Offers $0 annual fee for life and 0% interest on balance transfers for the first 9 months, but there’s a higher interest rate after that.
The Coles No Annual Fee Mastercard stands out as a rare option that combines rewards with no annual fee. It earns 0.5 Flybuys points per $1 spent on eligible purchases, including those made with brands outside the Flybuys network. It received high praise in the 2024 Finder Awards for Best No Annual Fee Rewards Credit Card due to its value. However, keep in mind that other rewards cards might offer higher earn rates.
Currently, you can also benefit from a 0% p.a. interest rate on balance transfers for 9 months (with a one-time 1.5% balance transfer fee) if you apply by 05 November 2024. This offer can help you manage existing debt, but if you don't pay off the balance within the promotional period, you'll incur interest at the 20.74% p.a. cash advance rate on any remaining debt.
Pros | Cons |
|---|---|
0% p.a. for the first 9 months on balance transfers | Charges a one-time 1.5% balance transfer fee |
Ongoing $0 annual fee | A 20.74% p.a. interest rate applies at the end of the balance transfer offer period |
Earn Flybuys points for your spending | Flybuys points earn rate is low at the equivalent of 0.5 points per $1 spent, up to $5,000 in each statement period |
Compatible with Apple Pay, Google Pay and Samsung Pay | 3% foreign transaction fee |
The Coles No Annual Fee Mastercard lets you earn points on your spending without an annual fee. It also features an introductory offer for balance transfers, which can help you manage existing debts. However, be aware of the potential costs, including the 20.74% p.a. cash advance rate that applies once the introductory period ends.
Details of Coles No Annual Fee Mastercard
Product Details
Product Name | Coles No Annual Fee Mastercard |
Balance transfer rate p.a. | 0% for 9 months with 1.5% balance transfer fee, then 20.74% |
Balance transfer limit | 80% of available limit |
Purchase rate p.a. | Purchase rate p.a. 20.74% |
Interest-free period | Up to 55 days on purchases |
Cash advance rate p.a. | 20.74% |
Min credit limit | $1,000 |
Card type | Mastercard |
Eligibility
Available to temporary residents | No |
Joint application | No |
Rewards
Rewards program | Flybuys |
Bonus points | N/A |
Rewards points per $ spent | 0.5 |
Rewards points cap | 10,000 |
Fee
Annual fee | Annual fee $0 |
Minimum monthly repayment | 2% of the closing balance or $30, whichever is greater |
Late payment fee | $30 |
Foreign currency conversion fee | Foreign currency conversion fee 3% |
Cash advance fee | 3% or $1.95, whichever is greater |
Overseas cash advance fee | $5 |
Additional cardholder fee | $0 |
Number of additional cardholders | 4 |
How to Apply
You can apply for the Coles No Annual Fee online and get a response within 60 seconds of submitting it. Before you get started, make sure you meet the eligibility criteria and have all the details you need to complete the application.
Eligibility Criteria
New cardholder. The 0% balance transfer offer is available exclusively to new customers.
Residency. You must be an Australian citizen or permanent resident.
Age. You must be at least 18 years old to apply.
Credit rating. You must have a good credit history.
Eligible balance transfer debt. You can transfer up to 80% of your available credit limit to the Coles No Annual Fee Mastercard.
Required Documents
Personal details. This includes your full name, date of birth, contact number, email address, residential address, and marital status. You’ll also need to provide a valid form of identification, such as your driver’s licence or passport.
Employment details. Provide your job title, salary, length of employment, and your employer’s contact details. Supporting documentation, such as recent payslips or your latest income statement, may also be required.
Financial details. Include any government payments or other sources of income, as well as details of your savings and assets. You’ll also need to list existing debts, loans, and credit cards, along with regular household expenses such as rent or mortgage payments and utility bills.
Balance transfer details. If transferring a balance, provide the total amount of debt, your account name and number, and the BSB for the institution currently holding the debt.
Flybuys details. Supply your Flybuys membership number to earn points and have your loyalty account linked to the card. If you’re not a Flybuys member, you will be automatically enrolled upon applying for the Coles No Annual Fee Mastercard.
This straightforward application process is designed to accommodate Australians searching for an effective credit card solution that manages existing debt efficiently while offering new purchasing power.
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