FULL LIST: How every Australian bank will change its rewards program in 2017
Reward points slashed by Big Four and other banks as interchange fee regulations roll out.
Reward points slashed by Big Four and other banks as interchange fee regulations roll out.We’ve seen that many changes to credit card rewards programs this year that we’ve almost lost count. While not every bank has been completely transparent about the cause behind these rewards program revamps, we can assume they're a result of interchange fee regulations, effective 1 July.
Last year, the RBA announced that the ACCC would have the power to regulate interchange fees in the 2016-17 financial year. So, while premium rewards cards usually attract a fee of 1.5% to 1.7%, this will be capped at 0.8% once the regulations are introduced in July.
Given that banks usually use the profit from these fees to fund their rewards programs, we’ve seen many drop the value of their loyalty schemes to compensate for losses they’ll experience once the regulations are in place. See our guide on how the interchange fee regulations will impact your credit card rewards.
Which banks have changed their credit card rewards?
In the lead up to the new regulations, we’ve already seen plenty of banks make adjustments to their rewards program. ANZ cut its ties with American Express and put an end to dual cards, Commonwealth Bank, Westpac group and NAB all reduced earn rates across their dual AMEX products and Citi increased the exchange rates between its points and frequent flyer partners. We’ve also seen plenty of reward programs drop earn rates, introduce points caps and exclude certain purchases (such as ATO transactions) from earning points altogether.
You can use the table below to track how your rewards program will change in the coming months, compare old and new earn rates and weigh up your bank's rewards offer with other providers to determine if your card still presents enough rewards value.
| Card | What has changed? | Current/old earn rate | New earn rate | Changes as of |
|---|---|---|---|---|
| ANZ Frequent Flyer credit card | Ended partnership with AMEX and reduced earn rates. | 0.5 Qantas Points per $1 spent on Visa. 1 Qantas Point per $1 spent on American Express. | 0.5 Qantas Points per $1 spent on eligible purchases up to $500 per statement period and 0.25 Qantas Points per $1 thereafter. | Immediately for new cardholders and from 1 August 2017 for existing cardholders. |
| ANZ Frequent Flyer Platinum credit card | Ended partnership with AMEX and reduced earn rates. | 0.5 Qantas Points per $1 spent on Visa. 1.5 Qantas Points per $1 spent on American Express | 0.75 Qantas Points per $1 spent on eligible purchases up to $3,000 per statement period | Immediately for new cardholders and from 1 August 2017 for existing cardholders. |
| ANZ Frequent Flyer Black credit card | Ended partnership with AMEX and reduced earn rates. | 0.75 Qantas Points per $1 spent on Visa and 1.5 Qantas Points per $1 on American Express. | 1 Qantas Point per $1 spent up to $7,500 and 0.5 Qantas Points per dollar thereafter | Immediately for new cardholders and from 1 August 2017 for existing cardholders. |
| ANZ Rewards Travel Adventures card | Ended partnership with AMEX and reduced earn rates | 1 Reward Point per $1 spent on Visa and 2 Rewards points per $1 spent on American Express. Enjoy uncapped rewards until 5 August 2017. | 1.5 Reward Points per $1 spent up to $2,000 per statement period and 0.5 Reward Points per dollar thereafter. | Immediately for new cardholders and from 1 August 2017 for existing cardholders. All cardholders can also enjoy uncapped rewards until 5 August 2017. |
| ANZ Rewards Card | Ended partnership with AMEX and introduced points cap reduced earn rates. | 0.75 Reward Points per $1 spent on Visa and 1.5 per $1 spent on American Express. | 1 Reward Point per $1 spent on eligible purchases up to $1,000 per statement period and then 0.5 Reward Points per $1 on eligible purchases thereafter. Enjoy uncapped rewards per $1 spent on eligible purchases until 5 August 2017. Bonus points offers also replaced with gift card offer. | Immediately for new cardholders and from 1 August 2017 for existing cardholders. All cardholders can also enjoy uncapped rewards until 5 August 2017. |
