The Reserve Bank’s credit card reforms are barely more than a month away, but Australia’s rewards credit card market is already looking very different. Cardholders have already been given a preview of what’s coming from 1 October 2026.
It’s clear that banks are looking for ways to reduce the cost of rewards as the RBA cuts the consumer credit card interchange cap from 0.8% to 0.3%. But each bank is approaching the situation differently, so some cards might now suit you better than others. Here’s a rundown of the major changes we’ve seen so far.
We’ve included data where available, but we don’t have access to all card history. Only major card changes relevant to rewards points and benefits are included.
ANZ
ANZ was one of the first major banks to make a visible move, cutting the headline bonuses on its range of Qantas cards. Various cashbacks are also gone. But interestingly, it’s also one of the only banks that is preserving the earn and transfer rates (at least as of the time of writing).
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| ANZ Rewards Platinum | Up to 125,000 ANZ Reward Points + $50 back on sign-up | Unchanged |
| 2 ANZ Reward Points/$1 on the first $2,000 of eligible spend per statement period, 0.5 points/$1 thereafter Uncapped | From 28 Oct 26: Eligible spend capped at $25,000 per statement period for points earning. | |
| $149 annual fee | Unchanged | |
| ANZ Rewards Black | Up to 180,000 ANZ Reward Points + $100 back on sign-up | Unchanged |
| 2 ANZ Reward Points/$1 on the first $5,000 of eligible spend per statement period, 1 point/$1 thereafter Uncapped | From 28 Oct 26: Eligible spend capped at $50,000 per statement period for points earning. | |
| $375 annual fee | Unchanged | |
| ANZ Frequent Flyer Platinum | Up to 75,000 Qantas Points on sign-up | Up to 40,000 Qantas Points 20,000 points after $3,500 eligible spend in the first four months, plus another 20,000 points after keeping the card for over 12 months. |
| 0.75 Qantas Points/$1 on eligible purchases up to $3,000 per statement period, 0.5 points/$1 thereafter Uncapped | From 28 Oct 26: Eligible spend capped at $25,000 per statement period for Qantas Points earning. | |
| $295 annual fee | Unchanged | |
| ANZ Frequent Flyer Black | Up to 130,000 Qantas Points on sign-up | Up to 80,000 Qantas Points 40,000 points after $6,000 eligible spend in the first three months, plus another 40,000 points after keeping the card for over 12 months. |
| 1 Qantas Point/$1 on the first $7,500 of eligible spend per statement period, 0.5 points/$1 thereafter Uncapped | From 28 Oct 26: Eligible spend capped at $50,000 per statement period for Qantas Points earning. | |
| $425 annual fee | Unchanged |
However, ANZ is implementing points caps from 28 October 2026 onwards, sitting at $25,000 or $50,000 per statement month. The move means ANZ is looking to try to retain customers over a longer period, perhaps those who might earn more with their monthly expenses.
One trade-off is that insurance benefits will be slashed. For example, the Rewards Platinum and Black cards will lose domestic and international travel insurance from 9 December 2026. The Frequent Flyer Black and Platinum cards will see some benefits and limits reduced.
For Qantas Points earning on a day-to-day basis, the ANZ Frequent Flyer range of cards is competitive.
ANZ Rewards Black credit card
- Bonus points
- Up to 180,000 extra ANZ Reward Points + $100 back
- Annual fee
- $375 p.a.
- Earn
- Earn 2 ANZ Reward Points per $1 spent on eligible purchases up to $5,000 per statement period, then 1 Reward Point per $1 spent on eligible purchases above $5,000 per statement period
ANZ Rewards Black credit card
- Bonus Points
- Up to 180,000 extra ANZ Reward Points + $100 back
- Annual Fee
- $375 p.a.
