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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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September 2026

16 tracker · 3 offers · 11 stories

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

On the tracker

Devaluations

  • 30 Sept major Amex India discontinues Reward Multiplier — the whole 5X/3X/2X ladder · American Express was: One multiplier per card across the whole portal — 5X on the Platinum Charge and Gold Charge, 3X on Platinum… now: Nothing. The programme is switched off; base earn of 1 MR per ₹50 (₹40 on the Platinum Charge) is all that remains on those merchants. ShopWise continues as an independent e-voucher platform over 200+ brands, but Amex has published no post-sunset multiplier for it.
  • 30 Sept major Dream Different's unredeemed reward points expire after 30 September 2026 · Kotak Mahindra Bank was: Reward points accrued on the Dream Different Credit Card up to 31 March 2026 sitting in the account with no… now: A hard forfeiture date — "After 30th September, 2026, any unredeemed Reward Points will automatically expire"
  • 15 Sept moderate Wyndham splits its three flat free-night tiers into four · Wyndham Rewards was: Three flat tiers — 7,500, 15,000 or 30,000 Wyndham Rewards points per bedroom, plus discounted nights from… now: Four flat tiers — 5,000, 15,000, 30,000 or 45,000 points per bedroom, plus discounted nights from 500 points and cash
  • 10 Sept major Amex guts Platinum Travel's milestone ladder — 30,000 MR out, the Taj voucher doubled · American Express was: Three rungs in a Cardmembership year: 7,500 MR at ₹1.9 lakh, 10,000 MR at ₹4 lakh, 22,500 MR plus a ₹10,000… now: The ₹1.9 lakh rung is deleted, ₹4 lakh keeps its 10,000 MR, and ₹7 lakh pays a ₹20,000 Taj Experiences e-Gift Card with its 22,500 MR removed — 10,000 bonus MR and ₹20,000 of Taj for the full run. Spend POSTED on or before 9 Sept 2026 is judged under the old ladder, posted from 10 Sept 2026 under the new one
  • 10 Sept major Amex deletes the ₹1.9 lakh milestone on Platinum Travel and swaps the ₹7 lakh points for a voucher · American Express was: Three rungs — 7,500 MR at ₹1.9L, +10,000 MR at ₹4L, +22,500 MR and a ₹10,000 Taj voucher at ₹7L. 40,000 bonus… now: Two rungs — 10,000 MR at ₹4L, and a ₹20,000 Taj Experiences e-Gift Card at ₹7L. 10,000 bonus Membership Rewards points across the ladder.
  • 8 Sept major Flying Blue splits award tickets into Light / Standard / Flex — a 25% rise for the same product · Air France-KLM Flying Blue was: One Air France/KLM award product per cabin — Paris–New York business at 60,000 Flying Blue miles plus about… now: Three fare families. Light holds 60,000 miles + ~$608 but drops lounge access, seat selection and any change or refund; Standard charges 75,000 miles + ~$608 for what 60,000 used to buy; Flex is 110,000 miles with taxes cut to ~$302
  • 1 Sept moderate HSBC's RuPay Platinum welcome suite lapses — ₹500 cashback, EazyDiner and the UPI ₹250 all end together · HSBC was: ₹500 cashback for downloading the HSBC India app and spending ₹5,000 in the first 30 days, two months of… now: All three gone for cards applied for from 1 September 2026; the only welcome left is the ₹250 Amazon eGift Voucher for an online application completed with Video KYC
  • 1 Sept moderate HSBC's RuPay Cashback welcome suite lapses — ₹500 cashback, EazyDiner and the UPI ₹250 all end together · HSBC was: ₹500 cashback for downloading the HSBC India app and transacting ₹10,000 in the first 30 days, two months of… now: All three gone for cards applied for from 1 September 2026; the only welcome left is the ₹250 Amazon eGift Voucher for an online application completed with Video KYC
  • 1 Sept moderate SmartBuy moves Amazon Pay gift cards to 1X under Insta Deals · HDFC Bank was: Amazon Pay Gift Voucher sat in SmartBuy's accelerated tier — 'up to 5X Reward Points or 5% cashback' now: 'Insta Deals: 1 % Instant Discount + 1X Reward Points' — this brand is out of the accelerated tier

Buffs

Fee changes

  • 1 Sept moderate Burgundy Private's lapse fee doubles to ₹1 lakh · Axis Bank was: Annual fee ₹50,000 + GST if the ₹5 Cr TRV lapses (Nil while the Burgundy Private relationship holds) now: Annual fee ₹1,00,000 + GST below ₹5 Cr TRV from 1 Sep 2026 — TRV checked the month before the card anniversary month; still Nil at ₹5 Cr+. Same revision package: Priority Pass invalid at Indian domestic lounges from 28 Aug 2026 (present the card itself), memberships renew only with explicit consent from 15 Nov 2026
  • 1 Sept moderate Kotak's Dream Different joining fee goes ₹250 → ₹424 and the waiver disappears · Kotak Mahindra Bank was: Joining ₹250 (₹3,500 for the Metal variant), waived outright when the credit limit is ₹18,000 or more on the… now: Joining ₹424, "no waiver will be applicable", and a ₹170 cancellation fee on any Dream Different card closed within 90 days of issuance.

Lounge changes

  • 10 Sept minor ICICI's September lounge list drops four doors and adds Bhogapuram · ICICI Bank was: The prior edition opened Bhubaneswar's landside Bird Lounge, Vadodara's Premium Lounge, Visakhapatnam's Airr… now: Those four rooms are gone. Bhubaneswar keeps O'Vetra near Gate 8, Dehradun keeps Carnations in the security hold, Vadodara is off the list, and Visakhapatnam's rows are Encalm domestic and international at Bhogapuram. Ahmedabad T2 international is Adani Silver Lounge - International, Gate 08, and it is not asterisked
  • 1 Sept minor HSBC Live+ switches on its international lounge visit, and adds a 1GB global eSIM · HSBC was: 2 complimentary domestic lounge visits a year (one every 6 calendar months) and nothing international… now: The same 2 domestic visits plus 1 international visit per CALENDAR year, claimed through a separate HSBC platform powered by Thriwe, and 1 complimentary 1GB global eSIM a calendar year (7 days, 98 countries) with 20% off every top-up

Partner moves

Offers desk

  • 25 Sept expired Hilton Honors buy-points 100% bonus + lifted cap — 0.5¢ a point
  • 15 Sept expired HSBC waives forex markup on every card — 15 Aug to 15 Sep
  • 9 Sept expired Marriott Bonvoy buy-points 40–50% bonus — 0.83¢ a point

From the news desk

2026 8 months

August 2026 32 tracker · 2 valuation · 20 offers · 45 stories

4 devaluations, 6 buffs — a rare net-positive month. It won't last.

