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Bank of Melbourne Amplify Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
Bank of Melbourne Amplify Credit Card
APPLY BY 30 mar 17
4 reviews
0% p.a. for 18 months on balance transfers.
0% p.a. intro rate on purchases for 6 months
No balance transfer fee to pay.
Add to comparison
Amplify QantasAmplify Rewards
Amplify Qantas or Amplify Rewards
0.5 pt
per $1 spent
-

Pros & cons

What's good?

What's not so good?

0% p.a. for 18 months on balance transfers.
0% p.a. intro rate on purchases for 6 months
Flexibility to choose the rewards programs that better suits you.
If you’re a newcomer to Qantas the $89.50 enrolment fee is FREE!
No cap on the number of points you can earn.
Get an extra card for an additional cardholder at no extra cost.
No bonus rewards points or QFF points offered for signing up.
Not the best points earning ratio for each dollar you spend for Qantas.

Review

Our review of the Bank of Melbourne Amplify Credit Card

Not too may credit cards offer the flexibility to choose between a frequent flyer program and a standard rewards program, and even switch back and forth between the two as the need arises. But the Bank of Melbourne Amplify Credit Card does exactly that. The points earning rate is not the best (although it can be boosted by shopping astutely at the program’s bonus partners) but, given the moderate annual fee and some less obvious built-in benefits, this card provides an excellent opportunity to find out whether earning points is a good fit for you.

Flexible points earning

The rewards program on offer with this card is probably the most flexible in the market, and flexibility is important because it allows you to take advantage of special offers as they arise as well as changing direction in your points earning to suit your current needs. You’ll be asked to make an initial choice between Qantas Frequent Flyer Points the bank’s own Amplify Rewards, but after that you can apply to switch between the two programs whenever you need to, although points you have already earned cannot be transferred from one program to the other.

Less-than-stellar standard points earning rate

You’ll earn one Amplify point or 0.5 pt per $1 spent on purchases. Compared with other cards it’s far from being a high earning rate, but you won’t need to spend all that much before you’ve recouped the cost of the moderate $79 p.a. annual fee. For example, you’d need to spend $17,950 (an average of $1,495 per month over 12 months) to earn a $100 shopping gift card through Amplify Rewards, which is an equivalent return of 0.6 cents per dollar spent. Many other rewards cards have a much higher fee.

Bonus points partners

There is some better news, though, about the points earning rate. The Amplify Rewards program has a range of bonus partner businesses in the accommodation, travel, entertainment and beauty products sectors, offering up to three bonus points per dollar spent, on top of the one point per dollar base rate.

There a similar deal with Qantas points, because you can earn extra Qantas points for buying Qantas products (such as flights) and for making purchases at Woolworths and its associated companies, as well as Avis and Hertz car rental, a wide range of hotels and restaurants, and more.

So, direct your spending wisely and you’ll transform an average points earning rate into a great one.

Redeeming with Amplify Rewards

Earning points can be tedious, but there’s nothing boring about spending them, especially through Amplify Rewards which offers a veritable cornucopia of choices. You can choose the store gift cards already mentioned, homewares, fashion and beauty products, sporting goods, technology, toys and travel, including holidays and domestic and international flights with nearly 30 airlines. You can even choose to transfer your Amplify points to your frequent flyer account with Virgin, Singapore Airlines or Malaysia Airlines, currently at the rate of two Amplify points per airline point. And if you don’t have enough Amplify points to redeem for your chosen product, you can choose a combination of paying with points and cash.

Redeeming Qantas points

Alternatively, choose Qantas points and accrue, for example, 8,000 points (that’s $16,000 of spending) to redeem for an economy return flight between Sydney and Melbourne worth around $170. That’s a return of about 1.1 cents per dollar spent. You can also exchange Qantas points for flights with Jetstar and 35 partner airlines, Qantas flight upgrades, and gift cards and merchandise from the Qantas online store. If you’re not already a member of the Qantas Frequent Flyer program the bank will pay your joining fee, saving you $89.50.

Other card benefits worth having

OK, so there are no insurance policies included with this card, which is not a bad thing if you don’t think you would use them. That’s because the annual fee would be much higher if ‘complimentary’ insurance cover was provided. There are, however, several other advantages which may not seem all that impressive to begin with, but they’re extremely useful and don’t come with every credit card:

  • Up to 55 days on purchases each month, after the expiry of the introductory three months at zero interest. This delivers an extra 132 days of credit each year when compared with less generous 44-day cards. (Note that the interest-free days do not apply if you have an overdue balance on your account.)
  • A supplementary card for your family member at no extra cost.
  • Visa payWave, which allows you to make contactless purchases under $100 – no more time wasted inserting a cards and entering a PIN.
  • Verified by Visa, making online shopping more secure with one-time passwords via SMS.
  • Optional email alerts (free) and SMS alerts (25 cents each) to notify you when your card balance has reached a particular limit.
  • Optional Automatic Payment Plan, to pay the minimum amount, full amount or a specific amount each month. It’s convenient, and it means that you avoid late payment fees and unnecessary interest charges.

