Pros and cons

  • Low-fee cards available
  • Balance transfer offer available
  • Rewards programs
  • Interest rates may be high
  • Annual fees may be high
  • Balance transfer deal not available on all cards

Bank of Melbourne credit cards rates

Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$99

Late Payment Fee

$15

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Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$79

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

12.99%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$99

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

13.99%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $55

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

20.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$79

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$279

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

0.00%

for 7 months then 19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $99

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details
Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$139

for 12 months then $279

Late Payment Fee

$15

Go to site
Company
Bank of Melbourne
More details

About Bank of Melbourne credit cards

Bank of Melbourne credit cards range from standard to gold and platinum, and include rewards cards, frequent flyer cards, classic cards and low-fee cards.

Bank of Melbourne credit cards tend to be moderately low to high. Typically, its standard cards come with a lower interest rate and/or lower fees than top-tier platinum cards.

Some Bank of Melbourne cards come with an introductory balance transfer rate, while others allow balance transfers at the standard interest rate.

In terms of fees, annual fees may be waived entirely or range from moderately low to high. Late payment fees are moderately low, and the interest-free period is moderate.

Bank of Melbourne rewards cards allow customers to earn points for eligible purchases as part of its Amplify Rewards program or Qantas Frequent Flyer program.

Bank of Melbourne credit cards review

As you might expect from a standard bank, Bank of Melbourne offers the typical suite of credit card choices catering to various types of customers.

For customers wanting to earn rewards for spending, Bank of Melbourne rewards credit cards can be used to earn either frequent flyer points or Amplify Rewards points (which can be redeemed for gift cards).

For people looking to save money on their credit card, Bank of Melbourne does offer various lower-rate and lower-fee cards. However, these cards still typically don’t offer the lowest fees or lowest rates on the market.

Likewise, although some Bank of Melbourne credit cards come with an attractive balance transfer offer, others don’t have a balance transfer offer at all.

As such, it’s worth comparing credit cards from various providers before settling on one so you can be sure that a Bank of Melbourne credit card is appropriate for your needs.

Learn more about Bank of Melbourne

How to increase ME Bank credit card limit?

If you want your  ME bank credit card limit increased, you’ll have to fill the “credit card limit increase request form” and send it to the bank via post, email, or fax. The requirements for increasing the credit limit include:

  • You should have the card for at least six months;
  • Your income has increased; and
  • Your debt liabilities have decreased.

How can I increase my St.George credit card limit?

You can apply to increase the limit of your St.George credit card online through Internet Banking. Log in and go to ‘Manage my accounts’. Within that, look for ‘Card Services’ and select ‘Increase Credit Card Limit’. Alternatively, you can also call on 133 800 and say ‘Increase Card Limit’ when prompted. You’ll also be required to share some information at the time of making the application.

To apply for a credit limit increase on your St. George credit card, your account should have been open for at least six months before the application and you should not have made a credit limit increase request in the last six months. Also remember, that you are only eligible for a credit limit increase if you’re the primary cardholder.

Final approval of your request depends on satisfactorily meeting the credit assessment criteria.

How does the Commonwealth Bank credit card instalment plan work?

Commonwealth Bank credit card instalment plans allow you to structure the schedule for repaying your outstanding credit card balances. So, rather than pay the entire amount on the due date, you’ll pay a fixed amount on every due date for a particular period.

You can choose from three types of plans. The first is to pay-off a one-time large purchase exceeding $100 made during the previous 14 days. The second plan is to pay off the credit card balance (excluding cash advance, balance transfers, and existing instalment plans) of $600 or more in whole or part over a predetermined period. The last plan allows you to pay off the cash advance balance of $600 or higher in part or fully, over a certain period.

You can break down large purchases into affordable instalments over some time that you specify. Additionally, you enjoy the flexibility to cancel or prepay the plan before its last instalment. You can simultaneously have ten active plans without additional credit checks on all eligible cards.

Once you select the eligible purchase or balance and the desired repayment term, the monthly instalment and due date are shown in the next statement, which includes the new payment and the summary of the plan’s progress. In case you miss a payment, the plan isn’t cancelled, but an unpaid instalment is re-transferred to the applicable balance, and you’ll be charged the standard rate. The plan can be revoked at any time, and the outstanding amount is added to the cash advance or purchase balance as applicable.

How does CBA credit card insurance coverage work?

If you have a Commbank credit card, insurance may be one of the benefits on offer. 

You may be eligible for overseas medical and travel coverage, as well as coverage for interstate flight cancellations, transport accidents, extended warranty and price guarantees. You may need to check which types of insurance coverage you can access, as some types are not available to all customers. 

To apply for CBA credit card insurance, you can contact the bank via its website. It’s also worth checking which types of insurance are available automatically and which require you to fulfil some conditions. 

The  Commbank credit card purchase insurance - called Purchase Security -  is available to most CBA cardholders. You can find out more about the different types of insurance, their coverage limits and inclusions and exclusions in the Product Disclosure Statement.

What can I do about my Commonwealth Bank expired credit card?

You’ll typically receive your replacement Commonwealth Bank credit card before your current one expires. 

Once you receive the replacement card, you may need to update the new card with all the direct debits that you had set up on your expired Commonwealth Bank credit card. These could include insurance payments, electricity or gas bills, and monthly entertainment subscriptions.

To see a list of all your regular payments in NetBank, follow these steps:

  1. Log on to NetBank
  2. Click on ‘settings’
  3. Go to ‘product requests’, and select ‘credit card regular payments’. 

If you don’t use NetBank, you can see the list of your regular payments on your most recent credit card statement. Keep in mind, this list may not be complete and you should also check your past statements or your transaction history. 

If you haven’t received your replacement card before your current card expires, call 13 22 21 and the bank will send a new card to you. 

It is important that you safely discard your expired credit card. This often means cutting it up with scissors and throwing it out. 

Can I transfer money from my American Express credit card to my bank account?

If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM. 

To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction. 

You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own. 

How to increase my Commonwealth credit card limit?

Commonwealth Bank credit cards are extremely popular in Australia for everyday purchases and big ticket items alikers. A number of the card’s functions can be customised, depending on your needs and desires. If you wish to increase your Commonwealth credit card limit using the CommBank, you can usually do so on the app or via NetBank.

In the CommBank app, tap on the ‘Cards’ icon and choose your credit card. Then, click on ‘Credit Limit’ and select the ‘Increasing your limit’ option. If you don’t have the CommBank app, you can also increase your Commonwealth Bank credit card limit through NetBank. Simply log on and go to Settings, then click on ‘Product Requests’ and then choose ‘Credit Card Limit Changes’. 

Once the bank has received your application, they will review your account and payment history. Based on this assessment, your application will either be approved or denied. If approved, your new limit will be applied to your card instantly. 

While increasing your credit card limit may be an easy process, it’s important to remember that you should only request limits that you can manage. A high limit increases the risk of having a larger debt, even with cards that provide low-interest rate options. So, it’s important to think carefully and seek advice from people you trust before increasing your Commonwealth Bank credit card limit.

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Where can I get a credit card?

Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.

The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.

Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.

Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.

Can I get a credit card on part-time/casual work?

Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.