Where your points should go.

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every way into Virgin Australia Velocity, chains and all →

every way into Virgin Australia Velocity, chains and all →

every way into Virgin Australia Velocity, chains and all →

every way into Hainan Airlines Fortune Wings, chains and all →

every way into Qantas Frequent Flyer, chains and all →

every way into Virgin Australia Velocity, chains and all →

every way into Qantas Frequent Flyer, chains and all →

every way into Marriott Bonvoy, chains and all →

every way into Virgin Australia Velocity, chains and all →

every way into Marriott Bonvoy, chains and all →

every way into Marriott Bonvoy, chains and all →

The Indian points geek's favourite transfer target. Saver business to SIN/Europe is where the ₹2+/mile lives. Since 21 Jul 2026 you can no longer window-shop it for free: SIA gates award SEARCH on accounts below an undisclosed balance (community testing lands near 1,000–1,500 miles) and declined to publish the threshold. Booking is untouched, but the old advice — open a free account and check availability BEFORE you transfer — no longer works, which raises the risk on every one-way transfer into this program.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Biz Black Metal · HDFC Regalia Gold · HDFC BizPower · HDFC Diners Club Privilege · HDFC Regalia except HDFC Diners Club Privilege 2:1 · HDFC Regalia Gold 2:1 · HDFC Regalia 2:1 · HDFC BizPower 2:1₹1.00 (−9%)

Short-haul distance-based sweet spots and Qatar Qsuite redemptions. Cross-program Avios movement adds flexibility.

• 1:1cheapest in HDFC Reward Points via Finnair Plus (Avios)only via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+0%)

The default premium-cabin target after the Vistara merger. The April 2026 award-cost cuts nudged value up; business-class sweet spots still clear ₹1.5+/point.

• 1:1cheapest in IndusInd Reward Points via Air India Maharaja Clubonly via IndusInd Tiger · IndusInd PIONEER Private · IndusInd Legend · IndusInd Pinnacle World · IndusInd Indulge · IndusInd Pioneer Heritage except IndusInd Pioneer Heritage 2:1 · IndusInd Pinnacle World 2:1 · IndusInd Indulge 2:1 · IndusInd Legend 4:1₹0.80 (+0%)

Monthly Promo Rewards and business-class deals from India are the sweet spots; the base award chart is dynamic and often pricey.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+0%)

Star Alliance long-haul business on a near-fixed chart — TPG pegs it at 1.5¢ (≈₹1.4); we hold the ₹1/mile house anchor. Air Canada's no-surcharge promise names AIR CANADA flights and nothing extends it to Star partners in print; see /programs/aeroplan for the published terms.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

Star Alliance premium cabins and near-constant buy-miles sales — TPG says 1.55¢, up from 1.45 in its September 2026 table; ₹1/mile anchor held. HDFC is the only Indian on-ramp. The famous no-surcharge reputation is the community's and not Avianca's — nothing readable on lifemiles.com states it either way (checked 2026-08-29).

• 2:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower₹2.00 (+100%)

oneworld via HKG — Cathay business to Hong Kong and Japan is the play. TPG holds 1.3¢; we hold the ₹1/mile anchor.

• 2:1cheapest in Amex Membership Rewards₹1.00 (+0%)

Etihad business to AUH and Europe; TPG holds 1.2¢ but pricing keeps drifting dynamic — the anchor ₹1 is the honest middle. TERMINAL RULING (2026-07-21) — zero outbound conversions exist; Etihad Guest offers none we track. Honest absence, not a data gap.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

TPG says 1.2¢, but ex-India Skywards awards carry heavy carrier surcharges — we haircut the anchor to ₹0.90. Amex MR and SBI feed it.

• 2:1cheapest in Amex Membership Rewards₹1.00 (+11%)

Some of the cheapest Star Alliance business awards anywhere (TPG 1.1¢); the real cost is the booking experience. ₹1/mile anchor.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

Dynamic, with the widest Star Alliance reach; TPG holds 1.3¢. ₹1/mile anchor. United publishes no no-surcharge policy — its own award rules make the member responsible for any surcharge applicable to award travel.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

oneworld access with Classic Reward sweet spots for Australia; TPG 1.3¢, but ex-India utility is thinner. ₹1/mile anchor.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

TPG's 1.5¢ rides on partner gems (ANA premium cabins) more than Virgin metal. Amex MR is the only Indian feed. ₹1/mile anchor.

