The Coles Group offer two credit cards, a standard and a Gold credit card. They are both administered by GE Money and the card processor is MasterCard. They offer a good set of rewards for both flights and for petrol.
The cards both have interest rates that are quite high compared to similar cards on the market, but they do not have any annual fees which can significantly cut the costs of the credit card.
The Gold card is different from the standard card in that it has complimentary insurance on the card. There are two insurance policies on the gold card, MasterCard Assist and the Merchandise Protection insurance.
There is a grace period on the card of 62 days. This means that the card can be used for up to 62 days without any interest being charged. This is one of the longest grace periods among credit cards. This can be useful for anyone who has work expenses that are paid after they are incurred.
Petrol savings are available when the card is used in Coles Group petrol stations. The card has to be used at the petrol station when the purchase is made, and it is not sufficient to simply have a Coles Group Card and to use cash or another credit card when making the purchase.
It is possible to get a balance transfer deal on both of these cards. The cards will give six months at 0% for the balance transfer. This will not apply for spending on the card and after the balance transfer period runs out the card will default to the normal interest rate.
The cards can also opt in to the Fly Buys scheme. This is a frequent shopper scheme that allows people who shop at certain places to collect points for spending and to later redeem them for flights on a number of airlines. This will mean that the cards can collect Fly Buy points. If used in Coles Groups stores the cards will collect two points for every five dollars spent. The Fly Buys account needs to be applied for separately and then attached to the Coles Group card.
The card is good as a secondary card so that it is used for spending, particularly at Coles Group petrol stations or for work expenses. However the high interest rate means that a borrower should not use it for their main debt.
