Westpac, St.George join other big banks to raise credit card fees and rates
Key takeaways
- Westpac and St.George are raising credit card rates and fees ahead of the RBA's October surcharge ban.
- These banks join NAB, ANZ, CBA and others in downgrading rewards and points credit card programs.
- What's next: These changes come into effect from 30 September 2026.
More banks are joining the credit card downgrade party as Westpac and St.George announce sweeping changes to card rates, points and fees.
These changes will make their credit cards more expensive and less rewarding, and come ahead of the 1 October 2026 ban on card surcharges.
This ban will make credit card rewards programs more expensive for banks, forcing them to either eat the loss or downgrade their offers.
Is your credit card changing?
See what changes are coming ahead of the card surcharge ban
Westpac card changes
From 30 September 2026, Westpac will make the following changes to its Altitude cards, including its Altitude Qantas and Altitude Velocity cards.
- Rewards program fee increases. The Altitude Rewards program fee is going from $0 to $75 for the Altitude Rewards Platinum and Rewards Black cards. For the Qantas and Velocity Platinum cards it's going up by $50, and for the Qantas and Velocity Black cards it's going up by $80.
- Earn rates. The earn rates for Qantas and Velocity Points are changing very slightly, and increasing for some spending categories. For example, the Altitude Qantas Black currently earns 1.2 Qantas Points per dollar spent on international transactions. This will increase to 1.5 points. Everyday spending stays the same (0.8 points per dollar) while the "all other purchases" category is dropping from 0.5 points per dollar to 0.4 points.
- Rate increases. The purchase rate on these cards is increasing from 20.99% to 23.99%.
- Reward points values change. Points redemptions for gift cards, fee rebates and cashbacks are increasing. A $100 eGift card currently costs 23,500 Altitude Points. From 30 September it will cost 29,412 points. A 25% increase.
St.George card changes
St.George is making changes to its Amplify credit cards, including the Rewards Platinum, Qantas Platinum, Rewards Signature and Qantas Signature cards.
- Rate increases. The purchase rate on some cards is increasing from 9.0% to 15.99%.
- Interest-free periods shortened. The interest-free days on cards are dropping from 55 days to 45 days.
- Rewards program fees. The Amplify Qantas Platinum will now have a $125 reward program fee. The Amplify Qantas Signature will have a $155 fee.
- Qantas Points earn rates. Earn rates are changing slightly, with higher earn rates on international spending and lower earn rates for the all other purchases category. Everyday spend rates remain the same.
- Reward points values change. Points redemptions for gift cards, fee rebates and cashbacks are increasing. A $100 eGift card currently costs 20,000 Amplify Points. From 30 September it will cost 29,412 points. A 47% increase.
Westpac and St.George are the latest in a growing line of banks making big changes to their credit cards.
The Commonwealth Bank, ANZ and NAB have already announced big changes, including lower earn rates and increased fees.
NAB's changes include credit cards from brands like Virgin Money, Qantas Money and Bank of Queensland.
Is your card changing? What should you do?
It's important to understand the changes to your credit card to determine if your card is still worth the money.
Ultimately you want your card's benefits to significantly outweigh the annual fee. Be sure to factor in the new annual fee (including the reward program fee) and the revised points values.
Let's say your card's annual fee jumped from $370 to $420, and you earn 100,000 rewards points with the card. Assuming these points are now worth 25% less, you're paying $50 more and getting 25% less value.
If this isn't worth it for you, it's time to consider another credit card.
Need a better credit card?
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