Coles Account Cover Plus – Credit Card Insurance

Information verified correct on September 28th, 2016
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Credit card insurance is a handy cover for out-of-the-blue emergencies with your card. One such product is Coles Account Cover Plus. Read on to find out how it works.

When most people think about credit card insurance they think about cover for when the unexpected happens. But Coles credit card insurance offers cover for far more than just losing your job or having your card stolen.

Why Coles MasterCard insurance is different

The Coles credit card insurance is called Account Cover Plus and is an optional insurance policy designed to cover account holders against a variety of things.

The insurance policies are underwritten by Latitude Financial Services, which is one of Australia’s leading alternatives to major banks in finance and insurance. With a history of helping people find affordable finance and insurance solutions spanning more than 130 years world-wide, the insurer has developed a unique policy to suit credit card holders.

Coles Platinum MasterCard offers a Merchandise Protection Insurance. This complimentary insurance coverage is designed to protect the items you purchase using your card. If you purchase a new laptop computer and it’s stolen two months later, simply submit a claim and the purchase price will be refunded back to your card.

As a platinum card holder you’ll have access to your own personal concierge, who is happy to help you out with things you need, no matter where in the world you are. Call at any time of the day or night and ask your concierge to help you with ticket bookings, locating restaurants or accommodation, arranging taxis or transfers, or anything else you need done.

Coles MasterCard Comparison

Rates last updated September 28th, 2016.

Coles Low Rate MasterCard

Purchase rate has been updated from 12.99 to 9.99% p.a.

February 10th, 2016

Coles Rewards Platinum MasterCard

2 flybuys reward points for every dollar spent + a low balance transfer offer

May 30th, 2016

Coles No Annual Fee MasterCard

New offer of 10,000 bonus points which is valid until 30 September 2016.

September 1st, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Coles No Annual Fee MasterCard
Earn 10,000 bonus points, 1 flybuys point per $2 spent and enjoy no annual fee for the life of the card.
19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Coles Rewards Mastercard
Earn 2 flybuys points for every $1 spent and pay no foreign transaction fees on online and international purchases.
19.99% p.a. 0% p.a. for 6 months $89 p.a. Go to site More info
Coles Rewards Platinum MasterCard
Enjoy 2 flybuys points for every $1 spent and pay a low annual fee.
19.99% p.a. 0% p.a. for 6 months $89 p.a. Go to site More info
Coles Platinum No Annual Fee MasterCard
Receive 10,000 bonus points on sign-up and enjoy a low balance transfer offer, no annual fee ever with 24/7 platinum concierge service.
19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info

Benefits of Coles MasterCard insurance

The Coles Account Cover Plus credit card insurance policy offers more than the usual coverage you’d expect. Of course there is provision for protecting you against financial difficulties, such as a loss of a job or an illness that might prevent you from working, which means your repayments are taken care of.

You’re also able to insure against broken, lost or stolen goods. If you’ve ever bought something from a store and got it home to find it’s broken or damaged, claiming on the manufacturer’s warranty can be time-consuming and difficult. However, if you paid for the item on your Coles credit card, then you can claim on your credit card insurance from the damaged item for up to 120 days after the purchase.

The biggest difference with Coles credit card insurance is that you’re also able to make a claim for any goods you buy that you see at a discounted price later. This means there’s no need to wait for the sales to happen.

You simply buy the items you need and if you see an identical item at a cheaper price in the same store up to 2 years after you bought yours, your credit card insurance will claim the difference in price on your policy immediately.

Affordable credit card insurance cover

Most insurance policies contain a pre-determined premium amount you have to pay in order to maintain your coverage. The Coles credit card insurance policies are very different and far more affordable.

The premium amount you pay is just 1% of the total balance you carry on your credit card each month. This means if your balance is only $300 at the end of this month, your premium amount is $3. If you’ve paid off your balance to a zero amount, then your policy premium will cost you nothing for that month, yet you’ll still be covered. No matter how much you owe at the end of the month, your premium amount will only be 1% of that total balance.

With so many benefits to the Coles credit card insurance policy, it’s worth taking a little time to see how you can protect yourself against unforeseen circumstances today.

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7 Responses to Coles Account Cover Plus – Credit Card Insurance

  1. Default Gravatar
    Jane | November 29, 2014

    Hi,

    Just wondering is the Coles purchase lowest price insurance with the Coles credit card still available?

    Few months ago, I saw on the catalogue sheet that if we apply for a Coles credit card and buy the Coles purchase lowest price insurance, we can buy anything at coles at the lowest price for the whole year. It means that we can get rainchecks for everything at coles.

    Is that offer still available? I am very interested in that!

    Thanks!
    Jane

    • Staff
      Elizabeth | December 1, 2014

      Hi Jane,

      Thanks for your question.

      According to the special offer outlined on the Coles Insurance website, ‘As a Coles Insurance customer you have the option to take $10 off your Coles Supermarket shop, instantly at the till, every time you redeem 2,000 flybuys points.’

      This is the only promotion I could find that was similar to the one you described, so the ‘raincheck’ may not be available.

      I hope this has helped.

      Thanks,

      Elizabeth

    • Default Gravatar
      Jane | December 2, 2014

      It is useful, Thanks!

  2. Default Gravatar
    Cheryl | February 1, 2014

    I purchased two tickets for the KFC T20 in December at a price of $254. The game is tomorrow, 2 February and I have vertigo which means that I cannot stand up let alone go to watch a game of cricket. Can I claim on my insurance for this event?

    Thank you
    Cheryl

    • Staff
      Shirley | February 3, 2014

      Hi Cheryl,

      Thanks for your comment.

      Unfortunately the Coles Platinum range of credit cards has merchandise protection insurance which only protects the items you buy with your card if they’re lost, stolen or damaged.

      Cheers,
      Shirley

  3. Default Gravatar
    anna | August 13, 2011

    “You simply buy the items you need and if you see an identical item at a cheaper price in the same store up to 2 years after you bought yours, your credit card insurance will claim the difference in price on your policy immediately.”
    Question1: If I bought my cloth at CK store in Chadstone at full price then I saw the same cloth at CK store in the city is on sale,can I claim the difference?
    Question 2: how can I claim it?

    Thanks
    Anna

    • Staff
      Jeremy | February 28, 2012

      Hi Anna,

      Thanks for your question. Yes you are able to claim the difference under the guidelines of the policy, to make an inquiry about a claim, please visit the claims section of the G.E Money website – http://www.gemoney.com.au/en/insurance/claims/index.html and complete the online claims form. Alternatively you can call 1800 800 230. Hope this helps.

      Cheers,
      Jeremy

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