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Last updated: May 6, 2020
Coles unsecured credit products are issued by Citigroup Pty Limited, who will provide you with information about how you can manage your repayments during this time. The information on this page is provided by Citigroup Pty Limited for the purpose of supporting you in these challenging times.
COVID-19 is creating a difficult situation for many Australians. We have a number of options available to help you manage your cash flow and create some breathing room during this uncertain and evolving time:
1. Set up an automatic payment so you don't miss your due date
There are a number of ways you can avoid late fees on your account. You could set a recurring reminder in your phone or diary, or you could set up a recurring payment to your Coles Mastercard or Coles Personal Loan from your transaction account.
Alternatively, you could set up a direct debit to automatically pay either your Closing Balance, or the Minimum Payment Due, plus any Overdue Amount and any Overlimit Amount, every month on the Minimum Payment Due Date from the bank account of your choice.
You can set up a direct debit to pay your Coles Mastercard or Coles Personal Loan by logging in to the Online Service Centre, clicking ‘My Payments’ and then ‘Pay My Account’.
2. Pay your balance off over time in smaller, fixed monthly payments
If you are a Coles Mastercard customer and like to stay in control of your budget, you may be eligible for an Instalment Plan that allows you to break large payments - either individual transactions or your statement balance - into smaller, more manageable monthly repayments at a fixed rate over a set period of time that best suits you*.
*Instalment Plans are defined in the Coles Mastercard Terms and Conditions and Other Important Information as a Fixed Payment Option. Fixed Payment Option offers are subject to eligibility and only available if your Account is and remains in good standing. Your Fixed Payment Option uses part of your existing credit limit. As you pay off your Fixed Payment Option, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account. For the full terms and conditions of your Fixed Payment Option, please refer to the Coles Mastercard Terms and Conditions and Other Important Information
3. Defer your repayments for 3 months
If your circumstances have changed due to COVID-19, we can help you by allowing you to defer your repayments for three months on your Coles Mastercard or Coles Personal Loan. We may give you the option to extend for a further three months at the end of your initial deferral period.
During the deferral period, you may make payments at any time without impacting your deferral program, but no payments are required, no late fees will be charged and your account will not be overdue, although you will continue to accrue interest on your outstanding balance. You will be able to continue to spend, provided you are up to date in your repayments at the point of applying for a deferral and you have available credit limit.
To apply, complete this simple online application form. In most circumstances, you will automatically qualify.
If COVID-19 has impacted or exacerbated your situation, you are entitled to apply for the three month payment deferral for your Credit Card and/or Personal Loan account(s).
If you need more or different support, you can read about our Financial Hardship assistance here.
If you have been paying for Account Cover Plus, you may be eligible to make a claim. Any credit card insurance policy wouldn't preclude you from applying for payment deferrals or financial hardship assistance if you require it.
Provided you are up to date in your repayments at the point of applying for a deferral and you have an available credit limit, you will be able to continue to spend on your card during the payment deferral period.
However, please note that there will be a period of up to 48 hours during which your Coles Mastercard will be suspended from usage while your payment deferral is put in place. This does not apply to Coles Personal Loan cards. This may mean you have recurring payments from your credit card rejected during this time.
We will not report any missed payments to the credit bureau during the period of your payment deferral.
Your Instalment Plan, or Fixed Payment Option (FPO), will effectively be paused for the duration of your approved payment deferral, meaning you will not be required to make any repayments.
Some more information you should know:
For more information about your Fixed Payment Option, if you are a Coles Mastercard customer please refer to the Coles Mastercard Terms and Conditions and Other Important Information
If you are a Coles Personal Loans customer, please refer to the current Terms and Conditions relating to your Account.