- Earn
- Earn 2 ANZ Reward Points per $1 spent on eligible purchases up to $5,000 per statement period, then 1 Reward Point per $1 spent on eligible purchases above $5,000 per statement period
ANZ is offering up to 180,000 extra ANZ Reward Points (130,000 pts + $100 back when you spend $5,000 in the first 3 months from approval & 50,000 pts when card is kept for 15 months from activation) for new cardholders of the ANZ Rewards Black credit card. Includes complimentary insurance plus Apple Pay and Google Pay support.
MyCard
MyCard is making changes across several parts of its rewards proposition, including its earn rates, annual fee, and frequent flyer transfer rate.
| Changes | Before | Now (as of 25 Aug 2026) |
|---|---|---|
| MyCard Premier | Up to 150,000 MyCard Rewards Points or 110,000 Velocity Points on sign-up | Unchanged |
| Earn up to 2 points/$1 on international spend, 2 points/$1 online, and 1 point/$1 on all other transactions. Capped at 200,000 points per year | From 1 Oct 2026: Earn up to 2 points/$1 on international spend, 2 points/$1 on eligible domestic travel spend, and 1.5 points/$1 on all other transactions. No points cap | |
| Transfer to Velocity at 2:1 | From 1 Oct 2026: Transfer to Velocity at 3:1 | |
| MyCard Premier Qantas | Up to 100,000 Qantas Points on sign-up | Unchanged |
| Earn up to 1 Qantas Point/$1 on international spend, 1 point/$1 online, and 0.5 points/$1 on all other transactions. Capped at 100,000 points per year | From 1 Oct 2026: Earn 0.5 Qantas Points/$1 on all eligible international and domestic spend. Capped at $7,000 spend per statement period | |
| MyCard Rewards | Up to 100,000 MyCard Rewards Points on sign-up | Unchanged |
| $199 annual fee | From 1 Oct 2026: $249 annual fee | |
| Earn up to 1 point/$1 on international spend and 1 point/$1 on all other transactions. Capped at $10,000 spend per statement period | From 1 Oct 2026: Earn up to 2 points/$1 on international spend, 2 points/$1 on eligible domestic travel spend, and 1.5 points/$1 on all other transactions. No points cap | |
| Transfer to Velocity at 2:1 | From 1 Oct 2026: Transfer to Velocity at 3:1 |
So while the overall new earn structure looks more generous in some categories, the less-favourable Velocity transfer rate needs to be factored into the overall value. It’s not too bad as far as changes go, especially with sign-up bonuses still quite high (as of 25 August 2026).
MyCard Premier Credit Card (Velocity)
- Bonus points
- 110,000 bonus Velocity Frequent Flyer Points⁹
- Annual fee
- $300 p.a.
- Earn
- 2 MyCard reward Points per $1 spent on Eligible Transactions online or overseas and 1 MyCard reward Point per $1 spent on Eligible Transactions everywhere else, capped at 200,000 MyCard reward Points over a 12-month period
MyCard Premier Credit Card (Velocity)
- Bonus Points
- 110,000 bonus Velocity Frequent Flyer Points⁹
- Annual Fee
- $300 p.a.
- Earn
- 2 MyCard reward Points per $1 spent on Eligible Transactions online or overseas and 1 MyCard reward Point per $1 spent on Eligible Transactions everywhere else, capped at 200,000 MyCard reward Points over a 12-month period
Earn 110,000 bonus Velocity Points via Autoredemption (converted from 220K MyCard Reward Points) with a MyCard Premier Credit Card when you spend $8,000 on eligible purchases within 90 days from approval.⁹ Automatically transfer myCard Reward Points to Velocity Frequent Flyer Points each month with Autoredemption. Get 0% p.a. for 12 months on balance transfers, a 3% BT fee applies. Balance transfer must be applied for during card application and Balance Transfer rate reverts to Cash Advance rate after the promotional period.¹⁰
Qantas Money
The Qantas Money Platinum sign-up bonus has been cut to 40,000 Qantas Points, with another 40,000 points offered only if you haven’t earned Qantas Points from a credit card in 24 months. There are no changes to the Titanium card at the time of writing.
