0% Purchase for 15 Months + No Annual Fee Coles (Flybuys Credit Card)

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Priceless Class on 08/10/2016 - 16:40 financialservices.coles.com.au (731 clicks)
Last edited 23/10/2016 - 11:48 by 1 other user

The Coles No Annual Fee Mastercard is currently offering a 0% purchase rate for 15 months. Essentially this lets you spend away and only pay the minimum amount for the term of the offer. The card also earns fly buy points albeit at a 1 point = $2 spend.

Most other 0% purchase cards currently include an annual fee and/or don't earn any points, so this one is especially attractive. Note this doesn't come with bonus points, but using the 0% purchase rate like a free loan can really work out well, especially if you have large upcoming purchases that you can throw on the card early.

Scenario:
If you were to be approved for a $10000 amount and spent around $1000 each month until you reached your limit, putting that money in an offset account for a 4.09% home loan would see you saving around $350 in interest repayments.

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  JoelT on 08/10/2016 - 17:22

  +2

  I signed up for this card last week for the same reason - the money is better sitting in my offset account. Makes it a good 15 month replacement after the ING 2% paywave deal was revoked.

  The 6 months 0% balance transfer doesn't hurt either.

  • 

    [Deactivated] on 08/10/2016 - 19:59

    so this card lets you purchase for 15 months without having to make any payments. this allows you to keep all your cash in the offset until you need to make the payment just before the 15th month?

    • 

      JoelT on 08/10/2016 - 20:50

      +2

      There's a minimum monthly repayment of 2.22%. But other than that, yes.

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  dumkaze on 08/10/2016 - 17:50

  Any offer for existing card holder ?

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  fritzsticker on 08/10/2016 - 19:15

  With balance transfer, i have a debt of $15000, would i be approved for the whole $15000 balance transfer? Or do i need to request a bigger amount on the balance transfer?

  • 

    JoelT on 08/10/2016 - 20:55

    +3

    You can balance transfer up to 95% of your credit limit, so you'd be wanting a $16,000 limit. And Coles card it's only for 6 months. More info here http://www.creditcardfinder.com.au/coles-no-annual-fee-maste…

    You'd be better off looking at Westpac or St George cards with 18 months interest free transfers.

    • 

      fritzsticker on 10/10/2016 - 13:55

      Ah right.. Thanks joeit

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  percial on 20/10/2016 - 11:14

  Hi,

  I'm new on ozbargain, and for the scenario given as an example, this definitely looks interesting ! However, the 0% rate is on purchase, not on cash advance. So I was just wondering, how did you manage to get the credit and sent it to your offset account ?

  Thanks !

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  Priceless Class on 20/10/2016 - 14:49

  +1

  Hi Percial.

  You don't transfer it to your offset.
  The idea is that you spend on everything as you normally would until you reach your limit and then sit on the balance for the 15 months. The money that you would have otherwise spent paying it off has been sitting in your offset reducing interest.

  • 

    percial on 20/10/2016 - 16:38

    It looks like I misunderstood the deal; I thought I could get a credit free of interest for 15m. It seems to good to be true :-)
    So instead, I therefore pay using credit instead of using offset, and after the 15month period, I repay using offset, right ?

    Thanks for your clarification apric101

• 

  Priceless Class on 20/10/2016 - 17:38

  +1

  Yes. It is in effect free credit for the duration of the 15 months (don't forget minimum monthly payments though). It's a good deal to load the card up and then use a 0% balance transfer deal with another card (assuming you are deemed credit worthy. A few banks are currently offering this 0% purchase deal, but include an annual fee (see NAB) or are for a shorter duration of time.

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  megadeth on 22/10/2016 - 10:07

  +2

  Not using offset homeloan at present but still great offer, IMO. Coles CC allows full balance transfer (not 95% etc. of the limit like other banks). Just transferred full limit to my rewards AMEX. Now will be spending this money over the next 4-6 months for everyday expenses, accumulate the points and pay the balance just before expiry of the promo in Feb 2018.

  • 

    andreyozbargain on 11/11/2016 - 01:26

    Has it any fee - full balance transfer for Coles CC?
    And after transfer to AMEX(what the annual fee for it?) can I withdraw all transferred balance in cash without fee like cash in advance?

• 

  Priceless Class on 23/10/2016 - 10:30

  +1

  So did you put your Amex card in a 'credit' balance?

  Just be aware that some credit card companies won't protect you from fraudulent transactions if your account is in credit. I'm not sure about AMEX.

  • 

    megadeth on 23/10/2016 - 19:29

    Oh thanks for that. Will check the T&Cs.

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  Hogg on 28/10/2016 - 12:35

  Can this be easily upgraded to the $89 annual fee card at a later date?

  • 

    Zhotan on 04/11/2016 - 12:02

    Yes. Free upgrade to the $89 card for the first year too. They also keep your same card number

    • 

      Hogg on 04/11/2016 - 13:59

      +1

      Awesome! Thanks for the info.

      Going to use this for 15 months and see if my spending makes it worth it to get the $89 card.

      Does anyone know what determines the credit limit? Mine was approved for pretty low. I keep reading people with $30K+ credit limits.

      Is it just income? How much income would you need?

      • 

        megadeth on 12/11/2016 - 05:06

        +1

        Mine was $10k (slightly above average income) but I have heaps of credit cards.

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  Hogg on 10/11/2016 - 20:16

  Started using the card but noticed flybuy points weren't being accumulated. Checked my Coles MC account and app and the flybuys are linked on the Coles MC side but apparently not the flybuys side.

  Called flybuys and they told me to call Coles MC.

  Coles MC said wait 1 week and then wait till end of month then call Flybuys.

  Did anyone else experience the same thing? Is there just a huge lag in flybuy points appearing?