Coles Mastercard Account Cover Plus (similar to 28 Degrees Shoppers Protection)?

illumination on 01/05/2013 - 23:13

Hi all,

I just stumbled upon this while accessing 28 degrees insurance claim form for Shoppers Protection, and noticed that Coles Mastercard and Coles Platinum Mastercard(like 28 Degrees, also run by GE Money) have a similar insurance called Account Cover Plus.

The main and most striking difference I notice is that the price protection is valid for up to 24 months!! The 28 Degrees insurance only covers for 6 months, which is already great. And… if it's like the 28 Degrees one, the balance can be paid prior to the statement release date to avoid being charged the percentage-based premium added onto the closing balance for every statement.

From reading the bit about it in the Product Disclosure Statement, it is pretty much identical in terms of rules, exclusions etc.

Does anyone have any experience with using the Coles Mastercard insurance?

Key Differences (Coles vs 28 Degrees):

  • 1% Premium vs 0.5% Premium
  • 24 months vs 6 months for Price Protection
  • $49 Annual Fee vs $0 Annual Fee

Example of great use of the insurance: Buy a Galaxy S4 from Kogan around time of release (now) for $769 - 23 months later, claim back $469 when it is $300. Price estimate based on current Galaxy S2 price.

Financial

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • coolsteps on 02/05/2013 - 02:45

    do you still have to pay 1% Premium vs 0.5% Premium if you pay off the full balance before a statement is generated?

    • gmail92 on 02/05/2013 - 04:09

      And… if it's like the 28 Degrees one, the balance can be paid prior to the statement release date to avoid being charged the percentage-based premium added onto the closing balance for every statement.

    • Hunter80 on 02/05/2013 - 07:16

      No, you pay your full balance before the statement issue date and you won't pay a cent.

  • madster09 on 02/05/2013 - 10:42

    Good work finding this. I rarely post but awesome deal.

    Note that the plat coles card is free for the first year.

    • illumination on 02/05/2013 - 15:03

      Oh wow you do rarely post indeed. Guess this really impressed you.

      I would post this as a deal, but I'm almost certain this doesn't qualify as a deal. I wonder if this is new, as I've never heard of it and I'm guessing someone surely would've posted this on ozbargain before me.

  • gottacatchemall on 05/05/2013 - 19:41

    Hmmm has anyone tried this? Thinking of buying an S4 with this if it really works. Is there any catches or is it similar to the 28 degrees protection.

    • illumination on 07/05/2013 - 14:30

      I wish I knew..
      That's why I posted this here!

  • OzTravis on 15/05/2013 - 22:09

    I've had this card for about 7 years… Stumbled on the insurance about 4 years ago… And then about 3 years ago figured out paying off the balance before the statement generates makes the insurance free.

    I buy ANYTHING that is likely to be claimable… Ie that isn't excluded (food fuel etc) and that is possible to be reduced by $10 or more… And then wait until it goes on sale… From my experience they almost never investigate the price reduction claims.

    Great card… If you have an old one from when it was Source MasterCard the annual fee is free (but you don't get the extra flybuys)… Makes it even better.

    • nadan on 24/05/2013 - 14:27

      Have you tried to claim on a price reduction from not the same store that you purchased from but a different branch? The only caveat is "the same store" where as the 28Degrees is the same shop any branch.

      • OzTravis on 31/05/2013 - 19:29

        Yup definitely any branch of the same store…. Where did you read it wasn't that?

        • nadan on 01/06/2013 - 01:48

          That is how I understood from this (Pays the price difference to your account if an eligible item purchased with your Coles MasterCard reduces in price, at the same store, within 24 months of purchase)**,

          I have since read the PDS and it says any branch.

    • illumination on 10/06/2013 - 22:41

      Hey Travis. Sounds really good. Great to hear from someone with their own experience.

      I'm actually gonna be applying for the new Coles Mastercard that got released recently (last week I believe)! It's also no annual fee and it seems to be better than the old Source Mastercard that you're on in that you get FlyBuys points anywhere (albeit at a low rate of 1 point per $2). It also has the option of Account Cover Plus.

