BOQ Platinum Visa Credit Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
BOQ Platinum Visa Credit Card
Apply by 31 mar 18
10 reviews
30,000 points when you spend $3,000 in 90 days of card approval.
Complimentary travel insurance.
Earn 2 Q Rewards points per $1 spent.
Add to comparison
Q Rewards
Q Rewards
2 pts
per $1 spent
30,000
points
after spend criteria
 
in 12 mths (approx.)
Similar cards

Pros & cons

What's good?

What's not so good?

30,000 points when you spend $3,000 in 90 days of card approval.
$60 p.a. annual fee for the first year.
Earn 2 Q Rewards points per $1 spent.
Personal concierge service available 24/7.
Complimentary international travel insurance.
Purchases covered by extended warranty and purchase cover insurance.
Second year annual fee of $129 p.a.
Purchase interest rate is slightly above average at 20.74% p.a. ongoing.

Our review

Our review of the BOQ Platinum Visa Credit CardReviewed by Yvonne Taylor

Are you fed up with your current credit card, which gives you nothing back for your constant spending and makes you feel like a second-class citizen? Then the BOQ Platinum Visa Credit Card may be just the card for you. You can expect small bank customer service, praised by existing users, wherever you live in Australia. There are, in fact, over 250 Bank of Queensland branches located in all states and territories, and more than 3,500 ATMs. On top of this you’ll get a rewards program with a very respectable earning rate, lots of complimentary insurance policies, and all the usual perks of a platinum-level card.

The Bank of Queensland currently has only three credit cards on offer, and this one is the most prestigious. The card issuer is the financial colossus Citigroup.

Satisfactory points earning rate

Earning two Q Rewards points for every dollar spent, this card is twice as lucrative as the BOQ Blue Visa Credit Card. Although points are capped at 240,000 annually, this won’t worry you unless you qualify for the maximum credit limit and take advantage of it several times a year. You would have to use the card to spend $120,000 in a single year before you hit the points cap.

30,000 points first purchase bonus

Get your points account off to a flying start by using your card to make a purchase (of any amount) within the first three months of holding it. Your account will immediately be credited with 30,000 points, which you would normally only earn after spending $15,000.

Using Q Rewards points

Browsing rewards program redemption options can be a very pleasant pastime. What can be better than the idea that you are getting something for nothing, or, more accurately, some recompense at last for being loyal with your patronage? You can redeem your Q Rewards points for a wide range of merchandise (electrical appliances, technology, clothing and magazine subscriptions, to name but a few), as well as retail gift cards, hotel accommodation, car hire and holiday packages. Those 30,000 points, for example, would buy you a $100 gift card to spend at just about any one of Australia’s major retailers, and you’d still have 1,400 points left over.

‘Take Flight’

You can also use Q Rewards to book airline flights, and there’s a major point of difference between Q Rewards and the average frequent flyer program. Standard frequent flyer programs leave frustrated members scrambling for the limited number of award flights released by the program’s principal airline and its few partners. These restricted awards flights sometimes have to be booked months in advance. But the Q Rewards ‘Take Flight’ cashback system opens up the opportunity to use points to book almost any flight on almost any airline in the world.

Comprehensive range of insurance cover

Automatically included with the card are six different insurance policies which won’t cost you an extra cent one you have paid the annual card fee:

  • International travel insurance, covering you and your family for multiple overseas trips every year, even if you are away for six months at a time, provided you buy your travel tickets using the card (or by using Q Rewards or Take Flight). It extends to virtually unlimited medical expenses, unexpected travel cancellation, loss and damage to personal items, rental vehicle insurance excess, personal liability, and more.
  • Interstate flight inconvenience insurance. When flying domestically, you’re covered against cancellations, delays, lost or stolen luggage and rental vehicle insurance excess during trips of up to 14 days.
  • Transit accident insurance. If you, or your accompanying family members, have an accident and sustain a specific severe injury (such as loss of a limb or eyesight) while travelling as a paying passenger in a train, bus, plane, boat or ferry, you will receive a cash compensation. Your full fare must have been paid using the card.
  • Purchase cover insurance. Purchase an item with your card anywhere in the world, and in most cases it will be covered for loss, theft and damage for three months after the purchase date. There’s a generous limit of $5,000 per claim and $200,000 per year.
  • Extended warranty insurance, which doubles the manufacturer’s warranty (up to a maximum of 12 extra months) for most personal items bought with the card.
  • Guaranteed pricing scheme. If an item you bought with the card in a store (not online) afterwards goes on sale in a printed local catalogue, and you make a claim within 60 days of your purchase, you can receive a refund of the price difference (minimum $75, maximum $500).

