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With the Coles Low Rate Mastercard, you can receive $100 off a single Coles Supermarket shop and enjoy a low ongoing rate of 12.99% p.a. on purchases with a low annual fee.
The Coles Low Rate Mastercard offers 12.99% p.a. on purchases and comes linked to the flybuys loyalty program. This allows cardholders to earn points when they spend at Coles Supermarkets and free delivery when they shop at Coles Online (if the total exceeds $100).
Additionally, new customers will receive $100 off a single Coles Supermarket shop if they apply, get approved by 30 June 2017 and make an eligible purchase within the first 30 days from card approval.
| Product Name | Coles Low Rate Mastercard |
|---|---|
| Rewards Program | flybuys |
| Balance transfer rate (p.a.) | 0% p.a. for 6 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Purchase Rate (12.99% p.a.) |
| Balance Transfer Limit | 95% of available credit limit |
| Purchase rate (p.a.) | 12.99% p.a. |
| Offer end date | 30 June 2017 |
| Annual fee | $49 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 62 days on purchases |
| Cash advance rate (p.a.) | 19.99% p.a. |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Minimum Monthly Repayment | 2.222% or $10 (whichever is greater) |
| Minimum Income | $25,000 |
| Card Type | MasterCard |
| Late Payment Fee | $20 |
| Foreign Currency Conversion Fee (MC) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 1.5% of transaction value |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Income | $25,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Annual Fee | $49 p.a. |
|---|---|
| Minimum Repayment | 2.222% or $10 (whichever is greater) |
| Late Payment Fee | $20 |
| Cash Advance Fee | 3% of the cash advance/cash equivalent transaction or $1.95, whichever is greater |
| Overseas ATM Withdrawal Fee | $4 |
| Foreign Currency Conversion Fee (MC) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 1.5% of transaction value |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 8 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| Yes |
Pros
- New cardholders who apply, are approved by 30 June 2017 and make an eligible purchase within the first 30 days of the card approval date can receive $100 off a single Coles Supermarket shop.
- This card offers a promotional rate of 0% p.a. for 6 months on balance transfers.
- You can enjoy an interest-free period of up to 62 days on purchases.
- You can add up to 8 additional cardholders at no extra charge.
- This card is covered by Falcon security system to protect your account information.
Cons
- A $20 charge applies for late payment.
| Rewards Program | flybuys |
|---|---|
| Rewards Points per $ (VISA/MC) | 0.5 |
| Rewards Points per $ (AMEX) | 0 |
| Rewards Points per $ (VISA/MC) Cap | Uncapped |
| Rewards Points per $ (AMEX) Cap | N/A |
| Points Expiry | 36 months |
Coles Low Rate Mastercard review
If you’re a Coles customer who is looking to make the most of your shopping by earning and redeeming flybuys points, getting the Coles Low Rate Mastercard could be a worthwhile consideration. While this card doubles as a credit card and a flybuys card in one, it also gives you the ability to earn flybuys points when you shop at Coles Supermarkets and get free delivery when they spend more than $100 online. Cardholders also have the opportunity to receive up to 62 interest-free days on purchases if they pay off their balance in full each month.
Benefits of Coles Low Rate Mastercard
- $100 off a single Coles Supermarket shop. To receive $100 off a single Coles Supermarket shop, you must apply as a new customer, be approved by 30 June 2017 and make an eligible purchase within the first 30 days from the card approval date.
Eligible purchases exclude cash advances, smoking/tobacco product purchases and all gift cards. The $100 off will be activated to the flybuys account quoted in the application process and will be available for use within 2 weeks of your first eligible purchase.
To redeem the $100 off, you must scan your flybuys barcode on the back of your new Coles Mastercard and spend a minimum of $100.05 after savings and discounts in one transaction at Coles Supermarkets or BI-LO (excludes Coles Express and Coles Online). The $100 off can only be redeemed once and expires on 30 September 2017.
- Low ongoing purchase rate. Receive a competitive ongoing purchase rate of 12.99% p.a. on the Coles Low Rate Mastercard.
- Balance transfer offer. Consolidate your debt with a 0% p.a. for 6 months on balances transferred.
