Review: Bank of Melbourne Amplify Platinum Visa card

Take home 60,000 bonus Qantas Points: or, pay no first-year annual fee plus 0% p.a. interest on purchases and balance transfers.

Overall Rating

By Chris Chamberlin, July 30 2020
Bank of Melbourne Amplify Platinum Visa card
Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

FF Program

Amplify Qantas, or Amplify Rewards (convert to KrisFlyer, Enrich)

Sign Up Bonus

60,000 Qantas Points, via Amplify Qantas

Annual Fee

$99 ($0 first year with Amplify Rewards)

Interest Rate

19.74% p.a. on purchases
21.49% p.a. on cash

Notes
The Good
  • Low annual fee, waived in the first year with Amplify Points
The Bad
  • Everyday points earning rate could be higher
Added Value
  • Bonus points or reduced fees and charges for eligible new customers
Fees and interest
Points earned
Lounge access
Overall

Introduction

With the ability to earn frequent flyer points with Qantas, or to collect points that can later be converted into Singapore Airlines KrisFlyer and Malaysia Airlines Enrich miles, the Bank of Melbourne Amplify Platinum card keeps fees low and those all-important frequent flyer points flowing in.

In fact, choose to build Amplify Points (for KrisFlyer or Enrich miles) and you'll pay no annual fee at all in the first year ($99 thereafter), while to earn Qantas Points, you'll pay $99 from the first year, but which is still highly affordable.

Here's what Bank of Melbourne has to offer, whether you select the Amplify Platinum card with Qantas Points, or the Amplify Platinum card with Amplify Points.

Bank of Melbourne Amplify Platinum card: fast facts

  • Grade/tier: Platinum
  • Card type: Visa
  • Loyalty options: Qantas Points (Qantas Frequent Flyer) or Amplify Points (Amplify Rewards)
  • Qantas Points earned per A$1 spent (Qantas Frequent Flyer): 0.5
  • Or, Amplify Points earned per A$1 spent (Amplify Rewards): 1.0
  • 1 Amplify Point ($1 spent) = 0.5 Velocity Points, 0.5 Singapore Airlines KrisFlyer miles or 0.5 Malaysia Airlines Enrich miles (2:1 conversion)
  • Points capping/tiering: None
  • Supported mobile wallets: Apple Pay, Google Pay, Samsung Pay

Note: Following Virgin Australia's entry into voluntary administration and restrictions in place on Velocity Frequent Flyer members redeeming their points, manual points conversions from Amplify Rewards to Velocity are currently suspended.

Bank of Melbourne Amplify Platinum card: fees, charges and interest

  • Annual fee (with Amplify Qantas): $99 (first and subsequent years)
  • Annual fee (with Amplify Rewards): $0 first year, $99 thereafter
  • Additional/supplementary cardholder fee: $0
  • Interest rate on purchases (with Amplify Qantas): 19.74% p.a.
  • Interest rate on purchases (with Amplify Rewards): 0% p.a. for 7 months, then 19.74% p.a.
  • Interest-free days on purchases^: Up to 55
  • Interest rate on cash advances: 21.49% p.a.
  • International transaction fee: 3.0%
  • Minimum income requirement: No defined minimum
  • Minimum credit limit: $6,000

Earning points for free flights:

On a quest for Qantas Points? Start your journey with 60,000 bonus Qantas Points when you apply for the Amplify Platinum card with Qantas Points by September 30 2020 and spend $2,000 on eligible purchases within 90 days of approval.

Take this path, and you'll be able to earn Qantas Points on your everyday purchases too, paying an annual fee of $99.

Alternatively, opt for the Amplify Platinum card with Amplify Points and pay no annual fee in the first year, no interest on purchases for seven months and no interest on balance transfers for 22 months (a 1.5% balance transfer fee applies).

After those grace periods, the annual fee returns to $99, purchases return to the normal purchase rate, and any unpaid balance transfers revert to the cash advance rate.

Through the Amplify Rewards program, the points you earn can be converted into Singapore Airlines KrisFlyer and Malaysia Airlines Enrich frequent flyer miles – or into Virgin Australia Velocity Points, should these transfers be restored.

Regardless of the rewards option you choose, as there's no extra fee for having an additional cardholder on the account – such as a partner – this makes it easy to boost your points balance, as the primary cardholder will earn points from the total combined spend.

Airport lounge access:

As standard of most Platinum-grade cards, airport lounge access isn't part of the package.

However, the higher-tier Bank of Melbourne Amplify Signature card with Amplify Points does include a complimentary Priority Pass lounge membership with the first two visits each year given at no charge (access fees apply thereafter).

Free insurance coverage:

When using the Amplify Platinum card to pre-pay A$500 or more in travel costs related to an overseas journey of three months or less, the cardholder may be covered by complimentary overseas travel insurance.

Those pre-paid expenses could be a number of things, including your return international airfare and taxes, overseas accommodation costs, or other "overseas itinerary items". These could also be payments to cover taxes, fees and charges on bookings made using frequent flyer points.

However, restrictions and added exclusions may apply during the COVID-19 pandemic. Refer to the policy documents or the insurance underwriter for more information and to confirm eligibility.

Other coverage included with the card is a 12-month extended warranty boost when purchasing eligible new appliances, as well as transit accident insurance. Again, refer to the policy documents to confirm whether you qualify, and whether the cover meets your needs.

Absent are interstate flight inconvenience insurance, rental vehicle excess insurance or access to a 'guaranteed pricing scheme', as you'd find on some other Platinum cards.

Bank of Melbourne Amplify Platinum card: the verdict

With a relatively low annual fee (or $0 in the first year with Amplify Points), the Bank of Melbourne Amplify Platinum card isn't the highest points earner in the market, but the points it does provide are uncapped and untiered.

That means regardless of how much you spend on eligible purchases, you'll continue earning points at the same rates.

The promise of bonus points via the Amplify Qantas path, or the cost savings via the Amplify Rewards option, could also help to justify the card's annual fee, whether that's from the first year, or from the second, depending on the option chosen.

Overseas travel insurance is another nice add-on, but one of limited utility for the time being – making the bigger focus on fees and points, which this card balances nicely.

Also read: Bank of Melbourne Amplify Signature credit card review


Bank disclaimer: ^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.

Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Chris Chamberlin

Chris Chamberlin is the Associate Editor of Executive Traveller, and lives by the motto that a journey of a thousand miles begins not just with a single step, but also a strong latte, a theatre ticket, and later in the day, a good gin and tonic.

13 Apr 2017

Total posts 4

It's worth pointing out that BankSA and St George also offer this card as they're all the same bank behind the scenes.

It's worth checking all three out as in the past they have had differing offers, e.g. around Adelaide Fringe Festival time, BankSA have in the past had their own deal on as they're one of the big sponsors. (At the moment they all have the same deal however.)


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