But wait, there’s more—a balance transfer option

As if the rewards and insurance weren’t enough, the Bank of Queensland has thrown in a balance transfer option for good measure. Transfer a balance from another card, equal to up to 80% of your approved credit limit, and pay 0% p.a. interest on the transferred balance for 14 months.

If you’re looking for a platinum card you’re probably the kind of person who pays off the card balance in full every month, so you may not consider a zero interest balance transfer particularly appealing. But what if you’ve just made a really major purchase on your existing card – say, $20,000 that you could afford to pay off immediately if you chose to do so? Transfer the balance to your new Bank of Queensland Platinum Visa Card instead, and put the $20,000 on deposit to earn interest for 14 months.

Unpaid balance transfers revert to the cash advance rate of 21.74% p.a. after 14 months The purchase interest rate is a fairly typical for platinum cards, 20.74% p.a..

Up to 55 days on purchases

Naturally, the purchase interest rate only applies if you fail to pay off your balance in full when each monthly payment date comes around. Provided you are disciplined with your spending and repayments you need not pay any interest, ever. You can take advantage of the up to Up to 55 days on purchases delivered by the 30 day billing cycle plus an extra 25 days before you have to come up with the cash. That’s an extra 132 days of interest-free credit each year, when compared with a more restrictive 44-day card.

Concierge service

If you are considering a platinum card, you may already have the kind of busy lifestyle – travelling, entertaining, organising events – that would benefit from a free personal assistant. With this card you will have access to the Platinum Visa 24/7 concierge service, providing you with recommendations and bookings for dining, taxis, travel, concerts and events.

Service, security and convenience

Special privileges don’t stop with the concierge service. You’ll also get priority 24-hour customer service on a dedicated Platinum Visa card enquiries line. Meanwhile, Fraudshield will constantly monitor your account for suspicious transactions, and emergency credit card replacement is promised within 24 hours (or 48 hours overseas). When everything is sailing smoothly, you’ll enjoy the speed and convenience of Visa payWave for contactless purchases under $100.

Realistic annual fee

So what does all this – rewards, bonus points, insurance, zero interest balance transfer, Up to 55 days on purchases, concierge service, extra security – actually cost? Less than you might think. At $60 p.a. the annual fee for the first year is reasonable, given all the benefits. Add to this the fact that – in contrast to all other BOQ cards – you won’t pay any annual fee for up to four supplementary cards on your account, and it begins to look very cost-effective.

There is some downside in the fee structure, however. At 3.4% the foreign exchange fee is on the steep side, and if you choose to take a cash advance from an overseas ATM, you’ll be hit with a further 2% cash advance fee as well as a $4 overseas ATM fee. Cash advances on home soil avoid the foreign exchange fee but have their own sting in the form of a 3.5%. Take a $1,000 advance through an Australian ATM and you’ll owe $1,035 immediately.

Get rewarded for big spending, but keep it local

You and your supplementary cardholders could certainly reap fast, low-cost rewards with the BOQ Platinum Visa Credit Card, but the appeal is certainly greater for domestic spending in Australian dollars. Fortunately, the Take Flight booking system means that you can pay for your overseas trip airfares with Q Rewards points plus Aussie dollars (thus activating overseas travel insurance but avoiding steep foreign currency fees). Maybe take another card to use at your destination.

