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 30 September 2019, 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.
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.