Coles launches No Annual Fee Mastercard credit card
Supermarket giant Coles is stepping up its banking presence and looking to gain on its share of the market with the new Coles No Annual Fee Mastercard credit card.
Launched in partnership with GE Capital Australia the new credit card offers users 1 FlyBuy point for every $2 spent on the card at a purchase rate of 17.99 percent and of course no annual fee.
Although the card offers just a quarter of the points compared to the existing Coles Rewards Mastercard, the supermarket expects that customers will find value with the removal of the annual fee and the lowered purchase rate down to 17.99 percent compared to the 19.99 percent offered on the Rewards Mastercard.
According to Coles GM Richard Wormald the Coles No Annual Fee Mastercard is the supermarkets answer to customer demand for a lower cost rewards credit card, reports Inside Retailing.
"At Coles we are constantly looking at how we can offer our customers the best possible value and the launch of the Coles No Annual Fee Mastercard provides just that," said Mr Wormald.
However according to the Australian Financial Review the new credit card could be part of the supermarket's greater strategy to step up its customer mining data. Supermarket rival Woolworths recently purchased a 50 percent stake in data analytics company Quantium, which supposedly will help Woolworths with their own attempt at data mining customers through rewards cards.
Shoppers can compare the value of the new Coles No Annual Fee Mastercard to see how it weighs up against other rewards credit cards on Mozo.
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