Bank of Melbourne Amplify Platinum Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Bank of Melbourne Amplify Platinum Card

Point calculations are accurate as of 21 February 2024 but may be subject to change without notice. All routes may have additional taxes and charges. Check on the official Bank of Melbourne page for the updated calculations.

If you’re thinking about applying for a rewards card but you’re not sure which rewards program would benefit you most, the Bank of Melbourne Amplify Platinum Card could be the card for you.

You get 100,000 bonus Amplify points (worth up to $450 in eGift cards) with a minimum spend and gives you the option to earn and redeem points on either the Amplify program or the Qantas program, the Bank of Melbourne Amplify Platinum Card provides a decent earn rate and plenty of platinum perks, alongside a balance transfer offer.

If that sounds like it might be right up your street, read on to find out all the need-to-know on this entirely appealing piece of plastic.

What we love...

Before we get into the nitty-gritty on this card, first we need to discuss the introductory offer: 0% p.a. for 24 months on balance transfers requested at card application. A one-off 1% balance transfer fee applies and after the promo period, the cash advance rate will kick in.

Paying zero interest for up to 24 months will allow you to save more and clear your existing credit card debt faster. You must see to it though, that you pay off your balance transfer in full before the interest-free period ends to avoid attracting a much higher interest rate.

Next up is the discounted annual fee. New cardholders only have to pay a $49 annual fee the first year, saving $75 while still getting all the features, platinum perks, and the quick bonus points that the Bank of Melbourne Amplify Platinum card offers. After the intro period, the standard $124 card fee applies, which is quite reasonable for a platinum card.

Putting aside the introductory offer, let’s talk about those two rewards programs. If you opt to earn on the Amplify program, you could earn 1 point per $1 spent on eligible purchases within Australia and overseas.

If you choose the Qantas program, you could earn 0.5 Qantas points per $1 spent on eligible purchases, to be redeemed for flights and upgrades with Qantas and its partner airlines, or on more than 3,000 products, experiences, and vouchers from the Qantas Store.

Your points can be redeemed on frequent flyer programs such as Malaysia Airlines’ Enrich and Singapore Airlines’ KrisFlyer programs, or on gift cards, retail vouchers, homewares, travel, and more. For example, you can redeem a $50 e-gift card from a variety of shops, including David Jones, Myer, JB Hi-Fi, Bunnings, and more, for 11,100 Amplify Points. Bagging 100,000 bonus Amplify points will surely give you more flexibility in how you use your points.

If you want to earn Qantas points, check out Bank of Melbourne Amplify Platinum Credit Card with Qantas Rewards.

What’s not so great...

We all know credit cards come with small print attached. When you apply for the Bank of Melbourne Amplify Platinum Card, you should know that it comes with a fairly hefty ongoing balance transfer and cash advance rate.

Also, just note that you won't be eligible for the bonus points offer if you currently hold or have held an Amplify, Amplify Platinum or Amplify Signature card issued by Bank of Melbourne, St.George or BankSA in the last 12 months.

Why should you choose this card?

If you are looking for a rewards card that comes with generous bonus points and a long balance transfer intro offer, this card could be perfect for you. For a discounted first year annual fee, you can benefit from a number of insurance covers such as the following:

• International travel insurance for up to 3 months
• Overseas transit accident insurance
• Interstate flight inconvenience insurance
• Rental Vehicle Excess in Australia cover
• Purchase protection insurance for up to 4 months
• Extended warranty insurance

Other benefits include access to Visa’s Luxury Hotel Collection, exclusive offers from My Offers Hub and Visa Offers and Perks, up to 55 days of interest-free on purchases, 24/7 fraud monitoring, and one free additional cardholder to help you earn points faster.

Overall Rating

A platinum rewards card that offers a decent earn rate on a choice of two rewards programs, a 0% balance transfer offer plus, a discounted annual fee in the first year.