State of the points economy

The month, scored.

One digest per month, computed straight from the desk's own data: what the tracker logged, how house values moved in ₹, which offers opened and which died, and the stories we filed. No vibes — every number below comes from a dated, sourced entry.

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July 2026

7 tracker · 10 offers · 8 stories

3 devaluations, 1 buff — a net-negative month for Indian miles.

On the tracker

Devaluations

5 Jul moderate Marriott quietly reprices awards up 2–16% overnight · Marriott Bonvoy ~~Weekend-of pre-hike dynamic award prices (no published chart)~~ → Award costs up 2.4–15.6% (most 3–8%); ~5–10% average across sampled hotels
1 Jul moderate HDFC caps SmartBuy brand-voucher rewards · HDFC Bank ~~Voucher earn inside the full SmartBuy cap~~ → Max 3,000 accelerated points/month on vouchers
1 Jul moderate HSBC TravelOne guts its welcome offer for new applicants · HSBC ~~₹10,000 spend unlocked welcome perks + 3,000 RP at ₹1L~~ → ₹25,000 spend needed; 3,000 RP milestone scrapped

Buffs

1 Jul minor Axis waives Magnus and Horizon fees for new Burgundy customers · Axis Bank ~~Magnus ₹12,500 + GST and Horizon ₹3,000 + GST joining/annual fees, waived only on spend milestones~~ → From 1 Jul 2026: joining + annual fee waived outright for Burgundy account holders opening on/after that date

Lounge changes

1 Jul minor Regalia Gold's domestic lounge access goes spend-gated · HDFC Bank ~~Domestic lounge visits complimentary, no spend condition~~ → 3 domestic visits/quarter require ₹60,000 of prior-quarter spend
1 Jul minor Diners Club Privilege ties its lounge vouchers to prior-quarter spend · HDFC Bank ~~Quarterly lounge vouchers, no ₹60,000 spend gate~~ → 3 vouchers/quarter (2 domestic + 1 international) need ₹60,000 of prior-quarter spend

Partner moves

10 Jul moderate BluChip ↔ Accor ALL ratios surface — 6:1 in, 3:2 out, live 13 July · IndiGo ~~Corridor announced Apr 2025; no ratios published for 15 months~~ → 6,000 BluChips → 1,000 ALL points (6:1); 3,000 ALL → 2,000 BluChips (3:2); live 13 Jul 2026

Offers desk

15 Jul opened American AAdvantage buy-miles 100% bonus — 1.88¢ a mile · runs till 22 Jul
14 Jul opened United MileagePlus buy-miles — up to 45% off / 95% bonus · runs till 20 Aug
9 Jul opened British Airways Club buy-Avios 40% bonus — 1.64¢ each [ended 16 Jul] · runs till 16 Jul
8 Jul opened Flying Blue buy-miles 80% bonus — 1.69¢ a mile · runs till 28 Jul
1 Jul opened BOBCARD Etihad Guest Premium — welcome miles doubled to 15,000 · runs till 31 Aug
1 Jul opened BOBCARD Eterna LTF window — ₹2,499 joining + annual fee at zero · runs till 31 Jul
1 Jul opened IndiGo Axis launch window — welcome BluChips doubled on both cards · runs till 31 Jul
16 Jul expired IHG One Rewards buy-points 100% bonus — 0.5¢ a point [ended 16 Jul]
16 Jul expired British Airways Club buy-Avios 40% bonus — 1.64¢ each [ended 16 Jul]
5 Jul expired Alaska Atmos buy-miles 100% bonus — 1.88¢ a mile [ended 5 Jul]

From the news desk

2026 6 months

June 2026 8 tracker · 5 offers · 9 stories

3 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

18 Jun moderate Mayura's app-travel multipliers cut to 40X hotels, 25X flights · IDFC FIRST Bank ~~60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 boost)~~ → 40 RP/₹150 hotels, 25 RP/₹150 flights; movie BOGO needs ₹20k/month; rewards capped at credit limit
18 Jun moderate Ashva's app-travel multipliers cut to 40X hotels, 25X flights · IDFC FIRST Bank ~~60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 'up to 50X Bonus' boost)~~ → 40 RP/₹150 hotels, 25 RP/₹150 flights; movie BOGO needs ₹20k/month; rewards capped at credit limit
18 Jun moderate IDFC FIRST bolts a 24-month expiry onto reward points that were lifetime-valid · IDFC FIRST Bank ~~IDFC FIRST reward points never expired — lifetime validity was a headline feature~~ → Points earned from 18 Jun 2026 expire 24 months from crediting (FIRST Wealth, Millennia, WOW! and more); existing WOW! points valid until Jul 2028

