Coles Credit Card Account Cover Plus

Lsevendollarsfifty on 01/11/2016 - 13:45

I recently found out about Coles Credit Card Account cover plus which has the following:

Price protection
Pays the price difference to your account if an eligible item purchased with your Coles MasterCard reduces in price at the same store within 24 months of purchase.

So, this seems a bit too good to be true for certain purchases like computers and computer equipment which obviously drops in price significantly over 2 years.

So, what's the catch… What's to stop me buying a super-spec computer and claiming the price back in 2 years when it's old technology?

Financial

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • psyren89 on 01/11/2016 - 14:12
    +4

    Nothing. I've been making use of the feature (albeit on my 28 Degrees card, which is also backed by Latitude Financial).
    So long as you satisfy the terms, there's no reason they shouldn't pay you. Case in point, I've bought 2 TVs on 28D cards and have received about $400 back.

    What's to stop me buying a super-spec computer

    If the EXACT same thing is still on sale in 2 years…

    • wei13 on 21/04/2017 - 09:32

      What did you need to provide as proof of lower price? would a screenshot do? or do you need a physical catalogue?
      Also is there a minimum reduction in price needed like some of the other cards? tks

      • psyren89 on 21/04/2017 - 11:53
        +1

        Screenshots, receipts - whatever proves the difference between the price you paid and the new one.

        No minimum reduction required.

  • MeesusEff on 01/11/2016 - 14:29
    +2

    Also on the 28 degrees one and its been perfect so far. Even claimed one where the website had a promo code for additional $x amount off and claimed the difference.

    although now that i realised coles is 2 years, might look into that and use it for buying console games etc :) i read that the interface is really crappy to use though

    • psyren89 on 01/11/2016 - 15:12
      +1

      Coles' one is essentially the same as 28D's.

      • MeesusEff on 01/11/2016 - 15:20

        yeah but 28 deg is 6 months only and coles has 2 years (unless they changed it recently??). but yes, process is still the same.

        • psyren89 on 01/11/2016 - 15:49
          +1

          Sorry, I was referring to the interface, not the cover period. Should've been clearer.

        • MeesusEff on 01/11/2016 - 15:58

          @psyren89: yeah haha i was reading the PDS for the coles SP, and i was like.. this document looks exactly the same as the 28 degs one and later found out it was the same. waiting for the 20,000 flybuy signup bonus to sign up, used to get heaps of those emails but when i actually want them, no show!

  • knobbs on 01/11/2016 - 15:37

    Is this part of the paid extra thing with 28 degrees? I can't remember what it is called buy I don't pay for the protection extra.

    • MeesusEff on 01/11/2016 - 15:56

      28 degrees is 0.5% of your balance, but coles is 1%. if you pay off your card before the statement date, you dont pay extra.

      • knobbs on 01/11/2016 - 18:45

        WUT? Really have I understood this all wrong until now? I thought if you wanted that protection thing you HAD to pay an extra .5% on all purchases on the card. Not if you pay off your card before the statement date you don't pay extra?

        • MeesusEff on 01/11/2016 - 18:50

          haha nope! its just 0.5% of your closing balance. so 50c for every $100 outstanding, but max of $50 per month. get onto it ! :)

          link here : https://www.28degreescard.com.au/pds/how-much-does-it-cost

        • knobbs on 01/11/2016 - 19:01

          @kza2610: Oh cool thanks. Also forgive the possibly simple question (this is my first CC), this is charged differently to interest. Interest you only have to pay the statement amount they calculate before the due date to not incur a fee (around a month after they calculate it). While with the protection insurance you have to have a $0 balance owing on the card just before they calculate your statement?

        • MeesusEff on 01/11/2016 - 21:00

          @knobbs: heya im not too sure about interest stuff (also my first cc) as ive always mostly paid it off before the statement date. But yeh , PP charges whatevers showing on ur closing balance. Most ive ever paid was like $0.80, not too bothered when ive claimed $500+ back so far!

        • MeesusEff on 01/11/2016 - 21:07

          @knobbs: technically if you wait for the interest fee period (is it 55 days??) before u pay off ur statement to get bank interest, you 'would be' paying 0.5% on your purchases. So leave basic spending (groceries, bills) on another card, and buy stuff with 28D like technology, games that will deff drop in price over 6 months.

