This is how your bank will curb your card’s perks and points next month

August 29, 2026 — 5:00am

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There’s still a month to go, but no matter, we already know how customers will pay for the October 1 ban on card surcharges.

From higher interest rates and fees, to fewer perks and points, we know where the big banks will claw back the money they will lose when 63 per cent of allowable interchange fees are cut overnight. Banks face an estimated reduction of up to $900 million a year in interchange income from the change to so-called “swipe fees”.

To compensate, they will dramatically reduce conditions on credit and other cards, with every provider slashing their perks because of the new cap on the fees they can collect.

ANZ announced its full changes last week, though it was actually the first to cut rewards points sign-up bonuses more than a month ago.

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From July 22, those sign-up bonuses – long favoured by “points hackers” to fly further – will be reduced from 130,000 to 80,000 Qantas points, for instance, on its Frequent Flyer Black card. As is fast becoming the norm now to lock in customer loyalty, these points are paid in two instalments, with the second (40,000) not awarded until the 12-month mark.

The bank has also hiked the required spend in the first three months to qualify for the points bonus on its Black card: up........

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