Don't be fooled by the Bendigo 'Gold'.
It has the interest rate of a gold card (18.55%). Like the other Bendigo Bank credit cards, they "don't charge you more when you need cold hard cash", so there are no cash advance fees and the cash rate is the same as the purchase rate. This was more impressive on the
Basic Black, which had an interest rate of 10.75%.
It has the annual fee of a gold card ($85). Like other golds it doesn't charge an additional rewards program fee (because it's clearly built into the annual fee).
It has a rewards program like a gold card. Unfortunately, it's Bendigo Rewards. You're almost better off paying cash for everything and keeping a loose change jar.
It has all those things and yet, it is not a gold card. Because that's all it offers. It's essentially a no-frills card with a poor rewards program tacked on. There is no included insurance, purchase protection or extended warranty. Actually, there is nothing to justify the $85 annual fee or the high interest rate.
It does offer 55 days interest free, which is quite good and better than its sibling cards, but that's it.
Bendigo has once again gambled that consumers will tolerate those faults because of the rewards program and have once again misjudged. When will they learn that consumers choose credit cards because of the core features (interest rate, annual fee and interest free period) and not in spite of them?
The verdict: a credit card that will happily take your money, but won't deliver any of the features you should expect for the price. If you're looking for a gold card, look elsewhere. If you're looking for a Bendigo Bank credit card, go the Basic Black.