Fee changes

15 Jun moderate YES's ₹100 redemption fee reaches Marquee and Reserv · YES Bank ~~Marquee and Reserv exempt from the ₹100-per-redemption fee; card reissuance ₹100–₹200 by variant~~ → ₹100 fee on every redemption request, premium cards included, plus a ₹99 booking fee on YES Rewardz flights; reissuance ₹199; fuel-surcharge waiver window revised
15 Jun minor IndusInd bolts a 2% DCC fee across its card range · IndusInd Bank ~~No dynamic-currency-conversion fee on most IndusInd variants~~ → From 15 Jun 2026: 2% + GST DCC fee on Platinum, Legend, Nexxt, EazyDiner, Signature, Samman, Tiger and more

Partner moves

30 Jun major Amex India cuts Etihad Guest as an MR transfer partner · American Express ~~MR points transferable to Etihad Guest Miles~~ → Etihad Guest transfer route closed for good
18 Jun moderate Axis adds IndiGo BluChip to the EDGE transfer roster · Axis Bank ~~No IndiGo route from EDGE Miles or Reward Points~~ → Group B: Miles 2:1, points 5:1 (intro 2x better till 17 Aug)
1 Jun moderate AU, YES and IndusInd points open transfers to Maharaja Club · Air India ~~AU/YES/IndusInd points locked in closed loops~~ → Maharaja routes: IndusInd Tiger 1:1 (Pinnacle 2:1, Legend 4:1); AU Zenith+ 3:2, other AU cards 6:1; YES Marquee/Reserv 15:1

Offers desk

22 Jun opened IHG One Rewards buy-points 100% bonus — 0.5¢ a point [ended 16 Jul] · runs till 16 Jul
18 Jun opened IndiGo BluChip intro ratio — double miles from EDGE Miles · runs till 17 Aug
18 Jun opened IndiGo BluChip intro ratio — double BluChips from EDGE Reward Points · runs till 17 Aug
10 Jun opened Hilton Honors buy-points 100% bonus — 0.5¢ a point · runs till 24 Jul
4 Jun opened Alaska Atmos buy-miles 100% bonus — 1.88¢ a mile [ended 5 Jul] · runs till 5 Jul

From the news desk

May 2026 4 tracker · 1 valuation · 4 stories

1 devaluation, 2 buffs — a rare net-positive month. It won't last.

On the tracker

Devaluations

15 May major Regalia Gold's earn rate quietly drops 6% under a new denominator · HDFC Bank ~~4 RP per ₹150 spent (~1.73% effective rate)~~ → 5 RP per ₹200 spent (~1.625% effective rate)

Buffs

15 May minor Regalia Gold gets a new quarterly 'Boarding Edge' travel perk · HDFC Bank ~~No boarding-pass-linked travel perks~~ → Upload a boarding pass, pick 2 of 4 quarterly perks
5 May moderate Eterna's lifetime-free window rolls forward yet again · BOBCARD (Bank of Baroda) ~~₹2,499 joining + ₹2,499 annual fee (LTF offer due to lapse)~~ → Zero joining and annual fees for new applicants, extended to 30 Jun 2026 — since pushed to 31 Jul

Launches

6 May minor AU relaunches its card range — Ananta tops a new four-card deck · AU Small Finance Bank ~~AU's lineup led by Zenith+/Zenith/Vetta~~ → Ananta (₹2,000), Lakshya, Tejas and Prathama join; Ananta gets 16 lounge visits and 50k milestone points

Valuation moves

6 May up AU Reward Points ~~₹0.25~~ → ₹0.25 per point

From the news desk

April 2026 8 tracker · 7 stories

2 devaluations, 1 buff — a net-negative month for Indian miles.