On the tracker

Devaluations

  • 28 Aug major Amex India pauses new card applications across the entire portfolio · American Express was: Two live doors — the Platinum Charge (₹66,000) and Platinum Reserve (₹10,000), reopened on 24 September 2025… now: No doors. All six proprietary cards render "Learn More" with no Apply Now, behind a banner pausing acceptance of new applications in India. Existing cardmembers are not addressed by the notice and their terms are unchanged.
  • 25 Aug minor BOBCARD withdraws accidental death cover from twenty cards · BOBCARD (Bank of Baroda) was: Air and Non-Air Accidental Death Cover bundled with Eterna, Eterna (FD), Premier, Premier (FD), Select… now: No Air or Non-Air Accidental Death Cover. Already gone on anything issued after 15 July 2026; existing cardholders keep it only until 25 August 2026.
  • 6 Aug moderate HDFC caps Regalia Gold miles transfers at 50,000 points a month · HDFC Bank was: No published ceiling on moving Regalia Gold reward points to an airline or hotel partner now: SmartBuy miles transfers capped at 50,000 reward points per calendar month
  • 5 Aug minor Etihad Guest Gold now costs ₹10,000 on etihad.com, not one rupee · BOBCARD (Bank of Baroda) was: Complimentary Etihad Guest Gold on completing ANY transaction on Etihad.com within 6 months of card issuance… now: From 5 Aug 2026 the Gold Tier upgrade requires a single transaction of ₹10,000 or more on Etihad.com within 6 months from the date of card issuance. Every other benefit is explicitly unchanged

Buffs

  • 21 Aug minor Club ITC pays up to 50,000 bonus Green Points for spreading 10 nights across all five brands · Club ITC No standing multi-brand bonus promotion on Club ITC stays → A promotion running 21 August 2026 – 20 February 2027 paying 2,000 / 5,000 / 20,000 / 50,000 bonus Green Points above a 10-eligible-room-night floor, scaled by how many distinct hotels and brands the stays cover
  • 17 Aug minor ALL Accor+ adds a ₹2,500 dining voucher for sign-ups through 7 September · Accor was: ALL Accor+ Explorer at ₹19,499 a year in India with no sign-up voucher now: The same ₹19,499 membership plus a ₹2,500 dining voucher for new or returning members joining between 17 August and 7 September 2026, credited within about two days and valid 91 days
  • 6 Aug minor MaxCoins' full transfer catalogue surfaces — Accor at 2:1 re-prices the coin to ₹1.08 · Maximize was: One verified door (Maharaja Club 5:4 via Air India's partner page) priced MaxCoins at ₹0.64 by the best-exit… now: The in-app Redeem catalogue (read 06-Aug-2026) prints all eight doors — ALL Accor 2:1, SAS EuroBonus 1:1, AirAsia 1:1, Maharaja Club 5:4, LotusMiles 5:4, IndiGo BluChip 5:4 (enrollment gate), ShebaMiles 5:3, Air Arabia 5:3 — plus a '1 MaxCoin = ₹1' gift-card face. Best exit is now Accor: ₹1.08/coin
  • 5 Aug minor Thai postpones the new Royal Orchid Plus qualification criteria · Thai Airways (Royal Orchid Plus) was: New Royal Orchid Plus membership qualification criteria were scheduled to take effect on 5 August 2026… now: Rescheduled indefinitely. The current qualification criteria and programme terms and conditions remain unchanged and continue to apply; no new implementation date has been published, and existing membership status is unaffected.
  • 2 Aug minor Flipkart SuperCoins into Maharaja Club improve to 2:1 · Air India was: Launch coverage (31 Mar 2026) put the Flipkart SuperCoins → Maharaja Club conversion at 5:2 with a… now: Air India's own Flipkart partner page publishes 2 SuperCoins = 1 Maharaja point, minimum 20 SuperCoins then increments of 5, credited within 3 working days, one-way and non-reversible
  • 1 Aug minor Hyatt doubles dining points across Asia Pacific — India included · World of Hyatt was: 5 World of Hyatt base points per eligible US$1 of food & beverage spend at participating hotels, plus the… now: 10 points per US$1 (2X) on eligible F&B from 1 Aug to 30 Sep 2026 across India and Southwest Asia — US$10 minimum per transaction, up to 30,000 points per member for the campaign, no registration

