Coles Platinum Rewards MasterCard – Rates and Fees

Information verified correct on December 6th, 2016
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Earn more flybuys points and pay no international transaction fees with the Coles Platinum Rewards MasterCard.

The Coles Platinum Rewards MasterCard is designed to boost your flybuys balance by earning points for every $1 spent on eligible purchases anywhere. Other benefits include free delivery from Coles Online when you spend $100 or more, no international transaction fees and a 24/7 concierge service.

This card can also double as your flybuys membership card, allowing you to scan it to earn points when shopping with flybuys partners. It offers a balance transfer rate of 0% p.a. for 6 months and has an annual fee of $89.

Product NameColes Rewards Platinum 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 (19.99% p.a.)
Balance Transfer Limit100% of available credit limit
Maximum Balance Transfer AmountNo limit - but must meet criteria
Purchase rate (p.a.)19.99% p.a.
Annual fee$89 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
Minimum Monthly Repayment2.222% or $10 (whichever is greater)
Minimum Income$25,000
Card TypeMasterCard
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.
0% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
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.
$6,000
Annual Fee$89 p.a.
Minimum 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 Cash Advance Fee$4
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.
0% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchNo
MailYes

Pros

  • You can enjoy an interest-free period of 62 days.
  • This card allows you to add an additional cardholder at no extra cost.
  • This card is also covered by Falcon security system to protect your account information.

Cons

  • $20 charge applies for late payment.
Rewards Programflybuys
Rewards Points per $ (VISA/MC)2
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

Review of Coles Platinum Rewards MasterCard

This credit card offers   flybuys points per $1 spent on everyday purchases, uncapped. It also one of only a few products that provides up to 62 interest-free days when you pay your balance in full by the due date on your statement.

In addition to these features, the Coles Platinum Rewards MasterCard offers a range of platinum perks, including no international transaction fee, a personal concierge service and merchandise protection insurance. While the $89 annual fee is competitive for a platinum card, it does not include other popular platinum perks such as international travel insurance.

Benefits of the Coles Platinum Rewards MasterCard

Some of the main benefits of this card include:

  • flybuys rewards. This card offers an earn rate of 2 flybuys points per $1 spent. You'll also earn your usual flybuys points for shopping with flybuys partners when you scan or enter your membership number. These points can be redeemed for a wide range of rewards including flights, merchandise, cash off your shop at Coles and other flybuys partner stores and frequent flyer points.
  • No international transaction fee. While most credit cards charge a 2-3% fee for transactions made overseas or online in a foreign currency, the Coles Platinum Rewards MasterCard waives this cost.
  • Free delivery. Customers can get free delivery for Coles Online orders over $100.
  • Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 62 days interest-free days on purchases. This gives you a way to avoid interest charges for your credit card spending.
  • Merchandise protection insurance. The Coles Platinum Rewards MasterCard offers complimentary insurance to protect your eligible new purchases against loss, theft or damage.
  • Additional cards. You can request an additional card for your partner or a family member to share your account and maximise your rewards.

Features of the Coles Platinum Rewards MasterCard

  • Minimum credit limit. In order to get the Platinum Coles Rewards MasterCard, you need to be approved for a credit limit of $6,000 or more.
  • Annual fee. The Coles Platinum Rewards MasterCard charges an annual fee of $89.
  • Interest rate. This card has a standard variable interest rate of 19.99% p.a. for purchases and cash advances.
  • Balance transfer. You can get an introductory 0% p.a. interest rate on balance transfers for 6 months.
  • Security. The card comes uses the Falcon fraud management system to monitor and detect fraud, and also has a zero liability guarantee against fraudulent transactions.
  • Mastercard PayPass. Enjoy the convenience of contactless payments that allow you to "tap and go" at the checkout, with no need for a PIN if your transactions under $100.

How to apply for Coles Platinum Rewards MasterCard

Applying for the Coles Platinum Rewards MasterCard is simple and takes 10-15 minutes online. Just click the "Go to site" button to be taken to a secure application page. Before you do that, make sure you meet the eligibility requirements of this card.