      What kind of stuff have you claimed?

      • ozshaz on 13/06/2013 - 06:17

        Can you please link the information for the new offer..i tried looking for it but didnt got it..thanks

  • spivot on 25/06/2015 - 11:55

    Under Merchandise Protection will I get a new phone if I accidentally break a phone bought with this CC?

    Based on T&C - NO because it will be a mechanical breakdown, right? :(

    9.2 Things not covered under Merchandise Protection
    • An item bought for less than $10,
    • The disappearance of an item in circumstances that are not explained to
    our reasonable satisfaction,
    • Loss, theft or damage due to:
    - atmospheric or weather conditions, including the action of light
    - normal wear and tear
    - an inherent product defect in the item
    - you or someone in your household committing an illegal act
    - the action of insects, vermin, fungus, rust or pets
    - electrical or mechanical breakdown
    - maintaining, cleaning, restoring, dyeing or repairing the item
    - using the item for business purposes
    - you or someone in your household physically abusing or not taking reasonable care of the item, or leaving it unattended in a public place, in an unlocked car, or with a person who deliberately damages it.

    • stickyfingers on 26/04/2016 - 01:36

      I don't mean to dig up an old thread but FWIW I broke my iPhone that I bought with my Coles MasterCard and Account Cover Plus and they paid for me to get it fixed through Apple and the whole process was quick and easy.

  • Joey4 on 19/02/2017 - 21:53

    Digging up this thread,
    Just wondering about the "pay your full balance before the statement issue date" to avoid the 1% premium.
    If my statement issue date is the 10th and I buy something for $1000 on the 9th will I be hit the 1% on the $1000 for that month?

    • illumination on 19/02/2017 - 22:42
      +1

      Yes

      Couple of ideas if you're in a scenario like that to help you avoid the 1%:

      • Overpay your credit with $1k prior to making that purchase
      • After making this purchase, immediately go to Kmart with $1k cash and pay off your Coles Mastercard (I think Target accept it too)
      • Immediately call Coles Mastercard support to cancel the insurance, and then call after your statement gets generated to turn the insurance back on. I have been told before that the eligibility for products to be covered by the insurance is determined by whether insurance was active at the time of purchase, therefore this shouldn't have a huge impact (just a bit of hassle)

      The first idea is probably the easiest and least hassle.

      • Joey4 on 19/02/2017 - 23:27

        Thanks heaps. Its a bit of a trap if your not on your toes hey!
        Is bpay the easiest way to over pay the card? I tried using the "from my bank account" option but it wont let me do a cent more than the current balance.

        • illumination on 19/02/2017 - 23:59

          Yep either Bpay or pay cash at Kmart (or Target)

          I'm not sure if Coles Mastercard have imposed a $0.95 fee for paying by Bpay though (like 28 Degrees) - just keep that in mind!

        • nightelves on 20/02/2017 - 08:18

          @illumination:

          Nice work illumination! Might look into this card to replace my Jetstar Platinum. Do you know if this applies to hotels and flights? I personally have not read into the PDS yet but sounds promising. I'm guessing this will work with iphones also.

        • illumination on 20/02/2017 - 13:48

          @nightelves: Hotels and flights are a no (as per PDS) :P

          Yes to iPhones.

          Jetstar Platinum and Coles Mastercard are the only two standout ongoing Mastercards/Visas to me. All the other ones are garbage.

          Jetstar Platinum is good if you actually fly Jetstar, in which case I would say it's really good. Coles Mastercard is just a generically good one which is relatively easy to recommend.

          There are other cards that have come up in the past that would've been good long-term cards too (HSBC Platinum, Citibank Signature, Macquarie Platinum Visa for Hilton Gold, and I think a Suncorp one) but those come and go..

