BOQ Low Rate Visa Credit Card

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BOQ Low Rate Visa Credit Card
Rated by 3 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.
saved over 6 months

Pros & cons

What's good?

What's not so good?

0% p.a. balance transfers for 6 months.
The 13.49% p.a. is one of the lower purchase rates on the site.
The annual fee is just $55 p.a., which is about average for this type of card.
Up to 55 days on purchases interest-free.
Add up to 4 additional cardholders.
Choose from a range of designs.
Any remaining balance transfer will revert to the cash advance rate, currently 21.49% p.a.
It costs $15 p.a. per additional card on the account.
No rewards on this card.
Joint applications are not allowed.


Our review of the BOQ Low Rate Visa Credit Card

Looking for an inexpensive but highly functional credit card with no nonsense about earning rewards points or pointless “free” insurance policies? Look no further than the BOQ Low Rate Visa Credit Card, which can be yours wherever you live in Australia. The Bank of Queensland is, of course, not one of the Big Four, but its customers have good things to say about the level of service they receive. There are only 250 branches, or thereabouts, but 3,500 ATMs, and all the usual digital access in the form of telephone banking, internet banking and smart phone apps.

Competitive low purchase interest rate

If you think it’s ever likely that you will need to use a credit card to smooth out temporary bumps in your financial highway, or that you might forget to pay off your balance in full on the odd occasion, by all means opt for a credit card like this one with a low rate on purchases. At 13.49% p.a. it’s among the most economical of bank-issued credit cards. (Citigroup is the issuer in this case.) Although 13.49% p.a. is considerably higher than the rate applied to more traditional forms of lending, such as a secured personal loan, it’s still measurably lower than other cards you might currently hold with interest rates around the 20% p.a. mark.

Suppose you forget to pay off your purchase balance until a few days after the payment due date. Bad luck, because as well as the sizeable late payment fee imposed by the vast majority of cards you’ll also now lose your interest-free days on purchases for the next two months. If your average closing balance is around $3,000, the difference between 13.49% p.a. and 20% p.a. is going to save you $33 in interest over just two short months. And if you need to let that $3,000 a month blow out to $36,000 over 12 months (not recommended) the difference in interest rates is going to save you a massive $1,270.

Moderate annual fee, free first year

At $55 p.a. the annual fee is not the lowest you will find for a stripped-back card like this one, but it’s still fairly moderate given the other benefits, like the low purchase interest rate and the zero interest balance transfer option (more details below). Add to this the fact that you will be charged no annual fee for the first year, and it seems well worth giving the card a trial run. There is one unavoidable drawback in the fee structure, however. The Bank of Queensland doesn’t put out the welcome mat for supplementary cards on the account. Although they will allow you to have up to four, they will charge you $15 p.a. for each one, so this is something to factor into your cost calculations.

0% p.a. on balance transfers for 6 months

Here’s an introductory offer worth having, one more to tempt you to give the card a try. Transfer your balance from another bank or store credit card (or cards), in an amount equal to up to 80% of your approved credit limit on your BOQ card. If you’re struggling to repay an existing balance of $20,000 with a 20% p.a. interest rate, this offer would save you a significant $2,000. Even if you already have the cash to pay it off, you could put the money in a 5% mortgage offset account instead, and reduce your mortgage interest bill by $500.

Try to avoid the situation where you can’t repay the transferred balance when the offer expires after six months, because you will immediately start paying interest at the (not unusual) cash advance rate of 21.49% p.a.

Cash advance limits and fees

If you do ever need to rely on the card for a cash advance, note that the ATM withdrawal limit is $1,000 per day, but you can withdraw up to $30,000 (depending on your credit limit) over the counter at any financial institution displaying the Visa symbol, provided you can supply photo ID. The cash advance fee of 3.5% (within Australia) is on the high side. If you withdraw $1,000 you’ll immediately start paying 21.49% p.a. interest on $1,035.

Foreign exchange fees

You can expect to pay a foreign exchange fee for foreign currency transactions made with almost any credit card, whether you’re travelling overseas or just shopping online. Once again, this card’s 3.4% foreign exchange fee is not at the lower end of the scale. Perhaps in recognition of this, you’ll pay a lower cash advance fee – 2% – if you need to withdraw cash while overseas.

Up to 55 days on purchases

Because this is a low rate card you might expect the bank to cut corners and save themselves some money when handing out interest-free days, but this is not the case. Up to 55 days on purchases (up to 30 days delivered by the monthly billing cycle, plus a 25-day grace period before you have to clear your purchase balance) is identical to that offered by many more expensive cards, and lets you leave your cash in the bank for an extra 132 days each year when compared with 44 days interest-free cards.

Fraudshield, payWave and Easi-Pay

Security and convenience have not been ignored.

  • Fraudshield, comes with the card automatically. It monitors your card and notifies you at once if there are any suspicious transactions.
  • Visa payWave lets you make contactless purchases under $100. No more messing about with a PIN for those small purchases.
  • Easy-Pay is an optional system that sets up automatic credit card repayments from your bank account on your behalf, meaning that you won’t be hit with unnecessary interest payments by forgetting to pay off your balance.
  • Visa guarantees replacement of a lost or stolen card almost anywhere in the world within 48 hours

Similar cards you may wish to consider

There are other low rate cards with even longer zero interest balance transfer offers. Check out the Westpac Low Rate Credit Card (18 months at 0% p.a. on balance transfers, 3 months at 0% p.a. on purchases, then 13.49% p.a. ). Also take a look at the ANZ Low Rate MasterCard, offering 0% p.a. balance transfers for 16 months, but with a 2% upfront fee.

Why choose the BOQ Low Rate Visa Credit Card?

The name says it all. If you’re looking for a low rate, you can’t go past 13.49% p.a. And although there are no rewards points or complimentary insurance policies, this omission (if indeed it bothers you) is offset by the zero interest balance transfer and the moderate annual fee. With a relatively modest minimum income requirement of $25,000 this would make a great starter card, or a long-term card for the budget-conscious person with no need for unnecessary peripheral benefits.

User reviews

How well does it rate with cardholders?

out of 5.0
based on 3 reviews
Rates and fees
Customer service
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Happy overall

Cardholder: Sue posted this review on 23 Jul 2015
Recommend this card: yes

We use this as our day to day credit card. We prefer it over other cards as it has a lower interest rate. We are not reward users and therefore find this card the most suitable to our needs. The online banking is easy to use. We have not considered changing.

Low interest rate
Can't think of anything specific to this card

Bank of Queensland is a great bank

Cardholder: 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

Cardholder: 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

Basic details

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$15 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfer

The offer

Interest rate
Revert Rate
Balance transfers0% p.a.6 months0%N/A21.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the BOQ Low Rate Visa Credit Card at the promotional balance transfer rate from:

  • Bank of Queensland
  • Citi
  • CUA
  • IMB
  • Suncorp
  • Virgin Money

Rates & fees

Promotional interest rates

Interest rate
Revert Rate
Balance transfers0% p.a.6 months0%N/A 21.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.79% 21.49% p.a.
Purchases 1.12% 13.49% p.a.


Annual fee
$55 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee



Extended warranty insurance
International travel insurance
Interstate flight inconvenience
Personal item theft cover
Price protection insurance
Purchase protection insurance
Transport accident insurance
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

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $25,000 per year
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.

Apply for BOQ Low Rate Visa Credit Card

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