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Bank of Melbourne No Annual Fee Credit Card
Bank of Melbourne No Annual Fee Credit Card

Bank of Melbourne Credit Cards

Bank of Melbourne No Annual Fee Credit Card

Updated 1 October 2020

With the Bank of Melbourne No Annual Fee credit card you get the added convenience of 24/7 fraud monitoring. Credit limit starts at $500 and you can add up to three additional cardholders for free.

T&Cs apply. Offer ends 9 February 2021

Purchase Rate (p.a)

20.74%

Balance Transfer (p.a)

6.99% for 12 months No balance transfer fee.
Reverts to 21.49% p.a.

Annual Fee (p.a)

$0

$0 over 12 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • No annual fee
  • 6.99% p.a. on balance transfers for 12 months
  • $500 minimum credit limit
  • Up to 3 free additional cardholders
  • Up to 55 interest free days on purchases
  • Eligible with Apple Pay, Google Pay and Samsung Pay

  • High purchase and cash advance rate

Creditcard.com.au review

Editor Review

Bank of Melbourne No Annual Fee Credit Card

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

The Bank of Melbourne No Annual Fee Credit Card

With no annual fee ever, the card keeps costs low as you work on clearing your balance, while also offering functional features that make it a great low cost everyday card. Currently offering 6.99% p.a. on balance transfers for 12 months, the Bank of Melbourne No Annual Fee Credit Card can be a good option for cardholders looking to pay down existing credit card debt.

What we love...

Offer or no offer, this is a good low cost card to keep in your wallet. You will pay no annual fee on the card ever, plus, you can add up to three additional cards to the account at no extra cost. If you want family members to have access to credit using your account, this helps to keep things simple with one credit card account to keep track of, and one payment to make each month.

Another money-saving feature on this card is its interest free period. To be entitled to that interest free period, you need to pay off the "Monthly Payment Balance" listed on your statement of account (not the full due closing balance) by the relevant payment date. With the card’s high purchase rate, using this feature could help you save a significant amount in interest.

What’s not so great...

Back to that balance transfer offer. There are certainly better balance transfer offers around. At the end of the introductory period, any balance left unpaid will revert to the card’s cash advance rate, which is currently the same as the card’s purchase rate.

While this card may help you save on annual fees – and on interest with a balance transfer – it is not a low rate card. If you tend to carry a balance, you may want to look at low rate cards to help you to keep interest costs as low as possible.

Why should you choose this card?

With a $500 minimum credit limit, the Bank of Melbourne No Annual Fee Credit Card can work well for cardholders who want to reduce the temptation to overspend, or who simply want to keep a low minimum credit limit. As a no annual fee card, it’s a great choice for anyone who doesn’t want to pay for access to credit, or for those who want to keep a card for emergencies.

Of course, with this being a Visa, it provides all the standard features you would expect to find on this type of card. Verified by Visa can offer protection while shopping online, and Visa payWave can make paying at the checkout faster and easier. Bank of Melbourne provides access to the account via phone and internet banking, with fraud monitoring included as standard.

Overall Rating

A basic card that saves you with no annual fee, the Bank of Melbourne No Annual Fee Credit Card is currently offering 6.99% p.a. on balance transfers for 12 months.

User reviews

Bank of Melbourne No Annual Fee Credit Card ( based on 2 Creditcard.com.au user reviews )

50% rating based on 2 reviews

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 20.74% p.a.

Cash advance rate 21.49% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 6.99% p.a. for 12 months

Balance transfer revert rate 21.49% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee

Balance transfer limit 80% of approved credit limit

Banks you can't balance transfer from Bank of Melbourne, BankSA, St.George

Credit limits

Minimum credit limt $500

Maximum credit limit $40,000

Fees & repayments

Annual fee $0 p.a.

Additional card holder fee Up to 3 at no extra cost

Foreign transaction fee 3%

Minimum repayment 2%

Cash advance fee 2%

Late payment fee $15

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Eligible with Apple Pay, Google Pay and Samsung Pay

Overview

Bank of Melbourne No Annual Fee Credit Card

Disclaimer: The interest free period is the maximum number of days during which interest is not charged on new purchases. If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.

Key features

  • $0 annual credit card fee
  • 6.99% p.a. for 12 months on balance transfers. Reverts to cash advance rate.
  • Purchase rate of 20.74% p.a.
  • $500 minimum credit limit
  • Up to 3 free additional cardholders
  • Up to 55 interest free days on purchases
  • Eligible with Apple Pay, Google Pay and Samsung Pay

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Australian permanent resident

  • You have your personal details ready to complete the online application

Roland B Bleyer

Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

4 questions (showing the latest 10 Q&As)

Marc

Marc

19 August 2020
I am on a permanent disability pension. Can I get a credit card? I have no debts and my only other income is interest on my savings. Thank you.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    19 August 2020
    Hi Marc, yes this is possible. No annual fee cards tend to be harder to get approval. Though this would be one of the easier ones. BOM can see your pension as income. Approval will depend heavily on affordability. Income v expenses, assets v liabilities and your credit and payment history.
tammy

tammy

17 April 2019
can I put lower credit limits on the second and third cards being for family members?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 April 2019
    Hi Tammy, there is no ability to control the credit limits of secondary card holders.
John Beattie

John Beattie

2 June 2016
I had almost completed a credit card application - I had just completed the "branch" question when the application disappeared from the screen. Do I need to start the process again?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    3 June 2016
    Hi John, it sounds like it should be ok. Hopefully you received an application number or ID. Call BOM on 13 22 66
Chester

Chester

25 December 2013
Hi! I am here in Oz working with a 457 visa. Is there any possibility to get a credit card? I have been here for 7 months and i can only show my bank statement from my payroll as proof of my capacity to pay. I am renting a room and have no car because my work is just a 15 minute walk from home. Cheers!

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