Which Credit Card Rewards Programs Have Held Up Best After the 1 October 2026 Devaluation?

The October 2026 rewards changes have brought some good news for cardholders. While some cards have lost benefits, a few cards now look even more attractive because their competitors were hit harder.

Rather than focusing on who lost the least, here's a look at the programs I'd still consider keeping or applying for today.

ANZ Rewards Black.

who wants flexible bank points,This is the card I would choose when the priority is earning a large amount of flexible rewards from everyday spending.

Why Keep It?

ANZ Rewards Black keeps many of its key benefits after the October changes. The 2 pts per $1 earn rate remains, but ANZ is introducing new spending tiers from 1 October 2026.

If you spend **around $3,000 or more per month, ANZ Rewards Black **can be worth keeping because its higher earn rate gives you significantly more points. If your spending is below this level, Rewards Platinum may offer better value because of its much lower annual fee, while both cards have the same ANZ Reward Points redemption options.

For existing cardholders, the main changes are:

• Earn rate: 2 pts : $1 on the first $5,000 of eligible spending each statement period.
• Airline transfers: Transfer rates to airline partners remain unchanged, so you can continue to use your points for frequent flyer rewards in the same way.
• Redemptions: You’ll need slightly more points for some rewards. - For example**$100 cashback will increase from 25,000 points to 26,300 points ***from 1 October.
• Spending tiers: The new limits mainly affect how many points you can earn as your spending increases.So, the October changes adjust how points are earned at higher spending levels not for under 5k spending / month and increase the points required for some redemptions.
  • If you spend around $3,000 month = 72,000 ANZ Reward Points a year at the post October earn rate.

Why open one now?

Before October, ANZ Rewards Black was sometimes overlooked because there were flashier alternatives. With other cards making bigger rewards changes, ANZ Rewards Black is now worth another look. Along with these changes to the rewards benefits, if you’re a new ANZ Rewards Black customer, there’s another important part to consider. The current new customer offer, here’s what you can get.

• New customers can receive 130,000 bonus points and $100 back after spending $5,000 within three months, plus another 50,000 points after keeping the card for more than 15 months. Eligibility conditions apply, including a 24 month exclusion period for previous ANZ Rewards or Frequent Flyer cardholders.

American Express Explorer

for the traveller who can use the travel credit This one is a completely different proposition.

Why keep it?

American Express Membership Rewards continues to offer strong earn rates, multiple airline transfer partners and no major October 2026 transfer rate devaluation.

At $3,000 a month, you can earn around 72,000 Membership Rewards points a year, but the biggest reason I’d keep Explorer is the $400 annual Amex Travel Credit. With a $395 annual fee, I can potentially offset the entire fee if I use the travel credit.

Why open one now?

Because Amex often earns points significantly faster than traditional Visa and Mastercard products.

A person spending $3,000 per month can often generate substantially **more points **through Amex than through a typical bank issued rewards card and **lower points required for redemptions. **

The downside is acceptance.

If your local merchants, bills and daily spending accept Amex, it can outperform most bank rewards programs.

If many of your expenses don't accept Amex, ANZ may end up being the better real-world choice despite having a lower theoretical earning power.

Who should choose Amex?

Frequent travellers who can use travel benefits from the card. You basically earn same rate with ANZ but have travel credits on top.

Bankwest More World

Lower cost more benefits,all rounder card.

Why keep it?

Many benefits still remain the same from 1 Octobe and the annual fees is lower than many cards.
The card still keeps some useful travel benefits: 10 complimentary airport lounge visits each year, no foreign transaction fees and complimentary overseas travel insurance.
The rewards earning rate from 1 October, the card earns 2.5 points : $1 on the first $2,000 each month, then 0.5 points/$1 after that. At $3,000 monthly spending, that’s 5,500 points a month or 66,000 a year.

Why open one now?

I’d get Bankwest More World if I wanted a lower fee travel rewards card and actually expected to use the lounge passes.

At $270 a year, I’m paying less than ANZ Rewards Black and Amex Explorer, while still getting:

• 10 lounge visits per year
• 0% foreign transaction fee
• Complimentary overseas travel insurance
• Up to 66,000 points a year at $3,000 monthly spending after the October changes.

My Personal Recommendation

Best everyday spending : ANZ Rewards

Why?

• Strong earning rate up to 5K/ month.
• Flexible airline transfers.
• Minimal impact from the devaluation.

Best for traveller : American Express Membership Rewards

Why?

• Travel credit offset annual fees.
• Potentially the highest earning rate.
• Powerful transfer options.
• Ideal if Amex acceptance isn't an issue.

Best all rounder : Bankwest World

Why?

• Lower annual fees.
• No travel credits but 10 complimentary airport lounge visits each year.
• Can be the card for traveller or everyday spender in one.

Our rankings and information are based on our own research and calculations using publicly available information from the relevant banks. They represent our personal assessment and are not financial advice. Rewards rates, fees, caps and card conditions can change, so always check the bank’s latest terms and conditions before applying.