On the tracker

Devaluations

1 Apr major HDFC adds an ₹18L/year retention rule to keep the Infinia · HDFC Bank ~~No annual spend required to retain the card (only ₹10L to waive the fee)~~ → ₹18L/FY spend (EMI excluded) OR ₹50L HDFC relationship value, else downgrade/closure
1 Apr major Axis closes the Atlas to new applicants · Axis Bank ~~Open to new applications~~ → Closed to new applicants — existing cardholders unaffected

Buffs

1 Apr moderate Maharaja Club gets cheaper awards and faster crediting · Air India ~~Higher award costs; slow points crediting~~ → Domestic awards from 1,500 pts; credited within 2 hours

Fee changes

1 Apr moderate BOBCARD reprices rail, toll and app-routed education · BOBCARD (Bank of Baroda) ~~No processing fee on railway/toll/bus bookings; telecom (MCC 4814) earned zero points~~ → 1% fee on railway bookings ≥₹30k, all toll & bus ≥₹5k, and education via Cred/Paytm/PhonePe-type apps; telecom now earns core points

Lounge changes

12 Apr moderate Airtel Axis card loses its 4 lounge visits in a brutal reset · Axis Bank ~~4 complimentary domestic lounge visits + flat monthly cashback caps~~ → From 12 Apr 2026: domestic lounge access removed; cashback caps tied to prior spend, Swiggy/Zomato/BigBasket earn dropped
10 Apr minor AU more than doubles its domestic-lounge spend gate to ₹50,000/quarter · AU Small Finance Bank ~~Complimentary domestic lounge visits gated at ₹20,000 prior-quarter spend~~ → ₹50,000 prior-quarter spend required (bank-wide: Zenith, Vetta, Xcite Ace/Ultra, SPONT, NOMO, ABCL Pro)
1 Apr minor IndusInd Pinnacle's domestic lounge access goes spend-gated · IndusInd Bank ~~Complimentary domestic lounge visits with no prior-spend condition~~ → From 1 Apr 2026 IndusInd tracks spend; complimentary domestic lounge access from the Jul-2026 quarter must be unlocked by hitting a spend criterion

Partner moves

2 Apr major Axis purges Marriott, Accor and Qatar from its transfer list overnight · Axis Bank ~~Marriott, Accor, Qatar Airways at Group A ratios~~ → All three gone; BA, Finnair, Vietnam Airlines added at 2:1

From the news desk

March 2026 2 tracker · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

28 Mar moderate KrisFlyer quietly cuts its own dynamic 'Access' award rates · Singapore Airlines KrisFlyer ~~Access dynamic awards priced as launched in Nov 2025~~ → Access rates cut up to 10.9% (economy/PE), 3.9% (J/F)
9 Mar major Amex Platinum Travel pushes its Taj voucher milestone to ₹7L · American Express ~~22,500 MR + ₹10,000 Taj voucher at ₹4L annual spend~~ → Same reward requires ₹7L annual spend

From the news desk

February 2026 4 tracker · 4 stories

3 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

27 Feb moderate Scapia doubles the lounge bar and kills its easiest earn · Federal Bank / Scapia ~~Unlimited domestic lounges at ₹10k prior-month spend; insurance and utility payments earned coins and counted~~ → Lounge gate doubled to ₹20k/month; insurance, utility, rent and fuel earn nothing and don't count toward the gate
1 Feb minor ICICI gates its BookMyShow movie perk behind quarterly spend · ICICI Bank ~~Complimentary BookMyShow ticket offer, no spend condition~~ → Needs ₹25,000 spend in the preceding quarter
1 Feb moderate HDFC throttles how fast you can burn points — 5 redemptions and 50,000 points a month · HDFC Bank ~~Redeem points against statement or for travel with no monthly frequency or points ceiling~~ → From 1 Feb 2026: max 5 redemptions/month, 50,000 pts/month vs statement, ₹2,00,000/statement cycle, flights+hotels+airmiles capped at ₹1,50,000/month

Partner moves

1 Feb minor Amex retires Gyftr, moves Reward Multiplier to ShopWise · American Express ~~Gyftr e-voucher portal~~ → ShopWise e-voucher portal

From the news desk

January 2026 4 tracker · 1 offers · 4 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

15 Jan major ICICI caps transport rewards and excludes rent, tax, fuel spends · ICICI Bank ~~Emeralde/Sapphiro earned on unlimited transport; 1.99% DCC~~ → Transport rewards capped at ₹20,000/month; DCC to 2%

