BOQ Low Rate Visa Credit Card

Consolidate your credit card debt and save with no interest both on balance transfers and purchases for 6 months.

The Bank of Queensland Low Rate Visa credit card is suited to people who want to manage existing debts and save on standard credit card costs. This card combines a promotional interest-free balance transfer and purchase rate offer with a competitive annual fee of $55 p.a.

Sally McMullen

Last Updated Jul 1, 2021

0% p.a.

Balance transfer rate

for 6 months

0% p.a.

Purchase rate

for the first 6 months (reverts to 13.49% p.a.)

$55 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	BOQ Low Rate Visa Credit Card
Balance transfer rate	0% p.a. for 6 months
Balance transfer revert rate	Cash Advance Rate (21.49% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	0% p.a. for 6 months, reverts to 13.49% p.a.
Annual fee	$55
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.49% p.a.
Min credit limit	$2,000
Max credit limit	$20,000
Card type	Visa
Foreign currency conversion fee	3.4%

Minimum income	$25,000
Available to temporary residents	No
Joint application	No

Pros

0% p.a. on purchases for 6 months
0% p.a. for 6 months, with no balance transfer fee
Low annual fee of $55

Cons

Balance transfer reverts to the 21.49% p.a. cash advance rate after the promotional period

Bonus points	N/A

Annual fee	$55
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	2% of transaction amount or $4 (whichever is greater, capped at $30)
Additional cardholder fee	$15
Number of additional cardholders	4

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Bank of Queensland Low Rate Visa offers a shorter interest-free balance transfer promotion compared to some of the other offers on the market right now. But as long as you can repay your balance before the interest applies, it could be a useful way to get your credit card debt under control relatively quickly.

This card also has a purchase interest rate offer, but if you’re concentrating on repaying your balance transfer debt, you might not want to use the card to make purchases. The BOQ Low Rate also charges a competitive annual fee, but there are some balance transfer cards that offer a $0 annual fee, so be sure to compare your options.

How to apply

You can apply for the BOQ Low Rate Visa credit card online but you'll need to meet the following eligibility requirements and provide supporting documents to complete the application.

Eligibility criteria

Age. You must be at least 18 years old to apply.
Eligible balance transfer debt. If you're planning to transfer a balance to the BOQ Low Rate, you can transfer up to 80% of your approved credit limit from non-Citigroup credit cards, store cards or loans.

Residency. You must be a permanent resident or citizen of Australia to apply.
Income. You must earn at least $25,000 per year to receive approval.
Credit history. This card is only available to applicants with a good credit history.

Required documents

Personal details. This includes your full name, residential address, contact details, marital status and number of financial dependents.
Proof of identification. Your driver's licence number, passport or other identifying documents.
Employment. Confirm your current place of employment and provide your employer's contact information.
Financial details. You'll need to confirm your annual income with recent pay slips or tax forms.
Expenses. Include a detailed list of all of your monthly expenses, including other credit card debt and your monthly living expenses.
Balance transfer. To take advantage of the balance transfer offer, you'll need to include information regarding the debt(s) you're transferring.

Card benefits

0% p.a. for 6 months on balance transfers. Apply for the BOQ Low Rate Visa Card by 31 January 2022 and pay 0% p.a. interest on balance transfers for the first 6 months with no balance transfer fee. At the end of the promotional period, any remaining balance transfer debt will attract the cash advance rate, currently 21.49% p.a.
0% p.a. for 6 months on purchases. Your purchases will attract a 0% p.a. for the first 6 months when you apply for the BOQ Low Rate Visa Card by 31 January 2022. After the introductory period, this will revert to the variable rate of 13.49% p.a.

Mobile wallets. You can link your BOQ credit card with Samsung Pay to make contactless payments using your eligible device upon checkout.
Visa payWave. You can use your card to tap and pay when you're making a transaction of $100 or less wherever Visa payWave is accepted.

Rates & fees

Low annual fee. This card charges an annual fee of $55 p.a.
Interest-free days. When you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days on purchases. Interest-free days do not apply while you carry debt from a balance transfer.

Cash advances. If you use your card for cash advances, such as an ATM withdrawal, you'll be charged the 21.49% p.a. cash advance interest rate. Cash advances in Australia will also attract a fee of 3.5% of transaction amount or $3.50 (whichever is greater). International cash advances will be charged 2% of transaction amount or $4 (whichever is greater, capped at $30).
Credit limit. You can apply for credit limits between $2,000 and $20,000.
International transaction fee. If you use your card to shop overseas or online with an international merchant, you'll be charged 3.4% of the Australian dollar amount.
Additional card. You can request an additional card for a family member, but will be charged $15.

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26 Comments

Fiona
June 12, 2017

why dont BOQ offer low interest balance transfer on non boq credit cards after you had a card for years. Other banks always offering deals so why not BOQ.

finder Customer Care

Dee
June 13, 2017

Hi Fiona,

Thanks for your question.

Unfortunately, as with most banks, you need to apply for a balance transfer at the time of credit card application to be eligible for the 0% offer. If you are an existing BOQ card holder, you may directly get in touch with your bank and inquire if they are able to give you a special rate.

Alternatively, you may want to compare BOQ balance transfer cards and see which one would best meet your needs.

I hope this helps.

Cheers,
Anndy

Doris
September 25, 2013

Can I just have 0% on purchases for 9 months and not transfer a balance from another credit card to qualify for the BoQ low rate visa card ?

finder Customer Care

Jacob
September 25, 2013

Hi Doris,

Thanks for your question.

You do not have to transfer a balance to apply for a card. This card does not offer an interest-free purchase rate promotion.

You can compare interest-free credit cards based on purchase rates, annual fees and balance transfer rates. You can press the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

I hope this helps,
Jacob

Yvonne
September 9, 2013

What is the best rate you can give on a balance transfer for 24 months?

finder Customer Care

Jacob
September 9, 2013

Hi Yvonne,

Thanks for your question.

The BOQ Low Rate Visa Card offers balance transfers for the first 6 months with no balance transfer fee. If you are looking to compare this balance transfer offer against other credit card providers, you may refer to our comparison of balance transfer credit cards. You can select the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

I hope this helps.

Cheers,
Jacob

Colin
June 25, 2013

If the credit card I have at the moment through a different institution is provided by is also provided by Citigroup, will my application for this offer be considered, or will I be wasting my time?

finder Customer Care

Jacob
June 25, 2013

Hi Colin,

Citibank to Suncorp is fine. Please see our balance transfer criteria guide to know which banks you are able to transfer balance to and from.

I hope this helps.

Regards,
Jacob

Sue
June 25, 2013

Can I apply for the BoQ card and transfer from my husband’s AMEX?

finder Customer Care

Jacob
June 25, 2013

Hi sue,

Great question.

You may want to check our joint credit card guide to know more about your question.

I hope this helps.

Regards,
Jacob

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