- flybuys. This card comes with free membership to the flybuys loyalty program. You can earn flybuys points on this card and, when you use it to shop at Coles Supermarkets, you can earn 0.5 points for every $1 spent. When it comes to redeeming accumulated points, you can receive $10 off a Coles Supermarket purchase for every 2,000 points. If you earn or redeem points at least once every 12 months, your flybuys points do not expire.
- Free delivery. When you use this card to pay for purchases at Coles Online, you can look forward to free delivery as long as the total exceeds $100.
- Free Coles Mobile Wallet. The Coles Mobile Wallet is an app that allows cardholders to easily keep track of their credit card account, transaction details and flybuys points in real time. With the Coles Pay Tag, you can also use your smartphone to pay for purchases.
Features of the Coles Low Rate Mastercard
- Annual fee. This low rate Mastercard attracts a nominal annual fee of $49.
- Balance transfer offer. Receive 0% p.a. for 6 months on balances transferred.
- Rewards for spending. You earn flybuys points when you use this card to shop at Coles Supermarkets and can receive discounts off your shopping at Coles Supermarkets by redeeming your points. By getting other Coles Financial Services products, you can earn flybuys points even faster.
- Interest-free days. If you continue paying your account’s closing balance in full each month, you can make use of as many as 62 interest-free days on purchases.
- Free access to Coles Mobile Wallet. This smartphone app enables you to keep a track on your credit card balance, purchases, and flybuys points.
- PayPass and Coles Pay Tag. This PayPass enabled credit card allows you to make contactless payments for purchases less than $100, and you can also use the Coles Pay Tag technology to pay using your smartphone.
- Card security. This card comes with an embedded microchip, offering more security when compared to cards with magnetic strips. The Falcon fraud management system is in place to identify and monitor the card of any unusual account activity. Mastercard Zero Liability Guarantee also provides protection against unauthorised and fraudulent transactions.
How to apply for the Coles Low Rate Mastercard
Applying for the Coles Low Rate Mastercard is easy and submitting an online application takes no more than a few minutes.
To apply for this card, complete and submit the secure online application form. However, make sure you meet the following eligibility criteria first:
Eligibility criteria
- You’re a permanent Australian resident.
- You’re over 18 years of age.
- You have a good credit history.
Required documents
Completing the application requires you to provide the following personal information:
- Personal details like your complete name, date of birth, marital status, and number of dependents
- Contact details like your residential address, phone number, and email address
- Your employer’s name, address, and phone number
- Details about your existing financial situation (student benefits including Austudy and Youth Allowance do not qualify as income).
This Low Rate Mastercard offers cardholders a number of benefits and useful features. As it is not the only low rate card on the market, it’s good to compare the card with others before deciding.
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Hi, as I already apply for my Coles credit card and it was approved but it’s already been like 3 weeks. I sent my details twice as asked but has not received any credit card yet. How can I track what’s happening?
Hi sadikshya,
Thanks for your inquiry.
If you have applied and haven’t received any feedback as of yet, it would be best to speak directly with a member of the Coles Customer Care team at 1300 306 397.
For further information, you might also like to check our guide on how to track your credit card application status.
I hope this helps.
Cheers,
Ysa
if i have a balance of $6000 on another credit card and want to transfer that to your coles credit card, how do we do that?
Hi Dan,
Thanks for your question.
Just to confirm, though, you have come through to finder.com.au, not Coles. However, you can still conduct the balance transfer to move your $6,000 debt to the Coles Low Rate MasterCard by clicking on the ‘Go to Site’ button and completing the online application.
During the application, there will be a section dedicated to the balance transfer. Here you can nominate the account you’d like to balance transfer and provide the details of your debt (including the account it’s coming from and the size of the debt). Whether you can complete the balance transfer will also depend on which bank you’re transferring from. Please note that you can’t transfer balances from existing Coles credit card accounts or other accounts with Latitude Financial Services (such as 28 Degrees MasterCard). As you can transfer up to 100% of the available credit limit, you’ll want to make sure that you apply for a credit limit of at least $6,000.
Please note that you’ll need to make sure that you meet the eligibility requirements, such as the minimum annual income, good credit history and residential status to receive approval.
If your balance transfer is approved, it’ll be your responsibility to close your old account.
For more tips, please see our guide on how to get your balance transfer application approved.
I hope this has helped.
Cheers,
Sally
I am self employed.Can I apply for credit card and what do i need?
Hi Steve,
Thanks for your inquiry.
