Hi all, new to this,
I see that Coles Mastercard after a spate of recent good sign up deals for Flybuys bonus points has just updated its policies as follows;
In accordance with our Terms and Conditions, if you have previously been paying interest and pay
your closing balance by the payment due date, we will now also charge you interest on new
transactions made up until payment of the full closing balance is received. This will take effect from
3 February 2020. Paying earlier means that you will be charged less interest.
Now I am a bit old school and am harking back to the days when you could get 56 days interest free on purchases if you bought and paid your balance at the right time, but this seems to be saying that the old fashioned "credit card" under Coles model has just become a debit card with around 20% interest payable from the day you buy.
Interested to hear Oz B expert's views and apologies for not giving this as a warning based on my limited research, but asking others to confirm if I've read it right?
If so it sounds like the community should be raising the alarm for others lest they fall into Coles trap.
Nige
I’m glad you are “down down” on this.