          I did buy a $20 storage container from woolies that i couldnt wait for the 50% special and then later claimed $10 bux back when sale started :p considering boxing day is less than 2 months away, now would be a good time to buy generic stocked stuff and claim later. Only inconvenience is having to remember and keep track of what you bought

  • Hogg on 07/11/2016 - 23:06

    I just got the No Annual Fee card to take advantage of the 0% interest for 15 months. I'll pump the money into my bank loan instead to offset interest.

    I'm confused regarding the Account Cover Plus. The PDS says 2 years price protection whereas the online portal where I can add the insurance to my card says 6 months.

    http://imgur.com/a/xtXkD

    Screenshot above.

    Have they just changed it to 6 months and just haven't updated the PDS yet?

    • MeesusEff on 17/11/2016 - 14:59

      Think they just copied and pasted from the 28Deg PDS, as it is the same company that handles the cover

      • Hogg on 17/11/2016 - 17:46

        So does that mean it's 6 months or 2 years?

        • MeesusEff on 17/11/2016 - 18:13
          +1

          I would say 2 because thats whats been advertised and thats what i heard, maybe call the hotline to confirm?

  • teacherer on 19/04/2017 - 19:33

    pfunk09 did you get it? How did you go? Considering it for games and a mobile phone

    • sevendollarsfifty on 20/04/2017 - 14:40
      +1

      I got it and have made a few purchases but am yet to see a price move on what i've purchased. From what i've read in other forums they make it quite easy to claim.

      Just make sure you keep your receipts. I put them in evernote and tag them all with #colescreditcard that way I can just type in that tag and see what i've purchased and from where so I can review every few months.

      Take note that they charge you for the cover from the statement date, so it is best if you transfer the amount from your savings to the credit card straight away to avoid paying any fees.

      For a phone I would probably recommend officeworks as they seem to keep older models around. And probably buy games at JB or EB..

  • zeno on 01/06/2017 - 21:47

    Hi, just wondering how long does the claim usually reflect on your account after submission?

    Also, this may be extreme but potentially a possibility:

    Say I purchased an item through eBay for a total of $80 ($100 advertised price by the seller less 20% eBay discount). Typically in these cases, the invoice still reflects the full price advertised by the seller ($100). Given this, does it mean I can claim for a price reduction if I just provide the invoice showing $100 and refer to the discounted price of the item in eBay ($80)?

    A. Price you paid for the item: $100 (I paid only $80, but the assumption here is that you can use the price stated in the invoice)
    B. Price you paid for the item via Coles MC: $80
    C. % of price paid for the item via Coles MC = ( B / A ) * 100 = 80%
    D. Reduced price of the item: $80 ($100 advertised price by the seller less 20% eBay discount <— this can be a similar eBay promotion months from the original purchase date)
    E. Price difference = A - D = $20

    From the above, the claim can be calculated as follows:

    Claim = E * C
    Claim = $20 * 80%
    Claim = $16

    Has anyone ever tried the above before? :)

    • Colombian on 02/06/2017 - 06:06

      I think eBay purchases don't qualify for Price reduction.

      But if the store you bought the item from reduces the price of that item to let's say $90 you can claim the difference since the invoice is for $100.

      • zeno on 02/06/2017 - 06:56

        eBay purchases and promotions qualify according to them when I called to confirm, as long as the promotion is not targeted, i.e. available to everyone.

    • constipated on 03/06/2017 - 22:04

      No. This would be classed as insurance fraud.

  • Pagu on 02/06/2017 - 23:14

    Do they cover for purchases done overseas?
    There is a mention of Foreign currency conversion, yet they state purchases must be in Australia?
    Thanks

  • flyingpig on 13/11/2017 - 12:58

    A little old thread but keen to know if you can do price protection more than once on same item in 2 years. And if cover includes items purchase from overseas ?

    • chesterm8 on 28/11/2017 - 11:37

      Yes you can make multiple claims on 1 item. No cover for items purchased overseas though. Text from their website: "If your purchase goes on sale within 24 months at the same Australian retailer, we’ll refund you the price difference."

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