Coles Low Rate MasterCard – Rates & Fees

Information verified correct on October 1st, 2016
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With the Coles Low Rate MasterCard, you can enjoy a low ongoing rate of 9.99% p.a. on purchases and a low annual fee.

The Coles Low Rate MasterCard offers 9.99% p.a. on purchases and comes linked to the flybuys loyalty program. This allows cardholders to earn points when they spend at Coles Supermarkets and free delivery when they shop at Coles Online (if the total exceeds $100). Cardholders get free access to the Coles Mobile Wallet app as well as the Coles Pay Tag. You can also make use of up to 62 interest-free days on purchases if you pay off your balance in full each month.

Product NameColes Low Rate MasterCard
Rewards Programflybuys
Balance transfer rate (p.a.)0% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (9.99% p.a.)
Balance Transfer Limit100% of available credit limit
Purchase rate (p.a.)9.99% p.a.
Annual fee$49 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 62 days on purchases
Cash advance rate (p.a.)19.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Minimum Monthly Repayment2.222% or $10 (whichever is greater)
Minimum Income$25,000
Card TypeMasterCard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)2.5% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual Fee$49 p.a.
Minimum Repayment2.222% or $10 (whichever is greater)
Late Payment Fee$20
Cash Advance Fee3% of the cash advance/cash equivalent transaction or $1.95, whichever is greater
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee (MC)2.5% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders8
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchNo
MailYes

Pros

  • This card offers a promotional rate of 0% p.a. for 6 months on balance transfers.
  • You can enjoy an interest-free period of 62 days.
  • You can add up to 8 additional card holders at no extra charge.
  • This card is covered by Falcon security system to protect your account information.

Cons

  • A $20 charge applies for late payment.
Rewards Programflybuys
Rewards Points per $ (VISA/MC)0.5
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points Expiry36 months

Coles Low Rate MasterCard review

If you’re a Coles customer who is looking to make the most of your shopping by earning and redeeming flybuys points, getting the Coles Low Rate MasterCard could be a worthwhile consideration. While this card doubles as a credit card and a flybuys card in one, it also gives you the ability to earn flybuys points when you shop at Coles Supermarkets. Online shoppers can get free delivery when they spend more than $100 online and cardholders have the opportunity to receive up to 62 interest-free days.

Benefits of Coles Low Rate MasterCard

  • Low ongoing purchase rate. Receive a competitive ongoing purchase rate of 9.99% p.a. on the Coles Low Rate MasterCard.
  • Balance transfer offer. Consolidate your debt with a 0% p.a. for 6 months on balances transferred.
  • flybuys. This card comes with free membership to the flybuys loyalty program. You can earn flybuys points on this card and, when you use it to shop at Coles Supermarkets, you can earn 0.5 points for every $1 spent. When it comes to redeeming accumulated points, you can receive $10 off a Coles Supermarket purchase for every 2,000 points. If you earn or redeem points at least once every 12 months, your flybuys points do not expire.
  • Free delivery. When you use this card to pay for purchases at Coles Online, you can look forward to free delivery as long as the total exceeds $100.
  • Free Coles Mobile Wallet. The Coles Mobile Wallet is an app that allows cardholders to easily keep track of their credit card account, transaction details and flybuys points in real time. With the Coles Pay Tag, you can also use your smartphone to pay for purchases.

Features of the Coles Low Rate MasterCard

  • Annual fee. This low rate MasterCard attracts a nominal annual fee of $49.
  • Balance transfer offer. Receive 0% p.a. for 6 months on balances transferred.
  • Rewards for spending. You earn flybuys points when you use this card to shop at Coles Supermarkets and can receive discounts off your shopping at Coles Supermarkets by redeeming your points. By getting other Coles Financial Services products, you can earn flybuys points even faster.
  • Interest-free days. If you continue paying your account’s closing balance in full each month, you can make use of as many as 62 interest-free days on purchases.
  • Free access to Coles Mobile Wallet. This smartphone app enables you to keep a track on your credit card balance, purchases, and flybuys points.
  • PayPass and Coles Pay Tag. This PayPass enabled credit card allows you to make contactless payments for purchases less than $100, and you can also use the Coles Pay Tag technology to pay using your smartphone.
  • Card security. This card comes with an embedded microchip, offering greater security when compared to cards with magnetic strips. The Falcon fraud management system is in place to identify and monitor the card of any unusual account activity. MasterCard Zero Liability Guarantee also provides protection against unauthorised and fraudulent transactions.