Fee changes

  • 31 Aug moderate HSBC's 0% forex window on the RuPay Cashback card closes · HSBC was: 0% mark-up on every foreign-currency spend, 15 Jul 2025 to 31 Aug 2026 inclusive now: The 3.5% foreign-currency mark-up printed in the shared RuPay tariff sheet
  • 28 Aug moderate Axis more than doubles its DCC markup — 3.5% generic, but Olympus and Magnus get their own rates · Axis Bank was: Dynamic Currency Conversion markup 1.5% + taxes; top late-payment slab ₹1,200 above ₹10,000; gift cards… now: DCC markup 3.5% + taxes from 28 Aug 2026 on the bank-wide grid (Select's own notice confirms 3.5%), but the premium notices carve out their own numbers: Magnus 2%, Magnus for Burgundy 2%, and Reserve's notice carries no DCC line at all. Primus and Burgundy Private were already at Nil in the 12-Aug-2026 Key Fact Sheet and none of their notices carries a DCC clause, so the markup does not reach them. OLYMPUS was on that Nil list too, and came off it: the 18-Aug-2026 Key Fact Sheet moved it to 1.8% (see the separate 28-Aug event). Plus a new ₹1,300 late-payment slab above ₹50,000 outstanding; payments appropriated fees → EMIs → interest → purchases → cash advances; gift cards moved to their own 'Gift Card' spend category, still earning nothing AND still not counting toward spend-based fee-waiver calculations or milestone benefits; and Bridge Fees, Road Fees and Tolls stop earning rewards entirely
  • 28 Aug minor IndiGo Axis Premium ducks the 3.5% DCC hike — its own notice stops at 2.5% · Axis Bank was: Dynamic Currency Conversion markup 1.5% + taxes; gift-card spend booked under the 'Wallet' category; Bridge… now: DCC markup 2.5% + taxes from 28 Aug 2026 — matching the card's own foreign-currency markup rather than the 3.5% Axis is applying across its generic book. Same notice: a new ₹1,300 late-payment slab above ₹50,000 outstanding, payments appropriated fees → EMIs → interest → purchases → cash advances, gift cards moved into their own 'Gift Card' spend category (still zero rewards, still excluded from milestones), and Bridge Fees, Road Fees and Tolls stripped of rewards entirely
  • 28 Aug minor My Zone takes the full DCC hike — 1.5% to 3.5% · Axis Bank was: Dynamic Currency Conversion markup 1.5% of the transaction amount; late-payment fee topped out at ₹1,200… now: DCC markup 3.5% from 28 Aug 2026 — the same number as My Zone's 3.5% foreign-currency fee. A new ₹1,300 late-payment slab above ₹50,000 outstanding; payments appropriated fees and taxes first, then EMIs, interest, purchases and cash advances; gift cards moved into their own 'Gift Card' spend category, still earning nothing and still excluded from milestones; and no rewards at all on Bridge Fees, Road Fees and Tolls
  • 28 Aug minor Magnus is carved out of the DCC hike at 2%, not 3.5% · Axis Bank was: Dynamic Currency Conversion markup 1.5% + taxes; late-payment fee topped out at ₹1,200 above ₹10,000… now: DCC markup 2% from 28 Aug 2026 — Magnus's own revision sheet says 'revised to 2% from 1.5%', against the 3.5% Axis is applying across its generic book. Same notice: a ₹1,300 late-payment slab above ₹50,000 outstanding; payments appropriated fees and taxes → EMIs → interest → purchases → cash advances; gift cards reclassified into their own 'Gift Card' spend category, still earning nothing and still excluded from spend-based fee-waiver calculations; and no rewards at all on Bridge Fees, Road Fees and Tolls. From 15 Nov 2026 the linked complimentary memberships renew only with explicit consent
  • 28 Aug minor Magnus for Burgundy takes the same 2% DCC carve-out as its sibling · Axis Bank was: Dynamic Currency Conversion markup 1.5% + taxes; late-payment fee topped out at ₹1,200 above ₹10,000… now: DCC markup 2% from 28 Aug 2026, not the bank-wide 3.5% — the MAGNUS for BURGUNDY sheet carries the identical 'revised to 2% from 1.5%' line. Same notice: a ₹1,300 late-payment slab above ₹50,000 outstanding; payments appropriated fees and taxes → EMIs → interest → purchases → cash advances; gift cards reclassified into their own 'Gift Card' spend category, still earning nothing and still excluded from spend-based fee-waiver calculations; no rewards on Bridge Fees, Road Fees and Tolls. From 15 Nov 2026 the linked complimentary memberships renew only with explicit consent
  • 28 Aug minor Olympus loses its NIL dynamic-currency markup — DCC goes to 1.8% · Axis Bank was: Dynamic Currency Conversion markup Nil — Olympus was named in the Key Fact Sheet's DCC row alongside Burgundy… now: DCC markup 1.8% from 28 Aug 2026 — the 18-Aug-2026 Key Fact Sheet moves OLYMPUS out of the Nil clause and into '1.8% of Transaction Amount', exactly matching the card's foreign-transaction fee. Same package, from the 25-Aug-2026 product T&C: 'Gift Card' becomes its own zero-earn excluded merchant category, and §14(f) reads 'Effective 28-08-2026, the Priority Pass card will not be valid for accessing domestic airport lounges in India' — the domestic access survives, you present the Olympus card itself
  • 15 Aug moderate HSBC zeroes the forex mark-up on every card it sells — for 32 days · HSBC was: Foreign-currency mark-up of 0.99% on HSBC Premier and HSBC TravelOne, and 3.5% on the Platinum, Taj and Live+… now: No foreign-currency mark-up on merchant point-of-sale or online foreign-currency transactions, 15 August to 15 September 2026 (both dates inclusive), on HSBC Premier, Taj, Live+, TravelOne and Platinum. ATM cash withdrawals excluded. GST, the network's cross-border fee and every other regulatory charge still apply.

Lounge changes

  • 29 Aug minor ICICI un-reserves Mumbai's Adani Silver lounge — the whole Annexure-1 board gets in · ICICI Bank was: Row 57 of ICICI's consolidated domestic lounge list read '* Adani Silver Lounge / Terminal 2 /… now: The August-2026 edition renames the row 'Adani Silver International Lounge', keeps it at row 57 and drops the asterisk. The footnote itself is unchanged, so an unasterisked row means what it means everywhere else on this list: every card on Annexure 1 gets it, at that card's own quarterly quota
  • 28 Aug moderate Priority Pass stops opening Indian domestic lounges on every Axis card · Axis Bank was: Priority Pass presented at the desk to draw down an Axis card's domestic lounge allowance in India now: From 28 Aug 2026 the Priority Pass card is not valid at domestic airport lounges in India — present the Axis credit card itself with your boarding pass, against a per-card list of eligible domestic lounges. Lounges past immigration at Indian international terminals still count as international and still take Priority Pass
  • 1 Aug minor Narita finally gets airside Priority Pass doors — four dining venues join · Priority Pass was: Every PP option at NRT landside (four IASS lounges + the 9h capsule hotel); nothing after security, nothing… now: Four PP dining venues live: Tatsu (T1 airside), KURITA (T2 airside), Yakisuki Yanma (T1 landside), BOTEJYU Express (T3 landside) — each a JPY3,400 set menu per visit

Partner moves

  • 25 Aug moderate Vietnam Airlines Lotusmiles opens a broad SkyTeam status match — up to Elite Plus · Vietnam Airlines was: No standing public status-match route from most Indian-held airline and hotel tiers into a SkyTeam Elite Plus… now: A paid Lotusmiles status match accepting ~47 airline programmes (Air India Maharaja Club included) and 18 hotel chains, granting 12 months up to Platinum
  • 20 Aug moderate IHG Hotels & Resorts becomes a Maharaja Club earning and conversion partner · Air India (Maharaja Club) was: Maharaja Club had no IHG relationship: no earning on IHG stays, and IHG One Rewards points had no door into… now: Up to 2 Maharaja Points per US$1 on eligible IHG stays (1 point per US$1 at Staybridge Suites, Candlewood Suites, IHG Residences and IHG Army Hotels), after setting the IHG One Rewards earning preference to Air India | Maharaja Club. Existing IHG One Rewards points also convert at 1,000 IHG points to 200 Maharaja Points — 5:1 — with a 1,000-point minimum, requested through the IHG One Rewards contact centre and credited within 60 business days.
  • 18 Aug major Amex India re-rates Virgin Atlantic upward — 2:1 becomes 5:4, the first MR buff in years · American Express was: Membership Rewards transferred to Virgin Atlantic Flying Club at 2:1 (1,00,000 MR → 50,000 Virgin Points). now: Virgin Atlantic Flying Club at 5:4 (1,00,000 MR → 80,000 Virgin Points). Transfer mechanics unchanged: multiples of 400 MR with an 800 MR minimum, normally immediate.
  • 18 Aug major Amex India re-rates Hilton Honors upward — 10:9 becomes 2:3 · American Express was: Membership Rewards transferred to Hilton Honors at 10:9 (1,00,000 MR → 90,000 Hilton Points). now: Hilton Honors at 2:3 (1,00,000 MR → 1,50,000 Hilton Points). Transfer mechanics unchanged: a 1,000 MR minimum, normally immediate.
  • 3 Aug major SBI drops Etihad Guest from the MILES transfer table — the last SBI door into the programme · SBI Card was: SBI Card Travel Credits transferred 1:1 into Etihad Guest, one of eighteen airline partners in §3 of the… now: No Etihad route at all. The MILES rewards T&C now lists seventeen airline partners and Etihad is not one of them — the word does not appear anywhere in the seven-page document. Every other SBI partner survives at the same ratio.

