Coles No Annual Fee Mastercard
A no annual fee credit card that also earns Flybuys points per $1 spent – and offers $100 off a Coles Supermarket shop for new customers.
The Coles No Annual Fee Mastercard gives you a way to earn points on your credit card spending without ever paying an annual fee. While its earn rate is on the low side – working out to 0.5 Flybuys points per $1 spent – it could still be worth it when you factor in potential savings from the $0 annual fee.
|Product Name||Coles No Annual Fee Mastercard|
|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||19.99% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||19.99% p.a.|
|Min credit limit||$2,000|
|Foreign currency conversion fee||2.5%|
|Available to temporary residents||No|
- $100 off a Coles Supermarket shop
- Ongoing $0 annual fee
- 0% p.a. on balance transfers for 12 months
- Earn Flybuys points for your spending
- Flybuys points earn rate is low at the equivalent of 0.5 points per $1 spent
- The revert interest rates are relatively high
|Rewards points per $ spent||0.5|
|Rewards points cap||Uncapped|
|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|
How to applyYou can apply for the Coles No Annual Fee online and get a response within 60 seconds of submitting it. Before you get started, make sure you meet the eligibility criteria and have all the details you need to complete the application.
- 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.
- New cardholder. The balance transfer offer is only available to new customers.
- Personal details. This includes your full name, date of birth, contact number, email address, residential address and marital status. 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 or your latest financial year income statement.
- Financial details. This includes any government payments or other sources of income, as well as savings and assets. You also need to provide details of existing debts, loans and cards, along with regular household expenses including rent or mortgage payments and bills.
- Balance transfer details. If you want to transfer a balance to this card, you need to provide details including the total amount of debt you want to transfer, your account name and number, as well as the BSB for the institution that currently holds the debt.
- Flybuys details. You need to provide your existing Flybuys membership number so that you can earn points and have your loyalty account details printed on the credit card. If you're not already a member of the Flybuys program, you will be automatically enrolled when you apply for the Coles No Annual Fee Mastercard.
- $100 off a shop at Coles. You'll get $100 off a Coles Supermarket shop when you apply by 30 September 2021 and spend $1,500 on eligible purchases within the first 60 days from card approval. Eligible spending covers most everyday purchases. Transactions that won't count towards this spend requirement include BPAY payments, cash advance transactions, a purchase from or payment to a government or government related agency, balance transfers and account fees and charges.
- Balance transfer offer. Apply by 30 September 2021 and get 0% interest on balance transfers for the first 12 months, with no balance transfer fee. Any unpaid balance after the introductory period will be charged interest at the cash advance rate, currently 19.99% p.a.
- No annual fee ever. This card charges a $0 annual fee for the life of the card.
- Flybuys points per $2 spent. This card offers the equivalent to 0.5 Flybuys points per $1 you spend on eligible purchases. Points are awarded in whole numbers and rounded down. Eligible purchases cover most everyday transactions including groceries, petrol and dining, while transactions that are not eligible for points include cash advances, balance transfers and account fees.
- Flybuys membership details. You can use this card to earn points through your Flybuys account by scanning the membership barcode that's printed on the back of it when you shop with Flybuys partners. You can redeem Flybuys points for a variety of rewards including money off your shop at Coles Supermarkets and retail items. If you earn or redeem points at least once every 12 months, your Flybuys points will not expire.
- Up to 55 interest-free days. Save on interest charges with up to 55 days interest-free on retail purchases when you pay the total outstanding balance (including any balance transfers) by the due date on each statement. Note that interest-free days are not offered for cash advances, balance transfers, special promotions or account fees and charges.
- Mobile payment compatibility. Coles credit cards are compatible with both Apple Pay and Samsung Pay. The Coles Mobile Wallet also lets you manage your account and activate Flybuys offers at any time on the free app for Android or Apple devices.
- Card security. The Coles Shield security service offers 24/7 account monitoring and alerts, while the Mastercard Zero Liability covers you against fraudulent transactions.
Rates & fees
- Purchase rate. The Coles No Annual Fee Mastercard charges an interest rate of 19.99% p.a. on purchases.
- Cash advances. If you use this card to withdraw cash or make other cash advance transactions, an interest rate of 19.99% p.a. will apply. A cash advance fee of 3% of transaction amount or $1.95 (whichever is greater), will also apply in Australia, and a fee of $5 applies if you make a cash advance overseas.
- Foreign currency conversion fee. A 2.5% fee applies for transactions made overseas or online in a foreign currency.
- Additional cardholders. If you want to share your account with your partner or a family member to earn Flybuys faster, you can request up to 4 additional cards at no extra cost.
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.
This card also gives you a way to repay your existing debt interest-free for 12 months. As an example, if you transferred $5,000 from a credit card with a 19.94% p.a. interest rate, you could save $924.29 with this offer. But if you’re more interested in shopping right now, the $100 off a shop at Coles also gives you a way to save at the supermarket.
Keep in mind that you won’t get interest-free days on purchases when you’re carrying a balance. Paying off your debt should also be your priority over spending money to avoid attracting higher interest rates.