Bank of Queensland Credit Cards
Bank of Queensland Overview
The Bank of Queensland (BOQ) is one of the oldest and most successful banks in Australia, and has over 270 branches around the country. Over the years it had garnered recognition and awards for its achievements. Over 200 of the branches are operated under a Owner-Manager model.
Bank of Queensland Credit Card Offer
A credit card from BOQ with all the usual benefits of a credit card from VISA, including a low balance transfer and a low annual fee.
- $55 p.a. annual fee
- 13.49% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $25,000 p.a.
Bank of Queensland Credit Card Comparison
History of the Bank of Queensland
The Bank of Queensland was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society, which was Queensland’s first permanent building society. Thirteen years later after a major reorganisation it achieved the status of a bank, but it wasn’t until 1942 that the Society became a fully-fledged and certified trading bank after merging with several other of Queensland’s financial institutions.
In 1970, the Society officially became known as the Bank of Queensland, and in that same year the bank switched its operations to a computer-based system, and thanks to its excellent financial performance it entered the Australian Stock Exchange’s list of publicly-traded firms. Twelve years later the Bank of Queensland merged with the Bank of Queensland Savings Bank Ltd., which became a wholly-owned subsidiary. The bank then acquired Stowe Electronic Switching Pty Ltd, which was renamed Queensland Electronic Switching Pty Ltd.
The Bank’s first major expansion took place in 1985 with the opening of branches in Townsville and Cairns, but things really took off between 2001 and 2004, when it opened more than 50 branches throughout the state.
By 2007, the BOQ had increased its number of branches to 240, having a presence in all states and territories in Australia. This rapid expansion occurred via a program known as the Owner-Managed Branch Model, which was essentially a franchise program enabling people to own and run local branches of the Bank of Queensland.
Banking services have also became a main thrust of the Bank of Queensland’s plans, and this was advanced in 2003 by the purchases of ATM Solutions Australasia and UFJ Finance Australia. After doubling the value of ATM Solutions Australasia, the Bank sold it on, making a net profit of $15 million, whereas UFJ Finance Australia, an equipment finance firm, became a major player in the billion-dollar equipment finance industry. Other important acquisitions by BOQ include ORIX Australia’s debtor finance division and the Mackay-based Pioneer Permanent Building Society.
Bank of Queensland products and services
BOQ has three main divisions: personal banking, business banking, and online banking. The personal banking side deals with the finances of the bank’s individual clients, offering the usual list of services and products, such as:
- BOQ Credit Cards
- BOQ Personal Loans
- BOQ Home Loans
- BOQ Savings Accounts
- BOQ Insurance
- BOQ Superannuation
Amongst the credit cards available to BOQ customers and new credit card applicants are:
- BOQ Platinum Visa Card
- BOQ Blue Visa Card
- BOQ Low Rate Visa.
The Low Rate Visa Card – Benefits, Rates and Features
If you plan on using your credit card for everyday purchases then the low rate Visa card is the one for you. It has the main benefit of a really low annual interest rate of 13.49% p.a.. It comes with a $55 p.a. annual fee, but for that you gain all kinds of benefits, including the low rate.
You will receive up to 55 days interest free on purchases with this card. It also comes with an introductory offer of 0% p.a. for 9 months on all new purchases.
You can make purchases on the phone, online or in person. You can also set up regular payments to cover your bills through BPAY. It is the only card in the Bank of Queensland collection which doesn’t earn you rewards.
The Platinum Visa Card – Rates, Benefits and Features
The Platinum Visa card is the crème de la crème of the collection. It has even stricter requirements than the Blue card and it offers you more benefits for your money. As well as giving you increased spending limits, this card also comes complete with comprehensive travel insurance.
Just like the Low Rate credit card, this one has an introductory offer of 0% p.a. for 6 months on balance transfers and 20.74% p.a. on purchases. The card also offers a annual Fee for of just $199 p.a. (50% off annual fee for the life of the card)
Perhaps one of the best advantages of this card is the fact that it comes with its own concierge service. No matter what you need, day or night, you will have your own concierge assistant catering to your every whim. This is basically just like a personal assistant.
If you are worried about your purchases then you can rest easy as you benefit from a higher level or purchase protection. You also benefit from an extended warranty too.
If you have any problems at all then you will have access to a Platinum card helpline which is open 24 hours a day.
The Blue Visa Card: Features, Rates and Benefits
The Blue Visa Card is a great rewards credit card which offers you up to 44 days interest free on purchases. When you look into reward credit cards, you will see that most tend to charge you for taking part in the rewards program. BOQ is different and there will be no charge for taking part in the ‘Q’ Rewards program.
Just like the Low Rate credit card, this one has an introductory offer of 0% p.a. for 6 months on balance transfers and 20.74% p.a. on purchases. The card also offers a low annual of just $60 p.a.
You can benefit from shopping vouchers, travel offers, and many more great rewards. You will earn 1 point for every $1 that you spend on the Blue Visa Card.
You will also be able to pay your bills with this card through BPAY, as well as take part in both online and telephone banking. Visa is accepted worldwide so you shouldn’t have a problem when you try and pay for your products with it.
If anything that you buy gets stolen, lost or damaged within 3 months of buying it then you’ll also be covered by Purchase Cover Insurance. There is a low annual fee of just $60 p.a. and the card also has a competitive interest rate of 20.74% p.a..
Comparing Your Options
It is important to compare the different cards available before you apply. That way you will get to know which ones are best suited to your needs. As you’ll see from above, the Low Rate card is best suited to everyday usage and the Blue Visa is suitable for those looking for rewards.
