Coles Group Source MasterCard Benefits and Features

March 17th, 2011

Benefits of the Coles Group Source MasterCard

The Coles Group Source MasterCard is a unique credit card offering among available Australian credit cards. Add the benefits of a zero percent interest rate and the benefit of no annual fee, plus plenty of other discounts and savings, and this card could offer you a great way to save money.

0% Balance Transfer

While there are plenty of great low rate balance transfer cards on offer, the Coles Group Source MasterCard offers cardholders the benefit of a 0% interest rate for the first six months on balance transfers.

If you’re paying high interest rates on your credit card balances with other lenders or on store cards, you can easily transfer your balance over to your Coles Group Source MasterCard and pay 0% interest on the balance amount you transfer over for the first six months. This can allow you to reduce the amount of interest you pay each month. When you make your minimum monthly payments, you’ll know they’re going towards paying off your debt and not paying those steep interest costs.

If you want to reduce your credit card debt fast, work on paying the same amount in monthly payments as you’re paying now on your other credit card accounts. Because there are no interest charges adding up on your balance each month, your payments will go directly towards reducing your debt instead of paying for interest charges. This can be the ideal way to get out of debt very quickly.

Remember that the 0% interest rate only lasts for six months. After the introductory rate expires, the interest rate on any outstanding balance you have will revert to the standard purchase rate of 20.24%, so it’s a good idea to reduce your outstanding balance as much as you possibly can before the zero percent rate offer ends.

No Annual Fee

The Coles Source Group MasterCard also charges no annual fee for having a credit card. Most other credit cards offering great discounts, savings and rewards often charge steep annual fees. Having access to a great card and a low interest rate, along with the benefit of having no annual fee charged to your account means more savings for you.

Interest Free Days

For those cardholders who are diligent in reducing the outstanding credit card balance down to zero, and who continue to pay down the monthly balance in full before the due date shown on the statement, the Coles Source Group MasterCard also offers up to 62 days interest free on purchases made using your card.

Bonus FlyBuys Points

Use your Coles Credit Card to pay for purchases at selected Coles Group stores and you’ll earn bonus FlyBuys points. Even though the Coles Source Group MasterCard doesn’t have its own rewards program, you can still benefit by earning more points on your existing FlyBuys membership. Simply link your FlyBuys account number to your credit card account and you’ll earn extra bonus points. Add up enough points and you can redeem them for great merchandise, rewards and shopping vouchers to suit you.

Savings on Fuel

Coles MasterCard cardholders can also save money on fuel costs by receiving discounts. Spend $30 or more on a transaction using your credit card at Coles stores and you’ll receive a Fuel Saver Voucher that will give you a 4 cents per litre discount on your next fuel purchase.

You can increase your fuel discounts up to a potential 8 cents per litre by keeping your receipt from Coles stores. Your receipt should have a 4 cents per litre discount printed at the bottom, so add this to your Fuel Saver Voucher and you’ll get the full 8 cents per litre discount. That’s a great way to reduce fuel costs and benefit from being a Coles MasterCard customer at the same time.

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	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
HSBC Credit Card	17.99%	0% for 6 months with 2% handling fee	$0	21.99%