Balance Transfer Rate
Max Free Days
- Free domestic travel insurance
- Free international travel insurance
- Free supplementary cards
- Purchase protection insurance
- Price guarantee
- Extended warranty
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
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
NO strict minimum income, all circumstantial
- FREE DOMESTIC TRAVEL INSURANCE Available when you use your card to pay for return domestic travel
- FREE INTERNATIONAL TRAVEL INSURANCE Available when you spend at least A$500 prepaid travel expenses and have a return overseas travel ticket before leaving Australia
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE Cover lasts for 120 days per year
- PRICE GUARANTEE If you purchase personal goods in Australia and then find the same product advertised later in a printed catalogue at a cheaper price within 21 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is more than $75 and less than $300.
- EXTENDED WARRANTY
Compare and review credit cards with similar features
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 Vertigo Platinum card combines a competitive interest rate with platinum-level perks.
Alongside a moderately low variable interest rate, this card comes with a range of complementary insurances: for example, travel insurance, extended warranty and purchase insurance for up to four months. A ‘price guarantee’ is offered, which means that if you use your card to purchase an item only to find it being sold elsewhere for cheaper, you can claim the difference from your lender. You can also add up to three additional cardholders on this card at no extra cost, so long as the cardholders are aged at least 16 and the account isn’t a joint account.
Bank of Melbourne also gives its cardholders access to a 24/7 platinum concierge service. Provided by Visa as a third-party supplier, the service is available for personal tasks such as booking tickets, hiring cars or making restaurant reservations.
- Moderately low interest rate
- Complementary insurances
- Free additional cardholders
- Moderate annual fee
- Moderately high rate for cash advances
- No rewards program
Who is it good for?
If you are budget-conscious and want to keep the amount of interest you pay to a minimum, the Bank of Melbourne Vertigo Platinum card may be a good fit. Those who are diligent at paying their credit card bill within a certain time frame will benefit from the interest-free period on offer. On the other hand, if you choose to roll your credit over each month, the moderately low interest rate can help you keep your repayments at a manageable level.
This card may also appeal to those who want access to some platinum benefits – for example, complementary travel insurance, purchase insurance and a 24/7 concierge service – but aren’t interested in joining a frequent flyer or rewards program (or incurring the high annual fee that can sometimes come with one).
What RateCity says
The Bank of Melbourne Vertigo Platinum card offers a moderately low interest rate, complementary insurance, concierge service and additional cardholders at no extra cost.
Bank of Melbourne is a local bank with branches only in Victoria – a potential downside if you prefer to bank in-person and live in another state. On the other hand, the lender has a comprehensive digital offering. Mobile banking, contactless payments and cardless cash can make everyday banking more convenient, while automatic repayment plans and apps that track your spending can help you stay on top of that credit card balance.
This card has several fees to watch out for, such as a moderate annual fee, late payment fee and card replacement fee, which increases if the situation requires urgent attention. Cash advances also attract a much higher interest rate, which is worth keeping in mind if this is an option you are likely to use.
To be eligible for the Bank of Melbourne Vertigo Platinum card, you must be 18 years old or over (or 16 years and over for additional cardholders) and an Australian citizen or permanent resident. Applications can be done securely online; just make sure you have your ID documents, salary information and records of your expenses handy. For more information on this product’s serviceability criteria, see the Bank of Melbourne website.
About Bank of Melbourne
Bank of Melbourne is a locally based bank with branches spread across Victoria. A subsidiary of the Westpac Group, it offers a range of digital features such as cardless cash, contactless payment, face ID log on, mobile banking and SMS alerts. Phone banking assistance is also available to customers 24/7. Bank of Melbourne makes investments into the local Victorian community through various initiatives, such as the Bank of Melbourne Neighbourhood fund.
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.
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’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.
In Australia it is impossible to get a credit card without the provider performing a credit check first. This is for your benefit, as it helps to prevent you from falling into avoidable debt.
Different states also have different rules about whether you can pay stamp duty with a credit card. Check the payment options for stamp duty on your local state revenue office website.
Some allow payments only from a savings or chequing account, whereas others allow payment through BPAY using your credit card. Also read the fine print to see if BPAY payments on your credit card are considered cash advances, as this could attract a higher interest rate.
Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.
If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.
The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.
Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.
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.
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.
Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.
Banks and merchants usually will not allow you to access cash without a physical card, because doing so would open up opportunities for fraudulent activities. Even most non-cash credit card transactions (such as shopping online) require you to know the expiry date and CVV on your credit card in addition to the card number.
However, some banks offer cardless cash for transaction accounts. Using a secure app installed on your mobile phone, you can log onto an ATM and withdraw the money you need. This could be a practical and secure solution if you don’t have a card and need cash.