5 Credit Card Offers To Consider Before The RBA's October 1 Gutting
Banks are already cutting back on rewards credit cards…
We've already covered why the RBA's payments reforms could gut credit card rewards, and how American Express is following suit on banning surcharges.
In the aftermath, we have seen nearly every bank make changes to their rewards systems that negatively impact consumers. Reduced sign up bonus offers have already hit the market, and we can only assume that will continue.
Nobody can promise every bank will gut credit card perks the second the RBA's interchange cuts land on 1 October 2026. But with the interchange fee cap being reduced, banks are about to make less every time you spend, and they aren't going to eat that loss quietly.
If a rewards credit card has been on your radar, getting in before those welcome bonuses take a hit could be worthwhile. This article highlights five solid rewards credit card offers in the market right now.
Rewards Card Cuts Have Already Started
Unfortunately, this isn't all just a theory by those who love to earn points (like us!). Banks are already moving to reduce benefits for consumers, and while many won't explicitly say it's due to the RBA's payments reforms, the timing is hard to ignore.
ANZ has slashed the sign-up bonus on its Frequent Flyer Black card from 130,000 Qantas Points to 80,000 and scrapped the $200 cashback that came with it. Westpac has reduced complimentary insurance perks on selected cards. NAB has cut earn rates and hiked fees across its own cards, plus the white-label products it runs for MyCard, Bank of Queensland and Virgin Money. American Express has updated lounge access perks too, reducing guest numbers or removing access entirely on some cards.
The last time the RBA trimmed interchange caps in 2017, most banks cut their points earn rates within months. That doesn't guarantee every credit card in Australia will get worse. But when four major issuers have already moved, and the RBA is cutting the fee that funds these programs by more than 60%, "extremely likely" feels like the right way to put it.
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1. Westpac Altitude Qantas/Velocity Black
You can snag up to 150,000 bonus Qantas Points with the Westpac Altitude Qantas Black Card. This card also comes in a Velocity version, with the same offer.
Earn 90,000 points in year 1 if you spend $6,000+ within 90 days of card approval, plus an extra 60,000 points with a $6,000+ spend within 90 days of your card anniversary in year 2.
Why we like it: the biggest headline bonus on this list, and existing Westpac customers can unlock a discounted $200 card fee in the first year.
Offer link: Westpac Altitude Qantas Black (not affiliated with FH)
2. Qantas American Express Ultimate
Earn up to 120,000 bonus Qantas Points4. That’s 70,000 bonus Qantas Points when you apply online by 17 November 2026, are approved, and spend $5,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. Plus, earn an additional 50,000 bonus Qantas Points when you spend a further $5,000 on eligible purchases within the first 3 months of your second year of Card Membership. T&Cs apply. New Amex Card Members only.
Why we like it: the $450 Qantas Travel Credit5 immediately offsets the $450 annual fee, and the 1.25 Qantas Points per $1 spent on everyday purchases6 is one of the highest on the market.
Offer link: Qantas American Express Ultimate (FH partner link)
3. American Express Explorer
Earn up to 125,000 Bonus Membership Rewards Points1. That’s 75,000 bonus Membership Rewards Points when you apply online by 25 August 2026, are approved, and spend $4,000 on eligible purchases on your new American Express Explorer Credit Card within the first 3 months of your approval date. Plus, earn an additional 50,000 bonus Membership Rewards Points when you spend a further $4,000 on eligible purchases within the first 3 months of your second year of Card membership. T&Cs apply. New Amex Card Members only.
Why we like it: the included $400 travel credit2 offsets the Amex Explorer’s $395 annual fee from day one, so you're effectively in front before you've earned a single point. Amex Membership Rewards Points are also widely considered the best flexible points you can earn in Australia, with the most transfer partners of any credit card rewards currency. The insurance is solid for a mid-tier card, and includes travel insurance3 and even smartphone screen cover3.
Offer link: American Express Explorer (FH partner link)
4. Virgin Money Velocity High Flyer
Right now the Virgin Australia Velocity High Flyer Card comes with up to 100,000 Bonus Velocity Points. That’s 40,000 Velocity Points each month you spend $3,500+ on eligible purchases for the first 60 days. Plus, earn an additional 20,000 Velocity Points if you keep your card open for over 12 months.
