Credit Cards, Rewards and BNPL Rules — 2026-09-25
This week, the Australian card-surcharge ban dominates headlines ahead of its October 1 start, with banks already cutting rewards and raising fees on points-earning cards. In the US, Chase is devaluing the Hyatt transfer ratio for some cardholders effective October 1, and a new swipe-fee settlement is reshaping how merchants pass card costs to customers. Japan faces another wave of "kaiaku" cuts, with d Card and Mitsubishi UFJ cards among the losers.
Credit Cards, Rewards and BNPL Rules — 2026-09-25
Top developments
Australia's surcharge ban kicks in October 1 — and rewards are the casualty
The Reserve Bank-driven ban on surcharges for Visa, Mastercard and eftpos takes effect October 1, 2026, ending add-on fees at checkout for debit, prepaid and credit payments. But analysts warn consumers may still lose: many points-earning credit cards face higher fees and lower earn rates from the same date, as issuers absorb the interchange squeeze.
Frequent flyer earnings "drastically change" as banks rework programs
The Sydney Morning Herald reports that how Australians earn frequent flyer points is about to change substantially once the surcharge ban kicks in — major banks are reducing rewards and increasing fees to offset lost surcharge-related economics. Points hot-hacks via card surcharges could disappear entirely.
Chase devalues Hyatt transfers for Sapphire Preferred and Ink Preferred holders
Effective October 1, Chase is cutting the World of Hyatt transfer ratio for Sapphire Preferred and Ink Business Preferred cardholders — a negative change that reduces the value of transferring Ultimate Rewards points for award stays. Hyatt has been one of the most valuable transfer partners.
New US swipe-fee settlement provisions hit merchants
A Forbes analysis published September 24 examines what changed under the new card swipe-fee settlement and what it means for merchants passing credit card fees to customers, flagging three notable provisions in the agreement. For cardholders, the downstream question is whether merchants begin steering or surcharging under the new rules.
Japan's "kaiaku" wave: d Card and Mitsubishi UFJ cut earn rates
Japanese blogs this week detail the d Card downgrade: from January 2027 usage, the base earn rate halves from 1.0% to 0.5% (1 point per ¥100 to 1 per ¥200), with a conditional ¥1,650 annual fee for cardholders with zero annual usage. Separately, Mitsubishi UFJ Card is cutting earn rates on utilities, taxes, insurance and telecom payments (updated September 22). Meanwhile Nikkei reports a run of annual-fee hikes across Japanese cards, urging consumers to weigh perks against costs.
Local view
In Australia, The Guardian explains what the October 1 surcharge ban means for retailers, rewards programs and consumers, noting fees on Visa, Mastercard and Eftpos will be banned outright. In Singapore, The MileLion published its 2026 edition card showdown on September 25, ranking premium cards by value per annual fee at the S$120K spend tier.
Context & numbers
- Australians use debit and credit cards for almost three out of four payments, underscoring the surcharge ban's reach
- d Card's normal earn rate halves to 0.5% from January 2027, with a ¥1,650 annual fee applied if annual usage is zero
- From October 1, 2026, Australian businesses can no longer surcharge eftpos, Mastercard or Visa payments — debit, prepaid or credit
On the radar
- October 1, 2026: Australia's surcharge ban and simultaneous card fee/earn-rate changes go live — expect a wave of product re-pricing announcements
- October 1, 2026: Chase's Hyatt transfer ratio cut for Sapphire Preferred and Ink Business Preferred takes effect
- January 2027: d Card's base earn-rate cut applies to usage from this month, giving Japanese cardholders a final window at current rates
- BNPL credit-reporting practices remain fragmented (some pay-in-four products still unreported to bureaus), a continuing regulator focus area — including CFPB interpretive-rule protections for BNPL purchases
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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