Coles Rewards Mastercard | Reviews & Application

Coles Rewards Mastercard

What do you want this card for?
Save money
Earn points
Card features
balance transfer
purchase rate
annual fee
Coles Rewards Mastercard
Apply by 30 jun 19
66 reviews
Coles Rewards Mastercard
Get $250 off a Coles Shop when you apply online by 30 June 2019, are approved and spend $1,500 in the first 3 months.
0% p.a. on balance transfers for 18 months (0% BT fee applies. Reverts to Cash Advance rate). No interest free days apply to retail purchases while you have a balance transfer.
Save $10 instantly at the checkout when you redeem 2,000 flybuys points.
Add to comparison
18 months
0% p.a.
then 19.99%
with a 0% fee
19.99% p.a.

Pros & cons

What's good?

What's not so good?

Get $250 off a Coles Shop when you apply online by 30 June 2019, are approved and spend $1,500 in the first 3 months.
0% p.a. on balance transfers for 18 months (0% BT fee applies. Reverts to Cash Advance rate). No interest free days apply to retail purchases while you have a balance transfer.
Collect 2 points per $1 on eligible spend – that’s on top of the usual flybuys points from other partners.
Save $10 instantly at the checkout when you redeem 2,000 flybuys points.
No international transaction fees on purchases when you shop online or overseas.
Up to 55 days on purchases (no interest free days apply for Retail Purchases while you have a Balance Transfer).
Protected by the Coles Shield.
After the promotional intro period on balance transfer is over, any unpaid balances will be subject to the cash advance rate, currently 19.99 percent p.a..
There is a $5 International Cash Advance Fee. Furthermore, a Cash Advance made overseas or in foreign currency will incur an International Transaction fee of 2.50% of the transaction value.
Late payment fee of $30 each time the Minimum Payment due and any Overdue Amount is not received by the Payment Due Date.

Terms and conditions apply. No interest free days apply for Retail Purchases while you have a Balance Transfer.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Coles Rewards MastercardReviewed by Yvonne Taylor

There’s one card that all dedicated flybuys points collectors need: the Coles Rewards Mastercard. It transforms an otherwise rather slow and pedestrian loyalty program into a true money-spinner, with its high points earning rate, generous interest-free days and a number of other useful benefits for dedicated Coles shoppers, including the potential to earn $250 off a Coles supermarket bill.

A frequent $10 off your bill at Coles supermarkets

How does a permanent 1.5% discount on your supermarket shopping sound? Too good to be true? Not when you use the Coles Rewards Mastercard. This card offers 2.0 flybuys points per dollar spent, everywhere you use it. So when you add those 2.0 points to the 1.0 points per dollar you already get with most flybuys program partners, the result is a very healthy 3.0 points per dollar. That translates into $10 off your Coles shopping for every $667 you spend at flybuys partners (thus earning 2,000 points which convert to ten flybuys dollars) – in other words, a permanent 1.5% discount.

Lots of places to earn flybuys

You probably already know about the well-promoted flybuys potential at Coles, Kmart and Target. But did you know that you can also earn flybuys at Liquorland, First Choice Liquor, Coles Express and Kmart Tyre & Auto? If that’s not enough, you’ll also get points from doing business with Medibank, eBay, Budget car rental, AGL, Adidas, Kleenheat and several fitness companies and caravan parks. Most people do business regularly with several of these organisations, which means that flybuys accumulate without any need to change spending patterns.

Lots of ways to spend flybuys

Although the $10 discount at the checkout is probably the most popular and cost-effective way to spend your flybuys, if that doesn’t appeal there are plenty of other choices:

  • Instead of using the discount yourself, you can give it as a gift. Points can be converted into $50 or $100 shopping gift cards.
  • Merchandise is available at the flybuys online store. Choose from home and garden, fashion, technology, toys and baby products, watches and jewellery, and many more categories.
  • Points can also be exchanged for beer and wine, magazine subscriptions, movie tickets, entertainment and dining experiences and hotel accommodation.
  • Flybuys can be converted into Virgin Velocity Frequent Flyer Points at the rate 2,000 flybuys equals 870 Velocity Frequent Flyer Points.
  • Link your flybuys and Velocity memberships and earn one Velocity status credit each month for every $100 spent across Coles supermarkets, Coles Online, Liquorland and First Choice Liquor. Status Credits can improve your Velocity Frequent Flyer status to silver, gold and platinum levels, with accompanying travel benefits.

Potential for $250 off a single Coles shop

On top of your normal flybuys dollars earned, you’ll also get a further $250 flybuys dollars (redeemable against a single Coles shopping bill in excess of $250) provided you spend at least $1,500 in the first three months after card approval. That $250 will cover the annual fee for two and a half years.

