Frequent Flyer Credit Card Analysis: Bank of Queensland Platinum

Information verified correct on December 5th, 2016

The Bank of Queensland's Platinum credit card that is issued in partnership with Citibank is of particular value to anybody who frequently uses either international or domestic flights because of its unique Q Rewards program. This is a rewards program that works through a voucher redemption system which allows you to purchase flight vouchers, shopping vouchers and  gift cards among others benefits. Points are earned every time an every day purchase is made with the card.

Product NameBoQ Platinum Visa Card
Rewards ProgramQ Rewards
Balance transfer rate (p.a.)0% p.a. for 18 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)20.74% p.a.
Offer end date28 February 2017
Annual fee$99 p.a. annual fee for the first year ($199 p.a. thereafter)
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.)21.74% 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.
$6,000
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.
$30,000
Minimum Monthly Repayment2%
Minimum Income$35,000
Card TypeVisa
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 InsuranceYes
Complimentary Travel Insurance Cover6 months
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$35,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
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.
$6,000
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.
$30,000
Annual Fee$99 p.a. annual fee for the first year ($199 p.a. thereafter)
Minimum Repayment2%
Late Payment Fee$10
Over Limit Fee$40
Cash Advance Fee3.5% of the cash advance amount or $3.50
Overseas Cash Advance Fee2% of the cash advance amount or minimum of $4.00
Overseas ATM Balance check$2
Overseas ATM Withdrawal Fee$5
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 AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Get 30,000 bonus Q Rewards Points if you apply by 28 February 2017 and spend $3,000 within 3 months of card approval.
  • 0% p.a. interest charged on outstanding balances bought over to the card for 18 months.
  • Discounted annual fee of $99 for the first year.

Cons

  • This card has a reasonably high purchase rate of interest compared to other cards in the market.
  • At the end of the balance transfer period, the interest charged on any remaining unpaid balance will revert to the cash advance rate of 21.74% p.a.
Rewards ProgramQ Rewards
Bonus Points on Sign-up30,000
Rewards Points per $ (VISA/MC)2
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) Cap240,000
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

Bank of Queensland Platinum Review

The Q Rewards Program

  • The Bank of Queensland (BOQ) Q Rewards program is free to all card holders. Purchases you make when using your platinum credit card will earn you two rewards points for every dollar you spend. The amount of points you can accumulate are capped at 240,000 but this shouldn't create any problem as the cap figure is quite high and you would have to spend an annual amount of $120,000 with your card to achieve this amount. What you should keep in mind when accumulating points in any credit card rewards program is that a point does not have the same value as a dollar. You will always have to accumulate quite a large number of points. For instance in order to obtain a $50 gift voucher you will have to amass many thousands of points. In fact you do not want to make the rewards program a reason for taking out your card if you are looking for free flights. However the more you spend with the BOQ Platinum credit card the more you will benefit.
  • Q Rewards points can be redeemed in a number of ways. You are able to spend them on any Virgin or Jetstar flights, theme park passes, giving donations to charity, purchasing electronics, home ware products, fitness club memberships etc. Another thought to keep in mind however, as far a flights go, is that you may find you can not trade your voucher to an airline for any particular flight that might be convenient to yourself. Flight vouchers are always subjected to flight availability. You are able to get to your Q Rewards points online seven days a week through internet banking. Eligibility is restricted to BOQ credit card holders who are Australian citizens and over 18 years old.

Bank of Queensland Platinum Credit Card Features

The new Bank of Queensland Platinum credit card also comes with higher spending limits than it had previously as well as a most comprehensive travel insurance component. Details of these features are as follows:

  • Special low introductory rates. You will only have to pay an interest rate 0% p.a. for 18 months on any balance transfers. If the balance transfer amount is not paid by then you will be charged  the cash advance rate of 21.74% p.a. on the amount left unpaid.
  • International travel insurance. You will be covered automatically when you purchase your flight tickets with your Bank of Queensland Platinum Credit Card as will be your family members travelling with you. You and your family members will be insured against; travel cancellations that were not expected; uncapped medical costs; personal liability; damage or loss of personal items.
  • Extended warranty insurance. Purchases you make with your card that have a manufacturers warranty of five years or less will receive 12 months of additional warranty.
  • Purchase insurance. Most personal items that you buy with your Bank of Queensland Platinum Credit Card will be automatically insured against theft damage or loss for the first 3 months following the purchase anywhere in the world.
  • Foreign exchange rates. There will be a fee of 3.4% percent charged when exchanging foreign currency additional to any other charges plus a 3.5% of the cash advance amount or $3.50 fee while offshore.

The Bank of Queensland Platinum Credit Card makes you feel as though you have your very own personal assistant with you 24 hours a day with its second to none concierge service along with its 24 hour a day dedicated customer service. You will also benefit from the four for one bonus points that can be gained when you use the Citibank Dining program and when shopping with their selected car rental, travel and hotel partners. You will find this most competitive card most helpful whether you are a regular airline traveller either within Australia or internationally.

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6 Responses to Frequent Flyer Credit Card Analysis: Bank of Queensland Platinum

  1. Default Gravatar
    LEANNE | January 8, 2015

    can I pay my mortgage repayments with the card to gain points?

    • Staff
      Jonathan | January 9, 2015

      Hi Leanne,

      Thanks for your question,

      The BOQ Platinum Visa Credit Card Q Rewards program’s eligible transactions include most retail purchases, with some of the following exclusions excluding (but not limited to) transactions by way of Cash Advances, payments to loan accounts (mortgage etc), Balance Transfers, Special Promotions, fees, purchases of foreign currency and travellers cheques, foreign exchange and ATM/ Bank charges, interest charges, finance charges, government charges, payments to the Australian Taxation Office, insurance charges, purchases in excess of limits on the Account. As a result unfortunately mortgage repayments are not eligible to gain points.

      The full terms and conditions are available from this page.

      I hope this helps.

      Cheers,

      Jonathan

  2. Default Gravatar
    | November 14, 2012

    what is the ” exchange rate” for BOQ points to Qantas points ?

    • Default Gravatar
      john | November 4, 2015

      What airlines can I use with frequent flyer points on a BOQ Visa Blue card?

    • Staff
      Sally | November 4, 2015

      Hi John,

      Thanks for your question.

      The BOQ Visa Blue card is linked to Bank of Queensland’s Q Rewards program.

      You can redeem your Q Rewards for flights with a number of airlines (including Jetstar and Virgin). You can browse ways to redeem your points for flight rewards by logging into your Q Rewards profile. I’ve emailed you a link for your convenience.

      I hope this has helped.

      Cheers,

      Sally

    • Staff
      Jacob | November 15, 2012

      hi Paul. You can not transfer Q Reward to your Qantas Frequent Flyer account; rather you can book flights through ‘TakeFlight’, which is the Bank of Queensland flight booking service. Thanks for your question.

Credit Cards Comparison

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

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