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Bank of Melbourne Amplify Platinum Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
Bank of Melbourne Amplify Platinum Credit Card
APPLY BY 20 sep 17
3 reviews
Up to 60,000 points. Conditions Apply.
Flexibility to choose the rewards programs that better suits you: Amplify or Qantas.
No cap on the number of points you can earn.
Add to comparison
Amplify QantasAmplify Rewards
Amplify Qantas or Amplify Rewards
0.5 pts
per $1 spent
60,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Up to 60,000 points. 40,000 points for the first year when you spend $3,000 with 90 days from card approval then 20,000 points after the anniversary of your card and paying the annual fee.
Flexibility to choose the rewards programs that better suits you: Amplify or Qantas.
If you’re a newcomer to Qantas the $89.50 enrollment fee is free!
No cap on the number of points you can earn.
Complimentary overseas travel insurance and extended warranty insurance.
Double points on international spend.
Get an extra card for an additional cardholder at no extra cost.
Not the best points earning ratio for each dollar you spend for Qantas.

Review

Our review of the Bank of Melbourne Amplify Platinum Credit Card

Would you pay $20 per year to be covered by overseas travel insurance, extended warranty insurance, purchase protection insurance and transport accident insurance? Of course you would. That small extra amount is all you’ll pay to get this wide-ranging insurance cover when you choose the Bank of Melbourne Amplify Platinum Credit Card rather than sticking with the Amplify Credit Card, the slightly less expensive, non-platinum version. In addition, you’ll receive several ‘welcome aboard’ extras in the first year, and temporarily qualify for double rewards points on purchases from overseas merchants, whether you’re travelling or just buying goods online.

Very reasonable fee for a platinum card

The annual fee is $99 p.a., which makes it exceptional value compared with the already reasonable $79 charged for the Amplify card. But why just compare it with its Bank of Melbourne stablemates? With the exception of the HSBC Platinum Credit Card and the ANZ Rewards Platinum Credit Card (neither of which offer the opportunity to earn Qantas Frequent Flyer points) this is the lowest annual fee you’ll pay for a platinum card combining both rewards points and insurance.

Platinum card insurance benefits

Let there be no mistake about this: $99 p.a. per year does not buy you the best of the best. The Bank of Melbourne has created two distinct tiers of insurance benefits, and the Amplify Platinum card is a ‘Level 2’ card, not qualifying for quite the same extensive benefits as a ‘Level 1’ card. (Level 1 cards include the much more expensive Amplify Signature Card and the Vertigo Platinum card.) Even so, the insurance cover is very worthwhile, and the following policies are provided:

  • Overseas travel insurance for the cardholder and accompanying family members, for trips of up to three months’ duration. It covers such items as emergency medical expenses, unexpected cancellation of your trip and rental vehicle excess, as well as insuring your belongings against theft, loss or damage. In order for each family member to be covered, you’ll need to use the card for at least $500 of each person’s individual prepaid travel expenses, not just $500 of the primary cardholder’s or group’s expenses.
  • Extended warranty insurance, doubling the existing manufacturer’s warranty up to a maximum of 12 extra months, provided you bought the item with the card.
  • Purchase security insurance, giving three months of cover against loss, theft or accidental damage for items bought with the card. There’s a generous 12 month claim limit of $125,000.
  • Transport accident cover for you and your family when travelling as passengers in trains, buses, ferries and planes while overseas, providing each person’s fare was paid with the card.

Level 2 cards like this one receive lower compensation amounts and have lower claim limits and shorter periods of cover than the Level 1 cards, but the cover provided is still very comprehensive. You will, however, need to choose a Level 1 card if you want cover for rental vehicle excess in Australia, interstate flight inconvenience or purchase price guarantee.

Don’t forget the rewards points

Yes, you do get insurance and rewards points for your $99 p.a. annual fee. You even get a choice of rewards, with both the bank’s Amplify Rewards program and the Qantas Frequent Flyer program on offer. You will need to make an initial choice, and cardholders with an eye on value returned per dollar spent will want to opt for QFF points and redeem them for Qantas flights or upgrades. (The bank will pay your $89.50 QFF joining fee if you’re not already a member.) However, you can switch between the programs at any time, and as often as you like, but you can’t transfer across the points you already earned.

Generous bonus points to get you started with a bang

No matter which rewards program you choose, you’ll enjoy the up to 60,000 points. 40,000 points will come your way if you can manage to spend $3,000 in the first three months of holding the card. That’s an average of only $833 per month. A further 20,000 points can be your when you renew the card for a second year.

Those 60,000 points are almost enough for four economy return flights between Melbourne and Sydney (64,000 QFF points) or $300 worth of retail gift cards (66,600 Amplify points).

