Credit card rewards points and fee changes
Finder is tracking all the credit cards that are seeing a points downgrade or fee hike ahead of the October credit card surcharge ban.
Key takeaways
- Credit card companies are raising annual card fees or cutting perks and points offers on reward and frequent flyer credit cards.
- This is because of the impending credit card surcharge ban in October 2026.
- We are tracking every bank and credit card company that has announced cuts to its credit card points programs.
Use the table below to check all the credit cards that are seeing fee hikes, points downgrades and other changes.
Credit card points changes tracker
| Brand | Credit card | Changes | Effective date |
|---|---|---|---|
| ANZ | Frequent Flyer Black | Bonus Qantas Points cut from 130,000 to 80,000 $200 cashback removed | 22 July 2026 |
| ANZ | Frequent Flyer Platinum | Bonus Qantas Points cut from 75,000 to 40,000 $100 cashback removed | 22 July 2026 |
| MyCard | Premier Qantas | MyCard Rewards Points value decrease Earn rate halved from 1 point per dollar to 0.5 points | 1 Oct 2026 |
| MyCard | Rewards | MyCard Rewards Points value decrease Annual fee increases from $199 to $249 | 1 Oct 2026 |
| MyCard | MyCard Prestige | Discontinued | 1 Oct 2026 |
| BOQ | Platinum Visa | Points earn rate decreasing from 2 points per dollar to 1 (more at certain retailers) Purchase rate increase from 20.99% to 21.99% | 1 Oct 2026 |
| BOQ | Blue | Purchase rate increase from 20.99% to 21.99% | 1 Oct 2026 |
| Virgin Money | Velocity Flyer | Earn rate drops from 0.66 points per dollar (for first $1,500 per month) to 0.55 points Annual fee increases from $149 to $169 | 1 Oct 2026 |
| Virgin Money | Velocity High Flyer | Earn rate drops from 1 point per dollar to 0.75 points Annual fee increases from $329 to $349 | 1 Oct 2026 |
Why are banks cutting their credit card perks and points?
The Reserve Bank of Australia announced a ban on credit card surcharges in March, to take effect from 1 October 2026.
This is good news for Australians, because it means the end of card fees when using a credit card while shopping. But it's bad news for people using rewards and frequent flyer credit cards.
These card fees were used to subsidise the cost of reward programs and credit card points. With those fees drying up, banks and card providers have no choice but to make up the difference with higher annual fees, lower points values and cuts to other card perks.
Can I still get a good deal on a points-earning credit card?
While it seems inevitable that the entire points ecosystem is going to get more expensive and less rewarding, there are definitely good deals on offer.
To make sure you're getting a good deal:
- Review your current card. In light of all these changes, what used to be a good points-earning card might not be worth it any more. Check to see if your card has a higher annual fee now, or a lower earn rate.
- Compare your options. Look at other credit cards on the market and find a better deal. You want a card where the benefits you get from points, cashbacks, insurance and other perks outweigh the annual fee significantly.
Want more options?
Start comparing
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