It's not all the Bank's fault, I blame the Reserve Bank credit card reforms when they cut the Bank's interchange fee by 50%. When you lose millions of $$$ worth of income, something's got to give like our rewards program.
I have not seen any merchants reduce their price levels as a result. It has enable the merchants to charge a levy to recoup their cost. I find consumers are worse off under this reform. Eg, Qantas, Telstra with plenty more to come in the future.
