Credit Card Reform
Changes to credit cards for all financial institutions will ensure a fairer deal for card holders, both new and existing.
Credit Card Account Monthly Statement Changes
All Bendigo Bank credit card customers will notice a new Minimum Repayment Warning table included in their monthly statement.
This information is specific to each individual account, and provides the time that it would take to pay off the closing balance of the statement, if only the minimum monthly repayments are made.
The table also shows you that the longer time that you take to pay off the balance, the greater the interest charges will be. It also shows you how you can reduce these charges by increasing the monthly repayments.
This will help all credit card customers make more informed decisions about how much they choose to pay off each month and aims to assist in managing credit card debt.
Click here for an example of the Minimum Repayment Warning table, and an explanation of each of the fields.
Click here for Frequently Asked Questions regarding the credit card statement changes.
Removal of the credit card Over Limit/ Overdrawn Account fee
In the event that a Bendigo Bank credit card customer exceeds their assigned credit limit, Bendigo Bank will notify them within two business days that the credit limit has been exceeded.
However, we have removed the credit card Overdrawn Account fee that we previously charged in this circumstance.
Click here for Frequently Asked Questions regarding the removal of the credit card Overdrawn changes.
Introduction of Key Fact Sheets for credit card accounts
When applying for a credit card account with Bendigo Bank, all prospective customers will be provided with a Key Fact Sheet which details the features, interest rates and charges of each Bendigo Bank product, to ensure that the customer is able to make the right decision based on their banking needs.
All Bendigo Bank prospective customers will also be asked to nominate a limit, instead of being offered one.
Click here to view the Bendigo Bank credit card Key Fact Sheets and comparison tables.
Click here for Frequently Asked Questions regarding Bendigo Bank Key Fact Sheets.