| ANZ Rewards Platinum | Ended partnership with AMEX and introduced reduced points caps. | 1 Reward Point per $1 spent on Visa and 2 Reward Points per $1 spent on American Express. | 1.5 Reward Points per $1 spent on eligible purchases up to $2,000 per statement period and 0.5 Reward Points thereafter. Enjoy uncapped points until 5 August 2017. | Immediately for new cardholders and from 1 August 2017 for existing cardholders. |
| ANZ Rewards Black credit card | Ended partnership with AMEX and introduced points cap reduced earn rates. | 1.25 Reward Points per $1 spent on Visa and 3 Reward Points per $1 spent on American Express. | 2 Reward Points per $1 spent on eligible purchases up to $5,000 per statement period and then 1 Reward Point per $1 thereafter. Enjoy uncapped rewards until 5 August 2017. | Immediately for new cardholders and from 1 August 2017 for existing cardholders. |
| Bank Australia Platinum Rewards Visa | Reduced earn rate and introduced cap. | 1 Qantas Point per $1 spent uncapped. | 0.75 Qantas Points per $1 spent up to 20,000 Qantas Points per statement period. | 1 October 2017 |
| Citi Qantas Signature Visa | Reduced earn rates on eligible spend outside of domestic spend. Increased points cap threshold. | 1 Qantas Point per $1 spent up to $10,000. | 1 Qantas Point per $1 spent at major restaurants, hotels and flights. 0.75 points per $1 for purchases at major petrol outlets, supermarkets and national retailers. 0.5 points per $1 spent on all other eligible transactions up to $20,000 per statement period. | 15 June 2017 |
| Citi Rewards Signature Visa | Tiered earn rates on specific purchases. | 1.5 points per $1 spent up to $20,000 per statement period. | 2 points per $1 spent on purchases made at major restaurants, major hotels and flights and on international purchases. 1.5 points per $1 at major petrol outlets, supermarkets and national retailers. 1 point per $1 on all other eligible purchases. | 15 June 2017 |
| Citi Prestige Visa | Tiered earn rates on specific purchases. | 2 points per $1 | 1.5 points per $1 made at major restaurants, major hotels and flights and on international purchases. 1 point per $1 at major petrol outlets, supermarkets and national retailers. 0.5 point per $1 on all other eligible purchases. | 15 June 2017 |
| Citi Prestige Rewards Visa | Changed tiered earn rates. | Earn 1 Citi Reward point per $1 spent on eligible domestic spend and earn 5 Citi Rewards points per $1 spent on eligible transactions overseas. | 3 points per $1 made at major restaurants, major hotels and flights and on international purchases. 2 points per $1 at major petrol outlets, supermarkets and national retailers. 1 point per $1 on all other eligible purchases. | 15 June 2017 |
| Citi Rewards Platinum Visa | Reduced earn rate. | 1.25 points per $1 spent up to $10,000 per statement period on domestic purchases. Uncapped for international purchases. | 1 point per $1 spent up to $10,000 per statement period on domestic purchases. Uncapped for international purchases. | 15 June 2017 |
| Citi Emirates World Mastercard | Introduce reduced earn rate thresholds. | 1 Emirates miles per $1. | 1 Skyward Mile per $1 on eligible domestic purchases up to $3,000, then 0.5 Skyward Miles up to $10,000 per statement period. 1.25 Skyward Miles per $1 spent on international purchases. | 15 June 2017 |
| Commonwealth Bank Diamond Awards card | Reduced earn rates on AMEX cards. | 3 CBA Awards points per $1 spent on American Express and 1.25 Awards points per $1 spent on Visa and Mastercard. | 3 CBA Awards points per $1 spent with Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| Commonwealth Bank Platinum Awards card | Reduced earn rates on AMEX cards. | 2.5 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 2.5 CBA Awards points per $1 spent at Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| Commonwealth Bank Gold Awards card | Reduced earn rates on AMEX cards. | 2 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 2 CBA Awards points per $1 spent with Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| Commonwealth Bank Awards card | Reduced earn rates on AMEX cards. | 1.5 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 1.5 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 1 July 2017 |
