Bendigo Bank Low Rate Mastercard
- $0 annual fee for the first year
Offer ends 30 June 2018
Eligibility criteria, terms and conditions, fees and charges apply
Save on credit card costs with an interest rate of 11.99% p.a. on purchases, a $0 annual fee for the first year and up to 55 days interest-free.
The Bendigo Bank Low Rate Mastercard is designed to offer affordable access to credit, with a low standard interest rate of 11.99% p.a. (variable) on purchases and a standard annual fee of $45. It also offers 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 |
|---|---|
| Purchase rate (p.a.) | 11.99% p.a. |
| Offer end date | 30 June 2018 |
| Annual fee | $0 p.a. annual fee for the first year ($45 p.a. thereafter) |
| 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 Type | Mastercard |
| 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 Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $0 p.a. annual fee for the first year ($45 p.a. thereafter) |
|---|---|
| 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% |
| Additional Cardholder Fee | $0 |
Pros
- Pay $0 annual fee for the first year.
- Up to 55 days interest-free on purchases
- 24/7 fraud monitoring and Mastercard Zero Liability
- fees for additional cardholders
Cons
- This is a basic card that offers none of the perks like travel insurance or a rewards program.
- A fee of $15 for late payments will be imposed.
Review of the Bendigo Bank Low Rate Mastercard
As well as offering a competitive variable purchase rate of 11.99% p.a., the Bendigo Bank Low Rate Mastercard can help you save on interest charges based on the way it calculates these costs. While most credit cards calculate interest from the day a purchase is made (and charge it monthly), Bendigo Bank calculates interest from the statement date.
Depending on when you make a purchase, this could save you a huge amount of money on interest charges each month. It also means you can get up to 55 days interest-free on purchases even when you carry a balance.
In terms of other costs, the Bendigo Bank Low Rate Mastercard offers a $0 annual fee for the first year and a cash advance interest rate of 13.99% p.a. (variable). It also offers no annual fee for additional cardholders if you want to share your account with someone.
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. for purchases.
- $0 first year annual fee. When you apply and get approved by 30 June 2018, you save with a $0 annual fee for the first year (reverting to $45 p.a. thereafter).
- 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. Note that the number of interest-free days you get for a purchase depends on which day in your statement cycle it is made. For example, a purchase on day 1 would get 55 days interest free, while a purchase on day 10 would get 45 days interest-free.
- 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.
- Contactless payments. Enjoy the convenience of tap-and-go payments at the checkout whenever your purchases are under $100.
- 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.
- Security features. This card comes with a 24/7 fraud monitoring service and offers zero liability for unauthorised transactions on your account.
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 has a standard annual fee of $45.
- Cash advance rate. The Bendigo Bank Low Rate Mastercard charges a variable interest rate of 13.99% p.a. for cash advance transactions such as ATM withdrawals. Note that cash advances are not eligible for interest-free days and interest is calculated from the date of the transaction.
- Cash advance fee. If you use your card for a cash advance, you’ll pay a fee worth 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.
- 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 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
- Are you 18 or older? You must be at least 18 years of age to apply for this card.
- What is your residency status? You must be an Australian citizen or permanent resident to apply for this card.
- Are you bankrupt? You can only apply for this card if you’re not bankrupt or insolvent.
- Are you an individual or a company? Only individuals can apply for this card.
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 relationship 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. and an annual fee of $45, 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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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