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| Qantas Money Platinum | Up to 80,000 Qantas Points on sign-up | Up to 80,000 Qantas Points on sign-up (40,000 points for meeting the minimum spend, 40,000 points if you haven’t earned Qantas Points on a credit card in the last 24 months). |
| Qantas Money Titanium | 150,000 Qantas Points on sign-up | Unchanged |
While no changes have been announced to the earn rates at the time of publication, we’ll update this guide if they do.
Qantas Money Titanium
- Bonus points
- 150,000 bonus Qantas Points
- Annual fee
- $1200 p.a.
- Earn
- 1.25 Qantas Points per $1 up to $12,500 per statement period and 0.5 thereafter. 2 Qantas Points per whole AU$1 equivalent on international spend (uncapped). 2 additional Qantas Points per whole AU $1 equivalent spent on Qantas spend (uncapped)
Qantas Money Titanium
- Bonus Points
- 150,000 bonus Qantas Points
- Annual Fee
- $1200 p.a.
- Earn
- 1.25 Qantas Points per $1 up to $12,500 per statement period and 0.5 thereafter. 2 Qantas Points per whole AU$1 equivalent on international spend (uncapped). 2 additional Qantas Points per whole AU $1 equivalent spent on Qantas spend (uncapped)
Earn 150,000 Qantas Points when you spend $5,000 on eligible purchases in the first 90 days. Get two Qantas First Lounge passes per year, 20% more Status Credits, and 10% off selected Qantas domestic and international flights for two people, twice annually. Earn up to 2 Qantas Points per $1 on eligible spend (up to $12,500 per statement period), then 0.5 thereafter. Includes 0% p.a. on balance transfers for 6 months. Annual fee is $1,200.
Virgin Money
Virgin Money, which is also underwritten by NAB, is trimming earn rates and monthly caps, along with a small bump in the annual fee. The bonus points offers are still the same, but note that some of the sign-up bonuses will be earned in the second year of having the card.
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| Virgin Australia Velocity High Flyer | Up to 100,000 Velocity Points on sign-up | Unchanged |
| 1 Velocity Point/$1 on the first $8,000 of eligible spend per statement period 0.5 points/$1 thereafter | 0.75 Velocity Points/$1 on the first $5,000 of eligible spend per statement period 0.25 points/$1 thereafter | |
| $329 annual fee | $349 annual fee | |
| Virgin Australia Velocity Flyer | Up to 70,000 Velocity Points on sign-up | Unchanged |
| 0.66 Velocity Points/$1 on the first $1,500 of eligible spend per statement period 0.5 points/$1 thereafter | 0.5 Velocity Points/$1 on the first $1,500 of eligible spend per statement period 0.25 points/$1 thereafter | |
| $149 annual fee | $169 annual fee | |
| Virgin Money Anytime Rewards | Up to 60,000 Virgin Money Points on sign-up | Unchanged |
| 1 Virgin Money Point/$1 on eligible transactions, uncapped | 1 point/$1 at major supermarkets and major restaurants or restaurant chains 0.5 points/$1 everywhere else | |
| $149 annual fee | $169 annual fee | |
| International transaction fee applies | No international transaction fee |
Westpac
While the Westpac Group (including St.George, Bank of Melbourne and BankSA) is maintaining high sign-up bonuses, there are big changes coming to card earn rates and benefits. We’ve included the Westpac versions of the cards in the example below.
