Credit card perks vanish as October surcharge ban looms

Australian credit card users are losing travel insurance, airport lounge access and point-earning rates months before the October 1 surcharge ban takes effect. The Reserve Bank's interchange fee restrictions will cut about $660 million a year from bank revenue, according to lenders. They are recouping that money by slashing rewards and hiking annual fees.

One traveller learned days before a planned overseas trip that a previously issued travel insurance policy was void. The insurance company emailed to say coverage for international travel, domestic travel and rental vehicle excess would end on May 15 2026. The policy had been issued weeks earlier with a letter of eligibility.