Supporting you during COVID-19

Managing repayments

Last updated: December 30, 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 with your repayments at the point of applying for a deferral and you have available credit.

    You can calculate the impact of requesting a payment deferral on your Coles Mastercard or Coles Personal Loan by using our handy Payment Deferral Calculator

    To apply, complete this simple online application form. In most circumstances, you will automatically qualify.

Frequently Asked Questions

If COVID-19 has impacted your situation, you are entitled to apply for the three month payment deferral for your Credit Card/Personal Loans Accounts.

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:

  • Any instalments that were due in the statement you receive prior to the commencement date of your deferral period, and which remain unpaid, will be added to your outstanding balance and interest will be charged at the applicable APR in accordance with your product Terms and Conditions.
  • During the payment deferral period you will be charged interest at the applicable FPO rate on the outstanding principal component of your FPO balance.
  • This interest will appear on your first monthly statement after the deferral period ends, as a separate instalment plan with the same remaining term as your original FPO.
  • At the end of the payment deferral period, your monthly FPO payments will resume with the same number of remaining monthly instalments to be paid at the same amount.
  • Please refer to your first statement after the payment deferral period for the new instalment amounts.

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.

We encourage you to contact us if you are not sure whether your situation will improve before submitting an application or if you wish to withdraw your application in the event that your circumstances change (for example: your financial situation has improved and you are able to resume your repayments). 


Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

Coles unsecured credit products are issued by Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 Australian credit licence 238098 and distributed by Coles Supermarkets Australia Pty Ltd ABN 45 004 189 708. Coles receives commission for the introduction of credit business to Citigroup.