Coles, an Australian supermarket chain owned by Wesfarmers, is set to roll out a new low-rate credit card that provides benefits such as a rewards programs and interest-free period.
Slated to launch in two months, the low-rate card has been designed to have an interest rate undercutting the major banks, reported BusinessDaily.
The new card launch will become the third product for Coles $850m credit card business.
The move comes after the Reserve Bank and Treasury have ramped up pressure on banks in Australia last week to reduce interest rates on credit cards.
Currently, Coles has around 400,000 customers among its no annual fee cards and reward focused cards.