Coles and NAB to revamp Fly Buys

Coles Myer and National Australia Bank have agreed to a deal to revamp their Fly Buys royalty and rewards program, 50/50 per cent-owned by both partners. The two companies have reportedly been in dispute about the future of Fly Buys, first released in 1994, but have now arrived at an agreement. Coles Myer's next foray into the credit card market will be the issue of a Mastercard-branded card later in July; this will be part of the Fly Buys program and possibly run in conjunction with GE. The card would compete directly with NAB's own proprietary cards.