Bendigo Bank Low Rate First Mastercard | Review & Comparison

Bendigo Bank Low Rate First Mastercard

Card features
purchase rate
annual fee
min credit limit
Bendigo Bank Low Rate First Mastercard
Bendigo Bank Low Rate First Mastercard
Low 11.99% p.a. purchase rate.
Exclusive for customers 18 to 25 years old.
0% p.a. on balance transfers for 6 months. Purchase rate applies thereafter.
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11.99% p.a.

Pros & cons

What's good?

What's not so good?

Low 11.99% p.a. purchase rate.
$29 p.a. annual fee.
0% p.a. on balance transfers for 6 months. Purchase rate applies thereafter.
Cash advance rate of 13.99% p.a.
Exclusive for customers 18 to 25 years old.
Minimum credit limit of $500.
Tap & goTM for purchases under $100.
Use with Google Pay™, Apple Pay, Samsung Pay, Fitbit Pay and Garmin Pay.
Late payment fee of $15
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Bendigo Bank Low Rate First MastercardReviewed by Yvonne Taylor

Are you aged between 18 and 25, looking for a low-cost credit card with all the functionality of its more expensive competitors, but without their exorbitant interest rates? The Bendigo Bank Low Rate First Mastercard was designed with you in mind: low annual fee, low income eligibility, low credit limits, digital wallet ready, and interest rates for both purchases and cash advances that are among Australia’s lowest.

Low $29 p.a. annual fee

At just $29 p.a. the annual fee is very affordable. It’s kept low because this is a card aimed at first-timers, and it has all the features you’re likely to need and nothing superfluous – no costs for rewards points or 'free’ insurance, both of which usually lead to a high annual fee.

But you don’t need to be a first-timer to take advantage of this card’s benefits. As long as you fit the age profile, you can apply even if you’ve already had (or still have) another card.

No specified minimum income

Lots of credit cards set a minimum income barrier, such as $25,000 p.a. In other words, don’t bother applying for that particular card if your annual income is less than that.

But the Bendigo Bank Low Rate First MasterCard has no minimum income specification. That’s a welcome feature for anyone who works part-time, or is just starting their first job.

Low credit limit available

If you’re not sure about your ability to manage credit, you’d be well advised to start with a low credit limit to harness your susceptibility to temptation. You can have a limit as low as $500 with this card. When your income and financial proficiency improve, you can apply for a higher limit to suit your needs.

Pay with your phone

Install the app for Apple Pay, Samsung Pay or Google Pay™ (depending on which type of phone you have), add your card details (by taking a photo of the card or typing them in), and your phone becomes a digital wallet. It’s an exceptionally secure way to pay because your card details are not stored in your device, nor are they shared with the merchant. And it’s super fast and convenient, whether you’re paying in store, within an app or on the web.

You can also pair your card with your Apple Watch, iPad or Macbook.

Low interest rates help you keep debt under control

Staying out of debt isn’t easy when you’re still finding your feet in the world of money management. Both your income and your expenses may be irregular, making budgeting a nightmare.

Fortunately, this card’s interest rates will help you smooth out some of the ups and downs in your finances. Although credit card debt is still best avoided if at all possible, paying a low 11.99% p.a. for any purchase balance you can’t fully clear on the due date is a whole lot better than paying the 20% p.a., or more, charged by some cards. You’re much more likely to be able to clear your debt completely in a short time when your repayments aren’t being eroded by really high interest charges.

Even if you have to take a cash advance, you’ll still pay a much lower than average rate – 13.99% p.a., instead of a credit-card-typical rate of around 21% p.a. Just remember that interest charges on cash advances begin on the transaction date, not at the end of the monthly billing cycle. There are no interest-free days with cash advances.

Up to 55 days interest free on purchases

You still get up to 55 interest-free days on your purchases, however. Buy something on Day One of the billing cycle, and you won’t have to pay for it until 55 days later. And you won’t be charged any interest during those 55 days. Interest charges only begin on day 56, applied daily to any purchase balance you haven’t paid off.

