BOQ Low Rate Visa Credit Card

Amount I'd like to transfer: 
$5000
 
My interest rate on purchases: 
17%
 
My annual fee: 
$90
 
 
card features
balance transfer
purchase rate
annual fee
your savings
BOQ Low Rate Visa Credit Card
Rated by 2 people
Low rate credit card at 13.49% p.a. ongoing.
Up to 55 days on purchases interest-free.
Visa payWave.
6 months
0% p.a.
then 21.49%
13.49% p.a.
ongoing
$55
ongoing
 
saved over 6 months
Pros & Cons
Our Review
User Reviews
Rates & Fees
Rewards & Points
Insurance
What You'll Need
Similar Cards

The Pros

0% p.a. balance transfers for 6 months.
Low ongoing interest rate on purchases.
Cheap annual fee.
Choose from a range of designs.

The Cons

No rewards on this card.

Our review of the BOQ Low Rate Visa Credit Card

The Bank of Queensland’s Low Rate Visa credit card has an attractive annual fee and a very competitive interest rate on both balance transfers and purchases, a combination that’s rare in Australia. It has automatic credit transfer to other accounts to avoid overdraft fees and no additional costs such as those of a rewards program. This is a low rate card by name, and it more than delivers.

Pros

The biggest draw of the BOQ Low Rate credit card is the price. A popular card for a reason, this one boasts one of the lowest standard purchase rates (13.49% p.a.)and a low annual fee to go with it. You still get up to 55 days interest free, the convenience of Visa’s worldwide acceptance and it is a great card to help you get your debt down as fast as possible.

Currently the card has a great introductory deal where you pay a $55 p.a. annual fee for the first year and get a really low interest rate on balance transfers at 0% p.a. for 6 months.

The card doesn’t have a rewards program, but this can be a plus when you’re trying to save money. Rewards programs can be complicated and you have to spend a small fortune to get anywhere anyway, not to mention, some actually cost extra just to be a member. This Low Rate credit card from Bank of Queensland is purpose built to save you money and offers you low cost simplicity.

In terms of security and convenience you’ll get 24 Hour EasyPhone access, as well as of course, online banking. And if you lose your card, you’ll have it replaced in 24 hours within Australia. Fraudshield is also standard for this card, making sure you’re informed about any suspicious activity on your account preventing any fraudulent use.

With the Bank of Queensland Low Rate Visa credit card, you will also be entitled to the Credit Card Saver feature where automatic credit card repayments can be made with Easi-Pay. This can help you stay on track and avoid interest charges and extra fees if you choose to pay your account balance in full. You can also choose to just pay the minimum amount due, or go for a fixed amount, set by you, from your nominated account on a monthly basis. Another help enabling you to track and reduce your debt.

Last but not least, you can pick your own funky design from 4 colourful options: water, ribbon, swirl and fish.

Cons

As mentioned, there is no rewards program on this card, nor insurances or anything fancy. But you’re not paying for that either and with the introductory offer, who’d complain?

Speaking of introductory offers, the BOQ Low Rate credit card’s balance transfer offer, which is one of the most sought after features of any card, is not the most competitive. On the broader market it’s possible to find 0% balance transfer deals that last for longer.

Also, the minimum income requirement of $25,000 is a bit higher than that of other low rate offers such as the ANZ Low Rate MasterCard and Aussie MasterCard. However, it’s still well within reach of most people.

Conclusion

For a low income earner or someone who’s racked up a bit of debt and wants to get on top of things, this card is well worth your consideration. There’s no denying that this potent combination of interest rates is in a league of its own.

How well does it rate with reviewers?

4.1
out of 5.0
based on 2 reviews
Rates and fees
Rewards
Customer service
Convenience
Trust
Bank of Queensland is a great bank
- Good
Reviewer: paige posted this review on 31 Mar 2014
Recommend this card: yes

I really love the card it has pay pass and its easy to use, it has a good design and they have great customer service its also a small and trustworthy branch I would definitely recommend this bank to all of my friends and family it also has a lot of ATM machines around.

Fast Internet banking and easy to use card and stylish too
Nothing at all

Great service and easy to use
- Okay
Reviewer: Leonard posted this review on 13 Aug 2013
Recommend this card: yes

Great service and easy to use, staff are always friendly and the website is easy to use and very convenient. There are a lot of agencies especially in Cairns and there are a lot of ATM available especially the red ATM. I use the website mostly and I am happy with the new upgrade of the site…

Internet banking
 

Rates & Fees

Additional Card Fee
$15 p.a.
Additional Cardholders
4
Annual Fee
$55 p.a.
Balance Transfer Fee
0%
Balance Transfer Period
6 months
Balance Transfer Rate
0% p.a.
Card Type
Visa
Cash Advance Fee
3.5%
Cash Advance Rate
21.49% p.a.
Dishonour Fee
$10
Duplicate Statement Fee
$7
Foreign Exchange Fee
3.4%
Gambling Transactions Allowed
No
Interest Charged From
Purchase date
Interest Free Period
Up to 55 days on purchases
Intro Purchase Period
None
Intro Purchase Rate
None
Late Payment Fee
$30
Maximum Credit Limit
$20,000
Minimum Credit Limit
Minimum Repayment
2%
Over Limit Fee
$40
Overseas ATM Balance Fee
$4
Overseas ATM Withdrawal Fee
$4
Overseas Emergency Card Replacement Fee
None
Purchase Rate
13.49% p.a.
Transaction Verification Fee
$7

Rewards & Points

Airport Lounge Access
Complimentary Flight Voucher
Frequent Flyer Points (AmEx)
Frequent Flyer Points (MC/VISA)
Overseas Earn Rate (AmEx)
Overseas Earn Rate (MC/VISA)
Points Cap Per Month (AmEx)
Points Cap Per Month (MC/VISA)
Points Cap Per Year (AmEx)
Points Cap Per Year (MC/VISA)
Reward Points (AmEx)
Reward Points (MC/VISA)
Rewards Program
Sign Up Bonus
Spend for SYD/MEL return

Insurance

Extended Warranty Insurance
No
International Travel Insurance
No
Interstate Flight Inconvenience
No
Personal Item Theft Cover
No
Price Protection Insurance
No
Purchase Protection Insurance
No
Transport Accident Insurance
No
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product.

Minimum criteria for this card

Be over 18 years old
Earn a regular income of more than $25,000 per year
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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