Verdict up front: The Coles Rewards Mastercard ($99/year) is the obvious Flybuys card – it earns 2 Flybuys points per $1 on eligible purchases (up to $3,000 a statement period, then 1 per $1) – but for most people it’s not the best card overall. If you put $2,000+/month through a card and want everything in Flybuys, it pays for itself. If your spending is more casual, the free Coles No Annual Fee Mastercard is the smarter pick. And if you want maximum value per dollar at the supermarket, the Amex Platinum Edge ($195) earns more at Coles than either Coles card and works at Woolworths too.
Last updated: June 2026 | [Affiliate disclosure: I earn a commission if you apply via my links – it never affects which cards I recommend.]
The #1 search result for “best credit card for Coles and Flybuys” is Coles’ own website. The #3 is Finder. The #9 is Point Hacks.
That tells you what’s wrong with this query. Coles’ page is marketing copy for Coles’ own cards; it would be strange if it didn’t recommend them. Finder lists every card in the market without much editorial judgment. And Point Hacks writes for serious frequent flyers who already know which Qantas card they want.
Here’s the version a friend would give you. I’ll be opinionated where it matters.
What Flybuys is, and what a point is actually worth
Flybuys is Coles’ loyalty currency. You earn points shopping at Coles, Reddy Express (the rebranded Coles Express servos), Liquorland, First Choice Liquor, Vintage Cellars, and various financial services and online partners. (Kmart and Target have moved their loyalty focus to Wesfarmers’ OnePass – don’t count on them for Flybuys anymore.)
Redemption value: 2,000 Flybuys points = $10 off at Coles. That’s 0.5 cents per point in the most common redemption.
You can also convert Flybuys to Velocity Points at 2:1 – 1,000 Flybuys = 500 Velocity Points. Here’s the bit most guides get wrong: redeemed well on domestic flights, a Velocity Point is worth around 1.5 cents, which makes a converted Flybuys point worth roughly 0.75 cents – more than the $10-off-Coles redemption. Flybuys also runs periodic transfer bonuses (15–20% extra Velocity Points) that widen the gap further.
My take: if you never fly, take the $10 off your shop and don’t overthink it. If you fly Virgin even once or twice a year, converting to Velocity – ideally during a transfer bonus – is quietly the best redemption in the program.
The shortlist
1. Coles Rewards Mastercard – best dedicated Flybuys card
- Annual fee: $99
- Earn rate: 2 Flybuys points per $1 on eligible purchases up to $3,000 per statement period, then 1 point per $1 up to $8,000 – everywhere, not just at Coles
- Who it’s for: Flybuys loyalists putting $1,500–$3,000/month through a card who want everything in one points balance
The paid Coles card earns 2 Flybuys per $1 on your spending wherever you shop (up to the $3,000 monthly band) – on top of whatever you earn scanning your Flybuys card at the checkout. At $2,000/month of card spend, that’s 48,000 Flybuys a year: $240 in Coles dollars, or roughly $360 of Velocity value if you convert. Against a $99 fee, the maths work.
My take: the common mistake is treating this as a Coles-only card. The 2-points band applies to general spending, so its real competition isn’t the free Coles card – it’s general rewards cards. Measured that way it’s decent but not exceptional: an effective return of ~1% in groceries (or ~1.5% via Velocity) inside the $3,000 band, tapering after. If you’d redeem for anything other than Coles dollars or Velocity, a general rewards card gives you more flexible points.
➡️ Apply for the 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 period)
- Earn elsewhere: 1 Flybuys point per $2, capped
- Who it’s for: Casual Coles shoppers who want Flybuys earn without paying a fee
The no-fee Coles card earns at a quarter of the paid card’s headline rate. But when the annual fee is $0, the bar to justify it is $0.
My take: for anyone who saw the Coles Mastercard as a “set and forget” card they’ll barely use, this is the sensible default. You won’t earn as fast, but you won’t lose money either. Pay it off in full, and pair it with a higher-earning rewards card if your spend grows.
The break-even between the two Coles cards sits around $550/month of card spend (the paid card’s extra 1.5 points per $1 needs to out-earn its $99 fee). Below that, free card. Above it, the paid card wins on paper – but “I don’t have to remember whether the card is paying for itself” is a fair reason to stay with the free one.
