The BOQ Low Rate Visa Credit Card is designed for people who want straightforward credit features without paying unnecessarily high ongoing costs.
Among low-interest credit cards, it stands out with a 13.99% p.a. retail purchase rate, a $65 annual fee and up to 55 interest-free days on eligible purchases.
Its 24-month promotional balance transfer offer adds another reason to explore the card, particularly for customers looking to organise existing credit card debt while keeping a close eye on fees and repayment conditions.
BOQ Low Rate Visa Credit Card: the best credit card for managing interest and balance transfers
Could your existing credit card debt be costing more than it needs to? A balance transfer credit card may provide an opportunity to reduce interest charges while working towards paying down an outstanding balance.
BOQ offers 0% p.a. on eligible balance transfers for 24 months, subject to a 3% transfer fee.
This promotional period could help cardholders focus more of their repayments on reducing transferred debt rather than paying promotional interest, provided they manage their repayments carefully.
However, transfers from certain issuers are excluded, and the total amount transferred cannot exceed 80% of the approved credit limit.
Beyond the promotional offer, BOQ is worth considering among low-interest credit cards for its 13.99% p.a. retail purchase rate and $65 annual fee.
Eligible retail purchases can also benefit from up to 55 interest-free days when the Closing Balance or applicable Interest Free Days Payment is paid in full by the statement due date.
Cardholders can explore Instalment Plans, which allow repayments at a fixed rate over an agreed term. These features provide different ways to manage card spending, although interest, fees and promotional conditions must always be considered before making a decision.
Is a BOQ credit card worth it?
Bank of Queensland is an established Australian bank offering personal banking, lending and credit card products.
For customers comparing low-interest credit cards, its Low Rate Visa Credit Card combines a relatively modest annual fee with access to Visa’s international payment network.
The card is accepted at more than 61 million merchant locations worldwide and benefits from multiple layers of Visa security designed to help protect transactions.
These features make it a practical option for everyday purchases, online shopping and eligible international spending.
The BOQ Low Rate Visa Credit Card may be particularly attractive to customers who prioritise lower borrowing costs over premium rewards.
Its balance transfer credit card offer provides a 24-month promotional period at 0% p.a. on eligible transfers, while the 13.99% p.a. purchase rate offers an alternative to higher-interest credit cards.
However, the 3% balance transfer fee, $65 annual fee and 21.99% p.a. cash advance rate are important considerations. Any balance remaining after the promotional period reverts to the cash advance rate, so having a realistic repayment plan is essential.
What are the eligibility requirements for a BOQ credit card?
To apply for the BOQ Low Rate Visa Credit Card, you’ll need to meet the following eligibility criteria:
- Be at least 18 years old.
- Be a permanent Australian resident.
- Be an Australian resident for tax purposes.
- Have a valid Australian mobile phone number.
- Have a valid email address.
- Receive a regular income, with payslips or bank statements potentially required as supporting evidence.
- Have a good credit rating.
- Provide information about your income, existing debts and regular expenses.
- Supply your current employment status.
- Provide your Australian driver’s licence number if you have one.
- Supply the relevant account details if requesting a balance transfer.
- Ensure that any requested balance transfer does not exceed 80% of the approved credit limit.
Meeting these credit card eligibility requirements does not guarantee approval. BOQ will assess your financial circumstances and creditworthiness before making a lending decision and determining your approved credit limit.
How to apply for the credit card
- Step 1: Visit the official BOQ Low Rate Visa Credit Card website and review the card’s rates, fees and promotional balance transfer conditions.
- Step 2: Check that you meet the age, residency, income and credit rating requirements.
- Step 3: Prepare your personal identification details, employment information, income figures, monthly expenses and existing debt details.
- Step 4: If you’re interested in the promotional balance transfer offer, gather the relevant account information and check that the transfer meets BOQ’s conditions.
- Step 5: Select the official Apply Now option to begin your credit card application online.
- Step 6: Complete the application form, which BOQ indicates takes around 20 minutes when you have the required information ready.
- Step 7: Review your application details, the applicable interest rates and fees, and any promotional conditions before submitting.
- Step 8: Wait for BOQ’s assessment and decision. If approved, BOQ indicates that your card will be sent within 10 working days.
Frequently asked questions
How does interest work on the BOQ Low Rate Visa Credit Card?
The BOQ Low Rate Visa Credit Card charges 13.99% p.a. on retail purchases and 21.99% p.a. on cash advances.
You can receive up to 55 interest-free days on eligible retail purchases when you pay the full Closing Balance or applicable Interest Free Days Payment by the statement due date.
If you don’t meet the required repayment conditions, interest may apply to purchases according to the card’s terms.
The promotional balance transfer offer provides 0% p.a. for 24 months on eligible transfers, with a 3% balance transfer fee. After the promotional period, any outstanding promotional balance reverts to the cash advance interest rate, stated as 21.99% p.a. in the supplied product information.
Cash advances do not benefit from the retail purchase interest-free period, and interest applies from the transaction date.
How can I increase the credit limit on my BOQ Low Rate Visa Credit Card?
If you want to request a higher credit card limit, contact BOQ through its official customer service channels to check whether a limit increase is available for your account.
BOQ determines credit limits by assessing each applicant’s financial circumstances, including income, expenses, existing financial commitments and creditworthiness.
Any requested increase is subject to BOQ’s lending criteria and approval. A higher limit is not guaranteed.
How can I pay my BOQ Low Rate Visa Credit Card statement?
You can review your BOQ credit card statement and use the repayment methods supported by the bank to make payments towards your outstanding balance.
To benefit from the available interest-free period on eligible retail purchases, pay the full Closing Balance or applicable Interest Free Days Payment shown on your statement by the due date.
If you’re using a promotional balance transfer or an Instalment Plan, check the specific payment conditions carefully. Paying only the minimum amount may result in interest charges and a longer repayment period.
How can I cancel my BOQ credit card?
To cancel your BOQ Low Rate Visa Credit Card, contact Bank of Queensland through its official customer service channels and request account closure.
Before cancelling, check for outstanding balances, pending transactions, recurring payments and any active balance transfer or Instalment Plan arrangements.
You may need to settle outstanding amounts and complete any additional steps required by BOQ before the account can be closed.
For assistance, BOQ’s customer service team can be contacted on 1300 55 72 72.