Launches

  • 23 Aug major Federal Bank discontinues the Jupiter Edge and Fi co-brand programmes · Federal Bank was: Federal Bank issued co-branded credit cards with Europa Neomarketing (Federal Edge, sold as Jupiter Edge) and… now: Both programmes discontinued. Federal's co-branded index carries two support mailboxes for existing holders and nothing else.
  • 22 Aug minor RBL relaunches the Shoppers Stop co-brand as a Gold / Platinum / Black trio · RBL Bank An older single Shoppers Stop co-brand line → Three tiers — Gold (₹1,000), Platinum (₹5,000), Black (₹10,000) annual — earning 10 RP/₹200 (Gold, Platinum) or 15 RP/₹200 (Black) across the Shoppers Stop Universe, with points worth ₹0.25 / ₹0.50 / ₹1.00 respectively
  • 20 Aug moderate Visa formalises Infinite Privilege and Infinite Private as a three-tier structure in India · Visa was: Visa Infinite Privilege existed in India as effectively a single-card tier — Axis Primus, launched with Visa… now: A formal three-rung ladder — Infinite, Infinite Privilege, and invitation-only Infinite Private — with a second issuer adopting it: ICICI's 1838 Reserve, expected October 2026 at a reported ₹1,75,000 + GST joining fee
  • 18 Aug moderate The Harley-Davidson Diners Club drops out of HDFC's bank-wide MITC · HDFC Bank was: HDFC's regulatory fee table priced the Harley-Davidson Diners Club Credit Card alongside the rest of the deck. now: Version 4.6 of the bank-wide MITC, "Updated on 18th August'26", names the card nowhere. Zero occurrences across 49 pages. No withdrawal notice found.
  • 7 Aug moderate Akasa Air launches Elevate, its first frequent-flyer programme · Akasa Air was: Akasa Air flew for four years with no loyalty programme of any kind — India's only scheduled carrier without… now: Akasa Elevate: four tiers (Bronze, Silver, Gold, Platinum) on a rolling 365-day qualification, earning 8 / 10 / 12 / 14 Elevate Points per ₹100 of eligible spend by tier, plus 4 bonus points per ₹100 for booking direct on akasaair.com or the app. Silver needs ₹75,000 of eligible spend or 6 eligible flights, Gold ₹1,25,000 or 15, Platinum ₹2,50,000 or 30. Flights taken since 1 April 2026 can be claimed retrospectively on enrolment.
  • 1 Aug moderate The Bajaj Finserv DBS SuperCard is discontinued — holders reissued a SuperX or SuperX Plus · DBS Bank India was: Bajaj Finserv DBS Bank SuperCard, a co-brand with Bajaj Finance Limited sold in six variants — 5X Rewards… now: Discontinued with effect from 1 August 2026. Cardholders are issued a DBS SuperX Credit Card (₹1,499 annual) or DBS SuperX Plus Credit Card (₹2,999 annual) by DBS Bank — both with the joining-fee column marked NA — with communication by email and SMS

Valuation moves

Offers desk

From the news desk

July 2026 26 tracker · 3 valuation · 17 offers · 44 stories

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

On the tracker

Devaluations

  • 28 Jul major TAP's own-metal award table stops being a chart — every cell is now a floor · TAP Air Portugal was: A fixed one-way price per zone pair on TAP metal; this desk carried 63,000 miles for Lisbon → US East Coast… now: 'Award Ticket Values From' — every cell a minimum. Mainland Portugal → North America from 29,000 economy / from 135,000 business, with unpublished lower floors for Gold and Navigator members
  • 21 Jul moderate KrisFlyer puts a miles floor under award search · Singapore Airlines KrisFlyer was: Any KrisFlyer account — including one opened minutes ago with a zero balance — could search Singapore… now: Accounts below an undisclosed balance are blocked from award search; SIA confirms 'additional safeguards' against 'automated and repetitive search activity' and refuses to publish the threshold. Community testing lands around 1,000–1,500 miles. Booking is unaffected
  • 16 Jul moderate Regalia Gold's cash-out rate quietly drops to ₹0.15 · HDFC Bank 1 Reward Point = ₹0.20 redeemed against statement balance → 1 Reward Point = ₹0.15 redeemed against statement balance
  • 5 Jul moderate Marriott quietly reprices awards up 2–16% overnight · Marriott Bonvoy was: Weekend-of pre-hike dynamic award prices (no published chart) now: 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 PhonePe SBI SELECT BLACK stops paying on UPI outside PhonePe · SBI Card was: Scan & Pay and online UPI accrued Reward Points under the ordinary spend tiers now: From 1 Jul 2026 only Scan & Pay inside the PhonePe app accrues — at 1% value back
  • 1 Jul moderate PhonePe SBI PURPLE stops paying on UPI outside PhonePe · SBI Card was: Scan & Pay and online UPI accrued Reward Points under the ordinary 3/2/1 tiers now: From 1 Jul 2026 only Scan & Pay inside the PhonePe app accrues — at 1% value back
  • 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

  • 29 Jul minor Times Black publishes its eligibility bar and swaps BLADE for Thumby Aviation · ICICI Bank was: Invite-led with no published income criteria; ₹5L mobility wallet named BLADE helicopter, Avis and Indian… now: Product page publishes 21+, ₹2L/month salaried or ₹24L/yr self-employed with an open Apply flow; ₹5L wallet now offers WeWork day passes or transfers via Thumby Aviation, Avis or Indian Travel House; ₹20L stay adds Lohono alongside Ayatana
  • 15 Jul minor Your World Rewards pays 5,000 Bonvoy points for one paid stay · Marriott Bonvoy was: No standing stay bonus on the Marriott Bonvoy × Emirates Skywards Your World Rewards partnership now: Register at travel-partner.marriott.com between 15 Jul and 30 Sep 2026; the first eligible paid stay consumed in that window earns 5,000 bonus Bonvoy points, once per member. Free Night Awards and Cash + Points nights don't qualify; points credit two to four weeks after 30 Sep 2026
  • 7 Jul moderate AU makes the CheQ AU card lifetime free, dropping ₹499 joining and ₹499 renewal · AU Small Finance Bank was: "CheQ AU — Joining Fee ₹499 & Renewal Fee ₹499"; the LED variant "Joining Fee ₹1499 & Renewal Fee ₹499"… now: "CheQ AU Credit Card — Lifetime free (₹999 + GST one-time fee applicable for LED Card only)." CheQ no longer appears in the fee-waiver block at all, because there is no fee left to waive.
  • 1 Jul minor Axis waives Magnus and Horizon fees for new Burgundy customers · Axis Bank was: Magnus ₹12,500 + GST and Horizon ₹3,000 + GST joining/annual fees, waived only on spend milestones now: From 1 Jul 2026: joining + annual fee waived outright for Burgundy account holders opening on/after that date

