Bank of Melbourne Amplify Signature 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.

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.

It comes with an enticing introductory offer for new cardholders who apply and get approved by 31st December 2022 - 150,000 Bonus Points, discounted first year annual fee plus, 0% p.a. interest on balance transfers for 24 months.

Not only does this card offer a pretty decent earn rate over two rewards programs, it also provides plenty of prestige extras and a whopping 150,000 bonus points as an introductory offer when you choose Amplify Rewards. Plus, enjoy a discounted first year annual fee ($140 in savings) and 0% p.a. interest on balance transfers for 24 months when requested at card application. 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 the intro offer. Quite simply, if you apply for the Bank of Melbourne Amplify Signature Credit Card and spend $12,000 in the first year on eligible purchases, you will be credited with 150,000 bonus Amplify points. This can get you up to $675 in eGift cards. To give you an idea, 11,100 Amplify Points can currently get you a $50 e-gift card from a range of merchants such as David Jones, Myer, JB Hi-Fi, Bunnings and many others.

Point calculations are accurate as of 31 May 2022 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.

Aside from bonus points, this introductory offer includes a discounted first year annual fee. New cardholders will be charged $139 card fee instead of the standard $279 - that's $140 in savings! The reduced first year card fee will be debited to your card account by the time you make your first transaction and the full card fee will be debited annually, thereafter.

Last but not least, the 0% interest rate on balance transfers for 24 months (with a one-time 1% balance transfer fee) intro offer. It is important to note that this promotional balance transfer rate will only be available until 30 June 2022, when requested at card application. up You can transfer balances from up to 3 non-Bank of Melbourne, St.George and BankSA credit, charge or store cards. After the promo period, any unpaid balance you have will revert to the cash advance rate.

This card showers bonus points to its members even on birthdays as you can earn an additional 10% of the points earned in the last 12 months within 4 weeks of your birthday. More points to earn on the Amplify program as you can get up to 1.5 Amplify points per $1 spent on eligible purchases, uncapped.

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 150,000 bonus Amplify Points, you will need to spend at least $12,000 on eligible purchases in the first 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.

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 to any of more than 1300 participating airport lounges worldwide regardless of the class of travel or airline you're flying.

Cardholders also benefit from complimentary retail and travel insurances such as interstate flight inconvenience insurance, up to 6 months overseas travel insurance, extended warranty, up to 4 months purchase security cover, and transit accident insurance; automatic membership to Visa’s Luxury Hotel Collection; exclusive concierge services; up to 55 days interest free on purchases; 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, up to 150,000 in bonus points, a discounted first year annual fee and, 0% p.a. interest on balance transfers for 24 months.