➡️ Apply for the Coles No Annual Fee Mastercard → (affiliate link)
3. Amex Platinum Edge – best overall card for Coles shoppers
- Annual fee: $195 (often $0 in the first year – check the current offer)
- Earn at supermarkets (including Coles): 3 Amex Membership Rewards points per $1
- Earn at petrol: 3 points per $1
- Earn elsewhere: 1 point per $1
- Points programs: Transfer to Qantas, Velocity, Singapore KrisFlyer, and more
The Amex earns 3x at supermarkets including Coles – six times more points per dollar than the Coles No Annual Fee Mastercard, and 50% more than the paid Coles Rewards Mastercard’s best band. The points don’t go into your Flybuys balance; they go into Amex Membership Rewards, which transfer to Velocity or Qantas.
My take: the Amex points are worth more per dollar than Flybuys for almost every redemption. Flybuys redeems at 0.5c/point at Coles. Amex Membership Rewards redeem at roughly 1.0–1.5c/point when transferred to Velocity for domestic flights. Same Coles spend, two to three times the value back.
The catch I want to be upfront about: you don’t earn Flybuys from the Amex transaction itself (only from scanning your Flybuys card at the checkout). But this is also a feature, not a bug – the two earnings are independent and you stack both.
The other catch: Amex acceptance. Most Coles stores take Amex. Verify your local store does before relying on it. If they don’t, fall back to the no-fee Coles Mastercard for that store specifically.
This is the same card I recommend in the Woolworths comparison and the petrol comparison – the dual category bonus is what justifies the $195 fee.
➡️ Apply for the Amex Platinum Edge → (affiliate link)
The maths: $150/week at Coles ($7,800/year)
Values shown as a range: standard grocery redemption first, well-redeemed Velocity/flight value second.
| Card | Annual fee | Flybuys / points earned | Est. value | Net after fee |
|---|---|---|---|---|
| Coles Rewards Mastercard | $99 | 15,600 Flybuys | $78–$117 | −$21 to +$18 (Coles spend only) |
| Coles No Annual Fee | $0 | 3,900 Flybuys | $19.50–$29 | +$19.50 to +$29 |
| Amex Platinum Edge | $195 | 23,400 MR pts | $117–$234 | −$78 to +$39 |
Note: the Coles Rewards Mastercard maths improve once you remember its 2-points-per-$1 band applies to general spending too, not just Coles – put your other household spend on it and the fee clears comfortably. On Coles-grocery spend alone it’s marginal.
My take on this table: on supermarket spend alone, the free Coles card is the only guaranteed winner – which is exactly why most comparison sites don’t lead with it. The paid Coles card and the Amex both need your broader household spend to justify their fees; once you include it, the Amex wins on value per dollar (3x at supermarkets and petrol) and the Coles Rewards Mastercard wins on simplicity (one currency, redeemable at the next shop).
This is the opposite of what most “best Coles card” articles tell you – most lead with the paid Coles card because the affiliate commission is higher.
The Flybuys stacking strategy
The biggest mistake Coles shoppers make isn’t picking the wrong card – it’s not stacking the earnings they’re already entitled to. The full stack:
- Scan your Flybuys card at checkout → base Flybuys points
- Pay with a rewards credit card → earn card points on the same transaction
- For online orders, click through a cashback platform (ShopBack, TopCashback, or Aura) → earn cashback on top
- Activate weekly bonus offers in the Flybuys app before you shop → multiply earn on targeted products
Layers 1 and 2 are independent – the credit card doesn’t reduce your Flybuys earn, and Flybuys doesn’t reduce your card earn. They stack cleanly.
Layer 4 is the one most people miss. The Flybuys app regularly features “Earn 10x points on this brand this week” offers – these can be worth more than your base Flybuys earn over an entire shop. The catch is you have to activate them in the app before you shop, not at the checkout. Set a calendar reminder if you don’t open the app habitually.
Flybuys vs Everyday Rewards: which loyalty program should you use?
If you shop primarily at Coles → Flybuys.
If you shop primarily at Woolworths → Everyday Rewards.
If you split evenly between both → neither store card maximises your value. A general rewards card (Amex MR or bank points that transfer to Velocity) usually beats being split across two store programs.
