The Bank of Melbourne No Annual Fee Card is an economical and functional resource for your daily purchases.
Thanks to its lifetime exemption from the annual fee, you don’t have to worry about periodic fees or minimum spending requirements to maintain this benefit.
Another advantage is the smart initial credit limit, which helps to establish and reinforce a healthy relationship with personal finances.
In summary, if you want to manage your expenses responsibly or are considering applying for a credit card for the first time, the moderate credit limit and more accessible approval process can be a great help!
Benefits Beyond No Annual Fee
- Add up to 3 additional cardholders at no cost: Share the card’s benefits with family and friends without any extra fees.
- Up to 55 days interest-free: Get more time to pay for your purchases and avoid interest accumulation.
- Shopback: Shopping doesn’t always mean just spending! Shopback is a platform with various stores and brands available in the bank’s app, allowing you to earn cashback and enjoy discounts.
- Digital Wallets: Make payments quickly and securely using Apple Pay, Google Pay, and Samsung Pay.
- Offers Hub: Access exclusive promotions available only to Bank of Melbourne customers.
- Fraud Protection: Benefit from a 24/7 free monitoring system to protect your transactions.
How to Earn Cashback with the Bank of Melbourne No Annual Fee Card
To earn rewards, simply make purchases at participating stores and pay with the Bank of Melbourne credit card.
First, make sure you’re registered on Internet Banking. Then, go to the bank’s app, type “Shopback” in the search bar, and browse the available offers.
Select the promotion you want to redeem, confirm the purchase, and wait for validation to see your cashback balance grow.
It’s also easy to track everything on the app and link your Bank of Melbourne account with Shopback to keep an eye on all the details.
Typically, cashback can take up to 90 days to become available for withdrawal, so keep an eye on it.
Key Fees
- Annual Fee: $0
- Interest Rate on Purchases: 20.99% p.a.
- Cash Advance Interest Rate: 21.99% p.a.
- Late Payment Fee: $15
- Cash Advance Fee: 3%
- Foreign Transaction Fee: 3%
Important Points to Know Before Applying:
As with any line of credit, the Bank of Melbourne No Annual Fee Card has certain aspects that might be considered disadvantages depending on the user’s profile:
- Interest Rate on Purchases: The variable annual interest rate is 20.99% for purchases. For those who tend to carry a balance, this can result in considerable costs over the long term.
- Cash Advance Fee: The cash advance rate is high at 21.99% per annum, plus an additional 3% of the amount advanced.
Final Analysis: Is the Bank of Melbourne No Annual Fee Card Worth It?
While it may not be a traditional rewards card, the Bank of Melbourne card presents new ways to save.
With Shopback, you can earn cashback on purchases you would likely make anyway, so it’s like receiving a reward with minimal effort.
Moreover, the highlight of this credit card is its freedom from fixed extra fees, like the annual fees charged by most credit cards.
It’s especially useful for those who have never had a card before, due to its educational limit and less stringent approval process than premium options.
In other words, if you’re looking to start building your credit history or simply need a backup card, the Bank of Melbourne No Annual Fee Card is the right choice for you.