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The optimizer

Where your points should go.

Most redemptions happen at the floor — cashback catalogues, gift vouchers, a flat ₹0.50-a-point "travel desk" that exists to make you feel like you got something. That isn't points and miles, that's discount shopping with extra steps. Every currency below has a real ceiling: a specific transfer partner where the arithmetic actually works. This is the ranked list of where each stash should land — the play, not the floor.

Choosing which card to spend on instead? → The calculator.

Reading the rows: house = what we say a point is honestly worth (the valuation index); the play = the best-priced transfer route out of that currency.

Last reviewed 2026-07-10

HDFC Reward Points

· ₹1.00 house · the play → Singapore Airlines KrisFlyer · ₹1.10/pt

The play

1:1

Singapore Airlines KrisFlyer 7 working days

The legacy 1:1 route. Saver business MAA/BLR/DEL → SIN and onward to Europe is where ₹2+/point lives.

₹1.10 /pt
vs ₹1.00 house (+10%)
All 21 routes priced
  • 2:1 ALL - Accor Live Limitless ₹1.07
  • 1:1 Finnair Plus (Avios) ₹1.00
  • 1:1 Air France-KLM Flying Blue ₹1.00
  • 1:1 Vietnam Airlines LotusSmiles ₹1.00
  • 1:1 Wyndham Rewards ₹0.65
  • 1:1 IHG One Rewards ₹0.55
  • 2:1 Air Canada Aeroplan ₹0.50
  • 2:1 Avianca LifeMiles ₹0.50
  • 2:1 British Airways Executive Club (Avios) ₹0.50
  • 2:1 Qatar Airways Privilege Club (Avios) ₹0.50
  • 2:1 Cathay Asia Miles ₹0.50
  • 2:1 Etihad Guest ₹0.50
  • 2:1 Turkish Airlines Miles&Smiles ₹0.50
  • 2:1 United MileagePlus ₹0.50
  • 2:1 Thai Royal Orchid Plus ₹0.50
  • 1:1 SpiceJet SpiceClub ₹0.50
  • 2:1 Club ITC ₹0.50
  • 2:1 Air India Maharaja Club ₹0.40
  • 2:1 Marriott Bonvoy ₹0.33
  • 1:1 AirAsia Rewards ₹0.23
  • 1:1 Radisson Rewards ₹0.22

Axis EDGE Miles

· ₹2.00 house · the play → Singapore Airlines KrisFlyer · ₹2.20/pt

The play

1:2

Singapore Airlines KrisFlyer 2–3 days

Atlas' crown jewel — 1 EDGE Mile → 2 KrisFlyer. Saver business to SIN and Europe. Group A.

₹2.20 /pt
vs ₹2.00 house (+10%)
All 22 routes priced
  • 1:2 Japan Airlines Mileage Bank ₹2.20
  • 1:2 Air Canada Aeroplan ₹2.00
  • 1:2 Etihad Guest ₹2.00
  • 1:2 Ethiopian ShebaMiles ₹2.00
  • 1:2 Thai Royal Orchid Plus ₹2.00
  • 1:2 Turkish Airlines Miles&Smiles ₹2.00
  • 1:2 United MileagePlus ₹2.00
  • 1:2 Air France-KLM Flying Blue ₹2.00
  • 1:2 Qantas Frequent Flyer ₹2.00
  • 1:2 ITC Hotels ₹2.00
  • 1:2 The Postcard Hotel ₹2.00
  • 1:2 Orchid Rewards ₹2.00
  • 1:2 Air India Maharaja Club ₹1.60
  • 1:2 Wyndham Rewards ₹1.30
  • 1:2 IHG One Rewards ₹1.10
  • 1:2 SpiceJet SpiceClub ₹1.00
  • 2:1 British Airways Executive Club (Avios) ₹0.50
  • 2:1 Finnair Plus (Avios) ₹0.50
  • 2:1 Vietnam Airlines LotusSmiles ₹0.50
  • 1:2 AirAsia Rewards ₹0.46
  • 2:1 IndiGo BluChip ₹0.25
  • 1:1 Radisson Rewards ₹0.22
Gone (3)
— Marriott Bonvoy removed
— ALL - Accor Live Limitless removed
— Qatar Airways Privilege Club (Avios) removed

Axis EDGE Reward Points

· ₹0.40 house · the play → Singapore Airlines KrisFlyer · ₹0.44/pt

The play

5:2

Singapore Airlines KrisFlyer 2–3 days

The standard 5:2 since Sep 2023; Burgundy still gets 5:4. Saver business to SIN/Europe.

