Coles Group Source MasterCard

The Coles Group Source MasterCard is a card that is supplied by the petrol retailer, the Coles group.  It aims to offer savings on fuel and also offer other shopping benefits including discounts and offers.

The Coles Group runs all the Coles and Shell petrol stations around Australia.  The card is actually issued by GE Money, who specialise in providing finance to retailers.  Although this is usually for loans, it also provides support for credit cards.

The card has no annual fee, and also offers additional cards for no extra fee.  It has an interest free grace period of two months, or sixty two days, which is the longest interest free period on the market.

The interest that is charged is relatively high.  However there is a 0% interest free period for balance transfers for the first six months.  After six months the regular interest will start to be charged.  If there is spending on the card then any repayments will pay off the balance transfer before paying off the balance that arises from spending.

This will mean that the higher interest balance will longer for a longer time.  There is a minimum balance of $100 for a balance transfer.

There is also a rewards program that is known as Fly Buys.  One fly buys point is awarded for every $2.50 that is spent on the Group Source MasterCard, but only when they are spent in Coles Group stores.  Fly Buys is a program that offers in return for spending on the rewards cards and they offer air travel, accommodation and products.  They can be redeemed on the Fly Buys site.

The Fly Buys program is not run by the Coles Group but is an independently run rewards program that is mainly run for airlines.  The program needs to be enrolled in separately and Coles Group need to have the card holder’s number before they can start crediting the Fly Buys points.

There are some interest free offers that can run on selected products for between three months and four years.  These run for certain products that are sold in the Coles Group stores.

The card is offered by MasterCard and can be used with almost thirty million shops and service providers around the world.   The card can be used to buy goods abroad and the goods will be billed for in dollars.  MasterCard offers a zero liability guarantee on unauthorised transactions.

This entry was posted on Wednesday, April 28th, 2010 at 2:55 am and is filed under GE Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.