Bank of Melbourne No Annual Fee Credit Card

Pauline Hatch

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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.

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.

What’s not so great...

While this card may help you save on annual fees, it is not a totally low rate card as the standard purchase rate is at 20.74% p.a. Thus, it is best to be aware, and actively clear your balance every statement period. 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 and some other features.