Earn Velocity Points on your everyday spending and access a range of premium benefits.
At the time of applying for the BOQ Specialist Signature Credit Card, you have the choice of linking it to either the Qantas or Velocity frequent flyer programs. For the purpose of this review, we will focus on Velocity. If you’re interested in the Qantas option, please check out the Qantas review.
BOQ Specialist products are designed for medical, dental and veterinary professionals. The Signature card provides cardholders with complimentary travel insurance, the use of a concierge service, Visa Front Line Access and complimentary Priority Pass airport lounge access.
| Product Name | BOQ Specialist Signature Credit Card with Velocity Points |
|---|---|
| Rewards Program | Velocity Frequent Flyer Program |
| Purchase rate (p.a.) | 20.50% p.a. |
| Annual fee | $400 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.) | 20.50% 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. | $15,000 |
| Minimum Monthly Repayment | 2% or $20, whichever is the greater |
| Minimum Income | $120,000 |
| Card Type | Visa |
| Late Payment Fee | $0 |
| 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. | 3.2% of transaction value |
| Complimentary Travel Insurance | Yes |
| Available To Temporary Residents | No |
| Minimum Income | $120,000 |
|---|---|
| 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. | $15,000 |
| Annual Fee | $400 p.a. |
|---|---|
| Minimum Repayment | 2% or $20, whichever is the greater |
| Late Payment Fee | $0 |
| Over Limit Fee | $0 |
| Overseas Emergency Replacement | $0 |
| Overseas ATM Withdrawal Fee | $0 |
| 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. | 3.2% of transaction value |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 9 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Internet Banking Transfers | Yes |
| Rewards Program | Velocity Frequent Flyer Program |
|---|---|
| Bonus Points on Sign-up | 20,000 |
| Rewards Points per $ (VISA/MC) | 1 |
| Rewards Points per $ (VISA/MC) Cap | 10,000 |
| Rewards Points per $ (AMEX) Cap | N/A |
| Points Expiry | Never |
BOQ Specialist Signature Credit Card review
This credit card issued by BOQ Specialist comes with a number of features, with its main draw being that it gives cardholders the ability to choose between two popular frequent flyer programs. Cardholders can look forward to a number of travel benefits, and they can turn to multiple services for concierge and entertainment solutions.
Benefits of the BOQ Specialist Signature Credit Card
- Frequent flyer points. Linked to the Velocity frequent flyer program, this card earns 1 Velocity Point per $1 spent up to 10,000 each statement period and 0.5 points per $1 spent thereafter on eligible purchases in Australia. For international spending, you will earn 1.5 Velocity Points per $1 spent.
- Earn bonus points. If you use your Signature credit card 10 times within the first two months, you stand to earn 20,000 bonus points. This offer applies no matter which frequent flyer program you choose.
- Travel benefits. Purchasing return travel tickets with this card brings with it extensive travel insurance for up to 90 days, and it provides cover to you, additional cardholders, your spouse, and all dependant children. Priority Pass gives you access to more than 600 airport lounges spread across 90 countries and 300 cities. Through the Visa Luxury Hotel Collection, you get access to room upgrades, late check-outs, and guaranteed best rates.
BOQ Specialist Signature Credit Card features
- Annual fee. You'll be charged a $400 annual fee to hold this Specialist Credit Card.
- Rewards program. Irrespective of the frequent flyer program you opt for, there is no cap on the maximum number of points you can earn. When it comes to redeeming your travel points, you can choose from travel and entertainment-related rewards or exchange them for merchandise.
- Interest-free days. By paying the account’s closing balance completely before each due date, you can get as many as 55 interest-free days on purchases.
- Complimentary insurances. This card comes with various complimentary insurance covers, which include overseas travel insurance, domestic flight inconvenience insurance, transport accident insurance, global hire car excess waiver, golfers’ insurance, best price guaranty, purchase security insurance, and extended warranty insurance.
- Discounted Visa Airport SpeedPass. You get a 15% discount if you opt for this pass that brings with it fast-track immigration at more than 280 international airports.
- Concierge and entertainment. The 24/7 global concierge service can assist you in matters relating to travel, work, and entertainment. Visa Front Line Access enables you to reserve tickets for some of the most popular events in Australia, and Visa Entertainment provides access to a range of offers and pre-sale tickets.
- Split statements. If you need separate cards for personal and business use you can get multiple cards linked to a single account, and receive split statements for each.
- Additional cards. You can request an additional card for anyone over 16 years of age, and you don’t have to pay any additional card fee. You can get up to 9 additional cards linked to your primary account.
- Visa payWave. When you shop at establishments that display the payWave logo you can simply wave your Signature credit card in front of the terminal to make payments of under $100.
- Card security. Orion monitors your account round-the-clock to prevent unauthorised activity, and Verified by Visa provides extra protection when you use your card online.
How to apply for the BOQ Specialist Signature Credit Card
You can download an application from the BOQ Specialist website, and you can then send the completed application by mail or fax. Make sure you meet the following eligibility criteria before moving forward:
Eligibility criteria
- You’re at least 18 years old
- You’re a permanent resident of Australia
- You earn more than $120,000 p.a.
Required documents
Completing the application requires that you part with different types of information, which comprises the following.
- Personal, identification, and contact details
- Employment details
- Financial details about your income, assets, and liabilities
- You’ll have to provide copies of two recent payslips. Self-employed individuals have to submit financial statements for the last two years, and retired applicants have to provide copies of tax returns for the last two years.
If you’re looking for a credit card that does not fall short on providing top-of-the-line services, this card requires your attention. Given that there are other cards that offer similar features, don’t apply before you compare it with a few others.
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