Bank of Melbourne Amplify Signature Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question about this card.

The Bank of Melbourne Amplify Signature Credit Card with up to 200,000 Bonus Points

Looking for a prestige rewards card with plenty of perks? Touted as Bank of Melbourne’s ‘most rewarding credit card’, the Bank of Melbourne Amplify Signature Credit Card could be right up your alley.

Not only does it offer a pretty decent earn rate over two rewards programs, it also provides plenty of prestige extras and a whopping 200,000 bonus points as an introductory offer when you choose Amplify Rewards. If you want to earn Qantas points instead see the Bank of Melbourne Amplify Signature with Qantas. Want to find out more? Let’s dive in.

What we love...

First on the agenda is that intro offer. Quite simply, if you apply for the Bank of Melbourne Amplify Signature Credit Card and spend $12,000 each year over 2 years on eligible purchases, you will be credited with 200,000 bonus points and you pay a reduced annual fee the first year. The annual fee is $279 ongoing.

No matter which way you swing it, 200,000 points on any rewards program is a nice amount to play with. What you spend those points on though, will depend on the rewards program you choose to assign your card to.

Unlike many other rewards card, the Bank of Melbourne Amplify Signature Credit Card provides a choice between two rewards programs. As a cardholder, you can either earn and redeem points on the Amplify Rewards program or the Amplify Qantas program.

On the Amplify program, you can earn up to 1.5 Amplify points per $1 spent, uncapped, to be redeemed on frequent flyer programs such as Virgin Australia’s Velocity, Malaysia Airlines’ Enrich and Singapore Airlines’ KrisFlyer programs, or on gift cards, retail vouchers, homewares and travel.

On the Qantas program, you can earn 0.75 Qantas points per $1 spent, uncapped, to be redeemed for flights and upgrades with Qantas and its 35 partner airlines, or on more than 3,000 products, experiences and vouchers from the Qantas Store.

What’s not so great...

We really can’t talk about all the good bits without mentioning the bad bits. When it comes to the Bank of Melbourne Amplify Signature Credit Card, it’s worth bearing in mind the card has a significant annual fee, and relatively high rates of interest on purchases and cash advances.

To be eligible for the bonus points, over 2 years you will need to spend at least $12,000 on eligible purchases each year. This is fine if you were planning on spending that amount anyway – and you pay it off before it attracts interest – but not so good if you are only spending to get the points in return. Receive 130,000 bonus Amplify Points in year 1 plus a further 70,000 in year 2 when you spend at least $12,000 on eligible purchases each year.

Why should you choose this card?

Choosing this card should come down to a balance of value. Do you pay out more than you get in return? Or is the outlay worth it in overall value? To help you weigh that up, here are some more of the card’s features that you might find beneficial.

As a cardholder, you will be given two Priority Pass lounge visits per year on the Amplify program, or two Qantas Lounge passes on the Qantas program. You will also receive birthday bonus points, where on your birthday, you will be gifted an additional 10% of the points you earned in the past year.

Cardholders also benefit from automatic membership to Visa’s Luxury Hotel Collection, complimentary travel insurance, extended warranty insurance and price guarantee, and one free additional cardholder.

Overall Rating

A prestige rewards card offering a great earn rate over two rewards programs, an array of features and extras, and up to 200,000 in bonus points plus reduced annual fee the first year.