Bank of Queensland Low Rate Visa Credit Card

Mozo snapshot:

Bank of Queensland's Low Rate credit card offers all the utility of a Visa credit card (including Visa Paywave) with standard low 13.49% purchase rate that will put even the most prudent of credit card users mind at ease. Plus there is a 0% balance transfer rate for 12 months so if you have credit card debt on an existing card you can transfer it over and pay it off fast interest free.  

Key features:

The 13.49% purchase rate and low $55 annual fee justify this credit card's Low Rate title but the practicalities don't stop there.

If you're looking to move any existing credit card debt over to a better rate the 0% balance transfer offer for 12 months could be the answer. If you take up the balance transfer, be sure to pay it off in the interest free period, otherwise you will find yourself paying the high cash advance rate of 21.49% on the remaining balance.

And although the Bank of Queensland Low Rate Visa offers 55 days interest free on purchases, there is a sure fire way to make sure your balance is paid off by the deadline. Sign up for Easi-Pay and have your repayments automatically deducted straight from your everyday transaction account at the end of every month.

However, using the Bank of Queensland Low Rate Visa at the hole in the wall could leave a large hole in your pocket, with all cash advances charged at a high 21.49%.

Similarly, consider the 3.40% foreign exchange margin before using your Bank of Queensland Low Rate to pay for goods when overseas or shopping online.

Who it's good for:

The Bank of Queensland Low Rate Visa is a great match for anyone with a practical head on their shoulders, offering all the benfits of a credit card with minimum risk of falling into a high interest debt trap.

You'll also need a minimum income of $25,000 to apply for the BOQ Low Rate Card.