coles

Coles has decided to join the ‘no annual fee’ club and introduced two new cards with $0 annual fee for standard and platinum customers. The new products are to sit alongside the existing Coles MasterCard and Coles Platinum MasterCard options. A breakdown of the key features and important comparison points are included here, and when available for applications the option to apply will be added to our Coles credit cards page.

  • No annual fee ever
  • ½ flybuys point per $1 (1 per $2 spent) anywhere plus your usual 1.5 per $1 Spent at Coles
  • Your flybuys card/account is automatically linked so you only carry and use one card
  • Up to 62 days interest free when you pay the balance in full each month
  • $10 off your Coles shop for every 2000 points earned (if you choose to redeem for cashback)
  • Use with MasterCard PayPass
  • 17.99% interest on purchases unless within interest free days
  • Platinum customers will get a higher credit limit ($6000), use of a 24/7 concierge service and purchase security. That means your purchases will be replaced if lost, stolen or damaged within 90 days so long as you used the credit card to buy them and kept the receipt
  • The cash advance fee for either version is 3% of the total withdrawn or $1.95 – whichever is higher

 

How do the Coles No Annual Fee credit card options compare to existing Coles credit cards?

Points value – look more closely: The No Annual Fee cards aren’t a great option for those who want flybuys points on their regular spend, although you get your usual 1.5 flybuys points per $1 spend when you shop at Coles – so every $1 you spend in Coles earns you 2 points. If you look carefully at the Platinum option with a $49 annual fee, you’ll see you actually get a better deal on points for that – you get 2 points per $1 spent everywhere,  which you only get when you shop at Coles with the no annual fee card version. It’s up to you whether that’s worth $49 over a whole year, but for a platinum credit card that’s an incredibly low annual fee in the market.

Interest rate: The purchase interest rate on the Coles MasterCard and Platinum MasterCard is slightly higher – 19.99% but you still get up to 62 days interest free, so if you pay the purchases off each month you won’t have to worry about the interest rate anyway.

Don’t forget that the existing Coles credit cards on our site currently offer 0% on balance transfers for the first six months too. That’s not a deal to be sneezed at for the sake of a small annual fee when you could have 6 whole months to pay off existing card debt without worrying about paying interest. A card debt of a couple of thousand dollars would easily accrue that much interest in 6 months. Naturally it depends on what situation you are in and the reason you want to take out a Coles credit card, so have a think about both options before committing.

When it comes to fees, including late fees, statement request fees and cash advance fees, which can be avoided with some planning, the cards are fairly similar. You’ll be charged 50c to request a paper statement and $25 for  each late payment. International transactions also have a 2.5% fee. Making a payment at Australia Post will also cost an additional $2, as with all Coles credit cards.

We’ve also written a comparison of the Coles MasterCard and the Woolworths Everyday Money credit card so if you’d like to find out more about the major supermarket credit cards, that’s the place to start.

Applying for a Coles No Annual Fee credit card

If you want to apply for the new Coles No Annual Fee MasterCard or Platinum MasterCard you just submit the online form. Don’t forget you’ll need the following:

  1. Employment details including HR/Payroll contact
  2. Income details, i.e recent payslips and any details of additional income from a second job or freelance work
  3. Details of any existing credit cards and other loan or debt obligations
  4. Details of your income and expenses
  5. ID – drivers licence, passport and recent phone or utility bills with your current address on them