Our verdict

Offers 0% interest on balance transfers for 15 months, but make sure you factor in the 1.5% balance transfer fee.

The Coles Low Rate Mastercard has a 13.49% p.a. interest rate for purchases and a $58 annual fee, which makes it competitive with other low rate credit cards on the market. If you want to pay off an existing credit card, you can get 0% p.a. interest rate on balance transfers for 15 months with a 1.5% balance transfer fee when you apply by 03 March 2025. As there are longer balance transfer offers on the market, this one would typically be suited to smaller credit card balances that can be repaid in a short amount of time, before the introductory period ends.

If you want a credit card for new purchases, the Coles Low Rate Mastercard also offers some rewards, which sets it apart from most low rate cards. While it only earns 1 Flybuys points per $2 on your shopping at Coles, if that's your main supermarket this will help you get rewards faster – without the higher rates and fees typical of rewards cards.

Pros

0% p.a. on balance transfers for 15 months
Equivalent to 0.5 Flybuys points per $1 spent at Coles Supermarkets
Additional cardholder at no extra cost

Cons

Charges 1.5% balance transfer fee
Only earns Flybuys points per $1 at Coles Supermarkets
3% international transaction fee

The Coles Low Rate Mastercard is suited to people who want to save on interest costs and earn more Flybuys points at Coles supermarkets. If you want to save with the 0% balance transfer offer, keep in mind that there is a 1.5% balance transfer fee and a higher 20.74% p.a. interest rate after the introductory period. You also won't get interest-free days on purchases while you're paying off a balance transfer.

Details

Product details

Product Name	Coles Low Rate Mastercard
Balance transfer rate p.a.	0% for 15 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. 13.49%
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	Uncapped

Fees

Annual fee	Annual fee $58
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 Low Rate Mastercard online and will get a response within 60 seconds of submitting the completed application form. Get started by making sure you meet the eligibility requirements and have all the documents and details you need to complete the application.

Eligibility criteria

Eligible balance transfer debt. If you are planning to transfer a balance to this card, you can transfer up to 80% of your available credit limit.
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 rating.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence or passport.
Employment details. This covers your salary, job title, length of employment and your employer’s contact details. You may also need to provide supporting documentation, such as recent payslips, to help verify these details.
Financial details. This includes any other forms of income and assets, such as pensions, government payments or savings. You also need to provide details of existing debts, loans, cards and regular household expenses, including utility bills, petrol and groceries.
Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you need to provide details including the amount of debt you want to transfer, the financial institution’s BSB, the account name and the account number.
Flybuys membership number. You need to provide your Flybuys membership number when you apply so that your membership barcode can be printed on the back of the credit card – and so you can earn points per $1 spent when you use the credit card to shop at Coles. If you’re not already a Flybuys member, you can sign up for free through the website.

Card benefits

Balance transfer offer. This card offers an introductory 0% p.a. balance transfer rate for the first 15 months with a 1.5% balance transfer fee when you apply by 03 March 2025. To give you an idea of the potential savings, if you wanted to transfer $2,000 and were currently being charged 20.16% p.a. interest, you could save $279.24 over the 15-month introductory period. At the end of the introductory period, any remaining balance transfer will attract a 20.74% p.a. interest rate. Note that you won't be eligible for interest-free days on purchases when you have a balance transfer.
Flybuys points at Coles. This card earns an equivalent of 0.5 Flybuys points for every $1 spent at Coles, in addition to points earned through your Flybuys account. Note that points are awarded in whole numbers and are rounded down.

Flybuys benefits. The Coles Low Rate Mastercard doubles as your Flybuys membership card, so you don't have to carry two separate cards. Instead, you can scan the Flybuys membership barcode that's printed on the back of your credit card to earn points directly through the program. Rewards include $10 off your Coles supermarket shop when you redeem 2,000 points, point transfers to Velocity Frequent Flyer, Flybuys travel bookings and reward items from the Flybuys website.
Coles Mobile Wallet App. This free app lets you manage your account and Flybuys points 24/7. All Coles credit cards are also compatible with Apple Pay, Samsung Pay, and Google Pay.

Rates & fees

Annual fee. The Coles Low Rate Mastercard has an annual fee of $58, which is similar to some other low rate cards.
Purchase rate. This card charges a low purchase rate of 13.49% p.a.

Interest-free days. If you pay your account’s closing balance in full by the due date listed on each statement, you'll get up to 55 days interest-free on purchases. Interest-free days are not offered for cash advance transactions and are not available when you have a balance transfer on your account.
Cash advance rate. This card charges an interest rate of 20.74% p.a. for cash advances and is charged from the day you make the transaction.
Cash advance fee. If you use this card to withdraw cash or make any other cash advance transactions in Australia, you will be charged 3% of the transaction amount or $1.95 (whichever is greater). Overseas, a cash advance fee of $5 applies.
Foreign currency conversion fee. A fee of 3% is charged for transactions you make overseas or online in a foreign currency.

Sources

Coles Low Rate Mastercard TMD

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Coles Low Rate Mastercard

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