Bendigo Bank Low Rate Mastercard

Last updated: Apr 27, 2020

Save on interest costs with a 0% interest rate on purchases for the first 15 months.

The Bendigo Bank Low Rate Mastercard is a no-frills credit card designed to help you keep your card costs low with its introductory rate on purchases. When you apply by 02 August 2020 you can take advantage of 0% on new purchases for the first 15 months.

11.99% p.a.

Balance transfer rate

0% p.a.

Purchase rate

for the first 15 months (reverts to 11.99% p.a.)

$45 p.a.

Annual fee

55 days

Interest free period

Details

Product Name	Bendigo Bank Low Rate Mastercard
Balance transfer rate	11.99% p.a.
Balance Transfer Limit	80% of available balance
Purchase rate (p.a.)	0% for 15 months, reverts to 11.99% p.a.
Annual fee	$45 p.a.
Interest free period	55 days
Cash advance rate (p.a.)	13.99% p.a.
Min credit limit	$500
Card type	Mastercard
Foreign currency conversion fee (Visa/Mastercard)	3%
Complimentary travel insurance	No

Minimum age	18 years of age
Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

0% p.a. interest rate on purchases for the first 15 months
$45 annual fee
No liability for unauthorised transactions and access to Mastercard Priceless Cities

Cons

Does not offer a rewards program or travel insurance covers

Annual fee	$45 p.a.
Minimum monthly repayment	3% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee (Visa/Mastercard)	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

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Bendigo Bank Low Rate Mastercard is suited to people who prefer competitive rates and fees over extra trimmings. This card has one of the longest interest-free offers in the market, giving you more time to pay off your purchases before incurring interest. Keep in mind, however, that you’ll have to still make your minimum monthly repayments.

You can enjoy additional savings through its competitive annual fee. It also has worldwide acceptance through the Mastercard network and is linked to all three major mobile wallets.

After the promotional period is over, the Bendigo Bank Low Rate Mastercard gives you up to 55 interest-free days on purchases, and also charges interest from the statement date rather than the date of purchase, which could help you to reduce your interest costs.

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 Mastercard online. Before you get started, check if you meet the eligibility criteria and have the necessary information to complete the application:

Eligibility criteria

Eligible balance transfer debt. If you're looking to transfer a balance to this card, Bendigo Bank allows you to transfer up to 80% of your approved credit limit from accounts not serviced by Bendigo.
New cardholder. To apply for this offer, you cannot hold or have held a Bendigo Bank Low Rate in the previous 12 months.

Credit history. You can only apply for this card if you have a good credit score and you're not bankrupt or insolvent.
Age. You must be at least 18 years of age to apply for this card.
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.

Required documents

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.

Card benefits

0% purchase rate offer. New cardholders who apply by 02 August 2020 can take advantage of a 0% interest rate on purchases for the first 15 months. After this introductory period, purchases will be charged interest at the competitive 11.99% p.a. purchase interest rate.
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.

Ongoing balance transfer. You can transfer a balance from another card to the Bendigo Bank Low Rate and it will be charged at the purchase rate, currently 11.99% p.a. This could save you money on annual fees and higher interest rates, as well as simplifying your credit card repayments.
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.
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.

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12 Comments

Lazlo
June 18, 2019

Hi i’m a old age pensioner i want to know if i can get acredit card for 1000 or $2000

Reply
- Bella
  June 19, 2019
  
  Hi Lazlo,
  
  Thanks for your inquiry.
  
  Your eligibility for a credit card would depend on the provider’s requirements and discretion. While we’re unable to give a specific recommendation which provider offers a credit card for a pensioner, you may click this PAGE for a list of credit card providers that accept retired and pensioner applicants, and to to see the documents you’ll need to improve your chances of approval.
  
  Just a reminder, please ensure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the option is right for you.
  
  I hope this helps.
  
  Kind regards,
  Bella
  
  Reply
Wayne
March 12, 2019

Can I cancel the card after 90 days ? what is going to be happened ?

Reply
- Nikki
  March 13, 2019
  
  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
  
  Reply
John
May 28, 2018

Do any Bendigo cards have tap and go facility included?

Reply
- finder Customer Care
  
  Jeni
  May 28, 2018
  
  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
  
  Reply
ron
May 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.

Reply
- Arnold
  May 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
  
  Reply
Amanda
April 25, 2018

Will a guarantor be accepted if applied for

Reply
- finder Customer Care
  
  Joshua
  April 25, 2018
  
  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
  
  Reply
Rochelle
April 23, 2018

What does an offer end date mean?

Reply
- Joel
  April 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
  
  Reply

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