• Rates
  82%
• Fees
  85%
• Rewards
  N/A
• Customer Service
  86%
• Value
  84%

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au.

The Bank of Queensland Low Rate Credit Card

Offering one very appealing introductory offer, the Bank of Queensland Low Rate Visa Credit Card is currently providing 0% p.a. on balance transfers for 14 months. With a low ongoing purchase rate and a reasonable annual fee, this card is definitely a worthy option for cardholders looking for access to credit while keeping costs low.

What we love...

Bank of Queensland says, if only everything was as simple as its Low Rate Visa Credit Card. Sometimes simple is all you need – and if you’re searching for the simple life, this card could make that happen. As a low rate card, there are no rewards programs to figure out, and no extravagant features that you need to delve into the small print to get your head around.

As a basic, no frills card, it does exactly what you would expect. It offers a nice low rate that can help cardholders keep costs down. And, if you pay your balance by the due date each month, you could save even more with up to 55 days interest free on purchases. It’s worth bearing in mind that if you have a balance transfer on this card, there is no interest free period on purchases.

Balance transfer, you say? Yep, this card has a pretty sweet balance transfer deal going on right now. If you apply and are approved by 30 September 2019, you can take advantage of 0% p.a. on balance transfers for 14 months. That could give you more than a year to take a serious chunk out of your credit card debt, paying down your balance faster as you pay less in interest.

In terms of the essential info on this offer, you can transfer up to 80% of your available credit limit, from non-Citi issued cards. What is nice to note is that, unlike quite a few offers out there right now, you will pay no balance transfer fee. This can help you concentrate on simply paying off your balance, without adding extra fees that you will have to pay off alongside your balance.

What’s not so great...

One important feature to note on the balance transfer offer is the fact that any balance left unpaid at the end of the intro period will start to accrue interest at the card’s cash advance rate. The offer does give you a nice long time to pay your balance down, but if you are unable to clear your balance in time, you may look into doing another balance transfer to avoid that higher rate.

Be aware that you would need to meet eligibility criteria for this. Avoiding a cycle of balance transfers is generally best avoided.

Why should you choose this card?

With a relatively low minimum annual income requirement of $25,000, the Bank of Queensland Low Rate Visa Credit Card could be a great option for lower income earners with a good credit rating. As a low rate card, it could appeal to cardholders who tend to carry a balance, or anyone who simply wants to save money.

With that balance transfer deal, it would work well for cardholders who want to clear credit card debt, to then enjoy a decent low cost card ongoing. In terms of features, the card offers all the might of Visa, with worldwide access at merchants and ATMs, and Verified by Visa, FRAUDSHIELD and Visa Zero Liability providing added security.

Overall Rating

The Bank of Queensland Low Rate Visa Credit Card is a low rate card with an affordable annual fee, currently offering 0% p.a. on balance transfers for 14 months.