Surcharge shake-up could clip the wings of frequent flyer points

July 6, 2026 — 5:00am

You have reached your maximum number of saved items.

Remove items from your saved list to add more.

In coming months, banks will inform millions of credit card customers about changes that are likely to affect something many shoppers hold dear: racking up Qantas frequent flyer points.

The looming credit card shake-up is the direct result of a decision from the Reserve Bank, which is banning surcharges from October, while also making changes that will cut the banks’ credit card revenue.

Much has been made of what this RBA policy could mean for credit card rewards – including for Qantas points, which are so widespread they’re sometimes dubbed a second currency.

So, are credit card perks about to be seriously shaken up, or will it be more like a few tweaks?

The exact shape of the banks’ credit card change isn’t yet known, and the details will vary between banks, which are expected to start telling customers about RBA-driven changes from next month. We don’t know all the details about the coming changes but I’d make a couple of predictions.

Businesses warn of price rises from RBA’s surcharge ban

First, people who amass huge numbers of frequent flyer points by switching banks and taking up generous sign-up bonuses should prepare for change. Those bonuses are likely to come down.

Second, despite the banking industry’s grumbling, credit card reward schemes will evolve and they will survive the RBA’s changes, which are only the latest in a series of hits to this business model.

Credit card perks are........

© Brisbane Times