Coles Group Source Mastercard

With the crude oil price reaching new records and petrol prices rising by the week, a lot of consumers will do anything to save money on petrol. There is one thing that you can do! The Coles Group Source Mastercard plays on the shop-a-docket relationship between Coles and Shell, to offer cardholders an 8 cent per litre discount on fuel. This is currently the largest regular discount available in the market today. GE Money provides the finance for the card, and processes applications and customer enquiries.

So just what do customers get? Well, the main attraction of the Coles Group Source Mastercard is the saving on petrol. As detailed on their website, you can take the following four steps to save eight cents per litre on your fuel bill.

Step 1: Spend $30 or more in one transaction on your Coles Group Source Mastercard at either Coles, Bilo or Liquorland.

Step 2: During the following month you will receive a 4 cent Fuel Saver Voucher which will be valid for a limited time. (Earn a maximum of 4 per month - one for each week)!

Step 3: Combine your 4 cent Fuel Saver Voucher with a valid 4 cent Fuel Discount Receipt which you would have received with your purchase in Step 1.

Step 4: Save 8 cents per litre on fuel when you fill up at any Coles Express Service Station across Australia.

Whilst the petrol saving is the main feature of the card, other benefits do apply. Customers receive a 62 day interest free period, which is currently the longest available in the market. The only catch is that if you do not pay your account balance in full, you are subject to interest from the day of purchase at 19.49% p.a. This is towards the top end of credit card rates.

Another key benefit works in conjunction with the Fly Buys program, one of Australia's first rewards programs. With the Source Mastercard, you can earn double fly buys points when you pay for purchases at participating stores. So get your rewards twice as fast!

Other benefits include no annual fee, an introductory 6 month interest free balance transfer, which is great for spreading out debt repayments, and of course you have worldwide acceptance under the Mastercard Network. Additionally, Coles Group Stores may make special offers such as 3, 6, 12, 24, 36 and 48 months interest free on certain purchases from time to time, only applicable to card holders.

So who's going to use it? Well, people who want to save money on petrol for a start! If you shop at Coles, and already have a Fly Buys Card it will slot in perfectly. We would not recommend the card if you don't pay your full balance at the end of the month, but if you do, then the long interest-free period and the special offers will save money for you!

Published on October 10-nd, 2007 in Credit Cards
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.