|Balance Transfers Offers||0% for 20 months then 12.74%|
Rates & Fees
|Ongoing Purchase Interest Rate||12.74%|
|Maximum free days||Up to 55|
|Late Payment Fee||$15|
|Over Limit Fee||$15|
|Currency Conversion Fee||3%|
|Overseas ATM Charges||$2.5 or 2% (the higher of)|
|Estimated ATM Cost for AU$300 withdrawal||$15.00|
|$ Minimum Repayment||$10|
|% Minimum Repayment||2%|
|Minimum Credit Limit||$6,000|
|Maximum Credit Limit||$80,000|
About Bank of Melbourne - Vertigo Platinum
Everybody likes to feel like royalty. While that experience is reserved purely for the few who come from the right bloodline, it is possible to still get the royal treatment. All you need is the right credit card.
Platinum cards are designed to give cardholders a feeling of comfort and indulgence that other credit cards — and products — may not. The flip side of this is, such products may be more pricey. Therefore, if you're set on putting your name on a platinum product, it's worth comparing the rates, fees and benefits until you're sure you've picked the right choice.
Among the various Bank of Melbourne credit cards, the Vertigo Platinum is one such option. It's also a low rate, low fee credit card, which could offer an extra incentive to buyers.
The Bank of Melbourne Vertigo Platinum's key benefits
Perhaps the Bank of Melbourne Vertigo Platinum's chief benefit is the fact that it's relatively temperate when it comes to the cost of keeping it. It has the Bank of Melbourne's lowest variable purchase rate at 12.74 percent, and an annual fee of $99 — not the smallest figure, but lower than many other credit cards on the market.
In addition to this, cardholders receive 55 days interest-free on purchases, so long as they pay their closing balance off in full by the due date. Finally, for those eager to spread the love, up to three additional cardholders can be added to the Bank of Melbourne Vertigo Platinum credit card.
Other rates and fees
Buyers should bear in mind that there are a number of other charges they will have to keep track of on the Bank of Melbourne Vertigo Platinum credit card. For one, there is an interest rate of 21.49 percent - towards the steeper end of the spectrum — on cash advances and any balance transfers.
The fees for the Bank of Melbourne Vertigo Platinum break down like so:
- A 3 percent foreign transaction fee, including at ATMs
- A cash advance fee of 2 percent, at a minimum of $2.50
- A $9 late payment fee
- Card replacement fees worth $15 in Australia, $52.50 overseas and an extra $45 for emergency replacements
- $9 per dishonoured payments under the automatic payment plan
It should be noted that these fees are not out of the ordinary for most credit cards.
What makes the Bank of Melbourne Vertigo Platinum, platinum?
Along with the fact that it's a low fee, low rate credit card, the Bank of Melbourne Vertigo Platinum's main value lies in its complimentary benefits. Simply being a cardholder gives you access to a wide range of extras - and it's your job to balance these against other expenses, in order to decide if it's worth it.
For those with one eye always on the clock, you can make use of Visa's personal concierge service. Through it, you can take care of everything from renting vehicles, to booking accommodation and buying tickets to shows.
There are also a number of complimentary types of insurance cover that come with the card. Any trip up to 6 months is covered by travel insurance cover, as long as you meet certain criteria. This cover includes:
- Unlimited medical expenses cover, except on emergency dental and bed care
- $20,000 worth of cover for damage or loss of personal items per person
- Travel delay cover for delays lasting more than 6 hours
- $2.5 million cap on personal legal liability cover
Other types of insurance include:
- $750,000 worth of cover for accidental death or injury while in transit
- Price guarantee cover for purchases, should you find a more competitive price
- Purchase cover insurance
- Up to 12 months extended warranty insurance
It also comes with various protections to make online shopping a little bit safer and more secure.
If you're 18 or over and hold Australian permanent residency or citizenship, you're cleared to apply online. Just make sure your credit score is up to scratch before you do so.