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The India Points Devaluation Index
FY2027 Q1: what the programmes took
Apr–Jun 2026, closed and frozen. 36 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 2026-04-01 to 2026-06-30 inclusive (2026-03-31 exclusive) · the method · the series
FY2027 Q1 · Apr–Jun 2026 · cut share
79.5%
27 cuts against 9 gains — 47.7 severity points against 12.3, at the weights this desk publishes. One cut every 3.4 days across the period's 91.
36
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)
16
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 2026-04-01. 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 FY2027 Q1. That is not a claim that nothing was devalued — 27 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 36 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 16fee 6lounge 3partner 6buff 4launch 1
BOBCARD reprices rail, toll and app-routed education
HDFC adds an ₹18L/year retention rule to keep the Infinia
Axis closes the Atlas to new applicants
IndusInd Pinnacle's domestic lounge access goes spend-gated
ITA Airways joins Star Alliance as member 26
AU stops paying reward points on transportation merchant codes
Kotak discontinues the reward points programme on Dream Different
Axis purges Marriott, Accor and Qatar from its transfer list overnight
AU more than doubles its domestic-lounge spend gate to ₹50,000/quarter
Airtel Axis card loses its 4 lounge visits in a brutal reset
TAP Miles&Go repriced every India award — the Gulf left Asia
the other 24 changes in FY2027 Q1
Eterna's lifetime-free window rolls forward yet again
AU relaunches its card range — Ananta tops a new four-card deck
Bank of Maharashtra exits the credit-card business and hands its holders to SBI Card
Regalia Gold's earn rate quietly drops 6% under a new denominator
Regalia Gold gets a new quarterly 'Boarding Edge' travel perk
Regalia's earn quietly takes a 25% cut under the ₹200 denominator
HDFC lifts its DCC markup to 1.75% across the card range
Hyatt's award chart grows two rungs and a 67% ceiling
Miles & More adds Business Light award tariffs 12% cheaper
China Southern returns to India: Guangzhou–Delhi daily from 21 September 2026
YES's ₹100 redemption fee reaches Marquee and Reserv
YES Bank raises forex on almost every card it sells — SELECT takes 75 basis points in one step
IndusInd doubles its DCC fee to 2% on the mass shelf, and holds 1% on the premium one
Reserv's forex markup goes 1.75% to 2%
Mayura's app-travel multipliers cut to 40X hotels, 25X flights
LIC IDFC FIRST Select's app-travel bonus cut to 20% hotels, 8% flights
Axis adds IndiGo BluChip to the EDGE transfer roster
Ashva's app-travel multipliers cut to 40X hotels, 25X flights
IDFC FIRST bolts a 24-month expiry onto reward points that were lifetime-valid
IDFC FIRST Select's 10X moves to categories, app travel bonus cut
Gaj stops earning past your credit limit
FIRST Wealth's app-travel bonus falls from 33% to 20%
Aeroplan re-cut the partner column of its Flight Reward Chart — India to Asia business up 25%
Amex India cuts Etihad Guest as an MR transfer partner
Announced here, landed later
Announced inside this window, effective after it — so it counts in a later edition, not this one. Listed because an edition that showed only what landed would read as "and then nothing happened" in a period whose real news was the notice.
- announced 2026-05-29 · PhonePe SBI SELECT BLACK stops paying on UPI outside PhonePe — effective 2026-07-01
- announced 2026-05-29 · PhonePe SBI PURPLE stops paying on UPI outside PhonePe — effective 2026-07-01
- announced 2026-06-12 · BOBCARD nearly doubles the spend gate on unlimited domestic lounges — effective 2026-07-15
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, 47.7 ÷ (47.7 + 12.3) = 79.5%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 69 of them, worth ₹6,08,200 at the open and ₹6,08,200 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.