.

How to apply

You can apply for the Bank of Melbourne Vertigo Platinum credit card online in 10 minutes and receive a response instantly. Before you get started, check if you meet the eligibility criteria and have the necessary information to complete the application:

Eligibility criteria

  • Age. You must be at least 18 years of age.
  • Residency. This card is only available to permanent Australian residents or citizens.

Card benefits

  • $49 first year annual fee. Take advantage of a discounted $49 annual fee for the first year when you apply and get approved by 02 October 2019. The standard annual fee of $99 will apply thereafter.
  • Long-term balance transfer offer. Repay existing debt and save on interest costs with a balance transfer offer of 0% interest for the first 18 months. This offer is available to customers who apply by 02 October 2019. Any remaining debt will attract the variable cash advance rate of 21.49% p.a. after the promotional period ends. You can transfer up to 80% of your approved credit limit from up to 3 non-St.George, Bank of Melbourne and BankSA Australian issued credit, charge or store cards.

Rates & fees

  • Purchase interest rate. This card charges a low 12.99% p.a. purchase interest rate.
  • Cash advances. If you use your card to make a cash advance, such as an ATM withdrawal, you'll attract the 21.49% p.a. variable cash advance rate. You'll also be charged a 2% of each cash advance amount (minimum of $2.50 capped at $150 per transaction) cash advance fee.

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87 Comments

  1. Default Gravatar
    James
    March 5, 2018

    I had cancer was made permanently disabled. Was paid out a lump sum through insurance and also had income protection till 65. My question is when it comes to employment I do get an income but I am not working, when applying for a credit card or a loan I am asked if I am employed and I cannot answer it or the person behind the counter decides that I am unemployed so I usually get knocked back? This does not seem right? I was working until cancer and I do get an income??

    • AvatarStaff
      May
      March 6, 2018

      Hi James,

      Thanks for your inquiry.

      When it comes to credit card applications, it is imperative to check whether your source of income will be considered by the bank or not. Usually, income from an insurance claim is not considered as your “income” or “salary”. So when you’re only receiving an income protection, I’m afraid that may not qualify as a source of income. For banks, a source income would basically coming from your stable (active) job/employment.

      In this article, you can find some good tips on how credit card issuers review your application and what makes your application go through. Hope this can help.

      Cheers,
      May

  2. Default Gravatar
    Leonie
    September 10, 2017

    We are just about to travel to New Zealand in November/December 2017 and we are looking to hire a car while we are there. If I pay for the hire of the car with my bank of melbourne vertigo visa does that cover for the car insurance and give me a nil excess

    • AvatarStaff
      Harold
      September 11, 2017

      Hi Leonie,

      Thank you for your inquiry.

      Regarding insurance cover you may need to check further information here.

      I hope this information has helped.

      Cheers,
      Harold

  3. Default Gravatar
    Lisa
    August 7, 2017

    I know you can’t do balance transfer between the same banks (or If they fall under the same card issuer). I want to transfer my credit card debt from Westpac to this credit card, would that be accepted?

    • AvatarStaff
      Jason
      August 7, 2017

      Hi Lisa,

      Thank you for your enquiry,

      Balance transfer requests to Bank of Melbourne Vertigo Platinum will not be accepted from another Bank of Melbourne, St.George, BankSA or Westpac credit card, or if the transfer amount is from a credit card not issued in Australia.

      Please check out this page for a guide on the banks or card issuers that you can balance transfer to.

      You may also check out this page for a comparison of balance transfer credit cards for your balance transfer options.

      I hope this helps.

      Kind regards,
      Jason

  4. Default Gravatar
    sam
    September 3, 2016

    hello,
    i am currently working as a casual for 3 months, but i was redundant from my full-time job last oct after working 7and half years. I am been working as casual from that time couple of jobs. whether i can get this card or i have to wait till i become full-time.

    • AvatarStaff
      Jonathan
      September 19, 2016

      Hi Sam, thanks for your inquiry!

      If you meet the minimum income requirement and the application criteria for this card then you will be eligible to apply.

      Cheers,

      Jonathan

  5. Default Gravatar
    Ross
    August 25, 2016

    Hi,

    I an looking to get a new 0% Bank of Melbourne Vertigo Platinum Card for Balance Transfer to clear my Wife’s CBA credit card.

    Do we need to get a card in our joint names for balance transfer or can 1 take a new Bank of Melbourne Vertigo Platinum card in my name and balance transfer to my wife’s CBA credit card

    Thanks

    • AvatarStaff
      May
      August 28, 2016

      Hi Ross,

      Thank you for your question.

      Getting a new balance transfer credit card under a joint or an individual account actually, depends on who should be responsible for paying the balance of your credit card. When you get the card jointly, you both agree that you and your partner would share the legal responsibility for the account and any balance that you transfer onto it. If you will apply for the credit card alone, that means you will all take the responsibility of paying off the balance.

      Fortunately, there are credit cards in the market that accept a joint application, which you can find them on this page. Aside from that, other institutions also accept balance transfer for a partner’s debt. These cards are listed on this page.

      Though please keep in mind, whatever your decision, make sure that you read the criteria and requirements before you apply for the credit card.

      I hope this has helped.

      Cheers,
      May

    • Default Gravatar
      Ross
      August 29, 2016

      Hi May,

      Thank you for your reply.

