How to Apply for your Platinum Visa Credit Card

The Platinum Visa Credit Card from the Bank of Queensland (BOQ) is a premium credit card designed to offer exclusive benefits and attractive rewards for customers in Australia. With a combination of perks such as reward points, travel insurance, and interest-free periods, this card is an excellent choice for those looking to maximise their spending and enjoy additional benefits.

In this article, we’ll explore everything you need to know about the Platinum Visa Credit Card, from its benefits and eligibility requirements to how to apply and the associated fees.

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Introduction to the Platinum Visa Credit Card

The Platinum Visa Credit Card is one of the most premium credit cards offered by the Bank of Queensland. It is designed to cater to the needs of customers who want to make the most of their everyday spending by turning it into valuable rewards.

With a reduced annual fee in the first year and the ability to earn Q Rewards® points, this card is ideal for those seeking flexibility and additional benefits such as travel insurance and purchase protection.

Additionally, the card offers a 0% p.a. balance transfer rate for 12 months (with a 1% balance transfer fee), making it a great option for those looking to consolidate debt and save on interest.

Benefits of the Platinum Visa Credit Card

The Platinum Visa Credit Card comes with a range of benefits that make it stand out in the Australian credit card market. Here are the key features:

• Q Rewards® Points: Earn 2 Q Rewards® points for every dollar spent on eligible purchases. Receive 100,000 bonus points when you spend $4,500 on eligible transactions within the first 3 months of card approval.
• Up to 44 Days Interest-Free: Enjoy an interest-free period of up to 44 days on purchases.
• Travel Insurance: Complimentary international and domestic travel insurance for you and your family
• Purchase Protection: Coverage for lost, stolen, or damaged goods within 90 days of purchase.
• Reduced Annual Fee: Annual fee of $75 for the first year and $149 from the second year onwards.
• Instalment Plans: Split your purchases into manageable monthly instalments with the Instalment Plans feature.
• Points Conversion: Convert your Q Rewards® points into cashback rewards, eVouchers from retailers like Coles, BP, and Bunnings, or even Flybuys or Velocity Points.

What You Should Have to Apply for the Platinum Visa Credit Card

To qualify for the Platinum Visa Credit Card, you must meet the following criteria:

• Be 18 years of age or older;
• Have a good credit history;
• Earn a taxable income of $35,000 per year or more;
• Be an Australian permanent resident or citizen.

Additionally, during the application process, you will need to provide:

• Details of your income and expenses;
• Your driver’s licence number;
• Employment details;
• Balance transfer account details (if applicable).

Who is this card for?

The Platinum Visa Credit Card from the Bank of Queensland (BOQ) is ideal for individuals who want to maximise their everyday spending through reward points and premium benefits.

It suits moderate to high-income earners with a minimum taxable income of $35,000 per year, frequent spenders who can take advantage of earning 2 Q Rewards® points per dollar spent, and those who travel regularly, as the card includes complimentary international and domestic travel insurance.

Responsible credit users who can pay off their balance within the 44-day interest-free period will benefit the most, avoiding high interest costs.

Additionally, the card is a good option for those looking to consolidate existing debt with its 0% p.a. balance transfer offer for 12 months (with a 1% transfer fee). It also appeals to tech-savvy and flexible spenders who appreciate instalment payment options and the ability to redeem points for cashback, gift cards, or loyalty programs like Flybuys and Velocity.

However, this card may not be suitable for individuals who don’t spend enough to maximise its rewards, those who prefer a lower annual fee, as the card charges $149 from the second year onwards, or applicants with limited or poor credit history, as a good credit score is required.

If you meet the eligibility criteria and can take full advantage of its benefits, the Platinum Visa Credit Card from BOQ could be a valuable financial tool.

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Pros and Cons of the Platinum Visa Credit Card

Pros

• Generous reward points: 2 points per dollar spent and 100,000 bonus points after initial spending.
• Complimentary travel insurance: Coverage for international and domestic travel for you and your family.
• 44-day interest-free period: Ideal for managing finances effectively.
• Reduced annual fee in the first year: $75 in the first year compared to $149 in the second year.
• Flexible points conversion: Options for cashback rewards, eVouchers, or transfers to loyalty programs.

Cons

• Relatively high annual fee after the first year: $149 may be considered expensive for some users.
• Income and credit requirements: May not be accessible to all customer profiles.
• Balance transfer fee: 1% on the transferred amount, despite the 0% p.a. rate for 12 months.

About the Bank of Queensland

The Bank of Queensland (BOQ) is one of Australia’s oldest and most respected banks, with over 150 years of history. Known for its focus on personalised service and innovative financial solutions, BOQ offers a wide range of products, including bank accounts, loans, mortgages, and credit cards.

The Platinum Visa Credit Card is an example of how the bank combines premium benefits with flexibility to meet the needs of its customers.

Step-by-Step Guide to Applying for the Platinum Visa Credit Card

1. Check the eligibility requirements: Ensure you meet the criteria, such as age, income, and credit history.
2. Gather the necessary documents: Have your driver’s licence, income and employment details, and balance transfer information (if applicable) ready.
3. Visit the BOQ website or a local branch: Choose the most convenient option for you.
4. Complete the application form: Provide all required information accurately.
5. Wait for approval: The bank will review your application and notify you of the outcome.
6. Activate your card: Once approved, follow the instructions to activate your Platinum Visa Credit Card and start using it.

Fees for the Platinum Visa Credit Card

• Annual fee: $75 for the first year and $149 from the second year onwards.
• Balance transfer fee: 1% of the transferred amount (with a 0% p.a. interest rate for 12 months).
• Purchase interest rate: Applicable after the 44-day interest-free period.

Conclusion

The Platinum Visa Credit Card from the Bank of Queensland is an excellent choice for those seeking a premium credit card with robust benefits and flexibility. With generous reward points, complimentary travel insurance, and an interest-free period of up to 44 days, it stands out as a smart option to maximise your spending and enjoy additional perks.

However, it’s important to consider the annual fees and eligibility requirements before applying. If you meet the criteria and are looking for a card that offers added value, the Platinum Visa Credit Card from BOQ could be the right choice for you.

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