CBA punishes Qantas customers in reward points overhaul
Commonwealth Bank of Australia is restructuring its credit card rewards program, favoring Virgin’s Velocity scheme over Qantas Frequent Flyer points. The change follows a regulatory ban on credit card surcharges, forcing banks to reduce the generosity of their loyalty perks.
Why it matters
This shift highlights how regulatory changes in the banking sector directly impact consumer benefits and the competitive landscape of airline loyalty programs.
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Share A A A Commonwealth Bank is pushing customers to spend their credit card rewards with Virgin’s Velocity scheme instead of Qantas Frequent Flyer points, as part of a dramatic overhaul of its loyalty program.
Under the scheme unveiled on Tuesday, customers wanting to convert points earned under the bank’s new “Yello” scheme to airline rewards will get more generous rates when cashing them in with Virgin’s Velocity program rather than Qantas Frequent Flyer.
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