Coles’ Source card gets rewarding revamp

GE Money and Coles Myer have combined to revamp the Coles Myer Source credit card which now offers instant shopping rewards, including petrol discounts. The new rewards program offers card holders an introductory 8 cents a litre petrol discount with an ongoing standard discount of 6 cents a litre when shopping with the Source card.

The card also offers a zero per cent balance transfer rate for 6 months, 62 days interest free and no annual card or membership fee. The ongoing interest rate on purchases is 18.5 per cent pa.

The move is a further sign of the intense competitiveness in today's credit card market. The revamped rewards program is an example of Coles Myer making the most it's capacity to cross-sell across its retail empire, something other large organisations would love to emulate.