No Annual Fee card image

Bank of Melbourne No Annual Fee

Advertiser disclosure
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: 10 February 2021

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What's hot
  • No annual fee
  • Up to 55 interest free days
  • 3 additional cardholders allowed at no extra cost
What's not
  • 20.74% purchase rate
Mozo snapshot

If you're after a credit card with no pesky annual fee to pay, then you might want to check out Bank of Melbourne's No Annual Fee credit card! The card also has up to 55 interest free days and the option to have three additional cardholders, at no extra cost. 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 comes with a 'Fraud Money Back Guarantee.' This means that the Bank of Melbourne will refund 100% of any money taken from your account, if you are a victim of fraud. The card also comes with the option to have three 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.

Just keep in mind that while there is no annual fee to pay, there is a $15 late repayment fee to watch out for. It also comes with a cash advance interest rate of 21.49% and a 2% charge for each cash advance amount (minimum $2.50, maximum $150 per transaction).

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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 19 October 2021 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%

$0.00

$10.50

none

Features

$10.00

2.0

3

none

Payment options

Apple Pay, Google Pay, PayID, Samsung Pay

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