Coles Low Rate Mastercard

This card offers 0% interest on purchases and balance transfers for the first 12 months. Plus, Flybuys points when you shop at Coles.

The Coles Low Rate Mastercard earns 1 Flybuys point per $2 spent at Coles Supermarkets in addition to the points you earn when you scan your Flybuys membership barcode. This sets it apart from other low rate cards, which don't usually earn points – although you'd have to be a regular shopper at Coles to make the most of this card's earn rate.

Currently this card has an introductory rate of 0% p.a. for the first 12 months on purchases and balance transfers (with no balance transfer fee) when you apply by 31 January 2022. This isn't the longest balance transfer offer currently on the market, but it could be suited to people who have a small debt they know can be paid off in just over a year. But be aware that any new purchases would be charged interest straight away while you have a balance transfer.

Amy Bradney-George

Last Updated Jul 7, 2021

0% p.a.

Balance transfer rate

for 12 months with no balance transfer fee

0% p.a.

Purchase rate

for the first 12 months (reverts to 12.99% p.a.)

0.5

Reward points

Per $ spent

$58 p.a.

Annual fee

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Details

Product Name	Coles Low Rate Mastercard
Rewards program	Flybuys
Balance transfer rate	0% p.a. for 12 months
Balance transfer revert rate	Cash Advance Rate (19.99% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	0% p.a. for 12 months, reverts to 12.99% p.a.
Annual fee	$58
Interest-free period	Up to 55 days on purchases
Cash advance rate	19.99% p.a.
Min credit limit	$2,000
Card type	Mastercard
Foreign currency conversion fee	2.5%

Minimum income	$25,000
Available to temporary residents	No
Joint application	No

Pros

0% p.a. on purchases for 12 months, then 12.99% p.a.
Balance transfer rate of 0% p.a for 12 months, with no BT fee
$10 off your Coles Supermarket shop

Cons

Flybuys points are only earned at Coles Supermarkets
An international transaction fee of 2.5% applies

Rewards program	Flybuys
Bonus points	N/A
Rewards points per $ spent	0.5
Rewards points cap	Uncapped

Annual fee	$58
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	2.5%
Cash advance fee	3% or $1.95, whichever is greater
Overseas cash advance fee	$5
Additional cardholder fee	$0
Number of additional cardholders	4

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

This low-cost card gives you a way to save with the 0% introductory purchase rate offer and earn Flybuys points faster by collecting 1 point per $2 spent when you use it to shop at Coles supermarkets. It also includes your Flybuys membership details on the back of the credit card – so you only have to pull out one card when you’re shopping with Flybuys partners.

If you want to pay off existing debt, the 0% p.a. for 12 months balance transfer offer can help you save on interest. But with a revert rate of 19.99% p.a., you will need to pay the entire debt off during the promotional period if you want to avoid high interest charges.

How to apply

You can apply for the Coles Low Rate Mastercard online and you will get a response within 60 seconds of submitting the completed application form. Get started by making sure you meet the eligibility requirements and have all the documents and details you need to complete the application.

Eligibility criteria

Minimum income. You must earn at least $25,000 per year.
Eligible balance transfer debt. If you are planning to transfer a balance to this card, you can transfer up to 80% of your available credit limit from Australian accounts not issued by Citigroup.

Residency. You must be an Australian citizen or permanent resident.
Age. You must be at least 18 years old to apply.
Credit rating. You must have a good credit rating.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence or passport.
Employment details. This covers your salary, job title, length of employment and your employer’s contact details. You may also need to provide supporting documentation, such as recent payslips, to help verify these details.
Financial details. This includes any other forms of income and assets, such as pensions, government payments or savings. You also need to provide details of existing debts, loans, cards and regular household expenses, including utility bills, petrol and groceries.
Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you need to provide details including the amount of debt you want to transfer, the financial institution’s BSB, the account name and the account number.
Flybuys membership number. You need to provide your Flybuys membership number when you apply so that your membership barcode can be printed on the back of the credit card – and so you can earn points per $1 spent when you use the credit card to shop at Coles. If you’re not already a Flybuys member, you can sign up for free through the website.

Card benefits

0% purchase rate offer. Save with a 0% interest rate on purchases for the first 12 months when you apply by 31 January 2022. After that, a standard purchase rate of 12.99% p.a. applies to your purchase balance. Note that you still need to meet repayment requirements during the interest-free period.
Balance transfer offer. Consolidate your debt with 0% p.a. interest on balance transfers for the first 12 months when you apply by 31 January 2022. Any balance remaining at the end of the introductory period will accrue interest at the variable cash advance rate, currently 19.99% p.a. Note that you won't be eligible for interest-free days when you have a balance transfer.

Points for shopping at Coles. This card offers you Flybuys points when you use it to shop at Coles Supermarkets, earning the equivalent to 0.5 points for every $1 spent. Note that points are awarded in whole numbers and are rounded down.
Flybuys benefits. The Coles Low Rate Mastercard also doubles as your Flybuys membership card, so you don't have to carry two separate cards. Instead, you can scan the Flybuys membership barcode that's printed on the back of your credit card to earn points directly through the program. Rewards include $10 off your Coles supermarket shop when you redeem 2,000 points, travel bookings and a variety of other rewards available on the Flybuys website. If you earn or redeem points at least once every 12 months, your Flybuys points do not expire.
Coles Mobile Wallet App. This free app for Android and iPhone allows you to manage your account and Flybuys points 24/7. All Coles credit cards are also compatible with Apple Pay and Samsung Pay.

Rates & fees

Annual fee. This low rate Mastercard charges an annual fee of $58.
Interest-free days. If you pay your account’s closing balance in full each month, you can get up to 55 days interest-free on purchases. Interest-free days are not offered for cash advance transactions and are not available when you have a balance transfer on your account.

Cash advance rate. This card charges an interest rate of 19.99% p.a. for cash advances and is charged from the day you make the transaction.
Cash advance fee. If you use this card to withdraw cash or make any other cash advance transactions in Australia, you will be charged 3% of the transaction amount or $1.95 (whichever is greater). Overseas, a cash advance fee of $5 applies.
Foreign currency conversion fee. A fee of 2.5% is charged for transactions you make overseas or online in a foreign currency.

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Coles Low Rate Mastercard