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| Altitude Rewards Platinum | Up to 100,000 Altitude Rewards Points on sign-up | Unchanged |
| Earn up to 2 points/$1 on international spend, 1.25 points/$1 on ‘Everyday spend’, and 1 point/$1 on other eligible purchases. After $5,000 per statement cycle, earn 0.5 points/$1. | Unchanged | |
| $175 annual card fee $0 Altitude Rewards program fee | From 30 Sep: $175 annual card fee + $75 Altitude Rewards program fee $250 total annual cost | |
| Transfer to Velocity, KrisFlyer, or Cathay Asia Miles at 3:1 | From 30 Sep: Transfer to Velocity, KrisFlyer or Cathay Asia Miles at 4:1 | |
| Altitude Rewards Black | Up to 200,000 Altitude Rewards Points on sign-up | Unchanged |
| Earn up to 3 points/$1 on international spend, 2 points/$1 on ‘Everyday spend’ and 1 point/$1 on other eligible purchases. After $10,000 per statement cycle, earn 0.5 points/$1. | Unchanged | |
| $295 annual card fee $0 Altitude Rewards program fee | From 30 Sep: $295 annual card fee + $75 Altitude Rewards program fee $370 total annual cost | |
| Transfer to Velocity, KrisFlyer, or Cathay Asia Miles at 3:1 | From 30 Sep: Transfer to Velocity, KrisFlyer or Cathay Asia Miles at 4:1 | |
| Altitude Qantas Platinum | Up to 100,000 Qantas Points on sign-up | Unchanged |
| Earn up to 0.75 Qantas Points/$1 on international spend, 0.5 points/$1 on ‘Everyday spend’ (including dining) and 0.35 points/$1 on other eligible purchases. After $5,000 per statement cycle, earn 0.2 points/$1. | From 30 Sep: 0.75 points/$1 international, 0.5 points/$1 on ‘Everyday spend’ and 0.33 points/$1 on other purchases. After $5,000 per statement cycle, earn 0.2 points/$1. Dining moves from ‘Everyday spend’ to ‘other purchases’. | |
| $175 annual card fee + $75 Altitude Qantas Rewards program fee $250 total | From 30 Sep: $175 annual card fee + $125 Altitude Qantas Rewards program fee $300 total | |
| Altitude Qantas Black | Up to 150,000 Qantas Points on sign-up | Unchanged |
| Earn up to 1.2 Qantas Points/$1 on international spend, 0.8 points/$1 on ‘Everyday spend’ and 0.5 points/$1 on other eligible purchases. After $10,000 per statement cycle, earn 0.25 points/$1. | From 30 Sep: 1.5 points/$1 international, 0.8 points/$1 on ‘Everyday spend’ and 0.4 points/$1 on other purchases. After $10,000 per statement cycle, earn 0.25 points/$1. Dining moves from ‘Everyday spend’ to ‘other purchases’. | |
| $295 annual card fee + $75 Altitude Qantas Rewards program fee $370 total | From 30 Sep: $295 annual card fee + $155 Altitude Qantas Rewards program fee $450 total | |
| Altitude Velocity Platinum | Up to 100,000 Velocity Points on sign-up | Unchanged |
| Earn up to 0.75 Velocity Points/$1 on international spend, 0.5 points/$1 on ‘Everyday spend’ and 0.35 points/$1 on other eligible purchases. After $5,000 per statement cycle, earn 0.2 points/$1. | From 30 Sep: 0.75 points/$1 international, 0.5 points/$1 on ‘Everyday spend’ and 0.33 points/$1 on other purchases. After $5,000 per statement cycle, earn 0.2 points/$1. Dining moves from ‘Everyday spend’ to ‘other purchases’. | |
| $175 annual card fee + $75 Altitude Velocity Rewards program fee $250 total | From 30 Sep: $175 annual card fee+ $125 Altitude Velocity Rewards program fee $300 total | |
| Altitude Velocity Black | Up to 150,000 Velocity Points on sign-up | Unchanged |
| Earn up to 1.2 Velocity Points/$1 on international spend, 0.8 points/$1 on ‘Everyday spend’ and 0.5 points/$1 on other eligible purchases. After $10,000 per statement cycle, earn 0.25 points/$1. | From 30 Sep: 1.5 points/$1 international, 0.8 points/$1 on ‘Everyday spend’ and 0.4 points/$1 on other purchases. After $10,000 per statement cycle, earn 0.25 points/$1. Dining moves from ‘Everyday spend’ to ‘other purchases’. | |
| $295 annual card fee + $75 Altitude Velocity Rewards program fee $370 total | From 30 Sep: $295 annual card fee + $155 Altitude Velocity Rewards program fee $450 total | |
| Insurance changes from 1 October 2026: Purchase Protection Insurance, Extended Warranty Insurance and Overseas Transit Accident Insurance will no longer be offered for new eligible purchases or travel from this date. Travel insurance will no longer include cover for Trip Cancellation, Travel Delay, and Luggage. | ||
Westpac has confirmed that changes to fees, rates and its Rewards Points program take effect from 30 September, followed by changes to complimentary insurance from 1 October.
