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Coles Mastercard 0% Interest on Purchases for 15 Months

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Coles Mastercard 0% Interest on Purchases for 15 Months
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Pqoqqqq on 08/10/2015 - 15:50 financialservices.coles.com.au (703 clicks)
Last edited 08/10/2015 - 15:52

That’s no interest on purchases until 2017

Your 15 months interest free period on purchases commences from your card approval date.

^ Offer only available for new applicants who are approved for a Coles Credit Card between 7 October and 31 December 2015. 0% p.a. on purchases for 15 months applies from the date of card approval. Excludes cash advances and cash equivalents. After 15 months from the date of card approval, interest on purchases for the No Annual Fee and the Rewards MasterCards will be charged at 19.99% p.a. After 15 months from the date of card approval, interest on purchases for the Low Rate MasterCard will be charged at 12.99% p.a. Applications are subject to credit approval. Minimum payments required each month. Paying only the minimum monthly payments will not pay out the balance of your 15 months interest free purchases. Standard fees and charges are payable. Offer cannot be used in conjunction with any other offer and is not available when closing/transferring from another Coles Credit Card. Terms and conditions available here.

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closed Comments

  • coprocessor8087 on 08/10/2015 - 17:03

    You have 15 months to use up max credit and then disappear……should be easy for the 'professionals' out there.

    • retailtips on 08/10/2015 - 17:20

      Perfect for strangers with a holiday visa and then leave… maybe.
      Not sure if they will have the credit approval though.

  • tg on 08/10/2015 - 17:29

    I liked & missed its previous deal - $100 for new signups.

  • NickFritz on 08/10/2015 - 17:45

    19% interest looks fun!

    • [Deactivated] on 09/10/2015 - 06:38

      Just close the account after the 15 months.

      • NickFritz on 13/10/2015 - 17:11

        That's good for your credit rating ;)

  • Yapapi on 08/10/2015 - 20:58

    That rewards card looks good, no foreign transaction fees. Tempted to drop my 28 Degrees card in favour of that one for 15 months of interest free overseas purchasing goodness.

    • soc on 08/10/2015 - 22:33

      Keep in mind that you will need to spend $8900 to earn enough points to offset the annual fee.

      • madrooster on 08/10/2015 - 22:36

        They are pretty good at waiving the annual fee most of the time.

        • coprocessor8087 on 08/10/2015 - 22:41
          +1

          Any card that charge annual fee, just call them before 1 year. Tell them annual fee is too high and you want to cancel the card. Pretty sure they will all waive the fee.

        • madrooster on 08/10/2015 - 23:24
          +2

          Not quite… it's only the ones who have retention incentives who will do it. Amex for example will outright say no.

  • soc on 08/10/2015 - 23:01
    +4

    To profit from this deal you need to:
    * Get offered a high credit limit.
    * Max out the card as soon as you get it (on stuff you were going to pay for anyway). The offer goes until 31/12/15 so time your application with a large bill or purchase.
    * Put the money that you would have used to pay off the credit card somewhere that earns you interest until the 15 months are up (mortgage offset or high interest account).
    * Pay it off in full at 15 months.
    It's an interesting offer but you need to be disciplined to take advantage of it. It's the type of thing that could get you into serious debt if you don't understand what you're doing.

    • MaccDogg on 11/10/2015 - 22:23

      Why do you have to max it out straight away? I had a thought to spend 2k a month (everyday spending) for 12 months and pay the bill well before the 15 months. Sounds like my strategy wouldnt work from what you are saying? Can you please supply a link for the interest details, I couldn't find it.

      • soc on 11/10/2015 - 23:47
        +1

        You don't have to. But the 15 months starts from when the card is approved so to take full advantage you need to max it out straight away.
        Your strategy will work fine. I guess it depends what your reason is for getting the card. For me, I don't need another credit card. I'm looking at it more as an opportunity to maximise the amount of funds in my mortgage offset account thereby saving me interest on my home loan for the 15 months. I typically have a few big expenses in the first quarter of the year so I'll apply just before the end of this year so those expenses are paid onto the card shortly after I receive it.

        • MaccDogg on 12/10/2015 - 17:29

          Same here. So 2k a month, accumulated and compounded over 12 months at 5% will save you roughly $550. Interesting

  • [Deactivated] on 09/10/2015 - 06:41

    Or just buy a bunch of things and then pay it back in installments so it is done before the interest free period is up. I've done with a simialr deal to pimp my PC. I'm paying back the $2400 at 100 a fortnight.

  • wildstone on 09/10/2015 - 12:32

    So balance transfer is not 0%? Or is it?
    And we can get the one without annual fee?

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