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Bank of Melbourne Vertigo Platinum Credit Card

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Bank of Melbourne Vertigo Platinum Credit Card
APPLY BY 01 may 17
3 reviews
0% p.a. for 12 months on balance transfers.
No balance transfer fee.
Complimentary overseas travel insurance and extended warranty on purchases.
Add to comparison
12 months
0% p.a.
then 12.74%
6 months
0% p.a.
then 12.74%

Pros & cons

What's good?

What's not so good?

0% p.a. for 12 months on balance transfers. After that, any remaining amount will be subject to the 12.74% p.a. interest rate.
No balance transfer fee.
Up to 55 days on purchases.
0% p.a. intro rate on purchases for 6 months
Complimentary overseas travel insurance for trips up to 6 months.
Purchase cover, extended warranty and price guarantee cover on eligible purchases.
Visa Platinum Concierge Service.
Take less time to checkout at the till using Visa payWave.
No rewards program.
Small annual fee to pay.


Our review of the Bank of Melbourne Vertigo Platinum Credit Card

The Bank of Melbourne Vertigo Platinum Credit Card occupies an odd place in the bank’s credit card collection. The very word ‘Platinum’ indicates that it’s a prestige card, and it does indeed come with a range of complimentary insurance policies, Visa Platinum privileges, and the inevitable higher annual fee. However, it has two unusual features not normally associated with a platinum card: a low ongoing purchase interest rate and the total absence of a rewards program.

Not just a low interest rate, but the lowest

It’s evident that the Bank of Melbourne doesn’t expect to earn a lot of interest income from its prestige customers who can afford a platinum credit card. For making that extra outlay on a higher (but not extraordinarily high) annual fee, you’ll be rewarded with the bank’s lowest ongoing purchase interest rate of 12.74% p.a..

In fact, the St.George Bank group, which includes the Bank of Melbourne and Bank SA, is currently offering Australia’s lowest bank-issued credit card interest rate via this card. And although platinum cardholders may not normally plan to have an interest-bearing balance on their account, a low purchase rate like this can be very useful to smooth out the bumps in the road if you have temporary cash flow problems. It also softens the blow if you happen to miss a monthly payment by accident.

Transfer your high-interest debt from other cards

Not sufficiently tempted by the low ongoing purchase rate? How about paying no interest at all for 12 months on any balance you bring across to this card from other cards outside the Bank of Melbourne, St. George and BankSA group? By taking up this generous offer you can earn interest by depositing the cash you would have otherwise used to pay off the balances, but be careful not to squander your resources because settlement day will eventually come around at the conclusion of the 20-month interest holiday.

Enjoy three months interest-free on purchases

The good news on interest rates goes even further. When your card is approved you can make purchases up to your credit limit if you wish, and forget about paying for them for three months, all without incurring any interest. The same warning as before applies, however. If you go on a spending spree and buy things you can’t really afford to pay for, you’ll find yourself in serious debt at the end of three months, paying interest at 12.74% p.a.. So use this benefit wisely to purchase a major item you can already afford to pay for in cash, and pocket the three months of interest you earn by delaying the payment.

Get Up to 55 days on purchases after the special offers finish

Let’s suppose that you’ve transferred a tidy sum you had outstanding on other cards, and also used your three months of interest-free purchases to buy a major appliance, furniture or technology, secure in the knowledge that you can pay everything off by the due date and profit from the interest you earn by postponing payment. At the end of all this there’s still one more bonus waiting for you, in the form of Up to 55 days on purchases, delivered by the card’s payment cycle providing you have no unpaid balances. Some cards offer only 44 interest-free days monthly, but this card does not stint. Those extra 11 days of credit each month translate into 132 extra days per year. So, if you have a 7.5 % p.a. mortgage and a mortgage offset bank account, those extra 132 days could save you $135 in interest per year if your average card account closing balance is around $5,000.

The full suite of insurance benefits

Although there is no opportunity to earn rewards program points with this card (and some people, who find tracking and using points a hassle, may see that as a blessing) you still get the complete set of built-in insurance policies without which no platinum card is truly complete. Here they are, all seven of them:

  • Annual multi-trip overseas travel insurance for the primary cardholder and their family, covering medical expenses, unavoidable trip cancellation, baggage and personal items (up to $15,000 per person), travel delays, rental vehicle excess, lost travel documents, and more. Activate this very comprehensive cover by using the card for at least $500 of your prepaid travel costs.
  • Domestic flight inconvenience insurance, covering flight delays and cancellations, car rental excess, luggage and personal items, when you take an interstate holiday of up to 14 days, paying for your airfares with the card.
  • Cover for accidents when travelling on public transport (plane, bus, train or ferry) outside Australia, when the card has been used to pay the fares.
  • Rental vehicle excess cover in Australia, where the card is used for the rental fee.
  • Four months cover (better than the three months offered by many cards) for personal items purchased with the card, against theft, loss or damage. Annual claim limit $135,000.
  • Double the manufacturer’s warranty – up to a maximum of 12 extra months – on items bought using the card.
  • Price guarantee cover on items purchased with the card. Get the price difference (between $75 and $300) refunded if it is advertised at a lower price in a printed catalogue within 21 days.