Lounge changes

10 Jan moderate SBI Card splits domestic lounges into tiers, adds entry fees · SBI Card ~~Uniform domestic lounge list, free swipe-in access~~ → Set A/Set B lounge tiers by card, plus ₹2–25 entry charges

Launches

6 Jan moderate IDFC FIRST launches zero-forex Diamond Reserve card · IDFC FIRST Bank ~~No 0%-forex travel card at the ₹3,000 fee tier~~ → Diamond Reserve: 0% forex, 4 lounge visits/quarter
5 Jan moderate BOBCARD and Etihad Guest deal two co-brands — the last pipe in · BOBCARD (Bank of Baroda) ~~Etihad Guest earn from Indian card spend dying with the SBI co-brands (closing 31 Mar 2026)~~ → Guest (₹2,500) and Guest Premium (₹5,000): 2 miles/₹100, 0% forex, double welcome miles for sign-ups till 28 Feb

Offers desk

1 Jan opened HSBC TravelOne welcome pack — cashback, Postcard voucher, EazyDiner · runs till 31 Oct

From the news desk

2025 11 months

December 2025 1 tracker · 1 story

1 launch — the map moved, the money didn't.

On the tracker

Launches

29 Dec minor IDFC FIRST unveils Gaj, an invite-only ₹12,500 metal flagship · IDFC FIRST Bank ~~Private banking metal tier topped out below super-premium~~ → Gaj: launched atop Ashva-Mayura-Gaj trilogy, ₹12,500 fee

From the news desk

29 Dec IDFC FIRST unveils Gaj, an invite-only ₹12,500 metal flagship

November 2025 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

1 Nov major KrisFlyer devalues premium and Star Alliance awards · Singapore Airlines ~~Old saver/advantage rates~~ → Biz/First Saver +5%, Advantage +15%, Star Alliance +5–12%

Fee changes

1 Nov minor SBI adds 1% on third-party education and wallet loads · SBI Card ~~No fee on education / wallet loads~~ → 1% fee via third-party apps

Valuation moves

1 Nov down Singapore Airlines KrisFlyer ~~₹1.16~~ → ₹1.10 per point

From the news desk

October 2025 1 offers

1 offer opened, 0 expired — time-boxed value, no structural change.

Offers desk

9 Oct opened HSBC Premier introductory offer — 20,000 reward points on first swipe · runs till 31 Dec

September 2025 2 tracker · 2 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

On the tracker

Buffs

1 Sept moderate Taj InnerCircle–NeuPass expands to Shangri-La, oneworld and more · IHCL (Taj) ~~Largely Taj-only earn and benefits~~ → Reciprocal perks with Shangri-La Circle, MyMillennium, oneworld

Lounge changes

16 Sept major DreamFolks exits India's domestic lounge business — the aggregator that opened every door goes dark · DreamFolks ~~One DreamFolks pass unlocked domestic lounges for almost every Indian bank/airline card~~ → DreamFolks stops domestic lounge access from 16 Sep 2025; the network splinters across Adani LoungeOne, Encalm and bank-specific partners

From the news desk

August 2025 1 offers

1 offer opened, 0 expired — time-boxed value, no structural change.

Offers desk

21 Aug opened Amex Reward Xcelerator — 10X Membership Rewards on Air India direct · runs till 31 Jul

July 2025 4 tracker · 4 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

15 Jul moderate SBI Card pulls free air accident insurance from its top cards · SBI Card ~~₹50L–₹1Cr complimentary air accident cover on top cards~~ → Cover discontinued entirely, no replacement offered
1 Jul minor HDFC swaps daily insurance-reward caps for tighter monthly ones · HDFC Bank ~~Daily reward caps on insurance-category spend~~ → Monthly caps: 10,000 pts (Infinia), 5,000 pts (Diners Black)

Fee changes

1 Jul moderate HDFC slaps 1% fees on rent, wallet loads and gaming spend · HDFC Bank ~~Rent, wallet top-ups and gaming spends were fee-free~~ → 1% fee (cap ₹4,999) on each; no rewards on gaming

