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Bank of Melbourne Amplify Signature Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
Bank of Melbourne Amplify Signature Credit Card
APPLY BY 01 may 17
1 review
30,000 points on a new card, when you spend $2500 in 3 months from card approval.
0% p.a. for 12 months on balance transfers.
0% p.a. intro rate on purchases for 6 months
Add to comparison
Amplify QantasAmplify Rewards
Amplify Qantas or Amplify Rewards
0.75 pt
per $1 spent
30,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

0% p.a. for 12 months on balance transfers.
30,000 points on a new card, when you spend $2500 in 3 months from card approval.
Every year get a birthday bonus with a 10% extra points of the total points earned in the previous year.
Flexibility to choose the rewards programs that better suits you.
0% p.a. intro rate on purchases for 6 months
If you’re a newcomer to Qantas the $89.50 enrolment fee is FREE!
No cap on the number of points you can earn.
Double points on international spend.
Complimentary overseas travel insurance and extended warranty insurance.
2 x complimentary airport lounge passes per year.
Exclusive Signature benefits including membership to Visa Luxury Hotel Collection.
Complimentary overseas travel insurance and extended warranty insurance.
Get an extra card for an additional cardholder at no extra cost.
24/7 concierge to help you make bookings.
Overseas transactions get charged a 3% foreign transaction fee of the Australian dollar value.
Not the best points earning ratio for each dollar you spend.

Review

Our review of the Bank of Melbourne Amplify Signature Credit Card

Avid points collectors will no doubt give serious consideration to the Bank of Melbourne Amplify Signature Credit Card, especially since it comes with a host of benefits to tempt the sort of regular traveller who derives the greatest benefit from card points and rewards schemes. With a $279 p.a. annual fee it’s Bank of Melbourne’s most expensive card, but since it’s easy to avoid paying the fee in the first year there’s more than one reason to give it a try.

Introductory interest rate incentives

In case you feel locked in to your existing card, Bank of Melbourne will make it worth your while to switch cards without even waiting until your next payment is due. You can transfer a balance of up to 95% of credit limit and pay no interest for 12 months.

And for a slightly shorter period – 6 months– you can opt to let your purchase balance accumulate on your new card and pay only 0% p.a. interest. That’s less than the interest you will earn by leaving your account repayment cash in a deposit account, so you can make a profit on both deals.

Sign-up points sweeteners

This card comes with a range of juicy benefits for new cardholders. Provided you are able to spend $2500 in 3 months of holding the card, you’ll get a handy 30,000 points credited to your rewards account. That’s enough QFF points for an economy flight from Sydney to Singapore (28,000 points), or, if you choose the Amplify Rewards program instead, almost enough for $170 in Myer gift cards (30,950 points).

If you’re not already a member of the Qantas Frequent Flyer program, it won’t cost you a cent to join because Bank of Melbourne will pay the $89.50 joining fee on your behalf.

Ongoing points benefits

Unlike some other cards, there is no cap on the points you can earn each month. You can choose between Amplify Rewards Points (1.5 pt per $1 spent with Australian merchants) or Qantas Frequent Flyer Points (0.75 pt per $1 spent for domestic spending).

While QFF points collectors in particular may find the prospect of earning less than one point per dollar disappointing, they will find the overseas spending rate of 1.5 QFF points ( or 3 Amplify points) a more attractive prospect. There is, unfortunately, a 3% fee added to overseas transactions, which tends to diminish their appeal.

Perks for international travellers

  • Lounge passes: As well as appreciating the double points on overseas spending, world travellers may be lured by the fact that the Bank of Melbourne is offering two single-visit airport lounge passes every year – for Qantas lounges if you choose QFF points, and Priority Pass lounges if you prefer Amplify Rewards.
  • Overseas travel cover: International travellers will also enjoy the complimentary multi-trip overseas travel insurance provided for the cardholder and their family, every year. It includes unavoidable trip cancellation cover and car rental excess as well as the usual emergency medical expenses and personal items insurance. Activate it by using the card for at least $500 of your pre-paid travel expenses for each trip.
  • Visa Luxury Hotel Collection: Yet another traveller’s bonus is the complimentary membership of the Visa Luxury Hotel Collection (late checkout, room upgrade, free continental breakfast).
  • Concierge service: If you like to indulge in luxury travel options, you may be able to make use of the 24/7 Visa Concierge for recommendations and bookings for your accommodation and entertainment.

Further insurance cover

Other insurance cover provided free of charge with the card will prove useful even if you never leave Australia. It includes:

  • Purchase security insurance – four months cover against loss, theft or accidental damage, for items purchased with the card.
  • Extended warranty insurance – doubles the manufacturer’s warranty, up to a maximum of 12 months extra cover.
  • Price guarantee cover – purchase price difference refunded if you see your item advertised at a lower price in a printed store catalogue within 21 days of buying it with the card.
  • Rental vehicle excess in Australia, not just overseas (few cards have this cover).
  • Interstate flight inconvenience cover – for holiday flight delays, cancellation, property loss or damage.
  • Transit accident insurance – for when you travel by plane, train, bus or ferry.

The benefit of choice

Although it’s generally accepted that frequent flyer points are more cost effective than ordinary rewards program points, not everyone wishes to collect, or is able to use, QFF points. This card gives you the flexibility of deciding between QFF points and Amplify Rewards. The Amplify Rewards points, instead of being redeemed for gifts or gift vouchers, can be converted into frequent flyer points with other airlines: Virgin Velocity, Singapore Airlines Krisflyer or Malaysian Airlines Enrich miles.

Similar cards to consider

Before you decide, you might want to take a look at the competition. The American Express Qantas Ultimate Credit Card offers a better points earnings rate of 1.0 QFF points per dollar spent, plus 50,000 first-purchase points and a 12 months 0% p.a. -interest balance transfer, but it comes with a hefty $450 p.a. annual fee.

The Westpac Altitude Black Credit Card has, like the Bank of Melbourne card, the flexibility of choosing between frequent flyer and standard rewards program points, and also a choice between 100,000 points, or 50,000 points plus introductory interest rates on balance transfers and purchases. But you’ll pay a $395 p.a. annual fee.

Who should consider this card?

Regular international travellers will be able to extract the best value from this card, with its higher overseas points earning rate, its suite of free insurance policies, and the complementary airport lounge passes. At the same time, for the financially shrewd there’s money to be saved or even earned by using the interest-free balance transfer and low-interest purchase periods.

User reviews

5.0 out of 5.0 based on 1 review100% 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.

Easy to use all over the world

Reviewed and recommended by Ben on 02 Dec 2016

This card is the best credit card i have ever owned. You get great customer support from the Bank of Melbourne. It’s super easy to use when travelling all over the world.

I would highly recommend this card to anyone who is looking for a rewards-based credit card. I would definitely recommend using the bank as well, in conjunction with the card

Basic details

About this card

Card setup
Single
Card tier
Black
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
$15,000
Maximum credit limit
$80,000

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.12 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 Signature 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 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
$279 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
30,000 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
$2500 in 3 months

Earning points with this card

Frequent flyer points
0.75 pt per $1 spent
Overseas earn rate
1.5 pts per $1 spent (QFF)
Points cap per month
Unlimited
Points cap per year
Unlimited
Reward points
1.5 pt per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
Yes
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,391

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
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.
$10
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
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
$32
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$1,391
Annual fee$279
Net customer value$1,112
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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