Long-lasting balance transfer offer – 18 months at 0% p.a.

New cardholders can transfer a balance from their existing (non-Coles) card or cards, and pay no interest on the transferred amount for a long 18 months.

You can save heaps if you are currently paying high credit card interest on an overdue balance. Or, if you already have the cash in hand to repay the balance, drop it into your mortgage offset or savings account for two years.

However, while there is an unpaid balance on your new credit card account, you’ll miss out on the up to 55 interest-free days you’d normally enjoy, making the card temporarily virtually useless (or very expensive) for making purchases. And if you fail to repay the balance in full after 18 months, the revert interest rate is 19.99% p.a.

And, unlike some competing balance transfer offers which charge a 1% or 2% transfer fee, there’s no balance transfer fee to pay upfront.

Annual fee quickly recouped

Although you will pay an annual fee of $99 with this card, this amount will be recovered in cash rewards each year as soon as you have spent $9,900 (earning 19,800 points). Cover the fee even sooner by spending $6,600 (or less, depending on each partner’s points rate) with flybuys program partners. Every point you earn after that is free.

Great card for online shoppers and international travellers

Another rare feature that you’ll appreciate is the lack of an international transaction surcharge. Other cards can charge up to 3.5% on top of the face value for processing overseas purchase transactions. This Coles card levies no additional fee, whether you are shopping online with an overseas supplier, or in person while travelling internationally.

Other cards offering fee-free foreign currency conversion include the 28 Degrees Mastercard, the ANZ Rewards Travel Adventures Credit Card, the Westpac Lite Card and the higher end of Bankwest’s credit card range. But these competitors either offer no rewards points, or charge a higher annual fee than the Coles card if they do.

Speed and convenience

This card comes with more useful features for the time-poor:

  • Checkout faster using Mastercard PayPass Tap & Go for transactions under $100.
  • The Mastercard also functions as a flybuys card, so you only need to carry and use one card instead of two.
  • The Coles Mobile Wallet is a free app which turns your smart phone into a useful shopping tool: use your phone to collect flybuys and activate flybuys offers, as well as to access your credit card account and transaction details.
  • Up to four supplementary cardholders can be included in each card account, with a convenient single statement, at a low cost of $10 per additional card.

Unattractive interest rates can be avoided

There always has to be a downside, and it’s in the interest rates: 19.99% p.a. for both purchases and cash advances. But there’s no need to pay these rates. If your finances are in order and you diarise payment due dates to avoid missing them, there’s no reason for these rates to bother you because they will never be applied to your account.

Making a note of the payment due date will also mean that you’ll dodge the steep $10 late payment fee levied for every seven overdue days.

If you think you’ll need extended credit, choose a low-rate card instead, like the Coles Low Rate Mastercard.

Platinum card option

Credit limits start at a low $2,000 if you’re looking for a restricted or starter card, but you may want to consider applying for a limit of $6,000 or more. If approved, this limit automatically entitles you to the platinum version of the card, bringing several useful extra features with no additional cost:

  • Platinum concierge service, available 24/7 worldwide. Access information and reservations for restaurants, travel, entertainment, sporting events and sightseeing.
  • Purchase protection insurance, covering your major purchases against loss, theft or damage for 90 days, provided you bought them using the card.
  • Transit accident insurance, providing cash compensation for serious injury sustained on trains, buses, planes and ferries, where the fare was paid with the card.
  • Extended warranty insurance for up to 12 additional months, on items bought with the card.

Check out competing cards before making your decision

It’s always best to check the competition to make sure you are getting the best possible deal for your personal spending pattern. If flybuys are your goal, Coles cards are the only option and this one has the highest points earning rate.

If you just want rewards points and don’t care too much about which flavour they are, you can choose from a number of cards with either no annual fee or a similar fee, including:

  • Qantas American Express Discovery Credit Card
  • American Express David Jones Credit Card
  • American Express Velocity Escape Card
  • American Express Essential Credit Card
  • ANZ Frequent Flyer Credit Card
  • ANZ Rewards Credit Card and ANZ Rewards Platinum Credit Card
  • NAB Qantas Rewards Card
  • NAB Rewards Classic Card

Compare them all on our ‘All rewards’ page in our Features section.

The must-have card for serious flybuys collectors

It can pay to be earnest about accumulating flybuys. ASIC’s MoneySmart website says that Australian families spend on average over $16,000 per year on food, drinks and alcohol. At 3.0 points per dollar (2.0 from this card + 1.0 from the flybuys partner) that could add up to a saving of $240 at the checkout during the course of a year – almost a week’s free groceries, so not to be sneezed at.

