Credit Cards, Rewards and BNPL Rules — 2026-09-10
Australian banks are accelerating reward devaluations ahead of the RBA’s October 2026 interchange cap and surcharge ban, while Japanese issuers like dCard implement significant point reduction schedules. In the US, premium card holders face stricter lounge access rules and new annual fee structures, with PenFed introducing a $95 fee for Pathfinder cardholders this month.
Credit Cards, Rewards and BNPL Rules — 2026-09-10
Top developments
Australia: Banks Preemptively Cut Rewards Ahead of RBA Cap
Major Australian banks including ANZ, CommBank, NAB, and Westpac are reshaping credit card rewards in response to the Reserve Bank of Australia’s (RBA) decision to cut interchange fees to 0.3% and ban card surcharging effective October 1, 2026. To offset lost revenue, issuers are lowering earn rates, increasing annual fees, and cutting insurance benefits. This creates a "points devaluation" environment where existing rewards become harder to earn, prompting consumers to transfer points before further cuts take effect.
Japan: dCard Implements Major Point Reductions
NTT Docomo’s dCard is undergoing significant changes starting December 2026, with the standard point return rate dropping from 1% to 0.5% (1 point per 200 yen instead of 100 yen). Additionally, a new annual fee of 1,650 yen will apply to general dCard holders who do not meet specific usage conditions. These changes reflect a broader trend among Japanese issuers to tighten profitability amidst rising costs, affecting millions of users who rely on dPoints for daily transactions.
US: PenFed Introduces $95 Annual Fee for Pathfinder Card
PenFed Credit Union has begun charging a $95 annual fee for its Pathfinder Rewards Visa Signature Card, a change that took effect this month. Previously, certain cardmembers were able to waive this fee. This move aligns with a wider US industry trend where issuers are introducing or increasing fees on mid-tier cards that previously offered no-annual-fee structures, signaling a shift toward monetizing previously "free" products to maintain margins.
South Korea: Card Issuers Pivot to "Customized Benefits" Amidst Fee Pressure
Korean card companies are intensifying competition through "customized benefits" targeted at high-loyalty customers rather than broad-based rewards. This strategic shift comes as merchant fee reductions by regulators squeeze traditional profitability. Issuers like Shinhan, Samsung, Hyundai, and KB Kookmin are expanding interest-free installment plans for the upcoming Chuseok holiday to stimulate spending, while simultaneously tightening general reward conditions to manage costs.
Local view
In Australia, local media and consumer advocates are warning that the "quiet gutting" of credit card perks is becoming unavoidable as banks adjust to the new regulatory landscape. Reports indicate that flexible rewards points are being devalued before October 2026, with outlets like Flighthacks advising users to transfer points immediately to avoid loss of value.
In Japan, Nikkei reports that credit card annual fees are rising across multiple issuers, urging consumers to carefully compare benefits against new costs before retaining cards. The focus is on whether the remaining perks justify the increased holding costs.
Context & numbers
- RBA Interchange Cap: The Reserve Bank of Australia will reduce the interchange fee cap to 0.3% for all card types starting October 1, 2026, while also banning card surcharges.
- dCard Changes: The standard point return rate drops from 1% to 0.5%, and an annual fee of ¥1,650 applies to non-exempt general cards starting December 2026.
- PenFed Fee: A new $95 annual fee for Pathfinder Rewards Visa Signature Cardholders, effective September 2026.
On the radar
- October 1, 2026: The RBA's ban on card surcharging and new interchange caps take full effect in Australia, likely triggering further immediate adjustments in merchant pricing and bank reward structures.
- US Transfer Bonuses: AwardWallet notes a new transfer partner added on September 1, 2026, with a 40% transfer bonus running through September 30, 2026. Cardholders should watch for expiration of these limited-time bonuses.
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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