Coles Mastercard Rewards Increases Annual Fee from $89 to $99

tumsum on 25/08/2017 - 21:46
Last edited 25/08/2017 - 23:19 by 1 other user

From 4 September 2017 your Annual Fee will be increasing from $89 to $99.

As a result of a recent review, on 4 September 2017, the annual fee for your Coles Rewards Mastercard will rise from $89 to $99.
We did not take this decision lightly. Costs continue to rise, and this annual fee increase was necessary for
us to continue providing a great value rewards card. You'll continue to collect 2 flybuys points for every
dollar spent, get FREE delivery with Coles online when you spend $100 or more using your Coles Credit
Card and enjoy NO international transaction fees on purchases.
The revised annual fee will be debited to your Coles Rewards Mastercard account, and is payable, on the
anniversary of the date of your first statement.

Edit: Coles Low Rate Mastercard also increases from $49 to $58.

Financial

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • tomsco on 25/08/2017 - 21:58

    I've read about people negotiating the annual fee down on other CC. Anyone have any luck with this one?

    • zolinger on 25/08/2017 - 23:42

      Hmm… why dont you try it and let us know.

      • tomsco on 26/08/2017 - 01:53
        +1

        You do understand why I asked, correct.

        I don't deny, I'm not the best negotiator. Thanks to Hamza, I know that it would not just be a case of my negotiation, it would be their policies.

        Do you know that people are allowed to reach out to others to hear their experience prior to taking action?

    • hamza23 on 26/08/2017 - 00:20
      +2

      I got it down to $49 the first time, but the next (most recent time) they wouldn't budge and I ended up cancelling. From what I read, since they got taken over by Latitude they are quite different to deal with.

      When I signed up years ago it was $49 annual fee.

  • grog on 25/08/2017 - 22:00
    +8

    "We did not take this decision lightly. Costs continue to rise, and this annual fee increase was necessary for"

    Bullshit

    • montorola on 26/08/2017 - 12:31

      +1

      We did not take this decision lightly

      I lol'ed

  • singingwolf on 25/08/2017 - 23:01

    Not a bargain :-)

  • ChillBro on 25/08/2017 - 23:03

    Does the no annual fee card also have the price protection feature?

    • tumsum on 25/08/2017 - 23:13

      I thought that is the optional insurance. It costs an extra 1% of your monthly closing balance (each month)
      capped at a maximum premium of $50 per month. So yea it can, but you'll still pay extra for it.

    • SimbaGirl on 26/08/2017 - 10:52
      +3

      I have the no annual fee card and yes, itt does have this feature - if you pay the balance of your card before the closing date each month (i.e. The date the statement is generated, NOT the due date on the statement!) then the price protection doesn't cost you anything. That date for my card is usually the 27th, so if I've used the card that month, I just send through a payment on the 24th, so it clears any balance before the statement is produced.

      • MathNerd on 26/08/2017 - 12:56

        I'm assuming you mean the 27th is the date the statement is generated on your account?
        May I ask what is your monthly statement date then? The date, monthly, that your statements are due?
        My statement date is the 27th of each month, that is, every statement needs payment by the 27th. So what date should I send through a payment to make the statements have a $0 balance?
        Many thanks!

        • tumsum on 26/08/2017 - 13:53
          +1

          yea i think 27th will be their statement generation date. and they say that bank transfers need 3 business days to clear. so 24th you should send through, but might need to send earlier if there is a weekend/public holiday.

        • SimbaGirl on 26/08/2017 - 19:07

          Yes, the 27th is usually the statement generation date for my card, and oddly enough, the 27th of the following month is usually the due date! That's actually unusual compared to other cards I have, with those the due date is usually about 3 weeks after the statement generation date, but the Coles MC seems to give a calendar month. My other cards sometimes change the close-off date by a few days here or there, but the Coles MC seems to always use the same date.

          You sometimes have to wait to get your first statement to see when the normal statement generation date is - it will usually show which period is covered by the statement, so you can see from that what the usual close-off date/statement generation date is - I usually send a payment through 3 days before that date (as stevegate says, allow a bit of extra time if there's weekends/public holidays).

      • tumsum on 26/08/2017 - 13:49
        +1

        thats a really good idea! so say i spend $10k and pay off it in the month so the closing balance is $0. So the 1% on $0 closing balance is $0 in fees. Then say the item went down by $100 so you'd claim that difference. (not much interest made in savings account)

        However, if you didn't have the insurance and pay it back at the end of the 62 day interest free period while putting the $10k in an okay savings account of 2% p.a. then the interest earned (taxable income) is only $33.3 during this 2 months.

        Will benefit those buying expensive goods that change in price often (e.g. electronics) at the start of the interest free period.

  • Bullion78 on 26/08/2017 - 00:08

    Ive had the "no annual fee" version of this card sitting in my drawer as an emergency card for 6 or 7 years without ever using it. Tried a number of times calling up and asking them to upgrade me to the Rewards with no annual fee, but no such luck.

  • MathNerd on 26/08/2017 - 09:23

    Hey Steve was this sent in an email to you or was it in a letter in the post? I haven't received any notification about my Coles rewards card yet…

    • tumsum on 26/08/2017 - 12:19

      I saw this in the statement and the website has been updated to the above price

      • MathNerd on 26/08/2017 - 12:52

        Ah I see, my last statement was issued 27 July, and there's nothing there. Maybe only August-issued statements have this? I'll see it in my 27 August statement I guess. Thanks for the heads up!

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