Lounge changes

1 Jul moderate RBL gates domestic lounges behind ₹35k a quarter · RBL Bank ~~Complimentary domestic lounge visits on World Safari, Icon and Platinum Maxima with no spend condition; add-on cards included~~ → ₹35,000 of prior-quarter retail spend unlocks the next quarter's visits; add-on cardholders excluded; nothing in the issuance quarter

From the news desk

June 2025 5 tracker · 5 stories

4 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

20 Jun moderate Axis caps the Magnus 35-per-₹200 tier at your credit limit · Axis Bank ~~35 EDGE RP/₹200 uncapped above ₹1.5L/month~~ → Accelerated earn capped at (credit limit + ₹1.5L)/month
12 Jun minor Amex stops earning MR points on fuel · American Express ~~Fuel earned Membership Rewards~~ → No MR on fuel (still counts to milestone)
12 Jun moderate Amex tightens MRCC's monthly bonus and devalues Gold Collection · American Express ~~1,000 bonus MR/month, no spend trigger; better vouchers~~ → Bonus needs ₹10,000 spend; points expire in 3 years
1 Jun major Kotak guts Privy League Signature and pulls it from sale · Kotak Mahindra Bank ~~On open sale; ₹0.25/point cash redemption; ungated quarterly lounge visits; 2.49%/month interest~~ → Closed to new applicants; cash redemption cut to ₹0.20 (min 2,000 points); lounge access gated on ₹75k/quarter; earn caps on education, insurance, utility, govt, gaming and wallet; interest 3.5%/month

Fee changes

1 Jun moderate Kotak's June-2025 fee wave washes over the premium deck · Kotak Mahindra Bank ~~No transaction fees on utility/fuel/wallet spends; no DCC fee; fuel surcharge waiver on bigger fills~~ → 1% fee on utility >₹75k, fuel >₹50k, wallet & gaming >₹10k per cycle and app-routed education; 2% DCC fee on White Reserve, Privy and Infinite; fuel waiver only on transactions up to ₹7,500

From the news desk

May 2025 2 offers

1 offer opened, 1 expired — time-boxed value, no structural change.

Offers desk

24 May opened HDFC SmartBuy 75% miles-transfer bonus (DCB weekend flash) · runs till 26 May
26 May expired HDFC SmartBuy 75% miles-transfer bonus (DCB weekend flash)

April 2025 4 tracker · 4 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

1 Apr major Amex Platinum Travel kills Flipkart redemption, devalues Taj by 20% · American Express ~~Flipkart voucher redemption available; cheaper Taj vouchers~~ → Flipkart gone; Taj vouchers cost ~20% more MR points
1 Apr minor Government and ad spends stop earning on 13 YES cards · YES Bank ~~Government, marketing and advertising transactions earned reward points~~ → Zero points on those categories across Private, Marquee, Reserv, Elite+, Select and eight more; the overlimit facility dies 1 May 2025

Lounge changes

1 Apr moderate YES lounge gate triples to ₹1 lakh on Marquee and Reserv · YES Bank ~~₹35,000 of quarterly spend unlocked domestic lounge access~~ → ₹1,00,000/quarter for Marquee and Reserv; ₹75,000 for First Preferred/Business; ₹50,000 for Elite+, Select and BYOC

Partner moves

9 Apr moderate IndiGo BluChip and Accor ALL agree two-way points conversion · IndiGo ~~No airline↔hotel points corridor in India~~ → BluChip ↔ ALL two-way conversion agreed; ratios TBA

From the news desk

March 2025 2 tracker · 2 stories

1 fee change, 1 lounge change — the map moved, the money didn't.

On the tracker

Fee changes

25 Mar moderate IndusInd hikes redemption fee to ₹149, caps cash-outs at 50% · IndusInd Bank ~~₹100 + GST per redemption; full points balance redeemable as statement credit; fractional points on multiplier spends~~ → ₹149 + GST per redemption (Avios, Pioneer and EazyDiner cards exempt); cash redemption capped at 50% of balance; fractional accrual gone; points clawed back on unpaid dues

Lounge changes

7 Mar major Legend loses lounge access entirely · IndusInd Bank ~~1 complimentary domestic lounge visit per quarter~~ → No complimentary lounge access at all

From the news desk

February 2025 1 tracker · 1 story

0 devaluations, 1 buff — a rare net-positive month. It won't last.

