Coles Rewards Mastercard

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Coles Rewards Mastercard

Providing you with a fantastic way to collect points as you shop, the Coles Rewards Mastercard could be the perfect card for you if you happen to be a big spender. As an award-winning credit card, it certainly has a lot to offer, including great introductory offers - 50,000 Flybuys bonus points (worth $250 Flybuys Dollars) when you spend $3,000 in the first 90 days from card approval, great extras, and an excellent earn rate on a diverse rewards program.

But is this the card that will make the most of your spending? Let’s look closer at this lovely little rewards card to find out what it’s all about.

What we love...

This is an everyday rewards card that’s designed to go the distance. In terms of its earn rate, it allows you to collect 2 points per $1 spent on eligible transactions and up to 3 points per $1 spent with Coles' Flybuys partners when you pay with your Coles Mastercard and scan your Flybuys barcode at checkout.

Currently, you will receive 50,000 Flybuys bonus points (worth $250 Flybuys Dollars) when you apply for a Coles Rewards Mastercard by 30 June 2024, are approved, and then spend $3,000 or more on eligible retail purchases within 90 days of approval. The bonus Flybuys Points will be deposited to the Flybuys Membership Account connected to the Coles Rewards Mastercard within 4 weeks after the spend criteria is met.

You can choose to redeem your Flybuys points at the Flybuys online rewards store, use them on Flybuys Travel flights, hotels and packages, or convert them into Velocity Points.

No international transaction fee on purchases when you shop online or overseas. However, you will be charged fees if you withdraw cash in a foreign currency overseas. All up, these cash advance fees amount to 2.5% of the transaction.

What’s not so great...

When comparing credit cards – especially rewards cards – it’s a good idea to weigh up what you’ll pay out in fees and interest against what you get back in rewards and extras. With the Coles Rewards Mastercard, bear in mind that there is an annual fee to cover and relatively high rates of interest on purchases and cash advances.

It’s also worth noting that while this card provides a great way to collect Flybuys points, the conversion rate to airline points may not be as amazing as you’d hope. You might find that this card provides a good way to collect Flybuys points, but another rewards card may be better for collecting airline rewards points.

Why should you choose this card?

Coles Rewards Mastercard is surely a feature-packed credit card, which not only provides generous rewards but also offers Bonus Flybuys Points, this is a sure win.

As an everyday Flybuys rewards card, we already know this card has plenty to offer the big spender. However, there are some other nice extras we haven’t mentioned yet. For example, you can use the Coles Rewards Mastercard when shopping overseas or online with international retailers and pay no international transaction fee on purchases.

You can also use the card to save on interest on your everyday spending, with up to 55 days interest-free on purchases as long as you don't carry a balance.

Overall Rating

An excellent everyday rewards card for shoppers who want to collect Flybuys points while enjoying awesome introductory offers, some nice shopping-related perks and extras.