You can score an extra-sweet deal with this Bank of Melbourne Amplify Signature Credit Card Online Exclusive Offer (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 free for a year with a first-year annual fee waiver.
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 $1,333 per month for the first three months, you’ll reach the $4,000 spending target required in order to earn a mammoth 100,000 bonus Amplify Rewards points.
Ongoing points earning rate is satisfying
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 high 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 percent 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 Virgin Australia, Singapore Airlines or Malaysian Airlines. The exchange rate is 2.0 Amplify points = 1.0 airline mile/point. For example, 15,600 Amplify points could be converted to 7,800 Virgin Velocity points, enough for a one-way economy award flight between Sydney and Melbourne or Brisbane.
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 100,000 bonus points are worth $450 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 seven 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 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:
Shoppers are not forgotten. They are covered by:
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 19.49 percent p.a. for purchases balances and 20.24 percent 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.
Avoid the annual fee in the first year with this online exclusive offer
You can avoid the first year annual fee altogether via this online offer. Pay $0 in the first year, and $279 p.a. in the second and subsequent years.
From the second year onwards that’s quite a commitment, but once again not too surprising given the rewards points and significant complimentary benefits.
The $540 retail gift card value of the 100,000 bonus points covers 97 percent of the annual fee cost for the second and third years, while the many complimentary benefits are worth more than twice the 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.
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, 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.
|Cash advances||1.69%||20.24% p.a.|