Coles No Annual Fee Mastercard- Price Protection for Phone (Galaxy S8)/PS4 Games

teacherer on 19/04/2017 - 19:40
Last edited 19/04/2017 - 19:41

I'm looking for people who have used Coles No Annual Fee Mastercard with their 'Account Cover Plus' price protection

Price protection
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.

Fine print on page 2 of the PDS

I'm planning on buying a galaxy S8 for $1200 or $1050 or whatever it happens to be, and waiting 12 monthsish for it to drop to $700 and claim $500 back. Has anyone done anything like this with a coles mastercard and what was your experiience like?

Can anyone weigh in on using it with things like ps4 games that drop over time as well?

It seems much too good to be true, being a free card. ($2000 limit for a year, $600 limit per item)

Cheers :D

Financial

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • dylanando on 19/04/2017 - 20:03

    I didnt know this existed..

    • teacherer on 19/04/2017 - 20:08

      neither did I until yesterday, so i missed out on the $1050 mobileciti deal
      It's more well known on 28 degree cards

      • dylanando on 19/04/2017 - 20:16

        Perhaps a refund? apply and reorder with a coles mastercard. Reading the pds now and this is a nifty feature to have. Again seems straight forward but too good to be true as you said. The Merchandise Protection seems excellent to. Feel like ive been living under a rock..

        • teacherer on 19/04/2017 - 20:17

          So do I, the amount I could have saved. The credit card is going to take at least 8 business days to get here and the mobileciti deal ends midnight, no good!

        • dylanando on 19/04/2017 - 20:23

          @lilviss: Ah, Worst thing you did was look up this price protection haha. You'll love the phone either way!!

        • teacherer on 19/04/2017 - 20:25

          @dylanando: Fingers crossed, only downside is battery. We'll see ay
          Thanks for your input. Hoping other people can chime in too

        • dylanando on 19/04/2017 - 20:26
          +1

          @lilviss: Yeh, Someone with knowledge on this would be great. Will have to follow along. Thanks for bringing this to my attention (;

        • MeesusEff on 20/04/2017 - 00:08

          @lilviss: When the card comes, if you buy it from any Australian store that you are confident will stock the phone in 2 years time, then the initial purchase price doesnt matter, as long as you remember to track the price drops and submit your claim before the 2 years is up :) the plus of shoppers protection is that I dont have to wait for a sale anymore, I can buy things when I need them.

          I create a folder in my phone 'Notes' program called 'Price Protection' , i list the date, the item , store i bought from and a photo of the tax invoice. Whenever i remember i just go through the list and search up the current prices. Just claimed $32.95 each for 'For Honor' and 'Ghost Recon' :) you benefit a lot if you are a gamer and purchase through EB Games.

        • teacherer on 20/04/2017 - 09:26

          @kza2610: thanks mate
          I'm just still very skeptical on the whole deal still lol
          Thanks man :)

  • teacherer on 19/04/2017 - 20:17

    -

  • raymond y on 19/04/2017 - 21:16
    +1

    I have the Coles Rewards Master Card (yearly spend of $10,000 will outweigh the annual fee, if redeemed for a Coles Gift Card).

    Key things:
    Account Cover will charge 1% of the closing balance, as an insurance premium. This is up to $50 per statement (from memory).
    Latitude, issue credit card statements on the same day each month, so make sure your "closing balance" is above 0 and you won't even pay a fee for the insurance.

    Claims over $200 require a form signed off by a store representative, which I have never done.

    I've claimed for a variety of price drops, all from Australian Sellers (include COTD). Most claims are straight forward, every now and then I've been asked to provide a receipt of original purchase or photo/catalogue.

    For me, pays off massively.

    Personal situations:
    -Platinum CBA Awards, Amex deals and negotiated multiple free years
    -Platinum Coles Rewards, price protection and places where Amex isn't accepted
    -BOM Visa Signatures, assorted insurances and airport lounge passes (free part of mortgage)

    • teacherer on 19/04/2017 - 21:40

      I appreciate your response
      All your financial dealings seem a bit daunting to me getting my first $0 card lol
      But it's good to see it works!

  • iSamurai on 19/04/2017 - 21:32
    +2

    As above, if you pay off the balance a few days before the statement is generated you pay $0 for the insurance.

    Really good insurance as I've claimed for both price drops (2 years) and accidental damage (6 months). You can claim multiple times for the entire two years since the purchase date and they'll refund the difference. Refund is typically straightforward, approved without problems and refunded as credit in the account within a few days.

    The catch is that you need to monitor the store you bought your stuff from regularly to check for price reductions. You should also buy from stores that will likely carry the item for the next two years. If they go out of stock or discontinue pretty quickly then the insurance doesn't apply anymore. For accidental damage you need a repair quote from the same store or similar, which covers items bought locally or overseas.

    In the PDS they mentioned the price protection only applies to items purchased in Australia, but they also included a clause on foreign currency exchange rates but is vaguely worded. Everything sold in Australia should be charged in Australian Dollars?

    • teacherer on 19/04/2017 - 21:41

      Awesome
      I wish I knew about this earlier
      Thanks for your response

  • psyren89 on 19/04/2017 - 22:36
    +1

    I should really have this saved somewhere so I can just paste it every time someone asks.

    Has anyone done anything like this with a coles mastercard and what was your experiience like?

    Bought a graphics card (1070 from PLE) for $619. Last price I claimed for was $579 - they've paid me for every drop.

    Bought a TV (KS8000 from JB) when it was on sale, paid ~$1898 for it. Price dropped to $1498, claimed price protection. They asked for proof, I sent them website screenshots, they paid me for it (and now JB no longer sells it).

