Amplify Classic (Amplify Rewards)
- Last updated on 04 Aug 2020
Balance Transfer Rate
for 12 months then 21.49%
Max Free Days
- Balance Transfers Available
- Free supplementary cards
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 12 months then 21.49%
max card limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
Regular, verifiable income
|1 point for $1 spent||Visa||uncapped||eligible purchases|
- FREE SUPPLEMENTARY CARDS
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The bank offers a number of credit cards alongside personal finance products such as bank accounts, home loans and personal loans.
Although Bank of Melbourne branches are limited to Victoria, customers can also get service at St George Bank and SA Bank branches in other states, and access their ATM networks.
The Bank of Melbourne Amplify Classic credit card allows cardholders to earn points with Amplify Rewards, a rewards program issued by Bank of Melbourne, St George and BankSA. Cardholders can redeem these points on frequent flyer rewards, homewares, gift cards, travel and more.
The Bank of Melbourne Amplify Classic credit card also provides a moderate amount of interest-free days and the ability to add an additional cardholder at no extra cost. New cardholders can also take advantage of this credit card’s balance transfer offer, with a no-interest period for the first 18 months.
This credit card has a moderately high interest rate, and an even higher rate on cash advances. The annual fee is moderate, and there is also a moderately low late payment fee, which also includes an additional fee for each payment dishonour.
- Earn Amplify Rewards points
- Free additional cardholder
- 24/7 fraud monitoring
- Moderately high interest rate
- Moderate annual fee
- Fee for card replacement
Who is it good for?
The Bank of Melbourne Amplify Classic credit card could be a good option for current Bank of Melbourne customers who are shopping around for a rewards program and rewards credit card to match. Amplify points can be redeemed with a number of travel, retail, financial and even charitable services, but it is always worth shopping around to make sure this is the right rewards program for you.
As with many rewards credit cards, the interest rate on the Bank of Melbourne Amplify Classic credit card is moderately high, so this card is best suited for customers who already pay off their credit cards in full each month.
The additional fees for card replacement, and even higher fees if you are overseas (even in an emergency), also mean that this card is better suited to people who do not have a history of losing or misplacing their credit cards.
What RateCity says
The Bank of Melbourne Amplify Classic credit card is a rewards card with few additional perks or benefits. The main value proposition of this credit card is the ability to earn Amplify Rewards points, a rewards program issued by Bank of Melbourne, St George and BankSA. For this reason, potential customers should look into the Amplify Rewards program to see if it is right for them.
For consumers who are not already Bank of Melbourne customers, or who are already members of another rewards program, this credit card offers little more than many other credit cards in the market – many of which have lower interest rates and annual fees. This can be expected with no-frills credit cards such as these, which are more likely to appeal to a smaller, more specific market.
To apply for the Bank of Melbourne Amplify Classic credit card, you must be at least 18 years old, an Australian citizen or permanent resident, and meet any other serviceable criteria. Current Bank of Melbourne customers can apply online in just five minutes, and for new customers it should take about 10 minutes. When you are ready to apply, make sure to have a form of identification, income and employment details, and details of any financial commitments on hand.
About the lender
Bank of Melbourne was established in 1989, and has been headquartered in Melbourne since its inception. In 1997, it was acquired by Westpac Banking Corporation, and in 2004 all branches were rebranded as Westpac. In 2011, Westpac resurrected the brand, which now operates as a separate entity to its parent company. Today, Bank of Melbourne employs over 1,200 people, and is in over 100 locations in Australia, including Melbourne, Shepparton, Ballarat, Geelong and Bendigo.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
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.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
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.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.