Credit Cards, Rewards and BNPL Rules — 2026-10-06

Top developments

Australia’s Surcharge Ban Reshapes Rewards Economics

As of October 1, 2026, businesses in Australia are prohibited from adding surcharges for Visa, Mastercard, American Express, and eftpos payments, following a Reserve Bank of Australia (RBA) ruling. In response to the loss of surcharge revenue and lower interchange caps, major Australian banks have immediately increased annual fees and reduced earn rates on rewards cards to protect margins. This shift fundamentally alters the value proposition for frequent flyers and points earners, forcing consumers to recalculate the net benefit of their premium cards.

dCard Announces Major Downgrade Starting 2027

Japanese mobile carrier NTT Docomo announced that its general dCard will see its base reward rate drop to 0.5% starting in 2027, with an annual fee of ¥1,650 introduced for inactive users. The move is part of a broader restructuring of the dPoint ecosystem, where high-value redemption options are being restricted, signaling a tightening of loyalty economics for one of Japan’s most widely used credit cards. Users are advised to review alternative cards or leverage specific partner categories to maintain value.

Chase and IHG Refresh Credit Card Lineup

Chase and InterContinental Hotels Group (IHG) have confirmed changes to their co-branded credit card portfolio, effective for the upcoming cycle. The updates include higher annual fees on select cards, such as the legacy IHG Select card, but are paired with enhanced elite status benefits and updated earning rates. These changes reflect a global trend of issuers trading raw point accrual for experiential perks and elite status access to retain high-spend customers.

RBA Reviews Payments System Regulation Submissions

The Reserve Bank of Australia has released insights from 75 submissions received during its Review of Payments System Regulation. Stakeholders, including payment service providers and fintechs, have raised concerns about wallet interoperability, Amex acceptance, BNPL regulation, and tokenization. The RBA’s final priority list, expected by end-2026, could introduce further structural changes to how buy-now-pay-later services interact with traditional credit frameworks.

Local view

The Guardian (Australia) reports that while the surcharge ban removes an extra cost for consumers, many retailers are raising overall prices or pushing cash-only discounts to offset the lost revenue. The outlet notes that this "pass-through" effect may negate the perceived savings from no-surcharge policies, particularly for small businesses with thin margins.

SMakko Cashless (Japan) highlights the backlash against dCard’s upcoming changes, noting that users are actively seeking alternatives with better base rates or free annual fees. The blog emphasizes that the 0.5% rate makes the general dCard uncompetitive compared to other Japanese cards offering 1%+ base returns without complex conditions.

Context & numbers

• Surcharge Ban Effective Date: October 1, 2026 (Australia).
• dCard Base Reward Rate: Dropping to 0.5% (from current rates) starting January 2027.
• dCard Annual Fee: ¥1,650 for general cards with low usage.
• BNPL Credit Impact: A single missed payment of any amount (even $20) can result in a 30-day late mark on US credit reports, potentially dropping FICO scores by up to 35 points.

On the radar

• RBA Final Priority List: Expected by end-2026, this document will detail regulatory actions on BNPL, digital wallets, and interchange fees based on recent submissions.
• Transfer Bonus Deadlines: Several transfer bonuses from Amex, Chase, and Capital One ended on September 30, 2026; new offers are expected to rotate in early October.
• Lounge Access Restrictions: Rumors persist of further tightening of guest access at Capital One and Chase lounges, following earlier restrictions on authorized user eligibility.