₹0.44 /pt
vs ₹0.40 house (+10%)
All 22 routes priced
  • 5:2 Japan Airlines Mileage Bank ₹0.44
  • 5:2 Air Canada Aeroplan ₹0.40
  • 5:2 Etihad Guest ₹0.40
  • 5:2 Ethiopian ShebaMiles ₹0.40
  • 5:2 Thai Royal Orchid Plus ₹0.40
  • 5:2 Turkish Airlines Miles&Smiles ₹0.40
  • 5:2 United MileagePlus ₹0.40
  • 5:2 Air France-KLM Flying Blue ₹0.40
  • 5:2 Qantas Frequent Flyer ₹0.40
  • 5:2 ITC Hotels ₹0.40
  • 5:2 The Postcard Hotel ₹0.40
  • 5:2 Orchid Rewards ₹0.40
  • 5:2 Air India Maharaja Club ₹0.32
  • 5:2 Wyndham Rewards ₹0.26
  • 5:2 IHG One Rewards ₹0.22
  • 5:2 SpiceJet SpiceClub ₹0.20
  • 5:1 British Airways Executive Club (Avios) ₹0.20
  • 5:1 Finnair Plus (Avios) ₹0.20
  • 5:1 Vietnam Airlines LotusSmiles ₹0.20
  • 5:1 IndiGo BluChip ₹0.10
  • 5:2 AirAsia Rewards ₹0.09
  • 5:2 Radisson Rewards ₹0.09
Gone (3)
— Marriott Bonvoy removed
— ALL - Accor Live Limitless removed
— Qatar Airways Privilege Club (Avios) removed

Amex Membership Rewards

· ₹0.50 house · the play → Marriott Bonvoy · ₹0.65/pt

The play

1:1

Marriott Bonvoy 24–48 hours (SLA 5 working days)

The one 1:1 route; dynamic pricing means free-night awards are the play.

₹0.65 /pt
vs ₹0.50 house (+30%)
All 7 routes priced
  • 2:1 Singapore Airlines KrisFlyer ₹0.55
  • 2:1 British Airways Executive Club (Avios) ₹0.50
  • 2:1 Qatar Airways Privilege Club (Avios) ₹0.50
  • 2:1 Cathay Asia Miles ₹0.50
  • 2:1 Virgin Atlantic Flying Club ₹0.50
  • 2:1 Emirates Skywards ₹0.45
  • 10:9 Hilton Honors ₹0.36
Gone (1)
— Etihad Guest removed

ICICI Reward Points

· ₹1.00 house · the play → iShop travel portal · ₹1.00/pt

The play

1:1

iShop travel portal

Flights/hotels at ~₹1/point of ₹ value, no transfer hassle — the default for most ICICI cards.

₹1.00 /pt
vs ₹1.00 house (+0%)
All 1 route priced
  • 1:1 Air India Maharaja Club ₹0.80

HSBC Reward Points

· ₹1.00 house · the play → ALL - Accor Live Limitless · ₹2.15/pt

The play

1:1

ALL - Accor Live Limitless instant

Near-fixed ~€40 per 2,000 ALL points; the most predictable hotel value. 1:1.

₹2.15 /pt
vs ₹1.00 house (+115%)
All 19 routes priced
  • 5:1 Shangri-La Circle ₹1.27
  • 1:1 Singapore Airlines KrisFlyer ₹1.10
  • 1:1 Japan Airlines Mileage Bank ₹1.10
  • 1:1 British Airways Executive Club (Avios) ₹1.00
  • 1:1 Qatar Airways Privilege Club (Avios) ₹1.00
  • 1:1 Air France-KLM Flying Blue ₹1.00
  • 1:1 Etihad Guest ₹1.00
  • 1:1 EVA Air Infinity MileageLands ₹1.00
  • 1:1 Qantas Frequent Flyer ₹1.00
  • 1:1 Thai Royal Orchid Plus ₹1.00
  • 1:1 Vietnam Airlines LotusSmiles ₹1.00
  • 1:1 Air India Maharaja Club ₹0.80
  • 1:3 AirAsia Rewards ₹0.69
  • 1:1 Marriott Bonvoy ₹0.65
  • 1:1 Wyndham Rewards ₹0.65
  • 1:1 IHG One Rewards ₹0.55
  • 2:1 Turkish Airlines Miles&Smiles ₹0.50
  • 2:1 United MileagePlus ₹0.50
  • 2:1 Hainan Airlines Fortune Wings ₹0.50

SBI Travel Credits

· ₹1.00 house · the play → ALL - Accor Live Limitless · ₹1.07/pt

The play

2:1

ALL - Accor Live Limitless up to 21 days

Accor's near-fixed €40/2,000-pt value halves through this ratio.

