Our verdict

Offers 0% interest on balance transfers for 24 months, with a one-time 1% balance transfer fee and a $55 annual fee.

The Bank of Melbourne Vertigo credit card gives you a way to save, with the current introductory offer including a 0% balance transfer offer for 24 months with a one-time 1% balance transfer fee. It also has a 13.99% p.a. interest rate for new purchases, which is much lower than the average standard credit card interest rate of 20.16% p.a.

The $55 annual fee is also on par with other low rate cards. Just keep in mind that if you don’t pay off your balance transfer during the first 24 months, a high interest rate of 21.49% p.a. will apply to the remaining balance. To get the most value out of the balance transfer offer, you should focus on paying off your balances during the introductory period and avoid making new purchases during that time.

Pros

0% p.a. for 24 months on balance transfers
A low ongoing annual fee
Competitive purchase interest rate of 13.99% p.a.
Shopping cashbacks through ShopBack
Request an additional cardholder at no extra cost

Cons

A one-time 1% balance transfer fee applies
Balance transfer rate reverts to 21.99% p.a. at the end of the promotional period
No rewards program, travel perks and insurance covers

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 gives you a way to save with 0% p.a. interest for 24 months (with a one-time 1% balance transfer fee) when you apply by 30 April 2025 and include your balance transfer request as part of the application. It also offers a low ongoing $55 annual fee.

Details

Product details

Product Name	Bank of Melbourne Vertigo Card
Balance transfer rate p.a.	0% for 24 months with 1% balance transfer fee, then 21.99%
Balance transfer limit	80% of available limit
Purchase rate p.a.	Purchase rate p.a. 13.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$500
Max credit limit	$80,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $55
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	3%
Overseas cash advance fee	3% of each cash advance amount
Additional cardholder fee	$0
Number of additional cardholders	1

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 balance transfer offer is only available when you apply for the Bank of Melbourne Vertigo credit card as a new cardholder before 30 April 2025.
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.

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.

Card benefits

Balance transfer offer. Apply by 30 April 2025 and include your balance transfer request as part of the application to get a balance transfer rate of 0% p.a. for 24 months (with a one-time 1% balance transfer fee). This reverts to the variable cash advance rate of 21.99% p.a. at the end of the introductory period.
Competitive purchase rate. The variable interest rate on purchases is 13.99% p.a.

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.
Shopping cashbacks. Eligible Bank of Melbourne credit card holders can get cashbacks when they shop with their card on the online rewards platform ShopBack.
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. 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 21.99% p.a. This rate will be effective from the date the transaction occurs. Cash advances also attract a fee of 3% of each cash advance amount.

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.

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Amy Finder

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Ollie

October 26, 2024

Hi Amy, just wanted to clarify one detail.

The 0.99% interest is p.a., does this mean that 0.99% is charged per month on the balance of the card or is calculated at the end of each year you hold the card?

Eg – $5000 balance, let’s say that the balance remains the same after 12 months, then you will be charged $50? Or you will be charged the 0.99% on the remaining balance per month? I know it states p.a. but just wanted clarification. Cheers, Ollie

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Angus Kidman Finder

October 27, 2024

Hi Ollie, The 0.99% is specified as an annual figure but calculated daily on the transferred balance and applied at the end of each monthly statement – so yes, additional interest is added each month based on what’s remaining of the transfer. Hope that helps.

Brian

December 05, 2023

I currently have c/bank gold m/card. D oes this card have similar things?

Amy Bradney-George Finder

December 06, 2023

Hi Brian,

The Bank of Melbourne Vertigo is a Visa credit card, so it would offer a similar level of global acceptance to a Mastercard. It has a relatively low interest rate compared to the average credit card rate in Australia, and a competitive annual fee. If you want to compare it specifically to your existing card, a simple way would be to review the details on your account or most recent statement and compare them to the details on our review. If there is a specific feature you want, you can check for it here or contact Bank of Melbourne directly. I hope this helps.

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Belinda Petrovski

March 23, 2023

Is this a business credit card

Amy Bradney-George Finder

March 24, 2023

Hi Belinda,

This is not a business credit card and is designed for personal use. Finder’s guide to Bank of Melbourne credit cards includes its business and corporate options. Alternatively, you can compare a wider range of business credit cards in Finder’s guide. I hope that helps.

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Dina

March 01, 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

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May Finder

March 03, 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.

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

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January 30, 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

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Anndy Lou Finder

January 30, 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

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Bank of Melbourne Vertigo

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