Why we like it: an annual $129 Virgin Australia gift voucher and 20% bonus Status Credits (up to 100 yearly) on Virgin Australia flights make this one of the more well-rounded Velocity cards on the market. Unfortunately, the earn rate drops from 1 point per $1 (capped at $8,000 per statement period) to 0.75 points per $1 (capped at $5,000) from 1 October 2026.
Offer link: Virgin Money Velocity High Flyer (not affiliated with FH)
5. NAB Qantas Rewards Signature
Earn up to 130,000 bonus Qantas Points and $250 cashback on the NAB Qantas Rewards Signature Card. New card holders can earn 100,000 Qantas Points with a $5,000+ spend in the first 90 days. An additional 30,000 Qantas Points will be awarded when you continue to hold your card for 12 months. Offer ends 30 September 2026.
Why we like it: 130,000 bonus Qantas Points plus $250 cashback is a sizeable bonus by any measure.
Offer link: NAB Qantas Rewards Signature (not affiliated with FH)
Terms & Conditions
Note that eligibility criteria and other conditions apply to each of these cards. Carefully check the offer page and Product Disclosure Statement (PDS) to determine if a particular card is a good fit, and whether you're eligible. Most issuers define new card members as anyone who hasn't held a card from that bank in the last 18 to 24 months, though this varies by issuer.
1 - Bonus & Eligibility. To earn up to 125,000 bonus Membership Rewards Points you must apply online by 25 August 2026, be approved, and meet the following criteria: You’ll receive 75,000 bonus Membership Rewards Points when you spend $4,000 or more on eligible purchases on your new Card in the first 3 months from the Card approval date. To receive an additional 50,000 bonus Membership Rewards Points, you need to remain on the American Express Explorer Credit Card after the first year and spend a minimum of $4,000 on eligible purchases on the Card within the first 3 months of your second year of Card Membership. Eligible purchases do not include Card fees and charges, for example annual fees, interest, late payment, cash advances, balance transfers, traveller’s cheques and foreign currency conversion. Please allow 8-10 weeks after the spend criteria has been met in both your first and second years of Card Membership for the bonus points to be credited to your Account. You will still be eligible to earn the additional 50,000 bonus Membership Rewards points in the second year of Membership, even if you did not meet the $4,000 minimum spend criteria to receive the 75,000 bonus points in the first year of Membership. This offer is only available to new American Express Card Members. Card Members who currently hold or who have previously held any Card product issued by American Express Australia Limited in the past 18 months are ineligible for this offer. The American Express Explorer Credit Card has an Annual Card Fee of $395. This advertised offer is not applicable or valid in conjunction with any other advertised or promotional offer. Information is correct as at 17 June 2026.
2 - Travel Credit. If your Card has a Travel Credit benefit, the Primary Card Member is eligible for an annual Travel Credit, subject to the full Travel Credit Terms and Conditions at amex.com.au/explorer-travelcreditterms. The Travel Credit can be redeemed through American Express Travel Online on a single eligible travel booking by selecting the Travel Credit when you checkout. To redeem the Travel Credit, the full value of the Travel Credit (or more) must be charged to the eligible Primary Card. Eligible travel includes flights, hotels and car hire when you prepay in advance. The Travel Credit can be used for 365 days from the benefit anniversary date and cannot be used past the expiration date. To check the expiration date of your Travel Credit if you have not already redeemed it, please visit americanexpress.com.au/travel; log in and click ‘Travel Credit’. If your booking is cancelled, and your Travel Credit has already been used and associated statement credit applied to your account, you will forfeit your annual Travel Credit benefit and American Express may reverse the statement credits issued. You need to be able to spend on the Card to access the Travel Credit benefit and it should be credited to your Card Account within 3 business days but may take up to 30 days. Your account must be in good standing and you must have paid the annual fee and minimum payment by the due date. If you cancel your Card, change your rewards program or Card type, you will no longer be eligible for the Travel Credit.
