AU zeroes out rewards on fuel, rent, education and government
The India Points Devaluation Index
FY2025: what the programmes took
April 2024 – March 2025, closed and frozen. 22 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 2024-04-01 to 2025-03-31 inclusive (2024-03-31 exclusive) · the method · the series
FY2025 · April 2024 – March 2025 · cut share
78.9%
16 cuts against 6 gains — 29.1 severity points against 7.8, at the weights this desk publishes. One cut every 22.8 days across the period's 365. Among the 4 financial years in this archive carrying at least 20 logged changes, FY2025 ranks #2.
22
changes logged — the share's denominator
₹0
on 10,000 points in each of 62 currencies
0
currency-moves quantified (0 event · 0 re-mark)
10
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 62 currencies. Nothing on this page mixes them.
- 102 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2024-04-01. 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.
No currency in the basket carried a quantified ₹-per-point move in FY2025. That is not a claim that nothing was devalued — 16 cuts landed in this period. It is the honest limit of the value line: the archive carries a dated ₹ mark only where a change was QUANTIFIED against a source, so a devaluation nobody could price reads as flat here and counts in full in the share above.
Every change in the window
All 22 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 10fee 3lounge 2partner 4buff 2launch 1
SBI Card kills reward points on rent
Axis Atlas takes its first big cut
IHG One Rewards quietly repriced its best hotels upward
Citibank India credit cards fully migrate to Axis
HDFC adds 1% fees on rent, big utility and third-party education
Amex MR-to-Emirates Skywards transfer ratio gets clipped
Ultimate's forex settles at a clean 2% at posting
HDFC caps utility, telecom and cable rewards
SAS leaves Star Alliance for SkyTeam
RBL strips points from education, government and wallet spends
EaseMyTrip card loses Priority Pass, domestic visits halved
the other 10 changes in FY2025
Vistara flies its last; Club Vistara becomes Maharaja Club
ICICI's November purge: rewards, lounges and 1% fees
HSBC TravelOne arrives — a 20-partner airmiles card
YES caps travel redemptions at 70% of the invoice
Axis slaps redemption fees on EDGE points and miles
Hilton quietly hikes award prices at its best hotels
AU rewrites where the ixigo co-brand earns — four categories to nil, three to a reduced rate
RBI lifts Kotak's ten-month card-issuance ban
Legend loses lounge access entirely
IndusInd hikes redemption fee to ₹149, caps cash-outs at 50%
Announced here, landed later
Nothing in the archive was announced inside FY2025 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, 29.1 ÷ (29.1 + 7.8) = 78.9%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 62 of them, worth ₹5,54,800 at the open and ₹5,54,800 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.