₹1.07 /pt
vs ₹1.00 house (+7%)
All 25 routes priced
  • 6:1 Shangri-La Golden Circle ₹1.06
  • 1:1 British Airways Executive Club (Avios) ₹1.00
  • 1:1 Air France-KLM Flying Blue ₹1.00
  • 1:1 Air Canada Aeroplan ₹1.00
  • 1:1 Cathay Pacific Asia Miles ₹1.00
  • 1:1 Etihad Guest ₹1.00
  • 1:1 Qantas Frequent Flyer ₹1.00
  • 1:1 Thai Royal Orchid Plus ₹1.00
  • 1:1 Vietnam Airlines LotusSmiles ₹1.00
  • 1:1 Orchid Rewards ₹1.00
  • 1:1 Air India Maharaja Club ₹0.80
  • 1:1 Wyndham Rewards ₹0.65
  • 2:1 Japan Airlines Mileage Bank ₹0.55
  • 1:1 IHG One Rewards ₹0.55
  • 1:1 SpiceJet SpiceClub ₹0.50
  • 2:1 Turkish Airlines Miles&Smiles ₹0.50
  • 2:1 United MileagePlus ₹0.50
  • 2:1 Saudia Alfursan ₹0.50
  • 2:1 Ethiopian ShebaMiles ₹0.50
  • 2:1 Club ITC ₹0.50
  • 2:1 Jumeirah One ₹0.50
  • 2:1 AirRewards (Air Arabia) ₹0.47
  • 2:1 Emirates Skywards ₹0.45
  • 1:1 AirAsia Rewards ₹0.23
  • 1:1 Radisson Rewards ₹0.22

IndusInd Reward Points

· ₹0.80 house · the play → Air India Maharaja Club · ₹0.80/pt

The play

1:1

Air India Maharaja Club 2–4 working days

Live 1-Jun-2026 — 1:1 on the lifetime-free Tiger (capped 25,000 points/month via IndusMoments); Pinnacle converts at 2:1 and Legend at a decoy 4:1. Domestic business and Star Alliance awards are the target.

₹0.80 /pt
vs ₹0.80 house (+0%)
All 1 route priced
  • 10:3 Singapore Airlines KrisFlyer ₹0.33

YES Rewardz (YES CC Rewardz)

· ₹0.25 house · the play → Air India Maharaja Club · ₹0.05/pt

The play

15:1

Air India Maharaja Club up to 7 working days

Exists, barely — 15 Rewardz points per Maharaja point is ₹0.07/pt against the ₹0.25 booking rate. A decoy for Marquee/Reserv; listed so nobody discovers it the expensive way.

₹0.05 /pt
vs ₹0.25 house (-79%)

AU Reward Points

· ₹0.25 house · the play → Air India Maharaja Club · ₹0.13/pt

The play

6:1

Air India Maharaja Club up to 7 working days

The quiet buff of Jun-2026: Zenith+ converts at 3:2 — ₹0.67/pt at the mile anchor, nearly 3× the ₹0.25 catalogue rate. Everything else converts at a decoy 6:1. Ananta isn't in the published table; assume no route until AU says otherwise.

₹0.13 /pt
vs ₹0.25 house (-47%)

The long way round

2-hop plays.

Card points → a hotel or airline program → onward to a terminal no Indian bank reaches directly: American AAdvantage, Alaska Atmos, ANA, Velocity, Copa. Most chains are traps — a second haircut stacked on the first — so every chain a direct route beats is suppressed, computed, not vibes. What survives is either the only door into a program, or one of the rare chains that genuinely out-prices the direct route. Land anywhere in the Avios family and the free 1:1 shuttle (BA ↔ Qatar ↔ Finnair ↔ Iberia, instant, via avios.com) makes it every other Avios program too.

