Coles Fly Buy credit card

Discussion in 'Other Investments' started by Ipv6Ready, Dec 26, 2016.

  1. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Hi I was wondering anyone else have Coles flybuys credit card?

    I am thinking of buying getting one, specifically their $89 annual fee and 20% one.

    2 points per dollar on top of what you get from the partner plus free online Coles delivery is tempting, so minimum 3 points per dollar from Coles and 2 point else where.

    Anyone know who they are affiliated with?

    Or more importantly what if any pitfalls are?

    (Other than interest I pay it off so no drama)
     
  2. sfstacker

    sfstacker New Member

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    Don't do it!

    It's just a clever sale designed to take your $89.

    The best rewards cards are the free ones.
     
  3. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    There are much better options out there. Should take you no more than a minute of Google-fu/Duckduck-jitsu to find them.
     
  4. silverbait

    silverbait Member Silver Stacker

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    I ve got NAB 15 months interest free card.
    0% interest for 15 months and you only need to pay minimum closing balance is great. Plus its got few fancy platinum card protection and travel insurance so for me it works better. But if you dont need about 10K credit for 15 months at 0% dont get it. Yes you better pay in full by 15 months.

    There are a lot of cards with no annual fee as well...
     
  5. radiobirdman

    radiobirdman Active Member Silver Stacker

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    Whats a credit card
     
    Arch Stanton and spannermonkey like this.
  6. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Banking lingo for " we own your ass " :eek:
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Don't need a credit for the debt, I only want it for points.

    lets leave debates about debt to the side.

    In this day and age for those that do not pay by Credit card for everyday shopping is just leaving money
     
  8. sfstacker

    sfstacker New Member

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    How many dollars do you need to spend to earn 1 point?
     
  9. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    On my current card $1 for 1 point on my current but I need 45,000 points for $450 voucher.

    But with Coles $89 card it seems like I'd end up with 100,000 points not all point are triple.
    100,000 points equals $500 so I'm ahead.
     
  10. sfstacker

    sfstacker New Member

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    Well for your first card every 1000 points = $1
    But for the Coles card the math you presented is unclear. What do the terms of the card state as the point exchange ratio.
     
  11. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    After putting it on paper, I think will cancel my current card and get a new coles $89 dollar card.

    Coles credit card if I spend $400 dollars
    $200 at woollies (not a flybuy member) I will get 400 flybuy points from card
    $200 at Coles (a flybuy member) I will get 200 points from flybuy card plus 400 point on the card total 600 points

    Total points 1000 points @ 200 points per dollar = $5
    Plus free delivery on Coles online worth $10 per use (which I plan to use much more)
    Annual fee $89

    Current credit card if I spend $400 dollars
    $200 at woollies (not a flybuy member) I will get 200 current points
    $200 at Coles (a flybuy member) I will get 200 flybuy points plus 200 current point

    Card points 400 points @ 127 points per dollar = $3.15
    Flybuy points 200 points @ 200 points per dollar = $1.00
    Annual fee $49

    Both card have bonus points etc etc and perks but I find that it's rare for me to use the current card perks which is 12 months interest free but on the cole credit card the free delivery for colesonline when spending $100, is something that would be worth $60 for me at a minimum.
     
  12. sfstacker

    sfstacker New Member

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    So for card one you need to make 17800 points before you make back the annual fee of $89

    However, if you're going to use it for groceries I guess you can make those points pretty quick.

    You'd probably be better off getting an Amazon or PayPal card that gives you 2-3% cash back. Point systems are pretty convoluted and if you calculate most of them what you get back in points is less than what you'd get with a cashback card.

    Can you get the same things from Amazon that you can get from Coles?
     
  13. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    In this day and age for those that do not pay by Credit card for everyday shopping is just leaving money [/quot

    as above, anyone using any of the above rewards schemes is simply supplying information regarding their shopping habits and purchases which can later be used to sell other products such as car, home, life insurance etc.

    Except with the added history of proof of purchase.

    Its just another information gathering con.
     
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  14. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Yes it t is, but one that you get paid for. and if they suggest something I need all good.
     
  15. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    It is a GE gomoney. I got it 5 years ago to get 24 months interest. But since paying it off I ended up using for all everyday transaction and anything else that was interest free, Apple Store and or Harvey chain.

    Still only paid $20 in interest as I was on holdidqys to verses and pretty lack about it, yes there are fees etc but I always managed to get more.

    I probably ended up saving about $30 or so per year in interest as The way I see it if I buy iPhone or iPad why use my money that is earning interest in my account pay it off when due.

    For example this year, I ended replacing many of my apple products.
    2 x iPhone 7
    2 x iPad Pro

    Ps I also have two cards with my bank but they don't accrue much points so they don't get much use or points. Even though they both have annual fees I get that waived by my bank manager.
     
  16. Radio8tiv

    Radio8tiv Active Member

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    Using credit cards for vouchers is one of the worst ways of redeeming your points along with buying toasters from their rewards stores,

    If you want to earn points from supermarket spend look into the Amex platinum edge this will earn 3 points per dollar at supermarkets and 2 ppd for fuel for $189 per annum this card also comes with 15k bonus points on signup (using a referral link) and $200 to spend at Amex travel for things like flights, hotels, etc.

    Alternatively Amex has three rewards cards for zero dollars per annum, earning MR, Qantas, or Velocity points.

    Plus Amex has some great features like statement credits, shop small, and local champion which represent great value.

    Why stay home hoarding your stash when you travel around the world in luxury.
     
  17. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Do Coles charge extra for Amex?
    Had I known that I would have used my Amex more often when I had one. Might look at it again.
     
  18. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Also velocity or Qantas points don't interest too much, already fly far to often
     
  19. Radio8tiv

    Radio8tiv Active Member

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    Most supermarkets and larger establishments don't charge extra for Amex, only a small proportion of my spend has to be diverted to visa, and even then there are ways around it.
    For example if I want some thing from JB HiFi who charge for Amex and I only get 1ppd for visa, I go to Woolworths and by a gift card earning 4ppd (standard 3 plus 1 for local champion) then by what I need with it at JB. Also Telstra charges for Amex, so I pay via PayPal I get full points and Telstra don't charge extra for using PayPal. It's a bit of work but points can be accumulated quickly by just a change of mindset.
     
  20. Radio8tiv

    Radio8tiv Active Member

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    I wish I could fly for work, my flying is self funded pleasure travel.
     

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