Bank of Melbourne’s Vertigo card has all the top features you would expect in a great low rate credit card. First up, the Vertigo offers a 0% p.a balance transfer rate for 18 months which could be a helpful feature for anyone wanting to pay off any existing debt. Just bear in mind that there is a 2% balance transfer fee, and if you still have debt left on the card after that 18 month period, the balance will revert to the purchase rate of 13.74%.
The card also has an ongoing purchase rate of just 13.74% (many cards charge 20% or more), and with a comfortable 55 interest free period you’ll have plenty of time to make your repayments.
Even if you do make a late payment you won't be penalised too much with the $15 late payment fee, and your wallet will definitely be happy knowing that the annual fee is just $55.
The Bank of Melbourne Vertigo card is a Visa so you'll be able to use it anywhere Visa is accepted around the globe. The card also has PayPass functionality for payments under $100.
Who it's good for:
Anyone looking to annihilate their credit card debt and wants a straight up credit card for managing payments.
With a 19.49% p.a cash advance rate, cardholders will want to do their best to avoid withdrawing money using the card.