In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
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Coles Low Rate Mastercard
Terms and conditions apply
Balance transfer rate for 15 months with 1.5% balance transfer fee
0% p.a.
Purchase rate
12.99% p.a.
Reward points per $ spent
0.5
Annual fee
$58 p.a.

Our verdict

Offers 0% interest on balance transfers for 15 months, but make sure you factor in the 1.5% balance transfer fee.

The Coles Low Rate Mastercard has a 12.99% p.a. interest rate for purchases and a $58 annual fee, which makes it competitive with other low rate credit cards on the market. If you want to pay off an existing credit card, you can get 0% p.a. interest rate on balance transfers for 15 months with a 1.5% balance transfer fee when you apply by 30 June 2024. As there are longer balance transfer offers on the market, this one would typically be suited to smaller credit card balances that can be repaid in a short amount of time, before the introductory period ends.

Pros

  • 0% p.a. on balance transfers for 15 months
  • Equivalent to 0.5 Flybuys points per $1 spent at Coles Supermarkets
  • Additional cardholder at no extra cost

Cons

  • Charges 1.5% balance transfer fee
  • Only earns Flybuys points per $1 at Coles Supermarkets
  • 2.5% international transaction fee

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews

The Coles Low Rate Mastercard is suited to people who want to save on interest costs and earn more Flybuys points at Coles supermarkets. If you want to save with the 0% balance transfer offer, keep in mind that there is a 1.5% balance transfer fee and a higher 19.99% p.a. interest rate after the introductory period. You also won't get interest-free days on purchases while you're paying off a balance transfer.

Details

Product details

Product Name Coles Low Rate Mastercard
Balance transfer rate p.a. 0% for 15 months with 1.5% balance transfer fee, then 19.99%
Balance transfer limit 80% of available limit
Purchase rate p.a.
Purchase rate p.a.
12.99%
Interest-free period
Up to 55 days on purchases
Cash advance rate p.a. 19.99%
Min credit limit $1,000
Card type Mastercard

Eligibility

Available to temporary residents No
Joint application No

Rewards

Rewards program Flybuys
Bonus points N/A
Rewards points per $ spent 0.5
Rewards points cap Uncapped

Fees

Annual fee
Annual fee
$58
Minimum monthly repayment 2% of the closing balance or $30, whichever is greater
Late payment fee $30
Foreign currency conversion fee
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 apply

You can apply for the Coles Low Rate Mastercard online and will get a response within 60 seconds of submitting the completed application form. Get started by making sure you meet the eligibility requirements and have all the documents and details you need to complete the application.

Eligibility criteria

  • 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.
  • Residency. You must be an Australian citizen or permanent resident.

Card benefits

  • Balance transfer offer. This card offers an introductory 0% p.a. balance transfer rate for the first 15 months with a 1.5% balance transfer fee when you apply by 30 June 2024. To give you an idea of the potential savings, if you wanted to transfer $2,000 and were currently being charged 20.16% p.a. interest, you could save $279.24 over the 15-month introductory period. At the end of the introductory period, any remaining balance transfer will attract a 19.99% p.a. interest rate. Note that you won't be eligible for interest-free days on purchases when you have a balance transfer.
  • Flybuys points at Coles. This card earns an equivalent of 0.5 Flybuys points for every $1 spent at Coles, in addition to points earned through your Flybuys account. Note that points are awarded in whole numbers and are rounded down.

Rates & fees

  • Annual fee. The Coles Low Rate Mastercard has an annual fee of $58, which is similar to some other low rate cards.
  • Purchase rate. This card charges a low purchase rate of 12.99% p.a.

Your reviews

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