Bendigo Ready ($0 p.a. 0% foreign fees, includes travel insurance)

[SeaWolf]

Bendigo has launched a new card called Ready.
Looks like a good alternative to 28 Degrees and Bankwest Zero Platinum cards.
There's no annual fee, no foreign currency fees, and it does include travel insurance ($500 pre-paid travel expenses on the card to activate).
There's also an introductory offer of 0% interest on purchases for the first 18 months on at the moment.

Bendigo Ready Credit Card

Get added insurances, purchase protections, complimentary international travel insurance and no annual fees with Bendigo Ready Credit Card. Apply online today.

www.bendigobank.com.au

 

[yojohnny]

If you're not getting points, I don't see why people would bother holding a credit card potentially impacting your churning success when there are many debit cards that offer the same low or no fx rates; Revolut and Wise being the best that I'm aware of.

I guess if you need travel insurance and there isn't a better churning options that offers it, this may be of interest.

 

[SYD]

If you're not getting points, I don't see why people would bother holding a credit card potentially impacting your churning success when there are many debit cards that offer the same low or no fx rates; Revolut and Wise being the best that I'm aware of.

I guess if you need travel insurance and there isn't a better churning options that offers it, this may be of interest.

Saving 3% on everything overseas is the main reason.

Also, when checking into a hotel or hiring a car, they will deduct the holding amount up front. Using a debit card, that’ll be cash gone from your account until they get around to returning it. On a CC, it just sits there as a pending charge although you still need to be mindful of the credit limit.

I *never* use a debit card unless I’m making a final payment for something.

 

[levelnine]

If you're not getting points, I don't see why people would bother holding a credit card potentially impacting your churning success when there are many debit cards that offer the same low or no fx rates; Revolut and Wise being the best that I'm aware of.

To the contrary, I think this could be a great addition to the churner's toolkit.

One of the downsides of churning is the inability to make use of credit card travel insurance because, by the time you travel, you've usually cancelled the card you booked the flights and accommodation on.

Throw $500 of travel expenses on this card and you are covered.

Now of course it will depend on the quality of the travel insurance, but this could be very handy.

If you reduce your credit limit on this card to the minimum allowable, it shouldn't affect your churning that much.

The main annoyance I can see if, if you're travelling with family, you need to put $500 of travel expenses per person.

 

[yojohnny]

Saving 3% on everything overseas is the main reason.

Also, when checking into a hotel or hiring a car, they will deduct the holding amount up front. Using a debit card, that’ll be cash gone from your account until they get around to returning it. On a CC, it just sits there as a pending charge although you still need to be mindful of the credit limit.

I *never* use a debit card unless I’m making a final payment for something.

If you use the debit cards (there are many now) that I am referring to, you're paying the same rate - i.e. Mastercard or Visa and therefore not paying the 3%. And the debit cards aren't affecting your churning.

Post automatically merged: Dec 7, 2022

To the contrary, I think this could be a great addition to the churner's toolkit.

One of the downsides of churning is the inability to make use of credit card travel insurance because, by the time you travel, you've usually cancelled the card you booked the flights and accommodation on.

Throw $500 of travel expenses on this card and you are covered.

Now of course it will depend on the quality of the travel insurance, but this could be very handy.

If you reduce your credit limit on this card to the minimum allowable, it shouldn't affect your churning that much.

The main annoyance I can see if, if you're travelling with family, you need to put $500 of travel expenses per person.

Right - as I mentioned.

 

[SYD]

If you use the debit cards (there are many now) that I am referring to, you're paying the same rate - i.e. Mastercard or Visa and therefore not paying the 3%. And the debit cards aren't affecting your churning.

Post automatically merged: Dec 7, 2022

Yep, pretty much all my debit cards are also Int fee free (ING, UBank even NAB thanks to Gold Banking) but I’m not letting AVIS take $2000 cash from my bank account when I can put that on a CC….

 

[yojohnny]

Yep, pretty much all my debit cards are also Int fee free (ING, UBank even NAB thanks to Gold Banking) but I’m not letting AVIS take $2000 cash from my bank account when I can put that on a CC….

Well the credit card protection you lack with a debit card is a good point I'd forgotten. Though I don't think most hire car places take debit anyway. But a good point!

 

[RooFlyer]

If you use the debit cards (there are many now) that I am referring to, you're paying the same rate - i.e. Mastercard or Visa and therefore not paying the 3%. And the debit cards aren't affecting your churning.

I think the main point being made by SYD is that with debit cards, when a hotel or someone takes $xx_ as a 'guarantee', its your own money which is locked up until they decide to return it. If you use a CC (such as 28 Degrees) its the bank's money and only a reduced credit limit that affects you.

If you use the debit cards (there are many now) that I am referring to, you're paying the same rate - i.e. Mastercard or Visa and therefore not paying the 3%.

Not sure what 'same rate' you are referring to in respect to Mastercard and Visa. I'm not familiar with Revolut and Wise; do they give FX close to spot and no added fee for transactions not in A$?

 

[yojohnny]

I think the main point being made by SYD is that with debit cards, when a hotel or someone takes $xx_ as a 'guarantee', its your own money which is locked up until they decide to return it. If you use a CC (such as 28 Degrees) its the bank's money and only a reduced credit limit that affects you.



Not sure what 'same rate' you are referring to in respect to Mastercard and Visa. I'm not familiar with Revolut and Wise; do they give FX close to spot and no added fee for transactions not in A$?

I think the main point being made by SYD is that with debit cards, when a hotel or someone takes $xx_ as a 'guarantee', its your own money which is locked up until they decide to return it. If you use a CC (such as 28 Degrees) its the bank's money and only a reduced credit limit that affects you.



