Woolworths to honour Masters gift cards for customers

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 - rates updated daily

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
  • Hot DealNo Fee Personal Loan for loans up to $50,000!
    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

    Details
  • Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 8.48% p.a.
    6.96% p.a.to 8.69% p.a.based on $30,000
    over 5 years

    OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

    Details
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 8.69% p.a.
    6.39% p.a.to 9.61% 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. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

    Details
  • Personal Loan

    Fixed, Secured

    interest rate
    comparison rate
    Monthly repayment
    5.99% p.a.to 21.99% p.a.
    7.26% p.a.to 23.15% p.a.based on $30,000
    over 5 years

    Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.

    Details
  • Personal Loan

    Variable, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.to 25.99% p.a.
    6.47% p.a.to 29.2% p.a.based on $30,000
    over 5 years

    Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.

    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 Loans 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.