Earn points on credit card purchases and redeem them for a variety of rewards with the Bendigo Bank Rewards program.
The Bendigo Bank Rewards program lets you earn and redeem points on your everyday spending with a Bendigo Bank Platinum Rewards Mastercard. You can also check your reward point balance in real-time, search rewards and then redeem them online. Reward options include a wide range of merchandise, gift vouchers, cashback and charitable donations. The program’s Points Plus Pay option also allows you to make up for any points shortfall with cash.
Find out which other Bendigo Bank credit cards offer rewards
How does the Bendigo Bank credit card rewards program work?
You get complimentary membership to this rewards program when you sign up for the Bendigo Bank Platinum Rewards Mastercard. Only personal account holders can be members of the Bendigo Bank Rewards program, and membership is set up when you activate your card. You’ll then earn points for spending on your credit card account, which can later be redeemed for a variety of rewards.
Earning Bendigo Bank rewards points
The Bendigo Bank Platinum Rewards Mastercard offers 1.5 points per $1 spent on eligible transactions. While most purchases qualify as eligible transactions, some transactions will not earn points. These include cash advances, foreign exchange purchases, credit card fees and charges and bill payments made using BPAY.
How to earn more points with a Bendigo Bank credit card
Here is a list of ways to boost your points balance with a Bendigo Bank Rewards credit card.
- Special offers. Bendigo Bank Rewards may provide promotions and special offers periodically which allow members to earn additional points. For example, the bank might reward you for taking out a home loan during a specific qualifying period. You can check for these offers on the Promotions page of the Bendigo Bank Rewards website.
- Additional cardholders. You can request an additional cardholder for free, which can boost your points earning capability on the account.
Using Bendigo Bank Rewards points
These are some of the different rewards you can get through this program. In most instances, you may use purely points or a combination of Points Plus Pay, as long as you pay with more than 25% of the required points.
- Travel. You may redeem your points for travel accessories including luggage, backpacks, travel adaptors and travel pillows.
- Gift cards. Using points only, you may redeem gift cards for shopping at Big W, Bunnings, Coles, Dymocks, Flight Centre, iTunes and more.
- Homeware. The homeware category offers items from grill pans and coffee machines to candles and duvets.
- Technology. Technology gadgets include a host of products including headphones, iPhones, iPads, iPods, iMacs and more.
- Kids items. The kids category offers both large and small toy items, and recreational gear such as bikes.
- Health and lifestyle. Shopping under the “Be Active” and “Be Pampered” categories on the program website gives you access to health and lifestyle products from massagers to perfumes, dress watches to electric shavers.
- Charity donations. If you’re feeling charitable, you may also give your points away to select charities including the RSPCA or Medical Research Appeal Mothers & Babies.
What can I get for my rewards points?
The range of rewards available varies based on how many points you have in your account. Here are some popular options based on point values:- Less than 5,000 points. A $10 iTunes gift card (3,667 points) or a Lonely Planet: One Planet photography book (4,629 points).
- Up to 10,000 points. A Lonely Planet guide book (various titles, from 5,785 points each), Moki headphones (from 6,556 points) or a $25 gift card (various retailers, from 9,167 points).
- More than 10,000 points. A $50 gift card (various retailers, from 18,334 points), a Glasshouse 350g candle (18,990 points), George Foreman Family Grill (29,517 points) or a Delonghi Icona Classic espresso and cappuccino maker (127,137 points)
You could also redeem these rewards and many others for fewer points if you used the Points Plus Pay option.
Note: Reward details and point values are accurate as of 31 August 2017.
How to compare Bendigo Bank Rewards credit cards
If you're thinking of getting a Bendigo Bank Rewards credit card, it's important to compare your options first. This will help you to apply for the card that best suits your needs and financial situation. When narrowing down your options, you can consider the following factors:
- Earn rate. The earn rate for a card determines how quickly you’ll be making those rewards redemptions. In this case, the Bendigo Bank Platinum Rewards Mastercard has an earn rate of 1.5 points per $1 spent, which is competitive to other cards on the market.
