Bendigo Bank Low Rate Platinum Mastercard Review

Enjoy a low rate of 11.99% p.a. on purchases and complimentary insurance 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 and worldwide acceptance through the Mastercard network.

Product NameBendigo Bank Low Rate Platinum Mastercard
Purchase rate (p.a.)11.99% p.a.
Annual fee$89 p.a.
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
Credit Rating RequirementGood
Annual fee$89 p.a.
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

  • A competitive annual fee of $89
  • Up to 55 days interest-free on purchases
  • 24/7 fraud monitoring and Mastercard Zero Liability
  • Mobile phone and tablet insurance protection
  • $0 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.

Review of the Bendigo Bank Low Rate Platinum Mastercard

This low rate credit card offers a range of affordable features. As well as the low standard variable purchase rate of 11.99% p.a. and up to 55 days interest-free on purchases, it has an annual fee of $89 that’s competitive for a platinum account.

This shiny status gives you access to complimentary extras including mobile phone and tablet insurance that can help cover costs if you lose your device or break the screen. You'll also enjoy up to 90 days of purchase protection insurance, extended warranty cover and a best price guarantee scheme that can help you get the lowest price on items you buy with the card.

Another key feature for the Bendigo Bank Low Rate Platinum Mastercard is the way it calculates interest on purchases. Instead of interest applying from the day you make a purchase, Bendigo Bank applies interest from the statement date. This means you can save huge amounts of money on interest costs and makes it easier to budget for repayments.

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:

  • 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. This period includes your 30-day statement period and the 25 days you have until your statement due date. The number of interest-free days you get depends on when in the statement period you make a purchase, with purchases on the first day getting 55 days interest-free, those on the second getting 54 days, and so on.
  • 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 has an 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 an annual fee of $89, 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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Rates last updated February 19th, 2018
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