Kotak quietly lists White Reserve — a card with no earn rate
The India Points Devaluation Index
FY2023: what the programmes took
April 2022 – March 2023, closed and frozen. 14 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 2022-04-01 to 2023-03-31 inclusive (2022-03-31 exclusive) · the method · the series
FY2023 · April 2022 – March 2023 · cut share
52.1%
6 cuts against 8 gains — 15.0 severity points against 13.8, at the weights this desk publishes. One cut every 60.8 days across the period's 365.
14
changes logged — the share's denominator
−₹1,200
on 10,000 points in each of 50 currencies
1
currency-move quantified (1 event · 0 re-mark)
6
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 50 currencies. Nothing on this page mixes them.
- 114 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2022-04-01. 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 | ₹1.28 | ₹1.16 | −9.4% | −₹1,200 | Jul 2022 event — KrisFlyer hikes Saver award chart ~10% across the board | 2 cards |
Every change in the window
All 14 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 6partner 1buff 1launch 6
SpiceJet and Axis launch the Voyage co-brand pair
KrisFlyer hikes Saver award chart ~10% across the board
KrisFlyer kills the cheap Singapore stopover trick
RBI lifts American Express's 15-month new-customer ban
RuPay credit cards go live on UPI
ICICI Bank launches invite-only Emeralde Private Metal card
Flipkart Axis Bank Super Elite launches at ₹500
Tata Group announces Air India-Vistara merger
BA Avios long-haul redemptions jump up to 92% outside UK/US
Emirates Skywards quietly hikes award miles by up to 20%
HDFC Infinia excludes rent and govt spends, caps redemptions
the other 2 changes in FY2023
Marriott Bonvoy goes fully dynamic, kills award price ceilings
HDFC launches Regalia Gold, a new super-premium travel card
Announced here, landed later
Nothing in the archive was announced inside FY2023 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 + 13.8) = 52.1%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 50 of them, worth ₹4,84,500 at the open and ₹4,83,300 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.