BoQ Low Rate Visa Credit Card – Rates and Fees

Information verified correct on October 1st, 2016

Take advantage of a low annual fee and no interest on balance transfers for 12 months from the Bank of Queensland.

If you apply for the Bank of Queensland (BoQ) Low Rate Visa Credit Card, you can consolidate your high interest credit card debt for a zero interest offer, and pay a low annual fee of $55.

These benefits along with a low rate for your purchases give you good reason to consider this one when looking at different credit cards.

Product NameBoQ Low Rate Visa Credit Card
Balance transfer rate (p.a.)0% p.a. for 12 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.49% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)13.49% p.a.
Offer end date28 February 2017
Annual fee$55 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.)21.49% 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.
$2,000
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.
$20,000
Minimum Monthly Repayment2%
Minimum Income$25,000
Card TypeVisa
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)3.4% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
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.
$2,000
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.
$20,000
Annual Fee$55 p.a.
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
Foreign Currency Conversion Fee (VISA)3.4% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$15 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Applicants get to choose the design of their BoQ Low Rate Visa Card.
  • There are four designs to choose from, helping card holders to match the look of their card to their personality.

Cons

  • At the end of the balance transfer period, any unpaid balances will be charged at the cash advance rate of interest instead of the lower purchase rate of interest like some other cards.

BoQ Low Rate Visa Credit Card review

The BoQ Low Rate Visa Credit Card is a simple way to manage your everyday spending. Without the benefit of a rewards program or complimentary extras, you can take advantage of the low purchase rate to take care of your daily financial needs. The balance transfer promotion gives you further incentive to consider this card for its money saving benefit.

Benefits of using a BoQ Low Rate Visa Credit Card

As you look at a variety of credit cards with different banks, you’ll find that the benefits you get with the BoQ Low Rate Visa Credit Card will stand out:

  • Balance transfer offer. Sign up with the BoQ Low Rate Visa Card and use up to 80% of your available balance to transfer high interest balances from your other credit cards. For 12 months, there will be no interest applied to those balances. Once the period ends, any unpaid portion of your debt consolidation will be charged at the cash advance rate.
  • Interest-free days. There are up to 55 interest-free days on your purchases, but you will have to ensure that your balance is paid off in full with each statement to take advantage of that benefit.
  • Annual fee. A low annual fee of $55 applies for this card.

Features of the BoQ Low Rate Visa Credit Card

When making credit card comparisons it is important that you look carefully at the standard features, as these are what will help you determine which card has the most value for your circumstance:

  • Interest rate. The purchase rate on this card is 13.49% p.a. while the interest charged for cash advances will be at 21.49% p.a.
  • Annual fee. You will be charged $55 each year to maintain the credit card.
  • Card type. This is a Visa credit card, giving you the added advantage of being able to make purchases online, and around the world at millions of locations.
  • Credit limit. Depending on your personal income and other financial circumstances, the credit limit assigned to you will range between $2,000 and $20,000.
  • Additional card. A card is allowed for a family member, but you will be charged an additional $15.
  • International transaction fee. When a transaction is made in a foreign currency, you will be charged 3.4% of the Australian dollar amount.
  • Cash advance fee. When you make a cash advance using your credit card inside of Australia, you will be charged $3.50 for transactions under $100 or 3.5% for those over. For those made internationally, you will be charged 2% of the cash advance amount or minimum of $4. The money will be deducted from your account on the transaction date, and the maximum fee allowed is $30.

Australians looking for a simple way to make daily purchases and get the benefit of debt consolidation should look at the benefits and features of the BoQ Low Rate Visa Card closely. With a competitive purchase interest rate and low yearly fee, you might find that it suits your lifestyle perfectly.

How to apply for the BoQ Low Rate Visa Credit Card

You can apply for the BoQ Low Rate Visa Credit Card by completing the secure online application. The Bank of Queensland will have some eligibility requirements you will have to meet in order for your application to be accepted.

Eligibility criteria

  • Applicants who are at least 18 years of age will be the only ones considered for this card.
  • You will need to have an established good credit history to be eligible for the low rate card.
  • An applicant’s annual income must be at least $25,000 a year before approving your application.
  • You must be a permanent resident of Australia.

Required documents

  • Your driver’s licence number, passport or other identifying documents
  • The full name and contact information for your current employer
  •  Recent pay slips or current tax forms which can be used to help prove your income
  • A detailed list of all of your monthly expenses, including other credit card debt and your monthly living expenses
  • If you plan to consolidate your debt with the current balance transfer offer, you will need to provide the details of your other accounts while applying.

Australians looking for a simple way to make daily purchases and get the benefit of debt consolidation should look at the benefits and features of the BoQ Low Rate Visa card closely. With a competitive purchase interest rate and low yearly fee, you might find that it suits your lifestyle perfectly.