Fee changes

  • 1 Jul minor Atmos Rewards raises the partner-award booking fee 60% to $20 · Alaska Airlines (Atmos Rewards) was: US$12.50 per person, per direction, on every partner award booking now: US$20 per person, per direction, for bookings made on or after 1 July 2026 (announced early June 2026 when Atmos updated its site)

Lounge changes

  • 15 Jul moderate BOBCARD nearly doubles the spend gate on unlimited domestic lounges · BOBCARD (Bank of Baroda) was: Eterna, Eterna (FD), Tiara and Varunah Premium gave unlimited domestic lounge access on ₹40,000 of spend in… now: ₹75,000 in the preceding calendar quarter. The operative 15 July 2026 Features and Rewards T&C prints it unqualified; a 16 June addendum had deferred it to 1 October 2026
  • 8 Jul moderate Centurion Lounge guest access halves and gets a same-flight rule · American Express was: Two complimentary guests for eligible Platinum Personal and Platinum Business Card Members, no requirement… now: One complimentary guest, who must be travelling on the Card Member's own flight; on a layover you must arrive within 5 hours of the connecting flight, and same-day round trips don't count as connections
  • 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
  • 1 Jul moderate Amex shuts the Mumbai Centurion Lounge and hands Platinum members an Adani room · American Express was: The Centurion Lounge at Mumbai T2 Domestic (Level 3, opposite Gate 65) — Amex's own room, Platinum and… now: Closed permanently from 1 Jul 2026; eligible Platinum Card Members get the Adani Business Class Lounge in T2 Domestic instead, irrespective of class of travel
  • 1 Jul minor Pioneer Legacy's quarterly lounge visit now costs ₹1.5 lakh of spend · IndusInd Bank was: 1 complimentary domestic lounge visit a quarter, no spend condition now: From the Jul–Sep 2026 quarter, the visit unlocks only on ₹1,50,000 of previous-quarter spend
  • 1 Jul major ICICI's lounge-gate exemption expires for Adani One and MakeMyTrip · ICICI Bank was: Adani One ICICI Signature, Adani One ICICI Platinum and the MakeMyTrip ICICI Bank Credit Card were exempt… now: All three now "require spends of ₹ 75,000 to be made in a calendar quarter to unlock airport lounge access in the next calendar quarter, with effect from Jul 01, 2026"

Partner moves

  • 29 Jul minor IDFC FIRST quietly exits OneCard's partner-bank roster · OneCard was: getonecard.app's footer listed 7 issuing banks including IDFC Bank (still present in the 24-Jul-2026 archive… now: Footer lists 6 — BOBCARD, CSB, Federal, SBM, South Indian, Indian; IDFC FIRST migrates its OneCard holders to its own FIRST Wealth / FIRST Select cards
  • 26 Jul moderate Qantas suspends Sydney–Bengaluru, 8 August to 24 October 2026 · Qantas was: QF nonstop SYD–BLR, the only Australia nonstop from South India, priced on Qantas's distance-band chart now: Suspended 8 Aug – 24 Oct 2026, resuming 25 Oct; through the window India–Australia awards route one-stop (Cathay via HKG, Singapore via SIN, or QF via SIN/DRW metal)
  • 26 Jul moderate Air India's quiet network retreat: Tokyo moves, Paris and San Francisco go, Malé pauses · Air India was: AI mainline on BOM–CDG and BLR–SFO nonstops; Tokyo served at Narita; DEL–MLE and MAA–SIN flying; DEL–CMB 14x… now: BOM–CDG dropped (Air France keeps the nonstop) and BLR–SFO ended Feb-2026; Tokyo moved to Haneda Mar-2025; DEL–MLE and MAA–SIN suspended 1 Jun–31 Aug 2026 (back 1 and 2 Sep); Colombo trimmed to 13x from Delhi and 4x from Mumbai; Seoul–Incheon and Jeddah untouched
  • 25 Jul moderate HDFC switches on 22 transfer partners for BizPower · HDFC Bank was: Airmiles conversion via NetBanking only — no partner ever named by HDFC now: 22 SmartBuy transfer partners — 14 at 2:1, 8 at 3:1
  • 25 Jul moderate Qatar Avios quietly returns to Axis at the punished grid · Axis Bank was: Qatar Avios pulled from Travel EDGE on 2 Apr 2026 alongside Accor and Marriott; Qsuite unreachable from EDGE… now: Back on the Travel EDGE roster (spotted 25 Jul 2026): Atlas/Horizon 2:1, Olympus 1:2, Reserve/Magnus 5:1, Magnus for Burgundy 5:2, only Burgundy Private keeps 5:4
  • 10 Jul moderate BluChip ↔ Accor ALL ratios surface — 6:1 in, 3:2 out, live 13 July · IndiGo was: Corridor announced Apr 2025; no ratios published for 15 months now: 6,000 BluChips → 1,000 ALL points (6:1); 3,000 ALL → 2,000 BluChips (3:2); live 13 Jul 2026