3 - Explorer Card Insurance. The insurance on American Express Cards is subject to terms, conditions and exclusions (such as maximum age limits, pre-existing medical conditions and cover limits). You must use your American Express Explorer Credit Card to pay for your trip in order to be covered under the travel insurance and pay for eligible items for those items to be covered under the retail insurance benefits. It is important you read the American Express Explorer Credit Card Insurance Terms and Conditions and consider whether the insurance is right for you. We do not provide advice about the insurance or whether it is appropriate for your objectives, financial situation or needs. This insurance is underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL No. 239687) under a group policy of insurance held by American Express Australia Limited (ABN 92 108 952 085, AFSL No. 291313). Access to this insurance is provided solely by reason of the statutory operation of section 48 of the Insurance Contracts Act 1984 (Cth). Card Members are not a party to the group policy, do not have an agreement with Chubb and cannot vary or cancel the cover. American Express is not the insurer, does not guarantee or hold the rights under the group policy on trust for Card Members and does not act on behalf of Chubb or as its agent. American Express is not an Authorised Representative (under the Corporations Act 2001 (Cth)) of Chubb.
4 - Bonus & Eligibility. To earn up to 120,000 bonus Qantas Points, you must apply online by 17 November 2026, be approved, and meet the following criteria. You’ll receive 70,000 bonus Qantas Points when you spend $5,000 or more on eligible purchases on your new Card within the first 3 months from the Card approval date. To receive an additional 50,000 bonus Qantas Points, you need to remain a Qantas American Express Ultimate Card Member and spend $5,000 or more on eligible purchases within the first 3 months of your second year of Card Membership. Eligible purchases do not include Card fees and charges, for example annual fees, interest, late payment, cash advances, balance transfers, traveller’s cheques and foreign currency conversion. Please allow 8-10 weeks after the spend criteria has been met in both your first and second years of Card Membership for the bonus points to be credited to your Account. You will still be eligible to earn the additional 50,000 bonus Qantas Points in your second year of Card Membership even if you did not meet the $5,000 minimum spend criteria to receive the 70,000 bonus Qantas Points in the first year of membership. This offer is only available to new American Express Card Members. Card Members who currently hold or who have previously held any Card product issued by American Express Australia Limited in the past 18 months are ineligible for this offer. Qantas Points are earned in accordance with and subject to the Qantas American Express Card Points Terms and Conditions. Qantas Frequent Flyer membership and the earning and redemption of points are subject to the Terms and Conditions of the Qantas Frequent Flyer program available at qantas.com/terms. $450 Annual Card Fee applies. This advertised offer is not applicable or valid in conjunction with any other advertised or promotional offer. Information is correct as at 29 July 2026.
5 - Qantas Travel Credit. Qantas American Express Ultimate Primary Card Members are eligible for an annual $450 Qantas Travel Credit, subject to the full Qantas Travel Credit Terms and Conditions at amex.com.au/qantasultimate-travelcreditterms. The Qantas Travel Credit can be redeemed through American Express Travel Online on a single eligible travel booking for Qantas Flights (i.e. a QF flight number on your ticket) by selecting the Qantas Travel Credit when you checkout. All Qantas Flight travel is subject to Qantas Conditions of Carriage. To redeem the Travel Credit, the full value of the Travel Credit (or more) must be charged to the eligible Primary Card. The Qantas Travel Credit can be used for 365 days from the benefit anniversary date and cannot be used past the expiration date. To check the expiration date of your Qantas Travel Credit if you have not already redeemed it, please visit americanexpress.com.au/travel; log in and click ‘Travel Credit’. If your booking is cancelled, and your Qantas Travel Credit has already been used and associated statement credit applied to your account, you will forfeit your annual Qantas Travel Credit benefit and American Express may reverse the statement credits issued. You need to be able to spend on the Card to access the Qantas Travel Credit benefit and it should be credited to your Card Account within 3 business days but may take up to 30 days. Your account must be in good standing and you must have paid the annual fee and minimum payment by the due date. If you cancel your Card, change your rewards program or Card type, you will no longer be eligible for the Qantas Travel Credit.
6 - Earn Rate. From 10 January 2024, once you have earned a total of 100,000 Qantas Points on your Card Account in a calendar year, your earn rate of 1.25 Qantas Points per $1 spent will change to 1 Qantas Point per $1 spent on everyday purchases. All other earn rates (Qantas products and services and government spend) will remain unchanged. The points threshold is based on eligible Qantas Points earned during a calendar year and will be reset on 1 January each year. Qantas Points earned by all Card Members on a Card Account contribute to the 100,000 points threshold each calendar year. Bonus points earned from Acquisition bonus offers and marketing campaigns are excluded from the threshold.
