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Our verdict

Offers 0% p.a. interest on balance transfers for 18 months, with a $55 p.a. annual fee.

The BOQ Low Rate Visa Credit Card is suited to people who want to save on credit card interest. Its introductory offer gives you 18 months interest-free on balance transfers, with no balance transfer fee. But at the end of the introductory period, a much higher interest rate of 21.49% p.a. applies to balance transfers. So if you want more than a year to pay off your existing balance, it's worth comparing credit cards with longer balance transfer offers.

This card's 13.49% p.a. variable purchase rate is competitive with other low rate credit cards. The same goes for its $55 p.a. annual fee. The rest of its features are relatively basic, which means it's more suited to people who want a simple credit card than those who want rewards and other extras.

Pros

0% p.a. for 18 months on balance transfers, with no balance transfer fee
Low 13.49% p.a. purchase interest rate
Can be added to Apple Pay, Google Pay and Samsung Pay

Cons

Balance transfer reverts to the 21.49% p.a. cash advance rate after the introductory period
3.4% international transaction fee

The BOQ Low Rate Visa Credit Card can be used around the world, anywhere Visa cards are accepted. You can also add it to Apple Pay, Google Pay and Samsung Pay for mobile payments. After the introductory period, you can get up to 55 days interest-free on purchases if you pay the total closing balance on your statement. But you won't get interest-free days when you're paying off a balance transfer.

Details

Product details

Product Name	BOQ Low Rate Visa Credit Card
Balance transfer rate p.a.	0% for 18 months, then 21.49%
Balance transfer limit	80% of available limit
Purchase rate p.a.	13.49%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.49%
Min credit limit	$2,000
Max credit limit	$20,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$25,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$55
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	2% of transaction amount or $4 (whichever is greater, capped at $30)
Additional cardholder fee	$15
Number of additional cardholders	4

How to apply

You can apply for the BOQ Low Rate Visa Credit Card online by filling in a secure application form on the Bank of Queensland website. To get started, check that you meet the eligibility requirements and have all the details and documents you need to complete the application.

Eligibility criteria

Residency. You can apply if you're an Australian permanent resident or citizen.
Income. You must earn at least $25,000 per year to receive approval.

Eligible balance transfer debt. You can request a balance transfer worth up to 80% of your approved credit limit from non-BOQ credit cards or loans.
Credit history. You need a good credit history for this card.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, residential address, contact details, marital status and number of financial dependents. You also need to provide a valid form of ID, such as your Australian driver's licence or passport.
Employment. This covers your income, current place of employment and your employer's contact information. You also need to provide supporting documentation, such as recent payslips or tax assessment notices from the ATO.
Financial details. As well as your primary income, provide details of any other sources of income, savings and other assets, as well as existing credit cards, loans and debts. You also need to include an estimate of your regular household expenses, such as bills and groceries.
Balance transfer. If you want to transfer a balance transfer, you'll need to include account details for the balance or balances you want moved to the BOQ Low Rate Visa Credit Card.

Card benefits

0% p.a. balance transfer offer. The BOQ Low Rate Visa Credt Card offers 0% p.a. interest on balance transfers for the first 18 months with no balance transfer fee. With this offer, you need to request your balance transfer within 90 days from approval. At the end of the promotional period, any remaining balance transfer debt will attract the 21.49% p.a. cash advance rate.
Low interest rate on purchases. This card has a relatively low variable purchase rate of 13.49% p.a.

Mobile wallets. You can link your BOQ credit card with Apple Pay, Google Pay and Samsung Pay to make payments from your mobile phone or device.

Rates & fees

Annual fee. This card charges an annual fee of $55 p.a., which is competitive with other low rate credit cards currently on the market.
Interest-free days. When you pay your balance in full by the statement due date, you'll get up to 55 days interest-free on purchases. But interest-free days do not apply when you have a balance transfer.

Cash advances. If you use your card for cash advances, such as an ATM withdrawal, you'll be charged the 21.49% p.a. cash advance interest rate. Cash advances in Australia also attract a fee of 3.5% of transaction amount or $3.50 (whichever is greater). And international cash advances attract a fee of 2% of transaction amount or $4 (whichever is greater, capped at $30).
International transaction fee. If you use your card to shop overseas or online with an international merchant, you'll be charged 3.4% of the Australian dollar amount.

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Amy Finder

Editor

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Sarah box

October 08, 2023

Can you use the balance transfer option to payout a spouse credit card?

Amy Bradney-George Finder

October 08, 2023

Hi Sarah,

BOQ accepts balance transfers from accounts that are held in the same name as the primary cardholder, according to details on the bank’s website. If you have further questions about the application, you can contact BOQ directly on 1300 55 72 72. Finder also has a guide on when you can balance transfer someone else’s debt that includes further details. I hope this helps.

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Michelle

June 20, 2023

What was the best solution to purchase a Second hand car…?? I bank with BOQ and Only $32K year…My credit score is 780 what do U suggest

Thanks

Amy Bradney-George Finder

June 22, 2023

Hi Michelle,

Please keep in mind that Finder provides factual information and general advice. But this guide on used car loans may be of assistance as it include rates, features and other details to consider when looking to buy a used car. I hope this helps.

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Fiona

June 12, 2017

why dont BOQ offer low interest balance transfer on non boq credit cards after you had a card for years. Other banks always offering deals so why not BOQ.

Anndy Lou Finder

June 12, 2017

Hi Fiona,

Thanks for your question.

Unfortunately, as with most banks, you need to apply for a balance transfer at the time of credit card application to be eligible for the 0% offer. If you are an existing BOQ card holder, you may directly get in touch with your bank and inquire if they are able to give you a special rate.

Alternatively, you may want to compare BOQ balance transfer cards and see which one would best meet your needs.

I hope this helps.

Cheers,

Anndy

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Doris

September 25, 2013

Can I just have 0% on purchases for 9 months and not transfer a balance from another credit card to qualify for the BoQ low rate visa card ?

Jacob Joseph Finder

September 25, 2013

Hi Doris,

Thanks for your question.

You do not have to transfer a balance to apply for a card. This card does not offer an interest-free purchase rate promotion.

You can compare interest-free credit cards based on purchase rates, annual fees and balance transfer rates. You can press the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

I hope this helps,

Jacob

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Yvonne

September 09, 2013

What is the best rate you can give on a balance transfer for 24 months?

Jacob Joseph Finder

September 09, 2013

Hi Yvonne,

Thanks for your question.

The BOQ Low Rate Visa Card offers balance transfers for the first 6 months with no balance transfer fee. If you are looking to compare this balance transfer offer against other credit card providers, you may refer to our comparison of balance transfer credit cards. You can select the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

I hope this helps.

Cheers,

Jacob

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BOQ Low Rate Visa Credit Card

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