The Bendigo Basic Black is so cheap, it makes the
Bankwest Lite MasterCard look extravagant.
Both cards have the same purchase rate (10.75%), but the Basic Black offers a unique feature: the cash rate is identical to the purchase rate. According the Bendigo Bank's website, "We won’t charge you a higher rate when you need ‘cold hard cash’". That's nice of them.
The value offered by the two cards is about even. The Basic Black offers fewer features than the Lite MasterCard, but the price is correspondingly lower. The annual fee is $45 ($15 cheaper than the Lite), but the interest free period is shorter (44 days instead of 55) and the Basic Black does not include a rewards program.
Even the fees on the Basic Black are cheap. Defaults will cost you $25 (slightly lower than normal) and it is only applied when the minimum repayment exceeds $25 and has not been made 30 days after the due date. The overseas transaction fee is 2% and international cash advances cost either $3.25 or 0.5%, whichever is greater. Additional cards are free.
Minimum repayments are 3% each month which could be important if you are planning to use the card's low purchase and cash rates as a cheap source of credit. If you make a major purchase on the card, such as a car, for $10,000, you'll need to repay $300 per month.
It's very difficult to identify any faults with this card. The absence of superfluous features such as reward programs and insurance covers will likely be seen as a feature for those consumers looking for a simple, cheap, no-frills credit card.
I suppose that because of Bendigo Bank's size, branch and ATM presence may be problematic. Their website states that customers have access to branch banking at more than 400 Bendigo Bank and Community Bank branches across Australia and can access their funds through their network of 550 ATMs (plus South Australia's 90 Adelaide Bank ATMs).
The verdict: there's no doubt this is a great card. It will suit consumers who don't pay their balance in full each month (due to the very low interest rate), those who religiously pay their entire balance (due to the 44 days interest free) and those who make cash advances on their credit card (low cash advance rate and fees).
If you're looking for a rewards program, a good balance transfer deal or premium features, this isn't the card for you.
