Coles is offering 50,000 Flybuys bonus Points and 0% p.a. for 12 months on Balance Transfers for new cardholders of the Coles Rewards Mastercard who apply by 31 October 2023.

The Coles Rewards Mastercard is a no-frills card designed for the everyday shopper—there are no travel perks such as lounge access — as it’s a supermarket-branded card after all.

However, when it comes to standalone Visa/Mastercard credit cards that earn points into flexible points programs with decent points earn rates, the options are very limited, and the Coles Rewards Mastercard deserves to be considered for its relatively low annual fee, a solid points earn rate from spend, and no international transaction fee on purchases when shopping online or overseas.

This makes the card appealing to points collectors looking for a solid Visa/Mastercard with a number of good value features and flexibility in redeeming points.

In particular, Flybuys’ tie-up with Velocity makes this card appealing for those interested in frequent flyer points, especially with the reasonable ongoing annual fee of $99. The card makes an appearance on both our highest earning Velocity credit cards guides.

Virgin 737 Business Class
Flybuys can be transferred to Velocity for cheap Virgin Australia Business Class redemptions

Digging into the details

Card Details

CardColes Rewards Mastercard
Loyalty ProgramFlybuys
Points earned from spend2 Flybuys points per $1 spent on eligible purchases up to $3,000 per month
Overseas transaction feeNone for purchases
Minimum Income$25,000 p.a.
Minimum credit limit$6,000
Complimentary InsurancesTransit Accident Insurance
Purchase Protection Insurance
Extended Warranty (PDS)
Mobile walletApple Pay, Samsung Pay
Annual fee$99

Effective Frequent Flyer Program Point Earn Rates

Partner Frequent Flyer ProgramEquivalent partner points earned
Velocity Points1 point / $ spent

Earning Flybuys points with the Coles Rewards Mastercard

You’ll collect 2 Flybuys points for every $1 on eligible spend up to $3,000 per statement period. This is equivalent to a 1 cent discount on groceries or when redeemed for gift cards.

If you choose instead to transfer Flybuys points to Velocity, you’ll pick up 500 Velocity Points for every 1,000 Flybuys points transferred.

Reduced to a point per $1 earn rate, this equates to 1 Velocity Point per dollar, and you can transfer Flybuys points to Velocity at any time you choose, just keep in mind the points increments and limits apply.

In my experience points from purchases show almost instantly in my Flybuys account as a daily sweep the day after purchases clear, rather than a monthly sweep which makes it easier to access the points for a redemption more quickly without having to wait.

No international transaction fee on purchases when shopping online or overseas

With the Coles Rewards Mastercard you’ll save on foreign exchange fee (whilst still earning points), where this fee can be up to 3.5% on overseas purchases on cards which apply them.

It’s worth understanding that the no transaction fee on purchases are on offer for purchases made that aren’t in Australian dollars – whether that’s online or overseas. Additional fees apply when you withdraw funds outside of Australia or in a foreign currency, for example at an ATM or as a cash advance.

Check out our list of credit cards with no overseas transaction fees here.

Combined Flybuys and credit card

Not so much a feature of the account, but a nifty convenience. Your credit card comes with your Flybuys barcode printed on the back, so one less card to carry around in your wallet.

Insurances and interest fee period on purchases

Another feature of the Coles Rewards Mastercard is the included limited Purchase Protection Insurance, which covers items you buy with your card in case they are lost, stolen or damaged. It also comes with Transit Accident Insurance and Extended Warranty Insurance. You’ll need to read the PDS yourself to assess its suitability for you.

The card also offers up to 55 days interest-free on purchases, inline with most cards in Australia.

Note that you can’t use this card for business purposes

The Conditions of Use for the Coles Rewards Mastercard does state clearly that points won’t be earned for transactions deemed to be partially or wholly for business purposes as this is a card targeted at consumers for personal use.

Apple Pay & Samsung Pay Support

Coles Mastercards support Apple Pay and Samsung Pay, meaning you can use this card on your smartphone for easier payments.

Read the Point Hacks guide to using Apple Pay or for using Samsung Pay, including instructions on how to add your card to those services.

With this feature set up, it means you could still use your NFC-enabled phone to make purchases with your card, even if your physical card is lost or stolen and pending replacement.

Summing up: Coles Rewards Mastercard

If you’re not in need of travel benefits such as lounge access from a Visa / MasterCard, and want to use a card that offers a solid rate of return in points from your day to day spend, the Coles Rewards Mastercard can make a fantastic addition to your wallet and offer you a solid alternative to the big bank offerings.

This is especially true for overseas transactions where the lack of international transaction fee on purchases when shopping online or overseas could save a significant amount, whilst still earning your points.

And on top of that, Flybuys are becoming an increasingly valuable currency that can be used for a vast range of redemptions, including your groceries, for Flybuys travel, gift vouchers and, of course, for transfers to Velocity.

Terms and conditions

Terms and conditions and exclusions apply.

50,000 Flybuys bonus points with the Coles Rewards Mastercard was last modified: August 7th, 2023 by Daniel Sciberras