Bendigo Bank Low Rate Credit Card
Balance Transfer0% purchase rate and 0% balance transfer for 12 months, from account opening. 2% balance transfer fee applies.
A low rate Mastercard card with a balance transfer offer and one of the lowest annual fees on average.
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What types of credit card introductory offers are available?
Some of the introductory credit card offers available in Australia include:
- Discounted interest rates on sign up.
- Bonus reward points and/or frequent flyer points.
- No annual fees or discounted annual fees.
- Cash back offers – typically a percentage of each purchase or a fixed amount.
- Balance transfer deals – charging low or zero interest on outstanding debt when you switch from one card to another.
Some credit cards may feature just one of these introductory offers, while others will provide a combination of bonuses.
How long will an introductory offer last?
The time frame of introductory promotions for credit cards depends on the credit card provider and the offer itself. They can either be given as an upfront, one-off bonus or last for a set period of months.
How long you may expect an introductory offer to last
|Type of introductory promotion||Length of offering|
|Low interest rates||5 – 15 months|
|Interest-free period||0 – 110 days|
|Annual fee waiver||1 year|
|Bonus rewards points||One time offer - between 7,500 – 200,000 on sign up|
|Qantas frequent flyer points||One time offer - between 7,500 – 150,000 on sign up|
|Cashback||Earn between $200 - $300 on eligible spends for 1 - 3 months|
Source: RateCity.com.au. Note: Data accurate as of 09.07.2020. Estimates are based off of the latest data and may be subject to fluctuation.
To keep enjoying bonus offers on your credit card, you may need to fulfil certain terms and conditions, such as spending a minimum amount on eligible transactions per month or per year.
What you need to know about introductory offers
To a new cardholder, credit card introductory offers can sound too good to be true. While there’s plenty to make you smile, you also need to be smart about the way you approach these deals.
Here are some of the key things you should keep in mind when searching for a new credit card and comparing introductory offers:
- Your introductory period isn’t forever: Keep note of how long an introductory period lasts, especially for low or zero per cent interest offers. If your rates are going to rise, or a credit card bonus offer is going to expire, you’ll want to be prepared.
- Revert rates: Typically, when an introductory low or zero per cent interest period ends, the credit card will revert you on to a much higher interest rate. Before this period is over, it’s important to know what you’ll be charged in interest, especially if you have any outstanding debt.
- Read the fine print: You don’t want to get caught off guard if a credit card offer sounds too good to be true. There may be conditions that need to be met that sound good on paper, but you cannot afford to meet in practice, such as spending a minimum amount within the first 3 months of having the card.
- Look beyond the special offers: Introductory offers are just one factor that’s worth comparing when it comes to credit cards. Some cards might saddle you with high rates and fees along with that generous introductory deal.
- Don’t hang on to a credit card that doesn’t work for you: If an introductory offer ends, and you’re no longer getting enough value out of your credit card, you may want to investigate other options. The card should work for you, not the other way around.
Pros and cons of introductory offers on credit cards
As with any financial product, there are always benefits and risks to taking out that loan, opening that bank account or using that credit card.
When it comes to introductory offers on credit cards, consider the following pros and cons:
- Big bonus point offerings may be exchanged for rewards items, such as furniture or white goods, or even flights, that you otherwise would have had to spend a lot more on to earn the points for.
- Zero per cent interest introductory periods may help card holders struggling with debt get the breathing room they need to pay off their outstanding balances.
- No annual fee, or discounted fee, offerings can help keep the initial costs down on your new credit card.
- There may be conditions that not all customers can meet, such as minimum spends.
- Low or zero per cent interest rate offers can revert to much higher rates.
- Some promotions are one-off only, meaning you can only use or spend them once.
Should I compare credit cards by introductory offers?
While it can be tempting to hop from credit card to credit card based on introductory offers, there are more things to consider when searching for the right credit card for your financial needs.
One of the first things you should think about is what type of credit card spender you are. This will help point you in the direction of the right kind of credit card for you. Are you a habitual spender, an everyday spender, an impulse spender or a big spender? To learn more about your spending profile, please read our comprehensive Credit Card Guide.
Once you’ve narrowed down the right credit card type for you, you’ll want to compare the following key things:
|What to compare||About|
|Purchase rates||The interest rate charged on purchases made with your card. The lower the rate, the lower your repayments and potential debt. However, high rates are often synonymous with more premium credit cards.|
|Cash advance rates||The interest rate charged on money withdrawn from ATMs.|
|Annual fee||Can range from $0 to $1,200. Will contribute to the ongoing cost of your card.|
|Overseas costs||Foreign transaction fees like currency conversion fees and overseas ATM withdrawals.|
|Interest-free periods||How long you have to pay off your card balance before you’re charged interest. The longer the period, the more time to make repayments.|
|Rewards perks||Airport lounge access, concierge services, discounted annual fees, free supplementary cards, affiliated store discounts, VIP seating at events and much more may be on offer. However, these perks typically come with higher rates or annual fees.|
|Card protections||Fraud protection, free domestic and/or international travel insurance, extended warranty, purchase protection insurance, rental car excess insurance and much more may be on offer.|
Latest news and articles
1 in 3 Aussies don’t know their credit card interest rate, do you?
