Weekly News Roundup: Mar 30 - Apr 5, 2026
Published on 4/9/2026
Big week for Australian credit card news. The RBA dropped its conclusions paper on interchange reform, Amex is trimming lounge perks, NAB is cutting a transfer partner, and Westpac is tweaking fees. Here's everything you need to know.
RBA Bans Card Surcharges, Slashes Interchange Fees
This is the biggest story of the week — possibly the biggest credit card news in Australia this year.
On March 30, the Reserve Bank of Australia published its conclusions paper on merchant card payment costs and surcharging. Two headline changes:
- Card surcharges are banned from October 1, 2026. Businesses will no longer be able to add a surcharge on EFTPOS, Mastercard, or Visa payments. Note: American Express is not covered by this ban.
- Interchange fees on consumer credit cards drop from 0.8% to 0.3% — also from October 1, 2026.
The RBA estimates this will save merchants around $910 million per year. That sounds great for consumers on the surface — no more 1.5% surcharges at the checkout. But here's the catch: interchange fees are what fund credit card rewards. When that revenue drops by more than half, banks will have less money to put toward sign-up bonuses, earn rates, and premium perks.
I expect we'll see earn rates drop, annual fees rise, and some of the more generous offers disappear over the next 12 months. If you've been sitting on the fence about a big sign-up bonus, the clock is ticking.
A separate change — a cap on interchange for foreign cards — comes into effect on April 1, 2027.
Sources: RBA Conclusions Paper | Point Hacks analysis | Australian Frequent Flyer
Amex Cuts Lounge Access on Platinum Cards
American Express announced cuts to lounge access benefits on Australian Platinum cards. Published March 31 and updated April 2.
The key changes:
- Priority Pass (Oct 1, 2026): Only the primary cardholder gets Priority Pass enrolment. Additional card members lose their Priority Pass entirely. Business and Corporate Platinum members can bring one complimentary guest.
- Centurion Lounges (Jul 8, 2026): Guest allowance drops from two to one. Guests must be on the same flight, and layover access is limited to within five hours of your connecting flight.
- Plaza Premium Lounges (Oct 1, 2026): Guest allowance drops from two to one.
If you travel with a partner and rely on Amex lounge access, this is a meaningful downgrade. Worth factoring in when the annual fee comes around.
On top of this, Amex is also bumping the foreign currency conversion fee from 3% to 3.5%, effective May 4, 2026 for personal and small business cards, and June 29 for corporate cards.
Sources: Point Hacks | Amex lounge updates | Flight Hacks
NAB Drops Cathay Asia Miles as Transfer Partner
From April 27, 2026, NAB Rewards customers will no longer be able to redeem points for Cathay Pacific Asia Miles.
If you've been hoarding NAB Rewards points with an Asia Miles redemption in mind, you need to transfer them before that date. After April 27, that option is gone.
This comes alongside broader Asia Miles devaluations — Cathay is also increasing mileage costs on several long-haul routes from May 1, and Amex already cut its Membership Rewards transfer ratio to Asia Miles by 20% back in March.
NAB also has insurance changes coming May 15 — some cards are losing International Travel, Domestic Travel, and Rental Vehicle Excess insurances entirely, while others will see reduced cover periods. Check your specific card to see if you're affected.
Source: NAB Rewards updates
Westpac Fee Changes From April 30
Westpac is making changes to several credit card fees effective April 30, 2026:
- Cash Advance Fee
- Missed Payment Fee
- How the annual card fee is charged on the Low Rate Credit Card
Specific new amounts haven't been widely published yet. If you hold a Westpac card, check your email or the Westpac app for details.
Source: Westpac credit card fees
Notable Offers Still Running
A few offers worth flagging if you're in the market:
- Amex Velocity Business Card: 200,000 bonus Velocity Points (spend $6,000 in 3 months). Apply by April 30.
- Amex Platinum Card: Bespoke offer of 220,000 Bonus Membership Rewards Points. Apply by April 14.
- Amex Qantas Ultimate Card: 70,000 bonus Qantas Points (spend $5,000 in 3 months), plus 30,000 in Year 2. Apply by May 5.
- Coles Rewards Mastercard: $250 Coles Gift Card bonus (spend $3,000 in 90 days). Apply by June 30.
What I'm Watching
The RBA interchange reform is the story that will define the next year of Australian credit cards. October 1 is the date, but banks will start adjusting well before that. I'd expect to see the first earn rate reductions and benefit cuts announced in the coming months — the Amex changes this week might just be the beginning.
If you're a churner, this is the time to be strategic. Lock in the best offers while they're still around.
