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

Thanks to its name, it’s fairly obvious that the main feature of the Bankwest Zero MasterCard is the $0 annual credit card fee. But wait, just like Transformers, there’s more to this ‘no annual fee’ credit card than meets the eye.

When you first look at the Bankwest Zero Mastercard as a whole it would be fair to say it sits in the middle of the range, but looking at individual features makes this card is very enticing.

With a $0 annual fee and the fact that even with a higher balance (at least a few thousand dollars) after the introductory interest rate has expired, you’ll pay less interest than a lot of other credit cards in the low annual fee category.

For the first 12 months, all balance transfers are subject to a very low interest rate, after which they increase. This is also the interest rate for purchases and cash advances which is probably one of the lowest cash advance rates around. Team this with an interest free period of up to 55 days and you’ve got yourself a bargain.

When you look at the bigger picture it’s not an exceptionally low ongoing interest rate (as there are others that are lower), but it is the lowest interest rate around on a card with no annual fee and it actually works out being one of the cheapest over a 12 month period.

But as usual it depends on your needs and spending habits. The low introductory interest rate means that you will end up spending less in interest than a lot of other cards on the market, and it includes a double-whammy of no annual fee.

So if you’re looking for a card that is cheap and doesn’t muck around with extra benefits and features then this is the best credit card for you. We think it’s a great low annual fee credit card, only just missing out on a top 3 placing.

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