Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback)

• Earn 10% cashback on purchases at participating supermarkets and petrol stations (with a maximum of $500 cashback). Terms and Conditions apply.
• Get a 6.99% interest rate on balance transfers for 12 months with a 1% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
• Start with a credit limit as low as $500, helping you keep your spending in check.

Credit card bargain hunters have different priorities. Some seek a low ongoing purchase interest rate, while others value cashback rewards. For many, the key factor is a low annual fee. But what if you want all three cost-saving features? You're in luck— the Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback) offers the perfect combination of a low interest rate, cashback rewards, and a low annual fee in one card.

Earn up to $500 cashback

With the Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback) enjoy 10% cashback on your purchases at selected supermarkets and petrol stations, with a total cashback of up to $500. This offer is a great way to save on everyday expenses like groceries and fuel. Be sure to check the list of eligible retailers and terms and conditions to make the most of this limited-time benefit.

Low ongoing purchase interest rate of 13.99% p.a.

Introductory zero-interest rate offers are all well and good, but when the deal is about to expire and crunch time comes, you’ll want a card with a low ongoing purchase interest rate. There may be future occasions when you need a little short-term financial wriggle room, and the low-interest rate on purchases allows you to pay less interest than you would on many other cards.

Low $55 annual fee

While it’s certainly true that there are a few credit cards with no annual fee at all, it’s unusual to find a no-fee card that has both a zero-interest balance transfer offer and such a low ongoing purchase interest rate.

That’s the combination you are paying for with this quite low $55 annual fee. When the balance transfer offer expires you will be left with a low ongoing interest rate on an extremely functional card with the following important additional features:

• Up to 55 interest-free days on purchases every month, provided you don’t have any kind of unpaid overdue balance
• One supplementary cardholder at no extra cost
• Visa payWave for speedy contactless transactions under $100
• Bank of Melbourne Mobile Banking app: secure fingerprint login lets you check the balance of your account quickly, and put a block on your card if you misplace it
• Verified by Visa: a system of one-time passwords delivered by SMS for extra security when shopping online
• 24/7 fraud monitoring to detect suspicious purchase transactions

12 months @ 6.99% on balance transfers

For balance transfers, enjoy 12 months at a 6.99% interest rate. You can transfer balances from up to three credit or store cards, as long as they aren’t issued by St.George Bank, BankSA, or Bank of Melbourne.

While a 12-month period might seem short, it provides enough time to pay off your balance before the revert interest rate of 21.99% p.a. (the same as for cash advances) kicks in. To avoid long-term debt, strive to pay off your balance within this period.

The good news is that there’s no upfront fee for balance transfers, unlike many competitors who charge between 1% and 2.5%

No interest-free days if you have a balance transfer

If you do take up the balance transfer option, one trap to be aware of is that you will not be able to rely on the normal monthly interest-free days on purchases. Having an unpaid balance transfer means that you will lose your regular interest-free days until it is paid off. Plan to use cash or another card for purchases until the transferred balance is cleared.

Take a look at similar cards

Before you decide, what can you expect from Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback) rivals? Check out the most competitive ones: the ME frank Credit Card, the Coles Low Rate Mastercard, and the American Express Essential Credit Card. All of these cards have their own merits, but may not necessarily be the right card to suit your exact circumstances.

You can compare more low-interest cards on the ‘Low interest’ page in our Features section.

The Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback) could be the perfect card for . . .

• Someone who prioritizes cashback, especially for everyday spending on petrol and supermarket purchases.
• Someone who does not intend to use the card for cash advances, and can therefore avoid the high 21.99% p.a. cash advance interest rate.
• Someone with existing balances they are struggling to pay off, on one or more credit cards, and could make good use of 12 month, interest-free balance transfer with no upfront fee.
• Someone with their finances in order, who wants to earn a little interest through the balance transfer offer.
• Someone more interested in a basic, functional credit card than in rewards points or insurance they may never use.
• Someone who only wants to carry one card, and therefore needs to avoid the lower acceptance rate and possible surcharges that come with an American Express card.

If you can say ‘Yes’ to more than half the above points, the Bank of Melbourne Vertigo Visa Credit Card (up to $500 total cashback) may be the most appropriate card for your personal situation.