Low Rate Visa Card
Balance Transfer0% p.a. on balance transfers for 6 months
- Last updated on 03 Aug 2020
Balance Transfer Rate
for 6 months then 21.49%
Max Free Days
- Balance Transfers Available
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 6 months then 21.49%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.4% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- Balance Transfer 0% p.a. on balance transfers for 6 monthsTotal balance transfers may not exceed 80% of your credit limit. The 14 month promotional period commences once the balance transfer is processed. At the end of the balance transfer period, the interest rate on any outstanding transferred balance and balance transfer fee will revert to the variable Annual Percentage Rate for Cash Advances, 21.49% p.a. Please note you are not entitled to any interest free days whilst you have a balance transfer.
Compare and review credit cards with similar features
Bank of Queensland, also known as BOQ, is one of Australia’s leading regional banks and has more than 190 branches throughout the country.
BOQ provides a limited range of credit cards along with finance products such as bank accounts, personal loans and home loans, among others.
Customers can manage their credit card accounts through the BOQ website and mobile app. Customer support is also available through the bank’s 24-hour phone support line, via email or by visiting a branch.
The Bank of Queensland Low Rate Visa Card provides customers with a moderate interest rate on purchases. Advertised as a low-rate credit card, this card does not come with many features or benefits, preferring to let the rates do the talking.
Although this credit card’s interest rate falls more on the moderate side than low, Bank of Queensland are also offering a 12-month no interest balance transfer offer for new cardholders, after which time any remaining balance will revert to the same high interest rate on cash advances.
The Bank of Queensland Low Rate Visa Card also has a moderate annual fee, as well as offering a moderate number of interest-free days each month. Visa is accepted worldwide, and Bank of Queensland also provides internet banking.
- Moderate interest rate
- Balance transfer offer
- Moderate interest-free days
- Annual fee
- No additional cardholders
- No additional perks or benefits
Who is it good for?
The Bank of Queensland Low Rate Visa Card’s main feature is its moderate interest rate and annual fee. For regular credit card users who struggle to pay off their card each month, switching to this lower-interest option could help to get their repayments under control, especially if they are currently using a higher-interest credit card.
Similarly, consumers with existing credit card debt could take advantage of the 12-month no-interest balance transfer offer, provided that they can realistically pay it off in less than 12 months.
As with all credit card issuers, current Bank of Queensland customers may benefit from choosing this card in order to keep another product under the same financial provider.
With a moderately low minimum income requirement, students or part time workers looking for their first credit card could also find value with the Bank of Queensland Low Rate Visa Card.
What RateCity says
The Bank of Queensland Low Rate Visa Card is advertised as a no-frills low-interest credit card. With few other features, this credit card’s main draw is its rates and fees.
Although marketed as a low-rate credit card, the Bank of Queensland Low Rate Visa Card’s interest rate falls firmly within the moderate category, and there are in fact many credit cards currently available with lower interest rates (and some even with lower annual fees.)
Bank of Queensland are offering a balance transfer offer on this credit card for new customers, with a no-interest period for the first 12 months, so customers with a moderate amount of credit card debt could take advantage of this. However, make sure the debt can realistically be paid off in less than 12 months, as after this time it will revert to the same high interest rate on cash advances.
To apply for the Bank of Queensland Low Rate Visa Card, you must be at least 18 years old with a good credit rating and be an Australian citizen or permanent resident. You will also need to meet minimum income criteria, as well as any other serviceable criteria specified. You can apply online in five easy steps, and will need to provide information on your employment and income during the application process.
About the lender
Bank of Queensland is a retail bank, and one of Queensland’s oldest financial institutions. Founded in 1874, it is headquartered in Brisbane and today has over 200 branches and more than 3,000 ATMs across Australia. Customers can contact Bank of Queensland 24 hours per day, seven days per week for both general and credit card enquiries. Bank of Queensland provides financial services for individuals and businesses, with products including credit cards, home loans and business loans.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
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.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.
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.
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.