Bendigo Bank Low Rate First Mastercard Review

Enjoy low interest rates and fees with this Bendigo Bank credit card that's just for 18 to 25 year olds.

The Bendigo Bank Low Rate First Mastercard gives you the convenience and flexibility of a credit card account while also offering affordable rates and fees. It has a low interest rate of 11.99% p.a. for purchases, an annual fee of $29 and 24/7 fraud monitoring. It's also compatible with a range of digital wallets – including Apple Pay and Google Pay.

Use this guide to compare the features and benefits of the Low Rate First Mastercard from Bendigo Bank. We also explain how you can apply for the card if you decide it’s right for you.

Product NameBendigo Bank Low Rate First Mastercard
Purchase rate (p.a.)11.99% p.a.
Annual fee$29 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 55 days on purchases
Cash advance rate (p.a.)13.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsNo
Annual fee$29 p.a.
Minimum Monthly Repayment$10 or 3% per month (whichever is greater)
Late Payment Fee$15
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Cash Advance Fee$3.25 or 0.5% of the transaction amount
Overseas Cash Advance Fee$3.25 or 0.5% of the transaction amount
Overseas ATM Withdrawal Fee$5
Additional Cardholder Fee$0

Pros

  • Enjoy a low purchase rate of 11.99% p.a.
  • This card comes with a competitive annual fee of $29.
  • Request for an additional card at no extra cost.

Cons

  • There are no introductory offers on purchases and balance transfers.

Features and benefits of the Bendigo Bank Low Rate First Mastercard

Here are the highlights of the Bendigo Bank Low Rate First Mastercard.

  • Low-cost credit card account. The Bendigo Bank Low Rate First Mastercard has an annual fee of $29. If you want to share this account with a family member or partner, you can also request an additional card at no extra cost. Just remember that you’ll be responsible for all transactions, fees and charges on the account.
  • Low interest rate. This card's 11.99% p.a. purchase rate could help you save on interest charges compared to the rates you'd pay with some other credit cards.
  • Up to 55 days interest-free. With this card, you enjoy up to 55 days interest-free on your purchases each statement period. This means purchases made on the first day of your statement cycle are not charged interest for 55 days, those made on the second day get 54 days interest-free, and so on. Note that when you carry a balance, interest will be charged from the statement date. Interest-free days also don’t apply for cash advances.
  • Unique interest calculations. When you use this card for purchases, interest charges will be calculated at the end of your statement period, instead of from the date you made a purchase. This means you'll get interest-free days even if you don't pay off your full balance, which can help you save on interest charges compared to other cards.
  • Account security. The Bendigo Bank Low Rate First Mastercard offers 24/7 fraud monitoring on your account. You also have no liability for unauthorised transactions.
  • Mastercard benefits. This card lets you make payments all over the world, anywhere Mastercard is accepted. You can also enjoy exclusive shopping, travel, entertainment offers through Mastercard Priceless Cities.
  • Mobile payment technology. Make contactless payments from your mobile devices via Apple Pay, Google Pay, Samsung Pay, Fitbit Pay or Garmin Pay.

Rates and fees for the Bendigo Bank Low Rate First Mastercard

Here are the key details of the other costs you’ll pay with this card.

  • Cash advance interest rate. If you use the Low Rate First Mastercard for cash advance transactions such as ATM withdrawals, you’ll pay an interest rate of 13.99% p.a. from the date of the transaction.
  • Cash advance fee. If you use the Low Rate First Mastercard for cash advance transactions, a fee worth $10 or 3% per month (whichever is greater) will apply.
  • International transaction fee. A fee worth 3% of the total transaction applies when you use your credit card for transactions made in a foreign currency.
  • Default fee. A fee of $15 applies if your minimum repayment is worth more than $25 and you have not paid it within the 30 days after the due date on your statement. To avoid this fee (and a potential black mark on your credit history), always pay at least the minimum amount listed on your statement by the due date.

How to apply for the Bendigo Bank Low Rate First Mastercard

You can apply for the Low Rate First Mastercard online in around 15–20 minutes. Before you get started, make sure you meet the eligibility requirements and have all the details you need to fill in the application form.

Eligibility criteria

  • Are you aged 18 to 25? This card is only available if you’re in this age bracket.
  • What is your residency status? You can apply for this card if you’re an Australian citizen or permanent resident.
  • Are you dealing with bankruptcy? You can only apply for this card when you’re not bankrupt or insolvent.
  • Are you an individual or a company? You can only apply for this card as an individual (not a company).

Details and documents

Here’s the information you’ll need to complete your application for the Bendigo Bank Low Rate First Mastercard:

  • Personal information. This includes your full name, address and relationship status. You’ll also need to provide ID in the form of your driver’s licence, Medicare card or passport.
  • Income details. This includes details of your employment status, salary and employer’s contact details. If you’re not employed, you can also provide details of your student status and income from other sources, such as Centrelink or scholarships.
  • Financial commitments. This includes how much you pay on bills, groceries, transport, education and other essential living expenses. You’ll also need to provide details of any dependents, such as children.

If you’re interested in getting a credit card to help you manage your expenses or build up credit history, the Bendigo Bank Low Rate First Mastercard’s low rates and fees make it a competitive option. Just remember to compare a range of cards before you apply so that you can find a card that’s suited to your budget and needs.

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Credit Cards Comparison

Rates last updated January 18th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Reward Points. Plus, a discounted first year annual fee when you apply online.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
Go to site