The Bendigo Gold credit card is a bit of a trick. It appears to have the characteristics of regular Gold credit cards, but really it’s just the Bendigo Red credit card in disguise!

The annual fee on the Gold credit card is almost double that of the Red credit card. But what do you get for that? Well, the interest rate is a little more reasonable on a Gold credit card at for both cash advances and purchases, along with up to 55 days interest free on purchases, which is a nice change.

Rewards points have a marginally better earn rate at 1.5 points per dollar spent, but the reward redemption rate is of course exactly the same. So to get a $100 reward you need to spend just under $24,500 which is still a truck load of money for that kind of reward value.

Rewards available under the Bendigo Rewards program include gift vouchers, discounts, movie tickets, cash back, magazine subscriptions, travel and accommodation. Speaking of travel, this credit card does actually offer two benefits for Gold credit card holders who are planning on travelling – commission-free traveler’s cheques and travel assistance.

Travel assistance at Bendigo gets you emergency ticket replacement, legal and medical assistance, lost luggage assistance, and emergency transport assistance. This is available for you, your spouse and any dependent children under the age of 22 when they are travelling with you. While it’s good to see on the Gold credit card it’s not up to the standard of other gold credit cards, so is no reason to be singing from the roof tops, that’s for sure.

If after all that you’re still hell-bent on getting a Bendigo credit card then we think the Basic Black is probably your best bet in terms of price. Otherwise we’d recommend looking to another bank, plain and simple.

See our top credit card picks in the Editor’s Choice category

Let’s not beat around the bush…Bendigo’s Red credit card is decidedly average. You could even say it was average to poor.

While the annual fee is not especially high, there is only (up to) 44 days interest free, no balance transfer information to speak of, and the interest rate charged on this rewards credit card is extreme, for both purchases and cash advances. At a guess, we’d say that the reasoning behind this is to compensate for the rewards program, which isn’t even that rewarding!

When you’re approved for a Bendigo credit card you’re automatically enrolled into the Bendigo Rewards program. You can earn one point for every dollar spent on purchases, up to 6 points at Bendigo Rewards’ bonus partner retailers, and 3 points for every dollar spent on travel through Bendigo’s own FlightPoints travel agency.

We have to admit, this a good start but it all goes downhill from here. The redemption value for rewards is just ridiculous. To get a $100 reward you have to fork over 36,667 rewards points – that’s $36,667 worth of spending (without bonus points) and is at least three to four times the number of points needed to get a $100 voucher on other credit cards’ rewards programs. So you’ll have to do a lot more spending on this credit card than you would on others to get a decent credit card reward.

While we’re on the topic we should probably let you know what the rewards are, you know…just in case. With your rewards points you can choose from a wide range of rewards including cash back, movie tickets, gift vouchers, magazine subscriptions, travel and accommodation (to name just a few).

What is odd is that this credit card with rewards doesn’t offer any other benefits to help people out when they’re travelling. Even just a little bit of purchase protection or an extended warranty on credit card purchases wouldn’t go astray. The one good thing we can say about this is that interest is calculated from the statement date, not the purchase date, so you will save a bit of money there. Not enough however to cover the cost of the high interest rate and outrageous rewards program criteria.

After some of the other cards that have been put out by Bendigo, it was surprising to see how bad this credit card really is. It seems as if the rewards program on the Bendigo Red credit card was meant to be the be-all and end-all of credit card reward programs (considering the price that is paid for it). You’d think maybe if they took out the rewards program the card would be a little bit more reasonable, but due to the lack of other features or benefits on offer, all you’d be left with is just a very expensive piece of plastic.

See our top credit card picks in the Editor’s Choice category

Bank of Queensland’s Low Rate Visa credit card sits at the more expensive end of the low interest rate scale, but at the same time has some great rates across the board that actually makes it sit higher in the overall ranks.

While the interest rate is low on this credit card, it is at the higher end of the ‘low interest rate’ scale  but is teamed up with up to 55 days interest free. We are also pleased to say that this is made up for by a cash advance rate that defies the ‘norm’  which is one of the lowest cash advance rates around.

Balance transfers are low for the life of your transfer, which is a very attractive feature as most credit cards only offer such a low rate for a limited period of time.

There are unfortunately some eligibility requirements for this credit card, including a minimum income per year of $20,000 and an age limit of 18 years or older. The annual fee is average for this type of card which allows you the choice of four different card designs, and up to four additional cardholders absolutely free of charge.

One feature that stood out from Bank of Queensland was the ability to set up automatic credit card repayments each month from a non-Bank of Queensland bank account. This helps with keeping your bills under control and means that you’re are not forced to open a Bank of Queensland bank account if you don’t want to.

Overall this card is very attractive as it covers a lot of areas in terms of affordability, and would suit people who use their credit card quite a lot and are looking for a much cheaper alternative over all, including cash advances and balance transfers.

See our top credit card picks in the Editor’s Choice category