- 0% p.a. on purchases for 12 months
- 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
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 0% p.a. interest on purchases for the first 12 months for new cards and 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.
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.
Currently, it offers a 0% p.a. interest on purchases for the first 12 months to new card members. 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.
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.
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 6.99% p.a. on balance transfers for 12 months.
Purchase rate 20.74% p.a.
Introductory purchase rate 0% p.a. for 12 months
Cash advance rate 21.49% p.a.
Interest free period on purchases up to 55 days
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
Minimum credit limit $500
Maximum credit limit $40,000
Annual fee $0 p.a.
Additional cardholder fee Up to 3 at no extra cost
Foreign transaction fee 3%
Minimum repayment 2% or $10, whichever is greater
Cash advance fee 2% or $2.50, whichever is greater
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
Eligible with Apple Pay, Google Pay and Samsung Pay
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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