Bendigo Bank Low Rate Platinum Mastercard Review

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Enjoy a low purchase rate of 11.99% p.a. plus a $0 first year annual fee with the Bendigo Bank Low Rate Platinum Mastercard.

The Low Rate Platinum Mastercard from Bendigo Bank combines a competitive purchase rate with platinum features, including mobile phone and tablet insurance, purchase protection insurance and extended warranty cover. It also offers up to 55 days interest-free on purchases.

Product NameBendigo Bank Low Rate Platinum Mastercard
Purchase rate (p.a.)11.99% p.a.
Offer end date31 August 2018
Annual fee$0 p.a. annual fee for the first year ($89 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.
$3,000
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 ($89 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%
of transaction value
Additional Cardholder Fee$0

Pros

  • $0 annual fee for the first year if you apply by 31 August 2018
  • Up to 55 days interest-free on purchases
  • Mobile phone and tablet insurance protection
  • fee 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.

Features and benefits of the Bendigo Bank Low Rate Platinum Mastercard

Here are the features you can look forward to with a Low Rate Platinum Mastercard from Bendigo Bank:

  • $0 annual fee for the first year. Apply between 1 August 2018 and 31 August 2018 to take advantage of a waived first year annual fee.
  • Competitive purchase rate. This card charges a standard variable rate of 11.99% p.a. for purchases.
  • Interest-free days. You can enjoy up to 55 days interest-free on your purchases with this card.
  • 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.
  • Complimentary smartphone and tablet insurance. If you buy a new smartphone or tablet with this credit card, you can enjoy cover against loss, theft or damage for up to 12 months. Refer to the Bendigo Low Rate Platinum Credit Card Insurance product disclosure statement (PDS) for full terms and conditions for this cover.
  • Complimentary purchase insurance covers. Get up to 90 days purchase protection insurance and extended warranty cover for eligible items you buy with your card.
  • Best price guarantee. This benefit allows you to claim the difference in costs if you buy an item with your card and see it at a lower price elsewhere within 30 days.

Rates and fees for the Bendigo Bank Low Rate Platinum Mastercard

Take a look at these costs to decide if the Bendigo Bank Low Rate Platinum Mastercard will work for you:

  • Annual fee. This card charges a standard annual fee of $89.
  • Cash advance rate. If you use your card to withdraw cash or for any other cash advance transaction, a standard variable interest rate of 13.99% p.a. will apply from the date of the transaction.
  • Cash advance fee. This card charges a cash advance fee worth $3.25 or 0.5% of the transaction amount (whichever is greater).
  • 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 Platinum Mastercard

You can apply for the Low Rate Platinum Mastercard online and can get a response within moments of completing it. To speed up the process, make sure you meet the eligibility requirements and have all the information and documents you’ll need to complete your 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 can apply for this card if you’re an Australian citizen or permanent resident of Australia.
  • Are you bankrupt or insolvent? You’re not eligible to 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 are the key details you’ll need to complete your application.

  • Personal information. This includes your full name, address and relationship status, as well as a valid form of ID such as your driver’s licence, Medicare card or passport.
  • Income details. You’ll need to share details of your employment status and salary, as well as any income you get from other sources, such as Centrelink or superannuation.
  • Financial commitments. This includes whether or not you have dependents and details of your essential costs and living expenses, including bills, groceries, transport and education.

With an interest rate of 11.99% p.a. and a $0 annual fee, the Bendigo Bank Low Rate Platinum Mastercard offers affordable access to credit as well as some premium perks in the form of complimentary insurance covers. You can compare this card to other low rate platinum options to help you weigh up the features and costs before you apply.

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Credit Cards Comparison

Rates last updated August 22nd, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum - Exclusive Offer
14.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
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.

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* 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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