The BOQ Platinum Visa Credit Card is designed for individuals seeking premium benefits, rewards, and security. This card offers a comprehensive range of features that cater to both everyday spending and specialized financial needs, making it a versatile tool for cardholders.
Whether you're looking for travel perks, purchase protection, or reward points, this card provides a robust package.
Below is a comprehensive breakdown of the card's key features, recent updates, and important considerations for potential applicants.
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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 purchases.
These points can be redeemed for various rewards, including vouchers, or converted into Flybuys or Velocity points, offering great flexibility.
New cardholders can also 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, providing 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 features a 0% p.a. balance transfer for 12 months, subject to a 1% transfer fee.
After the introductory period, the balance transfer will revert to the card's cash advance rate, and it’s essential 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, which covers medical expenses, trip cancellations, and other travel-related incidents for you and your family while traveling.
Additionally, it offers Purchase Protection Insurance, covering items lost, stolen, or damaged within 90 days of purchase, making it a valuable feature for those who frequently shop for high-value items.
Instalment Plans
Cardholders can convert large purchases into manageable monthly instalments. This feature facilitates budgeting for bigger expenses, allowing you to spread the cost over a longer period with a fixed payment schedule.
The flexibility of installment plans can be beneficial 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 significant changes to the Platinum Visa Credit Card, impacting the interest-free period, annual fee, and interest rates. Understanding these updates is crucial for both existing and potential cardholders:
Interest-Free Period: The interest-free period will decrease from up to 55 days to up to 44 days.
Annual Fee: The annual fee will rise to $149 after the first year, previously set at $65 for the first year and $129 thereafter.
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 represent a slight increase in costs for cardholders, particularly 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. Here’s 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 a major attraction of the BOQ Platinum Visa Credit Card. Here’s how you can maximize your points:
Gift Vouchers: Redeem points for eVouchers from various popular retailers, such as Coles and Bunnings, allowing for easy shopping.
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 loan. This offer is exclusive to in-branch applications and cannot be combined with any other promotions.
About the Bank of Queensland
The Bank of Queensland (BOQ) is one of Australia’s leading regional banks, renowned for its customer-centric approach and commitment to providing quality financial services. Established in 1874, BOQ has developed a reputation for innovative banking solutions tailored to meet the needs of individuals and businesses alike.
With a strong focus on community engagement and support, BOQ aims to enhance the financial well-being of its customers through a comprehensive suite of banking products, including credit cards, home loans, personal loans, and business accounts.
Why You Should Apply for This Card
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 crucial to consider the upcoming fee and interest rate changes, especially if you plan to carry a balance or use cash advances.
For frequent travelers or shoppers seeking 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.