HDFC Reward Points

· 17 chains survive the filter · best chain → Virgin Australia Velocity · ₹0.65/pt
  • 1.55:1 → Singapore Airlines KrisFlyer → Virgin Australia Velocity only way in The only road in. 1.55 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.65 (-35%)
  • 1.6:1 → Accor Live Limitless (ALL) → Qantas Frequent Flyer only way in The only road in. 1.6 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.63 (-38%)
  • 12:1 → Singapore Airlines KrisFlyer → Shangri-La Circle only way in The only road in. 12 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.53 (-47%)
  • 1.33:1 → Club ITC → Marriott Bonvoy beats direct Beats the direct route by 50% — ₹0.49 vs ₹0.33 a point. The rare chain that pays; the cap makes it a valve, not a pipeline. ₹0.49 (-51%)
  • 4:1 → Accor Live Limitless (ALL) → Japan Airlines Mileage Bank only way in A door, not a route — 28% of house value survives the trip. Only with a specific award already priced. ₹0.28 (-73%)
  • 4:1 → Accor Live Limitless (ALL) → TAP Air Portugal Miles&Go only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → Delta SkyMiles only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → Korean Air SKYPASS only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → Emirates Skywards only way in A door, not a route — 23% of house value survives the trip. Only with a specific award already priced. ₹0.23 (-78%)
  • 4.8:1 → Marriott Bonvoy → ANA Mileage Club only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Copa Airlines ConnectMiles only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Saudia Alfursan only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Aegean Miles+Bonus only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Alaska Airlines Atmos Rewards only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Hainan Airlines Fortune Wings only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 4.8:1 → Marriott Bonvoy → Virgin Atlantic Flying Club only way in A door, not a route — 21% of house value survives the trip. Only with a specific award already priced. ₹0.21 (-79%)
  • 5:1 → IHG One Rewards → American Airlines AAdvantage only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • — → Accor Live Limitless (ALL) → IndiGo BluChip Launches 13 Jul 2026 (re-confirmed on the eve, 2026-07-12, via LFAL + CardInsider) — 3,000 ALL → 2,000 BluChips. Exactly the trap predicted: ₹6.45 of fixed €40-per-2,000 stay value becomes ~₹1.00 of dynamic BluChips (~15% retained). All sane traffic flows the other way. announced

Axis EDGE Miles

· 16 chains survive the filter · best chain → Marriott Bonvoy · ₹1.95/pt
  • 1:3 → Club ITC → Marriott Bonvoy only way in The only road in, and it barely leaks — 98% of house value survives at 0.33 points a mile. ₹1.95 (-2%)
  • 1:1.29 → Singapore Airlines KrisFlyer → Virgin Australia Velocity only way in The only road in. 0.78 points a mile is the toll — pay it for a booked award, never speculatively. ₹1.29 (-35%)
  • 6:1 → Singapore Airlines KrisFlyer → Shangri-La Circle only way in The only road in. 6 points a mile is the toll — pay it for a booked award, never speculatively. ₹1.06 (-47%)
  • 2.25:1 → Singapore Airlines KrisFlyer → Accor Live Limitless (ALL) only way in The only road in. 2.25 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.96 (-52%)
  • 2.5:1 → IHG One Rewards → Alaska Airlines Atmos Rewards only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → American Airlines AAdvantage only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → ANA Mileage Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Avianca LifeMiles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Cathay Asia Miles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Delta SkyMiles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Hainan Airlines Fortune Wings only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Korean Air SKYPASS only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Saudia Alfursan only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → TAP Air Portugal Miles&Go only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Virgin Atlantic Flying Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.40 (-80%)
  • 2.5:1 → IHG One Rewards → Emirates Skywards only way in A door, not a route — 18% of house value survives the trip. Only with a specific award already priced. ₹0.36 (-82%)
  • — → IndiGo BluChip → ALL - Accor Live Limitless Launches 13 Jul 2026 (joint IndiGo×Accor announcement; re-confirmed on the eve, 2026-07-12, via LFAL + CardInsider) — 6,000 BluChips → 1,000 ALL points. India's first airline↔hotel corridor, and a genuinely usable BluChip exit: ₹3.00 of dynamic BluChips (house ₹0.50) becomes ₹2.15 of near-fixed ALL value — ~72% retained, better than most hotel hops in this file. Minimums/caps unpublished; flip to active once transfers execute (13 Jul). announced

