Tag #Reward Points

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smh.com.au

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Sep 7, 07:16

Reserve Bank of Australia Plans to Overhaul Credit and Debit Card Surcharges

The Reserve Bank of Australia (RBA) plans to ban approximately \$1.2 billion in credit and debit card surcharges and lower merchants' payment costs by \$1.2 billion annually by capping interchange fees, potentially impacting banks' revenue by \$900 million and leading to adjustments in credit card i...

Reserve Bank of Australia Plans to Overhaul Credit and Debit Card Surcharges

The Reserve Bank of Australia (RBA) plans to ban approximately \$1.2 billion in credit and debit card surcharges and lower merchants' payment costs by \$1.2 billion annually by capping interchange fees, potentially impacting banks' revenue by \$900 million and leading to adjustments in credit card i...

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How might banks respond to the potential \$900 million revenue loss from the RBA's plan?

Banks may counteract revenue losses by raising credit card interest rates and fees, or by reducing the value of reward programs like frequent flyer points. This is similar to actions taken during a previous period of revenue pressure.

theguardian.com

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Apr 24, 01:16

Australian Credit Card "Churning": Rewards and Risks

Australians are increasingly using credit cards to accumulate frequent flyer points, a practice known as "churning," which offers substantial rewards but carries risks of debt and damaged credit scores; while beneficial for some, it disproportionately affects low-income individuals.

Australian Credit Card "Churning": Rewards and Risks

Australians are increasingly using credit cards to accumulate frequent flyer points, a practice known as "churning," which offers substantial rewards but carries risks of debt and damaged credit scores; while beneficial for some, it disproportionately affects low-income individuals.

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What are the immediate consequences of the growing popularity of credit card "churning" in Australia?

In Australia, many leverage credit cards to amass frequent flyer points, using strategies like "churning" (opening multiple cards for sign-up bonuses). Experts like Brandon Loo teach these techniques, highlighting potential rewards such as first-class flights. However, this practice carries risks and is not without caveats.

smh.com.au

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Jul 16, 10:11

Australia's Credit Card Surcharge Ban to Reduce Airline Loyalty Points

Australia's Reserve Bank proposes a ban on credit card surcharges from July 2026, potentially saving consumers $1.2 billion annually but forcing banks to likely reduce credit card rewards programs due to a decrease in interchange fees, impacting airline loyalty point earners.

Australia's Credit Card Surcharge Ban to Reduce Airline Loyalty Points

Australia's Reserve Bank proposes a ban on credit card surcharges from July 2026, potentially saving consumers $1.2 billion annually but forcing banks to likely reduce credit card rewards programs due to a decrease in interchange fees, impacting airline loyalty point earners.

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How will the reduction in interchange fees resulting from the surcharge ban affect the profitability of banks' rewards programs?

The proposed ban, aiming to save consumers $1.2 billion annually, will significantly impact banks' revenue from interchange fees, which currently subsidize credit card rewards programs. Lowering this revenue stream will force banks to adjust their offerings, potentially reducing rewards points to maintain profitability. This connects to similar situations in the UK, where reduced interchange fees resulted in less attractive credit card rewards programs.

smh.com.au

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Jan 22, 10:08

Qantas Frequent Flyer Program Overhaul: Increased Points Earned, Higher Redemption Costs

Qantas is updating its Frequent Flyer program, increasing points earned on domestic flights by up to 25% from July, but also raising points needed for reward seats and upgrades by 15% from August, impacting 13,000 daily classic reward seat bookings.

Qantas Frequent Flyer Program Overhaul: Increased Points Earned, Higher Redemption Costs

Qantas is updating its Frequent Flyer program, increasing points earned on domestic flights by up to 25% from July, but also raising points needed for reward seats and upgrades by 15% from August, impacting 13,000 daily classic reward seat bookings.

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What are the immediate impacts of Qantas's Frequent Flyer program changes on its members?

Qantas announced changes to its Frequent Flyer program, increasing points earned on flights but also raising points needed for seat redemptions and upgrades. Domestic flights will earn up to 25% more points starting in July, while the points required for reward seats will increase by 15% starting in August. This includes increased carrier charges.

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