Coles Rewards MasterCard has no forex fees now!

Status
Not open for further replies.
K

kallinch

Member
Joined
Apr 9, 2012
Posts
200
So with the recent changes and enhancement of the annual fee from $49 to $89 p.a. this card now includes NO forex fees/international transactions fees on purchases!
https://financialservices.coles.com.au/credit-cards/rewards-mastercard

If you have a limit of 6k or more the card will be Platinum meaning you also get purchase insurance and concierge.

There is no travel insurance on this card.

I believe it's still issued by GE Money so I suppose it isn't to surprising due to their 28 Degrees card.

The card is also free (no annual fee) to all Coles Team Members who enter the promo code "team member offer" and then validate it with their employee ID.
https://financialservices.coles.com.au/credit-cards/team-member
 
Last edited:
An interesting development. I wonder if this will be the next 28 degrees card?
 
[h=2]it would be good if you got points on their No Annual Fee MasterCard and no forex fees for purchases overseas?[/h]
 
Coles card should now be owned in house by Wesfarmers as they exercised an option to buy out GE as part of sale of GE's consumer finance business in Australia. Might explain the recent changes.
 
Bankwest Platinum Zero will get you no forex fees, provides insurances and no annual fee. I do not know why this card is not more popular. Only the Bankwest World Mastercard (at a grandfathered $99 pa the lucky few! and $229 pa for others) with uncapped 1:1 QF points is a better card IMHO.
 
Pleb Status said:
Bankwest Platinum Zero will get you no forex fees, provides insurances and no annual fee.
Click to expand...

I don't know why people are so hung up on this. On a recent trip to the US I made multiple purchases with NAB, AMEX and no fee 28 degrees card.

Whilst there may well be no fees for the Bankwest 28 degrees card, the exchange rate offered on every purchase was always worse compared to the other two cards. So in every instance, even with the fees NAB and AMEX came out better than Bankwest.

As a result, as soon as my 50,000 points post from the recent Bankwest sign up deal, I'm cancelling the card (well to be completely transparent, I was going to cancel anyway, but this helped the decision and will provide ammunition when they come calling asking me why I cancelled just 4 months after opening the account).
 
Dr Ralph said:
Whilst there may well be no fees for the Bankwest 28 degrees card, the exchange rate offered on every purchase was always worse compared to the other two cards. So in every instance, even with the fees NAB and AMEX came out better than Bankwest.
Click to expand...

The Bankwest Platinum Zero and 28 Degrees Mastercard are two different products from two different banks.

Anyway, I was under the impression that the forex rate used was set by Visa / Mastercard / Amex, and not the banks.
 
Dr Ralph said:
I don't know why people are so hung up on this. On a recent trip to the US I made multiple purchases with NAB, AMEX and no fee 28 degrees card.

Whilst there may well be no fees for the Bankwest 28 degrees card, the exchange rate offered on every purchase was always worse compared to the other two cards. So in every instance, even with the fees NAB and AMEX came out better than Bankwest.

As a result, as soon as my 50,000 points post from the recent Bankwest sign up deal, I'm cancelling the card (well to be completely transparent, I was going to cancel anyway, but this helped the decision and will provide ammunition when they come calling asking me why I cancelled just 4 months after opening the account).
Click to expand...

I am not sure how you are doing your calculations, but I had a USD purchase clear on my BW world account today and the exchange rate used was within 0.0001 of the official Mastercard rate. It would have been impossible to get a better rate on my NAB cards including the FX fee.
 
akeno said:
That exchange rate cannot be right as that is their foreign cash website.
Click to expand...

Amex charges a 3% foreign currency transaction fee based on the AU currency amount which would explain the difference.
 
May now be no fees, but I just noticed in my latest statement an announcement that annual fee will double next year!
 
Dr Ralph said:
May now be no fees, but I just noticed in my latest statement an announcement that annual fee will double next year!
Click to expand...

Are you referring to the increase from $49 to $89 that was mentioned in the first sentence of this thread? Or is this another increase?
 
After 10 years with a Coles MasterCard I have just cancelled my card today. The annual fees from next year will double. Seems this is a result of a change to the forex fees.
 
Mattg said:
Are you referring to the increase from $49 to $89 that was mentioned in the first sentence of this thread? Or is this another increase?
Click to expand...

That's the fee I was referring to.

Unjustified. And has now caused me to close this account permanently.
 
There was an offer on, not sure if it is extant. I tested the ATO and reported a while back in that thread I think. This card was not a replacement for the BW W card as I remember there were fees both ways, but can't remember what off hand.

There are low forex fees till December 16.
 
Here's the Coles M/C ATO charge test, what do you think? And, here's how many FlyBuys I earned ;):

[TABLE="class: TransactionHistory ng-scope, width: 940"]
[TR]
[TD="class: u-showWhenDesktop"]25/06/16[/TD]
[TD="class: u-showWhenDesktop"]26th Jun 201626/06/16[/TD]
[TD]Coles Mastercard
[/TD]
[TD="class: u-textRight ng-binding, align: right"]$10.00[/TD]
[TD="class: u-textRight u-showWhenDesktop ng-binding, align: right"]5[/TD]
[TD="class: u-textRight u-showWhenDesktop ng-binding, align: right"]0[/TD]
[TD="class: u-textRight TransactionHistory-totalPoints ng-binding, align: right"]5[/TD]
[/TR]
[/TABLE]

[TABLE="width: 736"]
[TR]
[TD]23 JUN 2016[/TD]
[TD][/TD]
[TD]ATO PAYMENT SYDNEY NSW[/TD]
[TD="align: right"]-$10.00[/TD]
[/TR]
[TR]
[TD]23 JUN 2016[/TD]
[TD][/TD]
[TD]CARD PAYMENT FEE ATO SYDNEY NSW[/TD]
[TD="align: right"]-$0.04[/TD]
[/TR]
[/TABLE]

get me outta here said:
There was an offer on, not sure if it is extant. I tested the ATO and reported a while back in that thread I think. This card was not a replacement for the BW W card as I remember there were fees both ways, but can't remember what off hand.

There are low forex fees till December 16.
Click to expand...
 
Status
Not open for further replies.

Become an AFF member!

Join Australian Frequent Flyer (AFF) for free and unlock insider tips, exclusive deals, and global meetups with 65,000+ frequent flyers.

AFF members can also access our Frequent Flyer Training courses, and upgrade to Fast-track your way to expert traveller status and unlock even more exclusive discounts!

AFF forum abbreviations

Wondering about Y, J or any of the other abbreviations used on our forum?

Check out our guide to common AFF acronyms & abbreviations.

Recent Posts

Currently Active Users

Total: 244 (members: 18, guests: 226)
Back
Top