Coles Rewards MasterCard devaluation

[Pete98765432]

I’m surprised the product still even exists.
For those that do hold it, why?

I got it when there was a bonus points offer and had no international transaction fees. A couple of months after that they scrapped that benefit but I kept it as it effectively gives 1 velocity point per dollar. With this latest devaluation I will probably close my account.

 

[kyle]

I’m surprised the product still even exists.
For those that do hold it, why?

Had it when there was no foreign transaction fees but kept it because I don't have any other Visa or Master credit card and this card allows for a $1K credit limit which I needed to get loan refinance. It's becoming difficult to get new credit cards because of those full visibility changes.

 

[Human]

I’m surprised the product still even exists.
For those that do hold it, why?

That’s a very good question. With this change, the only possible reason to hold it is because it earns 1 Velocity point per $ at Coles. But the AmEx Platinum Edge earns 1.5 Velocity points per $ at Coles — plus other supermarkets and petrol stations. And if you use the travel credit, it’s better value for money as well.

And the Coles card is a lousy “backup” or emergency card, because it charges an annual fee.