Bendigo Bank Low Rate Credit Card
This low rate card offers 0% interest on purchases and balance transfers for the first 12 months but also charges a 2% balance transfer fee.
The Bendigo Bank Low Rate Credit Card is a no-frills credit card designed to help you keep your card costs low, with a competitive interest rate of 11.99% p.a. for purchases and an annual fee of $45.
Balance transfer rate
for 12 months with 2% balance transfer fee
for the first 12 months (reverts to 11.99% p.a.)
Interest free period
|Product Name||Bendigo Bank Low Rate Credit Card|
|Balance transfer rate||0% p.a. for 12 months with 2% balance transfer fee|
|Balance transfer revert rate||Purchase Rate (11.99% p.a.)|
|Balance transfer limit||80% of available limit|
|Purchase rate||0% p.a. for 12 months, reverts to 11.99% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||13.99% p.a.|
|Min credit limit||$500|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 0% p.a. on purchases for 12 months
- 0% p.a. for 12 months on balance transfers (reverts to 11.99% p.a. thereafter)
- Low annual fee of $45
- No fees for additional cardholders
- Charges a 2% balance transfer fee
- Does not offer a rewards program or travel insurance covers
|Minimum monthly repayment||3% of the closing balance or $10, whichever is greater|
|Late payment fee||$15|
|Foreign currency conversion fee||3%|
|Cash advance fee||0.5% or $3.25, whichever is greater|
|Overseas cash advance fee||0.5% or $3.25, whichever is greater|
|Overseas ATM withdrawal fee||$5|
|Additional cardholder fee||$0|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
When you’re using this card for purchases, you get up to 55 days interest-free on purchases. Bendigo Bank also charges interest from the statement date rather than the date of purchase, which can help give you more breathing room before interest charges apply. You also get worldwide acceptance through the Mastercard network and can add it to Apple Pay, Google Pay or Samsung Pay to make mobile payments. If you like the sound of this card but are willing to fork out a higher annual fee for extra features, you could also consider the Bendigo Bank Low Rate Platinum card.
How to apply
You can apply for the Bendigo Bank Low Rate Credit Card online. Before you get started, check if you meet the eligibility criteria and have the necessary information to complete the application:
- New cardholder. To apply for this offer, you cannot hold or have held a Bendigo Bank Low Rate in the previous 12 months.
- Age. You must be at least 18 years of age to apply for this card.
- Credit history. You can only apply for this card if you have a good credit score and you're not bankrupt or insolvent.
- Residency. Permanent Australian residents and Australian citizens are eligible to apply. Temporary residents are eligible to apply as long as you have a 188, 457 or 489 visa, have applied for permanent residency and have at least 12 months remaining on the visa.
- Eligible balance transfer debt. If you're looking to transfer a balance to this card, Bendigo Bank allows you to transfer from accounts not serviced by Bendigo.
- Personal information. You'll need to provide your full name, address, relationship status and number of financial dependents. You'll also need a valid form of ID such as your driver's licence, Medicare card or passport.
- Income. Confirm your employment status, salary and employer's contact details. You can also provide details of income from sources such as Centrelink or superannuation.
- Finances. You'll need to list your liabilities, assets and any expenses including bills, groceries, transport and education.
- Balance transfer information. If you're planning to transfer a balance, you will need to provide the details of that account.
- 0% interest on balance transfers for up to 12 months. Apply by 31 October 2021 and you'll get a 0% p.a. interest rate for up to 12 months on balance transfers, with a 2% balance transfer fee. Any balance remaining at the end of the introductory period will be charged interest at the card's standard purchase rate, currently 11.99% p.a.
- 0% purchase rate offer. Save with a 0% p.a. interest rate on purchases for up to 12 months if you apply by 31 October 2021. A standard purchase rate of 11.99% p.a. applies to your purchase balance after that period. Remember that you also need to meet repayment requirements during the interest-free period.
- 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.
- Mastercard benefits. You can use this card online, over the phone and in-person globally wherever Mastercard is accepted. Plus, you can 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. You can use your smartphone and other eligible devices to tap and pay when you link your account to Apple Pay, Google Pay or Samsung Pay. You can also make contactless payments using your fitness tracker via Fitbit Pay or Garmin Pay.
Rates & fees
- Annual fee. This card charges a standard annual fee of $45.
- Purchase rate. The 11.99% p.a. purchase rate on this card is competitive with other low rate cards.
- Up to 55 days interest-free. Outside of any purchase rate offers, you can save with 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 advances. If you make a cash advance transaction with this card, you'll be charged at the 13.99% p.a. variable interest rate. You'll also be charged a cash advance fee of 0.5% of the transaction amount or $3.25 (whichever is greater).
- International transaction fees. You'll be charged 3% of the transaction amount when you use your card for payments in a currency other than Australian dollars.