Valuation moves

Offers desk

From the news desk

June 2026 15 tracker · 7 offers · 18 stories

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

On the tracker

Devaluations

  • 25 Jun major Aeroplan re-cut the partner column of its Flight Reward Chart — India to Asia business up 25% · Air Canada Aeroplan was: The 2026-02 edition of the Flight Reward Chart. Atlantic↔Pacific "all other partners" business ran 40,000 /… now: The 2026-04 edition. Atlantic↔Pacific business is 47,500 / 75,000 / 92,500 / 130,000; Within Atlantic business is 12,500 / 22,500 / 40,000 / 70,000 / 95,000; North America↔Atlantic economy is 32,500 / 42,500 / 60,000 / 75,000 and First tops out at 165,000. Within North America is untouched, and the Air Canada / Select Partner "starting at" floors did not move.
  • 18 Jun moderate Mayura's app-travel multipliers cut to 40X hotels, 25X flights · IDFC FIRST Bank was: 60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 boost) now: 40 RP/₹150 hotels, 25 RP/₹150 flights; movie BOGO needs ₹20k/month; rewards capped at credit limit
  • 18 Jun moderate LIC IDFC FIRST Select's app-travel bonus cut to 20% hotels, 8% flights · IDFC FIRST Bank was: 45X bonus RP on app hotel bookings and 20X on flights — 36 and 16 bonus points per ₹100 now: 20% and 8% bonus — 20 and 8 points per ₹100, totals of 24 and 12, capped at 8,000 a month
  • 18 Jun moderate Ashva's app-travel multipliers cut to 40X hotels, 25X flights · IDFC FIRST Bank was: 60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 'up to 50X Bonus' boost) now: 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 was: IDFC FIRST reward points never expired — lifetime validity was a headline feature now: Points earned from 18 Jun 2026 expire 24 months from crediting (FIRST Wealth, Millennia, WOW! and more); existing WOW! points valid until Jul 2028
  • 18 Jun moderate IDFC FIRST Select's 10X moves to categories, app travel bonus cut · IDFC FIRST Bank was: 3X up to ₹20,000 a statement cycle and 10X on every rupee above it; 33% bonus RP on app hotels, 13% on flights now: 10X only on dining, travel, international and birthday spends; 3X on everything else; app bonus cut to 20% hotels, 10% flights
  • 18 Jun minor Gaj stops earning past your credit limit · IDFC FIRST Bank Reward points on every eligible spend in a billing cycle → Reward points only on spends up to your credit limit per billing cycle
  • 18 Jun moderate FIRST Wealth's app-travel bonus falls from 33% to 20% · IDFC FIRST Bank was: 33% bonus RP on app hotel bookings, 13% on flights — set by IDFC's own Jan-2026 notice now: 20% bonus on hotels, 10% on flights; hotels drop 38 → 25 RP per ₹100

Fee changes

  • 15 Jun moderate YES's ₹100 redemption fee reaches Marquee and Reserv · YES Bank was: Marquee and Reserv exempt from the ₹100-per-redemption fee; card reissuance ₹100–₹200 by variant now: ₹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 moderate YES Bank raises forex on almost every card it sells — SELECT takes 75 basis points in one step · YES Bank was: Forex markup 1.75% on Reserv and YES First Preferred, 2.75% on Elite+, Essence, Select and Ace, 2.50% on… now: From 15 Jun 2026: 2.00% on Reserv and First Preferred, 3.00% on Elite+ and Essence, 3.50% on Select and Ace, 3.00% on Prosperity Business, 3.50% on the Prosperity tier. YES Private, Private Prime (0.50%) and Marquee (1%) unchanged
  • 15 Jun minor IndusInd doubles its DCC fee to 2% on the mass shelf, and holds 1% on the premium one · IndusInd Bank was: One flat rate for everybody: "Dynamic Currency Conversion Fee | 1% Mark-up fee plus taxes on all transactions… now: Split in two from 15 June 2026. 2% + GST on Platinum RuPay, Platinum, Platinum Aura Edge, Duo, ePay Amex, Legend, Next, EazyDiner Platinum, Iconia Visa, Platinum Aura Edge (For Government Sector), Platinum Aura, Platinum Select, Signature, Samman, Tiger, Jio-bp Mobility+ and CRED IndusInd RuPay. 1% + GST on Pioneer Legacy, Indulge, Celesta, Crest, Pinnacle, Avios Visa Infinite and EazyDiner Signature. Not levied at all on Pioneer Private, Pioneer Heritage and Indus Solitaire
  • 15 Jun minor Reserv's forex markup goes 1.75% to 2% · YES Bank was: 1.75% + GST foreign-currency conversion markup on Reserv, Reserv (NRI), Reserv (FD) and the YES First… now: 2.00% + GST from 15 June 2026 on the same set of variants; the 1% DCC markup is unchanged

Partner moves

Offers desk

From the news desk

May 2026 10 tracker · 1 valuation · 10 stories

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

On the tracker

Devaluations

Buffs

  • 27 May moderate Miles & More adds Business Light award tariffs 12% cheaper · Lufthansa Miles & More was: Long-haul award flights on Lufthansa Group metal sold only from the Classic and Flex ladder, with two checked… now: Business Light and Premium Economy Light bookable with miles on Lufthansa, SWISS, Austrian and Discover — roughly 12% under the previously cheapest tariff (6,327 miles off in the worked example) for one checked bag instead of two, no free seat selection, rebooking at €500 plus fare difference and no refund. Lounge access survives. From the same date the Flex award ticket is no longer fully refundable — cancellation fees run to about €1,500 on Asia and Africa routes
  • 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

Fee changes

Partner moves

  • 13 May major Bank of Maharashtra exits the credit-card business and hands its holders to SBI Card · Bank of Maharashtra was: Bank of Maharashtra issued its own credit cards to its own customers. now: BoM has exited card issuance entirely. Its own cards are being closed and holders offered a jointly-issued Bank of Maharashtra–SBI co-branded card instead; running EMIs are foreclosed without penalty and the full outstanding becomes payable.

Launches

Valuation moves

From the news desk

April 2026 11 tracker · 11 stories

4 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 was: No annual spend required to retain the card (only ₹10L to waive the fee) now: ₹18L/FY spend (EMI excluded) OR ₹50L HDFC relationship value, else intimation in 2027 and a downgrade out of the Infinia Experience
  • 1 Apr major Axis closes the Atlas to new applicants · Axis Bank Open to new applications → Closed to new applicants — existing cardholders unaffected
  • 1 Apr minor AU stops paying reward points on transportation merchant codes · AU Small Finance Bank was: Transportation MCCs earned the ordinary retail rate on AU's CA, Xcite, Xcite Ultra and Altura+ cards; only… now: "With effect from 1st April 2026, Reward Points accrual on Transportation Merchant Category Codes will be discontinued." ixigo AU co-brand variants are excluded from the transportation treatment
  • 1 Apr major Kotak discontinues the reward points programme on Dream Different · Kotak Mahindra Bank was: A live Reward Points Programme — 4 points per ₹100 on online spends, 1 per ₹100 elsewhere at 25 paise a point… now: Both discontinued from 1 April 2026; accrued points redeemable only until 30 September 2026, with a cashback programme of unpublished rates arriving in the September 2026 billing cycle

Buffs

Fee changes

  • 1 Apr moderate BOBCARD reprices rail, toll and app-routed education · BOBCARD (Bank of Baroda) was: No processing fee on railway/toll/bus bookings; telecom (MCC 4814) earned zero points now: 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

