Apply for a Bank of Melbourne Vertigo Visa Card and pay off existing credit card debt with a 0% p.a. for 18 months balance transfer offer.
This is a card designed for those in Victoria and Melbourne who want to enjoy a banking institution aligned to their home state. Suited for people who are seeking to keep costs low, the Vertigo Visa offers a competitive 13.74% p.a. purchase interest rate.
This credit card has a special balance transfer rate offer of 0% p.a. for 18 months (with a one-time 1% balance transfer fee).
|Product Name||Bank of Melbourne Vertigo Visa Credit Card|
|Balance transfer rate (p.a.)||0% p.a. for 18 months with 1% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (19.49% p.a.)|
|Balance Transfer Limit||80% of available credit limit|
|Purchase rate (p.a.)||13.74% p.a.|
|Offer end date||26 September 2018|
|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.)||19.49% 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.
|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.
|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|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Annual fee||$55 p.a.|
|Minimum Monthly Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|Cash Advance Fee||2% of the value of the transaction or minimum charge of $2.50|
|Overseas Cash Advance Fee||2%|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||1|
- This card comes with a balance transfer offer of 0% p.a. for 18 months.
- This card offers a low ongoing purchase rate of 13.74% p.a., which is one of the lowest in the market.
- You can request for an additional cardholder at no extra cost.
- This card has no rewards program and no additional perks like insurance and travel benefits.
- There is a one-time 1% balance transfer fee.
Bank of Melbourne Vertigo Visa Credit Card review
The Bank of Melbourne Vertigo Visa credit card boasts a promotional balance transfer offer of 0% p.a. for 18 months, which could come in handy if you want to repay an existing debt without the burden of interest. Cardholders can also take advantage of competitive interest rates on purchases, up to 55 days interest-free on purchases and many more. Read on to compare the benefits, features and fees of this card.
Benefits of Bank of Melbourne Vertigo Visa Credit Card
- Balance transfer offer. Apply by 26 September 2018 and get a balance transfer promotion of 0% p.a. for 18 months when you transfer your existing credit card balance to the BoM Vertigo Visa. This reverts to the standard cash advance rate of 19.49% p.a. after promotional period expires. A one-time 1% balance transfer fee applies.
- 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 13.74% 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 19.49% 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 or minimum charge of $2.50.
- 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.
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
- 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.