Most cardholders will also be able to accumulate additional points from other participating businesses. This is without doubt the go-to card for savvy shoppers who are flybuys collectors.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.0 out of 5.0 based on 66 reviews91% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Lengthy application process

Reviewed and recommended by Kelly on 23 Aug 2017

There are good benefits to be had from the card but application process is time consuming and lengthy.

It’s been over a month of going back and forth and I still haven’t received the card yet.
Customer service is terrible, and every event is quoted as 7-14 days for processing. Like when I did my ID check, then it took a further 10 days and another follow up phone call for them to progress the next step.

The best reward is security

Reviewed and recommended by Gillian on 09 Jan 2017

While Coles MasterCard does not necessarily offer the best physical rewards program, it does offer the best security that I have ever seen in a credit card, which is the best reward anyone could ask for — an easy night’s sleep.

The customer service staff are kind and easy to speak to.

Ready to switch to a fee-free card

Reviewed and not recommended by Graeme on 12 Dec 2016

It has flybuys, and the only real reason I have had this card is I had it back when Coles gave you a discount on everything they owned through their shares. It’s not practical now, and if I found a free, trouble-free card I would likely switch. Also, you have to pay an annual fee on this card.

Rewards add up to more than the annual fee

Reviewed and recommended by Carol on 05 Dec 2016

I love my Coles MasterCard. We use it for everyday purchases as well as business purchases, and pay the balance every month by the due date so we don’t get charged interest. We earn usually a couple of hundred dollars a year in reward vouchers, so with only an $89 annual fee, they actually pay us to have the card. Plus they have had no international transaction fees this year, which saved money on overseas purchases.

Interest rate the only drawback

Reviewed and recommended by Liane on 15 Oct 2016

Apart from the high interest rate, which applies only to an open balance after 55 days credit use, Coles Platinum MasterCard has served its purpose. It suits my needs, and provides security and peace of mind.

Customer service promptly alerts me to any unusual activity on my account and provides assistance with cancellation of purchases and refunds.

Reasonable backup card

Reviewed and recommended by Mari on 01 Oct 2016

Overall I have found the card to be a good backup when required. It’s good for use online. My preference would be for it to have no annual fee. Then this would be a very good card.

The interest rate is high and needs to be reviewed, as with all credit cards.

Customer service has been good when required.

Rewards rack up quickly

Reviewed and recommended by Rella on 29 Sep 2016

This is a great card if you do all your grocery shopping at Coles, buy petrol at Shell, and take advantage of the flybuys partners. The points will rack up quickly. I like redeeming $10 off at each Coles shop. There is a large selections of rewards.

It would be nice if the interest rate was a little lower, or the interest free days applied to all purchases.

Accepted, trusted and convenient

Reviewed and recommended by Eileen on 23 Sep 2016

Knowing that I am contacted whenever a large transaction is made, to ensure it was me or my husband, reassures me when making a purchase, paying a bill or using the card anywhere around the world. This is the one card we have always had accepted wherever we go, and added to that is the bonus of earning flybuys points whenever we use our card.

We pay in full every month so never have to pay any interest. It is just so convenient, so safe and so rewarding.

Points help to pay for groceries and petrol

Reviewed and recommended by Brett on 22 Sep 2016

I originally got this card for the low $49 annual fee and because you earn two flybys points for every $1 that you spend. To be able to use your points collected to pay for everyday items like petrol and groceries is a massive bonus.

It is an excellent credit card, definitely the best I have ever used, and I would highly recommend it.

Rewards have good return rate on spending

Reviewed and recommended by Matt on 22 Sep 2016

I have had this account in a few forms for over 20 years and have always been happy with it. I find that it offers the best rewards system (flybuys). It is very easy to earn and redeem points and the return on spending is quite favourable. I would recommend this card to anyone.

Show 56 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$10 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.18 months0%80% of credit limit19.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Coles Rewards Mastercard at the promotional balance transfer rate from:

  • Coles

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.18 months0%80% of credit limit 19.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.67% 19.99% p.a.
Purchases 1.67% 19.99% p.a.


Annual fee
$99 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Rewards program basics

First purchase bonus
Reward points expiry
Never as long as you keep your account active
Rewards program
Sign up bonus
Spend required for bonus points

Earning points with this card

Frequent flyer points
Overseas earn rate
Same as standard earn rate
Points cap per month
Points cap per year
Points earned on ATO payments
Reward points
2 pts per $1 spent

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $25,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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