Impact of RBA surcharge ban on Qantas points earnings and alternative strategies
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 lucrative rewards programs of credit cards by slashing interchange fees by 63%. This reduction in revenue for card providers is expected to lead to further cuts in points earn rates and sign-up bonuses, as seen in the 2017 RBA intervention. The articles warn that frequent flyers may no longer be able to earn bulk Qantas points through credit cards alone, prompting a shift to alternative strategies. Qantas Health Insurance offers a substantial 140,000-point sign-up bonus, while everyday spending on groceries, utilities, and fuel can also accumulate points through programs like Everyday Rewards, Red Energy, and Ampol. The consensus is that while credit cards remain viable for smaller rewards, bulk points will require more effort and diversification across Qantas’ ecosystem and partner programs.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Debit and credit surcharges were banned nationwide on October 1, 2023
- Interchange fees for credit cards were slashed 63% from 0.8% to 0.3% as compensation for merchants
- The Reserve Bank previously reduced interchange fees in 2017, leading to reduced points earn rates (some by up to a half) and capped sign-up bonuses
- Qantas Health Insurance offers a 140,000 Qantas Points sign-up bonus for new customers joining by April 9
- 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 2:1 points conversion on electricity spending
- Ampol and BP offer Qantas points for fuel purchases
- Qantas covers 50% of the Australian population and has the most on-the-ground options for points accrual
Points of Difference
Details reported by only one source:
- 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
- Qantas Shopping and Qantas Hotels/Luxury Holidays allow bonus points stacking with paying credit cards
- Gift card promotions through Everyday Rewards or Qantas Shopping can offer up to 20 times points
- Author Nicole Pedersen-McKinnon is mentioned as the author of 'How to Get Mortgage-Free Like Me' with links to follow her on unspecified platforms
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?...