Bank of Queensland’s Low Rate Visa credit card sits at the more expensive end of the low interest rate scale, but at the same time has some great rates across the board that actually makes it sit higher in the overall ranks.

While the interest rate is low on this credit card, it is at the higher end of the ‘low interest rate’ scale at 12.74% p.a. but is teamed up with up to 55 days interest free. We are also pleased to say that this is made up for by a cash advance rate that defies the ‘norm’ with a low rate of just 16.49% p.a. which is one of the lowest cash advance rates around.

Balance transfers are currently at 4.9% p.a. for the life of your transfer, which is a very attractive feature as most credit cards only offer such a low rate for a limited period of time.

There are unfortunately some eligibility requirements for this credit card, including a minimum income per year of $20,000 and an age limit of 18 years or older. The annual fee is average for this type of card at $55 which allows you the choice of four different card designs, and up to four additional cardholders absolutely free of charge.

One feature that stood out from Bank of Queensland was the ability to set up automatic credit card repayments each month from a non-Bank of Queensland bank account. This helps with keeping your bills under control and means that you’re are not forced to open a Bank of Queensland bank account if you don’t want to.

Overall this card is very attractive as it covers a lot of areas in terms of affordability, and would suit people who use their credit card quite a lot and are looking for a much cheaper alternative over all, including cash advances and balance transfers.

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

It’s a sad day when the only real difference between a gold and standard credit card is the price. Unfortunately that day has come.

Bank of Queensland’s Gold credit card has an annual fee of $120. Sure, this seems pretty average for a Gold credit card, but when you get down to the nitty gritty you can see that value for money is not something that was taken into account when they created it.

All the extra benefits are the same as the Blue Visa from Bank of Queensland, although there is the addition of international travel insurance and an increase in the purchase cover limit (which at $125,000 we have to admit is substantial). While international travel insurance is a good addition to a credit card, it doesn’t really justify the higher annual fee and interest rates of 20.24% p.a. on purchases and 20.74% p.a. on cash advances.

There are a couple of features on this card which if they weren’t on there, we’d see it getting a complete ‘bottom of the barrel’ review. The first is its balance transfer rate which is a low ongoing rate of 1.9% p.a. for 9 months. The fact that this rate is ongoing is great, especially seeing as most cards offer an introductory period that, once over, has the same interest rate as cash advances for your unpaid balance.

The second of the features that save it from an ‘epic fail’ is the cash back rate. Surprisingly enough, the Gold Visa from Bank Of Queensland actually fares pretty well in the cash back category, just missing out on a top 3 spot.

Rewards points on the Q Rewards program are offered at 1.75 points per dollar spent using your Bank of Queensland Gold rewards credit card. This is a marginal increase from the Blue Visa that offers a reasonable earn rate, but with limited information about redemption for the many rewards on offer, it’s hard to say whether or not it’s worth even factoring into your credit card decision.

This card has bucked the trend of Gold cards out-performing their respective platinum cards. So it’s safe to say that if you’re not planning on travelling then the Blue Visa would be a much smarter option; but even then, there are other more affordable cards on offer.

On the whole it’s an over-priced credit card, illustrated by a $65 jump in price for the annual fee with only a marginal improvement in benefits, however the cash back rate and balance transfer rate make it quite appealing if that is what you’re looking for in a credit card.

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

FEATURES SUMMARY

• Annual fee: $199
• Purchase rate: 19.49% p.a.
• Cash Advance rate: 19.99% p.a.
• Balance Transfer rate: 4.9% p.a.
• Interest-free days: Up to 55

• Extras:
  • Apply online
  • Rewards
  • Cashback
  • Purchase cover
  • Extended warranty
  • Phone/Internet banking
  • Personal Concierge Service
  • Priority Platinum phone line
  • International travel insurance

The platinum credit card from Bank of Queensland is a perplexing one. Why? Well, with all the competition out there, Bank of Queensland has still chosen to offer a credit card with all the same benefit as most other platinum credit cards, but with a high annual fee and much higher interest rates than most.

Despite these features, Bank of Queensland’s rewards program has enabled this card to be a pretty good card for cash back rewards. This card has free automatic membership to Q Rewards where points are earned at the rate of 2 points for every dollar spent on your platinum credit card. These can go towards your choice of rewards including travel, home ware, cash back, shopping vouchers, and whole bunch of retail products.

With this rewards credit card you get the majority of the usual travel benefits, including international travel insurance, personal concierge service, purchase protection (for up to $200,000) and extended warranty on purchases. Although it was interesting to see that transit accident insurance wasn’t included with this card as most platinum credit cards do tend to include this.

With an annual fee of $199 it’s not the highest priced platinum card out there but it is still pretty expensive. However the biggest let down on this card is the interest rates of 19.99% p.a. for cash advances and 19.49% p.a. for purchases. Despite having up to 55 days interest free, rates like these rates could quite easily lead to accumulating interest on your bills if you don’t manage to pay it in full each month.

On a brighter note, the balance transfer offer is 4.9% p.a. for the life of all new transfer applications. Of all the low balance transfer credit cards we have reviewed, Bank of Queensland’s cards were the only ones which offered a low rate on an ongoing basis, which is probably this card’s shining light.

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