The main feature of this card is quite obviously the fact that it has up to 55 days interest free.

These interest free days only apply if you pay your monthly balance in full. If not you will be charged full interest on your purchases, calculated from the day of purchase.

It’s quite strange that Westpac would bring out a card especially created for this feature, as the majority of credit cards out there offer interest free days in conjunction with lower ongoing purchase and balance transfer rates.

The introductory interest rate on purchases is very low p.a., however this will only last for the first 5 months. After this time the purchase rate jumps p.a. There are no outstanding extra features that you can’t find on other cards, which makes this purchase interest rate seem unnecessarily high. However, it can be avoided by using up to 55 interest free days to your advantage.

The same goes for balance transfers – p.a. for the first 6 months, it will be cheap for a short period of time, but it will increase to almost 20%. So if you’re looking to transfer a credit card balance then this is not the best credit card choice.

The one good thing that can be said about this interest free period credit card is that it has a low annual fee.

So if you need to make a few large credit card purchases and your current credit card doesn’t have interest free days, or you’re just looking for a credit card to make the odd purchase on that charges a low annual fee then the Westpac 55 Day credit card is possible option for you.

See our top credit card picks in the Editor’s Choice category

FEATURES SUMMARY

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate fee
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. balance transfer rate
• Interest-free days: N/A

• Extras:
  • Rewards
  • Cash Back
  • Visa Entertainment
  • Purchase Protection
  • Phone/Internet banking
  • Four free additional cardholders

If you have a large credit card balance that you’re struggling to pay off, or you need to consolidate debts from a number of credit cards then Bank of Queensland’s Blue No Annual Fee credit card is a good option for you.

It is a very close contender for one of the top three spots in the Low Balance Transfer credit cards category. With no annual fee and only low interest for the life of the balance transfer, you’ll have your debts paid off much faster, not to mention you’ll have saved yourself a whole lot of money.

When it comes to its other features however, Bank of Queensland’s Blue No Annual Fee Visa is the epitome of over-compensation. When there are no interest free days on a ‘no annual fee credit card’ with an interest rate like this one, balance transfers are the only way in which this card will be beneficial for anyone. You’ve got no interest free days, so if you happen to make some purchases you will need to pay them off as soon as you can to avoid more debt.

Bank of Queensland’s free-to-join rewards program, Q Rewards, will reward you for spending with your Blue No Annual Fee credit card. Earning 1.5 points per dollar spent, you can build up points to reward yourself with flights from Qantas, JetStar or Virgin Blue, or vouchers for a wide range of shopping and entertainment including Dreamworld, David Jones and Myer.

You can also redeem your points as cash back, where it is credited directly back to your credit card, Bank of Queensland loan, or even used to pay your annual fee. Points are capped at $65,000 points per year which is just under $44,000 worth of spending, so you’ve got a lot of leg room when it comes to earning your Q Rewards points.

Purchase protection is another feature of this credit card which gives it value for money. If you’ve bought anything on your Blue No Annual Fee credit card that has been lost, stolen or damaged (within three months of the purchase date) then Bank of Queensland will sort out a replacement or repair for free, anywhere in the world.

However the balance transfer rate sits for the life of the balance so would be very handy if you have been racking up bills on other cards.

In general, it seems that most people would rather pay a small annual fee and get interest free days (and maybe a few more features than the Bank of Queensland Blue No Annual Fee credit card offers), as it can be easy to fall into a debt trap if you end up having to make more purchases on the credit card than anticipated. However if you use this card purely for it’s best features – the low balance transfer rate and no annual fee – then it could be very valuable.

See our top credit card picks in the Editor’s Choice category

Bank of Queensland’s range of credit cards are not exactly front runners in the credit card race, but to put it bluntly, the Blue Visa is probably the best of the lot.

With a low annual fee matched with (up to) 55 days interest free, the Bank of Queensland Blue Visa is relatively cheap when compared to other rewards credit cards.

Interest is charged  for purchases and  for cash advances. Balance transfers however, are charged the same interest for the life of the transfer. But get in quick because this balance transfer rate is only available for a limited time.

Understandably, it’s a great feature for anyone who is being charged high interest rates on their credit card bill or has managed to rack up a bill that they just can’t seem to get back under wraps.

When purchasing using your Blue Visa you’ll earn 1.5 Q Rewards points for every dollar you spend – average earn rate but typical of a standard credit card.

With the details of the rewards program being unclear at this point it’s hard to say how much you would need to spend to get a reward, but we can tell you what the rewards are.

If you’re a bit of a movie buff then you can redeem your points for Village Cinemas and Hoyts vouchers, or if shopping is more your thing then you can get vouchers for shops like David Jones and Myer. Cash back on Virgin Blue, Qantas, and JetStar flights bought with your Blue Visa is also available through the Take Flight program.

You’ll also get up to $50,000 purchase cover in case of damage, loss or theft of purchases made with your Blue Visa credit card. So who would this card be good for?

Well if you’ve got your heart set on a Bank of Queensland credit card then this one would be ok if you like to use your card for everyday expenses and are vigilant at paying your monthly bill (so as not to accumulate interest, and take advantage of the interest free days).

But to be honest, the one feature that makes this card better than any other and that is the balance transfer rate. So it would most definitely be a good option for those with a large credit card debt who are looking to pay it off at a low rate over a long period of time, while only using the card for emergency purchases. But remember, this balance transfer rate is available for a limited time so you’ve got to get in quick!

See our top credit card picks in the Editor’s Choice category