When you apply for the Platinum credit card you will see exactly what the requirements are. You will likely need to earn a minimum salary before you are considered. If you compare all of the different cards then you will end up with the best one to match your spending habits and credit personality.
The business banking arm deals with corporate clients and organisations, and offers assistance to entrepreneurs enabling sound business decisions to be made. There are BOQ business managers whose job it is to assess a client’s business, and offer advice in such matters as financing and overdrafts. These managers are available at very short notice to help out when businesses need an expert eye casting over a problem.
For the business customer, BOQ offers business transaction accounts, business investment accounts, statutory trust accounts, merchant services, and farm management. It is also experienced in the financing of equipment, debtor finance, commercial insurance, and in providing business loans.
With BOQ’s online banking system, customers are able to quickly and easily access the bank’s products and services whenever it suits, and the same can be achieved over the telephone. Potential customers considering BOQ as an option can easily surf the bank’s Internet banking features, and assure themselves of the highest level of online banking security. Whether merely scouting the site or taking advantage of its features as an existing customer, Internet banking has made the enquiry and application process so much more convenient.
For business clients, the Bank of Queensland’s EasyLink system allows online banking direct to the Bank of Queensland’s own browser, rather than via the Internet.
BOQ community involvement
Besides offering its extensive array of banking services, the Bank of Queensland is an active investor in local communities, helping various local organisations through contributions, sponsorships, and fund-raising. BOQ is also keen to establish links and partnerships with the younger people in the community, helping develop their various projects and activities. This community effort equally extends back to the bank’s own shareholders and employees, so the BOQ never forgets the people who make the whole thing work. Lastly, the Bank of Queensland is known as a regular and keen sponsor of sporting, educational, and cultural programs throughout the state.
Here are the questions that most people have about the process of switching banks:
- How does the Bank of Queensland service benefit me? You can easily use the Changemybank.com.au link to easily switch your information to your new account with BoQ. It is easy to complete this process, and you will be able to print all of the paperwork you need to transfer your banking to the Bank of Queensland.
- How do I use the BoQ Change My Bank site? You can enter the account details for both your new and old accounts. It will not take anything over an hour for you to receive letters that authorize you to make the transition to your Bank of Queensland Account.
- Can I transfer funds to my Bank of Queensland account using the website? No, unfortunately you have to use your old financial institution to transfer funds.
- What do I have to do to close my old accounts? YYou can cancel an old account if you are willing to sign a written authorisation. You might have to visit a local banking branch if you want to cancel your account.
- Will the service store my information to make it easier to access it in the future? You cannot store any of your personal information in the site, you will be able to send your details by email or by printing copies of your personal information.
- Does the Bank of Queensland support direct debit? Yes, the Bank of Queensland supports direct debit. Direct debit is one of the Bank of Queensland’s deductions that gets withdrawn from your account on a regular basis. With direct debit you do not have to worry.
- Does the Bank of Queensland support direct deposit? Yes, the Bank of Queensland will allow you to receive your paychecks or dividends automatically.
- How do I tell which branch my account is held at? You will be given a Bank State Branch number that specifies where your account is held. With a Bank of Queensland account, your BSB will be 124-001.
- What is the purpose of the authorisation letter? You use the authorisation letter to make it so you can transfer your account to the Bank of Queensland. You can take the paperwork to your local bank branch.
- How can I tell if my information is accurate? You should personally go through all of the paperwork before you submit it. You can be held responsible for any errors that you have made. If you make a mistake you will have to speak directly with the company about the problem.
- How do I check on my requests to change payments of debits and credits? The Internet banking feature on the website can be used to track all of your spending and payment information.
- Where do I call if I have problems? You can call the main branch of the Bank of Queensland at 1300 55 72 72 from 7 am to 7 pm on any day except Sunday.
- Is it difficult to register for Internet banking? You can easily register your accounts for Internet banking by visiting one of the branches of the Bank of Queensland. It is also possible for you to download a form or use the Customer Contact Centre to get the application forms sent to you.
BOQ credit card application
The BoQ credit card application can be completed easily online, with just a small amount of time required to apply. You simply just have to use the BoQ Apply feature on the Bank of Queensland website.
After you submit your application for a new credit card with BoQ online you will have to wait just up to two business days to receive notice of your application status. You can easily check the status of your application online after you have submitted the forms.
You can also take advantage of their customer service number, by calling them with any questions you may have. There is also a link on the website with frequently asked questions.
If you decide you do not want to apply right away, you can download an application as a PDF and then turn it in at any Bank of Queensland branch, either by mailing it, faxing it, or dropping it off in person.
Information Needed to Apply
You will need to have certain types of information on hand when completing your BoQ credit card application. You need to have the following:
- a total of your monthly earnings
- your most recent pay stubs
- complete contact information for your employer, including address and phone number
- a complete list of the current loans you have, as well as other forms of credit
- information about your savings and investments
- proof of identity, such as a driver’s license
If you are a new customer to the Bank of Queensland you can check with one of the bank branches to see what sort of information is needed to verify your identity. Typically, you should be sure to have either an Australian driver’s license or passport.
The best part of the BoQ card application process is that there are so many different ways that you can complete the application, making it easy for it to fit into a busy lifestyle. If you have the time, you can choose to visit the Bank of Queensland in person to drop off your application and to speak with an agent in person about your credit card application. They also have a number that you can call if you encounter any problems when completing your application. The customer service agents will be able to help you manage all of your application questions.
Having a credit card is extremely important in the modern world; the Bank of Queensland makes the big step of owning a credit card that much easier for consumers.
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