Bank of Melbourne Amplify Platinum Credit Card

Bank of Melbourne Amplify Platinum Credit Card (Amplify Rewards)

What do you want this card for?
Save money
Earn points
Offer
Card features
balance transfer
purchase rate
annual fee
Apply
Bank of Melbourne Amplify Platinum Credit Card (Amplify Rewards)
Apply by 29 apr 20
Bank of Melbourne Amplify Platinum Credit Card (Amplify Rewards)
Receive a $400 e-gift card (terms and conditions apply).
0% p.a. for 6 months on balance transfers. Reverts to cash advance rate.
$99 p.a. annual fee.
Add to comparison
6 months
0% p.a.
then 21.49%
with a 0% fee
19.74% p.a.
ongoing
$99
ongoing

Pros & cons

What's good?

What's not so good?

Receive a $400 e-gift card when you spend $3,000 on eligible purchases in 90 days.
0% p.a. for 6 months on balance transfers. Reverts to cash advance rate.
$99 p.a. annual fee.
No cap on the number of points you can earn.
Complimentary overseas travel insurance and extended warranty insurance.
Get an extra card for an additional cardholder at no extra cost.
For information about Qantas points earning rate of this card, please click here.
Not the best points earning ratio for each dollar you spend on domestic spending.
Overseas transactions get charged a 3% foreign transaction fee of the Australian dollar value.

Once the eligible spend requirement has been met, bonus points will be credited to your account within the next 12 weeks.
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 Platinum Credit Card (Amplify Rewards)Reviewed by Yvonne Taylor

If you’re one of those people who sees huge numbers of bonus rewards or frequent flyer points on offer for new cardholders, and is unmoved – because they are not interested in points or doubt their value – then Bank of Melbourne has a card just for you. It’s called the Bank of Melbourne Amplify Platinum Credit Card (Amplify Rewards), and it’s offering new cardholders a $400 spending spree instead of bonus points.

And yes, there are rewards points to be earned on everyday spending, so even if you think you’re not a points person, it’s worth giving it a go for the sake of that $400 (which will offset the card’s annual fee for four long years).

Spend $3,000 in the first 90 days to earn $400

If you can spend $3,000 using the card in the first 90 days of owning it, a $400 eGift card will be coming your way. That’s only $1,000 per month, a target which most cardholders will have no difficulty in meeting if they simply direct all their everyday purchases and bill payments through the card.

You can choose between a $400 eGift card to spend with Sunglass Hut, Sephora cosmetics and fragrances or Uber, a list which provides something to suit everyone. Unfortunately, you won’t be eligible for the gift card if you’ve held any Bank of Melbourne, St.George or BankSA Amplify, Amplify Platinum or Amplify Signature credit card in the last 12 months.

Don’t forget about the points

If you think you’re not a points person, just let them accumulate on your everyday spending. It’s surprising how quickly they can add up, when you earn 1.0 Amplify Rewards points for every dollar you spend on eligible purchases. (‘Eligible purchases’ means that cash and cash equivalents – such as cash advances, balance transfers and purchases of foreign currency – don’t earn points.) There’s no cap on points, and they don’t expire as long as you remain a cardholder.

Redeeming Amplify points

If you’re prepared to look upon the points as an effortless reward, ‘something for nothing’, you’ll probably be happy to exchange them for almost anything on offer at the Amplify Rewards online store.

You won’t be disappointed by the range of choice you’ll have, which includes:

  • A $100 Mastercard Gift Card for 22,200 points
  • Gift cards to spend at national retailers starting at 4,450 points for a $20 card
  • Event, Hoyts and Palace cinemas movie tickets, starting at 4,500 points
  • A range of merchandise, including kitchen appliances, homewares, fashion and beauty, and technology
  • The option to convert Amplify Rewards points into airline frequent flyer points with Virgin Australia, Singapore Airlines and Malaysia Airlines (2 Amplify points = 1 frequent flyer point)

Valuable insurance cover included

Cardholders qualify for extensive complimentary insurance cover. There are four extremely useful free policies:

  • Overseas travel insurance: Annual multi-trip insurance covering cardholders and accompanying immediate family members for emergency overseas medical expenses, unexpected cancellation of their trip and rental vehicle excess, as well as insuring their belongings against theft, loss or damage. You’ll need to use the card for at least $500 of each person’s individual prepaid travel expenses, in order to activate the cover.
  • Extended warranty insurance, doubling the existing manufacturer’s warranty up to a maximum of 12 extra months, for items bought using the card.
  • Purchase security insurance, giving three months of cover against loss, theft or accidental damage, provided you used the card to purchase the item for which you are making a claim.
  • Overseas transport accident cover, providing cash compensation for serious accidents sustained while travelling as a passenger on a train, bus, ferry or plane, as long as fares were paid with the card.

There’s a balance transfer offer if you need it

If you’d like to take advantage of a few months without interest on your existing credit card balance, you can bring it across to your new Bank of Melbourne card and pay no interest on the balance for six months, with no upfront fee.

It’s not an outstanding offer compared with the 22-month 0% p.a. balance transfer some other cards are currently offering, but it could be a handy addition to the card’s benefits if you have a sizeable balance to transfer. Just be aware that you’ll lose the normal interest-free days on purchases (up to 55 days) while you have an unpaid balance transfer on your account. That will make it difficult to meet the $3,000 spending target for the $400 eGift card, unless you’re prepared to dodge interest charges by making same-day cash transfers from your bank transaction account to your credit card, to cover that first $3,000 of spending.

But it’s not a low interest rate card

This is a premium card with premium benefits, so don’t choose it if you expect to carry a balance on your card from month to month (except for the introductory balance transfer offer). The interest rates are just as high as you would expect for this kind of card – 19.74% p.a. for purchases and 21.49% p.a. for cash advances. But these rates won’t bother you if you repay your purchases balance in full and on time every month and avoid taking cash advances, because you’ll never be charged any interest.

Digital wallet enabled

You can use your Bank of Melbourne credit card with Apple Pay, Samsung Pay or Google Pay. Make speedy purchases with your phone and leave your card at home.

Reasonable annual fee

At $99, with no charge for an additional cardholder, the annual fee is quite acceptable, given the included benefits. (The insurance alone is worth over $1,000 in any year that you use it, and it’s unusual to get overseas travel insurance for an annual fee this low.) And don’t forget that the $400 eGift card will make the card effectively free for the first four years.

Similar cards to consider

It’s with taking a look at the competition before you decide, to make sure you’re getting the best deal for your circumstances. Compare this card with the ANZ Rewards Platinum Credit Card, for example – it has similar ongoing features and annual fee.

A card that pays for itself

The best way to look at this card is as a free card which allows you to accumulate rewards points and make use of benefits while effectively paying nothing for four years. And even when you arrive at the fifth year, you should still be able to offset the annual fee in rewards points value, which makes it a card which always gives back far more than it costs.

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
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 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%

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 Platinum Credit Card (Amplify Rewards) 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
$99 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$7.50
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

Reward points expiry
Never as long as you keep your account active
Rewards program
Amplify Rewards
Sign up bonus
N/A
Spend required for bonus points
N/A

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 pt per $1 spent

Additional benefits

Airport lounge access
No
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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