| Commonwealth Bank Awards Platinum Business Awards | Reduced earn rates on AMEX cards. | 3 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 3 CBA Awards points per $1 spent with Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| Commonwealth Bank Awards Gold Business Awards | Reduced earn rates on AMEX cards. | 2 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 2 CBA Awards points per $1 spent with Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| Commonwealth Bank Awards Business Awards | Reduced earn rates on AMEX cards. | 1.5 CBA Awards points per $1 spent on American Express and 1 Awards point per $1 spent on Visa and Mastercard. | 1.5 CBA Awards points per $1 spent with Higher Points Merchants and 0.5 Awards points per $1 spent everywhere else. | 1 July 2017 |
| NAB Qantas Rewards Premium Card | Reduced earn rates on AMEX cards and reduced cap thresholds. | 1.5 Qantas points per $1 spent with AMEX up to $25,000 per statement period. | 1 Qantas point per $1 spent with AMEX up to $5,000 per statement period. | 1 June 2017 |
| NAB Qantas Rewards Card | Reduced earn rates on AMEX cards and reduced cap thresholds. | 1 point per $1 spent with AMEX up to $20,000 per statement period. | 0.75 points per $1 spent with AMEX up to $3,000 per statement period. | 1 June 2017 |
| NAB Qantas Rewards Plus Card (existing customers only) | Reduced earn rates on AMEX cards and reduced cap thresholds. | 1 point per $1 spent with AMEX on spends of $3,001 to $25,000 per statement period. | 1 point per $1 spent with AMEX up to $3,000, 0.5 points from $3,001 onwards, up to $6,000 per statement period. | 1 June 2017 |
| NAB Qantas Business Signature Visa | Reduced earn rates and cap thresholds. | 0.8 Qantas Points per $1 spent, up to $100,000 per statement period | 0.66 Qantas Points per $1 spent, up to $50,000 per statement period | 1 June 2017 |
| NAB Qantas Business Visa (existing cardholders only) | Reduced earn rates and cap thresholds. | 0.8 Qantas Points per $1 spent, up to $100,000 per statement period. | 0.66 Qantas Points per $1 spent, up to $100,000 per statement period. | 1 June 2017 |
| Westpac Altitude Black credit card | Reduced earn rates on American Express and no points on ATO transactions. | 3 Altitude Points per $1 spent on American Express and 1.25 Altitude Points per $1 on Mastercard or 3 Altitude Points per $1 spent overseas. | 2.5 Altitude Points per $1 on American Express and 1.25 Altitude Points per dollar on all eligible purchases with Mastercard. Cardholders will also no longer earn points on ATO transactions. | 1 July 2017 |
| Westpac Altitude Qantas Black and Earth Black | Reduced earn rates. | 1.5 Qantas Points per $1 spent on American Express and 1.5 Qantas Points per $1 spent overseas with Mastercard. | 1.25 Qantas Points per $1 spent with American Express and 0.625 Qantas Points per dollar on all overseas spend with Mastercard. | 1 July 2017 |
| Westpac Altitude Platinum credit card | No longer earn points on ATO transactions. | This card can currently collect 1 Altitude point per $1 spent with American Express on ATO transactions. | This card will no longer earn points on ATO payments | 1 July 2017 |
| Westpac Altitude Platinum Plus | Reduced earn rates. | This card is closed to new applicants, but existing cardholders can earn 3 Altitude points per $1 spent on American Express. | Existing cardholders will earn 2.5 Altitude points per $1 spent on American Express. | 1 July 2017 |
| Westpac Altitude Qantas Platinum Plus and Earth Platinum Plus | Reduced earn rates. | These cards are closed to new applicants, but both cards offer 1.5 Qantas Points per $1 spent on American Express. | Both cards will offer 1.25 Qantas Points per $1 spent on American Express. | 1 July 2017 |
| Westpac Altitude and Earth credit cards | No longer earn points on ATO transactions. | The Earth credit card is no longer available for new applicants, but you could collect 1 point per $1 spent on ATO transactions with American Express across both of these cards. | These cards will no longer offer points on ATO purchases. | 1 July 2017 |
| St.George Amplify Signature (with Qantas Points) | Reduced earn rates. | 1.5 Qantas Points per $1 spent overseas. | 0.75 Qantas Points per $1 spent overseas. | 1 July 2017 |
| St.George Amplify Platinum (with Amplify Rewards) | Reduced earn rates. | 2 Amplify Rewards points per $1 spent overseas. | 1 Amplify Rewards point per $1 spent overseas. | 1 July 2017 |
| St.George Amplify Platinum (with Qantas Points) | Reduced earn rates. | 1 Qantas Point per $1 spent overseas. | 0.5 Qantas Points per $1 spent overseas. | 1 July 2017 |
| Bank of Melbourne Amplify Signature (with Qantas Points) | Reduced earn rates. | 1.5 Qantas Points per $1 spent overseas. | 0.75 Qantas Points per $1 spent overseas. | 1 July 2017 |
