Bendigo Bank

Low Rate First Mastercard

Purchase Rate

Purchase Rate

11.99%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 11.99%

Annual Fee

Annual Fee

$29

Max Free Days

Max Free Days

55

Late Payment Fee

$15

Purchase Rate

Purchase Rate

11.99%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 11.99%

Annual Fee

Annual Fee

$29

Max Free Days

Max Free Days

55

Late Payment Fee

$15

Purchase Rate

Purchase Rate

11.99%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 11.99%

Annual Fee

Annual Fee

$29

Max Free Days

Max Free Days

55

Late Payment Fee

$15

MICHAEL KIANG

5.0
7 Reviews

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Pros and Cons

Pros and Cons

    • No reward program
    • Does not offer free supplementary cards
    • Late payment fee

    Bendigo Bank Features and Fees

    Bendigo Bank Features and Fees

    Details

    Card Level

    Standard

    Card Type

    MasterCard

    Interest Free Days

    Interest Free Days

    55

    Minimum monthly repayment

    3% or $10

    Minimum credit limit

    $500

    Maximum credit limit

    No set max

    Free supplementary cards

    Number free supplementary

    Instant Approval

    Fees

    Annual Fee

    Annual Fee

    $29

    Annual Fee Spend Waiver

    Supplementary card annual fee

    Late Payment Fee

    $15

    Over limit fee

    Duplicate statement fee

    Electronic Wallet Service

    Important Rates

    Rates

    Purchase Rate

    Purchase Rate

    11.99%

    Cash advance rate

    13.99%

    Cash advance fee

    $0

    Balance Transfer

    Balance Transfer Rate

    Balance Transfer Rate

    0%

    for 6 months then 11.99%

    Transfer Limit

    80%

    of the approved credit limit

    Balance Transfer Fee

    $0

    Overseas spending

    Foreign Exchange Fee

    3% on Mastercard

    Overseas charges

    Overseas charges

    Estimated ATM Cost

    -

    Rewards

    Program name

    Rewards Available

    Eligibility

    Minimum age

    18

    Minimum income

    $0

    Eligibility conditions

    Exclusive for customers aged 18-25 years

    Residency

    Specials
    • Balance Transfer 0% Balance Transfer for 6 months
      0% p.a. balance transfer for 6 months. Purchase interest rate applies thereafter.

    Pros and Cons

      • No reward program
      • Does not offer free supplementary cards
      • Late payment fee

      Bendigo Bank Features and Fees

      Details

      Card Level

      Standard

      Card Type

      MasterCard

      Interest Free Days

      Interest Free Days

      55

      Minimum monthly repayment

      3% or $10

      Minimum credit limit

      $500

      Maximum credit limit

      No set max

      Free supplementary cards

      Number free supplementary

      Instant Approval

      Fees

      Annual Fee

      Annual Fee

      $29

      Annual Fee Spend Waiver

      Supplementary card annual fee

      Late Payment Fee

      $15

      Over limit fee

      Duplicate statement fee

      Electronic Wallet Service

      Important Rates

      Rates

      Purchase Rate

      Purchase Rate

      11.99%

      Cash advance rate

      13.99%

      Cash advance fee

      $0

      Balance Transfer

      Balance Transfer Rate

      Balance Transfer Rate

      0%

      for 6 months then 11.99%

      Transfer Limit

      80%

      of the approved credit limit

      Balance Transfer Fee

      $0

      Overseas spending

      Foreign Exchange Fee

      3% on Mastercard

      Overseas charges

      Overseas charges

      Estimated ATM Cost

      -

      Rewards

      Program name

      Rewards Available

      Eligibility

      Minimum age

      18

      Minimum income

      $0

      Eligibility conditions

      Exclusive for customers aged 18-25 years

      Residency

      Specials
      • Balance Transfer 0% Balance Transfer for 6 months
        0% p.a. balance transfer for 6 months. Purchase interest rate applies thereafter.

      FAQs

      Monthly repayment

      This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

      Should I get a credit card?

      Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

      Current Interest Rate

      This is the current interest rate on your existing credit card.

      How do I apply for a credit card online?

      Current Annual Fees

      These are the current annual fees on your existing credit card.

      What happens if I have a bad credit score?

      If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.

      Why should I check my credit rating?

      There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.

      Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.

      Why do different credit reporting bureaus use different scores?

      The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.

      However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.

      Can I get a credit card on part-time/casual work?

      Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.

      How to get a credit card for the first time

      A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

      If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

      Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

      When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

      What is a balance transfer credit card?

      A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

      How easy is it to get a credit card?

      For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

      Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

      Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

      Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

      How many numbers are on a credit card?

      The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. 

      The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. 

      Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.

      How to get money from a credit card

      You can get money from a credit card, but generally it will cost you.

      Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

      In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

      What should you do when you lose your credit card?

      Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

      Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

      Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

      Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

      Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

      How to get cash with just a credit card number

      Banks and merchants usually will not allow you to access cash without a physical card, because doing so would open up opportunities for fraudulent activities. Even most non-cash credit card transactions (such as shopping online) require you to know the expiry date and CVV on your credit card in addition to the card number.

      However, some banks offer cardless cash for transaction accounts. Using a secure app installed on your mobile phone, you can log onto an ATM and withdraw the money you need. This could be a practical and secure solution if you don’t have a card and need cash.

      What is a credit card?

      A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

      How do you pay off credit cards?

      The best way to pay off a credit card bill is to set a realistic spending budget and stick to it. Each month, you’ll get a credit card statement detailing how much you owe and how long it will take to pay off the balance by making minimum repayments. If you only make the minimum repayments, it will take you years to pay off your outstanding balance and add extra costs in interest charges. To avoid any extra charges, you should pay the entire bill. 

      How to get rid of credit card debt

      1. Calculate your debt. Credit card calculators make it easy to determine the repayments required to chip away at your debt in the shortest timeframe possible for your budget.
      2. Repayment plans. Take some time to formulate a credit repayment plan. Consider increasing your income, scaling back your lifestyle or refinancing.
      3. Talk to your credit provider. If you’re still struggling with your debt, give your credit provider a call. You may be able to come to a new arrangement.

      How do you use credit cards?

      A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.