Partner moves

From the news desk

March 2026 9 tracker · 9 stories

6 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)
  • 27 Mar moderate Miles & More raises Lufthansa award prices and surcharges · Lufthansa Miles & More was: Cheapest one-way Lufthansa business award surveyed 7 March 2026 — Frankfurt–Delhi 42,827 miles + €371 ·… now: Same survey, 27 March 2026 — Delhi 46,593 + €471 (+9% miles, +€100 cash) · Mumbai 52,639 + €472 (+8%, +€101) · Chennai 68,373 + €386 (+11%) · Singapore 71,896 + €403 (+10%). North American routes held their mile price and added €200 to every one-way surcharge
  • 9 Mar minor Paytm SBI Card stops earning on school and education spends · SBI Card was: School and education spends accrued Reward Points at the card's 1% value-back rate now: From 9 Mar 2026 eleven school and education MCCs accrue nothing
  • 9 Mar minor Paytm SBI Card SELECT stops earning on school and education spends · SBI Card was: School and education spends accrued Reward Points at the card's 1% value-back rate now: From 9 Mar 2026 eleven school and education MCCs accrue nothing
  • 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
  • 3 Mar minor Discover and Air Dolomiti join Miles & More dynamic pricing · Lufthansa Miles & More was: Discover Airlines and Air Dolomiti awards priced off the fixed Star Alliance chart — and Discover long-haul… now: For new bookings from 3 March 2026 both carriers price dynamically. Miles & More's own Award Flight chart now names all six — Air Dolomiti, Austrian, Discover, Lufthansa, Lufthansa City, SWISS — as calculated during booking rather than charted

Partner moves

Launches

  • 20 Mar major The Federal Fi credit-card programme ends and reward accrual stops · Federal Bank was: Federal Bank issued three co-branded credit cards with Fi Brand — AmpliFi, SimpliFi and MagniFi — earning… now: The programme is discontinued. Reward accruals stop the same day, and the Fi Coins redemption option goes with them.

From the news desk

February 2026 5 tracker · 6 stories

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

On the tracker

Devaluations

Partner moves

Launches

  • 19 Feb moderate J&K Bank relaunches its card range as Eminent, Platinum and Platinum Privilege · Jammu & Kashmir Bank was: A World Credit Card, a Platinum, a Gold and a Government Employees card, priced by the bank's Nov-2025… now: Three revamped variants. Eminent (the renamed World Card) at a nil joining fee and ₹1,500 a year waived at ₹3,00,000 of spend, a 1.99% foreign-currency markup, 2 domestic lounge visits a quarter and 1 international a half-year. Platinum at ₹500 waived at ₹1,00,000, a 3.50% markup, 2 domestic lounge visits a year and a ₹500 voucher above ₹75,000 of quarterly spend. Platinum Privilege (the renamed Government Employees card), lifetime-free on both fees, a 1.99% markup, 4 domestic lounge visits a year and a three-rung quarterly voucher ladder from ₹30,000 of spend

From the news desk

January 2026 7 tracker · 1 offers · 7 stories

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

On the tracker

Devaluations

Fee changes

  • 7 Jan minor RBL bolts a 1% fee onto FASTag loads and tolls — the fifth 1% line on its charge sheet · RBL Bank was: RBL levied 1% transaction fees on four things: rent, fuel and auto above ₹10,000, utility above ₹50,000 a… now: A fifth: "w.e.f. January 07, 2026, a 1% fee will apply on transactions done for Fastag loading or toll payment transactions above INR 10,000 per transaction per Card" on MCC 4784, 4111 and 4131. All five carry 18% GST on top

Lounge changes

Launches

Offers desk

From the news desk

2025 11 months

December 2025 3 tracker · 3 stories

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

On the tracker

Partner moves

  • 6 Dec moderate RBI freezes new OneCard issuance across every partner bank · OneCard was: OneCard issued to new applicants via the app, routed to any of 7 partner banks (Federal, BOBCARD, CSB, SBM… now: RBI letters direct all partner banks to pause NEW OneCard onboarding while it examines FPL's data-sharing under the Mar-2024 co-branded-card rules; existing cards keep working

Launches

From the news desk

November 2025 3 tracker · 1 valuation · 3 stories

2 devaluations, 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%
  • 1 Nov major HDFC kills the 6E Rewards IndiGo co-brands — both tiers, and the currency with them · HDFC Bank was: Two live IndiGo co-brands — the HDFC Bank 6E Rewards and 6E Rewards XL Credit Cards — earning 6E Rewards… now: Both cards discontinued and closed to new applications, existing holders migrated to a different HDFC card, and every product feature switched off from 1 Nov 2025. The 6E Rewards programme itself was sunset the same day, with unused balances auto-converted to IndiGo BluChip at 1:1.

Fee changes

Valuation moves

From the news desk

October 2025 1 tracker · 1 offers · 1 story

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

On the tracker

Lounge changes

  • 1 Oct major Federal puts a quarterly spend gate on lounge access across Signet, Imperio and Celesta · Federal Bank was: Complimentary domestic airport lounge access on all three Federal credit cards, with no spend condition… now: Access is earned, not granted: only primary cardholders who hit a minimum spend in the IMMEDIATELY PRECEDING calendar quarter get visits in the next one — Signet ₹20,000 for 1 domestic visit a quarter, Imperio ₹40,000 for 2, Celesta ₹60,000 for 2. Celesta's 2 international visits a year stay ungated. Add-on cardholders get nothing regardless of the primary's spend, and unused visits do not carry forward.

Offers desk

From the news desk

September 2025 3 tracker · 4 stories

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

On the tracker

Buffs

Lounge changes

Partner moves

  • 1 Sept minor Air India suspends Delhi–Washington Dulles · Air India DEL–IAD nonstop, Air India's only service to the US capital → Suspended from 1 Sep 2025 — 787-8 retrofits and the Pakistan airspace closure; no return before end-2026

From the news desk

August 2025 1 tracker · 1 offers · 1 story

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

On the tracker

Buffs

  • 14 Aug moderate Unity flattens the BharatPe card's earn grid — the ₹1-₹999 band goes 0% to 2% · Unity Small Finance Bank was: Zillion Coins paid on a three-rung ladder keyed to Bill Period Unpaid Spends: ₹1-₹999 earned 0%… now: One rate for every band — 2% of Bill Period Unpaid Spends, whether the bill is ₹200 or ₹2,00,000. The ₹1,000-₹9,999 band also stops being locked to 3 instalments and joins the 'up to 12 EMIs, as per opted tenure' rung. A bill under ₹1,000 still converts to no EMI at all and is repaid in full on the due date — it simply earns 2% now instead of nothing

Offers desk

From the news desk

July 2025 4 tracker · 4 stories

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

On the tracker

Devaluations

Fee changes

Lounge changes

  • 1 Jul moderate RBL gates domestic lounges behind ₹35k a quarter · RBL Bank was: Complimentary domestic lounge visits on World Safari, Icon and Platinum Maxima with no spend condition… now: ₹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 7 tracker · 6 stories

