As regulators prepare to cap the interchange fees that have long funded Australia's credit card rewards ecosystem, Commonwealth Bank has moved to redesign its loyalty architecture before the ground shifts beneath it. The bank's new Yello points currency and its preferential treatment of Virgin Velocity over Qantas Frequent Flyer reflect not merely a commercial preference, but a deeper reckoning with how institutions sustain customer relationships when the hidden subsidies that once made generosity easy are taken away. What emerges is a loyalty program that rewards depth over breadth — binding