Credit Cards, Rewards and BNPL Rules — 2026-10-17
Australia’s ban on card surcharges took effect on October 1, paired with lower interchange caps, prompting US merchants to study the impact of removing surcharge rights. Meanwhile, Amex Platinum is rumored to receive further benefit tweaks in 2027, and Southwest Airlines announced significant changes to its Rapid Rewards status and Companion Pass for 2027.
Credit Cards, Rewards and BNPL Rules — 2026-10-17
Top developments
Australia’s card surcharge ban and interchange caps
On October 1, 2026, Australia implemented a ban on most card surcharges for eftpos, Mastercard, and Visa payments, including credit and debit. This move is paired with lower interchange caps, marking a significant shift in the nation’s payment landscape. US merchants who have gained surcharge rights are now being urged to study Australia’s approach, as it highlights the potential consequences of eliminating these fees for consumers and businesses alike.
Amex Platinum rumored for 2027 benefit changes
Rumors suggest that American Express will introduce more changes to the Amex Platinum Card starting next year. These updates could include the addition of a brand-new benefit and further tweaks to existing perks. For cardholders, this signals ongoing volatility in premium card benefits, where lounge access and credit values are frequently adjusted to manage costs.
Southwest Rapid Rewards 2027 overhaul
Southwest Airlines has announced major changes to its Rapid Rewards program for 2027, affecting status tiers and the Companion Pass. These alterations are critical for frequent flyers who rely on the Companion Pass for value, as changes to status requirements or pass mechanics can significantly devalue accumulated points and miles.
Visa and Mastercard interchange fee adjustments in Canada
Visa and Mastercard have lowered interchange fees for small businesses in Canada, with new rates taking effect on October 24. This agreement with the federal government targets businesses with sales under $300,000 for Visa and $175,000 for Mastercard. While this reduces processing costs for small merchants, it is accompanied by warnings that new credit card fees may be on the horizon to offset issuer revenue losses.
Local view
In Japan, local media is focusing heavily on the "kaiaku" (deterioration) of credit card benefits. Reports highlight that D-Card’s point return rate will halve to 0.5% starting January 2027, and an annual fee of 1,650 yen will apply under certain conditions. This reflects a broader trend in Japan where issuers are tightening reward structures and introducing fees to maintain profitability amidst rising costs.
Context & numbers
The global Buy Now, Pay Later (BNPL) market is projected to reach $500 billion in volume in 2026. Regulatory responses to this growth have included policies that cut late fees by an average of 50%, aiming to protect consumers from excessive debt traps.
On the radar
- October 24, 2026: New Visa interchange rates for small businesses in Canada take effect.
- January 1, 2027: D-Card in Japan begins its reduction to a 0.5% point return rate and introduces conditional annual fees.
- 2027: Southwest Rapid Rewards status and Companion Pass changes go into effect.
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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