With a number of banks continuing to adjust their rewards credit card offerings in the market, I thought it worth republishing this summary of what’s happened so far.

A reminder: these changes are being triggered by the changes in credit card benefits that have started to work their way through to consumers.

This is our round up of banks that have made changes so far, and becomes a watchlist for cards or rewards programs which haven’t yet made any changes but might do so in future.

Card Issuer / Rewards ProgramChange Announced?Date proposed changesCommentary
ANZ RewardsYesMarch 22ndEarn rates on ANZ Rewards cards cut. Existing points balances left unaffected.
ANZ QantasNoNo changes announced to date.
CBA AwardsYesMay 1stQantas Point earn rates cut. Annual fees raised. Point Hacks guide coming soon.
Westpac Altitude RewardsNoTransfer rates to KrisFlyer & Asia Miles cut from 2 Altitude Rewards points :1 frequent flyer point to 2.5:1
Amplify RewardsNoNo changes announced to date.
Citi RewardsYesMarch 18thTransfer rates to KrisFlyer and Velocity cut. Earn rates on international spend cut. Points caps imposed.
Westpac Altitude QantasYesSeptember 28thNo changes announced to date.
American Express & Membership RewardsNoNo changes announced to date.
NAB Qantas & VelocityNoNo changes announced to date.
Virgin MoneyYesApril 1stPoints earn rates cut. Flight benefits rejigged. Points caps added.
Bankwest (Qantas)YesJune 20thPoints earn rates cut.
Macquarie BankYesMay 11No points earn on BPAY or ATO Payments. Points caps added for new customers from June 20.
Jetstar MastercardsYesOctober 24thPoints cap added, removal of ATO and BPAY point earn
HSBC QantasYesChange was made in August 2015, prior to RBA review. Cap imposed, earn rates on international spend cut. Hard to say if further cuts are likely or not.
Woolworths Qantas MasterCardYesMay 11No points earn on BPAY or ATO Payments.

For most of the announced credit card changes you can click through to read about the tweaks that banks have coming up, or find out more about the product benefits.

I haven’t included every card in Australia on here, just the most popular options, so apologies if yours has been missed off.

The changes as a result of the new legislation coming through are extensive. The Reserve Bank’s regulatory changes on interchange fees could affect many Australian credit cards, however cards issued directly by American Express will not be impacted by the legislation.

As a result it is likely that cards issued directly by American Express will offer a stronger rewards offering than competitors in the future – or at least maintain their existing set of benefits relative to other banks.

I’ll continue to update this summary over time as new changes are announced.

Which credit cards and rewards programs have had changes so far in 2016? was last modified: November 30th, 2017 by Keith