Woolworths to honour Masters gift cards for customers

By Roisin Kelly-Goldsmith · · 2 min read
Fact Checked
Advertiser disclosure

Customers with Masters gift cards won’t face the same fate as Dick Smith’s, after Woolworths announced today they will honour those left with vouchers from the fallen chain. 

On Monday Woolworths went public with news of its exit from all 63 Masters Home Improvement stores around Australia. It’s a disappointing outcome for many including those in the Western Sydney suburb of Penrith where a Masters store only opened four days ago.

"Of course it is very disappointing," the Mayor of Penrith Karen McKeown told the Sydney Morning Herald yesterday. 

Masters will begin to close its doors in a process that will take several months, in which customers can spend their gift cards in-store. Alternatively, “any gift cards can already be used at Woolworths group stores,” wrote Woolworths on the Masters website. 

RELATED: Bank refund may be available to customers left upset over Dick Smith card trap 

The supermarket giants’ move to keep gift cards valid may have been prompted by the recent backlash against electronics retailer Dick Smith. Most remaining Dick Smith gift card holders are out of pocket to the frustration of South Australian Senator Nick Xenophon who wants reform.

“The Dick Smith Holdings collapse highlights the lack of protection for consumers when it comes to gift cards and deposits paid,” Xenophon recently announced. 

“These proposed reforms which will be contained in legislation I will be introducing into the Senate next month, will finally give consumers the protection they deserve.”

Such reforms Xenophon is proposing includes external administrators being obliged to prioritise customers over creditors when a company goes under. 

The Australian home improvement retail sector is now left with Bunnings, the popular chain Masters was modelled on, stores such as Mitre 10 and smaller independent businesses. 

RELATED: Research shows online market JB Hi Fi the downfall of Dick Smith 

Michele Levine, CEO of Roy Morgan Research said their retail research shows Masters had a tough competitor to topple due to strong brand loyalty among its customers. 

“Even though the average customer spend per four weeks was slightly higher for Masters ($166) than it was for Bunnings ($154), the sheer enormity of Bunnings’ customer-base ensured that Masters never came close to challenging its rival’s market supremacy,” Levine said.  

Are you planning on giving your humble abode a makeover? Read our guide on renovation loans here or compare personal loans in Mozo’s comparison hub.

Personal loan comparisons on Mozo - last updated 16 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Sponsored Deal
    Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 19.95% p.a.
    5.95% p.a.to 19.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Back to back winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021 & 2022^.

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    Go to site
    Details
  • Featured Product Hot Deal A special low rate starting from 5.45% (6.07% comparison rate)
    Low Rate Personal Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 8.48% p.a.
    6.07% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    OurMoneyMarket offer competitive low rates for borrowers with excellent credit on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.

    Go to site
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 19.09% p.a.
    6.14% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    Go to site
    Details
  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

    Go to site
    Details
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.89% p.a.
    6.39% p.a.to 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    Go to site
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.45% p.a.
    6.79% p.a.to 17.86% p.a.based on $30,000
    over 5 years

    Wisr offers personal loans for any worthwhile purpose, tailored to your credit score to ensure you’re getting a fair deal. Plus, no ongoing or early exit fees. Loans from $5,000 to $79,000. Terms of either 3, 5 or 7 years. $595 establishment fee. Eligibility criteria applies.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $35,352.21 including fees.

    Go to site
    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.