The honest answer: in 2026, neither Flybuys nor Everyday Rewards has a clear structural advantage. Both redeem at 0.5c/point in store. Both convert to a frequent flyer program at 2:1 (1,000 Flybuys → 500 Velocity; 2,000 Everyday Rewards → 1,000 Qantas). Both run weekly bonus-point offers in their apps.
The differences are in the ecosystem: Coles’ Flybuys partners include Liquorland, First Choice, and Reddy Express (formerly Coles Express). Woolworths’ Everyday Rewards partners include BIG W, BWS, and Ampol. Pick the program whose partner ecosystem better matches where you actually shop.
For the full comparison, see Everyday Rewards vs Flybuys.
Get this card if…
- You put $1,500+/month through a card and want everything in Flybuys – the Coles Rewards Mastercard’s 2-points band covers general spending, not just Coles
- Your spending is more casual (under ~$550/month on card) – the Coles No Annual Fee Mastercard is the safer pick
- You want maximum value at both supermarkets and petrol – the Amex Platinum Edge earns more per dollar at Coles than either Coles card
Don’t get a Coles-focused card if…
- You shop at Woolworths more than Coles – get a Woolworths-aligned card instead
- You carry a balance – interest charges erase every Flybuys point you earn many times over
- You spend less than $50/week at Coles – the maths rarely justify even a $0-fee dedicated card; just scan Flybuys at the checkout and pay with whatever rewards card you already have
- You want to maximise frequent flyer points fast – converting Flybuys to Velocity is fair value (2:1), but earning Velocity directly via a credit card builds a flight balance many times quicker
The one question that decides it
Where will I redeem my points?
- “Dollars off at Coles” → Coles Rewards Mastercard if you put $1,500+/month through a card; Coles No Annual Fee otherwise
- “Domestic flights via Velocity” → the conversion is fair value (2:1, better during transfer bonuses), but a dedicated Velocity-earning card or the Amex Platinum Edge will build a flight balance much faster. Use Flybuys conversion as a top-up, not the engine.
- “I just want simplicity and a free card” → Coles No Annual Fee Mastercard. It does what it says, it costs nothing, and it stacks with whatever else you do.
If none of these fit cleanly, start with the non-traveller hub.
FAQ
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. Lower earn rate than the paid Coles Rewards Mastercard, but $0/year to hold.
Is the Coles Rewards Mastercard worth it?
At $99/year, yes – if you put roughly $1,500+/month of total spending through it. Its 2 Flybuys per $1 band applies to eligible purchases everywhere (up to $3,000 a statement period), so the fee clears on normal household spend. If you’d only use it at the Coles checkout, the no-fee Coles 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 use to pay. The credit card earn and Flybuys earn are completely separate. Use any rewards card to pay, scan Flybuys, and you earn both.
Can I convert Flybuys to Qantas Points?
No – Flybuys converts to Velocity Points (1,000 Flybuys = 500 Velocity). Velocity and Qantas are separate frequent flyer programs. If you want Qantas Points specifically, you need a Qantas-earning card or you need to use Everyday Rewards (which converts to Qantas at the same 2:1 ratio).
What can I do with Flybuys points?
Redeem for dollars off at Coles (2,000 points = $10), convert to Velocity Points (1,000 Flybuys = 500 Velocity – often the best value if you fly Virgin, especially during transfer bonuses), or use partner redemptions in the Flybuys app.
Coles Rewards Mastercard vs Amex Platinum Edge – which is better?
The Amex earns more raw value at Coles (3 MR pts/$1 vs 2 Flybuys pts/$1, and Amex points are worth more per point). The Coles card earns Flybuys directly, which redeems instantly at Coles. If you want maximum value and your local Coles takes Amex, get the Amex. If you want simplicity and a Flybuys balance you can spend at the next checkout, get the Coles Rewards Mastercard.
← All guides | Best card for Woolworths → | Best card for petrol → | Everyday Rewards vs Flybuys → | Hub: best rewards card if you don’t fly business class →
This article is general information only. Credit cards are financial products – consider whether each product suits your personal circumstances and read the product disclosure statement before applying. Interest rates, fees, sign-up offers and partnership terms are accurate at time of publishing and subject to change. I earn a commission if you apply via the affiliate links on this page.
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