Frequent Flyer Credit Card Analysis: Bank of Queensland Platinum

The Bank of Queensland's Platinum credit card that is issued in partnership with Citi 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 Credit Card
Rewards ProgramQ Rewards
Balance transfer rate (p.a.)0% p.a. for 14 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 date31 March 2018
Annual fee$60 p.a. annual fee for the first year ($129 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% or $30, whichever is greater
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
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$60 p.a. annual fee for the first year ($129 p.a. thereafter)
Minimum Repayment2% or $30, whichever is greater
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
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 BankingNo
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Get 30,000 bonus Q Rewards points when you apply by 31 March 2018 and spend $3,000 within 3 months of card approval.
  • Pay a discounted annual fee of $60 for the first year ($129 p.a. thereafter).
  • A 0% p.a. interest is charged on outstanding balances bought over to the card for 14 months.
  • Receive up to 55 interest-free days on purchases.
  • You can add up to 4 additional cardholders for a $0 fee.

Cons

  • This card has a reasonably high purchase rate of 20.74% p.a. interest compared to the 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) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

Benefits of 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 99,999 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.

Features of the Bank of Queensland Platinum Credit Card

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 14 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

  1. Default Gravatar
    LEANNEJanuary 8, 2015

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

    • Staff
      JonathanJanuary 9, 2015Staff

      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
      johnNovember 4, 2015

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

    • Staff
      SallyNovember 4, 2015Staff

      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
      JacobNovember 15, 2012Staff

      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 12th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
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19.74% p.a.
0% p.a. for 25 months
$90 p.a.
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12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

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