Coles No Annual Fee Mastercard

Last updated: 20 February 2020

Earn flybuys points for your spending, save with an ongoing $0 annual fee and take advantage of 0% interest on balance transfers for 18 months.

The Coles No Annual Fee Mastercard comes linked to flybuys rewards and saves you $10 at the checkout when you redeem 2,000 points.

This card also features 0% p.a. on balance transfers for 18 months and compatibility with the Apple Pay and Samsung Pay digital wallets.

Terms and conditions apply

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0% p.a.

Balance transfer rate

for 18 months with 1.5% balance transfer fee

19.99% p.a.

Purchase rate

0.5

Reward points

Per $ spent (Visa/Mastercard)

$0 p.a.

Annual fee

Details

Product Name	Coles No Annual Fee Mastercard
Rewards program	flybuys
Balance transfer rate	0% p.a. for 18 months with 1.5% balance transfer fee
Balance Transfer Revert Rate	Cash Advance Rate (19.99% p.a.)
Balance Transfer Limit	80% of available balance
Purchase rate (p.a.)	19.99% p.a.
Annual fee	$0 p.a.
Interest free period	55 days
Cash advance rate (p.a.)	19.99% p.a.
Min credit limit	$2,000
Card type	Mastercard
Foreign currency conversion fee (Visa/Mastercard)	2.5%
Complimentary travel insurance	No

Minimum Income	$25,000
Minimum age	18 years of age
Available to temporary residents	No
Joint application	No

Pros

Ongoing $0 annual fee
0% p.a. on balance transfers for the first 18 months
Earn flybuys points for your spending

Cons

Charges a 1.5% balance transfer fee
Interest rate that applies after the introductory period is relatively high
flybuys points earn rate is low at the equivalent of 0.5 points per $1 spent

Rewards program	flybuys
Rewards Points per $ spent (Visa/Mastercard)	0.5
Rewards Points per $ Cap (Visa/Mastercard)	Uncapped

Annual fee	$0 p.a.
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee (Visa/Mastercard)	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

Go to Coles Credit Cards's site More info

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The Coles No Annual Fee Mastercard is one of few credit cards that offer both rewards and no annual fee. With this card, you earn the equivalent of 0.5 flybuys points per $1 spent on eligible purchases made anywhere the card is accepted. This gives you a way to earn points when you shop with brands that aren’t already flybuys partners – although it’s worth noting that some other reward cards offer higher earn rates.

Plus, this card gives you 18 months interest-free on balance transfers before the cash advance rate applies. The 1.5% balance transfer fee may eat into your savings, but the ongoing $0 annual fee can help to offset it. You should also keep in mind that you won’t receive the usual 55 interest-free days on purchases while you carry a balance transfer debt.

How to apply

If you want to apply for a Coles No Annual Fee Mastercard, you can fill in a secure application form via the Coles Financial Services website and should 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.

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.
New cardholder. The balance transfer offer is only available to new customers.

Required documents

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.

Card benefits

No annual fee ever. This card charges a $0 annual fee for life.
Balance transfer offer. Get 0% interest on balance transfers for the first 18 months with a one-time 1.5% balance transfer fee when you apply by 30 April 2020. Any balance remaining at the end of the introductory period will be charged 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.

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, retail items and Velocity Frequent Flyer Points. 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. for 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.

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Coles No Annual Fee Mastercard