While sign-up bonuses remain amongst the highest in the market, the cuts to earn rates are fairly significant. Altitude Rewards members should also note the poor transfer rate from 30 September, rising to 4:1 for Velocity, KrisFlyer, and Cathay.
The Qantas and Velocity co-branded card earn rates are mostly the same, with Westpac tweaking card fees and insurance instead. However, ‘dining’ will earn at a lower rate than it does now.
Westpac Altitude Qantas Black
- Bonus points
- Up to 150,000 Qantas Points
- Annual fee
- $295 p.a. plus $75 annual Rewards fee
- Earn
- Earn 1.2 Qantas Points per $1 on international transactions, 0.8 Qantas Points per $1 on everyday spend, and 0.5 Qantas Points per $1 on all other eligible spend up to $10,000 per statement period. Then 0.25 Qantas Points per $1 thereafter
Westpac Altitude Qantas Black
- Bonus Points
- Up to 150,000 Qantas Points
- Annual Fee
- $295 p.a. plus $75 annual Rewards fee
- Earn
- Earn 1.2 Qantas Points per $1 on international transactions, 0.8 Qantas Points per $1 on everyday spend, and 0.5 Qantas Points per $1 on all other eligible spend up to $10,000 per statement period. Then 0.25 Qantas Points per $1 thereafter
Westpac is offering up to 150,000 bonus Qantas Points for new cardholders of the Westpac Altitude Qantas Black. New cardholders will receive 90,000 Qantas Points when you spend $6,000 or more on eligible purchases within 90 days of approval and an additional 60,000 Qantas Points after spending $6,000 on eligible purchases within 90 days of card anniversary in year 2. This card also earns up to 1.2 Qantas Points per $1 spent on eligible purchases, and includes two Qantas Club Complimentary Lounge Invitations each year plus complimentary international travel insurance. The annual card fee is $295, plus a $75 rewards fee.
NAB
NAB is making some of the more significant changes to ongoing rewards earning, alongside changes to fees. The sign-up bonuses are still competitive, but keep an eye out for low monthly earning caps and tiered earn rates.
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| NAB Qantas Rewards Premium | Up to 100,000 Qantas Points + $150 cashback on sign-up | Unchanged |
| 1 Qantas Point/$1.50 on the first $3,000 of eligible spend per statement period 1 Qantas Point/$3 on the next $3,000 Maximum $6,000 eligible spend per statement period | From 1 Oct: 0.5 Qantas Point/$1 on the first $3,000 of eligible spend per statement period 0.25 Qantas Points/$1 on the next $3,000 Maximum $6,000 eligible spend per statement period Plus 1 bonus Qantas Point/$2 on international spend, uncapped | |
| $295 annual fee | Unchanged | |
| NAB Qantas Rewards Signature | Up to 130,000 Qantas Points + $250 cashback on sign-up | Unchanged |
| 1 Qantas Point/$1 on the first $5,000 of eligible spend per statement period 0.5 Qantas Points/$1 on the next $15,000 Maximum $20,000 eligible spend per statement period Plus bonus Qantas Points on selected Qantas products and services | From 1 Oct: 0.75 Qantas Point/$1 on the first $3,000 of eligible spend per statement period 0.25 Qantas Points/$1 on the next $12,000 Maximum $15,000 eligible spend per statement period Plus 0.5 bonus Qantas Point/$1 on international spend, uncapped | |
| $420 annual fee | $449 annual fee for new applications from 1 October 2026 | |
