Credit Cards, Rewards and BNPL Rules — 2026-10-23
Australia’s ban on card surcharges for major networks took effect on October 1, 2026, forcing consumers to absorb hidden swipe fees through higher shelf prices. Meanwhile, US regulators are tightening scrutiny on Buy Now, Pay Later (BNPL) risks, and premium cardholders face stricter lounge access rules and expiring transfer bonuses by month-end.
Credit Cards, Rewards and BNPL Rules — 2026-10-23
Top developments
Australia enforces ban on card surcharges
As of October 1, 2026, Australian merchants are prohibited from adding surcharges for eftpos, Mastercard, and Visa credit and debit cards. This regulatory shift aims to protect consumers from hidden fees but has prompted businesses to raise retail prices to offset interchange costs. The Reserve Bank of Australia (RBA) is also implementing lower interchange caps and new fee-disclosure requirements through April 2027.
CFPB investigates Buy Now, Pay Later risks
The Consumer Financial Protection Bureau (CFPB) issued orders to Affirm, Afterpay, Klarna, PayPal, and Zip to collect data on the risks and benefits of BNPL loans. This inquiry highlights growing regulatory concern over consumer debt exposure from "pay-in-four" models. The move follows a period where previous consumer protection interpretations were withdrawn, leaving BNPL rights uncertain.
Lounge access restrictions tighten for premium cards
Capital One Venture X and other premium cards now enforce stricter lounge access rules for authorized users and guests, effective February 1, 2026. These changes, alongside Amex Centurion and Chase Sapphire Reserve updates, mean cardholders must pay additional fees for guest access or lose benefits entirely. The trend signals a broader industry shift toward monetizing perks that were previously unlimited.
Transfer bonuses expire by October 31
Major credit card transfer bonuses from Amex, Citi, and Capital One are set to expire by October 31, 2026. Cardholders looking to maximize value before potential devaluations must act immediately to move points to airline and hotel partners. These limited-time offers are among the last significant opportunities before year-end program adjustments.
Local view
In Japan, dCard users are facing significant changes starting January 2027, including a reduction in standard reward rates from 1.0% to 0.5% and the introduction of a ¥1,650 annual fee for cards used less than once a year. This "kaaku" (deterioration) trend is widely discussed on local finance blogs, urging users to switch cards or utilize points before the new terms take effect.
In South Korea, card issuers have expanded interest-free installment plans and holiday discount promotions ahead of the Chuseok holiday, focusing on large supermarket and online mall spending. These temporary boosts aim to stimulate consumption despite rising borrowing costs.
Context & numbers
- Interchange Fees: US Congress is considering legislation to address swipe fees, which currently range from 2% to 3.5% and are often passed to consumers.
- BNPL User Base: Affirm reports that 71% of its consumers are near-prime to super-prime, contrasting with CFPB data that suggests higher risk profiles in the broader BNPL market.
- US Debit Caps: Regulation II continues to cap large-bank debit interchange fees at 21 cents plus 0.05%, serving as a baseline for ongoing debates about fee reductions.
On the radar
- October 31 Deadline: Final expiration date for current credit card transfer bonuses; users must transfer points before this date to lock in current values.
- January 2027: dCard reward rate cuts and annual fee introductions take effect in Japan.
- April 2027: Completion of Australia’s phased interchange cap reductions and fee-disclosure mandates.
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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