Understanding interest and fees
Understanding how interest and fees are charged to your Bendigo Bank credit card account allows you to make better decisions on how to manage your monthly payments and everyday spending.
Knowing exactly when interest is charged can help if you plan on making a large purchase or are working on reducing your debt.
Interest on your Bendigo Bank credit card credit balance
Interest is what you are charged when you don’t pay your credit card bill in full each month (your credit balance). It works as a daily rate calculated by dividing your annual percentage rate by 365, and then multiplying your current balance by the daily rate.
That amount is then added to your bill. It’s important to note that different types of balances may attract different interest rates, for example; cash advances. For more information visit how interest works.
Credit card interest free days
All Bendigo Bank credit cards come with up to 44 or 55 interest free days.4 The interest-free period consists of your 30-day statement cycle, plus the period to the next payment due date.
The number of interest-free days will vary for each transaction, for example; if you make a transaction earlier in your statement period, you’ll have potentially longer to repay that amount without interest being charged, compared to if you make it on the last day of your statement period. It’s important to note interest free days do not apply to cash advances.
Cash advance on your credit card
A cash advance is a withdrawal made on your credit card account in the form of cash from an ATM, cash over the counter at a branch and other transactions which can be considered as equivalent to cash: such as a Pay Anyone transactions, gambling transactions, lottery tickets, money orders or wire transfers.
Transactions where you provide a merchant with your BSB and account number in order to establish a direct debit payment to your credit card account will also be treated as a cash advance. Interest on cash advances is usually charged at a different rate and is not subject to any interest free period.
Surcharges applied by merchants
Some merchants may charge an additional fee when using a credit card or debit card, this fee is levied by the merchant at the time of transaction and is included in the amount on your statement.
Fees levied by ATM operators and other financial institutions
Other financial institutions may charge you a fee for using their ATMs. This fee will be displayed at the time of the transaction and allows the customer to accept or decline the fee as shown.
Bendigo Bank fees and charges
The following is a list of the most common fees and charges that apply to all cards.
International transaction fee
All transactions made in currencies other than Australian dollars
Non-Bendigo Bank ATM enquiry
When you make an enquiry within Australia at a non-Bendigo Bank ATM using a Bendigo Bank card
Non-Bendigo Bank ATM withdrawal
When you make a withdrawal within Australia at a non-Bendigo Bank ATM using a Bendigo Bank card
Non-Bendigo Bank International ATM enquiry
When you make an enquiry internationally at a non-Bendigo Bank ATM using a Bendigo Bank card
Non-Bendigo Bank International ATM withdrawal
When you make a withdrawal internationally at a non-Bendigo Bank ATM using a Bendigo Bank card
Fees that apply to credit cards only:
Credit card late fee
When your minimum repayment on your Bendigo Bank credit card exceeds $25.00 and it has not been made 30 days after the due date. This fee is charged to your account at the end of the monthly statement period.
Annual fees for each product:
Other fees and charges may be applied on certain types of transactions such as deposits or withdrawals at the post office or other financial institutions, for a complete list see Schedule of Fees, Charges and Transaction Account Rebates.
Things you should know
Terms, conditions, fees and charges apply. All information is correct as at 30 September 2020 and is subject to change. Full details available on application. Credit criteria apply. Interest rate and annual fee current at 30 September 2020. Rates and fees are subject to change. Credit provided by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 Australian Credit Licence 237879.