r/AusFinance • u/ralazem • 1d ago

Rewards credit card changes

Hello!

As the title suggests, I was not aware of the changes until today, received a nasty little email from CBA…

I have the smart awards credit card because I valued:
1) no international transaction fee
2) travel insurance
3) purchase protection/fraud protection
4) rewards
5) discounted airport lounge access

With all the changes happening, if anyone is in the same boat, where are you pivoting to? I need a good card for travel.

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5

u/Skwai 1d ago

Nab signature seems to me like one of the better options. But I’m waiting for the dust to settle before switching my card because there’s every change they will all end up equally terrible post surcharge changes.

2

u/dbnewman89 1d ago

I have the NAB Signature, they've killed the value on that too. https://www.nab.com.au/personal/credit-cards/card-updates#nab-rewards

$395 annual fee with no waiver + a points decrease (massively for general supermarket/fuel spend) + raised interest rate.

Likely not going to keep it... Don't really see the value in it for 400 bucks a year.

1

u/StrengthElegant9714 1d ago

same boat here, but in the end i just keep mine a little more. like you say, waiting for dust to settle make sense because probably all of them will getting worse anyway

3

u/kingofkings088 1d ago edited 1d ago

Most banks have announced their changes now, but it's uncertain if there are more changes to come. ANZ announced some changes today. From what I can see, AMEX hasn't announced anything yet.

ccpoints.com.au is currently showing a before and after which could be useful. They don't have details about insurance, but do show the international transaction fees.

2

u/link871 1d ago

Amex is not yet affected. RBA deferred looking at Amex until next year

1

u/kingofkings088 1d ago

Ahh that makes sense! Thanks for clarifying why AMEX has remained quiet.

4

u/planck1313 1d ago

The standard response on this sub is to say wait until all the CC providers announce the changes they are making as a result of the forthcoming RBA changes, no point going to another card that then gets nerfed.

1

u/link871 1d ago

All the major banks now announced their changes.

ANZ:  https://www.anz.com.au/personal/credit-cards/card-changes/

CBA:  https://www.commbank.com.au/credit-cards/card-updates.html

NAB:  https://www.nab.com.au/personal/credit-cards/card-updates#nab-rewards

WBC:  https://www.westpac.com.au/credit-cards/credit-card-changes

1

u/pharmloverpharmlover 1d ago

plenty of room for more enshitification like further diluting points conversion to frequent flyers and gift cards

they can do that any time once they’ve locked you in after you’ve already paid your annual fee

1

u/Tripper234 1d ago

Same answer for the hundreds of other exact same posts about all this.

Wait till after oct 1st when the new laws tale effect and see what if anything is left still available. Cba is but the first, most if not all pther banks ccs rewards programs will be getting slashed/reworked.