- No annual fee
- 0% p.a. on balance transfers for 12 months
- 3 additional cardholders at no extra costs
No annual fee
0% p.a. on balance transfers for 12 months
3 additional cardholders at no extra costs
1% balance transfer fee applies
High purchase and cash advance rate
|Purchase rate||20.74% p.a.|
|Cash advance rate||21.49% p.a.|
|Interest free on purchases||up to 55 days|
|Balance transfer rate||0% p.a. for 12 months|
|Balance transfer fee||1% one off|
|Balance transfer revert rate||21.49% p.a.|
|Balance transfer limit||80% of your approved new credit limit|
|Balance transfer from personal loan||No|
|Banks you can't balance transfer from||Bank of Melbourne ,BankSA ,St.George|
|Minimum credit limit||$500|
|Maximum credit limit||$40,000|
|Fees & repayments|
|Annual fee||$0 p.a.|
|Additional cardholder fee||Up to 3 at no extra cost|
|Cash advance fee||2%|
|Foreign transaction fee||3%|
|Late payment fee||$15|
|Credit card type||Visa|
|Flight inconvenience insurance||No|
|Transport accident cover||No|
|Smartphone screen insurance||No|
|Purchase protection insurance||No|
|Extended warranty insurance||No|
|Rental vehicle excess cover||No|
Bank of Melbourne No Annual Fee Credit Card
The Bank of Melbourne No Annual Fee Credit Card
Currently offering 0% p.a. on balance transfers for 12 months, the Bank of Melbourne No Annual Fee Credit Card is an excellent option for cardholders looking to pay down existing credit card debt. 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.
What we love...
If you’re looking to pay down credit card debt, a balance transfer offer – like the one currently offered on the Bank of Melbourne No Annual Fee Credit Card – could help in that goal. With this card, you will pay 0% p.a. on balance transfers for 12 months, so you can save big on interest, and pay off your balance faster.
A low cost card such as this can be the ideal option for a balance transfer, simply because it allows you to focus on clearing your debt. Instead of being tempted to spend to earn rewards or to validate a bonus points offer, as may be the case on other cards, you can concentrate on paying off what you owe to clear your debt within the 12 month introductory period.
What do you need to know about the offer? To be eligible, you will need to apply and be approved by 2 October 2019. You can request the transfer from up to three non-St.George, Bank of Melbourne and BankSA Australian-issued credit, charge or store cards at application, and you may transfer up to 80% of your approved credit limit.
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. As long as you clear your balance by the due date each month and don’t have a balance transfer on your account, you can benefit from up to 55 days interest free on purchases. 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. You will pay a 1% balance transfer fee, which should be added into your calculations when working out the value of the offer. 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.
A basic card that saves you with no annual fee, the Bank of Melbourne No Annual Fee Credit Card is currently offering further money-saving with 0% p.a. on balance transfers for 12 months.
3 questions (showing the latest 10 Q&As)
Bank of Melbourne No Annual Fee Credit Card
With the Bank of Melbourne No Annual Fee credit card you get 0% balance transfers for 12 months. 1% balance transfer fee applies. Reverts to variable cash advance rate. You also have the added convenience of PayPass and PayWave, and you can add up to three additional cardholders for free. Offer ends 2 October 2019. New cards only.
- $0 annual credit card fee
- 0% p.a. for 12 months on balance transfer. 1% balance transfer fee applies. Reverts to cash advance rate.
- Purchase rate of 20.74% p.a.
- Up to 3 free additional cardholders
- Up to 55 interest free days on purchases
- Be over 18 years old
- Good credit and not applied for multiple credit cards recently
- Australian permanent resident
- You have your personal details ready to complete the online application