Frequently asked questions

Will I qualify for interest-free days if I do the balance transfer?

Your purchases will only be interest-free if you are paying off the entire balance of your credit card in full.

How will I know how much I can transfer if I don’t know what my credit limit will be?

If the balances of the cards you wish to transfer exceeds 80% of the limit allowed to you, the BoQ will only transfer those balances which stay within the limit.

Can I transfer balances from a personal loan or my overdraft account?

No, only credit cards and store charge card balances are allowed to be transferred.

Back to top
Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

24 Responses to BoQ Low Rate Visa Credit Card – Rates and Fees

  1. Default Gravatar
    Doris | September 25, 2013

    Can I just have 0% on purchases for 9 months and not transfer a balance from another credit card to qualify for the BoQ low rate visa card ?

    • Staff
      Jacob | September 25, 2013

      Hi Doris.

      Thanks for your question. You do not have to transfer a balance to apply for a card. This card does not offer a interest free purchase rate promotion.

      You can compare cards that do on this page.

      Jacob.

  2. Default Gravatar
    yvonne | September 9, 2013

    What is the best rate you can give on a balance transfer for 24 months?

    • Staff
      Jacob | September 9, 2013

      Hi Yvonne.

      Thanks for your question.

      You can find the applicable balance transfer rate in the product table at the top of the card’s review page.

      If you’re looking to compare this balance transfer offer against other offers from different providers, please have a look at this page.

      You can click the table headings on the comparison table to arrange the cards from highest to lowest and vice versa. Please use this function to arrange balance transfer offers within the table. You may also be interested in having a look at our balance transfer calculator. You can run the figures through the calculator to find out the savings.

      Jacob.

  3. Default Gravatar
    Colin | June 25, 2013

    If the credit card I have at the moment through a different institution is provided by is also provided by Citigroup, will my application for this offer be considered, or will I be wasting my time?

  4. Default Gravatar
    Sue | June 25, 2013

    Can I apply for the BoQ card and transfer from my husband’s AMEX?

  5. Default Gravatar
    Rachel | June 17, 2013

    What do I do if my bank isn’t in your drop down list for balance transfers? I want a balance transfer on this card from Police Association Credit Co-Operative Ltd. They are now known as BankVic. Many Thanks :)

    • Staff
      Jacob | June 17, 2013

      Hi Rachel. Thanks for your question. If the online application doesn’t give you the option to select ‘other’ when you get the section where you pick the institution you want to transfer a balance from, you may have to apply for this card either over the phone or in person. Sorry I couldn’t of better help. Jacob.

  6. Default Gravatar
    Erin | June 13, 2013

    Hi I want to balance transfer $12500, how much credit limit will I need to apply for to have the 0% applied? Thanks

    • Staff
      Jacob | June 13, 2013

      Hi Erin. Thanks for your question. Bank of Queensland (BoQ) will allow you to transfer up to 80% of your approved credit limit on your new BoQ card. For information on this topic, please see this page. If you would like to transfer $12,500, you will need to be approved for a limit of $16,000 or more. Hope this helps. Jacob.

  7. Default Gravatar
    Christine | May 27, 2013

    Can you advise if this BoQ card offer includes an overdraft balance transfer – or is it just credit cards? if not, do any of the credit card providers allow a balance transfer for an overdraft?

    • Staff
      Jacob | May 27, 2013

      Hi Christine. The rule for a balance transfer are all institutions (except Citibank and Virgin) state that balance transfers are only accepted from other institutions store cards, charge cards or credit cards. Citibank and Virgin allow you to transfer the balance from a line of credit or personal loan too. They are a good place to look if you’re looking to transfer from an overdraft to a credit card. Jacob.

  8. Default Gravatar
    Andrea | October 9, 2012

    What does the balance transfer interest revert to when the 1.9% for 6 months is over?

    • Staff
      Jacob | January 8, 2013

      Hi Andrea. Thanks for your question. At the end of the balance transfer period, the interest rate will revert to the cash advance rate of interest. Cheers.

  9. Default Gravatar
    Michael | March 26, 2012

    after waiting 20 minutes on 2 occasions today to activate my visa card my ph credit has run out. Can l activate my card on line here please ,your ph app is pathetic?

    • Staff
      Jacob | April 4, 2013

      Hi Michael. Thanks for your question. Waiting time can be an irksome issue sometimes. You have to activate the card over the phone or in branch. Sorry for the late reply. Hope you’ve had better luck second time around. Jacob.

  10. Default Gravatar
    James | March 1, 2012

    is the income requirement based on gross income, taxable income or ?

    • Staff
      Jeremy | March 2, 2012

      Hi,

      The income requirement is based on after tax income. Cheers.

      Jeremy

Credit Cards Comparison

Rates last updated October 1st, 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
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
feedback