Ultimate cuts six categories from 3.33% to 2%
The India Points Devaluation Index
FY2024: what the programmes took
April 2023 – March 2024, closed and frozen. 26 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 2023-04-01 to 2024-03-31 inclusive (2023-03-31 exclusive) · the method · the series
FY2024 · April 2023 – March 2024 · cut share
66.7%
15 cuts against 11 gains — 28.2 severity points against 14.1, at the weights this desk publishes. One cut every 24.4 days across the period's 366. Among the 4 financial years in this archive carrying at least 20 logged changes, FY2024 ranks #3.
26
changes logged — the share's denominator
−₹4,000
on 10,000 points in each of 56 currencies
1
currency-move quantified (1 event · 0 re-mark)
15
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 56 currencies. Nothing on this page mixes them.
- 108 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2023-04-01. 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 |
|---|---|---|---|---|---|---|
| Axis EDGE Reward Points | ₹0.80 | ₹0.40 | −50.0% | −₹4,000 | Sep 2023 event — Axis Magnus gutted: transfers halved from 5:4 to 5:2 | 28 cards |
Every change in the window
All 26 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 15buff 2launch 9
SBI SimplyClick guts its two best accelerated-earn categories
Scapia launches: 0% forex and unlimited lounges, for free
SBI kills reward points on rent across its co-brand cards
AU Rewardz devalues vouchers 20% and tolls every redemption
IDFC First and Club Vistara team up on a travel credit card
IndusInd's lifetime-free Tiger prowls in
IndusInd launches the Avios card — BA and Qatar in one
India gets its first co-branded hotel credit card
Axis Magnus gutted — the enthusiast era ends
Axis Reserve loses half its miles-conversion value alongside Magnus
Axis launches Magnus for Burgundy, the gutted Magnus's escape hatch
the other 14 changes in FY2024
Cathay Pacific Asia Miles jacks up premium award prices
British Airways ties Avios earning to fare, not miles flown
HDFC ships the Diners Club Black Metal Edition
HSBC Premier Credit Card returns as a metal card
OneCard stops earning points on fuel
YES returns to super-premium with the Marquee
Axis Vistara card cuts CV Points on govt and utility spends
Emirates hikes partner business-class award prices 25%
Marriott swaps Suite Night Awards for Nightly Upgrade Awards
ICICI stops rewards on rent and wallet loads
Etihad Guest overhauls pricing, adds cancellation penalties
Amex Gold Card's Karat Collection catalogue gets thinner
Legend halves lounge visits, cuts cash value to ₹0.50
AU unveils Zenith+ — a metal card built for the departure gate
Announced here, landed later
Nothing in the archive was announced inside FY2024 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, 28.2 ÷ (28.2 + 14.1) = 66.7%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 56 of them, worth ₹5,26,300 at the open and ₹5,22,300 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.