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Australian banks cut rewards and travel insurance ahead of surcharge ban
Original: Banks cut rewards programs, free travel insurance amid surcharge ban By Adelaide Miller Sweeping reforms from the Reserv
Sweeping reforms from the Reserve Bank of Australia take effect this week, banning card surcharges. In preparation, banks are hiking fees and slashing perks, including rewards programs and complimentary travel insurance. Reporting by Adelaide Miller for ABC News details how lenders are offsetting lost revenue, prompting concern among consumers about shrinking card benefits and higher everyday banking costs.
Why now: The Reserve Bank's surcharge ban takes effect this week, and banks' cuts to perks directly affect consumers' wallets.
Reserve Bank of AustraliaABC NewsAdelaide Miller
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- Banks cut rewards programs, free travel insurance amid surcharge ban By Adelaide Miller Sweeping reforms from the Reserve Bank start this week, as banks hike fees and slash rewards programs in preparation. https://www. abc.net.au/news/2026-09-28/sur… · abcfeeds@rssfeed.media · 1
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