Commonwealth Bank Rewrites Rewards Rules | Sydney News
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Commonwealth Bank Rewrites Rewards Rules | Sydney News
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Commonwealth Bank is flipping the script on rewards, giving Virgin Velocity a VIP pass over Qantas Frequent Flyer starting October — thanks to their new “Yello” points system. With credit card surcharges now banned by the Reserve Bank, banks are pivoting to reward loyal customers who use multiple products, not just churn cards. Yello points can be redeemed for groceries, bills, and travel — and if you’re eyeing airline miles, Velocity gets the better conversion rate. Over 9 million customers will earn points on everyday banking, not just credit card spend — reshaping loyalty programs as we know them.
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