Bank of Melbourne No Annual Fee

20.74% p.a.

0% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)

$0

n/a

Bank of Melbourne No Annual Fee

20.74% p.a.

0% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)

$0

n/a

Mozo Review   Bank of Melbourne No Annual Fee Review

Last updated: 9 April 2019.

What's hot:
  • No annual fee

  • 0% balance transfer rate for 12 months (1% BT fee)

What's not:
  • 20.74% purchase rate

Mozo snapshot:

The Bank of Melbourne No Annual Fee credit card has two main features that you’ll want to take note of: the first is the lack of annual fee and the second is the 0% balance transfer rate for 12 months (1% BT fee). The card also has up to 55 interest free days and the option for 3 free additional cardholders. One thing to keep in mind is that the card does have a high 20.74% purchase rate.

Key features:

One great thing about the Bank of Melbourne No Annual Fee credit card, is the fact that because there's no annual fee, if you pay off your balance each month before the interest kicks in, it’s effectively free. However, you’ll want to make sure you do pay your bill in full each month, because if you don’t you’ll be stuck paying 20.74% interest. To help you keep on top of your balance and avoid that you’ll have up to 55 interest free days to pay off your spending.

The Bank of Melbourne No Annual Fee card also has a 0% balance transfer rate for 12 months. So if you’re looking to transfer some existing debt onto the card, you’ll have a solid year to clear that balance before you have to pay any interest on it. But keep in mind that after that year is up, the interest rate on any leftover debt moves up to 21.49%.  Plus, remember that there’s a 1% balance transfer fee on any debt you do move to the card.

The card also comes with the option to have 3 free additional cardholders, so if you’re looking to share the Bank of Melbourne No Annual Fee credit card with some family members, you can do so for no extra costs.

Who it's good for:

The combination of having no annual fee and a relatively high interest rate means that the Bank of Melbourne No Annual Fee card is best for thrifty spenders who make sure to always pay their credit card balance off in full, each and every month.

Any catches?

The obvious catch is the high 20.74% purchase rate. It means that carrying a lingering balance on your card can come back to bite you (or your budget) real quick.

Details

Rates and fees information correct as at 21 October 2019 Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 20.74% p.a.

  • none

  • 0% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)

  • yes

  • 21.49% p.a.

  • 55

Fees
  • $0.00

  • none

  • none

  • none

  • $15.00

  • 2%, Min $2.50

  • 3.00%

  • $2.00

  • $10.50

  • none

Features
  • $10.00

  • 2.0

  • 3

  • none

Payment options

Google Pay, Samsung Pay

Customer Reviews

How are Bank of Melbourne credit cards rated by the Mozo community?

Overall customer rating
7.6/10
Price
6.8/10
Features
6.4/10
Customer service
7.6/10
Convenience
7.7/10
Trust
7.6/10

Latest reviews of Bank of Melbourne No Annual Fee

  • Overall
    8/10
    Satisfactory

    No money debit card is all I have. Service could be better.

    No money debit card is all I have. Service could be better.

    Price
    8/10
    Features
    7/10
    Customer service
    4/10
    Convenience
    6/10
    Trust
    8/10

    Kelly | Victoria

    reviewed 11 months ago

  • Overall
    6/10
    Could be a bit better

    Not bad at all, but could be a bit better.

    Not bad at all, but could be a bit better.

    Price
    6/10
    Features
    6/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    6/10

    Fabian | New South Wales

    reviewed almost 2 years ago

  • Overall
    5/10
    Good solid product service

    Often fees and charges don't exceed expectations. Mostly use my app for transactions such as bill...

    Often fees and charges don't exceed expectations. Mostly use my app for transactions such as bill payments, transfer of funds and simply checking balances. Would recommend to others.

    Price
    4/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Mel | Western Australia

    reviewed over 2 years ago

  • Overall
    9/10
    Excellent

    Good to deal with

    Good to deal with

    Price
    2/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10

    Tus | New South Wales

    reviewed almost 4 years ago

  • Overall
    8/10
    Enjoy banking with them

    Good bank.

    Good bank.

    Price
    6/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    -1/10

    Katrina | Victoria

    reviewed over 4 years ago

Bank of Melbourne

About Bank of Melbourne

Formerly St.George in Victoria, The Bank of Melbourne provides a banking alternative to customers with its large range of products in home, personal and business banking. Based in Victoria the Bank of Melbourne offers its customers bank accounts, credit cards, term deposits, private banking services, home loans and personal loans.

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