Bendigo Bank Low Rate First Mastercard Review

Enjoy low interest rates and fees with this Bendigo Bank credit card 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 variable interest rate of 11.99% p.a. for purchases, an annual fee of $29 and up to 55 days interest-free.

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 on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
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
Credit Rating RequirementGood
Annual fee$29 p.a.
Minimum Monthly Repayment$10 or 3% per month (whichever is greater)
Late Payment Fee$15
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
Foreign Currency Conversion Fee
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
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 is no introductory offers on purchases and balance transfers.
  • You will be charged $15 for late payment fees.

Review of the Bendigo Bank Low Rate First Mastercard

The Bendigo Bank Low Rate First Mastercard is one of the few cards on the market that are designed specifically for people aged between 18 and 25. If you’re in that age bracket, the card’s low annual fee of $29 and the purchase rate of 11.99% p.a. could help you keep costs down when you first get a credit card account.

As a point of comparison, there are other first and student credit cards that also offer low or $0 annual fees but very few have low standard purchase rates. Another key difference with the Bendigo Bank Low Rate First Mastercard is that your interest charges are calculated from the date your statement is issued, instead of the date you make a purchase (which is standard for most other credit card issuers). This can help you save on interest charges and makes it easier to budget for repayments.

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 offers a competitive purchase rate of 11.99% p.a. and an annual fee of $29 to help keep your account costs down.
  • 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 still 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, your interest payments will be calculated at the end of your statement period, instead of from the date you made a purchase.
  • 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.

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.

  • Additional cardholders. There is no annual fee if you want to share this account with an additional cardholder. Just remember that you’ll be responsible for all transactions, fees and charges on the account.
  • 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 when your minimum repayment is worth more than $25 and has not been made 30 days after the due date on your statement.

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.

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