Why your rewards card just got worse

If you've got a reward points or frequent flyer credit card, you might want to check your points. Rewards cards are going through one of the biggest shake-ups in years. 

From 1 October, the cap on interchange fees dropped, changing the economics behind many credit card rewards programs. As a result, some providers are increasing fees, reducing rewards or rethinking how their programs work.

Here’s the latest.

What’s changed ✈️ 

ANZ: Frequent Flyer Platinum sign-up bonus cut from 75,000 Qantas points to up to 40,000 since July, plus new monthly earning caps from October 28. 

Westpac: Points were devalued from September 30, meaning they don't go as far. Altitude Rewards Platinum also now has a $75 rewards program fee on top of the $175 card fee. 

NAB: Devalued points and cut points you could earn per dollar from October 1. A $100 eGift card now takes around 35,000 points, up from around 20,410. Although they did give existing customers a one-off points boost to help retain their pre-October 1 value. 

CommBank: The Awards program has closed, and points are moving to CommBank Yello. Smart Awards cards can no longer transfer to Qantas through Yello. 

Before your next renewal 🔁

None of this means rewards cards are suddenly bad, if you fly often and use the perks, they can still make sense. But the maths has shifted.  

If you have a points rewards card, it could be worth checking if anything’s changed, working out what you actually earned in the past 12 months against what the card cost you, and what that might look like in the next 12 months. 

If the numbers aren't stacking up, a straightforward cashback card might do more for your everyday spending. 

Others cut value, we didn't 🎉  

With the MONEYME Cashback Rewards Credit Card, you get 1% cashback on eligible purchases, up to 44 days interest free, included mobile phone insurance, ticket cover and purchase protection*, plus bonus cashback when you refer friends.

Terms, limits and exclusions apply.