Bank of Melbourne Vertigo Card – Cashback Offer

This low rate card offers $300 cashback and a $0 annual fee for the first year, with a $55 annual fee after that.

The Bank of Melbourne Vertigo is a no-frills credit card with a competitive interest rate of 13.99% p.a. for purchases and interest-free days if you pay your balance off in full by the due date on each statement.

Right now, you can get extra value with $300 cashback on your account when you apply as a new customer by 30 November 2021 and spend $4,000 on eligible purchases within the first 120 days from card approval. You’ll also save with a $0 annual fee for the first year, which reverts to $55 p.a. after that.

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Amy Bradney-George

Last Updated Jul 15, 2021

6.99% p.a.

Balance transfer rate

for 12 months

13.99% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($55 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	Bank of Melbourne Vertigo Card - Cashback Offer
Balance transfer rate	6.99% p.a. for 12 months
Balance transfer revert rate	Cash Advance Rate (21.49% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	13.99% p.a.
Annual fee	$0 annual fee for the first year ($55 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.49% p.a.
Min credit limit	$500
Max credit limit	$80,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	Yes - Conditions apply

Pros

$300 cashback
$0 annual fee for the first year ($55 p.a. thereafter)
Free additional cardholder

Cons

No rewards program
No additional perks like insurance covers or travel benefits

Bonus points	N/A

Annual fee	$0 annual fee for the first year ($55 p.a. thereafter)
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	3%
Cash advance fee	2% or $2.50, whichever is greater
Overseas cash advance fee	2% or $2.50, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

Go to Bank of Melbourne's site More info

Review by

Amy Bradney-George

[email protected]

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Bank of Melbourne Vertigo credit card gives you a mix of low-cost features without the bells and whistles offered by some other cards. For starters, you’ll save with a $0 annual fee when you first get it. A $55 annual fee kicks in after the first year, which is still competitive with other credit cards in this category.

The $300 cashback offer also gives you a way to get extra value as a new cardholder, as long as you can meet the spend requirement of $4,000 in the first 120 days. To break that down a bit more, it would work out to an average of $1,000 of eligible spending per month for the first 4 months you have this card. So think about how much you’ll use the card when you first get it, and whether the other features are a good fit, to decide if you want it.

How to apply

You can apply for the Bank of Melbourne Vertigo credit card online in around 10 minutes. Get started by checking that you meet the eligibility criteria and have all the documents and details you need to complete the application.

Eligibility criteria

New cardholder. The cashback offer is only available when you apply for the Bank of Melbourne Vertigo credit card as a new cardholder before 30 November 2021.
Residency. To apply online, you must be an Australian citizen or permanent resident.

Age. You must be at least 18 years old to apply.
Eligible balance transfer. If you're planning to take advantage of the balance transfer offer, note that you can transfer debt from Australian credit cards not issued by Bank of Melbourne, St.George or BankSA. You can transfer from $200 up to 80% of your credit limit.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address and details of your living arrangements. You will also need to provide valid ID details, such as your driver's licence, passport or Medicare card.
Employment details. The application requires details such as your current job title, salary, length of employment and your employer's contact details. You may also need to provide recent payslips, bank statements or other documents that confirm your income and employment.
Financial details. This covers any other income – such as government payments or pensions – along with your savings and assets. You also need to share details of existing debts, loans, credit cards and other liabilities, as well as an estimate of your regular household expenses.
Balance transfer details. To take advantage of the introductory balance transfer offer on this card, you will need to include your balance transfer request when you apply. This includes the amount of debt you want to transfer and the details for your existing account, including the account name, number and the provider's BSB.

Go to Bank of Melbourne's site More info

Card benefits

$300 cashback. You'll get a $300 cashback when you spend $4,000 or more on eligible purchases within the first 120 days from card approval. Eligible spending covers most everyday spending. Transactions that won't count towards the spend requirement include account fees and charges, cash advance transactions, gambling transactions, balance transfers and purchases from or payment to a government or government related agency. The $300 cashback will be credited to your account within 60 days of meeting the spend requirement.
$0 first-year annual fee. If you apply and get approved for a Bank of Melbourne Vertigo Classic card by 30 November 2021, you'll get a $0 annual fee for the first year. After the first year, a $55 annual fee applies.

Interest-free days. When you pay your monthly payment balance in full by the due date listed on each statement, you will get up to 55 days interest-free on purchases. Note that your monthly payment balance excludes current balance transfers. Interest-free days are also separate from any longer-term interest rate promotions.
Balance transfer offer. You can consolidate your existing debts with a 6.99% p.a. on balance transfers for 12 months with no balance transfer fee. Any remaining balance after the promotional period if subject to the variable cash advance rate, currently 21.49% p.a.
Visa benefits. Take advantage of exclusive offers for travel and hotel bookings, shopping, dining and experiences – with seasonal deals listed on the Visa Australia website. You can also enjoy exclusive event and ticket offers by signing up to the Visa Offers + Perks website.
Mobile payment technology. You can make tap and go payments using your eligible phone or device by adding this card to your Apple Pay, Google Pay or Samsung Pay wallet.

Rates & fees

Annual fee. Outside of any promotions, this card charges a $55 annual fee.
Credit limit. This card has a minimum credit limit of $500.

Cash advance costs. If you make a cash advance transaction on the Bank of Melbourne Vertigo credit card, you will be charged the variable cash interest rate of 21.49% p.a. This rate will be effective from the date the transaction occurs. Cash advances also attract a fee of 2% or $2.50 (whichever is greater, capped at $150 per transaction).
International transaction fee. The fee for converting currency and making purchases with merchants overseas or online in a foreign currency is 3% of the transaction value.

Go to Bank of Melbourne's site More info

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Bank of Melbourne Vertigo Card – Cashback Offer