Coles Rewards Mastercard Review — Is it worth it?

Coles Rewards Mastercard Review — Is it Worth It?

Last verified: 2026-07-24

The Coles Rewards Mastercard is a popular choice for Australian consumers looking to earn Flybuys points on their everyday spending. With its high rewards rate and appealing welcome bonus, it offers distinct benefits for regular shoppers at Coles. However, considering its annual fee and terms, it is essential to evaluate if this card aligns with your financial needs and lifestyle. This review provides an in-depth analysis of its features, costs, and potential value to help you decide whether it's the right choice for you.

Top Picks

| Card/Product             | Key Feature                            | Rate/Fee         | Verdict                            |
|--------------------------|----------------------------------------|------------------|------------------------------------|
| Coles Rewards Mastercard | 40,000 bonus Flybuys points            | $99 annual fee   | Good for frequent Coles shoppers   |
| Coles Low Rate Mastercard| Low-interest rate on purchases         | $58 annual fee   | Budget-friendly, less rewards      |
| Coles No Annual Fee Card | No annual fee                           | $0 annual fee    | Basic card for low-cost management |

Pros and Cons

Pros

1. High Earn Rates:

   • The Coles Rewards Mastercard earns up to 3 Flybuys points per $1 spent on select categories, making it highly rewarding for Coles shoppers [1]. This can translate into significant savings considering the Flybuys program allows point redemption directly at checkout.

2. Attractive Welcome Bonus:

   • New cardholders can earn a bonus of 40,000 Flybuys points when they spend $3,000 on eligible purchases in the first 90 days [1]. This bonus can provide a substantial head start on accumulating rewards.

3. Balance Transfer Offer:

   • The card features a 0% p.a. balance transfer rate for 12 months, albeit with a 5% transfer fee [1]. It can be a strategic choice for consolidating existing debt, although the transfer fee should be considered.

4. Coles Plus Saver Benefits:

   • Provides additional discounts such as 10% off a Coles shop monthly, enhancing the card's value proposition for regular Coles buyers [6].

Cons

1. Annual Fee:

   • At $99, the card's annual fee demands careful consideration to ensure the rewards outweigh the costs, especially for moderate spenders [1].

2. Balance Transfer Fee:

   • While the balance transfer offer is appealing, the 5% fee can reduce the financial benefit of the 0% interest rate period [1].

3. Limited Travel Benefits:

   • Unlike some other rewards cards, the Coles Rewards Mastercard offers minimal travel insurance perks, which may not appeal to frequent travellers unless combined with its rewards for domestic purchases [6].

Frequently Asked Questions

Is the Coles Rewards Mastercard worth the $99 annual fee?

The annual fee can be justified if you frequently shop at Coles and use the card's features actively, such as the Flybuys rewards and monthly discounts. Calculating your potential rewards against the fee will determine if it offers value for you.

How does the welcome bonus work?

The 40,000 bonus Flybuys points are awarded after spending $3,000 on eligible purchases within the first 90 days of card ownership. These points can be used at checkout to reduce your Coles grocery bill significantly [1].

Are there any travel-related benefits with this card?

This card does not include extensive travel benefits, focusing more on domestic rewards associated with the Flybuys program [6]. It's ideal for those primarily interested in grocery and everyday shopping savings.

How does the balance transfer offer work?

The card allows a 0% p.a. interest on balance transfers for 12 months with a 5% transfer fee on the amount transferred [1]. It can be useful for debt consolidation, though the fee should be weighed against potential savings on interest.

What are the key earning categories for Flybuys points?

Typically, purchases made within Coles and associated stores offer the most significant points accumulation, up to 3 points per dollar spent. It is crucial to verify specific terms to maximize point earnings efficiently [1].

Can I redeem Flybuys points directly for shopping?

Yes, Flybuys points can be redeemed at the checkout in Coles supermarkets, potentially saving you between $10 and $100 depending on your points balance [5].

Verdict

The Coles Rewards Mastercard suits individuals who regularly shop at Coles and wish to leverage reward points for household savings. While its annual fee and balance transfer fee are considerations, the substantial earning potential of Flybuys points and other Coles-related discounts make it an appealing option for the right cardholder. Always verify the current terms and rates directly with Coles Financial Services before applying.