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Bank of Queensland Platinum Credit Card
Bank of Queensland Platinum Credit Card

Bank of Queensland Credit Cards

Bank of Queensland Platinum Credit Card

Updated 2 January 2020

Apply by 27 February 2020

Points Earn Rate (per $1 spent)

2

points

Q Rewards

Rewards Program

Q Rewards

Bonus Points

N/A

0 points over 12 months spend

My monthly card spend

Pros and cons

  • 0% p.a. on balance transfers for 12 months
  • $0 annual fee your first year. $129 thereafter
  • 2 Q reward points accrued per $1 spent
  • Extended warranty up to 12 months cover
  • International travel insurance

  • Balance transfer rate reverts to the cash advance rate after intro period
  • High standard interest rates so pay that balance off in full

Creditcard.com.au review

Editor Review

Bank of Queensland Platinum Credit Card

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

The Bank of Queensland Platinum Credit Card

With the Bank of Queensland Platinum Credit Card, cardholders can enjoy a seriously rewarding experience. Currently, new cardholders will pay $0 annual fee for the first year, to then earn 1,000 bonus Q Rewards points every month for the first 12 months after meeting a minimum monthly spend of $1,000. Also on offer is a great everyday earn rate, plus a full suite of insurance covers and 0% p.a. on balance transfers for 12 months.

What we love...

When you compare rewards cards, you need to determine each card’s value to decide whether it’s right for you. One thing that makes a card more valuable is a no annual fee offer, such as the one currently offered on the Bank of Queensland Platinum Credit Card. As a new cardholder, you will pay $0 annual fee for the first year, and no ongoing annual fee as long as you spend a minimum of $12,000 per year on retail purchases.

As long as you meet these requirements and clear your balance before it starts accruing interest, you are essentially earning rewards for free with this card. Meeting that minimum spend has another bonus as well. Each month you spend at least $1,000 on eligible transactions during the first 12 months of having the card, you will receive a bonus 1,000 Q Rewards points. That means, your monthly spend of $1,000 would give you 3,000 points each month for the first year, while you pay nothing in annual fees.

In terms of everyday earning, you will earn 2 Q Rewards points for every $1 you spend on eligible transactions. There is no points capping and no points expiry, so you can take as long as you like to stack up points for that perfect reward. As for points redemption options, these are wide-ranging within the Q Rewards program, including travel, merchandise, gift cards and conversion to flybuys points. You may also redeem points to cover eligible purchases or your annual fee.

Aside from the intro offers we have already mentioned, this card also has a pretty nice balance transfer offer, providing 0% p.a. on balance transfers for 12 months. Bear in mind, while the card typically offers up to 55 days interest free on purchases to cardholders who clear their balance each month, there are no interest free days on accounts with a balance transfer. To be eligible for the offer, you must apply and be approved by 27 February 2020, and you may transfer up to 80% of your approved credit limit, from non Citi-issued cards.

What’s not so great...

Rewards cards, in general, tend to have higher interest rates. The Bank of Queensland Platinum Credit Card is no exception. If you want to see real value on this card, clear the balance before it starts accruing interest. Also, if you don’t meet the minimum spend, you will pay the standard annual fee, which isn’t high, but will reduce the value you see from your rewards.

Why should you choose this card?

If you want an alternative to other, perhaps better-known rewards programs, the Bank of Queensland Platinum Credit Card may be a worthy option. You can earn points on the very flexible Q Rewards program, while enjoying some very appealing extras. Aside from the extras already mentioned, you can take advantage of these travel and purchase insurance covers:

  • International Travel Insurance: Cover for you and your family for medical expenses, trip cancellation due to unexpected circumstances, loss or theft of personal items and more.
  • Interstate Flight Inconvenience Insurance: Cover for events like flight delays, cancellations, baggage delays and personal item damage for domestic travel within Australia.
  • Transit Accident Insurance: Cover for you, your spouse and or/dependent children for specific injuries sustained while on a trip, which has been paid for on your card.
  • Purchase Cover Insurance: Covers products lost, stolen or damaged anywhere in the world within 90 days of purchase.
  • Extended Warranty Insurance: Provides extended warranty on eligible items.
  • Guaranteed Pricing Scheme: Offers a refund of the price difference when you purchase in-store and then see the same product advertised at a lower price.

Terms and conditions apply, so be sure to read the PDS for full info.