Axis EDGE Reward Points

· 16 chains survive the filter · best chain → Marriott Bonvoy · ₹0.39/pt
  • 1.67:1 → Club ITC → Marriott Bonvoy only way in The only road in, and it barely leaks — 98% of house value survives at 1.67 points a mile. ₹0.39 (-2%)
  • 3.88:1 → Singapore Airlines KrisFlyer → Virgin Australia Velocity only way in The only road in. 3.88 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.26 (-35%)
  • 30:1 → Singapore Airlines KrisFlyer → Shangri-La Circle only way in The only road in. 30 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.21 (-47%)
  • 11.25:1 → Singapore Airlines KrisFlyer → Accor Live Limitless (ALL) only way in The only road in. 11.25 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.19 (-52%)
  • 12.5:1 → IHG One Rewards → Alaska Airlines Atmos Rewards only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → American Airlines AAdvantage only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → ANA Mileage Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Avianca LifeMiles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Cathay Asia Miles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Delta SkyMiles only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Hainan Airlines Fortune Wings only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Korean Air SKYPASS only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Saudia Alfursan only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → TAP Air Portugal Miles&Go only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Virgin Atlantic Flying Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.08 (-80%)
  • 12.5:1 → IHG One Rewards → Emirates Skywards only way in A door, not a route — 18% of house value survives the trip. Only with a specific award already priced. ₹0.07 (-82%)
  • — → IndiGo BluChip → ALL - Accor Live Limitless Launches 13 Jul 2026 (joint IndiGo×Accor announcement; re-confirmed on the eve, 2026-07-12, via LFAL + CardInsider) — 6,000 BluChips → 1,000 ALL points. India's first airline↔hotel corridor, and a genuinely usable BluChip exit: ₹3.00 of dynamic BluChips (house ₹0.50) becomes ₹2.15 of near-fixed ALL value — ~72% retained, better than most hotel hops in this file. Minimums/caps unpublished; flip to active once transfers execute (13 Jul). announced

Amex Membership Rewards

· 24 chains survive the filter · best chain → United MileagePlus · ₹0.50/pt

HSBC Reward Points

· 16 chains survive the filter · best chain → Qantas Frequent Flyer · ₹1.25/pt

SBI Travel Credits

· 12 chains survive the filter · best chain → Virgin Australia Velocity · ₹0.50/pt
  • 2:1 → Accor Live Limitless (ALL) → Virgin Australia Velocity only way in The only road in. 2 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.50 (-50%)
  • 1.33:1 → Club ITC → Marriott Bonvoy only way in The only road in. 1.33 points a mile is the toll — pay it for a booked award, never speculatively. ₹0.49 (-51%)
  • 4:1 → Accor Live Limitless (ALL) → Singapore Airlines KrisFlyer only way in A door, not a route — 28% of house value survives the trip. Only with a specific award already priced. ₹0.28 (-73%)
  • 4:1 → Accor Live Limitless (ALL) → Avianca LifeMiles only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → Delta SkyMiles only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → Korean Air SKYPASS only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 4:1 → Accor Live Limitless (ALL) → TAP Air Portugal Miles&Go only way in A door, not a route — 25% of house value survives the trip. Only with a specific award already priced. ₹0.25 (-75%)
  • 5:1 → IHG One Rewards → Alaska Airlines Atmos Rewards only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • 5:1 → IHG One Rewards → American Airlines AAdvantage only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • 5:1 → IHG One Rewards → ANA Mileage Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • 5:1 → IHG One Rewards → Hainan Airlines Fortune Wings only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • 5:1 → IHG One Rewards → Virgin Atlantic Flying Club only way in A door, not a route — 20% of house value survives the trip. Only with a specific award already priced. ₹0.20 (-80%)
  • — → Accor Live Limitless (ALL) → IndiGo BluChip Launches 13 Jul 2026 (re-confirmed on the eve, 2026-07-12, via LFAL + CardInsider) — 3,000 ALL → 2,000 BluChips. Exactly the trap predicted: ₹6.45 of fixed €40-per-2,000 stay value becomes ~₹1.00 of dynamic BluChips (~15% retained). All sane traffic flows the other way. announced

IndusInd Reward Points

· 4 chains survive the filter · best chain → Virgin Australia Velocity · ₹0.19/pt

Destination programs

How to fill each one.

