Coles Platinum Mastercard upgrade - effect on Account Cover Plus

khell on 04/07/2019 - 11:17
Last edited 04/07/2019 - 11:18

I just received an email from Coles/Citibank saying they're upgrading my longtime Coles Mastercard to Coles Platinum Mastercard, with those additional benefits. The claim is that nothing will change from now, I just get that insurance on top? My question is, is this a trick to remove Account Cover Plus? I've actually spent less this year than in any financial year, but amount of claims has been quite big. I'm very suspicious. Will probably click the "No, Thanks" button. Any other Ozbargainers had this?

This page doesn't provide any mention about the effect on Account Cover Plus policyholders (if any): https://financialservices.coles.com.au/credit-cards/platinum

Financial Credit Card

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • hbaruas on 04/07/2019 - 11:35
    +3

    I received the same email.. and have the same question.
    Was thinking of giving them a call today to know more.

  • John Kimble on 04/07/2019 - 11:55

    Doesn't that one have a $99 annual fee?

    • khell on 04/07/2019 - 11:56
      +1

      The current one is also $99/year annual fee.

      • John Kimble on 04/07/2019 - 11:57

        Yeah, so are they waiving it for you permanently?! I would definitely call to clarify.

        Edit: Wait, do you have the silver one or the black one currently?

        • khell on 04/07/2019 - 12:23
          +1

          I think you're misunderstanding something 😮 It's a query regarding Account Cover Plus not the annual fee.

          • John Kimble on 04/07/2019 - 12:26

            @khell: Yes, I realize I am misunderstanding something. But you said

            they're upgrading my longtime Coles Mastercard to Coles Platinum Mastercard

            Which made me think you are going from silver to black, but if you are already on black, then you are going from black to black?

            Still confused haha

  • forumninja on 04/07/2019 - 13:04

    It's so that they can charge the merchants higher interchange fees. By going to platinum Citibank gets more money.
    https://www.mastercard.com.au/en-au/about-mastercard/what-we…

    Consumer Standard 0.19% -> Consumer Premium 0.49%

  • sheamas88 on 04/07/2019 - 13:56

    Account Cover Plus is not available on new cards, so my guess is that they are trying to bump everyone off the old plans to the new one that does not have it.

    So if you want to keep Account Cover Plus, looks like you will need to reject this so-called "upgrade". Let us know if your phone call says anything different.

  • Soluble on 04/07/2019 - 14:36

    If you're getting upgraded for no annual fee is it really that bad? You get double the flybuys points, twice this year I've been offered 6 flybuys points per $ spent for an entire month(has been quite lucrative). I cancelled the account cover plus due to the 1% charge at statement a while ago, but I'd never used it.

    • sheamas88 on 04/07/2019 - 15:10

      Where does it say you no longer have to pay the annual fee? It explicitly states in the email that the current fees will remain unchanged, which means anyone on one of the cards that has an annual fee will still be paying it.

      If you pay your balance off before the statement is generated then you will never pay anything for the Account Cover Plus.

      • John Kimble on 04/07/2019 - 15:22

        The OP has not been clear on what card they currently have (at least to me).

        I've assumed they have the No Annual Fee card, but they have since stated they pay $99 annual fee?

        • sheamas88 on 04/07/2019 - 15:46
          +1

          Fair enough, but either way the topic is about the Account Cover Plus which is much more valuable than the annual fee. Losing Account Cover Plus but getting the fee waived is not really a good deal for anyone who is actively using it, which is why OP is asking about it and not the annual fee.

          This is probably not a bad deal for anyone who was not paying the annual fee.

      • Soluble on 05/07/2019 - 08:03

        After rereading it looks like they have the rewards mastercard, which already has the fee which was unclear. I didn't realise there was platinum and non platinum. My card always said platinum.

        As for the balance off in full… Easier said than done unless your payments to them go through instantly. If I bpay a on a Thursday night/Friday it doesn't hit the account til Tuesday.

        I understand people don't want to lose something they use regularly.

        • John Kimble on 05/07/2019 - 08:53

          Yeah my black one says platinum on it.

  • hbaruas on 04/07/2019 - 15:17

    I have the silver card which has no annual fee so I understand i will not be paying any fee if I decide to move to Platinum.

    In case you are being upgraded from that black card to platinum you can ask for waiving off your fees too.

    • John Kimble on 04/07/2019 - 15:21
      +1

      But what is this Platinum card? Is it a new product?

      Currently they only have 3:

      • Rewards (black)
      • No Annual Fee (silver)
      • Low Rate (red)

      https://financialservices.coles.com.au/credit-cards

      • Findmebargain on 04/07/2019 - 19:44
        +2

        My understanding from the T's & C's is that the Platinum grade can be added to any of the 3 types of cards. The difference is just the word 'Platinum' on any of the cards. So, one can have a non-platinum black card and still paying $99 annual fee. Also, I think one cannot apply for a 'platinum' card but you can be approved for one.

        • John Kimble on 04/07/2019 - 19:54

          Oh, well you learn something new every day!

        • audz on 12/07/2019 - 14:07

          Yes, I've had this card and paid an annual fee ever since they came on the market (used to be white and blue and called the Source card). I have a non-platinum black card and still paying $99 annual fee. My sister has a black one with "Platinum" written on it. I don't think there is any difference with the offerings. Although, I was too slow with wrapping my head around the idea of Account Cover Plus. When I wanted it, it was no longer offered (just about the time Citibank took over).

          So, I'm guessing that this is their way of sneakily ceasing Account Cover Plus for some members. By offering them an "upgrade".

      • Neoika on 04/07/2019 - 19:59

        I think all three cards are platimum grade now. OP's card was acquired way earlier. At that time, Coles MasterCard was not a platimum grade card.

  • holoz0r on 05/07/2019 - 07:59

    "You'll get all the benefits you do today"

    If they don't continue the existing account cover plus, then…

    https://www.afca.org.au/

    Not sure what they could do on a determination basis if it's removed and customers aren't told…

    The account cover plus on this card (old version) is the best price protection out there.

    I would be pretty upset if they removed it in such a sneaky way.

    • aleayr on 05/07/2019 - 10:50

      The account cover plus on this card (old version) is the best price protection out there.

      It's great for the same store. 24 months price protection at the same store you purchased from.

      Latitude's other cards (such as their Infinity), have 12 months price protection, but from basically any store.

      I have and really like the current 24 months protection, but the 12 months option might suit others more depending on what they use to purchase. Particularly is you buy something that is on an annual refresh cycle, like a lot of electronic devices, and so it may be better to grab the best runout price you can get from any store just before it is discontinued and disappears from stores :)

  • lufee on 09/07/2019 - 13:22
    +1

    So anyone actually confirmed the our Account Cover Plus stays?

    I have black $99/yr card and do not want to lose ACP as I don't see any benefit changing it to platinum card.

    • khell on 13/07/2019 - 21:58

      I just opted out of the upgrade. The potentially additional insurance wasn't worth the risk of losing Account Cover Plus to find out. If @forumninja is correct, I'm also uninterested in helping Citibank line their pockets with higher merchant fees for my purchases.

  • JeeMan on 08/08/2019 - 12:15

    If we activate the new card does it mean we have to update any direct debits we had with the old card or does the old card still work?

    • techno2000 on 29/09/2019 - 19:56

      You will have to update the direct debits.I had done it but forgot to update the old card details in the 7-11 fuel app.Now the idiots have barred me from using ANY credit card on that app.

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