Amex Platinum Travel kills Flipkart redemption, devalues Taj by 20%
The India Points Devaluation Index
FY2026 Q1: what the programmes took
Apr–Jun 2025, closed and frozen. 16 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 2025-04-01 to 2025-06-30 inclusive (2025-03-31 exclusive) · the method · the series
FY2026 Q1 · Apr–Jun 2025 · cut share
91.2%
14 cuts against 2 gains — 31.2 severity points against 3.0, at the weights this desk publishes. One cut every 6.5 days across the period's 91.
16
changes logged — the share's denominator
₹0
on 10,000 points in each of 69 currencies
0
currency-moves quantified (0 event · 0 re-mark)
12
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 69 currencies. Nothing on this page mixes them.
- 95 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2025-04-01. 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 FY2026 Q1. That is not a claim that nothing was devalued — 14 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 16 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 12fee 1lounge 1partner 2
YES lounge gate triples to ₹1 lakh on Marquee and Reserv
Government and ad spends stop earning on 13 YES cards
Club Vistara SBI PRIME drops its ticket ladder and waives the renewal fee instead
Club Vistara SBI drops its ticket vouchers and waives the renewal fee instead
IndiGo BluChip and Accor ALL agree two-way points conversion
Vistara Infinite goes free, and loses the tier membership and every ticket voucher
Vistara Signature goes free, and loses the tier membership and every ticket voucher
The base Axis Vistara card goes free, and loses its renewal and milestone tickets
Kotak guts Privy League Signature and pulls it from sale
Kotak's June-2025 fee wave washes over the premium deck
Miles & More goes dynamic on Lufthansa Group metal
the other 4 changes in FY2026 Q1
AU, YES and IndusInd points open transfers to Maharaja Club
Amex stops earning MR points on fuel
Amex tightens MRCC's monthly bonus and devalues Gold Collection
Axis caps the Magnus 35-per-₹200 tier at your credit limit
Announced here, landed later
Nothing in the archive was announced inside FY2026 Q1 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, 31.2 ÷ (31.2 + 3.0) = 91.2%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 69 of them, worth ₹6,08,800 at the open and ₹6,08,800 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.