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When you’re on the lookout for a credit card that won’t break the bank, the BOQ Low Rate Visa might just be what you’re after. Issued by the Bank of Queensland, this card is all about keeping things simple and affordable.
Whether you’re handling everyday expenses or planning a big purchase, this card offers low interest rates without the frills, just straightforward value.
In this article, we’ll take a deep dive into what the BOQ Low Rate Visa has to offer, why it could be the perfect card for you, and how you can get started.
Get to Know the BOQ Low Rate Visa Credit Card
The BOQ Low Rate Visa Credit Card is a product from one of Australia’s most respected regional banks, the Bank of Queensland. Designed with simplicity in mind, it caters to Australians looking for a cost-effective way to manage their finances without the burden of high fees or complicated rewards schemes.
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As a Visa card, it is widely accepted both domestically and internationally, making it a convenient option whether you’re shopping online, grabbing a coffee, or travelling overseas.
This card stands out because of its competitive low interest rate, making it particularly suitable for those who may carry a balance. It’s a practical choice for anyone who prefers to keep their financial life simple and manageable.
Top Reasons to Choose a BOQ Low Rate Visa Credit Card
Low Interest Rate on Purchases:
One of the biggest draws of the BOQ Low Rate Visa is its low purchase interest rate of 13.49% p.a. This is a significant advantage if you tend to carry a balance on your card. A lower interest rate means more of your repayments go towards reducing your principal balance rather than being eaten up by interest charges. This feature alone can help you manage your credit card costs more effectively.
55 Days Interest-Free Period:
The card offers up to 55 days interest-free on purchases. If you pay off your balance in full by the due date each month, you won’t incur any interest during this period. This feature gives you a bit of breathing room to manage your cash flow, making it easier to stay on top of your finances.
No Annual Fee for the First Year:
To make the deal even sweeter, there is no annual fee for the first year. This allows you to try out the card without worrying about upfront costs. After the first year, the annual fee is $55, which is relatively low compared to other cards on the market.
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Considering the savings you’ll get from the low interest rate, this fee is quite reasonable.
0% p.a. on Balance Transfers for 18 Months:
If you have an existing credit card debt, the BOQ Low Rate Visa offers 0% p.a. on balance transfers for the first 18 months. This allows you to consolidate your debts and pay them off without incurring additional interest during the promotional period.
However, be aware that no interest-free days apply while you have a balance transfer, and the interest rate reverts to the cash advance rate after the promotional period ends.
Disadvantages of the BOQ Low Rate Visa Credit Card
While the BOQ Low Rate Visa has many advantages, it’s essential to be aware of its limitations:
No Rewards Program:
This card is focused on keeping costs low, so it doesn’t offer a rewards program. If you’re someone who likes to earn points or cashback on your spending, this card might not meet those expectations. It’s designed for simplicity, not for perks or extras.
Higher Fees for Cash Advances:
Another point to consider is the higher fees associated with cash advances. If you plan to use this card for withdrawing cash, be prepared for higher interest rates and additional fees. As with most credit cards, it’s generally advisable to avoid cash advances if possible.
Foreign Transaction Fees:
If you frequently travel abroad or shop with international retailers, be mindful of the foreign transaction fee. These fees can accumulate quickly, so it’s something to consider if you often make purchases from overseas.
Credit Card Requirements
Before applying for the BOQ Low Rate Visa Credit Card, you need to ensure you meet the following criteria:
- Identification: You will need to provide valid identification, such as a driver’s license or passport.
- Age Requirement: You must be at least 18 years old.
- Australian Residency: You need to be an Australian citizen or a permanent resident.
- Credit History: A good credit score is necessary. BOQ will assess your credit report as part of the application process, so it’s crucial to have your finances in good order.
- Proof of Income: Although BOQ doesn’t specify a minimum income, you must provide proof of regular income. This will support your application and improve your chances of approval.
How to Apply for a BOQ Low Rate Visa Credit Card
Getting your hands on a BOQ Low Rate Visa is pretty straightforward. Here’s how you can do it:
Step 1 – Start by heading to the page official credit card BOQ Low Rate Visa website.
Step 2 – Find and click on the ‘Apply Now’ button: This will take you to a secure online form where you will need to enter the requested details.
Step 3 – Follow the instructions, fill out the form and before you click submit, double-check everything to make sure your information is correct. This will help avoid any delays in processing.
Step 4 – Once you submit your application, BOQ will review your details and run a credit check. If everything is correct, you should receive a response within a few days, and your new card should arrive in the mail shortly after.
What You Need to Know Before Applying for the BOQ Low Rate Visa
Here are a few additional details you should be aware of before applying:
Balance Transfers:
While the 0% p.a. on balance transfers for 18 months is a significant benefit, remember that no interest-free days apply while you have a balance transfer. The interest rate will revert to the cash advance rate after the promotional period ends, so plan your repayments accordingly.
Application Time:
The online application process takes approximately 20 minutes to complete, assuming you have all the necessary documentation on hand.
Adding Cardholder:
You can add up to four additional cardholders to your account. The additional cardholder has access to the same credit limit as the primary account holder, and you can manage this through BOQ Internet Banking or by visiting a branch.
Contacting the Bank of Queensland
If you need to get in touch with the Bank of Queensland, here’s how:
- Visit a Branch: Drop by your nearest BOQ branch for face-to-face assistance.
- Phone: Call BOQ’s customer service at 1300 55 72 72 during business hours, Monday to Friday, 8:00 AM to 8:00 PM (AEST).
- Online: Log into your BOQ online account for secure messaging and account management.
- Email: Use the contact form on the BOQ website for non-urgent inquiries.
