Thumbnail icon for Bank of Melbourne

Bank of Melbourne No Annual Fee

Purchase rate
20.74% p.a.
Balance transfer rate
0% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)
Annual fees
$0
Interest free days on purchases
55

Mozo editorial review Bank of Melbourne No Annual Fee

Last updated: 25 October 2019.

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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.

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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 with no extra cost.

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Who is it 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.

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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 10 July 2020 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

Apple Pay, Google Pay, PayID, Samsung Pay

Customer Reviews

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

Overall customer rating
7.5/10
Price
6.7/10
Features
6.3/10
Customer service
7.4/10
Convenience
7.5/10
Trust
7.6/10

Latest reviews of Bank of Melbourne No Annual Fee

  • Overall 5/10
    Nothing special.

    Card is okay. It’s linked to my home loan but I'll change products when I refinance and go back to my existing bank.

    Read full review

    Card is okay. It’s linked to my home loan but I'll change products when I refinance and go back to my existing bank.

    Price
    6/10
    Features
    3/10
    Customer service
    4/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Rochelle, Victoria reviewed about 1 month ago
  • Overall 8/10
    Good customer service.

    I am happy to bank with Bank of Melbourne. Have been a customer for over 5 years. Includes a home loan too. Competitive interest rate, banking fees are ok. Mainly less hassle.

    Read full review

    I am happy to bank with Bank of Melbourne. Have been a customer for over 5 years. Includes a home loan too. Competitive interest rate, banking fees are ok. Mainly less hassle.

    Price
    10/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Saleela, Victoria reviewed 8 months ago
  • Overall 7/10
    Good customer service

    They gave me a Bank of Melbourne credit card to pay for my car repairs and then helped me with my repayments when I got into trouble

    Read full review

    They gave me a Bank of Melbourne credit card to pay for my car repairs and then helped me with my repayments when I got into trouble

    Price
    7/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    9/10
    Less
    Margaret, Victoria reviewed 9 months ago
  • Overall 8/10
    Satisfactory

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

    Read full review

    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
    Less
    Kelly, Victoria reviewed over 1 year ago
  • Overall 6/10
    Could be a bit better

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

    Read full review

    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
    Less
    Fabian, New South Wales reviewed over 2 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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