Bank of Melbourne Vertigo MasterCard

In the world of low purchase rate credit cards, the Bank of Melbourne Vertigo MasterCard is at the head of the pack. You can save a lot of money on interest, thanks to low rates on everything from purchases to balance transfers. Along with a low rate, there are additional features that make this card a perfect everyday choice. Here’s why!

Benefit of the Card’s Best Features?

The Bank of Melbourne Vertigo MasterCard is straight forward and simple to understand. The primary benefit is a low ongoing variable interest rate of 13.24% p.a. on all purchases. Accompanying this is a rate of 21.49% p.a. on cash advances. The Bank of Melbourne Vertigo MasterCard gives up to 55 days interest free on all purchases when the closing balance is paid in full by the due date. Compared to the rest of the market, this card’s ongoing interest rates, especially on purchases, are among the lowest.

Do you have a high balance on another credit card? Are you growing tired of high interest charges? With this credit card, you can transfer a balance at 0.99% p.a. for up to 6 months. As is the case with purchases, the Vertigo’s balance transfer offer is extremely competitive and will almost certainly save you a significant amount of money each month. You will still have to make a minimum monthly repayment, but the interest charged is going to be much less than what you are most likely paying now.

What about security? This credit card is one of the best, thanks to 24/7 Falcon Fraud monitoring. In addition to detection of suspicious activity, you can shop online or off knowing that your account details are 100 percent safe at all times.

If you want to add a spouse to your account, the Bank of Melbourne allows you to request an additional card free of charge.

Are There Any Drawbacks?

The main drawback of the Bank of Melbourne Vertigo MasterCard is its $55 p.a. annual fee. While paying an annual fee can be annoying, this is much lower than most credit cards. And if you have a sizeable debt and are planning on using the balance transfer offer, as many new customers are, then the cost of the annual fee will be easily offset by what you save in terms of interest.

There are other fees to be aware of including: foreign currency conversion fee of 3%, cash advance fee of 2%, late payment fee of $9, and an over limit fee of $9. Fortunately, most consumers never have to worry about these fees. If you are never overseas, avoid cash advances and manage your spend, then you won’t be charged. It would be worth noting that making purchases on the internet from international, i.e. non-Australian, stores may result in being charged the foreign currency conversion fee.

Who Would be Suited?

The Bank of Melbourne Vertigo MasterCard is a great everyday card. If you are interested in a credit card that allows you to make purchases – and potentially carry a balance at a low rate – this is an obvious choice.

The Vertigo card is also an excellent option for consumers in need of a low balance transfer rate. With the ability to transfer a balance to this card at 0.99% p.a. you can save a lot of money while hopefully paying your balance in full before this introductory period expires.

Who is Eligible?

Are you interested in applying for the Bank of Melbourne Vertigo MasterCard? If so, you need to be a permanent Australian resident of 18 years of age or older.

During the application process, you will need all of the following: driver’s license number; weekly income details; details of your assets (including investments and savings); and the repayment amounts of any liabilities (store accounts, other credit cards, etc.).

It only takes 10 to 15 minutes to complete the Bank of Melbourne Vertigo MasterCard application. Once submitted online (or over the phone), you will receive an immediate response regarding your acceptance or denial.