Bendigo Bank Low Rate Mastercard review

Save on credit card costs with a $0 first year annual fee and a low interest rate of 11.99% p.a. on purchases.

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 $0 annual fee for the first year. 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 NameBendigo Bank Low Rate Mastercard
Purchase rate (p.a.)11.99% p.a.
Offer end date31 January 2019
Annual fee$0 p.a. annual fee for the first year ($45 p.a. thereafter)
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$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
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

  • Save with a $0 annual fee for the first year (reverts to $45 p.a. thereafter).
  • 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.

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:

  • $0 first year annual fee. Save with a $0 annual fee for the first year when you apply by 31 January 2019, reverting to $45 p.a.
  • Low purchase rate. This card offers a competitive variable interest rate of 11.99% p.a. on purchases.
  • 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 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. Outside of any promotions, this card charges a standard annual fee of $45 p.a.
  • 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

  • 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 a $0 first year 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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8 Responses

  1. Default Gravatar
    JohnMay 28, 2018

    Do any Bendigo cards have tap and go facility included?

    • finder Customer Care
      JeniMay 28, 2018Staff

      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

  2. Default Gravatar
    ronMay 25, 2018

    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.

    • Default Gravatar
      ArnoldMay 25, 2018

      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

  3. Default Gravatar
    AmandaApril 25, 2018

    Will a guarantor be accepted if applied for

    • finder Customer Care
      JoshuaApril 25, 2018Staff

      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

  4. Default Gravatar
    RochelleApril 23, 2018

    What does an offer end date mean?

    • Default Gravatar
      JoelApril 24, 2018

      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

Credit Cards Comparison

Rates last updated December 17th, 2018
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 Rewards 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 Low Fee Platinum Card
19.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.

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.

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