You can apply for this card as long as you meet the application and minimum income requirements, which in this case is $25,000.
Before you apply, however, you need to prepare your personal details (complete name, date of birth, marital status, number of dependents, residential address, phone number, and email address), financial details, as well as your current flybuys number, if you have one.
I hope this has helped.
Thanks,
Ally
Hi there,
If I apply for the Coles low rates mastercard and apply for the “0% p.a for 6 months” balance transfer. After the first 6 months of the balance transfer ends, what will the interest rate revert back to?
On the Coles website, it doesn’t specifically say what the interest rate would revert back to after the first 6 month period.
Your assistance is much appreciated and I look forward to your reply.
Thank you.
Hi Leo,
Thanks for your question.
For the Coles Low Rate MasterCard, your card will revert to the purchase rate of 9.99% p.a. after the balance transfer promotion period of 6 months. This information is also specified in the table above under Product Details section.
Cheers,
May
If you have a balance transfer of say $5000 on 0% for 6 months and make purchase of $ 500 do you pay any interest if paid in full on statement date if still within interest free time.
Hi Alan,
Thank you for your inquiry.
Yes, with Coles Low Rate MasterCardcard, you’ll need to fully pay your balance in full every payment due date in order not to be billed interest on your purchases.
Furthermore, for this card with 0% interest on balance transfer, while you’re under this offer, the interest-free period of up to 62 days on purchases does not apply.
Cheers,
May
1.How is interest calculated when payment missed by due date and do benefits get lost in any way please provide example worked out as experienced a $5 interest charge became $60.00 (approx) by a bank which included previous interest free balances as part of the calculation, despite those balances all being paid and the o/s balance being fully paid to excess after only 3 days. hence even staff can’t calculate interest payable. they tried but when challenged on how they calculated it was clear they didn’t know what they were doing because the bank ripped off interest on monies which were not, should not be included.
2. and again on purchases how is interest calculated
Hi Jennifer,
Thank you for inquiry,
The credit card interest is calculated depending on what card you have, the type of the transactions you make, and when you make the payments. This is calculated on your account’s outstanding balance on a daily basis.
For instance, you make a purchase for $30 on the third day of your statement period. Interest is calculated on the $30 balance for each day from the date you made the purchase until it is repaid in full. Interest is then added daily to calculate your monthly interest amount.
If you want to have a better understanding about the credit card interest charges, you might like to read this article and find it useful.
Cheers,
May
Hi, if I request a balanced transfer, do I still get the 65 days interest free on new purchases?
Thank you
Hi Ria,
Thanks for your question.
If you have a balance as a result of a balance transfer, you will not be able to take advantage of the interest-free period offer attached to Coles Low Rate MasterCard.
Cheers,
Anndy
Hi there,
Can you please check if the 0% p.a. for 6 months on balances transferred is still available on the coles low rate mastercard?
On the coles financial website, it seems like only the other coles mastercard have the feature and coles low rate mastercard doesn’t.
Please let me know.
Thanks.
Hi Leo,
Thanks for your question.
I’ve checked Coles’ website and yes, Coles Low Rate MasterCard has a balance transfer interest rate of 0% p.a. for the first 6 months. After the promo period, the interest rate on any remaining balance transfer amount shall be 9.99% p.a.
Cheers,
Anndy
I have Coles low rate Master cord. If I spend $1000 dollar at the shop, how much interest will we pay, per $1000 dollar?
Hi Kamal,
Thanks for your question.
With Coles Low Rate MasterCard, the purchase interest rate that your card will charge is 9.99% per annum/year. But this rate is calculated daily and applied monthly to any purchases you make.
The good thing is, if you have not conducted a balance transfer with this card, you will have the opportunity to enjoy the interest-free period of 62 days on purchases. This means that you will have 62 days to pay off your balance. Please keep in mind though that the requirement to receiving this interest-free period benefit is to repay your balance in full by the payment due date.
I hope this helps.
Cheers,
May
What is the max. credit limit of the Coles Low Rate MasterCard?
Hi Isaiah,
Thank you for your question.
Unfortunately, we are unable to provide you with the exact figure as to what the maximum credit limit of the Coles Low Rate MasterCard is, as this is determined by Coles. Depending on your income and ability to repay, they can give you a higher or lower credit limit if you’re approved.
Cheers,
May