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Bank of Melbourne – They have a wide range of banking services

They offer - zero % per annum for a 24-month on balance transfers.

Special offers of - 1 % balance transfer fees apply, and there is a variable cash advance rate that will apply after the promotional period.

Annual Card fees of $99 and a variable purchase rate of 12.74 % are offered.

Balance Transfers

You are able to save money on interest repayments should you be transferring a different credit card balance to any Bank of Melbourne credit card that offers a lower interest rate.

You could possibly also reduce your credit card outstanding balances quicker by moving your credit card debts from up to three non-Bank of Melbourne, St George or BankSA credit cards to a brand new Bank of Melbourne credit card account that offers a lower interest rate on transfer balances, manage your money easier by consolidating multiple credit card balances into one card. You could keep better track of your credit card account by only having one credit card debt. Less is sometimes better so reduce annual fees by only having one credit card instead of managing multiple credit card repayment due dates.

Charge your Australian store card to your Bank of Melbourne credit card account. Balance transfer generally means that you transfer an outstanding balance from another credit card, you can also charge an Australian store card to your Bank of Melbourne credit card account.

Balances from one Bank of Melbourne credit card to another

You’re not able to do a balance transfer because it’s not the same as transferring funds between two or more accounts or changing accounts. Should you hold more than one Bank of Melbourne credit card you could make repayments between your credit cards by using normal methods of credit card repayments. As this is not the same as a balance transfer. You can also use your credit card to consolidate debt and move balances over to a zero-interest card. 

The time period to transfer your balance

There is a period of 14 days for a balance transfer request to be completed by the Bank of Melbourne.

Should you be a new customer, your balance transfer will only be processed once your identification checks by a Bank of Melbourne branch have been verified, (if you have not previously done so) in order for your card to be activated. Don’t forget to keep your obligations on your other credit card, charge card or store card by making regular payments whilst your transfer is in process.

How much can you transfer?

You are able to transfer any amount from other credit or store card balances as you can. If you have a new Bank of Melbourne credit card you may transfer up to 80 % of the available credit limit.

Remember to check your available credit limit on your Bank of Melbourne card before applying for a balance transfer.

If you need more credit

Increase your credit limit on your Bank of Melbourne credit card should you want to increase your credit limit in order to settle other debts such as a store, charge or credit card. Please take note that approval is subject to their normal credit criteria. They also offer affordable personal loans and alternative forms of credit.