Bank of Melbourne Vertigo MasterCard

• Once the balance transfer period is up, the transferred balance reverts to the ongoing interest rate for purchases not the cash advance rate.
• No rewards program.
• Only an average balance transfer rate.

How does the Bank of Melbourne Vertigo MasterCard compare against a credit card of the national average?

		Purchase Rate	Cash Adv Rate	Annual Fee	Bal. Transfer Rate	Bal. Transfer Rate Period
	Bank of Melbourne Vertigo MasterCard	13.24%	21.49%	$0	2.99%	6 months
	The Average Credit Card	16.84%	21.27%	$89	2.04%	7 months

Methodology: The Scorecard is based on the interest rates and fees from 308 credit cards from 52 banks and credit unions to give a national average on an ongoing basis. Introductory promotional rates are not included in the calculation.

Disclaimer: The data presented in the Scorecard is intended to be a guide. Some factors may affect data accuracy. We try to present accurate and fresh data, but it is possible that our database may not include every credit card on the entire market and that products may change without us being notified.

The Bank of Melbourne’s Vertigo credit card is ideal for consumers who are interested in reducing interest charges and saving money on future purchases, balance transfers, and cash advances. If you are interested in a credit card with a low interest rate, such as to transfer a balance, this is a great choice. When combined with other benefits, it is easy to see why the Bank of Melbourne Vertigo credit card is a popular option with such a large variety of people.

Pros

While there are many benefits of the Bank of Melbourne Vertigo credit card, it only makes sense to start with the biggest one: the low interest rates. This card is truly one of the cheapest low interest credit cards currently available to Australian consumers. And unlike many competing offers, the low interest doesn’t stop with the balance transfer offer – purchases are also surprisingly cheap.

With a balance transfer rate of 2.99% p.a. for 6 months, you can use this card to get rid of high interest debt relatively quickly. Although the card is not completely interest-free, the rate charged is still extremely low and, importantly, lasts for a long time. Compared to other credit cards, this is undoubtedly one of the stronger offers out there on this site.

Along with a low balance transfer rate, the rate on purchases is 13.24% p.a. and the rate on cash advances is 21.49% p.a. When compared to other credit cards, these interest rates are quite competitive. Note that there is no introductory offer on purchases – you’ll get that low rate for as long as you have the account unlike other cards with a cheap introductory rate for a few months that reverts to a much higher rate. The cash advance rate is in line with most other credit cards on this site.

On the surface, it may not sound like a big deal, but the Bank of Melbourne Vertigo credit card offers some of the best security around. All credit cards from the Bank of Melbourne are protected against fraud and suspicious activity. As a cardholder, it should give you peace of mind to know that your account is being monitored at all times.

Last, but certainly not least, the Bank of Melbourne Vertigo credit card does not have strict eligibility requirements. To be eligible for this card, you must be at least 18 years of age with a good credit card rating or better. With a minimum credit line of only $500, it is easy to see that this credit card was designed with all consumers in mind – not just those with a high income.

Cons

Despite the fact that the Bank of Melbourne Vertigo credit card offers low interest rates, there are some potential drawbacks to be aware of.

Most importantly, this credit card has a $0 p.a. annual fee. Although this is lower than many other credit cards, some people don’t want to pay any fee as they don’t feel it is fair. Are you willing to pay this small fee for the chance to take advantage of so many benefits? If you have a lot of outstanding debt, it may be worthwhile paying to lock in a low rate of interest.

Are you interested in getting cheap cash on credit? If so, the Bank of Melbourne Vertigo credit card is not your best choice. While the rate on cash advances is 21.49% p.a., which is competitive with the rest of the industry, this is high if you are going to regularly rely on your card for cash advances. The fact is that the typical interest rate on cash advances for any Australian credit card is high, usually more than 20% – it’s best to use this facility only in emergencies.

Conclusion

There is no denying the fact that the Bank of Melbourne Vertigo credit card is one of the best low interest credit cards available to consumers. If you are interested in a simple offer with low rates and not many drawbacks, apply online today to start saving.