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: $190
• Purchase rate: 17.99% p.a.
• Cash Advance rate: 20.99% p.a.
• Balance Transfer rate: 17.99% p.a.
• Interest-free days: Up to 55
• Extras:
  • Apply online
  • Cashback

• • Price Guarantee
  • Extended warranty
  • MasterCard moments
  • Phone/Internet banking
  • 24/7 Concierge Service
  • Rewards (plus bonus points)
  • Purchase Protection insurance

With the Bankwest More Gold MasterCard being pretty good value, the pressure is on for the More Platinum MasterCard to prove itself just as worthy. So let’s see what it has to offer.

It’s only fair that first we point out the annual fee, which is $70 more than the Gold card at $190. This is pretty average for a platinum credit card, but do the features and benefits measure up to this increase in annual fee?

Well, let’s see. The interest free period (up to 55 days) and the cash advance rate (20.99%) are the same as the Gold card. But then we see a nice little decrease in the purchase rate, bringing it down to 17.99% p.a. This in turn decreases the balance transfer rate to 17.99% p.a. as well, so both are lower than their Gold card counterparts.

Rewards points are earned at a rate of two points for every dollar spent, with a maximum of 400,000 points able to be earned per year. To reach this maximum you’d need to spend $200,000 on your credit card in a year (or nearly $17,000 a month) so we think you should be ok! As a nice little bonus, Bankwest increases the bonus points given to platinum cardholders, with 15,000 bonus points when your More Platinum credit card is activated. As a result this credit card is the #2 place getter in the Editor’s Choice – Rewards Credit Cards category.

It also comes with all the same travel and insurance benefits, plus another addition to sweeten the deal. Your international travel insurance covers you for up to six months of travel and for things such as rental vehicle excess, unexpected travel delays or cancellations, medical expenses and even (we hate to say it) funeral costs.

Purchase security insurance also gives platinum cardholders at Bankwest up to $30,000 in claims for damaged, stolen or lost credit card purchases. Warranties of less than one year are doubled and warranties from one to four years are extended by 12 months under Bankwest’s extended warranty insurance.

It also allows up to $15,000 in claims per year. Price guarantee insurance on the platinum card means you can be refunded up to $500 on any one item that is reported within 21 days of purchase. You’ll also get a 24/7 personal concierge service as part of the rewards credit card’s benefits.

So judging by the lower interest rates, the annual fee and the additions to the many travel and insurance benefits available, we think it would be fair to say that the More Platinum Rewards credit card from Bankwest really does step up to the mark, with benefits that are most definitely proportionate to its price.

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