Coles

No Annual Fee Mastercard

Purchase Rate

Purchase Rate

19.99%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 19.99%

Annual Fee

Annual Fee

$0

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Purchase Rate

Purchase Rate

19.99%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 19.99%

Annual Fee

Annual Fee

$0

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Pros and Cons

Pros and Cons

  • Rewards Available through flybuys
  • No Annual Fee
  • No balance transfer
  • Late payment fee

Coles Features and Fees

Coles Features and Fees

Details

Card Level

Standard

Card Type

MasterCard

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$2k

Maximum credit limit

No set max

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$0

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$0

Duplicate statement fee

$0

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

19.99%

Cash advance rate

19.99%

Cash advance fee

3% or $1.95

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 19.99%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

1.5%

Overseas spending

Foreign Exchange Fee

2.5% on Mastercard

Overseas charges

Overseas charges

$5

Estimated ATM Cost

-

Rewards

Program name

flybuys

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$25k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
0.5 points for $1 spentMastercarduncappedeligible transactions
Specials
  • Balance Transfer 0% on balance transfers for 18 months when you apply by 31 October 2020

Other Benefits

Collect faster flybuys points at Coles Supermarkets. Save $10 instantly at a Coles Supermarket checkout everytime you redeem 2000 flybuys points

Other Restrictions

Not entitled to the Interest Free Period whilst you have a Balance Transfer.

Pros and Cons

  • Rewards Available through flybuys
  • No Annual Fee
  • No balance transfer
  • Late payment fee

Coles Features and Fees

Details

Card Level

Standard

Card Type

MasterCard

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$2k

Maximum credit limit

No set max

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$0

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$0

Duplicate statement fee

$0

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

19.99%

Cash advance rate

19.99%

Cash advance fee

3% or $1.95

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 19.99%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

1.5%

Overseas spending

Foreign Exchange Fee

2.5% on Mastercard

Overseas charges

Overseas charges

$5

Estimated ATM Cost

-

Rewards

Program name

flybuys

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$25k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
0.5 points for $1 spentMastercarduncappedeligible transactions
Specials
  • Balance Transfer 0% on balance transfers for 18 months when you apply by 31 October 2020

Other Benefits

Collect faster flybuys points at Coles Supermarkets. Save $10 instantly at a Coles Supermarket checkout everytime you redeem 2000 flybuys points

Other Restrictions

Not entitled to the Interest Free Period whilst you have a Balance Transfer.

FAQs

What happens if I have a bad credit score?

If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.

Why should I check my credit rating?

There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.

Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.

Why do different credit reporting bureaus use different scores?

The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.

However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.

Can I get a credit card on part-time/casual work?

Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How many numbers are on a credit card?

The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. 

The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. 

Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

Current Interest Rate

This is the current interest rate on your existing credit card.

Where can I get a credit card?

Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.

The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.

Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.

Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How do you pay off credit cards?

The best way to pay off a credit card bill is to set a realistic spending budget and stick to it. Each month, you’ll get a credit card statement detailing how much you owe and how long it will take to pay off the balance by making minimum repayments. If you only make the minimum repayments, it will take you years to pay off your outstanding balance and add extra costs in interest charges. To avoid any extra charges, you should pay the entire bill. 

How to get rid of credit card debt

  1. Calculate your debt. Credit card calculators make it easy to determine the repayments required to chip away at your debt in the shortest timeframe possible for your budget.
  2. Repayment plans. Take some time to formulate a credit repayment plan. Consider increasing your income, scaling back your lifestyle or refinancing.
  3. Talk to your credit provider. If you’re still struggling with your debt, give your credit provider a call. You may be able to come to a new arrangement.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.

Are there credit cards for students?

Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.

Can I get a credit card with bad credit?

Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.