BOQ is offering a great rewards program through there premium Gold and Platinum credit cards. You can enjoy quality rewards through the BOQ Q Rewards. Q Rewards is a range of benefits including travel options and shopping vouchers. Rewards are accumulated by simply spending money throught BOQ Gold and Platinum credit cards.

If you apply for a Gold and Platinum credit card your are automatically enrolled in the Q Rewards program and the rewards program is free.
If Flights rewards are your main purpose for having a rewards card, Q Rewards allows you to fly with all major Australian airlines including Virgin Blue, JetStar and Qantas.

Shopping Vouchers are also redeemable with BOQ rewards program, they offer you vouchers for the best Australian department stores and more like Myer, David Jones, Hoyts and Village Cinemas, Toys R Us, Bunnings Warehouse and Dreamworld.

You can review all your Q rewards points and benefits through a rewards website especially designed for BOQ Gold and Platinum credit cards holders. You can get rewarded with things like Electronics, home items, Health and Beauty, iPod and Accessories plus the travel and shopping vouchers. There is even a cashback option if you prefer to get money back with your reward points.

Points / Cash Back
7,200 = $25
14,300 = $50
28,600 = $100
71,500 = $250
142,900 = $500
285,800 = $1000

How many points do you receive? With the BOQ Gold credit card, purchases reward you with1.75 Points per dollar spent and the BOQ Platinum credit card gives you 2 points per dollar spent. Both credit cards come with balance transfer options if you would like to change credit card providers easily.

The credit cards offer 2 types of insurance, International travel insurance covers you for any unexpected circumstances while travelling like lost luggage and hospital cover. The Purchase Cover Insurance extends your warranty on any purchases made on the credit card.

If you own a credit card your probably know how all too easy it is to build up a debt. Here are some great tips about reducing your credit card debt that can really help reduce debt.

Make regular repayments
Stop Spending on your card for a while
Use a debit card instead
Use your savings
Consider Switching Cards

Make Regular Repayments
Do you know when you should repay your credit card? as soon as you can? That’s why you should always make a budget to make regular repayments on your credit card. Yes credit cards are useful for buying anything without cash but you should avoid the interest charges you get for any debt, it’s too easy build the debt up and harder to get it down.

On your credit card statement you will see a minimum repayment amount; this is the amount your credit card lender wants you to repay. If you repayed your credit card at that minimum rate you probably never get rid of your card debt. This is why you should always repay more that the minimum, and probably pay as much as you can regularly.

Stop Spending on your card for a while
If you can resist the temptation, stop using your credit card until you have reduced your cards balance. Debt can creep up on you slowly, especially with credit cards. So if you find yourself in debt difficulty you will want to manage your money better and try to stop spending on it. Which means you stop racking up the debt, start using cash for all purchases and chip away at your credit card debt until it’s gone.

Use a Debt Card instead
A debit card is like a credit card except it draws money directly from your own bank account. Think of it as like an eftpos card that can use credit card payment facilities. Debit cards give you the buying convenience of shopping online and not incurring any debt. This will help you if you have to use your credit card for payments like’s essentials avoiding a debt in the first place.

Use your Savings account?
If you do have money sitting in a savings account, you should pay off your card debt and avoiding interest charges. The interest you earn from your savings account doesn’t offset the higher credit card interest charges. You can start saving again once you have reduced your credit card debt.

Consider a credit card switch
Does your current credit card give you a competitive interest rate? You can switch credit cards to get a better interest rate or annual fee. You should compare what your current credit card charges you and what other low rate credit cards could offer you. Even just a few percent interest reduction can save you a lot in the long run.

Most new credit card applications offer a balance transfer period where little to no interest is charged on all of your transferred debt. These interest free periods are there to help you switch credit cards and give you an opportunity to meet all your repayments.

Have you noticed when the Reserve Bank of Australia changes the cash rate, credit card interest rates don’t seem to move too much. That is because the interest rates charged on credit cards is generally so much higher that the rates the RBA sets.

The RBA uses what’s called the monetary policy to control financial markets in Australia, it is the cash rate the RBA changes that has the most influence.

“The cash rate is the rate charged on overnight loans between financial intermediaries. It has a powerful influence on other interest rates and forms the base on which the structure of interest rates in the economy is built.” (http://www.rba.gov.au/monetary-policy/about.html)

Yet the cash rate in relation to credit cards doesn’t move the credit card rates as much as Home Loans.

The cash rate is so much lower that the interest charged on credit cards that when the RBA do change the cash rate, credit card interest rates don’t move as much. An example would be the card lender borrows money for a lower rate (say 5%) and charges 4 times that for a credit card (20%).

Still the lenders usally increase their rates quickly when the cash rate does move up and more slowly when the cash rate heads south as we have just seen through the GFC.

If you are concerned about the interest rates on your card, you should consider balance transferring to a low interest credit card and minimise any interest you do have to pay.