Avoid losing your card

Keep track of your card’s whereabouts at all times, not just for the security of your account, but because you’ll want to avoid the bank’s rather steep card replacement fees. Lose your card in Australia and you’ll pay $15 for a new one. Hang onto it overseas, because a replacement there will cost you $52.50. And if you’re in a hurry (inevitable, if you’re overseas) you can add a further $45 for emergency courier costs.

Are there any other flexible rewards cards?

The Bank of Melbourne is in the same group as St. George and BankSA, so both these banks also have an Amplify credit card which lets you choose between a conventional rewards program and QFF points. Otherwise, the nearest equivalent is the Westpac Altitude range of cards, allowing you to take your pick between Qantas points and the bank’s Altitude Rewards points. The least expensive version, with – like the Bank of Melbourne card – no insurance policies, still costs $100 per year. In addition, the Westpac card has capped points earning, whereas points on the Bank of Melbourne card are uncapped.

Who should you consider this card?

Perhaps you’ve been using a credit card for a few years. You’re used to your current card, but you can’t help thinking that you’re missing out now that both your income and spending have risen, and you’re not getting anything back. Earning points can become an almost automatic process if you use your credit card at every possible opportunity, and redeeming them is a positive pleasure. If you want to test the water and be able to switch between a frequent flyer scheme and a wider-ranging rewards program, this card is for you.

User reviews

4.4 out of 5.0 based on 4 reviews100% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
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.

Great rates and good rewards

Reviewed and recommended by Stephen on 04 Dec 2016

This card is well worth it for the bonuses and the rates offered when you have a bank account with them. The rate is quite good compared to other cards out there in the marketplace.

There are good ties into Virgin Velocity, with automatic monthly transfers.

The app is easy to use, as is the website.

Convenience, trust, and rewards

Reviewed and recommended by Philip on 26 Jun 2016

This is a great credit card from a trusted bank that earns us Qantas points at the same time. It has tap-and-go, which we love. I originally got it as part of a home loan package. Since refinancing home loans to another provider, we’ve kept this card. I’ve got a joint credit card with my wife for extra convenience. Friendly and helpful customer service

Remarkable rewards!

Reviewed and recommended by Elizabeth Byrne on 25 Sep 2015

Collecting points means collecting things we actually need and they’re free! An electric juicer for all the freshly squeezed organic oranges for my son in the mornings, iTunes vouchers for my passionate music loving partner, a new toaster when the old one burnt out, Bunnings vouchers for the ever expanding organic garden.

This credit card is mother’s little helper, or should I say spoiler!

Pretty good for a first credit card

Reviewed and recommended by amplifying on 06 Aug 2013

Pretty good for a first credit card. First months of low interest and reasonable annual fee….very flexible and handy. Didn’t like customer service phone calls a lot. I had the card for emergency but it became too accessible and handy, good tho because I chose a low limit. Good online banking too.

Basic details

About this card

Card setup
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Amplify Qantas or Amplify Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$1,000
Maximum credit limit
$25,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.18 months0%95% of credit limit19.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
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
No

Banks you can't balance transfer from

You can't balance transfer to the Bank of Melbourne Amplify 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.18 months0%95% of credit limit 19.49% p.a.
Purchases0% p.a.6 monthsN/AN/A 19.49% p.a.

Ongoing interest rates

MonthlyAnnually
Cash advances 1.69% 20.24% p.a.
Purchases 1.62% 19.49% p.a.

Fees

Annual fee
$79 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$4.50
Foreign exchange fee
3%
Late payment fee
$9
Over limit fee
$9
Overseas ATM balance fee
$-
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
$52.50
Transaction verification fee
$10.50

Rewards

Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

Reward points expiry
Never as long as you keep your account active
Rewards program
Amplify Qantas or Amplify Rewards
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points
0.5 pt per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
Unlimited
Points cap per year
Unlimited
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
Yes
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $18

TravelEstimated value
Waived Qantas Frequent Flyer joining fee
Valuation based on $89.50 Qantas Frequent Flyer joining fee spread over 5 years. Note that this benefit does not apply if cardholder chooses Amplify Rewards rather than Qantas Frequent Flyer points.
$18
Total estimated value$18
Annual fee$79
Net customer value$-61
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
Earn a regular any weekly income
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, Overseas Pension and Widower's Pension are acceptable.
Veteran's Pension is not acceptable.
Income from pensions is not allowed
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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