Impact of RBA surcharge ban on Qantas points earnings and alternatives for frequent flyers
Consensus Summary
The core story revolves around the impact of Australia’s October 2023 ban on debit and credit surcharges, which removed merchant fees for card payments. The Reserve Bank of Australia’s 63% reduction in interchange fees (from 0.8% to 0.3%) threatens the viability of credit card rewards programs, particularly for Qantas Frequent Flyer points. This follows a similar 2017 crackdown that slashed points earn rates and capped sign-up bonuses, making it harder to accumulate bulk points through cards alone. Frequent flyers are now advised to explore alternative methods to earn points, such as Qantas Health Insurance (offering 140,000 points for new sign-ups by April 9), the Qantas Wellbeing app (earning points for fitness activities), and everyday spending through portals like Qantas Shopping, Everyday Rewards (Woolworths/BIG W/BWS), and utility providers like Red Energy and Origin Energy. The articles emphasize that while credit cards may no longer be the primary source for bulk points, other strategies—such as grocery shopping, gift card promotions, and fuel purchases—can still help accumulate rewards efficiently.
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Key details reported by multiple sources:
- Debit and credit surcharges were banned in Australia on October 1, 2023, removing merchant fees for card payments
- The Reserve Bank of Australia (RBA) slashed interchange fees for credit cards by 63%, from 0.8% to 0.3%
- The 2017 RBA interchange fee reduction led to reduced points earn rates (some by up to a half) and capped sign-up bonuses for credit cards
- Qantas Frequent Flyer program covers 50% of the Australian population and offers the most on-the-ground points accrual options
- Woolworths, BIG W, and BWS provide Everyday Rewards that convert to Qantas points at a 2:1 ratio
- Qantas Health Insurance offers a sign-up bonus of 140,000 Qantas Points for new customers joining by April 9, 2024
- Red Energy and Origin Energy provide bonus points for switching electricity providers and ongoing points for electricity spending at a 2:1 ratio
- Ampol and BP offer Qantas points for fuel purchases
Points of Difference
Details reported by only one source:
- Nicole Pedersen-McKinnon is mentioned as the author of *How to Get Mortgage-Free Like Me* and her social media handles are referenced
- The Qantas Wellbeing app is described as free and earning up to 1000 points in the first month for hitting 10,000 steps daily and sleep targets
- The article includes a direct link to the author’s book and mentions her weekly financial advice newsletter
- The article notes that sign-up bonuses for credit cards are often spread over two years as a customer loyalty play
- No additional unique details beyond those in SMH; identical text structure and content
Contradictions
Conflicting information between sources:
- No contradictions found between sources
Source Articles
Forget credit cards. Here’s where to earn bulk Qantas points now
The RBA’s crackdown means frequent flyers can probably soon forget credit cards as a source of bulk points. So what should you do instead?...
Forget credit cards. Here’s where to earn bulk Qantas points now
The RBA’s crackdown means frequent flyers can probably soon forget credit cards as a source of bulk points. So what should you do instead?...