| Bank of Melbourne Amplify Platinum (with Amplify Rewards) | Reduced earn rates. | 2 Amplify Rewards points per $1 spent overseas. | 1 Amplify Rewards point per $1 spent overseas. | 1 July 2017 |
| Bank of Melbourne Amplify Platinum (with Qantas Points) | Reduced earn rates. | 1 Qantas Point per $1 spent overseas. | 0.5 Qantas Points per $1 spent overseas. | 1 July 2017 |
| BankSA Amplify Signature (with Qantas Points) | Reduced earn rates. | 1.5 Qantas Points per $1 spent overseas. | 0.75 Qantas Points per $1 spent overseas. | 1 July 2017 |
| BankSA Amplify Platinum (with Amplify Rewards) | Reduced earn rates. | 2 Amplify Rewards points per $1 spent overseas. | 1 Amplify Rewards point per $1 spent overseas. | 1 July 2017 |
| BankSA Amplify Platinum (with Qantas Points) | Reduced earn rates. | 1 Qantas Point per $1 spent overseas. | 0.5 Qantas Points per $1 spent overseas. | 1 July 2017 |
| Virgin Velocity Flyer card | Reduced earn rates. | 1 Velocity Point per $1 spent with Virgin Australia. 0.66 Velocity Points per $1 on all other eligible purchases. | 0.66 Velocity Points on all eligible purchases up to $1,500 per statement period and 0.5 Velocity Points per $1 thereafter. | 15 June 2017 |
| Virgin Velocity High Flyer card | Reduced earn rates. | 1 Velocity Point per $1 spent on eligible purchases up to $10,000 and 0.5 Points for every $1 spent thereafter. | 1 Velocity Point per $1 spent on eligible purchases up to $8,000 and 0.5 Points for every $1 spent thereafter. | 15 June 2017 |
Please note that NAB previously advertised that the new earn rates and points caps would be introduced from 1 July 2017. However, these changes have been pushed forward to 1 June 2017. These new terms and conditions have been reflected in the table above.
Which banks haven't announced any changes to rewards programs?
While a number of banks and credit card issuers have announced changes to their rewards program, a few have yet to report any new earn rates or offers. These include Bankwest, Macquarie Bank, Jetstar Mastercards, HSBC Qantas cards, Woolworths Qantas Mastercard, Coles Rewards, Latitude Finance, Bank Australia or Qudos Bank products. We expect more lenders to change their reward points schemes before the new financial year and we'll update the above table and report changes as they’re announced.
American Express, however, is one of the few card lenders that won't be directly impacted by interchange fee regulations. AMEX-issued credit cards don't profit from interchange fees, so we don't expect any earn rates to change across those cards come July. Dual American Express cards aren't immune from the changes though, which is why we saw ANZ end its partnership with AMEX earlier this year and a handful of banks drop earn rates across American Express dual credit cards in recent weeks.
While changes to rewards programs are happening across the market, it’s important to understand how your loyalty scheme is about to change. Unfortunately, many cardholders will no longer enjoy the same benefits they signed up for. If you're unhappy with the earn rates and rewards you’ll receive after 1 July, it may be time to compare rewards points offers to ensure you're getting maximum value from your card.
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Hi, I am with Commonwealth Bank and have a platinum card, I understand how new system works, but need further clarification on Higher Price Merchants, such as Supermarkets does that include everyone including IGAS,
do you have a list, and Dept stores is there a list as well and where do I find out where it is.
Thanks
Hi Nick,
Thanks for your question.
Higher Points Merchants is a new category applies to major supermarkets, department stores and service stations in Australia and allows you to earn the highest rate of points per $1 with your CommBank Awards American Express card.
Cheers,
Liezl
Is there any Amex or Visa & Mastercard with up to $50,000 spend per month or unlimited spend which will give Qantas frequent flyer points for each dollar spent on ATO,State Revenue Ofiice (Land Tax) & any other government or semi government bodies as from first of july 2017
Hi Jack,
Thanks for your question.
There are credit cards that will help you earn points while paying taxes.
Additionally, our guide here on the eligible transactions per credit card enumerates the key details for earning points.
To know about the card’s credit limit, you can read our individual review pages for the credit card you’re interested in.
I hope this has helped.
Cheers,
Liezl