Credit Cards
Australian Credit Card Devaluations 2026: All Banks Compared.
See how Australian credit card rewards may change in 2026, with a bank-by-bank comparison of points, fees and transfer value ahead of RBA reforms.
What is happening ???
Starting 1 October 2026, The Reserve Bank of Australia (RBA) will change card rules.
Credit cards: The bank fee drops from 0.80% to 0.30%
Debit cards : The bank fee drops from 0.20% to 0.16%
For buyer/ Card holder
No more card surcharge !
For Shop/retails and Business
You cannot charge customers more for using cards.
Banks must lower the fees they charge you.
What is NOT changing ?
Business cards: Work and Company cards still have fees.
Other Apps: PayPal and Afterpay can still charge extra.
Here is my ranking of the major Australian credit card providers based on how much their rewards, bonuses, fees or benefits are changing.
Biggest devaluation → least affected
Australian Credit Card Changes 2026
| Rank | Bank / Card | Status | Key Change |
|---|---|---|---|
| 1 | MyCard | Major Cuts | Points value drops by up to 62%; MyCard Prestige is discontinued. |
| 2 | ANZ | Bonus Cut | Qantas Black bonus drops to 80,000 points (was 130,000); cashback offers removed. |
| 3 | Virgin Money | Earn & Fee Hit | Points earn rates reduced, e.g. High Flyer drops to 0.75 points/$1, while annual fees increase. |
| 4 | BOQ | Point Cut | Platinum Visa earn rate cut from 2 → 1 point/$1; purchase rate rises to 21.99%. |
| 5 | Westpac | Capped Earn | New monthly limits mean you earn fewer points once your spending goes above the cap. |
| 6 | CommBank | Watch Closely | No major confirmed devaluation yet, but rewards are under pressure from the new rules. |
| 7 | St.George | Watch Closely | No major confirmed devaluation yet, but worth watching as the new rules take effect. |
| 8 | Bank of Melbourne | Watch Closely | No major confirmed devaluation yet, but future rewards changes are possible. |
| 9 | BankSA | Watch Closely | No major confirmed devaluation yet, but future changes are possible. |
| 10 | Bendigo Bank | Stable For Now | No confirmed major rewards devaluation at this stage. |
| 11 | Macquarie | Stable For Now | No confirmed major rewards devaluation at this stage. |
| 12 | HSBC | Stable For Now | No confirmed major rewards devaluation at this stage. |
| 13 | American Express | Strong / Less Affected | Not under the same interchange rules; Amex Explorer keeps 2 Membership Rewards points/$1 uncapped. |
Summary of the credit card changes happening before 1 October 2026.
Major Cuts & Devaluations
MyCard: Points lose 62% of their value. A $100 gift card increases from 20,900 to 33,770 points. The Prestige card is discontinued.
ANZ: Sign-up bonuses slashed. Frequent Flyer Black drops from 130,000 to 80,000 points. Platinum drops from 75,000 to 40,000 points. All cashback offers ($100–$200) are removed.
Virgin Money: Double penalty. Velocity Flyer points drop from 0.66 to 0.55 per $1, while the fee rises to $169. Velocity High Flyer points drop from 1.0 to 0.75 per $1, while the fee rises to $349.
BOQ : Platinum Visa points are cut in half from 2 points to 1 point per $1. Interest rate increases to 21.99%.
NAB: Owns and manages the networks for MyCard, Virgin Money, and BOQ. Expect broad changes across its ecosystem.
Westpac: Lower monthly caps introduced. You will earn fewer points if you spend a lot.
Banks to Watch Closely
CommBank, St.George, Bank of Melbourne, BankSA: No major changes confirmed yet, but under heavy pressure.
Bendigo, Macquarie, HSBC: No confirmed cuts yet. Safe for now, but keep monitoring.
The Strongest Option
American Express (Amex): Not affected by the new bank fee rules. The Amex Explorer still offers an uncapped 2 points per $1.
BUT
Additional/employee cardholders will lose Priority Pass access starting October 2026 .Additionally, the Amex Qantas Ultimate card is losing its access passes to domestic Centurion Lounges.
Note: These rankings are based on confirmed changes announced for 1 October 2026. Other banks may still announce cuts as the deadline approaches.
This article is based on independent user research and comparison, not official financial advice from AMEX. Offers, fees, rewards rates and eligibility requirements can change. Always check the latest official terms before applying.