Bank of Melbourne Vertigo

This is a simple credit card with a very competitive 0% interest on balance transfers for 30 months and no annual fee in the first year.

The Bank of Melbourne Vertigo is suited to people who want to keep their card costs down and don’t want a lot of fancy features. If you have a credit card you want to pay off, the long balance transfer offer that's currently available gives you a way to save with 0% p.a. interest for 30 months and no balance transfer fee when you apply by 30 November 2021 and include your balance transfer request as part of the application. You’ll also save on the annual fee in the first year (normally $55).

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Amy Bradney-George

Last Updated Jul 26, 2021

0% p.a.

Balance transfer rate

for 30 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
Balance transfer rate	0% p.a. for 30 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

0% p.a. for 30 months on balance transfers with no BT fee
$0 annual fee for the first year
Competitive purchase interest rate of 13.99% p.a.
Request an additional cardholder at no extra cost

Cons

Balance transfer rate reverts to 21.49% p.a. at the end of the promotional period
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 few ways to save, with the current introductory offer including a $0 annual fee in the first year and a 0% balance transfer offer for 30 months. It also offers a 13.99% p.a. Interest rate for new purchase, which is much lower than the average standard credit card interest rate of 19.94% p.a.

After the first year, this card has a $55 annual fee, which is on par with other low rate cards. But if you don’t pay off your balance transfer during the first 30 months, a high interest rate of 21.49% p.a. will apply to the remaining balance. So you’ll get the most value out of the balance transfer offer if you focus on paying it off during the introductory period – and avoid making new purchases during that time.

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

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.
Residency. To apply online, you must be an Australian citizen or permanent resident.

Age. You must be at least 18 years old to apply.
New cardholder. The balance transfer offer is only available when you apply for the Bank of Melbourne Vertigo credit card as a new cardholder before 30 November 2021.

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

Balance transfer offer. Apply by 30 November 2021 and include your balance transfer request as part of the application to get a balance transfer rate of 0% p.a. for 30 months (with no balance transfer fee). This reverts to the variable cash advance rate of 21.49% p.a. at the end of the introductory period.
$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.
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.
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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233 Comments

Dina
March 1, 2017

Hi
I’m looking to see if you still have this offer, as I want to do a balance transfer?

The Bank of Melbourne Vertigo Visa does offer 0% p.a. for 18 months on balance transfers and 0% p.a. for 6 months (reverts to 13.24% p.a.) on purchases. You can enjoy these benefits at the same time or is there a better offer?

Many Thanks

Dina

finder Customer Care

May
March 3, 2017

Hi Dina,

Thanks for your question.

I’m afraid that the current and available offer for the Bank of Melbourne Vertigo Visa Credit Card is only 0% p.a. interest on BT for 12 months and 0% p.a. interest on purchases for 6 months. We have also listed other credit cards that offer 0% interest on BT and purchases.

Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

Cheers,
May

Ty
January 31, 2017

Hi There,

Does this card allow promotional rates on both balance transfers AND purchases at the same time?

Ie – I apply for this card, am accepted, but then also want to transfer a balance from another card to this one, will I still receive the promotional rates for both purchases and transfers?

Or is it only one at a time?

Many thanks

finder Customer Care

Dee
January 31, 2017

Hi Ty,

Thanks for your question.

The Bank of Melbourne Vertigo Visa does offer 0% p.a. for 18 months on balance transfers and 0% p.a. for 6 months (reverts to 13.24% p.a.) on purchases. You can enjoy these benefits at the same time.

To receive the balance transfer offer, you must request for it during the application process. Even with outstanding balance transfer, you can still enjoy the purchase rate offer.

Cheers,
Anndy

Barbara
October 31, 2016

I’m trying to apply for a balance transfer cc on line but it keeps saying my amount to transfer ($4500) is greater than 95% of my credit limit ($30000). My maths seems to give a different answer!
Please help.

finder Customer Care

Dee
October 31, 2016

Hi Barbara,

Thanks for your question.

Please note that the amount that you can transfer to your Bank of Melbourne Vertigo Visa is up to 95% of your approved and available credit limit. If you have further questions about your balance transfer request, you may have to directly get in touch with Bank of Melbourne on 13 22 66.

Cheers,
Anndy

Pamela
October 17, 2016

What would my interest rate be on remaining transferred balance at the end of the interest free period?

finder Customer Care

Ysa
October 22, 2016

Hi Pamela,

Thanks for your question.

A standard purchase rate of 13.24% p.a. will apply after the promotional period ends.

Cheers,
Ysa

PC
June 13, 2016

Hi! Can you balance transfer personal loan balances on to the credit card?

finder Customer Care

Dee
June 13, 2016

Hi PC,

Thanks for your question.

Unfortunately, you can’t transfer your personal loan to a Bank of Melbourne Vertigo Visa, but Citi and Virgin credit cards allow this.

I hope this helps.

Cheers,
Anndy

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Bank of Melbourne Vertigo