- No annual fee
- 0% 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
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.
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 12 February 2020. 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.
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.
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.
Purchase rate 20.74% p.a.
Cash advance rate 21.49% p.a.
Interest free period on purchases up to 55 days
Balance transfer rate 0% p.a. for 12 months
Balance transfer revert rate 21.49% p.a.
Balance transfer from personal loan No
Balance transfer fee 1% one off
Balance transfer limit 80% of approved credit limit
Banks you can't balance transfer from Bank of Melbourne, BankSA, St.George
Minimum credit limt $500
Maximum credit limit $40,000
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
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
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.
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 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.
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