2 Top Australian Supermarket Rewards Credit Cards

The majority of the economy is run by credit cards and supermarkets are joining this trend. The two largest grocery stores in Australia have started offering store credit cards to their shoppers in light of the credit crisis. With special promotions and free interest periods, the stores are inviting customers to spend their money with the store and increasing loyalty. These stores do not just sell groceries but also offer clothing, gasoline and electronics.

Woolworths Everyday Money Credit Card

One of the grocery chains using store credit is Woolworth's. This card is dual function as a standard retail credit card and a store card. The cardholder gets additional privileges and discounts when the card is used during promotional events in the store. For example, Woolworth's will extend two points when spent in their store and 3 points when you purchase Select products. These points can be used toward shopping gift vouchers.

One great feature of this card is the ability for the consumer to use the store checkout to make card payments and check their available credit balance. The bank offers to waive the annual fee of $49 for the first year you have the card and offers an APR of 18.99%. When purchasing petrol with the Woolworth's card, epump allows the consumer to utilise any discounts or price reductions at the time of purchase. There is no need to wait for billing to see the savings.

Coles Myer Source Credit Card

Coles Myer has also extended a store card to customers. This group includes KMart, Target and Coles. This card is also combination standing as a store card as well as a Mastercard in retail stores. The biggest feature of this card is fuel savings. When you spend $30.00 in any store you receive a 4 cent savings per litre and another 4 cent reduction is rewarded when you spend $30.00 at participating outlets. The vouchers may only be redeemed at Cole's Express fuel stations and are only valid for a limited time. The Coles Myer Source Card does not charge an annual fee and offers a 62-day interest free period on purchases.

Other special card promotions can waive interest for up to 48 months. However, the interest rate for the Coles Myer card is slightly higher at 20.25% and if scheduled payments are not made on time the interest rate will climb even more and the promotional benefits will be lost. This card also requires the bill to be paid in full monthly.

If you would like to find out some more information about rewards credit cards, check out Credit Card Compare where you can compare the best rewards cards and other types of credit card.