Credit Cards, Rewards and BNPL Rules — 2026-09-08
NTT Docomo has announced a significant downgrade to its dCard rewards program, cutting the base point return rate from 1% to 0.5% and introducing annual fees for unused cards. In Australia, banks are preemptively slashing credit card perks and raising fees ahead of the October 1 ban on card surcharges, while US issuers like PenFed are imposing new $95 annual fees on previously fee-free products. Meanwhile, South Korean card companies are expanding interest-free installment options to stimulate consumption amid high inflation, even as they quietly reduce other benefit tiers.
Credit Cards, Rewards and BNPL Rules — 2026-09-08
Top developments
Japan’s dCard cuts base rewards to 0.5% and adds annual fees
On September 1, 2026, NTT Docomo announced a major revision to its dCard program, effective in stages starting December 2026 and January 2027. The standard point return rate for general users will drop from 1% to 0.5% (1 point per 200 yen instead of 100 yen), and an annual fee of 1,650 yen will be imposed on cards that are not used for at least one transaction per year. This move significantly devalues the ecosystem for millions of Japanese consumers who rely on Docomo points for daily spending, forcing a reevaluation of card utility for non-Docomo heavy users
Australian banks gut perks ahead of October 1 surcharge ban
With the Reserve Bank of Australia (RBA) set to ban card surcharges on October 1, 2026, Australian banks are actively reducing rewards rates, increasing annual fees, and removing benefits from their credit card portfolios. Financial expert David Koch notes that while the surcharge ban appears to be a consumer win, it is leading to a "quiet gutting" of loyalty points and perks as issuers seek to protect margins lost from the inability to pass on interchange costs. This regulatory shift is fundamentally altering the value proposition of Australian rewards cards
PenFed Pathfinder Cardholders hit with new $95 annual fee
PenFed Credit Union has introduced a $95 annual fee for its Pathfinder Rewards Visa Signature Card, effective this month. Previously, certain cardmembers were able to waive this fee based on spending thresholds or other criteria. This change aligns with a broader trend among US issuers of tightening terms and monetizing premium features that were previously accessible with lower barriers, impacting the competitive landscape for mid-tier travel cards
Local view
South Korea: Interest-free installments expand despite high costs Local media reports that South Korean card companies are expanding interest-free installment options to up to 3-5 months to combat declining consumer spending due to high inflation. While this strategy aims to boost transaction volumes, it comes alongside a "benefit diet" where card issuers are trimming other perks to manage rising funding costs. Woori and BC Card have already extended their interest-free periods, with major players like Shinhan and Samsung following suit with long-term partial interest-free offers
Context & numbers
- Australia Interchange & Surcharge: From October 1, 2026, Visa, Mastercard, and EFTPOS will ban merchants from adding surcharges to card transactions. This follows the RBA's review of merchant card payment costs, which also confirmed a reduction in interchange fee caps.
- UK Interchange Caps: The UK retains its post-Brexit Interchange Fee Regulation caps, limiting consumer debit cards to 0.2% and consumer credit cards to 0.3% of transaction value. These caps remain a key benchmark for global interchange discussions.
- BNPL Reporting: As of 2026, major BNPL providers including Klarna, Affirm, and Afterpay are reported to all three major credit bureaus. A missed BNPL payment now impacts credit scores similarly to a late credit card bill, increasing the stakes for consumers using "buy now, pay later" services.
On the radar
- October 1, 2026 (Australia): The official enforcement date for the ban on card surcharges for Visa, Mastercard, and EFTPOS transactions. Consumers should watch for immediate changes in checkout pricing and potential hidden fee shifts by merchants.
- December 2026 (Japan): The first phase of the dCard reward reduction takes effect, transitioning the base earn rate to 0.5% for general users.
- US State Legislation: Continued scrutiny of state-level surcharge laws, with recent updates in Illinois, Kansas, and California influencing merchant practices and potentially triggering further issuer response mechanisms.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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