Bendigo Bank Ready Credit Card Application Rejected

MediumRareChicken on 04/05/2026 - 23:58
Last edited 05/05/2026 - 00:36 by 1 other user

I recently applied for a Bendigo Bank Ready CC as I thought it would come in handy when travelling overseas. I put a limit of $10,000 on the application, but it got rejected, and they even said they wouldn’t be able to service at the lowest limit of $3,000. I asked why and they said it was due to my home loan debt. Apparently they don’t take into account assets or cash savings, it’s purely an income versus debt calculation. Does this sound right?

My situation is:
$680k home loan debt ($1m property value)
$380k cash savings in offset
$140k annual income

My home loan is actually with Bendigo and Adelaide bank which I thought would have been advantageous. I’ve never had a credit card before.

Would I struggle getting any type of credit card, or does Bendigo Bank just have a super strict criteria?

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  • GuyfromMelbourne on 05/05/2026 - 07:17
    +8

    Your repayments in bank calculation for home loan are 5.5K. Living expenses as per bank would be 3k plus. And you bring in 8.6k monthly. Not much left.

    They may be taking your living expenses higher than what you spend but that can’t be challenged.

    And repayments for home loan are calculated on total loan amount including redraw. Adding 3% on your actual rate.

    Hope that explains it.

    • Gunnar on 05/05/2026 - 07:45
      +2

      This is a really good explanation OP

      CC applications are based on income v expenses and you won’t have much fat in your budget (savings and assets mean nothing).

      Most banks operate on these principles, some more so than others. If you put in another application for a credit card id chat to the financial institution first to gauge whether it will be approved (as this will temporarily go against your credit rating)

      Also if you plan on refinancing your mortgage a credit card will impact your borrowing capacity because of load serviceability (here your credit limit is taken as an expense, regardless of whether you pay it off in full each month)

  • try2bhelpful on 05/05/2026 - 07:45
    +5

    We discovered that once you’ve retired you are screwed with credit card applications no matter how many assets you have. They are only interested in àn employment income.

  • churlish on 05/05/2026 - 08:11
    +4

    My application was auto rejected so I emailed them and asked for a manual review.

    In the rejection email there was a line that says "If you would like to discuss your eligibility further, email us at XXXXXXX@bendigoadelaide.com.au"

    They replied asking for a few documents and two days later I was approved.

  • JIMB0 on 05/05/2026 - 12:18
    +3

    Blame the banking royal commission and the resulting "responsible lending" requirement that came out of it. Before that banks were happy to lend you money with insufficient income to cover repayments as long as you had assets they could go after and get their money back.

    • tubeidea on 05/05/2026 - 15:06

      Someone I know got a credit card with something like a 5k limit while he worked casual 1 day a week at kmart before the royal commission, he has a much better job nowadays but it really surprised me, given that I was working casual, 12 hours a day, yet I got knocked back for a 6k limit, just because I was casual, I had no other debt and definitely not a home loan.

  • Gelato on 05/05/2026 - 00:25
    +2

    Apparently they don’t take into account assets or cash savings, it’s purely an income versus debt calculation.

    it sounds about right, asset and cash are not part of servicing calculation.

    i'm guessing the recent interest rate hikes have gone against you when Bank access your ability to service your home loan + this new credit card app

  • perhaps on 05/05/2026 - 06:03
    +1

    It'll take into account your HEM and is actually looking at serviceability

    • spackbace on 05/05/2026 - 10:58

      This

      Comes down to how many people contribute towards that. Does OP have a partner, kids etc

  • mskeggs on 05/05/2026 - 07:26
    +1

    I'd suggest Bendigo might be a bit more cautious with lending than some others. I found some credit providers wave stuff through and offer very high limits, while others offer a lot of scrutiny.
    And it varies depending on how enthusiastic The are to issue cards at that time.

    You financial position is pretty strong, so it is annoying to be rejected.

  • Downvoter on 05/05/2026 - 11:45
    +1

    Rejected CC application on credit history…oh dear.

    • Wiadro on 05/05/2026 - 12:10
      -3

      i know sadddddddddddddddddddddd

  • Danstar on 06/05/2026 - 08:07
    +1

    I've had 1 bank reject me constantly (ANZ) and basically every other cc I apply for, I get credit limits of $75k or there abouts

  • sghetti on 05/05/2026 - 06:40

    Is the home loan joint or just yourself?

    And yes, they won’t take into account savings. You could spend that tomorrow and it’s gone.