Not sure what 'same rate' you are referring to in respect to Mastercard and Visa. I'm not familiar with Revolut and Wise; do they give FX close to spot and no added fee for transactions not in A$?

I'm saying that both debit cards and credit cards can use the Mastercard and Visa rates so they are going to be the same, regardless, with the debit winning out if your churning but with the risks noted previously.

Revolut use the interbank rate (Mon - Fri, New York time) so when I've done ~1k of transactions it's been within 10s of cents to what xe.com is showing me. It's the best I'm yet to see in Australia. When I compared with Mastercard rates, it saved me a not insignificant amount. Revolut adds 1% over the weekend so I've started using Wise on the weekend (if there's a sale, a la Black Friday where I can't wait until a weekday) as it also uses the interbank rate + a small percentage which looks to be a fraction of a percent.

 

[RooFlyer]

Revolut use the interbank rate (Mon - Fri, New York time) so when I've done ~1k of transactions it's been within 10s of cents to what xe.com is showing me. It's the best I'm yet to see in Australia. When I compared with Mastercard rates, it saved me a not insignificant amount. Revolut adds 1% over the weekend so I've started using Wise on the weekend (if there's a sale, a la Black Friday where I can't wait until a weekday) as it also uses the interbank rate + a small percentage which looks to be a fraction of a percent.

Sounds like interesting debit card products (but a bit weird re the weekend penalty), but I'm happy with my Citi debit card for overseas ATM usage which spits out the foreign notes at spot, within a range of a day's fluctuations (most recently tested in Egypt, last month). But you still refer to 'Mastercard rates' as if they are all the same. The 28 Degree (Latitude) Mastercard gives FX on overseas transactions also as close to spot as I can judge without doing the comparison at the extract time. Have documented this in threads here before.

Sounds like we both have products we both like, good stuff, but I'm happier with the fee-free and FX all-but neutral 28 Degrees credit card and risk the bank's money overseas

 

[yojohnny]

Sounds like interesting debit card products (but a bit weird re the weekend penalty), but I'm happy with my Citi debit card for overseas ATM usage which spits out the foreign notes at spot, within a range of a day's fluctuations (most recently tested in Egypt, last month). But you still refer to 'Mastercard rates' as if they are all the same. The 28 Degree (Latitude) Mastercard gives FX on overseas transactions also as close to spot as I can judge without doing the comparison at the extract time. Have documented this in threads here before.

Sounds like we both have products we both like, good stuff, but I'm happier with the fee-free and FX all-but neutral 28 Degrees credit card and risk the bank's money overseas

If they're using the Mastercard rate then they are the same and it can be a big difference for large amounts versus my testing with Revolut and Wise.

Mastercard Currency Converter | Currency Exchange Rate Calculator

Mastercard currency converter tool calculates foreign exchange rates for all the major currencies worldwide to enable cross-border purchases and ATM transactions.

www.mastercard.com.au

 

[Thibault]

Has anyone applied and used the card?

I have never banked with Bendigo but this would be - I think - a great addition for a go-to card in my wallet between churns.

I have read, however, that they are often declining new card applications if you churned through two or three in the previous year - any reports?

Many thanks!

 

[dumpsterjuice]

Stopping by to give you my initial application experience

I applied online, and had 3 consecutive disasterous applications - I failed their electronic identification initially, then tried again and had two what I interpret were "declined applications".

I am a top 5% earner and applied for a 5k limit. I churn 2-4 cards yearly. I dont take no for answer and always fight for a reassessment.

Geararing for war, I called and explained my situation. To make it more challenging there isnt a branch within xx_km from me so I fully expected to be directed to go. I was surprised at how much better it turned out. One call to their applications team led to a virtual card application specialist contacting me to go through the application all over again + usual income and identity provisions. Within 2 days I was set up and am now waiting for the physical card to arrive.

 

[oz_mark]

Sounds like interesting debit card products (but a bit weird re the weekend penalty), but I'm happy with my Citi debit card for overseas ATM usage which spits out the foreign notes at spot, within a range of a day's fluctuations (most recently tested in Egypt, last month). But you still refer to 'Mastercard rates' as if they are all the same. The 28 Degree (Latitude) Mastercard gives FX on overseas transactions also as close to spot as I can judge without doing the comparison at the extract time. Have documented this in threads here before.

If you're using a Mastercard, it is generally Mastercard (the scheme provider) that is doing the currency conversion, and they use the 'Mastercard rate'.

 

[bamboo tree]

I recently (this month) had got this card with a $3k limit but am thinking it is too low. Does anyone know if getting a small limit increase (say to $4-5k) is a relatively easy process at Bendigo?

 

[dumpsterjuice]

I recently (this month) had got this card with a $3k limit but am thinking it is too low. Does anyone know if getting a small limit increase (say to $4-5k) is a relatively easy process at Bendigo?

Topping it up into positive credit isn't suitable?

 

[bamboo tree]

Topping it up into positive credit isn't suitable?

it is an option but not a preferred one as you're not getting the interest-free days / you're paying in advance.
i had initially thought $3k was sufficient but overseas transactions but have been reminded that hotel holds might reduce the available limit materially.

 

[dumpsterjuice]

it is an option but not a preferred one as you're not getting the interest-free days / you're paying in advance.
i had initially thought $3k was sufficient but overseas transactions but have been reminded that hotel holds might reduce the available limit materially.

Did you have an assigned application specialist? (A Bendigo rep that may have emailed you any communication) Otherwise I'd would get in touch with them ASAP by phone and explain. It may be still fresh enough for them to reassess you without a second credit check