On top of that, you can benefit from access to a personal concierge service, available 24/7, helping you with everything from organising your next travel adventure to buying the perfect gift for your mum on her birthday. Another nice extra allows you to add up to 4 additional cardholders to the account at no extra cost, helping you to earn points even faster.

Overall Rating

Offering plenty of reasons to choose this card, the Bank of Queensland Platinum Credit Card provides an excellent everyday earn rate on top of 1,000 bonus points each month you spend $1,000 during the first 12 months. There is no annual fee for the first year, no annual fee each year you meet the minimum spend, plus 0% p.a. on balance transfers for 12 months.

User reviews

Bank of Queensland Platinum Credit Card ( based on 7 Creditcard.com.au user reviews )

70% rating based on 7 reviews

Rates
Fees
Rewards
Customer Service
Value
39%

Creditcard.com.au Visitor

6 August 2013

Took too long for them to send me the card and even tried to contact them via telephone to check the progress of my application. The girl didn't seem to have a clue what she was talking about, and answered my questions by asking me questions. Honestly, don't waste your time on BOQ.

Does not recommend this card

Rates and fees

Interest rates



Purchase rate 20.74% p.a.

Cash advance rate 21.74% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 0% p.a. for 12 months

Balance transfer revert rate 21.74% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee

Balance transfer limit 80% of approved credit limit

Banks you can't balance transfer from Bank of Queensland, Citi, Coles, IMB, Qantas Money, Suncorp, Virgin Money

Credit limits

Minimum credit limt $6,000

Maximum credit limit $30,000

Fees & repayments

Annual fee $129 p.a.

Additional card holder fee Up to 4 at no extra cost

Foreign transaction fee 3.4%

Minimum repayment 2%

Annual fee the first year $0

Cash advance fee 3.5%

Late payment fee $10

Rewards and points

Rewards program

Rewards Program Q Rewards Q Rewards

Bonus points N/A

Annual points cap uncapped

Bonus points spend criteria N/A

Earning points with this card

Q Rewards Rewards points 2 points per $1 spent

Points cap per month N/A

Overseas earn rate same as standard earn rate

Additional features

Complimentary insurance

International Travel Insurance Yes

Flight Inconvenience Insurance Yes

Transit Accident Insurance Yes

Smartphone Screen Insurance No

Purchase Protection Insurance Yes

Extended Warranty Insurance Yes

Rental Vehicle Excess In Australia Insurance No

Extras

1,000 bonus points every month you spend $1,000 per month for first 12 months

No annual fee ongoing if you spend a min. of $12,000 p.a.

Overview

Bank of Queensland Platinum Credit Card

Switch your current credit card debt to 0% pa. interest on balance transfers for up to 12 months with Platinum perks, take a look at the BOQ Platinum Visa. Balance transfers revert to the cash advance rate thereafter, currently 21.74%p.a. Get up to 55 days interest free on purchases and pay $0 annual fee in the first year (save $129). Earn 1,000 bonus Q Rewards® points when you spend $1,000 on Eligible Transactions every month for the first 12 months.

You can earn 2 points for each dollar you spend, and points can be redeemed on the Q Rewards program, which allows you to fly on most major airlines anytime with Take Flight. Benefits of the card also include a 24/7 Personal Concierge service, international travel insurance, purchase cover insurance, extended warranty, up to 55 days interest free on purchases, $1000 daily cash advance limit through ATMs, a guaranteed pricing scheme, and a priority customer service hotline.

Key features

  • 0% p.a. on balance transfers 12 months, reverting to the cash advance rate thereafter, currently 21.74%p.a.
  • $0 annual fee your first year. $129 thereafter
  • Purchase rate of 20.74% p.a.
  • Complimentary International Travel Insurance
  • Earn 2 Q Rewards points for every $1 spent
  • Use your rewards points to book flights on any airline
  • Complimentary Purchase Cover Insurance
  • 24/7 Platinum Concierge Service
  • Extended Warranty

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Minimum income of $35000 p.a.

  • You have your personal details ready to complete the online application

Roland B Bleyer

Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

21 questions (showing the latest 10 Q&As)

Glenda

Glenda

16 November 2019
Hi I have a platinum visa card which has complimentary travel insurance what do I need to do before I travel overseas regarding Insurance client number or do I make a claim when I return without a claim number. Also do I need to use my visa card to pay for claims. Will receipts be enough to make a claim.

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