Recent changes to credit card sign-up bonuses and perks

Some banks in Australia are tightening up certain benefits with their rewards credit cards. Spend categories are being adjusted, some lounge perks are being trimmed back, and you’ll also need to wait longer to be eligible for some sign-up bonuses. Despite this, you can still get good value from the cards with some planning.

Here’s what’s been happening lately so you can stay on top of the changes and tweak your points strategies.

1. Westpac is adjusting earn rates with Altitude

From 1 August 2025, Westpac will change the earn rates and spending categories for its range of Altitude-branded cards. This also affects the Qantas and Velocity variants of their Platinum and Black cards. The highest earn rate category will become overseas spending, but take into account that there is a 3% international fee on all cards.

Altitude Rewards cards

Card	Current Earn Rates	New Earn Rates (1 Aug 2025)
Altitude Rewards Black	6 Altitude Points per $1 on Qantas, Jetstar, Virgin Australia, Emirates & Singapore Airlines flights, up to $10,000/month 2 Altitude Points per $1 at David Jones, Myer, The Iconic, Spotify, Uber, Uber Eats & Airbnb 1.25 pts per $1 on other purchases	3 Altitude Points per $1 on international spend 2 Altitude Points per $1 on everyday spend 1 Altitude Point per $1 on other purchases Capped at $10,000 per statement period, after which the earn rate reduces to 0.5 points per dollar across all categories
Altitude Rewards Platinum	3 Altitude Points per $1 on Qantas, Jetstar & Virgin Australia flights, up to $10,000/month 2 Altitude Points per $1 on Spotify Premium, Uber, Uber Eats, Airbnb & overseas transactions 1 Altitude Point per $1 on other purchases	2 Altitude Points per $1 on international spend 1.25 Altitude Points per $1 on everyday spend 1 Altitude Point per $1 on other purchases Capped at $5,000 per statement period, after which the earn rate reduces to 0.5 points per dollar across all categories

With the Altitude Rewards Black and Platinum cards, the bonus points categories are changing, and there will be new monthly points thresholds of $5,000 or $10,000 per statement period. If you spend more than those thresholds, you’ll earn just 0.5 points per dollar for the rest of that period.

The ‘Everyday Spend’ category includes most major Australian supermarkets, department stores, petrol stations, dining and utilities.

Altitude Qantas cards

Card	Current Earn Rates	New Earn Rates (1 Aug 2025)
Altitude Qantas Black	0.75 Qantas Points per $1 on eligible purchases, up to $250,000 annually	1.2 Qantas Points per $1 on international spend 0.8 Qantas Points per $1 on everyday spend 0.5 Qantas Points per $1 on other purchases Capped at $10,000 per statement period, after which the earn rate reduces to 0.25 Qantas Points per dollar across all categories
Altitude Qantas Platinum	0.5 Qantas Points per $1 on eligible purchases, up to $100,000 annually	0.75 Qantas Points per $1 on international spend 0.5 Qantas Points per $1 on everyday spend 0.35 Qantas Points per $1 on other purchases Capped at $5,000 per statement period, after which the earn rate reduces to 0.2 Qantas Points per dollar across all categories

The Altitude Qantas Black and Platinum cards will swap a yearly earning cap to a monthly cap. Unfortunately, these monthly caps are significantly lower than the previous annual caps. The earn rates are also being adjusted to match the same categories as above.

Altitude Velocity cards

Card	Current Earn Rates	New Earn Rates (1 Aug 2025)
Altitude Velocity Black	0.75 Velocity Points per $1 on eligible purchases. No caps.	1.2 Velocity Points per $1 on international spend 0.8 Velocity Points per $1 on everyday spend 0.5 Velocity Points per $1 on other purchases Capped at $10,000 per statement period, after which the earn rate reduces to 0.25 Velocity Points per dollar across all categories
Altitude Velocity Platinum	0.5 Velocity Points per $1 on eligible purchases. No caps.	0.75 Velocity Points per $1 on international spend 0.5 Velocity Points per $1 on everyday spend 0.35 Velocity Points per $1 on other purchases Capped at $5,000 per statement period, after which the earn rate reduces to 0.2 Velocity Points per dollar across all categories

The Altitude Velocity Black and Platinum cards add the same monthly caps and spending categories as the Qantas variants. These cards previously didn’t have an earnings cap at all, so the new changes are more limiting.

2. Citi Prestige loses unlimited Priority Pass

From 1 August 2025, Citi will change the lounge access perk on its top-tier Prestige card. Instead of unlimited visits for the cardholder and a guest, members will receive 15 visits over 12 months. These can be used for any number of guests, such as for a group of three to visit the lounge five times.

From 1 July 2025, the insurance coverage with certain cards will change – this will affect more cardholders, including those with the Citi Premier as well. For example, the ‘Overseas Emergency Medical’ benefit from international travel insurance will decrease from ‘unlimited’ cover to $20 million.

Check out the Citi website for more details on the changes.

3. ANZ increases exclusion period for new sign-up bonuses

Finally, ANZ has quietly bumped up the exclusion period for sign-up bonuses up to 24 months across its whole range of Rewards and Frequent Flyer cards, matching Westpac. For reference, NAB and American Express have 18-month exclusion periods.

With ANZ, the exclusion also now applies equally to both the Rewards and Frequent Flyer cards. Previously, you could still be eligible for a sign-up bonus on the Qantas Frequent Flyer card if you held a Rewards credit card and vice versa, but this is no longer the case.

What does this mean for you?

Banks are certainly making it harder to ‘churn’ cards, but it’s still possible to use the offers to your advantage for reward flights in premium cabins. You just have to be more diligent in deciding when to sign up for a card and how long to keep it.

With the rise of 24-month exclusion periods, you’ll ideally want to target those cards when there’s a stronger offer or when it aligns best with your travel plans and spending habits. After getting the points, you’ll need to decide whether the ongoing perks and points earned are worth keeping the card open longer or not.

On one hand, closing a card earlier means you could be eligible for the bonus again, sooner. Conversely, it’s usually a good idea to have at least one rewards card remain open so you can collect points on day-to-day spend. Banks might also look negatively on closing multiple cards early and/or applying for many cards in a short period of time.

If you’re keeping a card for its ongoing earn potential, check to see how the earning categories and caps align for you. There wouldn’t be much point in keeping a lower-tier card open if you consistently have bills and expenses that go over the monthly earning cap.

Also read:

• The ultimate guide to Westpac Altitude rewards
• Is it worth keeping a credit card after the first-year bonus?