Unexceptional points earning rate

However, the ongoing earning rate of 1 pt per $1 spent or 0.5 pts per $1 spent isn’t particularly inspiring again, look at a more expensive card if the earning rate is important to you but the points will still mount up surprisingly quickly. And for a short time there’s one more bonus you get for going platinum: double points (i.e. two Amplify points or one QFF point per dollar) for directing your spending overseas, either online or in person when travelling. This offer of double points on overseas spending expires on 30th June 2017, but it temporarily softens the blow of the 3% foreign exchange fee (a charge similar to that made by most credit cards).

Bonus points partners

There’s no cap on the points you can earn, and there are further opportunities to lift the earning rate. Both Amplify and Qantas have bonus points partners. Spending with the Amplify Travel Service earns an extra 0.33 points per dollar, while stays at a wide range of hotels attract a substantial three supplementary points per dollar. Qantas has a similar range of program partners, including Qantas itself, allowing you to earn QFF points twice once by paying with the card and again by quoting your QFF number to the program partner.

Redeeming points

As previously mentioned, Qantas award flights and flight upgrades purchased with QFF points are probably the most financially rewarding way of using points, but if you have more points than you can sensibly use for flights, or no need for air travel, there are lots of other things you can do.

You can redeem your Amplify points for such items as shopping cards at major retail outlets, movie tickets, household appliances, technology, beauty products, clothing, and even donations to your favourite charity. Through Amplify Travel you can exchange points for domestic and international flights, nights in hotels, car hire, weekends away and longer holiday packages. If you are a member of a frequent flyer program at Virgin Australia, Malaysia Airlines or Singapore Airlines, you can convert your Amplify points to frequent flyer points. (The current exchange rate is 2 Amplify points = 1 frequent flyer point.)

Qantas also has an online store, so as well as using your QFF points for Qantas, Jetstar and partner airline flights and upgrades you can also choose to swap them for merchandise and experiences. The usual range of goods is available, including hotel stays, car hire, gift cards, insurance, toys, TVs, toasters, and so on.

Other extras in the package

A Visa Platinum cardholder automatically has access to the Visa Platinum concierge service. Help and advice is available by phone or online, for booking travel, entertainment, dining and any other platinum lifestyle experience you can think of. Verified by Visa protects you with one-time passwords via SMS when you’re shopping online, providing an extra layer of security on top of the 24/7 Falcon Fraud Monitoring.

A look at the competition

The HSBC Platinum Credit Card offers both rewards points and a range of insurance policies, and currently, refunds the $99 p.a. annual fee in any year where you spend $6,000. Both the purchase and cash advance interest rates are slightly higher than the Bank of Melbourne card’s 19.49% p.a. and 20.24% p.a. The HSBC card offers a zero interest balance transfer but no bonus points.

If you want to be able to switch between conventional rewards points and QFF points, and are prepared to pay a $150 p.a. annual fee, take a look at the Westpac Altitude Platinum Credit Card, an AmEx /Visa duo. It has higher points earning rate on the AmEx card, but there is a monthly cap on the number of points you can earn.

An ideal card for…

... anyone who travels overseas regularly but still expects value for money. The Bank of Melbourne Amplify Platinum Card is the perfect traveller’s card, providing overseas travel insurance including car rental excess, the opportunity to switch between QFF and Amplify points, and generous bonus points. It manages to do all this while charging an annual fee below the $100 mark.

User reviews

4.5 out of 5.0 based on 3 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.

Love the rewards, no hidden fees

Reviewed and recommended by Luke on 03 Nov 2016

I got this credit card as part of a bundle with my mortgage. The fees are more than I would like, but in all likelihood quite reasonable.

I love the rewards system. I don’t think about it for a year or two, and when I look at my points I can actually get things I want. The last lot helped me with my kitchen renovation.

I’ve never had a problem with it working, and there are no hidden fees.

Use it for everything to earn more points

Reviewed and recommended by Monica on 30 Sep 2016

I don’t pay an annual fee for the credit card as it’s part of my home loan package, and this is for the life of the loan.

I have all my direct debits coming out of this card, as well as grocery shopping, etc, so I can earn as many points as possible to redeem for flights or other items.

Helpful staff

Reviewed and recommended by Monica on 18 Jul 2016

Staff members in my branch are very helpful and made the process very easy. I have my credit card linked to Qantas points and the annual fee is waived as part of my home loan advantage package. I also receive complimentary travel insurance through the credit card, which is very helpful.

Basic details

About this card

Card setup
Single
Card tier
Platinum
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
$6,000
Maximum credit limit
$80,000

Repayments

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

Rates & fees

Ongoing interest rates

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

Fees

Annual fee
$99 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$4.50
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
$15
Overseas ATM balance fee
N/A
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

First purchase bonus
60,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Amplify Qantas or Amplify Rewards
Spend required for bonus points
$3000 in 90 days

Earning points with this card

ATO payment earns rewards
N/A
Frequent flyer points
0.5 pts per $1 spent
Overseas earn rate
1 pt per $1 spent (QFF)
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 $1,059

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.
$50
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.
$40
Travel
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
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$1,059
Annual fee$99
Net customer value$960
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 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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