Credit Card Question: Kogan Money (VISA) Vs Coles No Annual Fee (Mastercard)

Lmbcd on 16/04/2025 - 07:55
Last edited 17/04/2025 - 10:04 by 1 other user

I'm in the market for a new no annual fee credit card since Mebank is closing theirs. For you, which one is better and why?

A bit about my usage.

  • I don't care much about purchase rate since I pay off the balance every time.
  • I have a (Transfer)Wise card which I use for international purchases, so the foreign transaction fee isn't much of concern either
  • I typically use AMEX Qantas Express Discovery Card for most purchases when there's no extra surcharge or if not much different for Mastercard/VISA

Pro/Con that I'm tossing over:

  • Kogan give s $300 credit after a $3k spend
  • Free Kogan First membership
  • Coles gives 10k Flybuys/$50 after a 3k spend
  • Earning points: One needs to spend 2x more in Kogan CC to earn points to get the equivalent amount of actual $. E.g. Spend $50k = 50k points = $50 whereas with Coles spend $20k = 10k Flybuys = $50.
  • Edit: $5k spend = 5k Kogan points = $50 = 10k Flybuys = $20k spend.. ergo Kogan > Coles here
Financial Credit Card

Comments

  • PissLUR on 16/04/2025 - 08:11

    I have both.

    • Dr Phil on 17/04/2025 - 09:10

      Great reply

      They are both free
      No need to decide

      • mbcd on 17/04/2025 - 09:57

        My only concern abot getting both is the combined credit limit which could affect borrowing. But yeah, ideally both

  • dsar on 16/04/2025 - 08:30

    Always prefer flexibility so I'd choose the Flybuys Credit Card anytime to transfer to Velocity,

    I'd also recommend for your overseas purchases to use a debit mastercard (with no FX fees) since it's cheaper than the Wise: https://www.pointhacks.com.au/prepaid-travel-cards/

    • WoodYouLikeSomeCash on 16/04/2025 - 09:22
      -1

      Revolut has better rates than Macquarie with a paid plan.

      • dsar on 17/04/2025 - 00:32

        Source?

        • WoodYouLikeSomeCash on 19/04/2025 - 21:54

          Lookup Mastercard wholesale then compare to Revolut. Revolut’s is better (at least for SGD/USD).

      • Ade99 on 17/04/2025 - 07:31

        Macquarie et alia use a wholesale rate with an approx 2% spread. New fintec products like Wise, with a different model, gives mid market , day rates and so do not incur the "hidden" 2% fee.

        • WoodYouLikeSomeCash on 19/04/2025 - 21:54

          The wholesale rate for Mastercard is not as competitive as Revolut for SGD and USD at least.

  • CodeXD on 16/04/2025 - 09:31

    I keep my Kogan credit card to use in between churning since it cannot be churned.

    I would wait for Kogan to have upsize reward $400 credit for $3k spend before applying since you can only ever get the bonus once1

    1. If you have previously held a Kogan Money Credit Card, you will not be eligible for this offer. ↩

  • scalebearer on 16/04/2025 - 09:54
    +2

    It highly depends on what you are going to buy with the Kogan credit card points.

    If you have a reliable item/service that you buy from Kogan regularly, such as the Kogan Mobile yearly plans (preferably when they go on sale), then the Kogan credit card is the clear winner here.
    You can effectively cash in your points every year when you buy another discounted Kogan Mobile yearly voucher.
    This is all assuming you are happy with Vodafone coverage in the areas you frequent (or Vodafone + Optus coverage if you live outside of major cities).
    You get 1 point per $1 spent anywhere outside of Kogan, which is worth 1 cent and 1% back on your purchases.

    If you don't have a reliable way to spend the Kogan points and you end up buying crap you don't need that you otherwise would not have purchased, such as this weird 3 piece LED fake candle set for $10, then clearly you are worse off, no matter how cheap the random crap is.

    The benefit of the Coles credit card, despite having only a 0.25% return, is that you will always have something you can buy at Coles with the points that is not considered unnecessary waste.
    Milk, bread, floss, toothpaste, etc.

    • Neoika on 16/04/2025 - 10:50

      It can be as simple as whether you want $200 Kogan credits or $50 flybuys dollars after $20k spend on the card.

      I would definitely prefer Kogan, but it is also possible to have both.

    • mbcd on 16/04/2025 - 13:06

      I already have Kogan mobile. My plan was to use the points to purchase Kogan GC and use it to recharge. Apparently those can't be used for recharges. You suggesting to just get the voucher instead of recharging?

      • scalebearer on 16/04/2025 - 13:48
        +1

        Use the points to buy from here: https://www.kogan.com/au/shop/category/kogan-mobile/prepaid-…

        E.g. You buy the 500GB yearly plan currently on sale for $200.
        You already have a Kogan Mobile SIM, so you just choose the no SIM option.
        You either pay it off entirely with points if you are a big spender or discount the $200 and pay the difference with a different payment card if you are a small spender.
        You receive a voucher code via email and recharge via the Kogan Mobile account portal.

        If you are an existing user, you always look for this line in the fine print.

        ~Kogan Mobile’s Extra Large 365 Day Offer is valid for new and existing Kogan Mobile customers.

        I do this every year with my family members.
        Use any Kogan.com credit first, since those have an expiry date, then Kogan credit card points 2nd.

  • larndis on 17/04/2025 - 09:36
    +1

    Earning points: One needs to spend 2x more in Kogan CC to earn points to get the equivalent amount of actual $. E.g. Spend $50k = 50k points = $50 whereas with Coles spend $20k = 10k Flybuys = $50.

    I think this is wrong in more ways than one. $50k spend in Kogan will earn $500 in Kogan credit, which is four times the $125 you would get from Coles (Source Mozo Rewards Revealer).

    • mbcd on 17/04/2025 - 10:10
      +1

      Okay thanks. I incorrectly added a 0 - I thought I saw 10k points = $10 Kogan credit; should be 1k points = $10 so a $5k spend for $50 Kogan credit. Kogan it is then. Thanks for pointing it out

  • povertytrap on 17/04/2025 - 12:31
    +1

    Kogan credit card the best, love it.

    • Neoika on 17/04/2025 - 12:42

      Yes, just make sure you never use it directly on Kogan. I have abided by it for the whole period of holding it.

      • larndis on 17/04/2025 - 16:12

        Why?

        • Neoika on 17/04/2025 - 16:18

          Kogan credits can be usually sourced for 10% discount and used with Kogan points. Using your card on it means you are being 10% worse off, the same as the popular JB Hi-Fi giftcard.

          There are also some Kogan haters here, but it doesn't affect the use of this card. Most of them don't realize that they can just redeem points earned from any daily spendings, but not spend any cash on Kogan or buy cheaper credits.

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