Bendigo Bank Low Rate Platinum Mastercard

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Bendigo Bank Low Rate Platinum Mastercard
Apply by 23 feb 20
Bendigo Bank Low Rate Platinum Mastercard
Low 11.99% p.a. purchase rate.
Comes with mobile phone insurance, tablet insurance and purchase protection.
Use with Google Pay™, Apple Pay, Samsung Pay, Fitbit Pay and Garmin Pay.
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11.99% p.a.
ongoing
$89
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Pros & cons

What's good?

What's not so good?

Low 11.99% p.a. purchase rate.
$89 p.a. annual fee.
Cash advance rate of 13.99% p.a.
Minimum credit limit of $3,000.
Best Price Guarantee.
Comes with mobile phone insurance, tablet insurance and purchase protection.
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 Platinum MastercardReviewed by Yvonne Taylor

Bendigo Bank thrives on doing things differently: a fairer approach to calculating interest and, with the Bendigo Bank Low Rate Platinum Mastercard, a new take on what kind of complimentary insurance policies customers want with a low rate platinum card.

Where most of its competitors include travel insurance, Bendigo Bank recognises that cardholders seeking a low interest rate are unlikely to be regular overseas travellers. So Bendigo Bank offers mobile device insurance instead, together with an annual fee around $10 less than most of the rest of the market.

Low interest rates on both purchases and cash advances

Regardless of the complimentary extras, the low interest rates are the primary appeal of this card, and at 11.99% p.a. for purchases and 13.99% p.a. for cash advances they are very competitive. They will appeal to anyone whose pattern of income and expenditure means that they cannot guarantee being able to pay off their card account balance in full every month.

Up to 55 days on purchases

Whenever you can manage to clear your account balance in full, you’ll be able to take advantage of Up to 55 days on purchases. This means that an item purchased on day one of the billing cycle will not attract any interest charges unless you fail to pay for it on the due date 55 days later. Even if you purchase something on the last day of the cycle, you’ll still have 25 days left before payment is due.

Interest calculation method fairer than other banks

Here’s something to consider if you’re looking at a competing card with an interest rate even lower than this one. How does the card calculate interest on overdue purchases balances?

If you fail to pay off your balance in full, or you are late with your payment, most banks will deprive you of your interest-free days instantly. You’ll pay interest on all your purchases for that month (even though you may have paid off some of the balance) and interest will be calculated from each purchase’s transaction date until your full repayment date.

Bendigo Bank, on the other hand, will only apply interest from the statement date, not the purchase date. They’ll also recognise partial payments of the balance, and only charge interest on the unpaid portion. Taken together, these two concessions could potentially save you much more than a card with a slightly lower interest rate.

Forget about travel insurance but protect your major purchases

As already noted, this platinum card has no complimentary travel insurance attached: no overseas travel or domestic air travel cover, no compensation for public transport accidents. Few people, in fact, would go to the the trouble and expense of buying a personal policy for the last two risks, and infrequent overseas travellers can cover themselves for the primary risk in overseas travel – unforeseen medical expenses – for as little as $40 per trip.

So this card’s complimentary insurance is all about protecting some of your major credit card purchases – technology, household appliances, many items that can be stolen or damaged, or stop working. They’ll be covered by:

  • Purchase protection insurance: 90 days cover against theft or damage (excess $250, maximum single claim $5,000)
  • Extended warranty insurance: doubles the manufacturer’s Australian warranty up to a maximum of 12 extra months
  • Best price guarantee cover: refunds the price difference (of between $100 and $1,000) where the identical item purchased with the card is advertised at a lower price by the same retail chain within 30 days of your purchase, online purchases included.
  • Mobile phone and tablet insurance: 12 months cover against loss, theft or accidental damage to your device, including $200 for accidental screen breakage

Standard features you’ll expect

Like the vast majority of credit cards, this one comes with Tap & Go for purchases under $100, 24/7 fraud monitoring and zero liability for unauthorised purchases. Nothing too special there.

Extra features you may find useful

Not all cards come with these three extras, however. This card has them, and other low rate cards may not:

  • Mastercard Priceless Cities program for exclusive experiences in travel, dining, entertainment and leisure
  • Digital wallet ready, so that you can pay with your phone using Apple Pay, Google Pay™ or Samsung Pay
  • Personalise your card with an image of your choice for a $10 fee
  • Protect+Pay app to let you block and unblock specific transaction types (e.g. overseas transactions, online transactions, ATM transactions) or the entire card (if you temporarily misplace it, for example)

Slightly lower than average annual fee

For a platinum card combining low interest rates and complimentary insurance, a typical annual fee would be $99. Bendigo Bank has pitched this card below the market, with an annual fee of $89 p.a.

Higher than expected late payment fee

At $15, the late payment fee is surprisingly high for a low interest rate card. You can avoid it by being on time with at least the minimum whichever is greater, $10 or 3% (or $10, whichever is greater) monthly repayment.

Take a look at other platinum low rate cards

Many low interest rate cards with platinum benefits do come with complimentary travel insurance. If this is important to you you’ll need to compare them on our 'Low Interest Credit Cards’ page. (Click 'Features’ at the top right of this page, and select 'Low interest’ under the heading 'Save money’.)

A card for the shopper, not the traveller

If you use a credit card for major retail purchases, this one could suit you. The low interest rates and beneficial interest calculation method will work to your advantage if you need to spread payment of your purchases over several months. The wide array of complimentary shoppers’ insurance policies will continue to protect your purchases long after you’ve made them. And unless you intend to travel overseas regularly, you won’t be troubled by the absence of travel insurance.

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
Single
Card tier
Platinum
Card type
Mastercard
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
N/A

Cardholders

Additional cardholders
Unlimited
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$3,000
Maximum credit limit
N/A

Repayments

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

Rates & fees

Ongoing interest rates

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

Fees

Annual fee
$89 p.a.
Cash advance fee
0.5%
Dishonour fee
$40
Duplicate statement fee
$5
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
N/A
Overseas ATM balance fee
$15
Overseas ATM withdrawal fee
$3.25
Overseas emergency card replacement fee
$100
Transaction verification fee
N/A

Minimum criteria for this card

What you need before applying

Be over 18 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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