Are you looking for a credit card that offers rewards without the burden of an annual fee? If so, the Coles No Annual Fee Mastercard might be your perfect choice. The Coles No Annual Fee Mastercard is a popular option among Australians, offering a range of benefits and rewards without the added expense of an annual fee. Understanding the card’s features and benefits is crucial in making the most of this credit card.
By exploring rewards programs and low interest rates of Coles Mastercard and fees, you can determine whether it aligns with your financial goals and spending habits. In this blog, we will explore this card’s features and benefits, helping you decide whether it fits your financial needs.
Reason to Get Coles No Annual Fee Mastercard
The Coles No Annual Fee Mastercard offers several key features that make it an attractive option for those seeking a credit card without the added expense of an annual or yearly fee. Here are some of the card’s key features:
No Annual Fee
The Coles No Annual Fee Credit Card does not charge an annual fee, making it an excellent choice for those who want to avoid recurring charges. This feature allows you to enjoy the benefits of a credit card without the added expense.
Mastercard Network
The No Annual Fee Mastercard operates on the Mastercard network, providing you with a wide range of acceptance and payment options. This means you can use your card to make purchases both locally and internationally.
Rewards Program
The Coles No Annual Fee Credit Card offers a rewards program that allows you to earn points on your purchases. You can redeem these points for a variety of rewards, including cashback, gift cards, and more. The rewards program is designed to provide you with a range of options to suit your needs and preferences.
Interest Rates and Fees
The Coles No Annual Fee Mastercard has a competitive low interest rate. The interest rate is 20.74% p.a. (21.74% p.a. comparison rate), and the fees include a late payment fee of $20 and a foreign transaction fee of 3.0%.
Credit Limit & Credit Score Requirements
To be eligible for the No Annual Fee Mastercard, you must meet the credit limit and credit score requirements. The credit limit is determined by Coles based on your creditworthiness, and the credit score requirements are typically a minimum of 500.
Rewards Associated with Coles No Annual Fees Mastercard
Coles No Annual Fees Mastercard offers a rewards program that allows cardholders to earn points on every eligible purchase. These points can then be redeemed for a variety of rewards, including cashback, gift cards, and merchandise.
The Coles No Annual Fees Mastercard offers a variety of rewards, including:
- Cashback: Cardholders earn 1 point for every $1 spent on eligible purchases. Points can be redeemed for cashback at a rate of 1 point = $0.01.
- Gift Cards: Points can be redeemed for gift cards to a variety of retailers, including Coles, Myer, and David Jones.
- Merchandise: Points can be redeemed for merchandise from a variety of retailers, including Coles, Myer, and David Jones.
Cardholders can earn rewards by using their Coles Credit Card for eligible purchases. Eligible purchases include most purchases made at Coles supermarkets, Coles Express service stations, and Coles Liquor stores.
Pros and Cons of Coles No Annual Fee Mastercard
The pros and cons of Coles No Annual Fees Mastercard are the following:
| Pros | Cons |
|---|---|
| No annual fee | Higher interest rates |
| Earn flybuys points | Limited rewards program |
| Contactless payments | Foreign transaction fees |
| Additional cardholder at no extra cost | Limited acceptance outside Australia |
| Fraud protection | Late payment fees |
Fees and Interest of Coles No Annual Fee Mastercard
Annual Fee
The Coles No Annual Fee Mastercard does not charge any yearly fee, making it a cost-effective option for cardholders.
Interest Rates
The card has the following interest rates:
- Purchase Rate: 19.99% p.a. for purchases.
- Cash Advance Rate: 19.99% p.a. for cash advances.
Late Payment Fees
The card charges a late payment fee of $30 for missed payments.
Foreign Transaction Fees
The card charges a foreign transaction fee of 2.5% for all international purchases and cash advances.
Overseas ATM Withdrawal Fees
The card charges an overseas ATM withdrawal fee of $5 for withdrawals made at international ATMs.
Eligibility and Application Coles No Annual Fee Mastercard
The Coles No Annual Fee Mastercard is available to individuals who meet the following eligibility criteria:
- Minimum Income: The applicant must have a minimum income of $25,000 per year.
- Credit Score: The applicant must have a good credit score that meets the issuer’s requirements.
Application Process of Coles No Annual Fee Mastercard
To apply for the Coles No Annual Fee Mastercard online, follow these steps:
- Go to the Coles website and go to the credit cards section.
- Choose the “Coles No Annual Fee Mastercard” option.
- Click on the “Apply Now” or “Apply Online” button to begin the online application process.
- Complete an online application form with your personal and financial details, including your name, address, employment information, and income sources.
- The online application process is usually fast, and you can expect a response within 60 seconds of submitting the form.
- Coles may ask for additional documentation to verify the information provided and assess your creditworthiness during the application process.
Please note that meeting eligibility criteria, such as being at least 18 years old, a permanent Australian resident, and having a good credit history, is important when applying for a Coles credit card.
The Final Words
The Coles No Annual Fee Mastercard is a popular choice among Australians. It operates on the Mastercard network, providing wide acceptance and payment options. The card’s rewards program allows you to earn points on purchases and redeem them for various rewards.
With a competitive interest rate of 20.74% p.a. (21.74% p.a. comparison rate) and no annual fee, it is a great option for those looking to avoid recurring charges.