Impact of RBA surcharge ban on Qantas Frequent Flyer points earnings

Consensus Summary

The core story revolves around the Reserve Bank of Australia’s October 2023 ban on debit and credit surcharges, which indirectly threatens the rewards structure of credit card programs like Qantas Frequent Flyer. The 63% cut in interchange fees—from 0.8% to 0.3%—reduces revenue that card issuers pay airlines for points, mirroring a 2017 crackdown that slashed earn rates and sign-up bonuses. While credit cards once allowed users to accumulate 200,000 points for free holidays, the latest changes may render them less effective for bulk points accumulation. The articles highlight alternative ways to earn Qantas points, such as Qantas Health Insurance (140,000-point sign-up bonus), the Qantas Wellbeing app (1,000 points/month for fitness), and everyday spending through Woolworths Everyday Rewards (2:1 conversion). Utilities like Red Energy and Origin Energy also offer bonus points for switching and ongoing spending, while fuel purchases at Ampol or BP contribute to the balance. The consensus is that frequent flyers must adapt strategies away from credit cards to maintain points accumulation, with Qantas’s expanded on-ground earning opportunities becoming increasingly critical.