How to apply for the Coles Low Rate MasterCard

Applying for the Coles Low Rate MasterCard is easy and submitting an online application takes no more than a few minutes.

To apply for this card, complete and submit the secure online application form. However, make sure you meet the following eligibility criteria first:

Eligibility criteria

  • You’re a permanent Australian resident
  • You’re over 18 years of age
  • You have a good credit history

Required documents

Completing the application requires you to provide the following personal information:

  • Personal details like your complete name, date of birth, marital status, and number of dependents
  • Contact details like your residential address, phone number, and email address
  • Your employer’s name, address, and phone number
  • Details about your existing financial situation (student benefits including Austudy and Youth Allowance do not qualify as income).

This Low Rate MasterCard offers cardholders a number of benefits and useful features. As it is not the only low rate card on the market, it’s good to compare the card with others before deciding.

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69 Responses to Coles Low Rate MasterCard – Rates & Fees

  1. Default Gravatar
    dan | September 14, 2016

    if i have a balance of $6000 on another credit card and want to transfer that to your coles credit card, how do we do that?

    • Staff
      Sally | September 20, 2016

      Hi Dan,

      Thanks for your question.

      Just to confirm, though, you have come through to finder.com.au, not Coles. However, you can still conduct the balance transfer to move your $6,000 debt to the Coles Low Rate MasterCard by clicking on the ‘Go to Site’ button and completing the online application.

      During the application, there will be a section dedicated to the balance transfer. Here you can nominate the account you’d like to balance transfer and provide the details of your debt (including the account it’s coming from and the size of the debt). Whether you can complete the balance transfer will also depend on which bank you’re transferring from. Please note that you can’t transfer balances from existing Coles credit card accounts or other accounts with Latitude Financial Services (such as 28 Degrees MasterCard). As you can transfer up to 100% of the available credit limit, you’ll want to make sure that you apply for a credit limit of at least $6,000.

      Please note that you’ll need to make sure that you meet the eligibility requirements, such as the minimum annual income, good credit history and residential status to receive approval.

      If your balance transfer is approved, it’ll be your responsibility to close your old account.

      For more tips, please see our guide on how to get your balance transfer application approved.

      I hope this has helped.

      Cheers,

      Sally

  2. Default Gravatar
    Steve | September 10, 2016

    I am self employed.Can I apply for credit card and what do i need?

    • Staff
      Ally | September 21, 2016

      Hi Steve,

      Thanks for your inquiry.

      You can apply for this card as long as you meet the application and minimum income requirements, which in this case is $25,000.

      Before you apply, however, you need to prepare your personal details (complete name, date of birth, marital status, number of dependents, residential address, phone number, and email address), financial details, as well as your current flybuys number, if you have one.

      I hope this has helped.

      Thanks,
      Ally

  3. Default Gravatar
    | September 7, 2016

    Hi there,

    If I apply for the Coles low rates mastercard and apply for the “0% p.a for 6 months” balance transfer. After the first 6 months of the balance transfer ends, what will the interest rate revert back to?

    On the Coles website, it doesn’t specifically say what the interest rate would revert back to after the first 6 month period.

    Your assistance is much appreciated and I look forward to your reply.

    Thank you.

    • Staff
      May | September 7, 2016

      Hi Leo,

      Thanks for your question.

      For the Coles Low Rate MasterCard, your card will revert to the purchase rate of 9.99% p.a. after the balance transfer promotion period of 6 months. This information is also specified in the table above under Product Details section.

      Cheers,
      May

  4. Default Gravatar
    alan | September 2, 2016

    If you have a balance transfer of say $5000 on 0% for 6 months and meke purchase of $ 500 do you pay any interet if paid in full on statement date if still within interest free time.

