Mozo Review Bank of Melbourne No Annual Fee Review
Last updated: 28 June 2018.
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 20.49% purchase rate.
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 20.49% 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 20.49%. 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.
The obvious catch is the high 20.49% purchase rate. It means that carrying a lingering balance on your card can come back to bite you (or your budget) real quick.