Bank of Melbourne Amplify Signature Credit Card

Bank of Melbourne Amplify Signature Credit Card (Amplify)

What do you want this card for?
Save money
Earn points
My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
Bank of Melbourne Amplify Signature Credit Card (Amplify)
Apply by 02 jun 20
Bank of Melbourne Amplify Signature Credit Card (Amplify)
Up to 200,000 Bonus Amplify Rewards Points. Conditions Apply.
Reduced annual fee of $139 p.a. in the first year, currently saving you $140.
Every year get a birthday bonus with 10% extra points of the total points earned in the previous year.
Add to comparison
Amplify Rewards
Amplify Rewards
1.5 pts
per $1 spent
200,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Earn up to 200,000 Bonus Amplify Rewards Points over 2 years when you spend $12,000 on eligible purchases each year.
Reduced annual fee of $139 p.a. in the first year, currently saving you $140.
0% p.a. for 6 months on balance transfers. Reverts to cash advance rate.
Every year get a birthday bonus with 10% extra points of the total points earned in the previous year.
No cap on the number of points you can earn.
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.
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.

The interest free period is the maximum number of days during which interest is not charged on new purchases. If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.
Joint applications are limited to branch and customer care only. Currently, the bank is not accepting balance transfer requests with joint applications.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Bank of Melbourne Amplify Signature Credit Card (Amplify)Reviewed by Yvonne Taylor

You can score an extra-sweet deal with the Bank of Melbourne Amplify Signature Credit Card (Amplify). Not only will you receive a massive bonus points injection to get your rewards points account off to a great start, you’ll also be able to try it at half price for the first year.

That’s on top of all the regular and annual bonus points, and the attached complimentary benefits, which are extensive.

A flying start for your rewards points balance

There’s no need to adjust your everyday spending pattern in order to receive these ‘Welcome aboard’ bonus points. By using the card to spend an average of just $1,000 per month for the first 24 months, you’ll reach the $12,000 annual spending target required in order to earn a mammoth 100,000 bonus Amplify Rewards points in each year for the first two years. That’s 200,000 points up for grabs, just for doing your normal spending.

Ongoing points earning rate is reasonable

The ongoing points earning rate is very straightforward: 1.5 points for every dollar spent on eligible purchases. (‘Eligible purchases’ excludes cash advances and balance transfers.)

There’s no points cap or threshold to worry about, so you can be confident that every dollar spent will earn at the same rate.

Birthday bonus every year

Not every card helps you celebrate your birthday, but this one does.

Every year, within four weeks of your birthday, you’ll receive a bonus of 10% of the points you earned in the previous year. For example, if you spend an average of $1,500 per month and earn an annual total of 27,000 points, it will be topped up to 29,700 points.

Ways to spend Amplify Rewards points

One of the popular ways to use Amplify points is to convert them to frequent flyer points or miles with Singapore Airlines or Malaysian Airlines. The exchange rate is 2.0 Amplify points = 1.0 airline mile/point.

Alternatively, exchange your points for gift cards to spend at national retailers (e.g. 11,100 points for a $50 eGift card to spend at David Jones, Myer or Bunnings). Those 200,000 bonus points are worth $900 in eGift cards.

Other redemption options include movie tickets and other entertainment (e.g. swim with dolphins, helicopter flights), using points to pay for holidays at Amplify Travel, merchandise from an online catalogue and charity donations.

Two Priority Pass single-entry lounge passes every year

The Priority Pass program boasts over 1,200 airport lounges in 500 cities worldwide, including six in Australia. You and a guest can relax in comfort with complimentary food and beverages, before your flight, or between flights, not just once only, but once every year.

Complimentary insurance for travellers and shoppers

Armed with your airport lounge passes, your Amplify points converted to frequent flyer miles, and the urge to travel, you’ll enjoy the added security of this card’s complimentary travel insurance. If you use your card to pay fares (or spend $500 on pre-paid travel expenses for overseas travel), you and your family will be insured for:

  • Overseas travel: An annual multi-trip policy covering emergency medical expenses, luggage, unavoidable trip cancellation and rental vehicle insurance excess waiver.
  • Interstate flight inconvenience: Covering flight delays, unavoidable cancellation and luggage loss or damage.
  • Transit accident cover: Compensation for serious accidents on planes, trains, buses or ferries.
  • Rental vehicle insurance excess waiver: Benefit applies not just overseas but also in Australia.

Shoppers are not forgotten. They are covered by:

  • Purchase security insurance: Items purchased using the card are covered against loss, theft or accidental damage for four months (not the usual three).
  • Extended warranty insurance: Doubles the manufacturer’s warranty on items purchased, up to a maximum of 12 months’ extra cover.
  • Price guarantee insurance: Can help you to lock in a lower price for a major item if you see it advertised for much less shortly after you purchased it using the card.

Indulge in a little extra luxury

Cardholders automatically become members of Visa’s Luxury Hotel Collection. This guarantees you access, whenever they are available, to the best rates, room upgrades and late 3pm checkout, valid for top hotels in the Asia/Pacific region, Europe, the Middle East and Africa.

Interest rates are more or less what you’d expect

Rewards credit cards and low interest rates do not occupy the same corner of the market. If you need low interest rates because you don’t expect to pay off your card balance in full every month, you’d be well advised to steer clear of rewards cards, which typically have higher interest rates and annual fees.

So this cards 19.74% p.a. for purchases balances and 21.49% for cash advances are high, but not unexpected. It’s best to take full advantage of the card’s up to 55 interest-free days on purchases, then pay off your balance in full and never worry about interest rates.

Apple Pay available

If you wish you can download the Apple Pay app onto your smartphone, and use your phone to make fast, secure payments at the checkout with your credit card account.

Enjoy a reduced annual fee in the first year

The regular annual fee for this card is $279, but for new cardholders the fee is reduced to $139 in the first year, a saving of $140.

From the second year onwards, $279 is quite a commitment, but once again not too surprising given the rewards points and significant complimentary benefits.

In fact, the $900 retail gift card value of the 200,000 bonus points covers 92% of the annual fee cost for the first four years, while the many complimentary benefits are worth more than five times the full annual fee every year.

Take a look at other cards before you decide

Check out the ‘All Rewards’ page in our Features section to compare this card with its competitors, including the NAB Rewards Signature Card and the Westpac Altitude Black Credit Card (Altitude).

You don’t need to be a regular traveller, but it helps

The complimentary lounge passes and travel insurance make it clear that this card is aimed at people who travel, both within Australia and overseas, with reasonable regularity.

It could still be worth looking at even if you don’t fit this profile – especially because of the valuable bonus points – but there’s no doubt that someone who expects to fly within Australia maybe once a year, and overseas at least once every few years, will extract the most value from this card.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

The basics

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 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.6 months0%80% of credit limit21.49% 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
80% 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 (Amplify) at the promotional balance transfer rate from:

  • Bank of Melbourne
  • Bank SA
  • St.George

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit 21.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.79% 21.49% p.a.
Purchases 1.65% 19.74% p.a.

Fees

Annual fee
$139 p.a.
Annual fee 2nd year
$279 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$2
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
N/A
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
$52.50
Transaction verification fee
$0

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Rewards program basics

First purchase bonus
200,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Amplify Rewards
Spend required for bonus points
$12,000 each year for 2 years

Earning points with this card

Frequent flyer points
refer to "Pros" section
Overseas earn rate
1 pt per $1 spent
Points cap per month
Unlimited
Points cap per year
Unlimited
Points earned on ATO payments
N/A
Reward points
1.5 pts per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
No
Concierge service
Yes

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 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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