Banks are quietly gutting credit card perks. Here’s what you stand to lose

August 1, 2026 — 3:01am

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It is a time-honoured strategy for points hackers like me to use credit cards, in an earn-then-churn rewards play.

No, you shouldn’t have a credit card if you can’t trust yourself to clear your credit card balance in full, say because you have a spending weakness. Incur interest and you’ve forgone your advantage.

But, for me, credit card reward points have long been a big part of how I fly me and my kids internationally for just fees and taxes – we are headed to Vancouver again next year for just $600.

But what I feared – and forecast – is coming true: banks are quietly slashing consumer perks – even before the October 1 surcharge ban hits. The deals for new customer have been pared back in multiple cases, as expected: reduced bulk sign-up points with a higher initial spend to qualify.

ANZ on its Frequent Flyer Black Card, for example, culled its bulk up-front points on July 22 from 130,000 to 80,000 Qantas points. At the same time, the minimum spend requirement increased from $5000 in the first three months to $6000, while the $200 cashback offer was removed.

On its Frequent Flyer Platinum Card, on the same date, the sign-up bonus went from 75,000 to 40,000 Qantas points. The minimum spend requirement also increased from $2500 in the first three months to $3500 in the first four months, and the accompanying $100 credit was removed.

You are just going to need to wait, optimise the other ways to get points, and plan your holidays a little more carefully.

But you can expect similar moves all over the market. And already the trend is towards an increased timeframe to get bonus points. Instead of qualifying after, say, three months in, they are most........

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