On the tracker

Buffs

12 Feb moderate RBI lifts Kotak's ten-month card-issuance ban · Kotak Mahindra Bank ~~New credit-card issuance frozen since 24 Apr 2024 over IT-governance failures~~ → Kotak can onboard digital customers and issue credit cards again

From the news desk

12 Feb Kotak reprices premium cards — 4 months post ban lift

2024 10 months

December 2024 4 tracker · 1 valuation · 4 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

20 Dec moderate Hilton quietly hikes award prices at its best hotels · Hilton ~~Waldorf Astoria Los Cabos: 120,000 pts/night~~ → Same room: 140,000+ pts/night, no announcement
1 Dec moderate YES caps travel redemptions at 70% of the invoice · YES Bank ~~Flights and hotels on YES Rewardz bookable fully with points~~ → Points cover at most 70% of any booking; monthly redemption caps of 3 lakh (Marquee), 2 lakh (Reserv), 1 lakh (others); finance charges hiked to 3.99%/month on many cards

Fee changes

20 Dec moderate Axis slaps redemption fees on EDGE points and miles · Axis Bank ~~Free EDGE portal redemptions and transfers~~ → ₹99 portal redemption / ₹199 partner transfer

Launches

1 Dec moderate HSBC TravelOne arrives — a 20-partner airmiles card · HSBC ~~No mainstream HSBC airmiles card in India~~ → ₹4,999 card, 4X travel/forex, 1:1 to Avios & KrisFlyer

Valuation moves

1 Dec up HSBC Reward Points ~~₹1.00~~ → ₹1.00 per point

From the news desk

November 2024 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

15 Nov major ICICI's November purge: rewards, lounges and 1% fees · ICICI Bank ~~Broad earn; easy spend-based lounge access~~ → Rent/gov/education excluded; grocery capped; 1% ed/utility fee; spend-gated lounges

Partner moves

12 Nov major Vistara flies its last; Club Vistara becomes Maharaja Club · Air India ~~Club Vistara (Vistara)~~ → Maharaja Club (Air India), points 1:1

Valuation moves

12 Nov up Air India Maharaja Points ~~₹0.80~~ → ₹0.80 per point

From the news desk

October 2024 2 tracker · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

15 Oct moderate RBL strips points from education, government and wallet spends · RBL Bank ~~World Safari and Icon earned base points on most categories; milestone counters included nearly all retail spend~~ → No points on education-via-apps, government, contracted services, cash and Bills2Pay; milestones exclude 14 categories; 1% fees on utility spends past ₹50k/month, education apps and fuel past ₹10k

Lounge changes

15 Oct major EaseMyTrip card loses Priority Pass, domestic visits halved · Standard Chartered ~~1 complimentary domestic lounge visit per quarter + Priority Pass with 2 international visits a year~~ → 2 domestic visits per calendar year; no Priority Pass, no complimentary international lounge access

From the news desk

September 2024 1 tracker · 1 valuation · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

1 Sept minor HDFC caps utility, telecom and cable rewards · HDFC Bank ~~Uncapped earn on utility/telecom/cable~~ → 2,000 reward points/month, combined

Valuation moves

19 Sept up IDFC FIRST Reward Points ~~₹0.50~~ → ₹0.50 per point

From the news desk

1 Sept HDFC caps utility, telecom and cable rewards

August 2024 3 tracker · 3 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

On the tracker

Buffs

25 Aug minor Ultimate's forex settles at a clean 2% at posting · Standard Chartered ~~3.5% markup softened by a separately-posted 1.5% cashback — until 1 June 2024, when SC killed the cashback and left the full 3.5%~~ → Flat 2% markup (2.36% with GST) charged at transaction posting

Fee changes

1 Aug moderate HDFC adds 1% fees on rent, big utility and third-party education · HDFC Bank ~~No surcharge on these spends~~ → 1% fee, capped ₹3,000/txn

Partner moves

19 Aug moderate Amex MR-to-Emirates Skywards transfer ratio gets clipped · American Express ~~1,000 MR points = 1,000 Skywards Miles (1:1)~~ → 1,000 MR points = 750 Skywards Miles (4:3)

From the news desk

July 2024 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

3 Jul moderate IHG One Rewards quietly repriced its best hotels upward · IHG Hotels & Resorts ~~InterContinental London Park Lane: ~120K pts/night cap~~ → Same hotel: up to 160,000 points on peak nights

Partner moves

15 Jul minor Citibank India credit cards fully migrate to Axis · Axis Bank ~~Citi-branded cards and systems~~ → Axis Bank platform

Valuation moves

3 Jul down IHG One Rewards ~~₹0.60~~ → ₹0.55 per point

From the news desk

April 2024 3 tracker · 2 valuation · 3 stories

3 devaluations, 0 buffs — a net-negative month for Indian miles.

