Major banks scale back sign-up deals
Major Australian banks are reducing sign‑up incentives for new credit‑card customers. The changes come as the Reserve Bank of Australia prepares to implement card‑payment reforms on 1 October. The banks aim to adjust to the upcoming regulatory environment.
- ▪Banks have begun cutting or eliminating sign‑up bonuses on credit cards.
- ▪The move is in anticipation of the RBA's new card‑payment rules set for 1 October 2026.
- ▪The reforms are expected to affect interchange fees and could increase costs for consumers.
- ▪Some banks are also reviewing other promotional offers as part of the adjustment.
- ▪The scaling back is part of broader industry adjustments to comply with the upcoming regulations.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.