User reviews

4.3 out of 5.0 based on 10 reviews100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Love the shopping vouchers

Reviewed and recommended by Kylie on 05 Nov 2016

I really quite like this credit card as it has a great rewards program attached to it. I often find myself redeeming my points for different shopping gift cards, which I love because it always feels like a bonus shopping trip. My vouchers always come really quickly in the mail once ordered, too.

Good for collecting points for flights

Reviewed and recommended by Manjula on 19 Jul 2015

Good credit limit, efficient service, good security for the card and good privileges. Any time I’ve had a query, the response from the customer service team has been efficient. Hassle free payment with text reminders for when a payment is due. No problems with overseas transactions either.

I highly recommend the card to anyone who is looking for a good credit limit card and prompt service.

Easy rewards

Reviewed and recommended by Kylie Butcher on 14 Oct 2014

Spend and treat yourself. Each dollar you spend you receive points that allow you to transfer into cash. Once you are reimbursed for your hard spending you can treat yourself with anything you may wish! You can also take the benefit of the low interest, which is easily manageable.

Love BOQ!

Reviewed and recommended by Shar on 18 Sep 2016

It’s more the staff, to be honest. They make you feel real and that you matter — not another number at the deli counter. But the card itself is competitive in today’s market and relatively simple.

Nothing was hidden, or in the fine print, that will surprise you. This is standard of all BOQ products.

Totally happy with my platinum card!

Reviewed and recommended by Andrea on 30 Aug 2013

A great card, with easy use at a large range of shops etc and full access on my phone. Got the card when I purchased an investment house and have been very happy with the card and the bank in general ever since. Best service of any bank I have banked with ever!

A shiny card

Reviewed and recommended by Jenny on 04 Dec 2014

Generally pleased with the reward system on offer, and use the points toward the bill. I like that it has payWave and the fact that it is accepted widely around Australia.

I am not too happy being charged foreign currency conversion fees when travelling overseas. I even selected paying in Australian dollars once and still got stung.

Serves my purpose

Reviewed and recommended by Manjula on 21 Jun 2016

The points can be converted easily to KrisFlyer points and additionally you get Priority Lounge Membership in world class airports. Premier Lounge entries are unlimited and very helpful when you have an economy class ticket—you can get some business class service while waiting. Annual fees are reasonable.

As good as I could ask for

Reviewed and recommended by Justin on 11 Aug 2016

As it is my first credit card, I don’t have too much to compare it with. It’s been as good as I could ask for. 2 for 1 rewards are great, as well as the included travel insurance. The only thing that could be better is the exchange of points for rewards, but other than that a great card.

Pleased overall

Reviewed and recommended by Shane on 02 Jul 2016

The fees on this card are reasonable, the interest-free term is quite long, and the interest rates are comparable to most cards. The biggest benefit of my card is the rewards: there is so much to choose from and the points add up before you know it. The balance transfer rates are also very good.

Problem-free rewards card

Reviewed and recommended by Anon on 11 Sep 2013

So easy to access this card. I have had no problems with payments, interest rates and resolution of problems. The rewards system is great – mostly household products we would use, as well as shopping cards with values from $50 to &100. Easy internet access.also makes this card a beneficial resource.

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.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$35,000
Minimum income for pensioners
$
Pensioners
N/A
Rewards program
Q Rewards
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$30,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.14 months0%80% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

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

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

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.14 months0%80% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 1.73% 20.74% p.a.

Fees

Annual fee
$60 p.a.
Annual fee 2nd year
$129 p.a.
Cash advance fee
3.5%
Dishonour fee
$10
Duplicate statement fee
$7.00
Foreign exchange fee
3.4%
Late payment fee
$10
Over limit fee
$40
Overseas ATM balance fee
$4
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
N/A
Transaction verification fee
$7

Rewards & points

Rewards program basics

First purchase bonus
30,000 points
Reward points expiry
N/A
Rewards program
Q Rewards
Spend required for bonus points
$3,000 in 90 days

Earning points with this card

Frequent flyer points
2 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
240,000
Points earned on ATO payments
N/A
Reward points
2 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,341

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,341
Annual fee$60
Net customer value$1,281
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. Accurate as of 31st October 2015.

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 $35,000 per year
Have a good credit history
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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