RateCity.com.au
Advertisement

Woolworths MasterCard unleashed on shoppers


Laine Gordon

By Laine Gordon

3 min read

By Andrew Willink
3 September 2008

Woolworths is the latest to join the credit card arena with the launch of their new MasterCard “Everyday Money” credit card, a card which offers a rewards program similar in some aspects to that of the Myer VISA in that gift cards are supplied automatically in exchange for reward points. With an interest rate of 18.99%, up to 55 days interest free and an annual fee of $49 (waived for the first year) the card is definitely on the cheaper end for one that comes with a rewards program.

Reward yourself

The catch is that even though reward points can be earned outside of Woolworths stores, the gift cards are only valid at Woolworths or Woolworths-owned stores such as Big W and Caltex Woolworths Fuel outlets. Since everyone purchases fuel or groceries, this may be something of a moot point, however the idea of redeeming rewards for milk and bread is not quite as romantic as flights to your next holiday destination.

Earn bonus points

There is an added incentive to shop at Woolworths since purchases there earn two points per dollar spent. If you happen to fill your trolley with products from the “Woolworths Select” line, you’ll earn three points per dollar. Every four months, your points total is converted to a gift card. However, the gift card expires after three months, so be sure to use it up quickly!

New technology

One of the exciting new features of the Woolworths card is the inclusion of the MasterCard PayPass technology, as well as a PIN. PayPass allows you to quickly and easily pay for smaller purchases of $35 and under simply by touching the card to the PayPass sensor at the store.  However, it is expected to take some time for PayPass sensors to be installed at all Woolworths stores. The other new feature is the option to use a PIN instead of signing. This is a more secure, and potentially faster method of payment.

For the fashion conscious, the card also comes in four different colours, and the secondary card holder can have a different colour to the primary card holder. For those that already shop at Woolworths and spend a considerable amount every week, and like the idea of Woolworths rewards, the Everyday Money card offers reasonable value. Those chasing better reward conversions may wish to shop around, and the best way to do that is to compare credit cards.

Related Links

Advertisement

Contact a Broker

A broker will compare hundreds of home loans to help find the right deal for you, at no cost.

By submitting this form, I accept Loan Market's terms and conditions, privacy policy and Collection Statement for this service.

Yes, I'd like to get email updates from RateCity

Submit your details now and a local expert will be in touch within a few business hours. They'll compare hundreds of home loans from up to 20 lenders including the big banks to find the loan that's right for you. Book your free appointment today.

Loan Market Pty LTD | Australian Credit License 390222 ABN 89 105 230 019

Compare your product with the big 4 banks, or add more products to compare
Advertisement