Minimise fees

When it comes to managing your money, knowing how to use your credit card goes a long way.

Make regular repayments

Reduce the amount of interest paid by

  • Making regular repayments to reduce the outstanding balance
  • Paying your balance in full whenever you can by the statement due date
  • Making more than the minimum repayment to reduce outstanding balances sooner.

If you have more than one credit card, pay at least the minimum balance on each one by the due date and if you can, pay more off the credit card with the highest interest rate first.

Take advantage of interest free days on purchases

If you pay your balance in full you can avoid interest payments completely by taking advantage of this interest free period. Remember though that some transactions, like cash advances, don't enjoy interest free days.

Avoid fees for being over your limit or for late payments

Exception fees are charged on a credit card when you don't meet their minimum payment by the due date, or when your account balance exceeds your approved credit limit.

Credit card late payment fee

Fee applied for each late payment or missed payment


Overlimit fee

A transaction is made for an amount exceeding the available credit at the date the transaction is debited to your credit card account.

The overlimit fee only applies to credit card accounts opened before 4 June 2012.


To keep tabs on your credit card limit, take advantage of SMS and Email Alerts, and make regular payments using Internet Banking and Phone Banking.

Keep informed about your account

Keep tabs on your account and know when you are close to your limit with:

Email Alerts are free for all customers, and you can request specific information on account balances, withdrawals, deposits and balance to be sent to you. Customers can register for SMS and Email Alerts via Internet Banking. SMS Alerts are charged at $0.25 per SMS except for the Complete Freedom and Express Freedom accounts which receive free SMS Alerts.

Set up an Automatic Payment Plan

Avoid late payment fees by setting up an Automatic Payment Plan on your credit card account. This ensures that at least the minimum monthly amount is paid, with a direct debit from your nominated account. You can choose to pay off either the minimum payment amount, a fixed amount or the full amount each month.

You can complete the Credit Card Automatic Payment Plan form.

Keep cash advances to a minimum

Where possible, avoid cash advance fees and charges by not withdrawing cash from an ATM using your credit card account.

Plan for currency conversion fees

Credit cards can provide you with a convenient and safe way of spending when you're travelling. You should be aware when currency conversion fees do apply, and these should be factored into your travel budget. This also applies to purchases in a foreign currency that you make when shopping online.

Being smart about credit

Bank of Melbourne's lending policies and guidelines are designed to ensure we lend responsibly.

  • Select your card and credit limit carefully
  • Always aim to pay off more than your monthly minimum amount, as making minimum payments is not an effective way to manage credit card debt
  • Make sure your credit limit is always realistic. Call us on 13 22 66 if you want to reduce your credit limit at any time and it will be effective immediately
  • If you find yourself having difficulty making your repayments please call us on 13 22 66
  • Before making a purchase, assess if you'll be able to repay the balance
  • Develop a budget and stick to it
  • Use our Budget Planner Calculator to track your spending on a regular basis to ensure you know how much you can afford.

Talk to us

If you are finding it difficult to meet the minimum repayments on your credit card, talk to us. We understand that at times making repayments can be difficult, so contact us to see if there is an alternative repayment plan can be arranged.

The Detail

Conditions, fees and credit criteria apply.

Before making a decision, it's best to read the terms and conditions.

Your welcome letter will also set out some terms and conditions such as interest rates and fees.

Please read these documents and keep a copy. You can request a paper copy at a branch.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help, call 13 22 66.