Explore the latest developments concerning Australia’s big banks.
Australia’s big banks hike fees, slash rewards as card surcharge ban looms
Australia’s biggest banks are rolling out fee hikes and slashing points programs to limit the sting from the Reserve Bank’s impending card surcharge ban.
Surcharges on debit and credit payments will be scrapped on October 1 following a decision by the Reserve Bank of Australia (RBA), billed as a way to save Australians money on every transaction.
Surcharges on debit and credit payments will be scrapped on October 1. iStock
The impending ban is expected to cost banks about $600 million per year.
This will include a reduction in interchange fees, which are paid by businesses to banks.
But financial institutions are finding ways to claw the money back through increasing card fees, raising interest rates and slashing customer loyalty programs.
Credit Card Updates
We’re closing the CommBank Awards program and introducing CommBank Yello points as the new way to earn points in the CommBank Yello Program, if you meet CommBank Yello eligibility criteria. We’re also making some changes to pricing and features on your card.
To support these changes, we’re updating the Awards Program terms and conditions on 28 September 2026. We’re also updating the CommBank Credit Card Conditions of Use, Schedule of Credit Card Particulars and related insurance, with changes taking effect on 29 September 2026. View your important notices here.
Continue earning and redeeming your Awards points until the CommBank Awards program closes on 29 September 2026. After this:
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CBA throws down the gauntlet in challenge for loyalty dominance
A simple question during a parliamentary hearing two years ago has triggered the biggest overhaul of a bank rewards scheme, and there’s a lot at stake.
Commonwealth Bank has chosen Virgin’s Velocity over Qantas’ Frequent Flyer loyalty program as the main partner for its own scheme. Bethany Rae
When Labor MP Jerome Laxale asked bank executives appearing before a parliamentary inquiry two years ago why his $5 cup of coffee cost $5.08 if he paid with a card, he could hardly have envisaged the monumental shake-up of the loyalty points market that was to come.
This week, Commonwealth Bank overhauled its loyalty scheme, signalling it would compete more aggressively with its Yello program against Qantas Frequent Flyer in an about-face that showed the reward-points market is shifting, and quickly. Arguably, it is possible to draw a line between that moment and the seemingly innocuous question two years earlier.
For more detailed information, explore updates concerning Australia’s big banks.
