Coles Rewards Mastercard
The Coles Rewards Mastercard has a competitive introductory offer and earns 2 Flybuys points per $1, but that rate drops after you spend $3,000 in each statement period.
This rewards credit card is suited to people who want to earn Flybuys points for eligible spending anywhere (not just at Coles and other partnered brands). Right now, it offers 30,000 bonus points when you apply by 31 January 2022 and spend $1,000 in the first 60 days. You'll also save with a promotional 0% interest for the first 12 months on purchases and balance transfers – plus no balance transfer fee.
The Coles Rewards Mastercard earns 2 Flybuys points per $1 spent on eligible purchases up to $3,000 in each statement period and 1 point per $1 spent for the rest of that statement period. This is still a competitive earn rate when you look at other rewards cards with a similar annual fee, but it's worth noting the change once you reach that $3,000 spend each statement period.
Balance transfer rate
for 12 months
for the first 12 months (reverts to 19.99% p.a.)
Per $ spent
|Product Name||Coles Rewards 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||0% p.a. for 12 months, reverts to 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||0%|
|Available to temporary residents||No|
- 30,000 bonus Flybuys Points
- 0% p.a. on purchases for 12 months
- 0% p.a. on balance transfers for 12 months
- 2 Flybuys Points per $1 spent on eligible purchases up to $3,000 per statement period (1 point per $1 thereafter)
- 0% international transaction fees on purchases
- The standard annual fee of $99 is relatively high
|Rewards points per $ spent||2|
|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||0%|
|Cash advance fee||3% or $1.95, whichever is greater|
|Overseas cash advance fee||$5 + 2.5% of transaction amount|
|Overseas ATM withdrawal fee||$5|
|Additional cardholder fee||$0|
|Number of additional cardholders||4|
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.
The current introductory offer also offers interest-free for the first 12 months on purchases. If you’re paying off another credit card now, you could also save with the 12-month 0% introductory rate on balance transfers (with no balance transfer fee). But keep in mind the interest rates that apply after the promotional period.
Like most cards that come with a loyalty program, the Coles Rewards Mastercard has a relatively high purchase interest rate and is best suited to people who can pay their balance in full each month.
How to applyYou can apply for the Coles Rewards Mastercard online and receive a response within 60 seconds. Make sure to check if you meet the eligibility requirements and have the necessary information to complete the application before you get started.
- Income. You must have an after-tax income of at least $25,000 p.a.
- Eligible balance transfer debt. If you want 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.
- Age. You must be at least 18 years old.
- Credit history. You'll need a good credit score to receive approval.
- Residency. This card is available to permanent Australian residents.
- New cardholder. The bonus Flybuys Points offer and balance transfer offer are only available to new customers.
- Personal information. This includes your full name, date of birth, contact information, residential address and number of dependents.
- Proof of identification. You'll need to verify your identity with ID such as an Australian driver's licence or passport.
- Income. You'll need to confirm your annual income and provide your employer's name, address and phone number.
- Finances. You'll be asked to list any assets (such as savings, property or superannuation) and liabilities (including other debts and credit limits).
- Flybuys membership. If you already have one, you can include your Flybuys membership number. If you're not already a member of the Flybuys program, you will be automatically enrolled when you apply.
- Balance transfer details. If you are planning to transfer a balance, you'll 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.
- Bonus Flybuys Points. If you’re a new customer, you can get 30,000 bonus Flybuys Points when you apply and get approved by 31 January 2022, then spend at least $1,000 on eligible purchases in the first 60 days.
- 0% purchase rate offer. Save with a 0% interest rate on purchases for the first 12 months you have this card. After that, a standard purchase rate of 19.99% p.a. applies to your purchase balance. Note that you still need to meet repayment requirements during the interest-free period.
- Balance transfer offer. When you apply by 31 January 2022, you can pay down your existing debt(s) with a 0% interest rate on balance transfers for the first 12 months (no balance transfer fee applies). After the introductory period, any balance remaining will be charged at the cash advance rate, currently 19.99% p.a. Note that you won't earn Flybuys points on balance transfers and you won't be eligible for interest-free days on purchases when you have a balance transfer.
- Rewards program. Earn 2 Flybuys points per $1 spent on eligible purchases up to $3,000 per statement period, then 1 point per $1 for the remainder of the statement period. You'll also collect 1 additional point when you scan your Flybuys barcode at eligible retailers including Coles, Kmart, Target and Liquorland. You can redeem your Flybuys points for merchandise and gift cards from the Flybuys store, Velocity Points and money off your shop at Coles supermarkets. You can get $10 off at the Coles checkout with 2,000 Flybuys points. 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.
- 0% international transaction fees on purchases. The Coles Rewards Mastercard does not charge international transaction fees on purchases when you shop overseas or online with an international merchant.
- Coles Mobile Wallet app. You can use this free app to manage your account and monitor your Flybuys points balance. The Coles suite of credit cards are also compatible with both Apple Pay and Samsung Pay.
Rates & fees
- Annual fee. This card charges a $99 annual fee.
- Interest rates. Outside of any promotions, the interest rate for both purchases and cash advance transaction is 19.99% p.a.
- Up to 55 interest-free days. Take advantage of 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.