Bendigo Bank Low Rate Mastercard
- 0% p.a. for 18 months on balance transfers
with a one-time 2% balance transfer fee
Offer ends 30 April 2019
Eligibility criteria, terms and conditions, fees and charges apply
Save with a low interest rate of 11.99% p.a. on purchases and a 0% p.a. balance transfer rate for up to 18 months.
The Bendigo Bank Low Rate Mastercard is designed to offer affordable access to credit, with a low interest rate of 11.99% p.a. on purchases. It also offers a 0% p.a. interest rate for the first 18 months on balance transfers (with a one-time 2% balance transfer fee), up to 55 days interest-free on purchases and worldwide acceptance through the Mastercard network. Use this guide to compare the benefits and costs of the Bendigo Bank Low Rate Mastercard so you can decide if it’s the right card for you.
| Product Name | Bendigo Bank Low Rate Mastercard |
|---|---|
| Balance transfer rate | 0% p.a. for 18 months with 2% balance transfer fee |
| Balance transfer revert rate The interest rate that will apply to any remaining balance after the balance transfer term ends. | Purchase Rate (11.99% p.a.) |
| Balance Transfer Limit | 80% of available credit limit |
| Purchase rate (p.a.) | 11.99% p.a. |
| Offer end date | 30 April 2019 |
| Annual fee | $45 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 limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure. | $500 |
| Card Type | Mastercard |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard 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 Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $45 p.a. |
|---|---|
| Minimum Monthly Repayment | $10 or 3% per month whichever is greater |
| Late Payment Fee | $15 |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard 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
- 0% p.a. interest on balance transfers for the first 18 months
- Request an additional card at no extra cost.
- A low interest rate of 11.99% p.a. on purchases and 13.99% p.a. on cash advances.
Cons
- This is a basic card that offers none of the perks like travel insurance or a rewards program.
- A one-time 2% balance transfer fee applies.
Features and benefits of the Bendigo Bank Low Rate Mastercard
Here are the key benefits you can get with the Bendigo Bank Low Rate Mastercard:
- Low purchase rate. This card offers a competitive variable interest rate of 11.99% p.a. on purchases.
- Balance transfer offer. New customers who apply by 30 April 2019 can save with a 0% p.a. interest rate for the first 18 months on balance transfers, with a one-time 2% balance transfer fee. Relatively unique to the market, after the introductory period, any balance remaining will be charged at the purchase rate of 11.99% p.a.
- Interest calculations. While most credit cards calculate interest from the date a purchase is made, Bendigo Bank credit cards calculate interest from the statement date. Depending on when you make a purchase, this has the potential to almost halve your interest costs when compared to the charges that would apply on most other credit cards. It also means you can take advantage of interest–free days even if you carry a balance.
- Competitive cash advance rate. If you make a cash advance transaction with this card, you will be charged interest at a competitive 13.99% p.a. (variable). Note that interest on cash advances is calculated from the date of the transaction.
- Mastercard benefits. You can use this card online, over the phone and in-person all around the world, anywhere Mastercard is accepted. You can also gain access to exclusive shopping, travel and lifestyle offers through Mastercard Priceless Cities.
- Additional cardholder. You can request an additional cardholder to be added to your Bendigo Low Rate account at no extra cost.
- 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 Mastercard
Weigh up these costs when you’re deciding if the Bendigo Bank Low Rate Mastercard is right for you:
- Annual fee. This card charges a standard annual fee of $45.
- Up to 55 days interest-free. Enjoy the flexibility of interest-free purchases for up to 55 days each statement period. This interest-free period consists of your 30-day statement cycle, plus the 25 days to the payment due date.
- Cash advance fee. If you use your card for a cash advance, you’ll pay a fee of the greater of $3.25 or 0.5% of the transaction amount.
- International transaction fees. A fee worth 3% the transaction is applied when you use your card for payments in a currency other than Australian dollars.
How to apply for the Bendigo Bank Low Rate Mastercard
You can apply for the Bendigo Bank Low Rate Mastercard online in around 15 minutes. Just make sure you meet the eligibility requirements and have all the relevant details ready for the application.
Eligibility criteria
- You must be at least 18 years of age.
- You must be an Australian citizen or permanent resident.
- You can only apply for this card if you’re not bankrupt or insolvent.
Details and documents
Here is the information you’ll need to have on hand to complete your application:
- Personal information. You’ll need to provide your full name, address and marital status. You’ll also need a valid form of ID such as your driver’s licence, Medicare card or passport.
- Income details. Provide details of your employment status, salary and employer’s contact details. You can also provide details of income from other sources, such as Centrelink or superannuation.
- Financial commitments. Provide details of your essential costs and living expenses, including bills, groceries, transport and education. You’ll also need to provide details of any dependents, such as children.
With a low purchase rate of 11.99% p.a., up to 55 interest-free days and a competitive annual fee, the Bendigo Bank Low Rate Mastercard offers simple and convenient access to credit. With some low rate cards also offering complimentary extras, it’s worth weighing up this card against others so you can choose the one that fits your needs.
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Can I cancel the card after 90 days ? what is going to be happened ?
Hi Wayne,
Thanks for reaching out! You can cancel the card after 90 days and your account will be closed after then. Here is a page on how to close and cancel your credit card the right way. Hope this helps and if you have questions, just email us back.
Cheers,
Nikki
Do any Bendigo cards have tap and go facility included?
Hi John,
Thank you for getting in touch with finder.
Yes, they have. Once you have added your Bendigo Bank card to Google Pay you can simply unlock your phone and tap on a shop’s contactless card reader. There’s no need to open an app.
For transactions under $100 you won’t need to enter your card Personal Identification Number (PIN).
The purchase amount will then be debited from the card you have loaded as the default card.
When you make a purchase, you’ll see a payment confirmation that shows you exactly where the transaction happened, along with the merchant’s name and number.
If you have a Bendigo Bank credit card with rewards you’ll continue earn points when using Google Pay.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
I hope this helps.
Have a great day!
Cheers,
Jeni
I have a Citibank credit card with MasterCard.The limit is $11,500 approx. and amount outstanding is approximately $3,000. Can I transfer this to a new card with Bendigo.
Hi Ron,
Thanks for your inquiry.
Upon checking Bendigo Bank’s website, I’m afraid they currently do not have balance transfer offers. Not to worry, there are other options for you. If you would like to compare your balance transfer credit card options, please click on this link.
Hope this information helps
Cheers,
Arnold
Will a guarantor be accepted if applied for
Hi Bara,
Thanks for getting in touch with finder.
The Bendigo Bank Low rate Mastercard doesn’t necessarily need a guarantor for your application to be approved. However, some credit card companies do provide an option for you to bring along a guarantor. As a guarantor, the person basically signs a contract saying that any credit card debt will be transferred to him/her should the owner default, or not be able to pay it back. (You may know more about this by reading this guide.)
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
What does an offer end date mean?
Hi Rochelle,
Thanks for leaving a question on finder.
Bendigo Bank Low Rate Mastercard is currently on it’s promotional period of $0 p.a. annual fee for the first year ($45 p.a. thereafter). This offer will end on 30 June 2018.
Cheers,
Joel