        • nightelves on 20/02/2017 - 15:05

          @illumination:

          The man with all the cards :D

        • illumination on 20/02/2017 - 15:10

          @nightelves: I only have the Coles one out of those :P

          Would love to have all of them but honestly too many bloody good deals….

        • Baysew on 20/02/2017 - 15:33

          @illumination: There is $2.25 fee for paying at AusPost, Kmart or Target. No fee for Bpay.

          Make A Payment

        • illumination on 20/02/2017 - 15:53

          @Baysew: Crap… I forgot about them implementing that fee for Kmart/Target. You're right. I recall getting an email about it now.

        • oblivianz on 29/03/2017 - 21:00

          @illumination: Has your experience been good with the Coles Mastercard? I'm on the edge of signing up for it as a back up card to the AMEX card after reading your credit card guide. However have heard bad reviews of it due to customer service. Also in your opinion is the $89 Coles Mastercard worth the rewards it offers if I already have a 28 degrees card?

  • anna10 on 20/02/2017 - 13:26

    This is what my card info says … what is OTC? It would be good to now if anyone has tested the forex fees to see if this is in fact good for o/s spend.

    International (OTC) fee
    $5.00 in addition to the cash advance fee

    International Transaction Fee
    Nil

    • illumination on 20/02/2017 - 13:37
      +1

      Sounds like over the counter to me.. but I have no idea what that refers to.. except possibly withdrawing money over the counter at a bank overseas? Don't know why you'd ever do that though.

      There's the one with a $89 annual fee (was $49 at the time I posted) which waives forex fees. The fee-free one doesn't. I believe the rate is the same as 28 Degrees seeing as both cards are owned by the same parent company and they're both Mastercard.

  • anna10 on 20/02/2017 - 13:39

    I might ring them up and ask them which offer I am on. They gave to me free (a special offer), with no o/s fees they said, but will check that and if useful info will report back.

  • dhaval1432002 on 04/05/2017 - 14:15

    Hi, if i buy mobile from ebay though paypal (coles credit card) will i cover for insurance?

    Greatly appreciate response.

    Thanks

  • constipated on 13/05/2017 - 08:10

    Hi All,

    I had a claim refused. It was for a Philips LED bulb which decreased in price. Latitude refused it on the basis it was a "household consumable:.

    I note the following exclusion from the PDS: perishable items including foodstuffs, groceries, beverages (both alcoholic and non-alcoholic) and other consumables.

    I wouldn't have thought a light bulb fell into that category. I didn't argue for the sake of a few dollars.

    However I was wondering what else they might refuse in the future. Eg if I bought some paint at Bunnings that later went on special, would that still be considered a household consumable and not covered?

    • illumination on 13/05/2017 - 14:36

      That's an interesting one..
      If a light bulb is a household consumable then I think it would be reasonable to assume paint from Bunnings would be too.

    • ronnknee on 16/05/2017 - 16:40

      Definition for consumable: a commodity that is intended to be used up relatively quickly.

      I would agree that a light bulb is a consumable since it is intended to be used up to its life, and then replaced, with no option of repair.

      sake of a few dollars.

      Price difference has to be $10 or greater.

      • constipated on 16/05/2017 - 18:05

        Except these light bulbs may well last 10 years.

        What's your definition of "relatively quickly".

        You'd replace a mobile phone (which is covered) five times over in that time. But that's not a "consumable".

        Also, sorry you are mistaken. There is no minimum limit for price protection. Please refer to the PDS.

        • ronnknee on 16/05/2017 - 18:46

          I think the "relatively quickly" part is poor. but the fundamental idea of a consumable is that it is intended to get used up to its life and then it gets replaced (cannot be repaired). Some are instant (eg. food, paper), some take a while (pens, ink, toner), some take a very long time (light bulbs, printer drum).

          Also, sorry you are mistaken. There is no minimum limit for price protection. Please refer to the PDS.

          Ah okay, I can see the PDS has been revised. I have an old copy; one of the conditions is that the difference has to be $10 or greater. The item just has to be $10 or more now. Good that it has changed.

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