Coles Group Source MasterCard

If you tend to use a credit card frequently to pay for day-to-day purchases and expenses, substantial amounts will be passing through your credit card account each month.  Credit card reward programs encourage consumers use their credit cards more by offering rewards for every dollar spent. The Coles Source Credit Card is currently offering these terms:             

Interest Rates, Fees & Charges

Balance Transfer Rate		0% p.a. for 6 months
Interest Rate on Purchases		20.49% p.a.
Annual Fee		$0
Interest Free Period		up to 62 days
Cash Advance Rate		21.99% p.a.
Card Type		Standard
Credit Card Type		MasterCard
Rewards Program		Yes

The features and benefits of the Coles Group Source MasterCard:

If you like to be rewarded for using your credit card, you’ll be interested the FlyBuys points and fuel discounts available for holders of Coles Group Source MasterCard.  Some of the main benefits and features of the card are:

• Balance transfer.  The Coles Group Source Mastercard offers an interest free balance transfer for 6 months from the date the MasterCard account is opened.  Balance transfer allows outstanding balances on high interest credit card accounts to be transferred into an account with much lower interest charges for a limited time.  Coles Group’s interest free balance transfer offer is generous and if you are able to schedule repayments so that the debt is repaid in full within the 6 months allowed you would make significant savings in interest payments  –  but remember that if the balance has not been completely repaid at the end of the low-interest period, interest reverts to a higher rate.

• FlyBuys rewards program.  FlyBuys points are earned by shopping at Coles Group stores and the points can be redeemed for vouchers, merchandise or travel tickets. Holders of Coles Group Source MasterCard who link their MasterCard to their FlyBuys card earn up to 2 points for each $5 spent.  People who use the credit card for most of their purchases and normally pay the credit card bill in full each month can benefit from the FlyBuys rewards program;  If there is a revolving balance on their credit card, however, they may lose out because the purchase interest rate on Coles Group Source MasterCard is high compared with interest rates on non-reward cards.

• Savings on fuel.  As well as FlyBuys points, shoppers using Coles Group Source MasterCards at Coles Group stores can receive vouchers entitling them to discounts of 8c per litre of fuel purchased from a Coles express service station.

• Interest-free period.  With the Coles Group Source MasterCard there is a generous interest-free period allowing up to 62 days between the day of the purchase and the day the bill is due to be paid.  By planning to make larger purchases early in the 62 day cycle you gain the most benefit from the interest-free period, and provided you pay the bill in full by the due date you’ll have had the use of your credit card for free.

• Who can apply?  To be eligible to apply for a Coles Group Source MasterCard you need to be at least 18 years or older and a permanent resident of Australia.  When applying you will need to provide details of your income and employment, landlord details (if renting), and means of identification such as an Australian driver’s licence.

When you are considering applying for a new credit card it’s essential to compare the features of a range of cards so that you can make an informed choice of the deal that’s best for you.  If you tend to use credit cards to pay for most of your everyday purchases and expenses a reward credit card could benefit you.  If you would like to clear an ongoing credit card debt an interest-free balance transfer deal has the potential to save hundreds of dollars in interest.   To find out more about Coles Group Source MasterCard view our comparison tables here; if you want to find out more or apply for a card follow our secure link directly to the Coles Group website.

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Posted on Tuesday, July 13th, 2010 at 4:20 pm