BOQ Low Rate Visa Credit Card
Consolidate your credit card debt and save with no interest on balance transfers 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 with a competitive purchase rate and an annual fee of $55 p.a.
Balance transfer rate
for 6 months
Interest free period
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|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||13.49% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.49% p.a.|
|Min credit limit||$2,000|
|Max credit limit||$20,000|
|Foreign currency conversion fee||3.4%|
|Available to temporary residents||No|
- Balance transfer rate of 0% p.a. for 6 months, with no balance transfer fee
- Low interest rate of 13.49% p.a. on purchases
- Balance transfer reverts to the 21.49% p.a. cash advance rate after the promotional period
|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|
Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
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.
- 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.
- 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.
- Balance transfer offer. Apply for the BOQ Low Rate Visa Card by 31 October 2020 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.
- Low purchase interest rate. Your purchases will attract a 13.49% p.a. purchase interest rate.
- 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.