Coles Group Source Gold MasterCard
The Coles Group Source Gold MasterCard is a credit card that is supplied by the Coles Group, a petrol retailer that is active throughout Australia. Although it is branded with the Cole Group brand and it is eligible for a number of discounts at Cole Group stores, it is operated by GE Money, which operates a large number of similar cards on behalf of retailers. The card processor is MasterCard, which is one of the largest card processors in the world.
The Coles Group Source Gold MasterCard has a higher than average interest rate, but it has no annual fee and some very good rewards. It is a good secondary card for a card holder but it is not good as the card to have a main balance on. Extra cards can be applied for, and these extra cards are free.
The Coles Group Source Gold MasterCard is like the Coles Group Source MasterCard, but it has complimentary insurance in the shape of Merchandise Protection insurance and MasterCard Assist. This is at no extra cost to the card holder.
The Coles Group Source Gold MasterCard has one of the longest credit card grace periods on the market at up to 62 days. The grace period is the period between when a card is accepted and when the amount paid starts to be charged for interest. This means that if the card is paid off during the grace period then no interest becomes due.
One of the best features of the Coles Group Source Gold MasterCard is the fact that there are savings on petrol when the card is used at a Coles Group service station.
There is a balance transfer deal for the Coles Group Source Gold MasterCard which allows for 0% interest on balance transfers for up to six months. This does not apply for spending, and the whole of the spending balance will be charged at the normal interest rate until the balance transfer is totally paid off. There will also be a normal interest charge on the balance transferred after six months.
The card is part of the fly buys scheme which allows for points to be accrued at Coles Group stores at the rate of two points for every $5 spent. The card can also be used to accrue points at other Fly Buys outlets. The Fly Buys scheme has to be applied for separately and registered with the Coles Group Source Gold MasterCard.