How do I manage my Credit Card limit?
How can I decrease my credit limit?
Existing customers are able to request a decrease on their credit limit through:
1. Internet Banking or
2. Contacting us on 1300 55 72 72.
To request a credit limit decrease through Internet Banking, simply log on and on the left-hand side ‘Manage my Credit Card’ menu, click on Credit Limit Decrease and follow the prompts.
If you have not used Internet Banking before, you will need to register first. It is important to note that your credit limit can't be lower than your product minimum and should you wish to reinstate your previous credit limit after it is decreased, your application to increase your credit limit will be subject to our lending criteria at that time.
How can I Increase my credit limit?
Existing customers can contact us on 1300 55 72 to request an increase on their credit card limit and we will assess the request. An application to increase your credit limit is subject to our credit criteria.
How can I close my Credit Card Account?
How can I close my credit card account?
You are able to request to close your credit card account by:
1. Internet Banking or
2. Contacting us on 1300 55 72 72.
To request your credit card account to be closed through Internet Banking, simply log on and on the left-hand side ‘Manage my Credit Card’ menu, click on Account Closure Request and follow the prompts.
How do I access Q Rewards / Other Card Functions?
If you have a BOQ credit card, you can access Other Card Functions from the Account Details page by selecting your nominated credit card then pressing the Q Rewards / Other Card functions button.
Why can’t I perform a cash advance when I have available funds?
On your Credit Card the cash advance limit is the same as your credit limit, over-payments are excluded and not available for cash advance. If you decide to over-pay your card the additional funds over your credit limit will not be available as a cash advance but are available to use for purchases. When the available balance is less than the credit limit then the maximum cash advance is determined by the lower of the available balance or the credit limit less any cash advances.
The above applies to all cash advances via both Internet banking and ATM’s.
Below are a number of examples to help with your understanding:
$1000 credit limit, $5000 paid into account, $500 purchases:
Available balance = $5500 (1000+5000-500) Cash Available = $1000 ($1000 limit).
$1000 credit limit, $5000 paid into account, $500 purchases, $500 cash advances:
Available balance = $5000 (1000+5000-500-500) Cash Available = $500 ($1000 limit less $500 cash advances).
$1000 credit limit, $500 paid into account, $700 purchases, $300 cash advances:
Available balance = $500 (1000+500-700-300) Cash Available = $500 (In this example, the Cash Available is the lower of (a) Available Balance $500 and (b) $1000 limit less $300 cash advances = $700.
$1000 credit limit, $500 paid into account, $300 purchases, $700 cash advances:
Available balance = $500 (1000+500-300-700) Cash Available = $300 (In this example, the Cash Available is the lower of (a) Available Balance $500 and (b) $1000 limit less $700 cash advances =$300.
What is One-Time PIN?
One-Time PIN (OTP) is a randomly generated 6-digit code which is a stronger method of authenticating your activities on Internet Banking – Other Card Functions. Each time you access Other Card Functions, you’ll be required to enter an OTP, after the first function you select to perform. You will only be required once per session. The OTP is received via SMS to your registered mobile number.
How does the OTP work?
When you access Other Card Functions, after selecting a function you want to perform, you will be required to enter an OTP as a second level of authentication to add security to any functions online. This OTP will be delivered to you via SMS.
I don’t have a mobile phone, how can I access Other Card Functions?
From 17 February 2019, credit card customers will only be able to access Other Card Functions after successful OTP verification. If you don’t have a mobile phone, you won’t be able to access any credit card functions including Q Rewards. You can still continue to access information on your other BOQ products on Internet Banking.
Do I have to enter an OTP for everything I do on Other Card Functions?
You only need to enter one OTP per session. Once you have entered your OTP, you can do as many things as you like within that session.
What transactions will I need an OTP for?
To ensure the security of your online account, access to self-service options in Other Card Functions will require an OTP. Once this has been completed, you will be able to view and/or amend details on your account such as:
- Download Credit Card Statements
- Select and Credit redemptions
- Manage your communication preference
- Upload documents
- Set up direct debit payment instructions
- Make a one-time payment
- Add an additional card holder
- Activate your card
Why is there a need for the OTP?
The OTP serves as a second-level authentication when you perform protected transactions on Other Card Functions. Should your Internet Banking credentials get compromised for any reason, the intruder will need to have your mobile phone to be able to access your credit card information on Other Card Functions. This is an additional security measure to protect you so you can enjoy total peace of mind when you bank online with us.
How do I update my mobile phone number?
OTP relies on you having your correct mobile phone number registered with us. To check your details on Internet Banking > More > Other Services > View Personal details
There are many ways to update your details:
- Go to your local branch
- Send us a secure mail message via the “Messages” menu on Internet Banking
- Call us on 1300 55 72 72
I have recently updated my mobile phone number, when can I start receiving the OTP?
Once you have successfully updated your mobile number, the OTP will be available immediately.
Do I have to pay for the OTP?
No, this enhanced security feature is free to all customers.
Can I access Other Card Functions if I don’t have access to my mobile phone?
No, you will need your mobile phone to access Other Card Functions.
What if I don’t receive an OTP?
If you don’t receive your OTP you can get this resent through the OTP screen. This will expire in five minutes. If you still don’t receive your OTP, go back to Internet Banking and check that we have your correct mobile number.
How long does it take to receive an OTP to my mobile phone?
The OTP will be sent to your mobile phone instantly. The receipt of the OTP will depend on your network coverage and may cause some delays.
How long is the OTP valid for?
The OTP is valid for five minutes and will expire, so you will need to generate a new OTP if this happens. You can do this through the OTP screen on Other Card Functions.
What happens if I enter an incorrect OTP?
If you enter your OTP incorrectly three times your access to Other Card Functions will be locked for 24 hours. You can call us to unlock your access. You can still access all other banking functions on Internet Banking even if your Credit Card - Other Card Functions is locked.
Will I need the OTP to log on to Internet Banking?
You’ll log on to Internet Banking the same way, using your Customer Access Number (or User ID) and Personal Access Code. You won’t be required to enter an OTP until you choose to access Credit Cards Other Card Functions, and select your first self-service option.
Can I receive an OTP when I’m travelling overseas?
Yes, you’ll need to activate international roaming on your mobile phone before you travel overseas. Contact your network provider as the SMS may incur an additional cost.
Can I receive the OTP to an overseas mobile number?
Yes, OTP is supported in a number of international countries.
If you plan to travel and will be using a non-Australian number, please ensure you update your mobile number on our system before you leave. In case you have any question, please contact us on 1300 55 72 72 beforehand, to ensure the country you are travelling will be supported for OTP delivery.
Can I receive the OTP if I have call forwarding activated for my mobile phone?
No, an OTP will not get forwarded. This would compromise your online security. Please ensure you contact details are updated.
Can I register a second mobile phone number?
No, the OTP will only be sent to the primary mobile phone number in our system. To update your contact details or to confirm the primary number you prefer to use, please contact us.
Do I have to enrol for OTP?
No, this will be available to all Credit Card customers and will be mandatory requirement before accessing Other Card Functions. This is to ensure all customers are using stronger authentication.
How are payments allocated if you have additional cardholders?
When you make a payment to your account using the Reference Number shown on your statement (which is also your Account number), the available limit is updated for you as the primary cardholder as soon as the payment is processed.
For purchases made by additional cardholders, their available limit will be updated when your next statement is issued. If you need to make credit available to them earlier, you can make a payments to your account using the additional cardholder's card number as the Reference Number.