Coles No Annual Fee Mastercard

Who suits the Coles No Annual Fee card?

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Coles calls its No Annual Fee credit card ‘uncomplicated value’, and I think that’s a spot-on description. It’s not a card with a zillion features, but it has two big power moves that are things people love: rewards points, and no annual fee (free stuff, basically).

The bonus is the insurance and the concierge service, which you almost never see on a card with no annual fee. I’ll explain the offers and how to use the card for the best value.

Editor's Review: What I love about the Coles No Annual Fee Mastercard

This card earns uncapped Flybuys points, which you can turn them into Velocity points, or redeem for merchandise from the Flybuys online rewards store or in-person at Coles (that's how I have some very nice stemless glasses). Let’s look at the features first.

Coles also has Easy Instalment plans, which let you split your purchases into smaller monthly repayments over a timeframe that suits your repayment ability. There are 3 types of Easy Instalment plans:

Other perks

The Coles No Annual Fee Mastercard also extends a purchase offer, providing you with a generous interest-free period of 55 days on new purchases made. This feature allows you to make everyday purchases without incurring any interest charges during this period. It's important to note that this card doesn't charge an annual fee, making it an attractive choice for those who want to shop and manage their finances without the burden of extra costs.

Then there are the other surprising extras that are usually reserved for premium cards:

I’ve seen some negative reviews about customer service (as is usually the case with banks, honestly), but when I called to double-check a policy on the card I got through within a couple of minutes and had my question answered immediately by a very friendly representative. My experience isn’t a guarantee, of course, but it was a positive one for the record.

What can you get with Flybuys?

Points are correct as at November 1, 2023. Points values may change without notice, so please check the Flybuys website to calculate your rewards.

Flybuys points are flexible to use and can be redeemed for:

Velocity Points, which is Virgin’s rewards program. You can use Velocity points for flights, flight upgrades, hotels, car hire and more.
Merchandise from the Flybuys store, which includes over 1000 products such as appliances, technology, gift cards and homeware.
Money off your shopping at participating Flybuys stores like Bunnings, Kmart, Target, Catch, First Choice Liquor Market, Optus and Shell Coles Express.
Points + Pay, where you can make a purchase using some points and pay the remainder with cash.

💡Earn more points by double-tapping: tap your Flybuys card at the checkout when you pay with your Coles No Annual Fee Mastercard to earn additional points. The number of points you'll earn from your Flybuys membership card varies at participating stores but is generally 1 point per $1 spent.

What's not so great...

This card is a fantastic tool for earning rewards on your purchases, but it's important to use it wisely to maximise its benefits. Here's what I mean.

When you make new purchases using this card, you can enjoy a generous 55 days interest-free period. However, it's essential to manage your spending carefully to ensure you make the most of this interest-free period. Prioritising the repayment of your new purchases within this period can help you avoid any unexpected interest charges and make the most of the rewards program. A little financial planning can go a long way in ensuring that you fully capitalise on this purchase offer.

There are some standard fees with this card, but nothing extraordinary or eye-popping. For instance, you'll pay 2.5% in international transaction fees, a $30 late payment fee and $1.95 per cash advance under $65 in Australia, or 3% if the transaction is over $65.

Overall Rating

Considering it has no annual fee for life, the Coles No Annual Fee Mastercard actually has a very decent set of extras, including 20,000 bonus Flybuys when you apply by 31 January 2024 and spend $3000 on eligible purchases within 90 days from approval. It’s a good card to consider if you’re after something that earns rewards points on your regular shopping but doesn’t have the big costs of a premium rewards card. And, you’ll still get five-star perks like concierge services and insurance.

Its low $1000 credit limit also makes it a good one to look at if you’re a first timer, or to keep as an emergency fund. If you’re keen on the bonus offer of 20,000 Flybuys points and the 0% p.a. purchase offer, just remember it’s for a limited time.