The past month has seen banks roll out a wave of updates to their rewards cards in response to upcoming regulatory reforms. ANZ is the last of the Big Four to announce its changes.
While while the overall adjustments are comparatively modest, there is a change coming to the points earning potential of the cards ANZ is introducing caps on points earn for both its Qantas Points and Rewards Points cards. That said, the caps still require significant monthly spends to reach.
While that deals with the points earning. ANZ is cutting back on the insurance products that come along with the cards. In addition, ANZ is increasing standard Annual Interest Rates and Cash Advance Fees.
Points Earning Changes
ANZ is taking a different approach to the other banks. In the case of ANZ, there are no changes to the basic earn rates on the card. Instead, they will be introducing a new earnings cap. For Platinum level cards, points will accumulate on the first $25,000 of spend each statement period. The equivalent for the Black cards is a maximum spend of $50,000 per statement period.
These represent quite significant spending over month, and I suspect that not many people will reach the caps on an ongoing basis. As a result, most cardholders may not see any change in their month to month point accumulation.
Earnings Rates by Cards
ANZ will be introducing caps to earnings rates effective from 28 October 2026. This will affect statements issued fro, 28 November 2026.
Frequent Flyer Platinum
| Spend Tier | Qantas Points Earn Rate | Points Outcome |
|---|---|---|
| Eligible spend up to $3,000 | 0.75 Qantas Points per $1 | Full earn rate applies |
| Eligible spend $3,000–$25,000 | 0.5 Qantas Points per $1 | Reduced earn rate applies |
| Eligible spend over $25,000 | 0 Qantas Points per $1 | No points earned |
Frequent Flyer Black
| Spend Tier | Qantas Points Earn Rate | Points Outcome |
|---|---|---|
| Eligible spend up to $7,500 | 1 Qantas Point per $1 | Full earn rate applies |
| Eligible spend $7,500–$50,000 | 0.5 Qantas Points per $1 | Reduced earn rate applies |
| Eligible spend over $50,000 | 0 Qantas Points per $1 | No points earned |
ANZ Rewards Platinum
| Spend Tier | Reward Points Earn Rate | Points Outcome |
|---|---|---|
| Eligible spend up to $2,000 | 1.5 Reward Points per $1 | Full earn rate applies |
| Eligible spend $2,000–$25,000 | 0.5 Reward Points per $1 | Reduced earn rate applies |
| Eligible spend over $25,000 | 0 Reward Points per $1 | No points earned |
ANZ Rewards Black
| Spend Tier | Reward Points Earn Rate | Points Outcome |
|---|---|---|
| Eligible spend up to $5,000 | 2 Reward Points per $1 | Full earn rate applies |
| Eligible spend $5,000–$50,000 | 1 Reward Point per $1 | Reduced earn rate applies |
| Eligible spend over $50,000 | 0 Reward Points per $1 | No Points earned |
Insurance Changes
A major trade‑off in ANZ’s 2026 credit‑card overhaul is the reduction or removal of travel insurance benefits, with different cards affected in different phases.
Cards keeping insurance but with reduced benefits
- ANZ Frequent Flyer Black — No changes in December, but from 24 March 2027 cover drops from 6 months → 2 months, cancellation reduces to $10k, liability to $1m, and benefits are removed.
- ANZ Frequent Flyer Platinum — From 9 December 2026, cover drops from 3 months to 1 month, cancellation reduces from $20k → $10k, liability from $3m → $1m, and several benefits are removed.
Cards losing travel insurance entirely
- ANZ Rewards Platinum — All complimentary travel insurance (international, domestic, rental vehicle excess) removed from 9 December 2026.
- ANZ Rewards Black — Travel insurance remains until March, then removed entirely from 24 March 2027.
Further information on the insurance changes can be found on the credit card changes page.
Final Words
This month has seen banks roll out a wave of updates to their rewards cards as they prepare for new regulatory reforms, and ANZ is the last of the Big Four to reveal its hand. While ANZ’s changes look modest at first glance, they introduce some changes: monthly points‑earning caps and reduced insurance benefits.
The new caps apply across both Qantas Points cards and ANZ Rewards cards, but the thresholds are high enough that most cardholders won’t hit them in regular month‑to‑month spending. For everyday users, points earning should remain largely unchanged.
The bigger impact comes from insurance reductions. Some cards will lose travel insurance entirely, while others will see shorter coverage periods, lower cancellation limits and fewer included benefits. Combined with increases to standard Annual Interest Rates and Cash Advance Fees, these changes make it more important for travellers to reassess the overall value of their card.
In short, ANZ’s update keeps earn rates stable for most customers but trims back the extras. For anyone relying on credit‑card insurance or pushing high monthly spend, it’s worth reviewing the new caps and coverage levels before the changes take effect.
