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Up to $200 Coles E-Gift Card for Taking out a Cash Installment Plan @ Coles Mastercard

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Up to $200 Coles E-Gift Card for Taking out a Cash Installment Plan @ Coles Mastercard
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Lhomsai on 27/08/2020 - 12:41 financialservices.coles.com.au (231 clicks)
Last edited 27/08/2020 - 12:59 by 1 other user

Hi everyone,

This is my first post, please be gentle.

I've received a promotion email from Coles financial for this e-gift card offer. Thus, I've marked it as targeted. You may want to check your email if you are a Coles credit card user.

Both $500 & $6000 are profitable when I select 12 months plan. I assume you can overpay to reduce monthly interests.

==============
Hi xxxxx,

Got your eyes on a purchase, but unsure how to pay it off?

Your Coles Mastercard allows you to take out a Cash Instalment Plan where you have the ability to access cash up front and then pay it off in fixed monthly instalments.

Think of a Cash Instalment Plan like buy now pay later, but for anything.

With your Coles Mastercard ending in xxxx you can access cash from $500 up to your available credit limit at the rate of 5.99% p.a.

With a choice of one to five year repayment plans, you can continue to budget according to your lifestyle.

Apply today to receive a Coles e-Gift card up to $200 to use at Coles Supermarkets.1

This offer ends 19 September 2020.

T&C

Important Information:

  1. e-Gift card offer is available for each Cash Instalment Plan set up by 19 September 2020 . You will receive a $100 e-Gift card for a Cash Instalment Plan of $500 or more up to $6,000 or a $200 e-Gift card for a Cash Instalment Plan of more than $6,000. Your e-Gift card will be available for redemption within 12 weeks of the date the Cash Instalment Plan is set up providing your Cash Instalment Plan has not been cancelled or repaid in full and your account is in good standing. We will send you a unique code and instructions on how to redeem your e-Gift card via email. You must redeem your e-Gift card within 10 weeks. Redemptions may not be reversed, cancelled or changed. e-Gift cards are non-reloadable and non-redeemable for cash.

  2. A Cash Instalment Plan allows you to draw down an amount on your existing Credit Card Account. Offers are subject to eligibility and only available if Your Account is and remains in good standing. Your Cash Instalment Plan uses part of Your existing Credit Limit. As You pay off Your Cash Instalment Plan, the amount You pay off will become available for You to use again as part of Your Credit Limit at the standard Annual Percentage Rate applicable to Your Account. Instalment plan terms and conditions apply, please refer to Section 5 of the Coles Mastercard Terms and Conditions and Other Important Information.

  3. If Your Instalment Plan(s) are cancelled, the full outstanding balance of Your Instalment Plan(s) will also revert to:

i. the applicable APR for Retail Purchases for Transaction Instalment Plans and Statement Instalment Plans and

ii. the APR for Cash Advances for Cash Instalment Plans.

Financial Coles Credit Card

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closed Comments

  • Kamppinator on 27/08/2020 - 13:17
    +1

    I worry about how something like this could affect your credit rating

    • homsai on 27/08/2020 - 13:26
      +3

      I would assume there is no credit check. It should not affect your credit rating. Because it converts the available balance to a cash instalment plan.

      • capslock janitor on 15/09/2020 - 10:03

        Hi what's best way to do these for maximum profit,

        • YesPleaseThankYou on 15/09/2020 - 10:12
          +1

          Take it out, pay off most of it, keep it open until the required open period is served, then pay it off. Enjoy your gift card.

          • capslock janitor on 15/09/2020 - 10:30

            @YesPleaseThankYou: cheers I've never used this thing before so excuse me
            How much did you?

            Take it out=do they send a cheque of the amount? I might go 500 as a start

            Pay most of it=can we pay off 499 leave A dollar? How do we make payment towards that, is it separate to the usual spending statement?

            Keep it open until= 12 or 60months which is best..?

            Pay it off=on the day/or a day after the period?

            Enjoy=TIA

            • YesPleaseThankYou on 15/09/2020 - 17:15

              @capslock janitor: TBH, it's a bit complicated because you can't pay off the FPO directly while you have an ordinary balance outstanding. You have to contact customer service to ask them to apply your recent repayment to the FPO (which they do retrospectively).

