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  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’  which is one of the lowest cash advance rates around.

Balance transfers are low 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 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.

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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 a low annual fee. 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 low interest rates on purchases and 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 Low balance transfer rate.  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, 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.

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FEATURES SUMMARY

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. balance transfer rate
• Interest-free days: Up to 55

• Extras:
  • 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.

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 for cash advances and 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  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.

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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.

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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!

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Like the Bendigo Blue debit card, the Bank of Queensland Visa debit card is quite basic, but it does offer a couple of things that the Bendigo card does not.

There are seven different accounts on offer from Bank of Queensland to which you can link your Bank of Queensland Visa debit card. The monthly fee for this debit card is $1, which is a little unusual as the majority of Australian banks give debit cards out for free.

In addition to this is the monthly account fee, which varies depending on what kind of account you have and how much money you have in your account. These fees are all set out in Bank of Queensland’s personal banking guide to fees and charges which can be found on the bank’s website.

The monthly account fee can however be waived if you are a full-time student at a University, TAFE, Secondary School, if you’re under 18, if you have a Bank of Queensland home loan, or (depending on what kind of bank account you get) if you have over a certain amount of money in your account.

Unlike most other debit card providers you cannot apply for Bank of Queensland’s Visa debit card online which puts this card on the back foot in terms of convenience for its customers. Instead you have to go into a branch to set it up.

Transactions on this card at Bank of Queensland ATM’s are unlimited, but it’s not on any other banks ATM networks so you will get charged fees if you use the Visa debit card at other banks ATMs. The same goes for using Australia Post banking facilities, although the Australia Post Bank@Post service is a bonus as it increases the number of facilities there are for cardholders to carryout banking activities that they can’t do at ATM’s.

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