While some of these policies might seem superfluous, because you wouldn’t dream of paying for cover of this type, the wide-ranging travel insurance and rental vehicle excess cover will prove definite money savers for both business and leisure travellers.

Platinum lifestyle benefits

The Bank of Melbourne’s web page for the Vertigo Platinum credit card promises “the luxury of a personal concierge service, Visa Platinum Concierge”, but the concierge service (for assistance in planning and booking your platinum lifestyle travel, entertainment events and dining) is only one small part of the Visa Premium benefits that come with the card. You’ll also get special deals, discounts and privileges such as concert tickets before the general release date or access to a ‘meet and assist’ service to smooth your way through airport immigration procedures.

Peace of mind

The Bank of Melbourne subscribes to the 24/7 Falcon Fraud Monitoring service to allay any anxieties you may have about the risk of using a credit card, especially online. Verified by Visa adds an extra layer of online shopping security with one-time passwords retrieved by mobile phone.

It all comes at a cost

There are a lot of benefits bundled into what is, on the surface, an unassuming card. Since the interest rate is low (for a credit card) you’d probably be expecting a higher-than-average annual fee, but you’d be wrong. At $99 p.a. the annual fee is relatively reasonable, because you are not helping to pay for an expensive rewards program. You can also have up to three supplementary cardholders at no extra cost. You will, however, want to hang onto your card for more reasons than one, because, if you lose it, the card replacement fees are rather steep: $15 per card within Australia, $52.50 if you’re overseas, plus an extra $45 to cover courier fees if it’s an emergency.

A unique bundle?

It’s not that easy to come by a card like this, with all the usual platinum privileges and the full range of complimentary insurance, but without the encumbrance of a rewards points program. Yet the Bank of Melbourne Vertigo Platinum card is not unique. Besides finding exactly the the same offering at the bank’s stablemates, St. George and Bank SA, you may also want to consider the ANZ Platinum Credit Card, the Bankwest Zero Platinum MasterCard and the NAB Premium Credit Card. The ANZ, Bankwest and NAB cards are all free of rewards programs, but the ongoing purchases interest rates are much higher. Perhaps the closest competitors are the ANZ Low Rate Platinum MasterCard 11.49% p.a. and the Citibank Clear Platinum Credit Card 14.99% p.a..

This card is a perfect fit for . . .

. . . anyone who wants (and can afford) platinum card benefits and insurance policies without the hassle of keeping track, redeeming – and ultimately paying for – rewards program points. The multiple zero interest and low interest benefits should seal the deal.

User reviews

4.1 out of 5.0 based on 3 reviews100% of reviewers would recommend this card.

Rates and fees
Customer service
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

I like the travel insurance

Reviewed and recommended by Sarah on 02 Jul 2016

I like the travel insurance that comes with this card. The purchase rate is quite low compared to other cards that have travel insurance. However, if they decided to go lower that would be even better.

I would like to be able to design my own card, to make it a bit more personalised.

Great for balance transfers

Reviewed and recommended by Dani on 26 Jun 2016

I applied for this card on the 0% balance transfer offer for 12 months and it was well worth it—very easy to apply and quick approval. I am a happy Bank Of Melbourne customer already and the process was very quick.

My only one minor complaint is that they keep sending me paper statements when I requested electronic! Other than that, this is a great card if you need to consolidate debts, manage your finances, and get your debt in check.

Loved the no interest on balance transfers

Reviewed and recommended by Rita on 16 Jun 2016

I found them to be simple, helpful, and the whole process was done quickly online—I was accepted and received notification quickly, followed by my card and PIN. It was easy to activate, so the whole process was a pleasure! I was pleasantly surprised as I had tried other credit cards and it certainly wasn’t a simple process. I have since loaded the BPAY onto my internet banking and so my repayments are easy and effortless in my own time with no queues! I would strongly recommend them to family and friends—definitely the no fuss alternative to ordinary banking!

Basic details

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months0%95% of credit limit12.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Bank of Melbourne Vertigo Platinum Credit Card at the promotional balance transfer rate from:

  • Bank of Melbourne
  • Bank SA
  • St.George
  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months0%95% of credit limit 12.74% p.a.
Purchases0% p.a.6 monthsN/AN/A 12.74% p.a.

Ongoing interest rates

Cash advances 1.79% 21.49% p.a.
Purchases 1.06% 12.74% p.a.


Annual fee
$99 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee


This card comes with benefits worth an estimated $1,373

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
Total estimated value$1,373
Annual fee$99
Net customer value$1,274
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are allowed
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Family Tax Benefits and Parenting Payments is acceptable.
Austudy, Carer's Allowance, Child Support Payments and Foster Care Allowance are not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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