Bank of Queensland

Blue Visa

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 18 months then 21.74%

Annual Fee

Annual Fee

$60

Max Free Days

Max Free Days

44

Late Payment Fee

$10

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 18 months then 21.74%

Annual Fee

Annual Fee

$60

Max Free Days

Max Free Days

44

Late Payment Fee

$10

Pros and Cons

Pros and Cons

  • Rewards Available through BOQ Q Rewards
  • Purchase protection insurance
  • Price guarantee
  • Does not offer free supplementary cards
  • Late payment fee

BOQ Features and Fees

BOQ Features and Fees

Details

Card Level

Gold

Card Type

Visa

Interest Free Days

Interest Free Days

44

Minimum monthly repayment

2% or $30

Minimum credit limit

$2k

Maximum credit limit

$10k

Free supplementary cards

Number free supplementary

0

Instant Approval

Fees

Annual Fee

Annual Fee

$60

Annual Fee Spend Waiver

Supplementary card annual fee

$15

Late Payment Fee

$10

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.74%

Cash advance rate

21.74%

Cash advance fee

3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 18 months then 21.74%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3.4% on Visa

Overseas charges

Overseas charges

$4

Estimated ATM Cost

$14.2

for AU $300 withdrawal

Rewards

Program name

BOQ Q Rewards

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$25k

Eligibility conditions

Residency

Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisauncappedeligible transactions

Perks

  • PURCHASE PROTECTION INSURANCE
  • PRICE GUARANTEE
Specials
  • Balance Transfer 0% p.a. on balance transfers for the first 18 months.
    On balance transfers for 18 months, reverting to the cash rate thereafter. No interest free days apply to retail purchases while you have a balance transfer. No fees on balance transfers.

Pros and Cons

  • Rewards Available through BOQ Q Rewards
  • Purchase protection insurance
  • Price guarantee
  • Does not offer free supplementary cards
  • Late payment fee

BOQ Features and Fees

Details

Card Level

Gold

Card Type

Visa

Interest Free Days

Interest Free Days

44

Minimum monthly repayment

2% or $30

Minimum credit limit

$2k

Maximum credit limit

$10k

Free supplementary cards

Number free supplementary

0

Instant Approval

Fees

Annual Fee

Annual Fee

$60

Annual Fee Spend Waiver

Supplementary card annual fee

$15

Late Payment Fee

$10

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.74%

Cash advance rate

21.74%

Cash advance fee

3.5% or $3.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 18 months then 21.74%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3.4% on Visa

Overseas charges

Overseas charges

$4

Estimated ATM Cost

$14.2

for AU $300 withdrawal

Rewards

Program name

BOQ Q Rewards

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$25k

Eligibility conditions

Residency

Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisauncappedeligible transactions

Perks

  • PURCHASE PROTECTION INSURANCE
  • PRICE GUARANTEE
Specials
  • Balance Transfer 0% p.a. on balance transfers for the first 18 months.
    On balance transfers for 18 months, reverting to the cash rate thereafter. No interest free days apply to retail purchases while you have a balance transfer. No fees on balance transfers.

FAQs

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

How to get money from a credit card

You can get money from a credit card, but generally it will cost you.

Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

How long does it take to get a credit card?

There are a few stages you need to go through to get a credit card; each one takes a different length of time.

Applying for the card online, over the phone or in person is the fastest step. This usually takes around 15 minutes, provided you have all of your documents handy.

After submitting your application, it usually takes between one to 10 business days for the lender to assess your eligibility. Some lenders offer instant approval, although you will need to send supporting documents before it is official.

Once your application has been approved, expect to wait between one to 14 days to receive your card in the mail. Keep in mind that delays can happen during busy periods, such as if the lender has launched a special deal.

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.

How do you pay off credit cards?

The best way to pay off a credit card bill is to set a realistic spending budget and stick to it. Each month, you’ll get a credit card statement detailing how much you owe and how long it will take to pay off the balance by making minimum repayments. If you only make the minimum repayments, it will take you years to pay off your outstanding balance and add extra costs in interest charges. To avoid any extra charges, you should pay the entire bill. 

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Monthly repayment

This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

Are there credit cards for students?

Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

What is the lowest monthly repayment on my credit card?

As a rule of thumb, this tends to be around 2-3 per cent of the outstanding balance. You can choose how much you want to repay each billing period as long as it is higher than this minimum required amount.

How to get a new credit card

To get a new credit card, generally you need to be at least 18 years old and have a good credit rating. You don’t need to be an Australian citizen. Usually you can apply online or in person at a branch of the card issuer. You’ll typically have to supply information like:

  • Your income and living costs (e.g. rent/mortgage, loan repayments, living expenses)
  • Your employer’s contact details
  • Details of your assets and any debts you are paying off

Current Annual Fees

These are the current annual fees on your existing credit card.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

How does credit card interest work?

Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.

If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.

The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.

Can we pay stamp duty by credit card?

Different states also have different rules about whether you can pay stamp duty with a credit card. Check the payment options for stamp duty on your local state revenue office website.

Some allow payments only from a savings or chequing account, whereas others allow payment through BPAY using your credit card. Also read the fine print to see if BPAY payments on your credit card are considered cash advances, as this could attract a higher interest rate.

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.