Credit cards have become an integral part of our daily lives. They offer convenience, security, and flexibility when making purchases. However, with the abundance of credit card options available, it is crucial to understand their features and choose the one that best suits your needs. The Coles Low Rate Mastercard is a credit card that aims to provide a cost-effective solution for everyday spending.
Coles Master Card is designed to help you manage your finances more efficiently by offering a low interest rate and no annual fees. This blog will provide a Coles Low Rate Mastercard overview with its key features, benefits, rates & fees associated with the card, ensuring you have a clear understanding of the costs involved.
Key Features of the Coles Low Rate Mastercard
The Coles Low Rate Mastercard offers several attractive features that make it a compelling choice for those seeking a cost-effective credit card solution.
Low-Interest Rate
One of the standout features of this card is its low interest rate of 12.49% p.a. on purchases. This rate is significantly lower compared to many other credit cards available in the market, making it an appealing option for individuals looking to minimize interest charges on their outstanding balances.
No Annual Fee
The Coles Low Rate Mastercard does not charge an annual fee, providing additional cost savings for cardholders. This feature eliminates the recurring expense associated with many credit cards, making it a more affordable choice for everyday use.
No Foreign Transaction Fees
Cardholders can enjoy the convenience of using their Coles Low Rate Mastercard for international transactions without incurring any foreign transaction fees. This feature is particularly beneficial for frequent travellers or those who make online purchases from overseas merchants.
Purchase Protection & Extended Warranty
The card offers complimentary purchase protection and extended warranty benefits, providing added security and peace of mind for cardholders. These features can help protect eligible purchases against theft, damage, or manufacturer defects.
Credit Limit Flexibility
Cardholders can adjust their credit limit according to their needs, allowing for greater financial flexibility and control over their spending.
Online & Mobile Banking Access
The Coles Low Rate Mastercard provides convenient access to online and mobile banking platforms, enabling cardholders to manage their accounts, view statements, and make payments from anywhere, at any time.
These key features of the Coles Low Rate Mastercard offer a combination of cost savings, convenience, and added benefits, making it an attractive option for individuals seeking a low-cost credit card solution.
Pros & Cons of the Coles Low Rate Mastercard
The Coles Rewards Mastercard offers several advantages that make it a great choice for everyday spending. Here are the key pros:
| Pros | Details |
|---|---|
| Rewards Earn Rate | 2 points per $1 spent on eligible transactions. Up to 3 points per $1 spent with Coles’ Flybuys partners when you use Coles Mastercard and scan Flybuys barcode. |
| Bonus Points Offer | Receive 50,000 Flybuys bonus points (worth $250 Flybuys Dollars) when you apply by 30 June 2024, are approved, and spend $3,000+ on eligible retail purchases within 90 days. |
| Points Redemption Options | Redeem at Flybuys online rewards store. Use on Flybuys Travel flights, hotels, and packages. Convert to Velocity Points. |
| No International Transaction Fee | No fee on purchases when you shop online or overseas. |
It is important to consider the potential downsides as well. Here are the main cons of the Coles Rewards Mastercard:
| Cons | Details |
|---|---|
| Annual Fee | The card has an annual fee. |
| High Interest Rates | Relatively high rates of interest on purchases and cash advances. |
| Airline Points Conversion | The conversion rate to airline points may not be very favorable. |
| Fee vs. Rewards Balance | Weigh the fees and interest against the rewards and extras you receive. |
| International Cash Advance Fees | 2.5% of the transaction if you withdraw cash in a foreign currency overseas. |
How To Apply For Coles Low Rate Mastercard Online?
The steps to apply for the Coles Low Rate Credit Card online are following:
- Visit the Coles website and navigate to the credit cards section.
- Select the “Coles Low Rate Mastercard” option.
- Click on the “Apply Now” or “Apply Online” button to start the online application process.
- You will be asked to fill out an online application form with your personal and financial details such as name, address, employment information, and income sources.
- The online application process is typically quick, and you can receive a response within 60 seconds of submitting the completed form.
- Coles may request additional documentation to verify the information provided and assess your creditworthiness during the application process.
It is important to note that meeting the eligibility criteria, such as being at least 18 years old, a permanent Australian resident, and having a good credit history are crucial aspects while applying for a Coles credit card.
Document Required to Apply For Coles Low Rate Mastercard
Please ensure you have the following information readily available to expedite the assessment of your application. You have the option to submit your application without these documents and upload them at a later time:
- Driver’s license or passport
- Employment and income information
- Your amount of household expenses
- Details of other loan and credit card payments
- Your current Flybuys Membership Account Number (if applicable)
Rates & Fees of Coles Low Rate Mastercard
You can see the rates & fee structure of Coles Low Rate Mastercard in the below table:
| Annual Fee | $0 |
| Interest Rate on Balance Transfers | 19.99% p.a. |
| Interest Rate on Purchases and Cash Advances | You will be charged a 19.99% interest rate on purchases and cash advances. However, there is a promotional offer of 0% interest on purchases for the first 6 months. This special rate applies to retail purchases (excluding cash advances) for the first 6 months after your account is approved. After the promotional period, the standard purchase rate will apply. This offer is valid for applications submitted by 30 June 2024. |
| Interest-Free Days on Purchases | Up to 55 Days |
| Domestic Cash Advance Fee | $1.95 per transaction amount under $65 3% of the transaction amount for any transaction equal to or over $65 Debited to your account on the transaction date. |
| International Cash Advance Fee | $5 |
| International Transaction Fee | 2.50% on All Retail Purchases and Cash Advances |
| Late Payment Fee | $30 Each Time |
| Minimum Credit Limit | $1,000 |
| Additional Cardholder Fee | $0 |
| Over-the-Counter Transaction Fee | $2.25 |
| Paper Statement Fee | $2.00 Per Statement |
FAQs (Frequently Asked Questions)
After you have completed and sent your online application, you will get a confirmation email with your Application Reference Number and a link to track the progress of your application online. You can call the Coles Credit Card Customer Service team at 1300 303 265. Tell them your reference number and they will tell you the status of your application.
Coles Mastercard and personal loans are provided by National Australia Bank Limited.
You can withdraw cash from your Coles Mastercard. The standard Cash Advance fees may be applicable. Additionally, for transactions made overseas, there may be currency conversion and other associated fees.