Credit card wars heat up after Reserve Bank changes | 7NEWS

2 hours ago The News Room

The Reserve Bank’s new tap-and-go regulations have transformed the credit card points market, prompting major shifts in airline and banking partnerships. Qantas has ended its alliance with CommBank in favour of Westpac, while Virgin’s Velocity programme has partnered with CommBank. Despite higher annual fees and interest rates introduced to offset reduced transaction charges, demand for points-earning credit cards has grown significantly, with banks reporting double-digit increases in card acquisitions.

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