5,000 Velocity Points for $25 at Coles: What’s the catch?

Posted: 16 March 2022 9:39 am
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ColesGiftMastercard_Supplied_1800x1000

This Flybuys hack can boost your points total.

From today until 22 March 2022, Coles is offering 2,000 bonus Flybuys points when you buy a $100 or $250 Coles Gift Mastercard.

You could use that card for any other planned purchase, so you're not buying something purely for the points. However, that doesn't mean "free" points. There's a $5 service fee for the $100 card and a $7 charge for the $250.

Let's do the maths. If you maxed out by buying 5 $100 cards (the most this promotion allows) and convert your Flybuys into Velocity (the best use for them), you'd end up with 5,000 Velocity Points. Those points would effectively cost $25, coming in at $5 per 1,000 points.

To get value from that, you'd need to redeem them for a high-value reward such as a pricier domestic flight or a Business upgrade, worth at least $25 per 1,000 points. As ever, a Rewards Store toaster won't cut it.

The $250 card doesn't make sense. You pay a $7 service fee but you don't get any more points.

This deal doesn't have the huge cheat points potential of the crazy Woolworths deal I wrote about last week. That said, it also only requires spending $525 upfront.

My main earning focus at the moment is Qantas, since my Velocity Gold status expires in May. So I don't think I'll be diving on this one, though I'm contemplating a similar offer at Woolworths right now. For Virgin devotees, though, it's an easy potential top-up.

Want to keep your frequent flyer points balance growing? Check out the latest credit card sign-up deals.

Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more.

Picture: Coles

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