WATCH THE VIDEO ABOVE: Credit card surcharge ban brings reward cuts<\/p>\n
Know the news with the 7NEWS app: Download today Arrow<\/a><\/p>\n But while the crackdown on surcharges is expected to save consumers money at the checkout, credit card providers are using the changes to overhaul their rewards programs, with some customers facing higher fees and fewer benefits. <\/p>\n Canstar Data Insights Director Sally Tindall told Sunrise on Tuesday the changes affect a long list of cards, including those offered by St George, Bank of Melbourne, BankSA, Coles, Virgin, MyCard and David Jones. <\/p>\n While October 1 is the key date for many of the changes, Tindall warned the timing varies between providers, with some changes already in place and others not taking effect until March next year.<\/p>\n \u201cIt\u2019s really important to get across what your card is doing,\u201d she said.<\/p>\n Rewards points are being cut<\/p>\n The banks have used the changes as an opportunity to reset their rewards programs, with customers facing cuts to the number of points they can earn on some cards.
<\/p>\n In some cases, including on some NAB and CBA cards, fee waivers are also being removed, meaning customers will no longer have their monthly fee waived after spending a certain amount.
<\/p>\n CBA Smart Card customers are also facing the end of a major perk, with Qantas points no longer available through the card from October 1.
<\/p>\n Tindall said customers need to look beyond the points they have accumulated and work out what they are actually getting back from their rewards program.
<\/p>\n Fees and interest rates are going up
<\/p>\n Some customers will also be hit with higher annual fees and interest rates.
<\/p>\n Westpac, for example, is increasing the interest rate on its rewards cards from 20.99 per cent to 23.99 per cent.<\/p>\n \u201cIf you\u2019ve got a debt on one of those Westpac rewards cards, it should not be there. In fact, it shouldn\u2019t be on any rewards card,\u201d Tindall said.<\/p>\n Some annual fees are also increasing, with one CBA card set to cost customers up to $569 a year.
<\/p>\n However, not every fee is increasing, meaning customers need to check the specific changes applying to their card.<\/p>\n Some of the benefits traditionally bundled into rewards cards are also being cut.
<\/p>\n Complimentary international travel insurance is being reduced on some cards, while extended warranty insurance is being scrapped in some cases.
<\/p>\n Some providers are offering different benefits in their place, including additional smartphone insurance.
<\/p>\n St George customers will also see their interest-free period cut from 55 days to 45 days.
<\/p>\n \u201cThat\u2019s going to hurt a lot of people, that extra time to clear their debt,\u201d Tindall said.<\/p>\n Is your card still worth it?
<\/p>\n With so many changes coming, Tindall said customers should work out exactly how much their card is costing them before deciding whether to keep it.
<\/p>\n \u201cGo and do a stocktake. It\u2019s not that hard,\u201d she said.<\/p>\n \u201cWork out exactly how much you\u2019ve shelled out in the last 12 months on your credit card.\u201d
<\/p>\n That means adding up annual and monthly fees, international transaction fees and any interest charges.
<\/p>\n Customers should then compare that figure with the actual value of the rewards and perks they have redeemed.
<\/p>\n \u201cIf that equation is out of kilter already, it\u2019s time to take your card shopping,\u201d Tindall said.
<\/p>\n![\"Canstar](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/7c816d948daaf96c293311b546456c14ae1ca5dc.png\")
Canstar Data Insights Director Sally Tindall\u00a0has issued a stark warning as big changes come to credit cards from October 1. Credit: SunriseInsurance and interest-free days are changing
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