• 5:4cheapest in Amex Membership Rewards₹0.63 (−38%)

The community pegs JAL miles at 1.2–2.5¢ even after the Jun-2025 award hikes — oneworld Japan business is the draw. A slight premium over the anchor, trending down.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (−9%)

MileLion calls it underrated — zone chart, generous stopover rules, TPE business sweet spots. No firm ₹ consensus, so the ₹1/mile anchor holds.

• 1:1cheapest in HSBC Reward Points except HSBC Platinum 2:1 · HSBC RuPay Platinum 2:1₹1.00 (+0%)

One zone chart prices all Star Alliance awards — several ¢/mile is possible in business (10xTravel) but availability and a strict expiry clock fight you. ₹1/mile anchor.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

The community has no India-relevant valuation for Lotusmiles, so this is the ₹1/mile anchor with honest error bars. SkyTeam short-haul across SE Asia is the use case. Spelled "Lotusmiles" — one word, lower-case s — by Vietnam Airlines itself and by SBI's official MILES rewards T&C; the old "LotusSmiles" alias is kept so pre-rename join strings still resolve.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+0%)

No community consensus prices Fortune Wings for Indians — ₹1/mile anchor, wide floor. Niche China routes with thin award availability.

• 2:1cheapest in HSBC Reward Points except HSBC Platinum 4:1 · HSBC RuPay Platinum 4:1₹2.00 (+100%)

No India-relevant community valuation exists for ShebaMiles — ₹1/mile anchor, honest floor. Star Alliance to Africa if you can survive the booking flow.

• 1:2cheapest in Axis EDGE Miles except Axis Bank PRIMUS 1:5 · Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

Fixed award charts mean redemptions can clear 1¢/mile (10xTravel); SkyTeam via JED/RUH, thin India coverage. ₹1/mile anchor.

• 2:1cheapest in SBI Travel Credits₹2.00 (+100%)

Dynamic rupee offsets on IndiGo fares — Card Maven pegs a BluChip at ₹0.40–0.60. The real perk is that they never expire on India's biggest airline.

• 5:1cheapest in Axis EDGE Reward Points except Axis Burgundy Private 5:4 · Axis Magnus for Burgundy 5:2 · Axis Bank SELECT 10:1 · Axis Bank Privilege 10:1 · Axis Bank REWARDS 10:1 · Samsung Axis Bank Infinite 10:1 · Samsung Axis Bank Signature 10:1 · Axis Bank My Zone 10:1 · Axis Bank NEO 10:1 · Axis Bank Corporate Credit Card 20:1 · Axis Bank Business Supreme Visa 20:1 · Axis Bank Business Supreme Mastercard 20:1₹2.00 (+300%)

Fixed-ish: 100 points knock RM1 off AirAsia fares — 1 point ≈ 1 sen ≈ ₹0.23 at MYR/INR ≈23 (Jul 2026). Cash-fare offsets on SE Asia short-haul, nothing more.

• 1:3cheapest in HSBC Reward Points except HSBC Platinum 1:2 · HSBC RuPay Platinum 1:2₹0.33 (+45%)

Fixed ₹0.50 a point against SpiceJet fares and add-ons (min 500 points) — worth exactly as much as the airline it's stuck to. Two cards on this desk feed it since 2026-07-25 (SpiceJet Axis Voyage Black and Voyage); Axis's own value chart prices a point at exactly this ₹0.50.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+100%)

Fixed value — Air Arabia's own AirRewards programme page states the whole chart in one sentence, "100 points =1 USD", re-read verbatim 2026-08-08. That is ₹0.9521/point at USD/INR 95.21 (ECB reference, 2026-08-07); we mark ₹0.95. Min 3,000 points; Gulf low-cost only.

• 2:1cheapest in SBI Travel Credits via AirRewards (Air Arabia)₹2.00 (+111%)

Fully dynamic since 2022 (award charts removed 29-Mar-2022, transition complete by 2023) and still drifting down — Marriott quietly repriced awards up another 5–16% across 2025–26. Free-night awards and the old ~35k-point sweet spots are where what's left of the value lives.

• 1:1cheapest in Amex Membership Rewards₹0.50 (−23%)

Near-fixed value — 2,000 points = €40 against any stay; EUR/INR ≈109 (Jul 2026) puts the peg at ₹2.18, we mark ₹2.15 a hair conservative. High worth per point, but you earn very few; simple, not aspirational.

• 1:1cheapest in HSBC Reward Points via ALL - Accor Live Limitless except HSBC Platinum 2:1 · HSBC RuPay Platinum 2:1₹1.00 (−53%)

The most inflated points economy of the big hotel programs — huge co-brand earning structurally depresses ₹/point. Reachable from Amex MR at 10:9; only worth it at Conrad/Waldorf-tier redemptions.