It get even better. With most cards, the interest-free days are only granted if there is no unpaid balance on your card – that is, if you pay your account balance in full, on or before the due date. If you make only the minimum monthly repayment, or repay any amount that is less than the total owing, interest is applied to all your purchases , charged from the transaction date.

But if you have an unpaid balance, Bendigo Bank charges interest from the statement date, not from each purchase transaction date. They also charge interest only on the unpaid portion of the purchases balance, not on the entire purchases amount for the month. This could result in significant savings when compared with the interest calculation method used by other banks.

Minimum repayment higher than normal

All credit cards have a specified minimum monthly repayment. This is the amount you are required to pay each month even when you are unable to repay your balance in full. Most cards stipulate a minimum repayment amount equal to 2% or 2.5% of the balance (so that on a balance owing of $200, you would be required to make a minimum repayment of either $4 or $5, on or before the payment due date).

This Bendigo Bank card does things slightly differently. The minimum repayment amount is either $10 or whichever is greater, $10 or 3% of the balance, whichever is greater. So for a $200 balance the required repayment would be $10, because it is greater than whichever is greater, $10 or 3% of $200 (which is $6).

Late payment fee

Make sure you make at least the minimum monthly repayment on time, otherwise you’ll be up for a late payment fee of $15. Ouch!

Just as much security as the more expensive cards

'At Bendigo Bank we make fraud our problem, not yours.’ That’s a reassuring statement, made because the card is protected by a fraud money back guarantee. It means that you will have zero liability for any fraudulent transactions provided you take the usual precautions.

You can also download Bendigo Bank’s Protect+Pay app, which lets you block your card temporarily (if you’ve mislaid it, for example), or block and unblock specific transaction types (e.g. online transactions, overseas transactions, even in-store or ATM transactions).

Personalise your card

Want your card to stand out from the crowd? For a $10 fee you can personalise your card with your own image, or one from Bendigo Bank’s online gallery.

MasterCard Priceless Cities

Wherever you live, or wherever you travel, you can take advantage of the MasterCard Priceless Cities program. Sure, the special offers are usually designed to appeal to bigger spenders, but you could still find something that could save you money on the occasional indulgence.

Compare before you decide

Click on the 'Features’ button at the top right of this page and check out the cards listed under 'First timers’ and 'Students’. Here you’ll find cards with various combinations of low interest rates, low annual fees, low credit limits and low income eligibility requirements.

A card that helps you find your way in credit

As its name suggests, this is a card most suited to a young person taking their first steps in the convenient, tempting, but potentially risky world of credit cards. Its fee is affordable, its eligibility requirements (Australian resident aged between 18 and 25) are undemanding, a manageable low credit limit is available and its interest rates are far lower than those offered by most cards.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 to 25 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Statement date
Interest free period
Up to 55 days on purchases
Minimum repayment
whichever is greater, $10 or 3%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit11.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Bendigo Bank Low Rate First Mastercard at the promotional balance transfer rate from:

    Rates & fees

    Promotional interest rates

    Interest ratePeriodFeeLimitRevert rate
    Balance transfers0% p.a.6 months0%80% of credit limit 11.99% p.a.
    PurchasesN/AN/AN/AN/A N/A

    Ongoing interest rates

    Cash advances 1.17% 13.99% p.a.
    Purchases 1.00% 11.99% p.a.


    Annual fee
    $29 p.a.
    Cash advance fee
    Dishonour fee
    Duplicate statement fee
    Foreign exchange fee
    Late payment fee
    Over limit fee
    Overseas ATM balance fee
    Overseas ATM withdrawal fee
    Overseas emergency card replacement fee
    Transaction verification fee

    Minimum criteria for this card

    What you need before applying

    Be over 18 to 25 years old
    You are a resident or citizen of Australia
    You have your personal details ready to complete the online application
    Have not applied for multiple credit cards recently
    Joint applications are allowed
    Age Pension and Disability Pension are acceptable.
    Overseas Pension, Veteran's Pension and Widower's Pension are not acceptable.
    Income from pensions is not allowed
    Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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