Coles is offering 50,000 Flybuys bonus Points for new cardholders of the Coles Rewards Mastercard who apply by 31 July 2024.
The Coles Rewards Mastercard is a no-frills card designed for the everyday shopper—there are no travel perks such as lounge access — as it’s a supermarket-branded card after all.
However, when it comes to standalone Visa/Mastercard credit cards that earn points into flexible points programs with decent points earn rates, the options are very limited, and the Coles Rewards Mastercard deserves to be considered for its relatively low annual fee, a solid points earn rate from spend, and no international transaction fee on purchases when shopping online or overseas.
This makes the card appealing to points collectors looking for a solid Visa/Mastercard with a number of good value features and flexibility in redeeming points.
In particular, Flybuys’ tie-up with Velocity makes this card appealing for those interested in frequent flyer points, especially with the reasonable ongoing annual fee of $99. The card makes an appearance on both our highest earning Velocity credit cards guides.
Digging into the details
Card Details
| Card | Coles Rewards Mastercard |
| Loyalty Program | Flybuys |
| Points earned from spend | 2 Flybuys points per $1 spent on eligible purchases up to $3,000 per month |
| Overseas transaction fee | None for purchases |
| Minimum Income | $25,000 p.a. |
| Minimum credit limit | $6,000 |
| Complimentary Insurances | Transit Accident Insurance Purchase Protection Insurance Extended Warranty (PDS) |
| Mobile wallet | Apple Pay, Samsung Pay |
| Annual fee | $99 |
Effective Frequent Flyer Program Point Earn Rates
| Partner Frequent Flyer Program | Equivalent partner points earned |
|---|---|
| Velocity Points | 1 point / $ spent |
Earning Flybuys points with the Coles Rewards Mastercard
You’ll collect 2 Flybuys points for every $1 on eligible spend up to $3,000 per statement period. This is equivalent to a 1 cent discount on groceries or when redeemed for gift cards.
If you choose instead to transfer Flybuys points to Velocity, you’ll pick up 500 Velocity Points for every 1,000 Flybuys points transferred.
Reduced to a point per $1 earn rate, this equates to 1 Velocity Point per dollar, and you can transfer Flybuys points to Velocity at any time you choose, just keep in mind the points increments and limits apply.
In my experience points from purchases show almost instantly in my Flybuys account as a daily sweep the day after purchases clear, rather than a monthly sweep which makes it easier to access the points for a redemption more quickly without having to wait.
Combined Flybuys and credit card
Not so much a feature of the account, but a nifty convenience. Your credit card comes with your Flybuys barcode printed on the back, so one less card to carry around in your wallet.
Insurances and interest fee period on purchases
Another feature of the Coles Rewards Mastercard is the included limited Purchase Protection Insurance, which covers items you buy with your card in case they are lost, stolen or damaged. It also comes with Transit Accident Insurance and Extended Warranty Insurance. You’ll need to read the PDS yourself to assess its suitability for you.
The card also offers up to 55 days interest-free on purchases, inline with most cards in Australia.
Note that you can’t use this card for business purposes
The Conditions of Use for the Coles Rewards Mastercard does state clearly that points won’t be earned for transactions deemed to be partially or wholly for business purposes as this is a card targeted at consumers for personal use.
Apple Pay & Samsung Pay Support
Coles Mastercards support Apple Pay and Samsung Pay, meaning you can use this card on your smartphone for easier payments.
Read the Point Hacks guide to using Apple Pay or for using Samsung Pay, including instructions on how to add your card to those services.
With this feature set up, it means you could still use your NFC-enabled phone to make purchases with your card, even if your physical card is lost or stolen and pending replacement.
Summing up: Coles Rewards Mastercard
If you’re not in need of travel benefits such as lounge access from a Visa / MasterCard, and want to use a card that offers a solid rate of return in points from your day to day spend, the Coles Rewards Mastercard can make a fantastic addition to your wallet and offer you a solid alternative to the big bank offerings.
This is especially true for overseas transactions where the lack of international transaction fee on purchases when shopping online or overseas could save a significant amount, whilst still earning your points.
And on top of that, Flybuys are becoming an increasingly valuable currency that can be used for a vast range of redemptions, including your groceries, for Flybuys travel, gift vouchers and, of course, for transfers to Velocity.
Terms and conditions
Terms and conditions and exclusions apply.
We are increasing the International Transaction Fee for Retail Purchases and Cash Advance transactions to 3.00%. The International Transaction Fee Waiver is being removed on the Coles Rewards Mastercard and Coles Rewards Platinum Mastercard.
This will apply from the 1st of July. Good time to review the article and see if the sentiment is the same for the card.
Decent points earn if combined with Onepass.
Eligible Transaction means any purchase excluding (but not limited to)
Cash Advances, Balance Transfers, Special Promotions, BPAY payments,
purchases of foreign currency and travellers cheques, transactions made
in operating a business, payments to other Citi accounts, bank fees and
charges such as interest and ATM charges, transactions made using
flybuys Points and government related transactions. Government related
transactions include transactions with government or semi government
entities, or relating to services provided by or in connection with
government (for example but not limited to transactions made at
Australia Post, payments to the Australian Taxation Office, council
rates, motor registries, tolls, parking stations and meters, fares on
public transport, fines and court related costs).
I didn’t read the new term and condition on eligible transactions – I just missed out on thousand of points as I just paid my water bill, council rate, electricity bill etc. I used to get points for all these before.
I would no longer recommend this card as there are better alternatives regardless if you are after cash back, Velocity points or want to earn points on international spend without a fee.
It is also not clear if the current benefit of free Coles online delivery for purchases over $100 will stay.
For points domestically:
I recommend the ANZ Black card which comes with no annual fee in the first year and 75k Qantas/37.5k Virgin Velocity points bonus
Airline Earn Rate: 1pt/$ (up to $5k (VA) or $7.5k (QF)/statement)
For points on international spend: (No International transaction fees)
I recommend the ANZ Reward Travel Adventures which comes with a 40k bonus Virgin Velocity points. The $225 annual fee is offset by a free return flight and 2 Virgin lounge passes.
Airline Earn Rate: 0.75pt/$ (Velocity up to $2k/statement)
If you spend more than $2k/statement on international transaction fees the other cards to consider are the:
+ CBA Diamond Amex 1.5VA pts/$ (High fee which may be waived for home loan custoemers, good travel insurance)
+ Bankwest World Mastercard 0.66 QF pts/$ ($270 fee offset by unlimited lounge access)
+ Qantas Cash prepaid currency cards 1.5QF pts/$ (poor exchange rate)
+ Virgin Velocity Prepaid Global Wallet 2VA pts/$ (poor exchange rate)
I wasn’t going to apply until I knew about this. Any promo codes or perks to click through before sigining up?
Wonder if they run these regularly? Or when will the next big bonus come?
Hopefully it comes soon!
You might get more responses if you post this in our Questions section where many others will be able to answer.
Cheers!
Points already in your Velocity frequent flyer account shouldn’t be affected. Take note though that the Coles Rewards Mastercard earns flybuys points so make sure to transfer all the points to Velocity first before cancelling.
For the Coles Card
For most merchants, if you pay charges in Aus Dollars you usually get a less than optimum exchange rate.
If you pay in local overseas currency you pay
Cross-border assessment fee:
0.8% of the transaction amount when you withdraw cash from an ATM outside Australia or when you make a purchase or cash advance at international merchants in a currency other than AUD.
Currency conversion assessment fee:
0.2% of the transaction amount when you withdraw cash from an ATM outside Australia or when you make a purchase or cash advance at international merchants in a currency other than AUD.