Eligibility criteria

  • You must be at least 18 years of age
  • You must have the right to work in Australia
  • You must earn at least

Required documents

You can speed up the application process by having the following details handy:

  • Personal information. This includes your full name, marital status and driver's licence number.
  • Contact information. You'll need to provide your residential address, email address and a contact number to complete this application.
  • Employment details. This includes your job title, employer information and salary.
  • Income and expense details. As part of the application, you'll also have to provide details of any other forms of income and assets such as shares and savings. You'll also have to outline your ongoing financial responsibilities, such as existing debts, regular bill payments and grocery spending.

Frequently asked questions

What can flybuys points be redeemed for?

flybuys points can be used for a wide range of rewards including travel, merchandise, cash back and frequent flyer points for either Velocity or the Etihad Guest program. You can also opt to get cash off your shop at Coles, with 2,000 flybuys equalling $10. The flybuys website includes a full catalogue of rewards, with categories including fashion and accessories, health and lifestyle, home and garden, technology and travel and fun.

I am a frequent flyer, but also want a card with a good rewards program. Is this card suitable for me?

This ultimately depends on your individual circumstances. If you regularly shop with Coles and other flybuys partners, you could find this card is a convenient way to redeem travel rewards directly or to transfer flybuys points into Etihad Guest Miles or Velocity Frequent Flyer points. However, this card doesn't offer other travel perks such as complimentary insurance or airport lounge access. You can compare other frequent flyer credit cards to find a product that suits your needs.

Is the annual fee for life or will it be reduced after some time?

The annual fee of $89 is for life. This card does not have an option of reducing the annual fee. If you want lower cost card you can look at other no annual fee credit cards.
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64 Responses to Coles Platinum Rewards MasterCard – Rates and Fees

  1. Default Gravatar
    hugo | November 19, 2016

    1. I had platinum rewards MasterCard,IS it means I spend $100 in coles and pay by credit card I can earn 100+200=300 points? I checked my flybuys points only had 100 points? My credit card already linked to my flybuys. Do you know what’s the problem?

    2. I spent $100 on eBay and also pay by my credit card ,after two days I checked I don’t receive any points from flybuys. Do you know what’s the problem? do I need to wait how many days in the normal?

    I hope you can understand what happen to me. Thank you very much!

    • Staff
      May | November 22, 2016

      Hi Hugo,

      Thanks for your inquiry.

      1. Coles Platinum Rewards MasterCard actually lets you earn 2 flybuys points for every $1 spent on eligible purchases anywhere. Eligible purchases exclude cash advances, credit fees or charges, credits, refunds, reimbursements, business purchases or balance transfers into your account.

      2. It can take up to four weeks before the flybuys points are processed and credited to your account. So it could be possible that your other flybuys points are still not yet credited to your account.

      Hope this has answered your questions.

      Cheers,
      May

  2. Default Gravatar
    davidt | October 20, 2016

    Is there a shareholder discount?

    • Staff
      May | November 3, 2016

      Hi Davidt,

      Thank you for your comment.

      We’d like to assist you further, can you please clarify or give a few details what you meant by shareholder discount?

      Thanks and cheers,
      May

  3. Default Gravatar
    | September 18, 2016

    Do all transactions like purchases or payments including online transactions like BPay give you 2 points for every dollar spent under the platinum Coles Rewards Mastercard? I understand that cash advances, credit fees or charges, credits, refunds, reimbursements, business purchases or balance transfers into your account do not qualify for any points.

    Thank you.

    • Staff
      Jonathan | September 20, 2016

      Hi Theng, thanks for your inquiry!

      Online transactions including BPAY will earn you 2 points for every dollar spent with the Coles Rewards MasterCard.

      Cheers,

      Jonathan

  4. Default Gravatar
    Viviana | July 28, 2016

    What is the difference between “Coles Platinum Rewards MasterCard” and “Coles Rewards Mastercard”

    • Staff
      May | July 28, 2016

      Hi Viviana,

      Thanks for your inquiry. Just to confirm that you’ve come through to finder.com.au, not actually Coles.

      Actually, there’s not much difference between the two cards in terms of fees and features. The Coles Platinum MasterCard are for those who qualify for a credit limit over $6,000. This includes additional benefits such as 24-hour concierge services and Purchase Protection – these are not among the added benefits of Coles Rewards MasterCard though.