| NAB Rewards Platinum Becomes NAB Rewards Card | Up to 100,000 NAB Rewards Points on sign-up | Unchanged |
| 1 NAB Rewards Point/$1 on everyday eligible purchases 1.5 points/$1 at eligible grocery stores 2 points/$1 on eligible Webjet purchases | From 1 Oct: 1.25 NAB Rewards Points/$1 on the first $5,000 of eligible spend per statement period 0.5 points/$1 thereafter, uncapped Points Booster changes to provide an additional 1 point/$1 on eligible grocery, petrol, public transport, and travel transactions. | |
| $195 annual fee | Unchanged | |
| Transfer to Velocity at 2:1 | From 1 Oct: transfer to Velocity at 3:1 | |
| NAB Rewards Signature Becomes NAB Rewards Travel Card | Up to 110,000 NAB Rewards Points or 80,000 Velocity Points on sign-up | Unchanged |
| 1.5 NAB Rewards Points/$1 on the first $15,000 of eligible spend per statement period 0.5 points/$1 thereafter, uncapped Plus 1.5 points/$1 at eligible grocery stores and 2 points/$1 on eligible Webjet purchases | From 1 Oct: 1.5 NAB Rewards Points/$1 on the first $10,000 of eligible spend per statement period 0.5 points/$1 thereafter, uncapped Points Booster changes to provide an additional 1 point/$1 on eligible grocery, petrol, public transport, and travel transactions. Webjet bonus earn is removed. | |
| $35 monthly fee, waived when you spend $5,000+ per statement period | From 1 Oct: $395 annual fee. The $5,000 monthly spend waiver is removed. | |
| No international transaction fees | Unchanged | |
| No lounge passes | From 1 Oct: 2x lounge passes at selected airports (T&Cs pending) | |
| Transfer to Velocity at 2:1 | From 1 Oct: transfer to Velocity at 3:1 |
NAB Rewards Signature Card with Velocity
- Bonus points
- Up to 80,000 bonus Velocity Points
- Annual fee
- $35 monthly fee, can be reversed when you spend $5,000 or more in a statement period. From 1 October 2026, the monthly fee waiver will end and the monthly fee of $35 will be replaced with an annual fee of $395.
- Earn
- Earn 1.5 NAB Rewards Points per $1 spent on everyday purchases up to $15,000 per statement period, then 0.5 NAB Rewards Points for every $1 spent, uncapped thereafter². Points earn rates are changing from 1 October 2026. See terms for more information.
NAB Rewards Signature Card with Velocity
- Bonus Points
- Up to 80,000 bonus Velocity Points
- Annual Fee
- $35 monthly fee, can be reversed when you spend $5,000 or more in a statement period. From 1 October 2026, the monthly fee waiver will end and the monthly fee of $35 will be replaced with an annual fee of $395.
- Earn
- Earn 1.5 NAB Rewards Points per $1 spent on everyday purchases up to $15,000 per statement period, then 0.5 NAB Rewards Points for every $1 spent, uncapped thereafter². Points earn rates are changing from 1 October 2026. See terms for more information.
Enjoy up to 80,000 Velocity Points for new cardholders by earning and automatically redeeming 160,000 NAB Rewards Bonus Points when you spend $5,000 on everyday purchases within the first 90 days of account opening and keep your card open for over 12 months. The card also offers 0% p.a. on balance transfers for 12 months, with a 3% balance transfer fee⁵. Balance transfers must be applied for during the card application. Offer available to new NAB Cardholders only. T&Cs apply. Purchase, cash advance interest rates and points earn rates are changing from 1 October 2026. See terms for more information.
