We couldn't help but notice that the Bendigo Bank RSPCA Rescue Rewards Visa (for the sake of brevity, we'll refer to it as the Rescue Rewards) satisfies the complete consumer experience: a rewards program for expensive holidays and redundant small appliances, and a charity donation scheme to appease the ensuing consumer guilt. Hakuna ma tata.
The Rescue Rewards is the sibling of the
Rescue Visa. Both cards contribute a small amount each month (supposedly $3 but there is some confusion regarding the Rescue Visa) to the RSPCA's Adopt-A-Pet program, which provides aid to homeless animals throughout Australia.
As the name implies, the Rescue Rewards includes a rewards program. Unfortunately, it isn't very good. Despite offering one point per dollar spent, the redemption value is awful. A $100 gift voucher for a major department store requires 36,667 points, which equates to spending over $700 per week on your card for a year.
You can also redeem points on travel, accommodation, entertainment etc but the redemption rate is always the same: $100 worth of anything requires 36,667 points.
On the bright side, you earn points on balance transfers, there is no limit to the number of points you can earn and points don't expire for three years. You can also earn up to six bonus points per dollar spent at selected partner retailers including Air New Zealand, Best Western and Stamford. You'll need to make full use of these for the rewards program to be worthwhile.
The purchase rate is 18.20%, which is 4.15% higher than on the Rewards Visa, but the interest free period is also longer (55 days instead of 40). As a rough calculation, the additional 15 interest free days will save you around $15 on a $2,000 purchase. Conversely, the higher interest rate will cost you an additional $3.41 over the same period.
As with all Bendigo Bank cards, the cash rate is the same as the purchase rate. While this is an impressive feature on a low rate card like the
Basic Black, it's less remarkable at 18.20%.
The annual fee is still very low ($24), particularly for a card which includes a rewards program.
The verdict: the only real benefit the Rescue Rewards offers over the Rescue Visa is the additional interest free days: the rewards program is too terrible to bother with.
