"We're making some changes to your Coles Mastercard" - in other words, we are making it worse for you

15 replies

brettepi

Member since 10 Jul 2017

Total posts 86

If there is one thing I am really getting used to/completely annoyed by, it's the constant changing of terms and conditions of credit cards that I use. The changes ALWAYS seem to be negative.


Coles Mastercard just announced they are assigning the cards to be controlled by Citibank. Oh thanks Coles, if I wanted a citibank credit card I would have signed up with them.

What's next? I bet they will start charging an international transaction fee and continue to screw tighter and tighter.

Why can't the banks and credit card companies just stick to what was agreed when users sign up? There should be guarantees when you sign up for a credit card that no conditions will change for a set period of at least 1-2 years.

As always the little people get the raw end of the deal.

mo

Member since 22 Dec 2012

Total posts 12

It is frustrating that changes in rewards cards and loyalty programs always seem to be negative.


I would not want to deal with Citibank. They are frustrating to deal with and they find excuses to not pay out signup bonuses.

Blake

Member since 03 May 2017

Total posts 39

Whats the negative? so far all you are complaining about is that Citibank will provide the backend service instead of Wesfarmers.


Chris Chamberlin

Member since 24 Apr 2012

Total posts 1,096

This was announced back in 2016 and firmed-up in early 2017, and by the sounds of it, none of the actual product details (earn rate, annual fee etc.) are changing, just the lender that provides the capital for the credit card to function (it'll still be branded as the Coles card). Not really a "raw deal" when nothing material is actually changing.

Citibank is also the card issuer behind Qantas Premier, the Virgin Money cards, Suncorp, Bank of Queensland, Card Services and Diners Club, among others, with Coles just being Citi's latest 'white label'.

Last editedby Chris Chamberlin at Jan 18, 2018, 03:21 PM.

brinkers

Qantas - Qantas Frequent Flyer

Member since 16 Jun 2011

Total posts 225

There are a few small changes being made

1) Narrowing of the interest free period, changes from "up to 62 days" to "up to 55 days"

2) Due date changes (25 days after statement date, rather than one month)

3) Minimum payment due calculation changes

4) Some changes to fees

5) Exclusion of ATO/government charges on applicable cards

6) Timeframe for posting points looks to be changing

Andrew Barkery

Qantas - Qantas Frequent Flyer

Member since 21 Mar 2011

Total posts 427

Go with VGW, normally a few hours and your funds move into your VGW account, very easy currency to currency transfer, you use your own money, you earn 0.33 points per $1 spent in Aust, tap and go, earn Coles FB points, no interest ever, no late payment fees, no having to deal with our Citibank friends in India (double cross by making a late payment/or not paying or going against the rules and you will get phone spammed.
I wouldn't touch Citibank with a BargePole... someone I know closed their account with them and even now, 2 years down the track, Citibank still says this person still has an outstanding debt, and practically won't close the account.

Chris Chamberlin

Member since 24 Apr 2012

Total posts 1,096

There are a few small changes being made

1) Narrowing of the interest free period, changes from "up to 62 days" to "up to 55 days"

2) Due date changes (25 days after statement date, rather than one month)

3) Minimum payment due calculation changes

4) Some changes to fees

5) Exclusion of ATO/government charges on applicable cards

6) Timeframe for posting points looks to be changing


Well, there you go. Wouldn't have known from the first post. ;)

Just flicked through the new T&Cs and can see that the international transaction fee on purchases will continue to be waived for Rewards and Rewards Platinum cardholders. No points on government transactions as you say, which is unfortunately the same of all Citi cards.

brettepi

Member since 10 Jul 2017

Total posts 86

Whats the negative? so far all you are complaining about is that Citibank will provide the backend service instead of Wesfarmers.


just wait..

Last editedby Chris Chamberlin at Jan 19, 2018, 12:02 PM.

coralda

Virgin Australia - Velocity Rewards

Member since 21 Oct 2016

Total posts 8



GigiPk

Qantas - Qantas Frequent Flyer

Member since 17 Mar 2016

Total posts 17

Change will take effective 5th March as 'Brinkers' has outlined most changes above. Westfarmers Group doesn't manage this Coles credit cards as Latitude Financial Group does, Latitude is a US company also. Terms & Conditions state "ITEM 3.4. It will take up to 60 days after an Eligible Transaction has been processed by us for flybuys Points to be credited to Your flybuys Membership Account". Simply, if at all possible, swipe Flybuy card at point of purchase rather than waiting on Citi Bank to get their act together. No where does it state that Citi Bank will NOT charge 0.95c for privilege of using Bpay either.

mstyson22

Velocity Platinum

Member since 08 Jul 2011

Total posts 7

Pity about Coles stooping to Citbank. I've had mostly bad experiences with Citi. A pretty ugly organisation. Anyway, one less card I need to monitor.

Sibelius

Virgin Australia - Velocity Rewards

Member since 06 Aug 2017

Total posts 95

I've had a Coles Mastercard for years -- ever since the days that it was a GE Finance card -- and I keep looking for an excuse to get rid of it, but I can't find one. The fact is that for a very low annual fee I get 1 Velocity point per dollar spent (if I transfer the points during the frequent 15% bonus promotions), and no overseas transaction fees, among other benefits that may be of use to some customers (eg. free delivery on Coles Online orders).

Customer service on this card has always been pretty awful. GE Finance certainly set many standards in poor, and at times unscrupulous, customer service. I wouldn't expect Citi to be very good, but I also don't expect it to be worse than GE was.

Noel2000

Member since 21 Jan 2018

Total posts 2

I got onto the Coles Mastercard August 2017 and it became my card for overseas transactions. When Virgin platinum dropped points for payments to government entities my virgin spend plummeted and moved over to Coles. Coles seemed like the perfect answer - until the email last week that as of March 5th Citibank is the direct link (as opposed to apparently providing the functionality). Excluded transactions now cover government payments so for me the Coles Mastercard has moved from top of the class to just another card with few benefits given our nature of spend. It was nice knowing you Coles! I have the old faithful 28 degrees card for overseas transactions and really surprisingly, the Latitude Infinity card which Latitude automatically supplied to replace the old Myer Visa card still gives rewards for government spend. Yes, the cards are regularly reducing their attractiveness. I'd love to see the analysis by the card companies of the impact of the changes on their customer bases!

flyOFTEN

Member since 24 Apr 2015

Total posts 14

Another reason to start using cash. The cash economy is booming & it's impossible to measure as cash doesn't get banked just passed around . I don't care if they don't pay their gst.

Andrew Barkery

Qantas - Qantas Frequent Flyer

Member since 21 Mar 2011

Total posts 427




Velocity Global Wallet.

33% return on a Aud$1 spend rate within Australia is not bad.
Granted that people who earn more will want/need a higher rate of return/more benefits.

Hi Guest, join in the discussion on "We're making some changes to your Coles Mastercard" - in other words, we are making it worse for you

Attach Files