Take advantage of a low annual fee and no interest on balance transfers for 12 months from the Bank of Queensland.
If you apply for the Bank of Queensland (BOQ) Low Rate Visa Credit Card, you can consolidate your high interest credit card debt for a zero interest offer and pay a low annual fee of $55.
These benefits along with a low rate for your purchases give you good reason to consider this one when looking at different credit cards.
| Product Name | BOQ Low Rate Visa Credit Card |
|---|---|
| Balance transfer rate (p.a.) | 0% p.a. for 12 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Cash Advance Rate (21.49% p.a.) |
| Balance Transfer Limit | 80% of available credit limit |
| Purchase rate (p.a.) | 13.49% p.a. |
| Offer end date | 31 March 2018 |
| Annual fee | $55 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 21.49% p.a. |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $2,000 |
| Max credit limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $20,000 |
| Minimum Monthly Repayment | 2% or $30, whichever is greater |
| Minimum Income | $25,000 |
| Card Type | Visa |
| Late Payment Fee | $10 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3.4% of transaction value |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Income | $25,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $2,000 |
| Max Credit Limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $20,000 |
| Annual Fee | $55 p.a. |
|---|---|
| Minimum Repayment | 2% or $30, whichever is greater |
| Late Payment Fee | $10 |
| Over Limit Fee | $0 |
| Cash Advance Fee | 3.5% of the cash advance amount or $3.50 |
| Overseas Cash Advance Fee | 2% of the cash advance amount or minimum of $4 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3.4% of transaction value |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $15 p.a. |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | No |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- This card comes with a promotional balance transfer rate of 0% p.a. for 12 months.
- Enjoy a low interest rate of 13.49% p.a. on purchases.
- Get up to 55 interest-free days on purchases.
Cons
- At the end of the balance transfer period, any unpaid balances will be charged at the cash advance rate of interest instead of the lower purchase rate of interest like some other cards.
BOQ Low Rate Visa Credit Card review
The BOQ Low Rate Visa Credit Card is a simple way to manage your everyday spending. Without the benefit of a rewards program or complimentary extras, you can take advantage of the low purchase rate to take care of your daily financial needs. The balance transfer promotion gives you further incentive to consider this card for its money saving benefit.
Benefits of using a BOQ Low Rate Visa Credit Card
As you look at a variety of credit cards with different banks, you’ll find that the benefits you get with the BOQ Low Rate Visa Credit Card will stand out:
- Balance transfer offer. Sign up with the BOQ Low Rate Visa Card and use up to 80% of your available balance to transfer high interest balances from your other credit cards. For 12 months, there will be no interest applied to those balances. Once the period ends, any unpaid portion of your debt consolidation will be charged at the cash advance rate.
- Interest-free days. There are up to 55 interest-free days on your purchases, but you will have to ensure that your balance is paid off in full with each statement to take advantage of that benefit.
- Annual fee. A low annual fee of $55 applies for this card.
Features of the BOQ Low Rate Visa Credit Card
When making credit card comparisons it is important that you look carefully at the standard features, as these are what will help you determine which card has the most value for your circumstance:
- Interest rate. The purchase rate on this card is 13.49% p.a. while the interest charged for cash advances will be at 21.49% p.a.
- Annual fee. You will be charged $55 each year to maintain the credit card.
- Card type. This is a Visa credit card, giving you the added advantage of being able to make purchases online, and around the world at millions of locations.
- Credit limit. Depending on your personal income and other financial circumstances, the credit limit assigned to you will range between $2,000 and $20,000.
- Additional card. A card is allowed for a family member, but you will be charged an additional $15.
- International transaction fee. When a transaction is made in a foreign currency, you will be charged 3.4% of the Australian dollar amount.
- Cash advance fee. When you make a cash advance using your credit card inside of Australia, you will be charged $3.50 for transactions under $100 or 3.5% for those over. For those made internationally, you will be charged 2% of the cash advance amount or minimum of $4. The money will be deducted from your account on the transaction date, and the maximum fee allowed is $30.
Australians looking for a simple way to make daily purchases and get the benefit of debt consolidation should look at the benefits and features of the BOQ Low Rate Visa Card closely. With a competitive purchase interest rate and low yearly fee, you might find that it suits your lifestyle perfectly.
How to apply for the BOQ Low Rate Visa Credit Card
You can apply for the BOQ Low Rate Visa Credit Card by completing the secure online application. The Bank of Queensland will have some eligibility requirements you will have to meet in order for your application to be accepted.
