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.