Impact of RBA debit/credit 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 lucrative rewards systems of credit cards, including Qantas Frequent Flyer points. The 63% reduction in interchange fees—from 0.8% to 0.3%—cuts revenue that card providers use to fund points programs, mirroring a 2017 crackdown that slashed earn rates and capped bonuses. While credit cards once allowed users to accumulate 200,000 points easily, the latest changes may render them less effective for bulk points collection. The articles highlight alternative strategies to earn Qantas points, such as Qantas Health Insurance sign-up bonuses (140,000 points), the Qantas Wellbeing app (1,000 points for daily activity), and partnerships with retailers like Woolworths (2:1 conversion) and energy providers (20,000+ points annually from electricity bills). The shift signals a broader trend where frequent flyers must diversify their points-earning methods beyond credit cards, leveraging shopping portals, loyalty programs, and everyday spending to maintain rewards accumulation.