Velocity Offers Up To 20% Bonus Points On Bank Transfers As Card Payments Landscape Shifts

The Velocity Frequent Flyer program is offering eligible members up to 20% bonus points on bank transfers until September 30, 2026. This campaign coincides with significant changes to Australia's card payments landscape, including the removal of card surcharges and reductions in interchange fee caps.

From October 1, 2026, eftpos, Mastercard, Visa, and American Express will no longer charge surcharges, while the Reserve Bank of Australia is reducing interchange fee caps for domestic card transactions. This shift may prompt banks to review their rewards offerings, making it a good time to review points balances and transfer options.

To earn 15% bonus Velocity Points on manual transfers, eligible members must hold points with participating partners ANZ, MyCard, NAB, American Express, or BOQ. They need to make at least one manual transfer per month during both August and September 2026. For a 20% bonus, they can opt into an eligible Auto Transfer.