Hacker News Reader

There's been a recent change in Australia, the Reserve Bank put a cap on the maximum interchange fee credit card companies can charge in Australia (capped at 0.8%). As a result, many of the cards that earned the best rewards have been scrapped. I had an AmEx card that was good for earning airline points, the bank cancelled the card after the Reserve Bank ruling.

https://www.smh.com.au/business/banking-and-finance/rba-chan...

Besides the various more complicated rewards systems, you can get 2% cash back on a few cards, although 1 or 1.5% is more common. 2% is most of the transaction fee, in some cases more.

ING in Australia used to give you 5% back on their credit card, they stopped it earlier this year.