Survey: how Australia’s points collectors are preparing for the credit card shake-up

More than 4,500 of Australia’s most engaged points collectors have told us how they are approaching the RBA changes – the biggest shift to card rewards in years. It’s clear our value-driven audience moves quickly when an offer is strong, and many are weighing their next card now.

If you’ve been thinking about a new rewards credit card, the time to act is now. Banks have started trimming their points offers ahead of the Reserve Bank’s interchange changes on 1 October 2026. ANZ has already cut the bonus points on two of its flagship Qantas cards. Meanwhile, MyCard, Virgin Money and other issuers are following with lower earn rates, higher annual fees and reduced card benefits.

It’s the shift our recent reader survey saw coming. Six in ten of Australia’s most engaged points collectors expect the best offers to fade. But don’t panic, or spend more than you normally would. If a strong current offer suits you and you can clear your balance in full each month, it may be worth locking it in while it’s still around.

The 2026 Point Hacks Annual Loyalty and Credit Card Survey, completed by 4,534 Australian credit card holders, offers an interesting snapshot of how engaged frequent flyers are approaching one of the biggest changes to Australia’s rewards card market in years.

Many would rather switch cards than accept weaker rewards

Our survey shows that engaged cardholders remain highly willing to move between banks. More than half (55.4%) said they would switch to another rewards card if their existing card became less rewarding, rather than simply accept a lower earn rate.

One of the survey’s biggest findings confirms what most of us suspect. Credit card ‘churning’ is largely driven by attractive offers elsewhere rather than by dissatisfaction with an existing product.

Australia’s most engaged points collectors apply for a card when the offer is strong, not at a particular time of year. In our survey, 82.9% said they base their decision on the quality of an offer rather than any other metric.

Among respondents who had cancelled a rewards card in the past two years, 53.0% said they did so because another bank offered a stronger sign-up bonus. Only 20.2% said their previous card simply no longer suited their needs.

Churning isn’t just for high-income earners

Another of our survey’s findings clarifies who the biggest churners are. Regularly switching credit cards isn’t primarily associated with higher incomes. Instead, it’s much more closely linked to age.

Almost half (49.3%) of respondents aged 25-34 had cycled through at least one rewards card during the previous year. Among respondents aged over 65, that figure fell to just 2.0%. Swapping credit cards does usually require active income. It makes sense that the numbers fall faster when retirement is in sight.

Meanwhile, switching behaviour was remarkably consistent across respondents earning more than $100,000 per year. Incidentally, 34.3% of our survey respondents sit in households earning more than $200,000 a year.

Readers are sitting on sizeable points balances

It’s no surprise that Point Hacks readers are highly engaged with loyalty programs. More than three-quarters (78.0%) have balances exceeding 150,000 points, while 37.8% hold more than 500,000 points (this includes all programs, such as airline and supermarket schemes).

When it comes time to redeem, the goal is overwhelmingly premium travel. Among respondents who had redeemed points, 95.8% used them for flights. 57.9% said Business Class was their preferred redemption, ahead of 27.1% who target Economy.

You don’t need to spend more than usual to build toward a premium-cabin redemption. A single strong card sign-up plus everyday spending gives a serious head start, which is the aspiration that keeps this audience engaged.

The survey also revealed an interesting contrast between Australia’s two largest airline loyalty programs. While Qantas Frequent Flyer members generally remain highly engaged, a sizeable group of Velocity Frequent Flyer members described themselves as holding an account but rarely using it.

This suggests that Velocity’s challenge is to increase engagement with more good-value partner redemptions, rather than weaker ‘points plus pay’ partners.

Bank rewards points are firmly in play

It’s not only airline programs shaping these decisions. Flexible bank rewards points, the kind you can move to a choice of airline and hotel partners, are widely held. 24.8% of collectors earn American Express Membership Rewards. Among those who belong to more than one flexible program, 57.5% treat Amex Membership Rewards as their primary one. 

When we asked what people value most about their bank rewards program, transfer partners were the single most-cited reason, mentioned in 21.6% of responses. For collectors weighing a new card, having access to more than one preferred frequent flyer program can matter as much as the sign-up bonus itself.

How much awareness is there of the RBA changes?

Even among an audience this engaged, a surprisingly high share didn’t hold any views on the RBA change. Asked where they expect sign-on bonuses to be six months after 1 October, 11.5% were unaware of the change, and a further 16.4% had no clear view, so 27.9% did not hold a specific opinion.

Among the roughly seven in ten who did have a view, 84.5% expect sign-on bonuses to weaken. We are already seeing the effects of this ripple through the market.

If a change this significant has not fully landed with this many of the most engaged collectors, then it’s safe to say it’s barely reached the wider public (in terms of the points, anyway).

If you’re reading this, you’re already ahead of the curve! For more on the change itself, read our explainer on how the RBA’s credit card changes could affect frequent flyer points. 

What should cardholders do now?

Our survey reinforces that Australia’s rewards card landscape is changing, but it doesn’t suggest rewards cards have suddenly become poor value. Strong sign-up bonuses still exist today, although many banks have already confirmed their current offers will end before the October RBA changes take effect.

If you’ve already been considering a new rewards card, now could be a sensible time to compare the remaining offers before further changes arrive.

Just as importantly, the fundamentals haven’t changed. Only apply for a rewards credit card if it suits your financial situation, and always aim to pay your balance in full each month. The value of any points earned is quickly outweighed if you’re paying interest.

If you are looking for your next card, our guides to the best Qantas frequent flyer credit cards, the best Velocity frequent flyer credit cards and bank rewards program credit cards compare current offers side by side.

This article is general information only and does not take your personal circumstances into account. It is not financial advice. Figures reflect our 2026 Point Hacks reader survey and were correct at the time of publication. Confirm any card’s current fees, earn rates and bonuses directly with the provider.

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