Eligibility criteria
- Applicants who are at least 18 years of age will be the only ones considered for this card.
- You will need to have an established good credit history to be eligible for the low rate card.
- An applicant's annual income must be at least $25,000 a year before approving your application.
- You must be a permanent resident of Australia.
Required documents
- Your driver’s licence number, passport or other identifying documents
- The full name and contact information for your current employer
- Recent pay slips or current tax forms which can be used to help prove your income
- A detailed list of all of your monthly expenses, including other credit card debt and your monthly living expenses
- If you plan to consolidate your debt with the current balance transfer offer, you will need to provide the details of your other accounts while applying.
Australians looking for a simple way to make daily purchases and get the benefit of debt consolidation should look at the benefits and features of the BOQ Low Rate Visa card closely. With a competitive purchase interest rate and low yearly fee, you might find that it suits your lifestyle perfectly.
Frequently asked questions
Will I qualify for interest-free days if I do the balance transfer?
Your purchases will only be interest-free if you are paying off the entire balance of your credit card in full.
How will I know how much I can transfer if I don’t know what my credit limit will be?
If the balances of the cards you wish to transfer exceeds 80% of the limit allowed to you, the BOQ will only transfer those balances which stay within the limit.
Can I transfer balances from a personal loan or my overdraft account?
No, only credit cards and store charge card balances are allowed to be transferred.
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.
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 compare BOQ balance transfer cards on this page.
Cheers,
Anndy
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 ?
Hi Doris.
Thanks for your question. You do not have to transfer a balance to apply for a card. This card does not offer a interest free purchase rate promotion.
You can compare cards that do on this page.
Jacob.
What is the best rate you can give on a balance transfer for 24 months?
Hi Yvonne.
Thanks for your question.
You can find the applicable balance transfer rate in the product table at the top of the card’s review page.
If you’re looking to compare this balance transfer offer against other offers from different providers, please have a look at this page.
You can click the table headings on the comparison table to arrange the cards from highest to lowest and vice versa. Please use this function to arrange balance transfer offers within the table. You may also be interested in having a look at our balance transfer calculator. You can run the figures through the calculator to find out the savings.
Jacob.
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?
Hi Colin. Citibank to Suncorp is fine. Please have a look at this page for more information on this topic. Jacob.
Can I apply for the BoQ card and transfer from my husband’s AMEX?
Hi sue. Great question. Check this page for an answer. Jacob.
What do I do if my bank isn’t in your drop down list for balance transfers? I want a balance transfer on this card from Police Association Credit Co-Operative Ltd. They are now known as BankVic. Many Thanks :)
Hi Rachel. Thanks for your question. If the online application doesn’t give you the option to select ‘other’ when you get the section where you pick the institution you want to transfer a balance from, you may have to apply for this card either over the phone or in person. Sorry I couldn’t of better help. Jacob.
Hi I want to balance transfer $12500, how much credit limit will I need to apply for to have the 0% applied? Thanks
Hi Erin. Thanks for your question. Bank of Queensland (BoQ) will allow you to transfer up to 80% of your approved credit limit on your new BoQ card. For information on this topic, please see this page. If you would like to transfer $12,500, you will need to be approved for a limit of $16,000 or more. Hope this helps. Jacob.
Can you advise if this BoQ card offer includes an overdraft balance transfer – or is it just credit cards? if not, do any of the credit card providers allow a balance transfer for an overdraft?
Hi Christine. The rule for a balance transfer are all institutions (except Citibank and Virgin) state that balance transfers are only accepted from other institutions store cards, charge cards or credit cards. Citibank and Virgin allow you to transfer the balance from a line of credit or personal loan too. They are a good place to look if you’re looking to transfer from an overdraft to a credit card. Jacob.
What does the balance transfer interest revert to when the 1.9% for 6 months is over?
Hi Andrea. Thanks for your question. At the end of the balance transfer period, the interest rate will revert to the cash advance rate of interest. Cheers.
after waiting 20 minutes on 2 occasions today to activate my visa card my ph credit has run out. Can l activate my card on line here please ,your ph app is pathetic?
Hi Michael. Thanks for your question. Waiting time can be an irksome issue sometimes. You have to activate the card over the phone or in branch. Sorry for the late reply. Hope you’ve had better luck second time around. Jacob.