New Coles card to lure customers
Coles Myer and GE Capital will launch a ‘private-label' credit card known as the Coles Myer Card.
The card will replace the company's suite of store cards that were marketed under the brands of Myer, Grace Bros, Target and K-Mart in a bid to capture a greater share of Australia's retail spending.
Previously unable to use their store cards across all the Coles Myer retail outlets, cardholders will be able to use the card to pay for purchases in most of the group's subsidiaries, including Coles supermarkets and all department store chains.
GE Capital Finance is the credit provider for the card and will also perform most back-office functions, including call centre and processing.
With no annual fees, customers who spend more than $2,500 on the card will also receive exclusive benefits and discount interest rates and the more you spend with the group the greater the benefits.
Customers who spend more than $2,500 a year will pay an annual interest rate of 17.5 per cent, while those who spend more than $5,000 will pay 15.5 per cent. The nominal rate on the card will be 21.9 per cent.
Coles Myer's general manager of financial services, Mr Rob Giles, said the card program would be expanded next year to enable customers to make card purchases through the company's internet businesses, such as Target Online.
Coles Myer is the largest non-bank issuer of credit cards in the country, claiming an active card-holder base of more than 1.7 million.
With Christmas approaching, Infochoice reccomends that consumers review their credit cards to ensure they have a card which reflects their spending habits. Read more here.