      Cheers,
      May

  5. Default Gravatar
    Andrew | July 17, 2016

    Hello,
    I have 2 questions about the Coles Rewards Mastercard please.
    It says “Collect 2 points for every dollar you spend. Everywhere, every day”. Are there any payments/companies that are excluded from earning points? In other words, will I earn points if I use the credit card to pay electricity/phone bills, pay strata fees, pay council rates, etc?

    Last question: Is there a credit card with a longer interest-free period than 62 days?

    Thanks
    Andrew

    • Staff
      Anndy | July 18, 2016

      Hi Andrew,

      Thanks for your question.

      With Coles Platinum Rewards Mastercard , you will earn 2 flybuys reward points for every dollar spent on eligible transactions. Based on the terms and conditions of this card, eligible transactions exclude cash advances, credit fees or charges, credits, refunds, reimbursements, business purchases or balance transfers into your account.

      For your second question, our website features credit cards with up to 62 days interest-free period and I’m not aware of other credit cards that offer longer interest-free period.

      Cheers,
      Anndy

  6. Default Gravatar
    DJ | July 8, 2016

    Which Coles MasterCard should I get to receive complimentary Travel Insurance?
    Thanks

    • Staff
      May | July 8, 2016

      Hi DJ,

      Thanks for your question.

      The complimentary travel insurance is actually not directly attached to the Coles credit cards. But Coles credit cardholders have the option to get the “Account Cover Plus” insurance policy, which is designed to give you a number of insurance cover benefits. You can find more information about Account Cover Plus on this page.

      I hope this is helpful.

      Cheers,
      May

  7. Default Gravatar
    Denny | July 1, 2016

    Can I use my New Zealand bank debit card to pay my Australian Coles Platinum card? If yes, what foreign exchange rates are used and are there fees applied to fx payments?

    • Staff
      May | July 22, 2016

      Hi Denny,

      Thank you for your question.

      Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually Coles.

      If you want to know if you can set up a direct debit using your NZ debit card to pay for your Coles Platinum credit card, I’d suggest that you contact Coles directly to inquire. If they allow you, then you will need to fill out a “direct debit request form.”

      As for the exchange rate, you will have to inquire your NZ bank to check how much they would charge for foreign currency conversion – rates usually vary from bank to bank.

      Also, for your convenience, I’ve sent to your email the contact details of Coles and the link to the direct debit form.

      I hope this helps.

      Cheers,
      May

  8. Default Gravatar
    Stan | April 12, 2016

    How do I get access to Coles 24 hour concierge service, as I am a platinum member? What services do they provide?

    • Staff
      May | April 12, 2016

      Hi Stan,

      Thanks for reaching out.

      I’ve sent to your email the number of Coles customer care, particularly those who handle queries of Coles Platinum MasterCard cardholders.

      Cheers,
      May

  9. Default Gravatar
    Judy | March 27, 2016

    I was talked into changing my Coles Platinum Loyalty MasterCard with no annual fee to the new Coles Platinum MasterCard with annual fees.
    Can you please advise why I didn’t get $100 off my first shop?

    • Staff
      Debbie | March 29, 2016

      Hi Judy,

      Thanks for your inquiry.

      Please note that you’ve come through finder.com.au, an online comparison service and not a product issuer, such as Coles.

      As per Coles, for new customers, you should spend at least $100.05 at Coles Supermarkets (excluding smoking/tobacco product purchases, Coles Group gift cards and iTunes cards), scan the flybuys barcode on the back of your new Coles Credit Card then you will be asked if you would like to use your $100 off. If these steps were followed but have not still received your $100, you may need to speak directly to a Coles customer service. They’ll be more happy to assist you with the issue.

      I hope this helps.

      Cheers,
      Debbie

  10. Default Gravatar
    leo | March 2, 2016

    Hi,

    I have 2 questions:

    1. If I use this card at Safeway, do I still earn flybuys point?
    2. If I have a balance transfer and I use the card daily, how is the interest calculated?

    Regards,
    Leo

    • Staff
      Jonathan | March 3, 2016

      Hi Leo, thanks for your inquiry!

      Even though Safeway is not a partner of flybuys you can still earn 2 points for every $1 spent at Safeway and everywhere else. To view the full list of partners with flybuys and earn more points refer to this page. If purchases are made on the card when a balance transfer offer is active then the purchase rate of (19.99% p.a.) will apply. Your daily card usage will be charged interest at the rate of 0.0547%.

      Cheers,

      Jonathan

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