      So as I understand from the link you sent that Bank of Melbourne allows balance transfer between two peoples name.

      So I could effectively take a 0% Bank of Melbourne Card and Balance transfer to my wife’s CBA card.

      Is this correct??

    • AvatarStaff
      May
      August 29, 2016

      Hi Ross,

      Thank you for your inquiry.

      Yes, you can apply for the Bank of Melbourne Vertigo Platinum and request for a BT from your wife’s CBA card, so long that you meet the requirements/criteria of the card. With this card, you’re allowed to transfer an amount that does not exceed 95% of your approved credit limit.

      Cheers,
      May

  6. Default Gravatar
    Pen
    July 30, 2016

    I notice that this requires proof of employment. If I have a good credit rating would I still be eligible to apply while on a Centrelink payment?

    • AvatarStaff
      May
      August 1, 2016

      Hi Pen,

      Thanks for your question.

      Bank of Melbourne actually accepts applications from pensioners who receive Centrelink payments. Just provide the bank with your Centrelink statements as proof of income when you apply.

      Cheers,
      May

  7. Default Gravatar
    Marie
    July 7, 2016

    Hi, I am a little confused. The card says that at the end of the 20 month balance transfer period, the card will revert to the 12.74% purchase rate; however, I also read that at the end of the balance transfer period, the interest charged on any remaining unpaid balance will revert to the cash advance rate of 21.49% p.a. Shouldn’t it just revert to the 12.74%?

    So which is it? Seems a little contradictory.

    Thanks,
    Marie.

    • AvatarStaff
      Dee
      July 7, 2016

      Hi Marie,

      Thanks for your question.

      The balance transfer revert rate for the Bank of Melbourne Vertigo Platinum credit card is 12.74% p.a. which is equivalent to the current variable purchase rate. This rate will apply to balances transferred but left unpaid at the end of the 20-month promotional period.

      Cheers,
      Anndy

  8. Default Gravatar
    Ben
    May 23, 2016

    Hi,

    How do I go about signing up for a credit card for my wife and myself? We want to join our 2 credit cards into one joint credit card. On the application, it only allows you list one person’s name, employment, salary, etc?

    • AvatarStaff
      May
      May 24, 2016

      Hi Ben,

      Thanks for your inquiry.

      Are your trying to apply for this Bank of Melbourne Vertigo Platinum card? If so, once you clicked on the green ‘Go to site’ button above, you’ll be redirected to BoM’s website. At the bottom of their page, there’s a small box that says “Get started” – click on that box. After clicking the box, you’ll get into the credit card application page/form. On the application page, you will have a choice to select either “Single account” or “Joint account.”

      When you click on the “Joint account,” you and your wife will be able to fill out the application form and you can both supply the needed information.

      In the meantime, if you want to find out which other credit card companies that would allow a joint application, you can find them here.

      I hope this is helpful.

      Cheers,
      May

  9. Default Gravatar
    Chinthaka
    May 12, 2016

    Hi,

    I applied for Bank of Melbourne Vertigo Platinum card with 14000 balance transfer. But my application is unsuccessful. I called the bank and asked a reason for that and I did the mistake when I applying I forgot to add my expenses as sharing with my wife.
    They said there is no issue with expenses but I don’t have a relationship with the Bank Melbourne then the lending department refused my credit card. If I need to get this card, I need to wait for another 6 moths and open bank account on Bank Melbourne and apply for a card.

    My question is why don’t you say from the beginning I must have a bank account on Bank Melbourne?

    Thank you.

    • AvatarStaff
      May
      May 18, 2016

      Hi Chinthaka,

      Thanks for your question and we’re sorry to hear about your rejected application.

      The exact requirements you’ll need to meet can vary from bank to bank. What we have posted on our review pages are usually the minimum/general requirements only and the complete details of these requirements should come from the bank itself. As you apply through the website of the card company, there should be a page that shows the eligibility criteria that the applicant must meet.

      As for the Bank of Melbourne, for credit card application, they would require financial commitments, income and employment information. The financial information could include, but not limited to account details for savings and transactions along with the current balances, assets, monthly expenses, credit etc.

      Whilst, you may not be able to apply for another credit card straight away after your application from BOM (to keep your credit file healthy), you may like to read our article on what you need to apply for a credit card on this page. You can find what are the eligibility requirements and documentation that you need to satisfy for future your application to be successful.

      I hope this helps.

      Cheers,
      May

  10. Default Gravatar
    David
    May 6, 2016

    Hi,

    I am about to apply for the Melbourne Vertigo Platinum Credit Card. To be eligible for the overseas travel insurance what are the conditions e.g. spend a set amount on the card before you leave, etc.

    Regards.

    • AvatarStaff
      May
      May 6, 2016

      Hi David,

      Thanks for your inquiry.

      Eligibility for the Bank of Melbourne Gold and Platinum Credit Card Insurances requires you to having a return overseas travel ticket before you leave Australia and by charging a minimum of $500 of your prepaid travel costs to your credit card. The same amount is also required to be spent on your card for your spouse and dependent children so they will also be eligible for the insurance. These conditions apply to each individual. You can find more details about BOM complimentary travel insurance here.

      I hope this helps.

      Cheers,
      May

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