Coles Low Rate Platinum Mastercard

Collect flybuys points as you spend and enjoy premium extras with the Coles Low Rate Platinum Mastercard.

The Coles Low Rate Platinum Mastercard offers value through competitive rates, fees and rewards. It offers the same valuable features as the Coles Low Rate Mastercard, but with increased spending power thanks to a higher credit limit. This card offers an ongoing variable interest rate of 12.99% p.a. on purchases and an annual fee of $58. It also earns 0.5 flybuys points per $1 spent at Coles Supermarkets and gives you access to a 24/7 platinum concierge service and merchandise protection insurance.

Product NameColes Platinum Low Rate Mastercard
Rewards Programflybuys
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 Limit100% of available credit limit
Purchase rate (p.a.)12.99% p.a.
Annual fee$58 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.
$6,000
Card TypeMastercard
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 InsuranceNo
Minimum Income$25,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Credit Rating RequirementGood
Joint ApplicationNo
Annual fee$58 p.a.
Minimum Monthly Repayment2.222% or $10 (whichever is greater)
Late Payment Fee$20
Cash Advance Fee3% of the cash advance/cash equivalent transaction or $1.95, whichever is greater
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders8

Pros

  • This card comes with a 0% p.a. for 6 months balance transfer offer.
  • You can enjoy up to 62 days interest-free on purchases.
  • You can add up to 8 additional cardholders for free.

Cons

  • flybuys points are only earned at Coles Supermarkets.
Rewards Programflybuys
Rewards Points per $ spent (VISA/MC)0.5
Rewards Points per $ (VISA/MC) CapUncapped

Coles Low Rate Platinum Mastercard review

This platinum version of the Coles Low Rate Mastercard comes with the added benefits of a higher credit limit, a worldwide concierge service, complimentary insurance against loss, theft or damage of eligible purchases and exclusive offers through the Mastercard Priceless Cities program. It also includes your flybuys membership barcode on the back of the card and offers flybuys points for spending at Coles.

With an annual fee of $58, the Coles Low Rate Platinum Mastercard is also one of the most affordable platinum options on the market (although it has fewer benefits than some other options). It also offers a 0% p.a. balance transfer rate for the first 6 months and up to 62 days interest-free if you pay your balance in full by the due date on each statement.

Benefits of the Coles Low Rate Platinum Mastercard

  • 0% p.a. on balance transfers. If you have existing card debt you want to move to the Coles Low Rate Platinum Mastercard when you apply, you could save on interest with a 0% p.a. balance transfer rate for the first 6 months when your application is approved. After 6 months, interest accrues at the standard purchase rate on any remaining balance.
  • Low purchase rate. This card has an ongoing purchase rate of 12.99% p.a. (variable).
  • Earn flybuys points. Pay for your Coles shopping with this card and you can earn 0.5 flybuys points per $1 spent on eligible purchases. Points are awarded in whole numbers and rounded down.
  • Contactless and mobile payments. Save time at the checkout when you “tap-and-go” for payments under $100 using the Coles Low Rate Platinum Mastercard. You can also pay and collect flybuys points with your phone and keep track of your purchases with the Coles Mobile Wallet.

Features of the Coles Low Rate Platinum Mastercard

  • Annual fee. The Coles Low Rate Platinum Mastercard has an annual fee of $58.
  • Credit limit. The maximum credit limit you're approved for will be based on your credit history and annual income, but the Coles Low Rate Platinum Mastercard has a minimum credit limit of $6,000.
  • Cash advance rate. If you use this card to withdraw cash or for any other cash advance transactions, an interest rate of 19.99% p.a. will apply from the day of the transaction.
  • Cash advance fee. A fee worth 3% of the cash advance/cash equivalent transaction or $1.95, whichever is greater applies for cash advances made on this card.
  • Foreign currency conversion fee. 1.5% of the transaction amount on purchases and cash withdrawals.
  • Additional cardholders. You can request up to 8 additional cardholders for your account at no extra cost. Note that you will still be responsible for keeping the account in good standing.
  • Security features. This card comes with 24/7 Falcon fraud monitoring, chip technology and a 24/7 worldwide security service for lost or stolen cards. The Mastercard Zero Liability policy also protects your account against loss from fraudulent charges.

How to apply for the Coles Low Rate Platinum Mastercard

You can apply for the Coles Low Rate Platinum Mastercard online in 10-15 minutes and will get a response within 60 seconds. To speed up the application process, make sure you meet the following eligibility requirements and have all the required details on hand.

Eligibility criteria

  • Age. You must be at least 18 years of age.
  • Residency status. You must be a citizen or permanent resident of Australia.
  • Income. You must earn at least $25,000 a year.

Required details and documents

  • Personal information. This includes your full name, date of birth, residential address, email address and contact phone number.
  • Identification. You’ll be required to provide details of your driver’s licence, passport or Medicare card to help verify your identity.
  • Employment. Provide details of your employer, current role, salary and the time you’ve been employed. You may also have to share information about previous employment, or provide details of your accountant if you’re self-employed.
  • Financial information. This includes your existing loans, card balances or other debts as well as assets such as savings, shares or investments. You’ll also have to share details of regular expenses such as your grocery spending, electricity and phone bills to provide an accurate picture of your financial situation.
  • flybuys details. If you’re part of the flybuys rewards program, include your membership details so they can be added to your credit card.

The Coles Low Rate Platinum Mastercard offers a competitive ongoing variable purchase rate and an annual fee of $58 and comes with a selection of additional features, including flybuys rewards. But as there are many other platinum and low rate cards on the market, make sure you compare your options so you can apply for a card that suits your needs.

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2 Responses

  1. Default Gravatar
    TransferMay 31, 2017

    Now I have increased my card limit,am I able to transfer money to other bankcard?

    • Default Gravatar
      JonathanMay 31, 2017

      Hi there!

      Thanks for the comment.

      Your additional credit line can be used in two ways:

      1. You can make a cash advance that can be used to pay other cards. However, this is not recommended as Cash Advance rates are usually higher and there’s a fee involved.
      2. You can ask your credit card issuer to do a balance transfer from one card to another.

      Take note that fees and other charges may be applicable to it would be best to contact your issuer directly.

      Hope this helps.

      Cheers,
      Jonathan

Credit Cards Comparison

Rates last updated February 22nd, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
American Express Velocity Escape Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$0 p.a.
Receive a bonus 12,500 Velocity Points, pay a $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a 0% BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 28 February 2018.
Westpac Low Rate - Online Offer
13.49% p.a.
0% p.a. for 30 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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