• 2:3cheapest in Amex Membership Rewards₹0.33 (−17%)

Mid-pack hotel value; InterContinental/Kimpton standard awards and the 4th-night-free perk push toward the ₹1+ ceiling. Reachable from HDFC (1:1), HSBC (1:1), SBI Travel Credits (1:1) and Axis EDGE Miles (1:2).

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+82%)

Official fixed rate — 1 Green Point = ₹1 settling any bill at ITC properties, and the same ₹1 buying Club ITC Culinaire (ITC's own redemption table, re-read 2026-09-25). The ₹0.80 floor is published too, not inferred: the identical table prices International Travel House gift vouchers and ITC Hotels gift cards at 1.25 Green Points = ₹1, and our own Bonvoy hop (2 GP = 3 Bonvoy points) lands at ₹0.825 — the two independent floors agree. The ₹1.50 ceiling is the one number here with no official backing: it rests on community reporting of periodic bonus/discounted-redemption promotions, which ITC's published terms do not describe. Luxury nights and dining, no games.

• 3:1cheapest in RBL Reward Pointsonly via RBL iGlobe · RBL World Safari Plus · RBL Insignia Preferred Banking World Card except RBL iGlobe 4:1₹0.75 (−25%)

Revenue-based at a fixed 15 points per US$1 — 6.67¢ ≈ ₹6.35 at USD/INR ≈95 (Jul 2026), the richest single point on this index. The catch: transfer ratios in are steep, so mind the arithmetic per bank point.

• 5:1cheapest in HSBC Reward Points except HSBC Platinum 10:1 · HSBC RuPay Platinum 10:1₹5.00 (−21%)

Revenue-based Dubai luxury — Head for Points lands a point near 0.5p, Wingtips near 1.5p; call it ≈₹1 and treat it as a stay discount, not a program to chase. Two airline exits survive at 2 points → 1 mile (Emirates Skywards, Saudia Alfursan; everything else was dropped during the pandemic — HfP, Nov 2025), and both destroy value against paying down your own folio. Value unchanged at the 2026-08-05 exit re-verification.

• 2:1cheapest in SBI Travel Credits₹2.00 (+100%)

Dynamic pricing gutted it — Head for Points' maths puts a point at 0.18–0.27p, a 25–50% cut from the old scheme. Even 1:1 transfer ratios can't save ₹0.22 points.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+355%)

Four flat free-night tiers since 15 September 2026 — 5,000, 15,000, 30,000 or 45,000 points a bedroom, on Wyndham's own Redeem and tier-update pages (re-read 2026-09-25). TPG holds 0.7¢ ≈ ₹0.65; the new 5,000 floor and the new 45,000 ceiling pull opposite ways, so the mark stays. Discounted nights start at 500 points + cash. Vacation-rental redemptions are the quiet ceiling; India footprint is thin.

• 1:1cheapest in HDFC Reward Pointsonly via HDFC Infinia Metal · HDFC Diners Club Black Metal · HDFC Regalia Gold · HDFC BizPower except HDFC Regalia Gold 2:1 · HDFC BizPower 2:1₹1.00 (+54%)

Pure cashback mechanics — points offset the invoice 1:1 in rupees (TechnoFino), so ₹1 flat. Boutique Indian luxury with tiny properties; value is fixed, availability isn't.

• 1:2cheapest in Axis EDGE Miles via The Postcard Hotel except Axis Olympus 1:4 · Axis Horizon 1:1 · IndianOil Axis Bank Premium 2:1₹1.00 (+0%)

The Orchid Hotels & Resorts' own programme (orchidhotel.com) — not Royal Orchid Hotels Ltd, a different chain whose programme is Regenta Rewards; this record sat under the wrong company until 2026-08-09, and everything on it has been re-read against the right one. The currency is Petals, and the operator's own T&C prices it outright: "Value of each Petal is Re.1 at Participating Hotels and Participating Restaurants, also Petals are available for redemption on Orchid Rewards store with 2 Petals = Re.1." So ₹1.00 is the house value AND the ceiling — par against your own bill is as good as a rebate coin gets — and ₹0.50 is now a PUBLISHED floor (the merchandise store) rather than the ₹0.30 guess it replaces. Petals accrue as a percentage rebate on net, pre-tax room and F&B spend under a paid tier ladder (Prive / Gold / Platinum), so the cost basis is a membership fee, not card spend — no card on this desk earns them, and Magnify Mag Miles at 1:2 is the only door in from anything we index.

• 1:1cheapest in SBI Travel Credits₹1.00 (+0%)