- Points cap. While other credit cards may limit the number of points you can earn, the Bendigo Bank Platinum Reward does not have a points cap.
- Bonus points offers. Many reward credit cards offer introductory bonus points when you sign up and meet the spending requirements. These promotions change all the time, so make sure you check to see what offers are available and consider how much value you'd get from one when you apply.
- Annual fee. The annual fee represents the major administrative cost of your credit card, and you should compare this against the value of potential benefits from rewards. For example, the Bendigo Bank Platinum Rewards has an annual fee of $89. In comparison, some other platinum reward cards have annual fees over $100.
- Promotional interest rates. Promotional interest rates can help you save money on charges when you first get a credit card. Similar to bonus point offers, these deals change all the time. Check what options are available when you want to apply for a card and remember to always look at the standard purchase rate as well.
- Ongoing interest rates. This is the prevailing rate charged for balances on your card on an ongoing basis or once a promotional period is over. The Bendigo Bank Platinum Rewards Mastercard has an ongoing variable purchase rate of 19.99% p.a. and a cash advance interest rate of 21.99% p.a. (variable).
- Interest-free days. The Bendigo Platinum Rewards credit card offers up to 55 interest-free days on purchases. This feature is available from the start of each statement period and allows you to save money on interest charges for your purchases. Because Bendigo Bank calculates interest from the statement date (instead of the date the purchase is made), you can get interest-free days even if you carry a balance. In comparison, most other credit card providers only offer interest-free days if you pay your balance in full by the statement due date.
- Complimentary extras. Extra features and perks can help offset the cost of the card you choose. In this case, the Bendigo Bank Platinum Rewards Mastercard offers complimentary extras including international travel insurance and purchase insurances.
Mistakes to avoid with a Bendigo Bank Rewards credit card
- Overspending. The promise of earning points per dollar spent could tempt you to spend. Remember that you have to repay everything you charge and any interest accrued could easily offset the value of your reward points.
- Carrying a balance. Rewards credit cards often have high interest rates and failing to pay your monthly balance in full could result in unmanageable debt. Always do your best to pay your card in full, otherwise, the interest costs could easily outweigh the benefits of the points.
- Not considering the standard features. While you might be attracted to the Bendigo Rewards program, don't forget to consider the standard features of the card. Consider the annual fee, purchase rate and any other extra features to ensure the card is right for you.
- Making new purchases when you have transferred a balance. While purchases will earn you points on a rewards card, they’ll also add to your existing debt and interest charges.
- Not using other complimentary extras. Even though they are termed “complimentary”, these extra perks have all been factored into the price of your card. Cards with more complimentary extras come with higher annual fees, so you should avoid those unless you actually make use of all their perks.
- Making cash advance transactions. Cash advances made on your credit card incur cash advance fees and immediately accrue interest at the higher cash advance rate. Avoid withdrawing money on your credit card except in emergencies and avoid transactions that constitute cash advances such as certain bills and government payments, gambling transactions or the purchase of gift cards and prepaid cards.
How to apply for a Bendigo Bank Rewards credit card
- Compare your options. Research all the different credit cards on the market and read our finder.com.au card reviews before deciding which card to apply for.
- Read the fine print. Read the card’s product disclosure statement and small print, and get acquainted with all the terms and conditions of your chosen card. Make sure that you also meet all of the card’s listed eligibility criteria.
- Apply online. When you’re ready, head over to the Bendigo card page of your choice and click “Apply now”.
- Fill out the online form. The form asks for your requested credit limit at the outset, followed by your financial details, then your regular personal details. Have the relevant information ready pertaining to employment, earnings and expenses, assets and liabilities so as to speed up the process. You will finally be asked to submit documentation for identity verification purposes and to authorise the customary credit check.
- Submit the application. Once you’ve submitted your card application, you will receive confirmation about whether or not you have been conditionally approved, and further instructions about what to do to advance your application.
Depending on your spending habits, lifestyle and rewards earning preferences, the Bendigo Bank Rewards program may be a suitable fit for you. Remember though to compare your options and to weigh up all potential costs against benefits before choosing a card.
Pictures: Shutterstock
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