  • Dollar General on 05/05/2026 - 07:24

    Do you have a partner and does he/she work and if the case, did you split expenses 50:50 in the application?

  • Duckie2hh on 05/05/2026 - 09:34

    Same situation here. Just get a Macquarie Debit card instead.

  • Nillionaire on 05/05/2026 - 10:18

    as I thought it would come in handy when travelling overseas

    for what exactly?

    • MS Paint on 05/05/2026 - 10:40

      To buy the shit you want/need and deal with it when you get home.

  • mitty on 05/05/2026 - 10:49

    Bendigo were a pain when I applied for Ready Credit. On paper I had no debt (I had mortgages but they were 100% offset, and I had three other cards all with 10K limits which were always paid off, and I had some savings). They would not give me 10K but ended up giving me 5K. I mainly wanted it for the travel/rental car insurance so even though this was annoying I just ended up going with it. But yeah they are a bit over zealous with the credit criteria etc, more so than someone like 28 degrees who gave my partner a card with a 12K limit when he is unemployed with only investment income!

    • Gareth on 05/05/2026 - 12:32
      +1

      You can spend the offset tomorrow, hence they consider the full amount outstanding on the mortgage. Your other cards are just an additional $30K debt to them. That's how the banks think.

  • techno2000 on 05/05/2026 - 11:25

    Tell me about it.
    I had similar experiences with credit cards.
    Have heaps in my offset and dual income household and not under any financial stress but computer says no.
    If not for the fact that Hotels and car rentals sometimes insist on a credit card,I would just get rid of mine and use debit cards only.

  • star-ggg on 05/05/2026 - 11:27

    Yeap sounds about right. It's interesting I've found it way easier to increase my home loan size than to get a credit card, and my credit history has no missed payments.

  • Mugsy on 05/05/2026 - 10:07
    -1

    My home loan is actually with Bendigo and Adelaide bank which I thought would have been advantageous.

    The opposite actually. They won't want to more debt from the same borrower and a credit card is treated as debt.

    I'm guessing your loan was the max amount you could borrow from them in order for them to be this strict.

    You could look at moving your loan away to another lender assuming you can negotiate a good rate and terms (e.g. annual offset account service fee waived for life). This might make Bendigo feel more comfortable with giving you a credit card.

    Otherwise, no international fee debit cards will be as good as it gets for products with no annual fee. The ING Orange One credit card has a minimum credit limit of $1k but has a $49 annual fee… does come with complimentary travel insurance (assuming the coverage works for your trip).

    Incidentally, that's a lot of cash in the offset account… above the $250k covered by the FCS. Another option is to pay down the loan by say, $180k, leaving $200k in there for emergencies and a $50k gap for you to build up from. Would reduce your debt with them, free up some cashflow and maybe make them comfortable with giving you that credit card. If you do, ask for the $3k first and then try bumping the limit up later if you get the card (or keep the limit at $3k and churn other cards for bonus points).

  • Jake D on 05/05/2026 - 11:08
    -1

    You dodged a bullet. Bendigo Bank customer service is horrendous. Now go refinance your home loan to a bank willing to help you.

  • Xetrok on 06/05/2026 - 09:19
    -4

    It's probably worth considering that the ready credit product isn't a credit card, it's a personal loan with a debit card wrapped around it.
    So you might face less hassle with a traditional credit card application.

    • YesPleaseThankYou on 09/05/2026 - 14:23
      -2

      Nice (dumb) AI response that has gotten the Bendigo Bank Ready credit card product confused with the former Citi Ready Credit product.

  • Wiadro on 05/05/2026 - 09:00
    -5

    ADACDHS

  • ratoloko on 10/05/2026 - 23:31

    I’ve never had a credit card before.

    Good, keep things that way.

    Many people don't know how to use it, then they go from zero to to red faster than they can blink. You don't wanna that with such a massive loan on your back already.

    You said you have cash, you should have debit card also, and your bank should provide service overseas.
    Always have local cash as backup, and stick with your debit card while avoiding it coz of the currency exchange.

    That will allow you to enjoy while overseas, and enforcing you to spend wisely.

    • MediumRareChicken on 11/05/2026 - 00:17

      I have both a Wise and Up card which get used for travels, however a lot of countries these days require an actual credit card for things like car hire and hotels and don’t accept debit cards. This is the only reason I want a credit card, not for anything else. The Bendigo Bank Ready looked like the best card for travels, offering free travel insurance and zero fees

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