Coles Rewards MasterCard devaluation

[bernardblack]

Since the coles card is now under nab wonder if a product switch is possible..?

I asked about this as part of trying to open the NAB Rewards Signature a few weeks back. As yet no such migration path exists.

 

[Jacques Vert]

And now my statement today shows two transactions in late June to which an international fee was already applied. I'm guessing they didn't get their cough together and process those two until 1 July, despite the transaction date. Grumpy message sent. Check your statements!

Four transactions on 30 June on +1's card; no international fee charged.

 

[aspro2]

Four transactions on 30 June on +1's card; no international fee charged.

Is that on a statement or just in your online transaction list? As far as I can tell, the online entries do not disclose an included fee, but it is disclosed on the monthly statement.

 

[oz_mark]

I asked about this as part of trying to open the NAB Rewards Signature a few weeks back. As yet no such migration path exists.

Citibank cards are still on the Citibank system.

While they had planned a migration to their new unsecured loan platform this year, that looks like it has been delayed, and credit cards may not be migrated until next year. Apparently, NAB have extended their agreement with Citibank for a year,

 

[Jacques Vert]

Is that on a statement or just in your online transaction list? As far as I can tell, the online entries do not disclose an included fee, but it is disclosed on the monthly statement.

It's on the online transaction list. Haven't received the statement yet.

 

[aspro2]

It's on the online transaction list. Haven't received the statement yet.

UPDATE: Coles Mastercard online support claim that the observed "international transaction fee" in my statement transactions is in fact not an actual international transaction fee that has been charged. I'm going to have to go back and compare prevailing forex rates on all dates to see whether this is true - the displayed amount is equivalent to 3%. But so readers understand the issue better, here's the different presentation of foreign transactions:

BEFORE approx 25 June 2024:

[DATE] Presicarre Corp.-Cq [AUD AMOUNT]
Foreign Amount [FOREX AMOUNT]

NEW APPEARANCE (with additional line showing a fee):

[DATE] Paddle.Net [AUD AMOUNT]
Foreign Amount [FOREX AMOUNT]
AUD 116.14 includes International Transaction fee AUD 3.38

So, I'd advise people to check their statements and work out whether a 3% margin/commission is actually being added or not. IIRC the usual built-in margin for the Coles Mastercard was about 0.5-1.0%? (it's a long time since I've checked)

 

[oz_mark]

So, I'd advise people to check their statements and work out whether a 3% margin/commission is actually being added or not. IIRC the usual built-in margin for the Coles Mastercard was about 0.5-1.0%? (it's a long time since I've checked)

It uses the Mastercard rate which you can check here: Mastercard Currency Converter | Currency Exchange Rate Calculator

 

[aspro2]

So, I'd advise people to check their statements and work out whether a 3% margin/commission is actually being added or not.

I can confirm that they added a 3% commission for the two June transactions mentioned earlier up-thread and have misrepresented this in correspondence with me. I am threatening them with AFCA action if they remain in breach of the terms.

 

[RichardB]

I have had my Coles Card for at least 25 years now getting extensive use overseas but since Citibank ( who operated the card) were taken over by NAB they have slowly but surely removed the benefits offered by both Citi and Coles cards. My Cole’s card ant the NAB cards given to me as Citi was taken over are now chopped up. NAB the greediest of the big banks and I will never have anything to do with them again. Disgusting service NAB. You have a hide using Australia in you name.

 

[L2.]

I just got an email from them today to advise that the interest free period is being reduced from 55 to 44 days:


Whilst this doesn't practically make a huge difference to me, after the devaluation a few months ago I think it's a sign that it's time to close this card and find a better product.

 

[Tacce73]

Agree, for me it's definitely another nail in the coffin for this card. I'm 100% looking for a better card that has free international transactions.

 

[Flyfrequently]

think it's a sign that it's time to close this card and find a better product.

Amex and ANZ Visa have also moved from 55 days to 44, just sayin' @L2.