Bank of Queensland Platinum Visa Credit Card

Bank of Queensland Platinum Visa Credit Card Review

Rates and fees information correct as at 24 April 2018.

Review published: 10 December 2012

What's hot:

0% p.a on balance transfers for 14 months
$60 annual fee for first year ($129 after)
Mozo Experts Choice winner 2017
30,000 bonus points offer

What's not:

Capped points

Mozo snapshot:

With the 2017 Mozo Experts Choice winning Platinum card from the Bank of Queensland, you earn Q Rewards which you'll be able to redeem for a wide range of travel, flight and giftcard options. As a platinum cardholder, you'll get platinum perks like free international travel insurance and concierge service but points are capped at 240,000 a year. What's more, when you spend $3,000 in the first 3 months of card approval, your rewards stash will be pumped up by 30,000 bonus points.

Key features:

The Bank of Queensland Platinum has a high 20.74% purchase rate but if you pay off your balance in full each month you get 55 interest free days. If you've got debt to carry over, there is a handy 0% rate on balance transfers for 14 months but this reverts to the cash advance interest rate of 21.74% so be sure to knock over that debt early while the interest rate is low.

You can snag a ver reasonable annual fee of $60 for the first year. While the ongoing annual fee is $129, if you're a regular overseas traveller you'll get good value as the card comes with free international travel insurance, extended warranty and purchase cover insurance. The BOQ Platinum card also comes with a guarantee pricing scheme, which will cover you the cost of an item if it goes on sale within 60 days from when you purchased it (as long a the price difference is greater than $75).

With the Bank of Queensland Q Rewards program cardholders earn 2 rewards points per dollar spent. Rather than directly linking points with an airline rewards program, with Q Rewards you can fly with any airline. You can also earn bonus points by shopping with BOQ partners.

Who it's good for:

As this platinum card is not linked to any specific airline program it would suit those who prefer to play it by ear with regards to where and with what airline they travel.

Any catches?

Points are capped at 240,000 each year which equates to an annual spend of $120,000. But the good news is that with the BOQ platinum card points never expire so you can save them up and go on an rewarding round the world holiday when it suits you.

Product Type	Overall Rating	Price	Features	Service	Convenience	Trust
Bank of Queensland credit cards	7.4 Based on 137 Bank of Queensland credit cards reviews	6.6	6.6	7.3	7.7	7.7

Product Type

Overall Rating

Price

Features

This bank is very ordinary, no great competitive rates or anything interesting or follow advice.

Full review

This bank is very ordinary, no great competitive rates or anything interesting or follow advice.

Price 5 / 10

Features 7 / 10

Customer service 4 / 10

Convenience 4 / 10

Trust 5 / 10

Less

Margaret (QLD), reviewed almost 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Revealing rewards

How do we do it?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

calculate how many points you'd get each year,

figure out how many flights or gift cards or cashback credits you could get for those points,

work out what that's actually worth to you,

take off the annual fee you'd pay.

More details:

Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.

We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.

Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.

In products that have more than one card, a different mix of spend between American Express / Visa / Mastercard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.

We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.

To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Australia Saver including baggage and Jetstar Starter including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.

Shopping rewards are based on $100 gift cards from a major national department store.

We make every effort to ensure our calculations are correct and up to date but make no guarantees.

Rewards scheme

Redeem your points for travel, gift cards, retail rewards and shopping vouchers.
You can get flights via Virgin Australia vouchers, Flight Centre Vouchers or TakeFlight.

Privileges

Concierge
Travel Insurance
Extended Warranty
Purchase Protection
Guaranteed Pricing

Special offers

Receive 30,000 bonus Q Rewards points when you spend $3,000 within 3 months of card approval.

Value of rewards points

Earn $100 cash back reward
Need to spend $20,000 (Visa)
Earn $100 gift card reward
Need to spend $17,900 (Visa)
Earn Flight: Sydney-Melbourne reward
Need to spend $11,701 (Visa)
Earn Flight: Sydney-London reward
Need to spend $179,418 (Visa)
Points are capped?
at 240,000 points yearly
Points expire?
Never

Details behind our 'value of rewards' calculations

Points earning
2 points per dollar on Visa, up to 240000 points per year
$100 cash back
40000 points buys a $100 credit
$100 gift card
35800 points buys a Myer $100 Gift Card
Flight: Sydney-Melbourne
1 points buys 0.3333 Velocity Points; 7800 Velocity Points buys a Virgin Australia Sydney-Melbourne flight
Flight: Sydney-London
1 points buys 0.3333 Velocity Points; 119600 Velocity Points buys a Velocity partner Sydney-London flight

* How did we do it? Find out...

Rates

Purchase rate
20.74% p.a.
Intro purchase rate
none
Balance transfer rate
0% p.a. for 14 months and then 21.74% p.a.
Balance transfer revert to cash
yes
Cash advance rate
21.74% p.a.
Interest free days
55

Fees

Annual card fee
$129.00
Introductory annual fee
$60 in the first 1 year
Annual fee spend threshold
none
Reward program fee
none
Late payment fee
$10.00
Cash advance fee
3.5%, min $3.50
Foreign exchange margin
3.40%
Duplicate statement fee
$7.00
Transaction verification fee
$7.00
Additional card fee
$0.00

Other financial bits

Minimum repayment amount
$30.00
Minimum repayment percent
2.0

Features

Additional cardholders
4
Other restrictions
none
Other benefits
none

About Bank of Queensland

Bank of Queensland is Australia's fastest growing retail bank, and has come a long way from its origins as a regional Queensland bank. BOQ today boasts a wide array of banking services and 200 branches around Australia. Bank of Queensland aims to give you greater control over the management of your finances and offers everyday banking products including credit cards, home loans, term deposits, savings accounts and bank accounts.