Impact of RBA interchange fee cuts on Qantas Frequent Flyer points earnings and alternatives
Consensus Summary
The core story revolves around the impact of Australia’s October 2023 ban on debit and credit surcharges, driven by a 63% cut to interchange fees for credit cards. This regulatory change, similar to the RBA’s 2017 move, threatens the lucrative rewards points systems of airlines like Qantas, which rely on merchant fees to fund frequent flyer programs. With credit card points earnings expected to decline significantly, frequent flyers are advised to explore alternative methods to accumulate Qantas points. Both sources highlight Qantas Health Insurance’s 140,000-point sign-up bonus and the Everyday Rewards program at major retailers as key alternatives. The articles also emphasize everyday earning opportunities through utilities like Red Energy and Origin Energy, as well as petrol purchases at Ampol and BP stations. While credit cards may no longer be the primary tool for bulk points, these on-the-ground strategies offer viable replacements for those seeking to maintain or grow their Qantas points balance.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Debit and credit surcharges were banned in Australia on October 1, 2023, removing merchant surcharge fees at checkout
- The Reserve Bank of Australia (RBA) slashed interchange fees for credit cards by 63%, from 0.8% to 0.3%, effective October 1, 2023
- The RBA’s 2017 interchange fee reduction led to reduced points earn rates for credit cards, some by up to a half, and slashed sign-up bonuses
- Qantas Frequent Flyer program covers approximately 50% of the Australian population
- Qantas Health Insurance offers a sign-up bonus of 140,000 Qantas Points for new customers joining by April 9, 2024
- Everyday Rewards at Woolworths, BIG W, and BWS converts points to Qantas at a 2:1 ratio
- Red Energy and Origin Energy provide bonus points for switching electricity providers and ongoing points for electricity spending at a 2:1 conversion rate
- Ampol and BP petrol stations offer Qantas points for fuel purchases
Points of Difference
Details reported by only one source:
- The Qantas Wellbeing app gives up to 1000 points in the first month for hitting 10,000 steps daily and meeting sleep targets
- Qantas Home Loans offers 100,000 points annually for the life of the loan
- The article references Nicole Pedersen-McKinnon’s book 'How to Get Mortgage-Free Like Me' and her social media presence
- The article includes a disclaimer about seeking professional financial advice tailored to personal circumstances
Contradictions
Conflicting information between sources:
- No contradictions found between the two 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?...