What's New - Woolworths Everyday Money Credit Card Review

Review - Woolworths Everyday Money Credit Card

Product launched Sep 2008. Review published 26 Feb 2009. Please read our disclaimer.

If you regularly buy your groceries at Woolworths or Safeway, fill up at Caltex Woolworths/Safeway and stock up at Woolies-owned liquor stores, a Woolworths' Everyday Money credit card could be for you.

It’s a MasterCard that rewards you for everyday purchases wherever you shop, with a particular emphasis on participating Woolworths’ Group Stores. These include selected Woolworths and Safeway supermarkets, BIG W stores, Thomas Dux, Tandy, Dick Smith Electronics, BWS, Dan Murphy’s and Caltex Woolworths/Safeway co-branded fuel outlets.

This card rewards you with three points for every dollar spent on Woolworths and Safeway Select brand items. Two points per dollar spent are allocated for other products purchased at participating Woolworths Group Stores, with one point per dollar spent in non-Woolworths’ Group Stores, including online and overseas. Interest free purchases, balance transfers and cash advances do not attract rewards points.

Every four months, reward points earned are converted to gift cards, redeemable within 90 days at Woolworths’ Group Stores.

WHO DOES THIS SUIT?

This card suits those who pay off their credit card debt in full each month and are looking for rewards. It is particularly suited to those who shop at the Woolworths Retail Group and would get value from redeeming their rewards within this group.

USEFUL LINKS

HOW DOES IT WORK?

The Everyday Money credit card focuses on reward features designed to attract the regular Woolies shopper, as well as potential Woolies shoppers. By receiving up to three points per dollar spent, the card holder can earn a gift card (provided minimum spend levels are reached) every four months or elect to accrue the points and receive only one gift card a year. This will be sent prior to November, just in time for Christmas shopping. Gift cards can be redeemed at any Woolworths' Group Retail Store, giving a wide range of redemption possibilities.

FEATURES & INNOVATIONS *

No annual fee for the first year, $49 p.a. thereafter. This is below average for a credit card with points-based rewards program attached.
17.99% p.a. interest rate on purchases (competitive for a rewards-based credit card), 20.99% p.a. on cash advances (no reward points earned on cash advances).
5.99% p.a. for first six months on balance transfers (not available for transfers from HSBC credit or store cards). No reward points will be earned on balances transferred.
Up to 55 days interest free on purchases provided payments have been made by due date.
$50 bonus shopping card for new card applications before 31 March, 2009 and spend on your new card before 30 April, 2009.
Card comes in your choice of four colours – green, blue, black, pink.
Free additional cardholder.
Chip security for future applications.

* Additional terms, conditions and qualifications apply.

THINGS TO CONSIDER

As its name suggests, this product is designed for the person who puts most everyday purchases on a credit card and pays it off in full each month. If used in this manner, the shopping rewards received may well outweigh the cost of the card i.e. the annual fee.

If considering the balance transfer offer, be mindful that 5.99% interest is charged for the first six months only. If you haven’t paid off the outstanding balance during that time, the remaining amount will accrue interest at the Cash Advance Interest Rate, currently 20.99%. As with all balance transfer offers on credit cards, the objective is to pay the debt off in the time period and refrain from spending on the card until the outstanding debt is cleared.

Gift cards expire after 90 days. The gift cards can be used at participating Woolworths’ stores only. This excludes interest-free offers, online purchases (except Homeshop), standalone photo kiosks, optical counters, DVD vending machines and mobile EFTPOS terminals.

FUTURE PLANS

Woolworths have advised of their intention to add further value to Everyday Money Card customers through the use of epump. This is new PayPass technology being rolled out at Caltex Woolworths/Safeway cobranded petrol stations. By placing the card against the card reader at the petrol pumps, entering a pin and following the prompts, the payment is automatically processed and any fuel discounts you may have earned are automatically deducted from the price. This negates the need to queue up in store to pay for fuel.

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