Verdict up front: The Coles Rewards Mastercard is the obvious Flybuys card — but it’s not always the best. For heavy Coles shoppers, it earns 2 Flybuys points per $1 at Coles (vs 1 point per $2 on the no-fee card). For people who shop at both Coles and other retailers, the Amex Platinum Edge earns more total value through transferable points you can also redeem at Coles.
Last updated: April 2026 | [Affiliate disclosure: We earn a commission if you apply via our links.]
Coles operates one of Australia’s largest loyalty programs through Flybuys — and unlike the Woolworths/ANZ credit card partnership, the Coles credit card ecosystem is simpler: it’s just Coles’ own cards via their banking partner.
That’s both good and bad. Good because it’s straightforward. Bad because it means Coles’ own cards are often the only ones that specifically boost your Flybuys earn — and they’re not always the best overall value.
What Is Flybuys and How Much Is a Point Worth?
Flybuys is Coles’ loyalty currency. You earn points shopping at Coles, Coles Express, Liquorland, First Choice Liquor, and various partner brands.
Redemption value: 2,000 Flybuys points = $10 off at Coles (0.5 cents per point)
You can also convert Flybuys to Velocity Points at a 200:1 ratio (200 Flybuys = 1 Velocity Point) — generally less valuable than direct redemption unless you’re building a Velocity balance.
The Shortlist
1. Coles Rewards Mastercard — Best Dedicated Flybuys Card
Annual fee: $89
Earn at Coles: 2 Flybuys points per $1
Earn at Shell Coles Express: Bonus Flybuys points (varies)
Earn elsewhere: 1 Flybuys point per $2 (general spending)
Interest rate: Check current rate
Who it’s for: Loyal Coles shoppers who spend $150+/week at Coles
The Coles Rewards Mastercard doubles your Flybuys earn at Coles stores compared to scanning your Flybuys card alone. At $150/week Coles spend ($7,800/year), you earn 15,600 extra Flybuys points annually from the card — worth $78 in Coles dollars. The $89 annual fee is just barely covered by Coles spend alone; the card becomes clearly worthwhile if you also shop at Coles Express, Liquorland, or other Flybuys partners.
The limitation: The 1 point per $2 earn on general spending is one of the lowest earn rates of any rewards card in Australia. This should not be your everyday card for non-Coles spending.
âž¡ï¸ Apply for Coles Rewards Mastercard → (affiliate link)
2. Coles No Annual Fee Mastercard — Best Free Flybuys Card
Annual fee: $0
Earn at Coles: 1 Flybuys point per $2 (eligible purchases up to $5,000/statement)
Earn elsewhere: Same rate, capped
Who it’s for: Coles shoppers who want Flybuys earn without paying a fee
The no-fee option earns at half the rate of the Rewards card, but costs nothing. If you’re spending $150/week at Coles, the difference between the two cards is $78 in Flybuys value vs $0 in annual fee. The Rewards card wins on total value — but only just, and only if you’re spending at Coles regularly.
For anyone who sees the Coles Mastercard as a “set and forget” card they’ll barely use, the no-fee version is the sensible default.
âž¡ï¸ Apply for Coles No Annual Fee Mastercard → (affiliate link)
3. Amex Platinum Edge — Best Overall Card for Coles Shoppers
Annual fee: $195
Earn at supermarkets (including Coles): 3 Amex Membership Rewards points per $1
Points programs: Transfer to Qantas, Velocity, Singapore KrisFlyer, and more
Who it’s for: Coles shoppers who also want high returns on petrol and other spending
The Amex earns 3x at supermarkets including Coles — that’s 6x more per dollar than the Coles No Annual Fee Mastercard at Coles stores. The points don’t go into your Flybuys balance; they go into Amex Membership Rewards, which you can transfer to Velocity or Qantas.
The trade-off: you don’t earn Flybuys from the Amex transaction (only from scanning your Flybuys card). But the Amex points are worth more per dollar than Flybuys points for most redemptions.
Use both: Scan your Flybuys card AND pay with Amex. You earn Flybuys from the scan and Amex MR points from the transaction. Stack both.
The Maths: What Does Each Card Earn at $150/Week at Coles?
$150/week = $7,800/year at Coles
| Card | Annual Fee | Flybuys / Points Earned | Est. Value | Net After Fee |
|---|---|---|---|---|
| Coles Rewards Mastercard | $89 | 15,600 Flybuys pts | $78 | -$11 (Coles only) |
| Coles No Annual Fee | $0 | 3,900 Flybuys pts | $19.50 | +$19.50 |
| Amex Platinum Edge | $195 | 23,400 MR pts | $234–$351 | +$39–+$156 |
The Amex wins on pure arithmetic — but only if you’re comfortable using it and Amex is accepted where you shop. Woolworths accepts Amex; most Coles stores also accept it, but verify for your local store.
The Coles No Annual Fee card actually beats the Coles Rewards card on return-to-fee ratio when looking at Coles spend alone. The Rewards card only wins if you also spend at Coles Express, Liquorland, and other Flybuys partners where the boosted rate applies.
The Flybuys Stacking Strategy
Most Coles shoppers are leaving Flybuys points on the table. Here’s the full stack:
- Scan your Flybuys card at checkout → earn base Flybuys points
- Pay with a rewards credit card → earn card points on the same transaction
- Shop via cashback app (ShopBack/TopCashback) for online Coles orders → earn cashback too
- Check the Flybuys app before shopping — bonus point offers on specific products are common and often generous
Layer 4 is the most underused. The Flybuys app regularly features “Earn 10x points on X product this week” — these bonus offers can be worth significantly more than base earn rates.
Flybuys vs Everyday Rewards: Should You Choose a Coles Card or a Woolworths Card?
If you shop primarily at Coles: Flybuys/Coles card.
If you shop primarily at Woolworths: Everyday Rewards/Woolworths-compatible card.
If you split evenly: Neither store card maximises your value — a general rewards card (Amex MR or bank points that transfer to Velocity) is better than being split across two store programs.
The loyalty program wars between Coles and Woolworths mean both programs have become more competitive. In 2026, neither Flybuys nor Everyday Rewards has a clear structural advantage — it comes down to where you actually shop and which partner offers suit your lifestyle.
Frequently Asked Questions
Does Coles have a credit card with no annual fee?
Yes — the Coles No Annual Fee Mastercard earns 1 Flybuys point per $2 spent with no annual fee.
Is the Coles Rewards Mastercard worth it?
At $89/year, it’s worth it if you spend over $120/week at Coles stores (including Coles Express and Liquorland). Below that threshold, the no-fee card delivers better return on cost.
Can I earn Flybuys points on a non-Coles credit card?
Yes — you earn Flybuys by scanning your Flybuys card at the checkout, regardless of which credit card you pay with. The credit card earn and Flybuys earn are separate. Use any card to pay, scan your Flybuys card, and you earn both.
Can I convert Flybuys to Qantas Points?
Flybuys converts to Velocity Points (200 Flybuys = 1 Velocity Point), not directly to Qantas. Velocity and Qantas are separate programs.
What can I do with Flybuys points?
Redeem for dollars off at Coles (2,000 points = $10), convert to Velocity Points, or use for partner redemptions. The Coles redemption is the most straightforward and usually the best value.