Are you looking to cut down on the costs associated with credit card debt? The 18-month balance transfer offer at 0% p.a. interest is a great opportunity to consolidate your debts without being hit by high interest rates. BOQ Low Rate Visa Card is the right tool to you.
While that’s the main highlight, there are a few other benefits of the Bank of Queensland (BOQ) Low Rate Card that you’ll want to know about.
Let’s dive into what it has to offer so you can make the most of its perks.
What we like
- Simplifies managing your finances: The 0% balance transfer for up to 18 months lets you roll over debt from other credit cards in a cheaper way. Plus, there’s no balance transfer fee.
- Low Interest Rate: Even after the promotional period, the interest rate remains competitive on purchases and cash advances.
- Up to 55 days interest-free on retail purchases.
- Global Acceptance: Shop at over 61 million merchants worldwide.
- Low Annual Fee: The annual cost of the card is low, making it a good option if you want to keep your fees down.
- Free Additional Cards: You can add extra cardholders at no extra cost.
- Emergency Card Replacement: Get a replacement card within 24 hours in Australia if it’s lost or stolen.
What to consider
The balance transfer rate reverts to the cash advance rate if you don’t pay it off within the 18-month promo period. The increase is significant and could lead to a debt cycle, so it’s crucial to stay on top of your payments, alright?
Also, note that while you have a balance transfer, no interest-free days apply to new purchases.
In summary, this card isn’t designed for those seeking generous rewards programs or cashback options, as it’s focused on low interest rates.
It also offers fewer extras compared to premium cards.
What’s the credit limit?
Cardholders can get a limit ranging from $2,000 to $20,000, but this depends on a range of factors that the bank considers to match your credit profile.
Key Fees of BOQ Low Rate Visa Card
- Annual Fee: $55
- Purchase Rate: 13.49% p.a.
- Cash Advance Rate: 21.49% p.a.
Ideal Applicant:
- If you have high balances on other credit cards and want to transfer them to a card with a lower interest rate.
- Your priority is low cost: If you prefer a basic, low-maintenance card and aren’t fussed about the lack of rewards.
- People who pay off the balance in full: Those who clear their balance each month can benefit from the low annual fee and avoid interest charges.
Conclusion on BOQ Low Rate Visa Card
Compared to other credit card options on the market, especially in higher tiers, this card might seem a bit too basic.
However, it’s important to keep in mind that it’s designed to be affordable and easier to get approved for.
So, being a basic card, it has the advantage of being more accessible, and as long as you meet the minimum requirements, you should have a good chance of passing the application process.
If you’ve weighed up the pros and cons we’ve laid out and think this is a good fit for your wallet, check out what you need to apply.