Banks Slash Rewards Programs Amid Surcharge Ban
Australia's banks are set to overhaul their loyalty perks programs from October 1, as the Reserve Bank of Australia's surcharge ban takes effect. This move aims to reduce the cost of receiving card payments for small businesses, who will no longer be able to directly pass the cost onto shoppers.
As a result, banks will have a smaller pool of money to pass onto customers in the form of rewards programs, including frequent flyer points. Commonwealth Bank is rebranding its CommBank Awards rewards program to CommBank Yello and allowing customers to earn points across eligible home loans, savings, cards, and insurance.
National Australia Bank will reduce the number of points earned per dollar spent on NAB Qantas Rewards Premium cards. ANZ has wound back sign-up perks for its Frequent Flyer Black and Platinum cards ahead of the surcharge ban, reducing the sign-up bonus and removing cashback offers.