Steve Hui is known as the “Points Whisperer”, one of the Australia’s foremost authorities on maximising return from frequent flyer points, and he has a warning for Aussies.

There’s a huge change coming for the rewards landscape, and it’s not looking good.

Hui predicts that the Reserve Bank of Australia’s (RBA) proposed reforms banning surcharges on eftpos, Mastercard and Visa cards could slash the number of points everyday Aussies earn with each purchase.

So if you’re a Qantas Frequent Flyer, Virgin Velocity Frequent Flyer, or other points collector who earns through card purchases, you might soon be a lot worse off.

“Your ability to earn points will drop in a number of areas,” Hui, founder of points travel advisory iFLYflat, told 9news.com.au.

“A lot of credit cards will have to change their reward system because the revenue won’t be there to pay for these rewards at the current level.”

For example, credit cards that currently offer one frequent flyer point per dollar spent may drop to one point per $2 spent, or more.

In short, earning frequent flyer points will get more expensive.

Hui said the RBA’s proposed surcharge and interchange reforms will significantly impact how Aussies earn points and how many they can earn in a single transaction.

“I believe it will change the whole rewards landscape in Australia, and probably be the biggest change in 15 years,” he said.

“What we don’t know is when the changes are going to be implemented.”

But as it becomes harder to earn points and the number of points required to access rewards keeps going up, is it even worth it for everyday Aussies to be part of frequent flyer loyalty programs anymore?

A growing number of consumers don’t seem to think so.

New research from Finder revealed 57 per cent of Aussies – equivalent to more than 12 million people – no longer see the value in Qantas or Virgin’s programs.

Only one in three think Qantas Frequent Flyer points are worth the chase, and just one in four believe Virgin Velocity points are worth it.

These attitudes should come as no surprise, given that Velocity recently slashed the number of points non-Velocity credit card holders earned per dollar while Qantas hiked up the points needed to redeem fares.

Hui understands why some Aussies have been turned off frequent flyer programs but said they still have plenty of value for those who play it smart.

”It really all comes down to people working out what’s the cost versus benefit of the points,” he said.

“If benefit exceeds cost, then it’s always worthwhile.”

The cost is the fee paid to collect the points, like annual credit card fees or surcharges, while benefit can be rewards like flights and seat upgrades.

But making the most of your points isn’t as simple as accruing a bunch and spending them on anything.

The biggest mistake Aussies make with frequent flyer programs is not knowing how many points they actually need to get the rewards they want.

Hui said the best tactic is to decide where you want to go and what class of fare you want, find out how many points it costs, and work backwards.

Work out which retailers offer the points you’re collecting and prioritise them whenever you can, from the supermarket (Qantas Points with Everyday Rewards at Woolworths) to the petrol station (Velocity Points at 7-Eleven stores.

Hui also encourages everyday consumers to pick one program and stick with it to hit their points goals and earn rewards faster.

Spreading points around usually only works for business travellers who fly constantly, who can learn how to optimise their points with a membership program Hui is set to launch next week.

If you’re tossing up which frequent flyer program to focus on, Hui’s favourites in 2025 have been Virgin, Qatar and Cathay Pacific.

Qantas didn’t make the cut, but don’t jump ship if you’re already collecting Qantas points.

Instead, Hui said to focus on accruing as many points as possible in the program you’re already with before the RBA’s proposed surcharge reforms kick in and potentially slash your earning power.

“Make hay when the sun shines because the system’s always changing and if you wait, then you may miss out.”