New research from Defence Bank has found that one in three (35 per cent) of credit card holders don’t know their interest rate. If you’re constantly being stung by credit card interest, it may be worth considering switching to a low-rate credit card.
How capping credit card interest rates could save Australians $1.53 billion a year
Australia’s credit card debt has risen to a total of $20.03 billion dollars, according to new RBA statistics out today. It comes as there are growing calls for the federal government to regulate credit card interest rates so there’s a maximum margin with the RBA cash rate, which is 0.10 per cent.
Personal Finance Editor
Alex is a personal finance writer and editor at RateCity, and has been writing about finance for over five years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.
Frequently asked questions
Can a pensioner get a credit card?
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
What should I do if my ANZ credit card has expired?
Your ANZ credit card is considered expired only after the last day of the month and year marked on your card. For instance, if your card’s expiry date reads 03/22, it is valid until 31 March 2022 and expires on 1 April 2022. Typically, you should have received a new credit card by that date, and you won’t have to request a new card.
Once you get the new card, you should remember to switch any automatic payments you have - such as a utility or mobile phone bill - from your expired credit card to your new credit card. Equally, if you are using CardPay Direct to repay your ANZ credit card debt, you may need to update the credit card account details for that service as well.
In case the new card doesn’t arrive by the expiry date of your current credit card, you can call ANZ on 13 22 73 to find out the reason and if you need to request an expedited card. Please note that if you were planning to close your credit card account or request a credit card upgrade, you may need to call ANZ at least before the 25th of the month your current credit card expires in, as that’s when they may send you the new credit card.
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.
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.
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.
Does ING increase credit card limits?
You may want to increase your credit card limit for many reasons, such as having access to more spending money. However, if you are using the Orange One credit card issued by ING, you may not be able to do so.
ING customers can choose a credit limit of their preference when applying for the Orange One credit card. Depending on your financial situation, this limit can be anywhere between $1,000 and $30,000. If you qualify for a Rewards Platinum card, the minimum credit card limit will likely be $6,000.
Ideally, you should set your credit card limit knowing how much you can afford to repay each month and keep your expenses lower than this level. With most credit cards, you should have the option of requesting a credit card limit increase at a later time, although you will need to qualify for any increase. With an ING credit card, limit increases are out of the question (at the time this was published), which means you may want to apply for a higher credit card limit from the beginning. Remember that you have the option of decreasing your ING credit card limit at a later time.
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 do you use a credit card?
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
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 should you do if your credit card is compromised?
Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.
Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.
Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.
Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.
How do you apply for a credit card?
You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.
Can I transfer money from my American Express credit card to my bank account?
If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM.
To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction.
You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own.
How is credit card interest charged?
Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent.
The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.
You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.
How do I apply for a BOQ credit card limit increase?
If you’re an existing BOQ customer, you can request a BOQ credit card limit increase over a phone call. However, you should remember that owning and using a credit card is a matter of financial responsibility, so it might be worth thinking this decision through.
When requesting a credit card limit increase, you’ll need to be just as responsible in terms of how much you earn and can set aside to repay the outstanding card balance. A credit card company may approve a credit limit increase only if you can show that you have either the income or the disposable income, which is the amount you have left after all expenses have been paid out.
For this purpose, you may need to submit your latest income documents and bank statements for an increase. You may want to estimate how much you usually have left after deducting your expenses, and then use this amount to try and convince the credit card company. Also, you may prefer to pay off the card balance in full each month and thus avoid paying interest on the card, helping you back up any claims of financial responsibility, as well.
Remember that you may not be able to apply for a credit card limit increase beyond any limitations on the type of card you own. For instance, if you own a card whose ceiling is $10,000, and your current limit is $5,000, you won't likely be able to apply for a $10,000 credit card limit increase.
Which credit card has the highest annual percentage rate?
The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.
Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:
- There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
- Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
- If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.
How does credit card interest work?
Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.
If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.
The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.
What does ANZ credit card insurance cover?
ANZ offers complimentary insurance on some of its credit cards, which can provide some protection against unforeseeable incidents, like the theft of your card. Depending on the type of credit card you own, you may be eligible for different insurances. For instance, most ANZ credit card customers may qualify for Purchase Protection Insurance and Extended Warranty Insurance. Customers who own premium credit cards may also be eligible for Guaranteed Pricing, Rental Vehicle Excess, International Travel, and so on.
Consider checking your ANZ credit card insurance features listed in the Insurance Policy Information booklet to know which items are covered. Also, while ANZ issued the credit card, they are not the insurer. For this reason, you may need to send your insurance claims - and get your ANZ credit card insurance refund - to the insurance provider.
How to pay a credit card from another bank
Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.
Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.
So make sure you read the terms and conditions of the card before transferring any debt across.
How to calculate credit card interest
Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.
The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.
This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.