MyCard fee and points changes from 1 October 2026

[3v]

MyCard has upcoming fee and points changes for applications started on or after 1 October 2026.

The Simplicity changes from $0 to $49 per annum, and MyCard Rewards from $199 to $249 per annum. No fee changes for MyCard Premier or MyCard Premier Qantas but there are points changes.

The earn rate on MyCard Premier Qantas moves to 0.5 points per dollar of domestic or international spend with a $7,000 spending cap per statement period.

MyCard Premier Qantas is currently 1 point for online or international spend and 0.5 points for all other transactions with a 100,000 points cap per 12 month period.

For MyCard Premier, the earn rates have changed with the online spend category is replaced by spend on travel related expenditure, and a slightly higher domestic spend earn rate.

The Qantas Money cards website now has the following statement: Fees, charges and earn rates (if applicable) are subject to change from 1 October 2026. If we make changes, these will be communicated in accordance with our terms & conditions.

 

[MELso]

The non-Qantas Premier card also sees a reduction in earn rate. I was contemplating switching to earning Qantas points, but will stick to Velocity now.

Earn rate until 30 September 2026​

Spend type	Number of Points	Spend Eligibility
International Spend	2 Points	on Eligible Transactions made overseas or online with a merchant that is based overseas.
Online Spend	2 Points	on Eligible Transactions made online.
Domestic Spend	1 Point	on all other Eligible Transactions.

MyCard Reward Points are capped at 200,000 per 12-month period when you use your MyCard Premier Credit Card on Eligible Transactions on Online Spend, International Spend and Domestic Spend.

Earn rate from 1 October 2026​

Spend type	Number of Points	Spend Eligibility
International Spend	2 Points	on Eligible Transactions made overseas or online with a merchant that is based overseas.
Domestic Spend	2 Points	on Eligible Transactions on travel, being transactions booked directly with an airline, hotel, taxi, rideshare and cruise liner.
Domestic Spend	1.5 Points	on all other Eligible Transactions.

EDIT - perhaps it's a typo but the standard rewards card now has the same earn rate as the Premier card:

Earn rate until 30 September 2026​

Spend type	Number of Points	Spend Eligibility
International Spend	1 Point	on Eligible Transactions made overseas or online with a merchant that is based overseas.
Domestic Spend	1 Point	on Eligible Transactions capped at $10,000 spend per statement period.

Earn rate from 1 October 2026​

Spend type	Number of Points	Spend Eligibility
International Spend	2 Points	on Eligible Transactions made overseas or online with a merchant that is based overseas.
Domestic Spend	2 Points	on Eligible Transactions made directly with supermarkets or petrol outlets.
Domestic Spend	1.5 Points	on Eligible Transactions.

No change to the Prestige card earn rates has been published.

 

[MELso]

Looks like redemption rates are changing too (but they're not telling us how, bar a few examples!).

Of particular note in the example here is that Velocity redemptions are changing from 2.5:1 (the current rate for non-Premier cards) to 3:1. Let's hope Velocity stays at 2:1 for Premier cards.

FAQs about the changes here.

 

[Bofter]

If my memory of the T&Cs is correct, the needed to give set notice for earn rate changes but not for redemption rate changes. Which I found a curious distinction when I read it. Notwithstanding their plans to provide top up points, it will be hard to trust that enough not to clear balance to zero in late September. Even though they haven't said specifically that Premier moves from 2 points per Velocity point to 2.5 or more likely 3, it is hard to expect otherwise. Which would shift the current Velocity point earn rate for online spend (my major current spend) from 1 Velocity point per dollar to probably 0.5. Much, much less compelling. Were it not a fee-free for life card, the decision would be easy.

 

[Johnxx]

what is very nice is they are grandfathering your points earned before 1/10/26 with a top up.
I've never seen that before and it's always been a scramble to convert points before the change date (especially with AMEX)
the Premier has been a nice 1:1 velocity for me as I only use it for online payments
I did get a bit excited when I first read 1.5 points for domestic spend but I expect the conversion devaluation will apply to premier too so I won't be using it for 0.5:1 velocity.
I recently got a Bankwest QANTAS card and likely a keeper as 0.6 points with zero fees for International spend. It comes with travel insurance kicking in for no spend so the sole reason for holding the Premier is 2 x Priority Pass. If it stays FFL I suppose I'll still keep it but becoming questionable

 

[Bofter]

what is very nice is they are grandfathering your points earned before 1/10/26 with a top up.
I've never seen that before and it's always been a scramble to convert points before the change date (especially with AMEX)

It was a long time ago and probably had no influence on this change, but when the Citi cards when from a 1 airline point per 1 citi point to 1:2, there was some sort of grace period and / or graceful transition done, eventually at least. I think not initially planned, but they adjusted after the heat. But I can't recall whether it was a top up as such, or something else. Oh for the days when 1 airline point per $$ was just the standard on credit cards.... (hence yes, the 1 airline point per $$ for online purchases has been very welcome on this card, while it lasted)

 

[oz_mark]

what is very nice is they are grandfathering your points earned before 1/10/26 with a top up.

NAB have learned their lesson

ACCC ends investigation of proposed retrospective point value changes to the NAB Rewards Program

The Australian Competition and Consumer Commission has concluded its investigation of alleged retrospective point devaluation changes to the National Australia Bank's Gold Rewards Program, Acting ACCC Chairman, Mr Sitesh Bhojani, said today. "Last month, the ACCC wrote to the NAB about changes...

www.accc.gov.au

 

[MELso]

NAB have learned their lesson

ACCC ends investigation of proposed retrospective point value changes to the NAB Rewards Program

The Australian Competition and Consumer Commission has concluded its investigation of alleged retrospective point devaluation changes to the National Australia Bank's Gold Rewards Program, Acting ACCC Chairman, Mr Sitesh Bhojani, said today. "Last month, the ACCC wrote to the NAB about changes...

www.accc.gov.au

24 years is long enough for NAB to forget!