Coles Rewards MasterCard to Cap Flybuys Points

Coles Rewards MasterCard to Cap Flybuys Points
The number of flybuys points that can be earned on a Coles Rewards Mastercard is being reduced.

The Coles Rewards MasterCard credit card has been an unlikely favourite with overseas travellers in recent years. With a relatively low $99 annual fee, this no-frills credit card has no international transaction fees. It also awards 2 Flybuys points per $1 spent.

Flybuys points can be converted to Velocity Frequent Flyer points, making the card one of the better earners for Velocity points as well.

Until now, there has been no cap to the number of Flybuys points that could be earned with the Coles Rewards credit card at the full rate each month. Unfortunately, this will soon change.

From 12 January 2021, Coles Rewards MasterCard cardholders will only earn 2 Flybuys points per $1 up to the first $3,000 spent each month. Above this cap, subsequent points will be awarded at a rate of 1 Flybuys point per $1.

Coles Rewards MastercardThis is a disappointing development as the Coles Rewards MasterCard has been one of the few remaining credit cards in Australia where Velocity points could be earned at an effective rate of 1 point per $1, uncapped. (Although 2 Flybuys points are worth 0.87 Velocity points, Flybuys offers regular promotions where you can get 15% bonus points on transfers to Velocity, bringing the conversion rate to 2:1).

The annual Flybuys-Velocity points transfer limit of 138,000 Flybuys points still remains.

The good news is that there are still various Australian credit cards where Velocity points can be earned at a rate of at least 1 point per dollar, uncapped. But all of these are American Express or Diners Club cards, and none of them have zero international transaction fees.

Meanwhile the ANZ Rewards Travel Adventures card, another Australian credit card with no international transaction fees, will also be devalued from December. The complimentary annual Virgin Australia flight and lounge passes that currently come with this card are being removed.


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Matt Graham
The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 60 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil, New Zealand & Kazakhstan. His interests include economics, aviation & foreign languages, and he has a soft spot for good food and red wine.

You can contact Matt at [email protected]