CommBank
CommBank is arguably taking the most radical approach. Rather than simply tweaking its credit card rewards, it is replacing CommBank Awards with CommBank Yello from 1 October. Credit card earn rates will soon be based on your Yello tier, which in turn is based on how much you bank with CommBank.
| Changes | Before | Now (as of 25 Aug 26) |
|---|---|---|
| CommBank Ultimate Awards Becomes CommBank Ultimate | $35 monthly fee, waived when you spend $4,000+ per statement period | From 29 Sep: $35 monthly fee The monthly spend waiver will be removed from 1 Jan 2027 |
| Earn up to 3 Awards points/$1 on international spend 2 Awards points/$1 at selected Australian supermarkets, department stores, petrol stations, dining and utilities 1 Award point/$1 on other eligible purchases Earn rates reduced after applicable spending caps | From 29 Sep: 2 Yello Points/$1 on international spend 0.5-1.5 Yello Points/$1 on other eligible purchases, depending on Yello tier: Yello: 0.5 points/$1 Yello Plus: 0.75 points/$1 Yello Gold: 1 point/$1 Yello Diamond: 1.5 points/$1 Uncapped | |
| No monthly travel or dining credits | From 29 Sep: $25 monthly Travel Credit via CommBank Travel Booking $10 monthly Dining Credit via Dine in Deals Credits expire after 12 months | |
| Travel insurance 2x airport lounge passes per year No international transaction fees | Previous benefits unchanged From 29 Sep: DoorDash DashPass $10 DoorDash credit when spending $50+ on an order Cracked Screen Cover | |
| CommBank Smart Awards Becomes CommBank Smart | $19 monthly fee, waived when you spend $2,000+ per statement period | From 29 Sep: $19 monthly fee The $2,000 monthly spend waiver will be removed from 1 January 2027. |
| Earn up to 1.5 Awards points/$1 at selected supermarkets, department stores, petrol stations, dining and utilities 1 Awards point/$1 on other eligible purchases Lower earn rate after applicable spending cap | From 29 Sep: 2 Yello Points/$1 on international spend 0.5–1.5 Yello Points/$1 on other eligible purchases, depending on Yello tier: Yello: 0.5 points/$1 Yello Plus: 0.75 points/$1 Yello Gold: 1 point/$1 Yello Diamond: 1.5 points/$1 Uncapped | |
| No monthly travel or dining credits | From 29 Sep: $10 monthly Travel Credit via CommBank Travel Booking $10 monthly Dining Credit via Dine in Deals Credits expire after 12 months | |
| Travel insurance No international transaction fees | Travel insurance benefit unchanged From 29 Sep: DoorDash DashPass Cracked Screen Cover 3.5% international transaction fee applies from 29 September 2026 | |
| Transfer to partner programs | 2.5 to 1 for Qantas ($90 annual fee applies) or 2 to 1 for Velocity (no fee) | From 29 Sep: 3 to 1 for Qantas ($149 annual fee applies), 2.5 to 1 for Velocity ($99 annual fee applies), 2.5 to 1 for Qatar Airways, 2 to 1 for Myer, 3 to 2 for Everyday Rewards |
Customers will be able to earn Yello Points through home loans, insurance, personal loans, CommSec, term deposits, travel and dining, as well as credit and debit card spending.
Summing up
| Bank/program | Biggest change | Why you might consider it |
|---|---|---|
| ANZ | Sign-up bonuses cut | Earn rates are unchanged, high monthly earning caps. Good for ongoing Qantas earn |
| MyCard | Earn and transfer rates | Good balance: sign-up bonuses and ongoing earn with MyCard Rewards points/Velocity Points |
| Qantas Money | Sign-up bonus structure change (Platinum) | Earn rates are still unchanged |
| Westpac | Fees, rewards and insurance changes | High sign-up bonuses |
| NAB | Earn rates, fees | Good sign-up bonuses, Rewards Signature has no FX fee |
| CommBank | Yello overhaul | Significant banking with CBA beyond credit cards |
As always, you need to consider the sign-up bonus, ongoing earn rate, annual fee, transfer rates, insurance and other perks, spending caps and, crucially, how you’ll actually redeem the points. Banks are approaching these changes differently, so pick the card that works for you.
The good news is that competition hasn’t disappeared. There are still strong offers in the market, and after the changes kick in, we could see better promos to lure customers back.
If we missed any important changes, please let us know in the comments below!
When you know can you also do an extensive Insurace reporting?