Credit card rewards tracker: points, perks 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 the RBA's October 2026 reforms cut the interchange revenue that funds points, at the same time as card surcharges are removed.
- We are tracking the major changes announced so far, and we update this page as more banks confirm theirs.
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 |
| CBA | Ultimate Awards | CommBank Awards program is ending, replaced with CommBank Yello $35 monthly fee Yello Points earned depend on your Yello tier | 29 Sept 2026 |
| CBA | Smart Awards | CommBank Awards program is ending, replaced with CommBank Yello $19 monthly fee Yello Points earned depend on your Yello tier $10 monthly travel and dining credits | 29 Sept 2026 |
| Westpac | Altitude Rewards Platinum/Rewards Black | Rewards program fee goes from $0 to $75 Purchase rate goes from 20.99% to 23.99% Altitude Points value decrease | 30 Sept 2026 |
| Westpac | Altitude Qantas/Velocity Platinum | Rewards program fee goes from $75 to $125 Purchase rate goes from 20.99% to 23.99% Altitude Points value decrease | 30 Sept 2026 |
| Westpac | Altitude Qantas/Velocity Black | Rewards program fee goes from $75 to $155 Purchase rate goes from 20.99% to 23.99% Altitude Points value decrease | 30 Sept 2026 |
| St.George | Amplify Qantas Platinum | Rewards program fee goes from $0 to $125 Amplify Points value decrease | 30 Sept 2026 |
| St.George | Altitude Qantas Signature | Rewards program fee goes from $0 to $155 Altitude Points value decrease | 30 Sept 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 |
| ANZ | Across the range | Purchase rate rises to 22.49% p.a. and cash advance and balance transfer rates to 23.49% p.a. ANZ Low Rate keeps its 13.74% p.a. purchase rate | 28 Sep 2026 |
| ANZ | Frequent Flyer Black | Qantas Points earn capped: 1 point per $1 on the first $7,500 of eligible spend each statement period, 0.5 points to $50,000, nothing above that Cash advance fee rises from 3% to 3.5%, maximum from $20 to $50 | 28 Oct 2026 |
| ANZ | Frequent Flyer Platinum | Qantas Points earn capped: 0.75 points per $1 on the first $3,000 of eligible spend each statement period, 0.5 points to $25,000, nothing above that Cash advance fee rises from 3% to 3.5%, maximum from $20 to $50 | 28 Oct 2026 |
| Macquarie Bank | DEFT | DEFT no longer allows payments via debit or credit card. | 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 merchants will no longer be able to add a surcharge when you pay by eftpos, Mastercard or Visa, or by American Express, which has volunteered to match the same date. The ban only covers fees charged because you paid by card, so booking fees, service fees and weekend or public holiday surcharges are not affected. But it's bad news for people using rewards and frequent flyer credit cards.
Surcharges were never what paid for your points, though. A surcharge goes to the merchant, to cover its own cost of accepting cards. What funds reward programs is interchange, the fee your card issuer collects on each transaction, and that is being cut on the same day. From 1 October 2026 the cap on interchange for domestic-issued consumer credit cards drops to 0.3% of the transaction value and the benchmark alongside it is abolished, with a new 1% cap on foreign-issued cards from 1 April 2027. With that revenue shrinking, banks and card providers are making 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?
Yes, there are still good deals on offer, depending on your spending habits.
And if you're strategic, a credit card sign-up bonus can give your points balance a massive boost. The key is making sure the card continues to offer good value once you've collected those bonus points.
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 anymore. Check whether your annual fee has increased, your points earn rate has been reduced or any of the benefits have changed.
- Compare your options. Look at other rewards credit cards on the market and find a better deal. You want the value you get from points, cashback, travel insurance and other perks to comfortably outweigh the annual fee.
- Make the most of sign-up bonuses. A generous sign-up bonus can be one of the quickest ways to build up a big points balance. If you're planning a large purchase or have regular household expenses coming up, a new card could help you hit the minimum spend requirement and collect a substantial bonus. Just make sure you can comfortably meet the requirement without spending more than you normally would.
- Look at the ongoing earn rate. Once you've collected the sign-up bonus, you'll be relying on the card's regular earn rate. Check how many points you'll earn on your everyday spending, whether there are points caps and which types of transactions are excluded.
- Check what your points are actually worth. A big points balance sounds great, but its value depends on how you redeem it. Check how many points you'll need for the flights, upgrades, cashback or other rewards you're interested in before deciding whether a card is worth keeping.
- Factor in the interest rate. Rewards cards only make sense if you can pay your balance in full each month. Interest charges will almost always outweigh the value of any points you're earning if you're carrying a balance (ie not paying the full statement balance due each month).
The good news is that there are still ways to get plenty of value from credit card rewards. You may simply need to be more proactive about comparing cards and switching when the maths no longer stacks up.
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