Discontinued: Bendigo Bank Low Rate First Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Bendigo Bank Low Rate First Credit Card

There’s nothing like a little exclusivity. When it comes to credit cards, experiencing exclusivity usually means paying big bucks for platinum perks or black card benefits. But, there are other ways in which a credit card can be exclusive.

While it may not offer an abundance of exclusive – and expensive – extras, the Bendigo Bank Low Rate First Credit Card happens to offer exclusivity to customers aged 18 to 25. That means, if you’re under 18 or over 25, you’re out of the club and you cannot join.

With a low annual fee and low rate of interest, the Bendigo Bank Low Rate First Credit Card is the perfect first credit card, letting you find your way in the world of credit, before you apply for a card with a little more zing later on down the line.

What we love...

Oddly enough, low rate and low annual fee don’t always go hand in hand – especially with credit cards marketed to first time cardholders. So, to find a card that offers both of these moneysaving features, while also making it easier for younger cardholders to apply, is pretty neat indeed.

In terms of annual fees, you will pay $29 each year, which is teeny tiny compared to some of the big boys, which run to $400 or $500 per year. As for interest, this is also super low, both on purchases and cash advances. It’s also nice to know that even if you carry a balance, you can still benefit from up to 55 days interest free on purchases.

What’s not so great...

If you’ve been longing for your first credit card, thinking about all the amazing extras it could offer you, you may be somewhat disappointed with the Bendigo Bank Low Rate First Credit Card. This is a card that focuses on money-saving, not perks.

This card doesn’t have a rewards program or any wow-making extras. But it does offer you the ability to save money, while you get to grips with having a credit card. Later on, if you decide you want a fancier card, you can use this experience – and hopefully, your built-up credit rating – to apply for one.

To make this happen, be sure to clear your balance month-to-month, avoid cash advances and any unnecessary fees, and don’t spend more than you can afford to pay back.

Why should you choose this card?

If you’re looking for your first credit card, one that provides you access to credit while keeping costs low, the Bendigo Bank Low Rate First Credit Card could be the card for you. Here are some of the handy extras you could enjoy as a cardholder.

• Peace of mind: 24/7 fraud monitoring and no liability for unauthorised transactions.
• More money-saving: No fees for additional cardholders.
• A little sparkle: Access to Mastercard® Priceless® Cities exclusive experiences and special offers.
• Convenience: Tap & go^™ for purchases under $100.
• Access: Use instore, online and withdraw local currency at millions of locations, everywhere Mastercard is accepted.
• Greater control: Bendigo Bank’s Protect+Pay app provides additional security for your cards, allowing you to apply controls such as temporarily blocking your card, or choosing when to allow certain transactions.
• Personalisation: You can change the image on your card by uploading your favourite photo or design, for only $10.

Overall Rating

The ideal first credit card for customers aged 18-25, offering a low annual fee and low interest rate, alongside a number of useful extras.