I still haven’t actually had any indication from the Bank of Queensland that anyone there has noticed anything I’ve said online. I still don’t expect to either.
Since my last blog, I have received mail from the Bank of Queensland, offering me a special offer on a “low rate” Visa credit card. I don’t want a credit card until I know for certain if I’m going to England or not, so I’m not interested at the moment. Out of curiousity though, I did some comparisons.
At the time of writing this, the Bank of Queensland’s Low Rate Visa charges are $55 per year and the current interest rate is 13.49%. This is also exactly what they offered in the “special” deal.
Comparatively at the Greater Building Society the annual fee on a Visa credit card is $30 and the interest rate is 10.49%. Also of note, the annual fee is waived if you spend over $10,000 a year on purchases.
Both are 55 days interest free. I had a quick look at other related fees as well. The Greater just display them in a regular HTML page which is great. The Bank of Queensland though require you to download a PDF which is just a pain.
Anyway, some more comparisons, just for the hell of it:
Domestic Cash Advance Fee
BOQ: 2% of transaction within Australia, minimum $2 – maximum $30.
Greater: If the account balance is negative then 1% of transaction within Australia, minimum $1.50 – maximum $20. If the account balance is positive than a flat fee of $1.50 is charged.
International Cash Advance Fee
BOQ: 2% of transaction within Australia, minimum $4 – maximum $30.
Greater: If the account balance is negative then 1% of transaction within Australia, minimum $4 – maximum $20. If the account balance is positive than a flat fee of $4 is charged.
International Currency Exchange Fee
BOQ: 3% of the Australian Dollar equivalent of the foreign currency transaction.
Greater: 2% of the Australian Dollar equivalent of the foreign currency transaction.
Late Fee / Missed Payment Fee
Over Limit Fee
BOQ: $7 per statement or request beyond what is provided in your monthly statement.
Greater: $15 + $1 per page copied beyond what is provided in your monthly statement or is available under the Consumer Credit Code.
Disputed Transaction Fee
BOQ: $8 – refunded if the dispute is resolved in your favour.
Default Notice Fee
BOQ: None listed
So more or less, the Greater is better priced or comparably priced on everything except the information and disputed transaction fees. I don’t think the information fee is necessarily that big of a deal. The disputed transaction fee is something though that could be important. I guess as long as one is careful with their card and details so as to avoid any potential transactions that may need to be disputed then this one probably won’t add up as much as the difference in interest and transaction fees. Especially not if there are a lot of transactions and you don’t pay within the interest free period.
Like I said, I don’t want a credit card at the moment anyway, and I wish the Bank of Queensland would stop trying to sell me one – I get a letter with an application that has my details pre-filled in every 6 months or so. It’s just annoying, especially since I can get a better deal with my other bank that doesn’t annoy me with regular sales pitches.
I think I would actually prefer a MasterCard than Visa anyway, primarily because I already have Visa debit cards, and while I understand Visa and MasterCard are both fairly widely accepted in the United Kingdom, it probably wouldn’t hurt to have a MasterCard along with the Visa debits, rather than just lots of Visa’s. American Express is also a possibility I suppose. Either way I’m not that worried about it at the moment since I don’t know for sure whether I’m going yet or not.
I also discovered via an ad in BOQ’s online banking that they are on Twitter, their account is @BOQ – Though I’ve not had any interaction with them as yet, I did follow them and they subsequently followed me in return. I think that was a week or so ago now. They do appear to interact with some people though, so I suppose I shall see what happens.
I’ll write about something else soon, I promise. Also I guess I should probably also note that the above fees are from the time of writing this blog, they may well change any time, so you should definitely do your own comparison’s and draw your own conclusions – chances are though, the Greater will probably be better value and be easier to find information about.