On the tracker

Devaluations

20 Apr major Axis Atlas takes its first big cut · Axis Bank ~~Higher EDGE Miles earn and generous tier benefits~~ → Reworked earn tiers and trimmed benefits
15 Apr moderate SBI Card kills reward points on rent · SBI Card ~~Rent earned reward points~~ → MCC 6513 excluded — zero points
1 Apr moderate AU zeroes out rewards on fuel, rent, education and government · AU Small Finance Bank ~~Fuel, rent, education and government spends earned points; utilities earned accelerated rates~~ → Zero points on fuel/rent/BBPS/education/government; utilities and insurance base-rate only, utilities capped at 100 points per transaction

Valuation moves

23 Apr up Air France-KLM Flying Blue ~~₹0.80~~ → ₹1.00 per point
23 Apr up SBI Travel Credits ~~₹1.00~~ → ₹1.00 per point

From the news desk

20 Apr Axis Atlas takes its first big cut
15 Apr SBI Card kills reward points on rent
1 Apr AU zeroes rewards — 100% cut

March 2024 3 tracker · 3 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

February 2024 2 tracker · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

January 2024 3 tracker · 2 valuation · 3 stories

2 devaluations, 1 buff — a net-negative month for Indian miles.

2023 11 months

December 2023 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

November 2023 1 tracker · 1 story

0 devaluations, 1 buff — a rare net-positive month. It won't last.

October 2023 3 tracker · 3 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

September 2023 3 tracker · 1 valuation · 3 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

August 2023 3 tracker · 3 stories

3 launchs — the map moved, the money didn't.

July 2023 3 tracker · 3 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

June 2023 1 tracker · 1 valuation · 1 story

1 launch — the map moved, the money didn't.

May 2023 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

April 2023 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

March 2023 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 2023 2 tracker · 2 valuation · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

2022 10 months

December 2022 2 tracker · 1 valuation · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

November 2022 2 tracker · 1 valuation · 2 stories

1 partner move, 1 launch — the map moved, the money didn't.

October 2022 1 valuation

0 stories on the desk, nothing structural — a quiet month for Indian miles.

September 2022 1 tracker · 1 story

1 launch — the map moved, the money didn't.

August 2022 2 tracker · 1 valuation · 2 stories

1 devaluation, 1 buff — the desk scores it a wash.

July 2022 1 tracker · 1 valuation · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

May 2022 1 tracker · 1 story

1 launch — the map moved, the money didn't.

March 2022 5 tracker · 1 valuation · 5 stories

3 devaluations, 0 buffs — a net-negative month for Indian miles.

February 2022 3 tracker · 2 valuation · 3 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

January 2022 1 tracker · 1 valuation · 1 story

1 launch — the map moved, the money didn't.

2021 8 months

October 2021 3 tracker · 1 valuation · 3 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

September 2021 3 tracker · 3 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

August 2021 2 tracker · 2 stories

1 devaluation, 1 buff — the desk scores it a wash.

July 2021 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

May 2021 1 tracker · 1 story

1 launch — the map moved, the money didn't.

April 2021 2 tracker · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2021 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 2021 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2020 4 months

June 2020 3 tracker · 3 stories

1 devaluation, 1 buff — the desk scores it a wash.

April 2020 2 tracker · 2 stories

0 devaluations, 2 buffs — a rare net-positive month. It won't last.

March 2020 6 tracker · 6 stories

3 devaluations, 1 buff — a net-negative month for Indian miles.

January 2020 1 tracker · 2 valuation · 1 story

1 launch — the map moved, the money didn't.

2019 8 months

December 2019 1 tracker · 1 valuation · 1 story

1 launch — the map moved, the money didn't.

