0% Interest for 15 Months on Purchases on Any Coles Mastercard

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Pcoder on 08/10/2018 - 18:14 financialservices.coles.com.au (1211 clicks)
Last edited 08/10/2018 - 19:05 by 1 other user

This deal from Coles Credit Cards doesn't seem to bad.

-It appears that for the 15 months you only have to make the minimum repayment to be interest free.
-Good for some Arbitrage.
-Remember not to get into too much debt and pay off total at end of period.

Terms and conditions from website.

⁰ Credit criteria, fees and charges, terms and conditions apply. New customers only who apply by 31 December 2018. 0% p.a. will apply to Retail Purchases (excludes Cash Advances) for 15 months from the date your account is approved. Minimum monthly repayments required. At the end of the promotional period, any outstanding Retail Purchase Balance and any new Retail Purchases will attract the variable Annual Percentage Rate for Retail Purchases, currently 19.99% p.a. for a Coles No Annual Fee Mastercard and Coles Rewards Mastercard and 12.99% p.a. for Coles Low Rate Mastercard. Interest rates are variable and subject to change. This offer cannot be used in conjunction with any other offer and is not available when closing/transferring from another Coles Credit Card.

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  BlueGlass on 08/10/2018 - 20:43

  +2

  Very decent offer from Coles, most useful for a person with an offset account. Though it is a trade off between points from an AMEX or similar rewards card and the 0% purchase rate. personal circumstances would dictate which is preferable.

  Though with a card like this, it would be very very easy to spend in excess of your means.

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  Hogg on 09/10/2018 - 07:48

  +4

  It's a really good deal for those who are disciplined.

  I signed up last time they had this deal and used the essentially free loan to invest instead. Then made BT at the end of the interest free period to woolies card. I wouldn't recommend this unless you have an appetite for this level of risk.

  Using the extra money to put in an offset account would be a safer option.

  • 

    Eeples on 14/10/2018 - 02:55

    +1

    But you can’t invest all at once…. just in dribs and drabs from your main income source. Right?

    • 

      Hogg on 14/10/2018 - 14:18

      Yeah you're right. You have to pay back minimum each month so it's not a get rich quick scheme but more like a "squeeze value out of every dollar" kind of deal.

      I think what makes it worth it to me is the fee-free Coles credit card is the best non-Amex card I've found.

      The points earn rate is low but not many fee-free cards give any points at all. Great for a low spender like me where higher fees for higher earn rate isn't worth it.

  • 

    WillKillfor5Cents on 19/10/2018 - 10:40

    how do you go about investing this one? Can you like fund your trading account (or betting account gods forbid) with this?

    • 

      Hogg on 19/10/2018 - 12:06

      +1

      1. You use this credit card for everyday purchases that you would have made regardless
      2. Those expenses are now interest free for 15 months
      3. Use the cash you would have used on those purchases to invest in what ever way you desire

      Notes:

      • This is not going to get you a lot of money, it is mostly in the OZB spirit of squeezing value out of every dollar.
      • You still have to pay the "principal" back every month
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  endolphin on 09/10/2018 - 21:11

  +2

  I used this deal two years ago, then BT to Virgin, but I've recently paid it all off a little early because IMO there is better value in churning cards and I don't want to keep having to declare a big cc balance on every application.

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  CricNix on 10/10/2018 - 01:30

  The No Annual Fee card is one of the best CCs I have come across. However, I had to close it just very recently back in June 18. Would I be eligible to apply again and this soon? Nothing in the terms that I can find.

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  Vodafail on 15/10/2018 - 11:24

  Does anyone know where the exact T&C for the BT is? It mentions it high level, doesnt specify how much needs to be paid per month

  • 

    Hogg on 16/10/2018 - 11:44

    If it's the same as when I had the deal. It's 2% of your outstanding balance per month.

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  sakinah on 18/10/2018 - 21:39

  Does this mean whatever I use this CC to spend on I only have to pay it off at 15 months not the usual 55 Days

  • 

    Hogg on 19/10/2018 - 05:37

    You still have to pay the minimum every month whcih from memory is around 2% of the balance.

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  jrt2020 on 23/10/2018 - 07:30

  Does this include payments of utility bills like electricity, mobile bills?

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  vash12 on 17/11/2018 - 22:22

  *0% p.a. will apply to Retail Purchases (excludes Cash Advances) for 15 months from the date your account is approved.

  Retail purchases excludes tax debts I assumed?