  5. Default Gravatar
    Jennifer | August 25, 2016

    1.How is interest calculated when payment missed by due date and do benefits get lost in any way please provide example worked out as experienced a $5 interest charge became $60.00 (approx) by a bank which included previous interest free balances as part of the calculation, despite those balances all being paid and the o/s balance being fully paid to excess after only 3 days. hence even staff can’t calculate interest payable. they tried but when challenged on how they calculated it it was clear they didn’t know what they were doing because the bank ripped off interest on monies which were not, should not be included.
    2. and again on purchases how is interest calculated

    • Staff
      May | August 28, 2016

      Hi Jennifer,

      Thank you for inquiry,

      The credit card interest is calculated depending on what card you have, the type of the transactions you make, and when you make the payments. This is calculated on your account’s outstanding balance on a daily basis.

      For instance, you make a purchase for $30 on the third day of your statement period. Interest is calculated on the $30 balance for each day from the date you made the purchase until it is repaid in full. Interest is then added daily to calculate your monthly interest amount.

      If you want to have a better understanding about the credit card interest charges, you might like to read this article and find it useful.

      Cheers,
      May

  6. Default Gravatar
    Ria | August 24, 2016

    Hi, if I request a balanced transfer, do I still get the 65 days interest free on new purchases?

    Thank you

    • Staff
      Anndy | August 25, 2016

      Hi Ria,

      Thanks for your question.

      If you have a balance as a result of a balance transfer, you will not be able to take advantage of the interest-free period offer attached to Coles Low Rate MasterCard.

      Cheers,
      Anndy

  7. Default Gravatar
    Leo | July 22, 2016

    Hi there,

    Can you please check if the 0% p.a. for 6 months on balances transferred is still available on the coles low rate mastercard?

    On the coles financial website, it seems like only the other coles mastercard have the feature and coles low rate mastercard doesn’t.

    Please let me know.

    Thanks.

    • Staff
      Anndy | July 28, 2016

      Hi Leo,

      Thanks for your question.

      I’ve checked Coles’ website and yes, Coles Low Rate MasterCard has a balance transfer interest rate of 0% p.a. for the first 6 months. After the promo period, the interest rate on any remaining balance transfer amount shall be 9.99% p.a.

      Cheers,
      Anndy

  8. Default Gravatar
    Kamal | June 8, 2016

    I have Coles low rate Master cord. If I spend $1000 dollar at the shop, how much interest will we pay, per $1000 dollar?

    • Staff
      May | June 9, 2016

      Hi Kamal,

      Thanks for your question.

      With Coles Low Rate MasterCard, the purchase interest rate that your card will charge is 9.99% per annum/year. But this rate is calculated daily and applied monthly to any purchases you make.

      The good thing is, if you have not conducted a balance transfer with this card, you will have the opportunity to enjoy the interest-free period of 62 days on purchases. This means that you will have 62 days to pay off your balance. Please keep in mind though that the requirement to receiving this interest-free period benefit is to repay your balance in full by the payment due date.

      I hope this helps.

      Cheers,
      May

  9. Default Gravatar
    Isaiah | May 6, 2016

    What is the max. credit limit of the Coles Low Rate MasterCard?

    • Staff
      May | May 6, 2016

      Hi Isaiah,

      Thank you for your question.

      Unfortunately, we are unable to provide you with the exact figure as to what the maximum credit limit of the Coles Low Rate MasterCard is, as this is determined by Coles. Depending on your income and ability to repay, they can give you a higher or lower credit limit if you’re approved.

      Cheers,
      May

  10. Default Gravatar
    peter | April 26, 2016

    Can I transfer from other credit cards a balance transfer of $5,000 on a newly approved Coles credit card of $7,000 limit?

    • Staff
      Anndy | April 27, 2016

      Hi Peter,

      Thanks for your inquiry.

      Yes, you can transfer $5,000 of your credit card debt to your newly approved Coles Low Rate MasterCard, as it allows cardholders to use 100% of approved credit limit for balance transfer. However, please be mindful that should you decide to use 100% of your credit limit for balance transfer, you might go over your credit limit when the annual fee is charged.

      I hope this helps.

      Cheers,
      Anndy

Credit Cards Comparison

Rates last updated October 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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