5 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 on Gold and the personal-card shelf — Platinum Charge still earns 5 MR/₹100, capped 5,000/month (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 ₹20,000 spend; points expire in 3 years
  • 3 Jun major Miles & More goes dynamic on Lufthansa Group metal · Lufthansa Miles & More was: One fixed Star Alliance award chart priced every seat, including Lufthansa Group's own; monthly Mileage… now: Awards operated by Lufthansa, Lufthansa City, Austrian and SWISS are priced dynamically off the cash fare — no published table. Mileage Bargains and Flex Plus withdrawn. The fixed chart survives for every other Miles & More partner, repriced: Europe–North America premium economy 80,000 → 85,000 round-trip, business to 125,000, First to 215,000, while economy fell by up to 10,000 miles on many long-haul routes
  • 1 Jun major Kotak guts Privy League Signature and pulls it from sale · Kotak Mahindra Bank was: On open sale; ₹0.25/point cash redemption; ungated quarterly lounge visits; 2.49%/month interest now: 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 was: No transaction fees on utility/fuel/wallet spends; no DCC fee; fuel surcharge waiver on bigger fills now: 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

Partner moves

  • 12 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

From the news desk

May 2025 2 offers

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

Offers desk

April 2025 9 tracker · 9 stories

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

On the tracker

Devaluations

  • 18 Apr major Vistara Infinite goes free, and loses the tier membership and every ticket voucher · Axis Bank was: A renewal fee bought a complimentary Maharaja Club tier membership, a renewal ticket voucher, and a… now: From the next renewal cycle after 18 Apr 2025, Axis waives the annual fee on every Vistara card — and withdraws the complimentary tier membership, the renewal ticket voucher and the milestone ticket vouchers together with it. Lounge, golf and dining survive, and Axis's own words are that you "will continue to earn Maharaja Points on all eligible spends till further notice". A free card that no longer does the thing it was bought for.
  • 18 Apr major Vistara Signature goes free, and loses the tier membership and every ticket voucher · Axis Bank was: A renewal fee bought a complimentary Maharaja Club tier membership, a renewal ticket voucher, and a… now: From the next renewal cycle after 18 Apr 2025, Axis waives the annual fee on every Vistara card — and withdraws the complimentary tier membership, the renewal ticket voucher and the milestone ticket vouchers together with it. Lounge, golf and dining survive, and Axis's own words are that you "will continue to earn Maharaja Points on all eligible spends till further notice". A free card that no longer does the thing it was bought for.
  • 18 Apr major The base Axis Vistara card goes free, and loses its renewal and milestone tickets · Axis Bank was: A renewal fee bought a complimentary Maharaja Club tier membership, a renewal ticket voucher, and a… now: From the next renewal cycle after 18 Apr 2025, Axis waives the annual fee on every Vistara card — and withdraws the complimentary tier membership, the renewal ticket voucher and the milestone ticket vouchers together with it. Lounge, golf and dining survive, and Axis's own words are that you "will continue to earn Maharaja Points on all eligible spends till further notice". A free card that no longer does the thing it was bought for.
  • 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 was: Government, marketing and advertising transactions earned reward points now: Zero points on those categories across Private, Marquee, Reserv, Elite+, Select and eight more; the overlimit facility dies 1 May 2025
  • 1 Apr major Club Vistara SBI PRIME drops its ticket ladder and waives the renewal fee instead · SBI Card was: A renewal ticket voucher plus a spends-milestone ladder that paid out in complimentary tickets. now: For cards renewing after 31 Mar 2025 the renewal ticket voucher and the whole ticket ladder are discontinued, and the renewal fee is waived in exchange. The Yatra hotel e-voucher survives — it is named nowhere in the discontinuation clause — so the PRIME tier's ₹10,000-at-₹8L voucher is what is left of the milestone story.
  • 1 Apr major Club Vistara SBI drops its ticket vouchers and waives the renewal fee instead · SBI Card was: A renewal ticket voucher plus a spends-milestone ladder that paid out in complimentary tickets. now: For cards renewing after 31 Mar 2025 the renewal ticket voucher and the whole ticket ladder are discontinued, and the renewal fee is waived in exchange. The Yatra hotel e-voucher survives — it is named nowhere in the discontinuation clause — so the base card's ₹5,000-at-₹5L voucher is what is left of the milestone story.

Lounge changes

Partner moves

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 was: ₹100 + GST per redemption; full points balance redeemable as statement credit; fractional points on… now: ₹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

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 was: New credit-card issuance frozen since 24 Apr 2024 over IT-governance failures now: Kotak can onboard digital customers and issue credit cards again

From the news desk

2024 10 months

December 2024 5 tracker · 1 valuation · 5 stories

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

On the tracker

Devaluations

  • 22 Dec moderate AU rewrites where the ixigo co-brand earns — four categories to nil, three to a reduced rate · AU Small Finance Bank was: ixigo AU earned its flat 5 Reward Points per ₹200 across rent, education and government, BBPS, international… now: Rent (MCC 6513), education and government (fourteen MCCs), BBPS and all international spends earn Nil. Utility and telecom (4812, 4814, 4899, 4900) and insurance (5960, 6300) drop to 1 Reward Point per ₹100, insurance capped at 100 points a transaction
  • 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

Launches

Valuation moves

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

Partner moves

Valuation moves

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 was: World Safari and Icon earned base points on most categories; milestone counters included nearly all retail… now: 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 was: 1 complimentary domestic lounge visit per quarter + Priority Pass with 2 international visits a year now: 2 domestic visits per calendar year; no Priority Pass, no complimentary international lounge access

From the news desk

September 2024 2 tracker · 1 valuation · 2 stories

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

On the tracker

Devaluations

Partner moves

  • 1 Sept minor SAS leaves Star Alliance for SkyTeam · SAS / SkyTeam was: SAS a founding Star Alliance member (1997), its last Star day 31 Aug 2024; Scandinavia on the Star award map now: SkyTeam member from 1 Sep 2024; EuroBonus survives the move, Star earn/redeem on SAS metal ends

Valuation moves

From the news desk

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 was: 3.5% markup softened by a separately-posted 1.5% cashback — until 1 June 2024, when SC killed the cashback… now: Flat 2% markup (2.36% with GST) charged at transaction posting

Fee changes

Partner moves

From the news desk

July 2024 2 tracker · 1 valuation · 2 stories

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

April 2024 3 tracker · 2 valuation · 3 stories

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

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 · 2 valuation · 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 valuation · 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 3 tracker · 1 valuation · 3 stories

1 partner move, 2 launchs — 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 2 tracker · 2 stories

2 launchs — 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.