BOQ Low Rate Visa Credit Card

• Enjoy a low rate all year on retail purchases
• Up to 55 days interest free on purchases
• 24 Hour EasyPhone and Internet Banking
• Emergency Card Replacement within 24 hours (Australia)
• Visa accepted worldwide
• Your choice of card designs: water, ribbon, swirl and fish.
• Read the terms and conditions

• 0% balance transfers for 3 months
• 0% purchases for 3 months
• Low ongoing interest rate on purchases
• Cheap annual fee
• Choose from a range of designs
• No rewards program
• Higher minimum income required compared to other offers

How does the BOQ Low Rate Visa Credit Card compare for rates and fees against an average credit card? Based on the data from our website this credit card comparison scorecard shows:

		Purchase Rate	Cash Adv Rate	Annual Fee	Bal. Transfer Rate	Bal. Transfer Rate Period
	BOQ Low Rate Visa Credit Card	13.49%	21.49%	$27	0%	3 months
	The Average Credit Card	17.17%	21.04%	$95	3.04%	7 months

You can transfer from:



• ANZ
• Aussie
• Bank of Melbourne
• Bank SA
• Bankwest
• Coles
• Commonwealth Bank
• HSBC
• NAB
• St.George
• Westpac
• Woolworths

You cannot transfer from:



• Bank of Queensland
• Citibank
• CUA
• IMB
• Suncorp
• Virgin

The Bank of Queensland’s Low Rate Visa credit card has an attractive annual fee and a very competitive interest rate on both balance transfers and purchases, a combination that’s rare in Australia. It has automatic credit transfer to other accounts to avoid overdraft fees and no additional costs such as those of a rewards program. This is a low rate card by name, and it more than delivers.

Pros

The biggest draw of the BOQ Low Rate credit card is the price. A popular card for a reason, this one boasts one of the lowest standard purchase rates (13.49% p.a.)and a low annual fee to go with it. You still get up to 55 days interest free, the convenience of Visa’s worldwide acceptance and it is a great card to help you get your debt down as fast as possible.

Currently the card has a great introductory deal where you pay a $27 p.a. annual fee for the first year and get a really low interest rate on balance transfers at 0% p.a. for 3 months.

The card doesn’t have a rewards program, but this can be a plus when you’re trying to save money. Rewards programs can be complicated and you have to spend a small fortune to get anywhere anyway, not to mention, some actually cost extra just to be a member. This Low Rate credit card from Bank of Queensland is purpose built to save you money and offers you low cost simplicity.

In terms of security and convenience you’ll get 24 Hour EasyPhone access, as well as of course, online banking. And if you lose your card, you’ll have it replaced in 24 hours within Australia. Fraudshield is also standard for this card, making sure you’re informed about any suspicious activity on your account preventing any fraudulent use.

With the Bank of Queensland Low Rate Visa credit card, you will also be entitled to the Credit Card Saver feature where automatic credit card repayments can be made with Easi-Pay. This can help you stay on track and avoid interest charges and extra fees if you choose to pay your account balance in full. You can also choose to just pay the minimum amount due, or go for a fixed amount, set by you, from your nominated account on a monthly basis. Another help enabling you to track and reduce your debt.

Last but not least, you can pick your own funky design from 4 colourful options: water, ribbon, swirl and fish.

Cons

As mentioned, there is no rewards program on this card, nor insurances or anything fancy. But you’re not paying for that either and with the introductory offer, who’d complain?

Speaking of introductory offers, the BOQ Low Rate credit card’s balance transfer offer, which is one of the most sought after features of any card, is not the most competitive. On the broader market it’s possible to find 0% balance transfer deals that last for longer.

Also, the minimum income requirement of $25,000 is a bit higher than that of other low rate offers such as the ANZ Low Rate MasterCard and Aussie MasterCard. However, it’s still well within reach of most people.

Conclusion

For a low income earner or someone who’s racked up a bit of debt and wants to get on top of things, this card is well worth your consideration. There’s no denying that this potent combination of interest rates is in a league of its own.