I got a message from coles offering me to access money from my coles credit card with no interest but 0.9% fee.
It also says I will get 20000 flybuys if I request $2500.
So according to my math, 0.9% of $2500 is $22.50 so and I can basically exchange 20000 flybuys points for $100 in discount shopping at coles.
Is this really it or am I missing something?
thanks
I'm still trying to find the downside of the deal too, especially considering you can just wash the cash back onto the credit card immediately and pay it off
This seems to be the catch …
The Bonus Flybuys Points will be credited to the Flybuys Membership Account linked to your Coles Mastercard within 16 weeks from the date of the first Cash Instalment Plan of $2,500 or more is set up, providing your Cash Instalment Plan has not been cancelled or repaid in full and your Account is in good standing.
I don't have the time or energy to flick through what all that means, particularly what "repaid in full" means given I pay off my balance in full each month … and then have to worry about what these guys are going to do to my account, in the hope that it comes through in four months' time and that I've remembered it.
Given I've presumably paid the fee "on day one", and there is no interest, why I should have to keep the thing going for four months to get my "reward" is just beyond me.
Too hard.
Pass.
Knew there had to be a catch. Thanks!
seems like this is the catch! thanks!
I got that SMS this morning, clicked on the link and it was saying the fee would be 1.90%.
Hopefully there's not something untoward going on here.
it is 0.9 if you select 6 months, otherwise it's 1.9%
Previously posted as a deal I think, a few months ago Citi and the Coles card had a $100 gift card reward as well. I used them both.
They were both for a $1000 withdrawal and up to 12 weeks for the cards. The two vouchers came through on 12 weeks on the dot. They have changed the minimum amounts and increased the timeframe to wait too.
But yeah. Free money, just don't pay it off before you get the prize.
Beware - if you have the account cover plus insurance, this deal is a killer.
I have taken the $2500 cash plan for 6 months, paid $0.9% fees($22) and i got my first statement now on which there is a 1% account cover plus fees on the total outstanding amount.
I am planning to call them and check if I am able to pay in full except $500 and if that would be divided in to equal installments for the next 5 months. that way, my account cover plus fees will go down to about $5 for next few months.
Do the math