Marriott reveals the plan to merge SPG, Marriott Rewards, Ritz-Carlton
The India Points Devaluation Index
FY2019: what the programmes took
April 2018 – March 2019, closed and frozen. 13 dated changes to Indian card and loyalty programmes, each one sourced, each one on the tracker. This page is the arithmetic over them — and the ₹ line underneath, which is deliberately the more conservative of the two.
the denominators, and what this edition cannot see fold that back up
Method v1.0 · window 2018-04-01 to 2019-03-31 inclusive (2018-03-31 exclusive) · the method · the series
FY2019 · April 2018 – March 2019 · cut share
53.2%
6 cuts against 7 gains — 15.0 severity points against 13.2, at the weights this desk publishes. One cut every 60.8 days across the period's 365.
13
changes logged — the share's denominator
−₹1,000
on 10,000 points in each of 40 currencies
1
currency-move quantified (1 event · 0 re-mark)
5
of the changes were outright devaluations
- Two denominators, and they are not interchangeable. The share counts events: one change is one event however many currencies it moved. The rupee line counts currency-moves against a basket of 40 currencies. Nothing on this page mixes them.
- 124 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2018-04-01. They are left out and counted, never interpolated — a value we did not hold is not a value we can average.
- The window is bounded by EFFECTIVE dates. A change announced inside this period but landing after it belongs to a later edition; the ones that did are listed at the bottom of this page so the gap is visible rather than silent.
What a point was worth, before and after
Every currency in this edition's basket whose ₹-per-point house value changed inside the window. "Event" means a dated tracker change moved it; "re-mark" means this desk re-priced it — an FX peg drifting, or a re-anchoring against consensus — with no single event behind it. Cards and routes are exposure CONTEXT, printed so you can re-weight by hand; the index itself weights every currency once.
| Currency | Open | Close | Change | ₹ / 10,000 pts | What moved it | Exposure |
|---|---|---|---|---|---|---|
| Singapore Airlines KrisFlyer | ₹1.38 | ₹1.28 | −7.2% | −₹1,000 | Jan 2019 event — KrisFlyer hikes premium-cabin award pricing roughly 10% across the board | 2 cards |
Every change in the window
All 13 of them, in the order they took effect, with the severity weight each contributed to the share above. Cuts and gains both — an index that counted only the cuts could only ever go one way, which is propaganda, not measurement. Each row links to its bracket on the tracker, where the source lives.
devaluation 5fee 1partner 3buff 1launch 3
Air India privatisation attempt collapses — zero bidders
JetPrivilege kills JPMiles expiry — first Indian program to do it
Etihad Guest moves to demand-based dynamic award pricing
HDFC Diners 10X SmartBuy extended again, to September 2018
SPG and Marriott Rewards merge into one program
Jet Airways-Bangkok Airways codeshare adds 9 new cities
Jet Airways pilots threaten revolt over unpaid salaries
Amex Platinum Charge goes metal, fee jumps to ₹60,000
ICICI Bank launches Emeralde, wedging above Sapphiro
KrisFlyer hikes premium-cabin award pricing roughly 10% across the board
IHG quietly reprices 700 hotels; the US bears the brunt
the other 1 changes in FY2019
Marriott Bonvoy launches as the unified loyalty brand
Announced here, landed later
Nothing in the archive was announced inside FY2019 with an effective date after it — or, more precisely, nothing whose announcement date a source actually stated. The desk records an announcement date only where a document carries one; on most rows it is honestly absent, so this list is a floor like everything else here.
How this edition was computed
The share. Every change in the window contributes its published severity weight — major 3, moderate 1.5, minor 0.6 — to the cut side or the gain side, using the same classifier the tracker's seismograph draws with. Cut share is cutLoad ÷ (cutLoad + gainLoad): here, 15.0 ÷ (15.0 + 13.2) = 53.2%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 40 of them, worth ₹4,04,500 at the open and ₹4,03,500 at the close. The basket is fixed at the open, so a currency indexed mid-period cannot move a number that is supposed to measure the market rather than our coverage.
The whole method is frozen and published at /devaluation-index/method, version 1.0 — including the two weighting schemes it refuses, why fees are in the share and out of the rupees, and the known limits of the classifier. The inputs are data/changelog.yaml and data/valuation-history.yaml, and the series is served as JSON.