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).

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

This card earns uncapped Flybuys points, which you can turn 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 comes with an interest-free period of 44 days on new purchases. This feature allows you to make everyday purchases without being charged interest during this period, as long as you pay off the full closing balance each month.

This card also comes with complimentary purchase protection insurance that covers items you bought with your card against loss, theft, and accidental damages, as well as extended warranty insurance that provides reimbursement in case your purchased items suffer a covered breakdown.

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 August 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.

This card has 44 days interest-free on new purchases, which means you can avoid paying interest if you pay the card off in time. As soon as you start paying interest, you lower the value of your hard-earned Flybuys points. Flybuys points are pretty flexible in how you earn and use them, so they're worth working for (especially if you funnel them into Velocity Points that turn into free flights).

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 cash advance transaction is over $65.

Overall Rating

Considering it charges no annual fee for life, this card offers solid everyday value. You’ll earn 0.5 Flybuys points per $1 spent (up to $5,000 per statement period), get up to 44 interest-free days on purchases, and pay no additional cardholder fee.