How to Apply for your Bank of Queensland Platinum Visa Credit Card
The BOQ Platinum Visa Credit Card is designed for those seeking premium benefits, rewards, and security. It offers a wide range of features that cater to both everyday spending and more specialized financial needs, making it a versatile tool for cardholders.
Whether you’re looking for travel perks, purchase protection, or reward points, this card offers a robust package. Below is a comprehensive breakdown of the card’s key features, recent updates, and important considerations for potential applicants.
Key Features
- Q Rewards Program
One of the standout features of the BOQ Platinum Visa Credit Card is its rewarding Q Rewards program. Cardholders can earn 2 Q Rewards points for every dollar spent on eligible purchases⁴. These points can be redeemed for various rewards, including vouchers, or converted into Flybuys or Velocity points, offering great flexibility.- 100,000 Bonus Q Rewards Points: New cardholders can earn 100,000 bonus Q Rewards points when they spend $4,500 on eligible transactions within the first three months of card approval.
- Interest-Free Period and Balance Transfers
The card offers up to 55 days interest-free on purchases, giving cardholders more time to pay off their balances without incurring interest. However, from October 31, 2024, this period will change to up to 44 days.
For those looking to consolidate debt, the BOQ Platinum Visa Credit Card offers a 0% p.a. balance transfer for 12 months, subject to a 1% transfer fee. After the introductory period, the balance transfer reverts to the card’s cash advance rate, and it’s important to note that no interest-free days apply while a balance transfer is active. - Comprehensive Insurance Coverage
The BOQ Platinum Visa Credit Card comes with various insurance benefits, including international and domestic travel insurance. This covers medical expenses, trip cancellations, and other travel-related incidents for you and your family when traveling.- Purchase Protection Insurance: This covers items lost, stolen, or damaged within 90 days of purchase. It’s a valuable feature for those who frequently shop for high-value items.
- Instalment Plans
With the BOQ Platinum Visa Credit Card, you can convert large purchases into manageable monthly instalments. This feature makes it easier to budget for bigger expenses, spreading the cost over a longer period with a fixed payment schedule. The flexibility of installment plans can be a great benefit for those who want to avoid carrying a large balance that accrues interest.
Recent Updates and Changes (Effective from October 31, 2024)
As of October 31, 2024, BOQ has announced some key changes to the Platinum Visa Credit Card, which affect the interest-free period, annual fee, and interest rates. These updates are crucial for both existing and potential cardholders to understand:
- Interest-Free Period: The interest-free period will be reduced from up to 55 days to up to 44 days.
- Annual Fee: The annual fee will increase to $149 after the first year. Previously, it was $65 for the first year and $129 thereafter⁸.
- Interest Rate on Purchases: The interest rate on retail purchases will increase to 20.99% p.a., while the interest rate on cash advances will rise to 21.99% p.a.
These changes reflect a slight increase in costs for cardholders, especially for those who carry a balance or utilize cash advances frequently.
Rates, Fees, and Charges
Understanding the costs associated with the BOQ Platinum Visa Credit Card is essential for determining if it suits your financial needs. Below is a breakdown of the current and upcoming rates and fees:
- Annual Fee: $65 for the first year, increasing to $129 p.a. in subsequent years, with a further increase to $149 p.a. from October 31, 2024.
- Purchase Interest Rate: 20.74% p.a., rising to 20.99% p.a. as of October 31, 2024.
- Cash Advance Interest Rate: Currently 21.74% p.a., set to increase to 21.99% p.a. after October 31, 2024.
- Interest-Free Period: Up to 55 days, reducing to 44 days as of October 31, 2024, for purchases made without an active balance transfer.
- Balance Transfer Offer: 0% p.a. on balance transfers for 12 months, with a 1% transfer fee. After the promotional period, the interest rate will revert to the cash advance rate.
Rewards and Redemptions
The Q Rewards program is one of the main attractions of the BOQ Platinum Visa Credit Card. Here’s a look at the ways you can maximize your points:
- Gift Vouchers: Redeem points for eVouchers from a variety of popular retailers, such as Coles and Bunnings, allowing you to shop with ease.
- Flybuys and Velocity Points: For frequent flyers or shoppers, you can convert your Q Rewards points into Flybuys or Velocity Points, further enhancing the value of the rewards program.
Additional Perks for BOQ Customers
If you have a home loan with BOQ, you could benefit from waived fees on the BOQ Platinum Visa Credit Card. Specifically, no annual fee will apply as long as you maintain an eligible BOQ home loan⁷. This offer is exclusive to in-branch applications and cannot be combined with any other promotions.
Eligibility Criteria and Application Process
To apply for the BOQ Platinum Visa Credit Card, applicants must meet several eligibility criteria:
- Age: You must be at least 18 years old.
- Income: A minimum taxable income of $35,000 per year is required.
- Credit Rating: A good credit rating is necessary to qualify for the card.
- Residency: Applicants must be permanent Australian residents or citizens.
When applying, you’ll need to provide certain documentation, including your income and expense details, your driver’s license number, and your employment information.
If you plan to transfer a balance from another card, you’ll also need your balance transfer account details. It’s important to note that the total balance transfer amount cannot exceed 80% of your credit limit.
Pros and Cons
Pros
- Generous Q Rewards program: Earn 2 points per $1 spent on eligible purchases and 100,000 bonus points after meeting the initial spending threshold.
- Comprehensive insurance: Offers both purchase protection and travel insurance, which can save cardholders on additional insurance costs.
- Balance transfer offer: The 0% p.a. balance transfer offer for 12 months with a 1% fee can help manage existing debt.
Cons
- Higher annual fee: The annual fee increases to $149, which may be steep for some users, particularly those not fully utilizing the card’s premium benefits.
- Interest rate hike: The new interest rates, particularly the 20.99% p.a. on retail purchases, are relatively high and may be a concern for those who carry a balance.
Conclusion
The BOQ Platinum Visa Credit Card offers a range of attractive benefits for those looking for a premium credit card with a strong rewards program, comprehensive insurance coverage, and flexible payment options.
However, it’s essential to consider the upcoming fee and interest rate changes, especially if you’re likely to carry a balance or use cash advances.
For those who frequently travel or shop and are looking to earn rewards, this card presents solid value, particularly with the bonus Q Rewards points and the option to waive fees for BOQ home loan customers.
If you meet the eligibility criteria and can take full advantage of its features, the BOQ Platinum Visa Credit Card may be the right fit for your financial needs.