              I'm not convinced all of the above is worth the effort, given how bad Citi customer service is, and if you are not aware of the terms and conditions.

    • jimbobaus on 27/08/2020 - 14:22
      +2

      Almost all credit cards now offer this feature. They use various names.
      Basically you can allocate a purchase and pay it off in a set period of time at a reduced interest rate.
      You pay a fixed amount each month and pay down that balance in the agreed time frame (12m etc)
      This payment is on top of any minimum payment you may need to make each month.

      No credit check is performed as you are using your existing credit card balance to make the purchase but just agreeing to pay it off in fixed instalments.

      • capslock janitor on 28/08/2020 - 15:55

        Already pay off my statement balance every month.

        How do I best take advantage of this $200/gc's? tia

  • Revolution42 on 27/08/2020 - 13:29

    I want to know if you can do it multiple times.

    • sicinadan on 27/08/2020 - 15:11

      One per card. But I am thinking maybe one above 6k and one below 6k to see if you can get both GCs. Lol.

      • Revolution42 on 27/08/2020 - 22:07

        Where does it say one per card?

        • sicinadan on 28/08/2020 - 08:16

          I have called up and asked the Citi bank rep.

  • abc on 27/08/2020 - 16:18

    Citibank has this offer too (I guess it's the same credit provider).

    My only concern if the Installment Plan is treated like a "balance transfer" and therefore any further use of the cart does not attract any interest free period?

    Are there any penalties for repaying the entire loan early?

    • sicinadan on 28/08/2020 - 08:19
      +1

      Still have 55 days interest free days If you don’t carry balance from statement to statement and you do not have a balance transfer.

      No extra charges to repay earlier, interest will be calculated to the day you pay it back in full, however I was told that you need to contact Citi before you make the full payment for the fix payment options so they will put that money to your FPO.

  • capslock janitor on 28/08/2020 - 15:54

    I get this 6% email every month but been ignoring, this $200 must be new!

    • capslock janitor on 28/08/2020 - 19:05

      Wait or is this deal different to that, think just saw 'Statement instalment' 8% $500 up to whatever i spent that month.

  • YesPleaseThankYou on 31/08/2020 - 15:22
    +1

    I have a Citi Simplicity card.

    After chatting to them online, I was informed that I was also eligible for this $100 to $200 gift card offer. Just waiting on a call back for the rate and other details.

    The Fixed Payment Option can be paid out after receipt of the gift card. So long as am in front by a good margin, I'll take up the offer.

    All I asked in the chat was for information on whether my account was eligible for any offers. I had not received an offer email or text.

    • homsai on 31/08/2020 - 16:56

      Thanks for the info

  • OzBrogains on 15/09/2020 - 16:08

    double post

    • capslock janitor on 17/09/2020 - 23:03
      -1

      & $6000 are profitable when I select 12 months plan.

      Isn't that optiuon ahead liek only $3?

  • OzBrogains on 15/09/2020 - 16:08
    +1

    The interest on taking out $500 is $16 (12 months), meaning net profit is $84. I have been advised this offer isn't targeted and is open to anyone with a Coles Mastercard. You can pay off the balance anytime (but don't do it before your gift card has been issued).

    • YesPleaseThankYou on 15/09/2020 - 17:15
      +1

      You can repay part of it, thus reducing the interest accrual.

      You don't have to wait for the gift card to be issued, you just need to ensure that you have met the terms and conditions. Issue of the gift card then become's Citi's responsibility.

      • sicinadan on 18/09/2020 - 08:20
        -1

        Love it !

  • YesPleaseThankYou on 23/09/2020 - 08:43

    Just saw that the terms and conditions for this state:

    e-Gift card offer is available for each Cash Instalment Plan set up by 18 October 2020. (emphasis added)

    I know what I'll be doing.

    • OzBrogains on 25/09/2020 - 16:01

      Nothing? The promotion has ended.

      • YesPleaseThankYou on 25/09/2020 - 16:03

        I have a version ending in October. All other terms are the same as above.

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