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.

 

[Jacques Vert]

Both +1 & I had this card when it had no overseas transaction fees and a low annual fee. I cancelled mine when they introduced overseas transaction fees mid 2024, just before I was heading o/s for 7 months.

+1 kept hers as a back-up but will cancel before the next annual fee (assuming we can find something better once the dust settles).

 

[n7of9]

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

I have this card, but it's for my mum. She likes getting $10 off her Coles shop using the linked Flybuys points.

 

[Flyfrequently]

I have this card, but it's for my mum. She likes getting $10 off her Coles shop using the linked Flybuys points.

Nice one @n7of9

 

[kyle]

I have this card, but it's for my mum. She likes getting $10 off her Coles shop using the linked Flybuys points.

I'm assuming the $10 off does not count as a payment method (unlike Woolies) for the purpose of a bonus points spend threshold?

 

[kyle]

I've just received the email from them. If my rewards platinum card's points value is effectively devalued by 3/4 as I don't spend using that card at Coles, I might as get just switch over to the no annual fee version.

 

[MG1]

Now that this card will be earning the equivalent of 0.5 Velocity point per dollar - is there any Visa or Mastercard card on the market, which isn't by a major bank, which will earn 1 point per dollar (or even 0.75 points per dollar), with a low annual fee and a low credit limit (so, basically, a replacement of this card)?

I was using this card for purchases where Amex wasn't accepted - I now need to look for another card as 0.5 pts/$ isn't worth my time.

I feel that with these devaluations, it is the beginning of the end. Dark times ahead (unfortunately).