    Bought a phone (OnePlus 3T from eGlobal) for $670 ($675 - $5 from coupon, excluding shipping). Last price I claimed for was $549 - they've paid me for every drop.

    This is just on my Coles MC. The company that provides the price protection insurance (Latitude Financial) also provides the same for 28 Degrees MC. On that card, I've bought 2 TVs, both with similar stories (several price drops over time, all paid out).

    As long as you satisfy their constraints (price drops must be from store of same name, models must be identical, down to the colour, within 24 months of purchase), there shouldn't be any issues claiming.
    One thing to bear in mind is their limits on claims (max $2000 in any 12 month period, max $600 per item) and how the protections work with each other (i.e., merchandise protection for damaged/stolen goods).

    • BargainShopaholic on 19/04/2017 - 23:40

      Pretty much the same experience, I've been paid for every claim on both the cards, except my purchases were all clothing and shoes ^_^

      Love this insurance!!

    • kiwiinoz on 10/10/2017 - 12:05

      Thanks for the review on this card…
      You claimed from eGlobal for phone, does it have to be an Australian Store? Like some stores ship phones from overseas but the invoice comes from Australia (Vaya, Eglobal, Mobilicity to name a few). Does MC honor the price drops for these?

      • psyren89 on 10/10/2017 - 12:42
        +1

        I think the terms only specify a store in Australia, so it should be fine.

  • lolmao on 19/04/2017 - 22:51

    Yes I've done it with PS4 games & accessories, totally works. Pay off balance before statement date for no fees.

  • MeesusEff on 19/04/2017 - 23:30

    Also have done it with EB Games all the time, clothing, even Sistema containers from Woolies ($20 -> $10), Very easy process. Sometimes if i know a big sale is coming up and am scared it will sell out, I will buy it a day early then claim the difference the next day.

    • psyren89 on 19/04/2017 - 23:53

      That's probably a good way to maximise the points you earn, too (if you care for that sort of thing).

      • MeesusEff on 20/04/2017 - 00:04

        I have actually been spending a lot recently, and now with my new house purchase would need to get a few things. Pondering if its worth to change to the Rewards card.. but not receiving my 20,000 bonus flybuys points 4 months after the supposed '2 weeks first spend' is a bit frustrating. Not sure how well they'd track it on the card as its through their partner program

        • tess1988 on 04/05/2017 - 21:57

          me to had card for 3 weeks now, they told me they sent a email off, didn't know anything on the computer about it, will call them next week, did you get yours sorted?

          also I'm guessing if i buy a iPhone for $1229 then in 2 years it drops $200(or just under 2 years) i can claim $200 not $100 then another $200 if it drops $100 after 1 year and another $100 after 2 year

        • MeesusEff on 04/05/2017 - 23:55

          @tess1988: oops yeah, i did get the points credited, had to call flybuys and give them the details.

          technically , you would claim $100 in the first year, then in your 2nd year you submit a another claim, but theres a box you check that says you have 'claimed on the item before', so if they check you would get only the difference ($100)

  • Samsungnote10 on 20/04/2017 - 10:11

    $2000 limit for a year, $600 limit per item

    if this is the case, it would be best to purchase items that you know are going to fall in price signficnatly, eg electronics

    what else do people think will drop in price quickly

    could you do it with a car and claim the max of $600

  • Birdbrain on 20/04/2017 - 10:58

    This might be the thread to ask this, but if I'm not using my Coles MasterCard often and usually have a $0 monthly balance to pay will I be paying the 1% free to have price protection each month or only on the months with a balance?

    That was what stopped me from adding the price protection was the idea of still having to pay per month even if I didn't use it if I had price protection.

    • teacherer on 20/04/2017 - 11:43

      Good question
      At a guess one would have to assume it was included in months without a balance
      Maybe reply to the user's who use price protection to ask

    • SimbaGirl on 20/04/2017 - 13:22
      +1

      I'm the same, I don't use my Coles Mastercard a lot either (mainly got it for the price protection feature) and often have a $0 balance. You only have to pay the 1% fee on the months where there is a balance payable as of the date the statement is issued. There is NO fee on months where you have a $0 balance, as the fee is calculated on the outstanding balance - they can't calculate 1% of nothing! This applies whether you either (a) haven't used the card at all or (b) have made purchases but paid the balance of the card in full BEFORE the statement issue date - in both cases you have a $0 balance, so no fee is payable.

      • Birdbrain on 20/04/2017 - 13:33

        Thanks for this!

        they can't calculate 1% of nothing!

        This is what I thought, but was hoping there was no hidden "well even though you didn't use it, we've tacked on X as a fee instead!" deal. Since it's a rarely used card, want to keep any extra costs to a minimum. I'll activate price protection now :)

        • SimbaGirl on 20/04/2017 - 13:45
          +1

          No problem :) . I've always kept this card at a $0 outstanding balance (i.e. paying it in full a few days before the statement is issued if I have made any purchases) and have never paid a price protection fee.

  • Jad on 26/04/2017 - 12:16

    Just waiting on a Flybuys offer on one of these cards, and will pick one up.

    I see it working great with a service such as PriceHipster, where you can setup an alert on products when they fall below a certain threshold, in this case the initial purchase price.

  • dhaval1432002 on 04/05/2017 - 17:56

    If i buy it from ebay through paypal(coles card) will that be fine?

    • teacherer on 04/05/2017 - 18:10

      yes according to @Columbian here He used the invoice alone which you receive form the merchant. This thread might be worthwhile checking out too

  • jazattack on 10/05/2018 - 14:53

    Is this still available? When searching for account cover plus there are some documents. What alternatives are available?

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