November 2019 2 tracker · 2 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

October 2019 2 tracker · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

September 2019 3 tracker · 3 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

August 2019 1 tracker · 1 story

1 launch — the map moved, the money didn't.

April 2019 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2019 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 2019 3 tracker · 2 valuation · 3 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

2018 8 months

October 2018 1 tracker · 1 story

1 fee change — the map moved, the money didn't.

September 2018 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

August 2018 2 tracker · 2 stories

2 partner moves — the map moved, the money didn't.

July 2018 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

June 2018 2 tracker · 2 stories

1 devaluation, 1 buff — the desk scores it a wash.

May 2018 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

April 2018 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 2018 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2017 8 months

December 2017 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

November 2017 2 tracker · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

September 2017 1 tracker · 1 valuation · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

August 2017 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

July 2017 2 tracker · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

May 2017 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

March 2017 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2017 1 tracker · 1 valuation · 1 story

0 devaluations, 1 buff — a rare net-positive month. It won't last.

2016 8 months

November 2016 1 tracker · 1 story

0 devaluations, 1 buff — a rare net-positive month. It won't last.

September 2016 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

August 2016 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

July 2016 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

April 2016 3 tracker · 3 stories

3 devaluations, 0 buffs — a net-negative month for Indian miles.

March 2016 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2016 2 tracker · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

January 2016 2 tracker · 1 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2015 7 months

December 2015 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

November 2015 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

September 2015 2 tracker · 2 stories

0 devaluations, 1 buff — a rare net-positive month. It won't last.

June 2015 2 tracker · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

March 2015 2 tracker · 35 valuation · 2 stories

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2015 2 tracker · 2 stories

1 devaluation, 1 buff — the desk scores it a wash.

January 2015 2 tracker · 2 stories

1 partner move, 1 launch — the map moved, the money didn't.

2014 3 months

December 2014 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

July 2014 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

February 2014 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

2013 4 months

May 2013 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

April 2013 2 tracker · 2 stories

2 partner moves — the map moved, the money didn't.

March 2013 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2013 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2012 5 months

October 2012 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

September 2012 1 tracker · 1 story

1 launch — the map moved, the money didn't.

July 2012 2 tracker · 2 stories

2 launchs — the map moved, the money didn't.

April 2012 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

February 2012 2 tracker · 2 stories

2 devaluations, 0 buffs — a net-negative month for Indian miles.

2011 3 months

November 2011 1 tracker · 1 story

1 launch — the map moved, the money didn't.

July 2011 1 tracker · 1 story

1 launch — the map moved, the money didn't.

April 2011 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2010 3 months

November 2010 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

April 2010 1 tracker · 1 story

1 launch — the map moved, the money didn't.

February 2010 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

2009 2 months

August 2009 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

March 2009 1 tracker · 1 story

1 devaluation, 0 buffs — a net-negative month for Indian miles.

2008 3 months

September 2008 1 tracker · 1 story

1 launch — the map moved, the money didn't.

August 2008 1 tracker · 1 story

1 launch — the map moved, the money didn't.

April 2008 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

2007 4 months

December 2007 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

June 2007 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

April 2007 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

March 2007 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

2006 3 months

August 2006 1 tracker · 1 story

1 launch — the map moved, the money didn't.

June 2006 1 tracker · 1 story

1 partner move — the map moved, the money didn't.

April 2006 1 tracker · 1 story

1 launch — the map moved, the money didn't.

2005 2 months

October 2005 1 tracker · 1 story

0 devaluations, 1 buff — a rare net-positive month. It won't last.

May 2005 2 tracker · 2 stories

2 launchs — the map moved, the money didn't.

2001 1 month

December 2001 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1999 2 months

February 1999 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 1999 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1998 1 month

October 1998 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1997 1 month

May 1997 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1994 1 month

January 1994 2 tracker · 2 stories

2 launchs — the map moved, the money didn't.

1993 2 months

May 1993 1 tracker · 1 story

1 launch — the map moved, the money didn't.

January 1993 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1987 1 month

January 1987 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1981 1 month

January 1981 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1980 1 month

January 1980 1 tracker · 1 story

1 launch — the map moved, the money didn't.

1961 1 month

January 1961 1 tracker · 1 story

1 launch — the map moved, the money didn't.