Aug 22, 2026 – 5.00amWhen Labor MP Jerome Laxale asked bank executives appearing before a parliamentary inquiry two years ago why his $5 cup of coffee cost $5.08 if he paid with a card, he could hardly have envisaged the monumental shake-up of the loyalty points market that was to come.This week, Commonwealth Bank overhauled its loyalty scheme, signalling it would compete more aggressively with its Yello program against Qantas Frequent Flyer in an about-face that showed the reward-points market is shifting, and quickly. Arguably, it is possible to draw a line between that moment and the seemingly innocuous question two years earlier.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? James EyersSenior ReporterJames Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years.Ayesha de KretserSenior reporterAyesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.Fetching latest articles