Same routes, read backwards. You've picked the award — a KrisFlyer saver-business seat, a Bonvoy free night — and now you need the points. For each program we price every bank currency that still transfers in: the ₹ it costs you to mint one program point, ranked cheapest first, with the cards that earn each feeder currency.

Singapore Airlines KrisFlyer

· ₹1.10 house trend down · cheapest way in → HDFC Reward Points · ₹1.00/pt

The Indian points geek's favourite transfer target. Saver business to SIN/Europe is where the ₹2+/mile lives.

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (-9%)
All 5 ways in priced
  • 1:2 Axis EDGE Miles ₹1.00
  • 2:1 Amex Membership Rewards ₹1.00
  • 1:1 HSBC Reward Points ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 10:3 IndusInd Reward Points ₹2.67

Avios (BA / Qatar / Finnair)

· ₹1.00 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

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

  • 1:1 cheapest in HDFC Reward Points via Finnair Plus (Avios) ₹1.00 (+0%)
All 11 ways in priced
  • 2:1 Amex Membership Rewards via British Airways Executive Club (Avios) ₹1.00
  • 2:1 Amex Membership Rewards via Qatar Airways Privilege Club (Avios) ₹1.00
  • 1:1 HSBC Reward Points via British Airways Executive Club (Avios) ₹1.00
  • 1:1 HSBC Reward Points via Qatar Airways Privilege Club (Avios) ₹1.00
  • 1:1 SBI Travel Credits via British Airways Executive Club (Avios) ₹1.00
  • 2:1 HDFC Reward Points via British Airways Executive Club (Avios) ₹2.00
  • 2:1 HDFC Reward Points via Qatar Airways Privilege Club (Avios) ₹2.00
  • 5:1 Axis EDGE Reward Points via British Airways Executive Club (Avios) ₹2.00
  • 5:1 Axis EDGE Reward Points via Finnair Plus (Avios) ₹2.00
  • 2:1 Axis EDGE Miles via British Airways Executive Club (Avios) ₹4.00
  • 2:1 Axis EDGE Miles via Finnair Plus (Avios) ₹4.00

Air India Maharaja Points

· ₹0.80 house trend up · cheapest way in → IndusInd Reward Points · ₹0.80/pt

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.

  • 1:1 cheapest in IndusInd Reward Points via Air India Maharaja Club ₹0.80 (+0%)
All 8 ways in priced
  • 1:2 Axis EDGE Miles via Air India Maharaja Club ₹1.00
  • 1:1 ICICI Reward Points via Air India Maharaja Club ₹1.00
  • 1:1 HSBC Reward Points via Air India Maharaja Club ₹1.00
  • 1:1 SBI Travel Credits via Air India Maharaja Club ₹1.00
  • 5:2 Axis EDGE Reward Points via Air India Maharaja Club ₹1.00
  • 6:1 AU Reward Points via Air India Maharaja Club ₹1.50
  • 2:1 HDFC Reward Points via Air India Maharaja Club ₹2.00
  • 15:1 YES Rewardz (YES CC Rewardz) via Air India Maharaja Club ₹3.75

Air France-KLM Flying Blue

· ₹1.00 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

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

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+0%)
All 4 ways in priced
  • 1:2 Axis EDGE Miles ₹1.00
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

Air Canada Aeroplan

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

Star Alliance long-haul business on a near-fixed chart with no fuel surcharges — TPG pegs it at 1.5¢ (≈₹1.4); we hold the ₹1/mile house anchor.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 3 ways in priced
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00

Avianca LifeMiles

· ₹1.00 house trend flat · cheapest way in → HDFC Reward Points · ₹2.00/pt

No fuel surcharges on Star Alliance premium cabins and near-constant buy-miles sales — TPG says 1.45¢; ₹1/mile anchor held. HDFC is the only Indian on-ramp.

  • 2:1 cheapest in HDFC Reward Points ₹2.00 (+100%)

Cathay Asia Miles

· ₹1.00 house trend flat · cheapest way in → Amex Membership Rewards · ₹1.00/pt

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

  • 2:1 cheapest in Amex Membership Rewards ₹1.00 (+0%)
All 2 ways in priced
  • 1:1 SBI Travel Credits via Cathay Pacific Asia Miles ₹1.00
  • 2:1 HDFC Reward Points ₹2.00

Etihad Guest

· ₹1.00 house trend down · cheapest way in → Axis EDGE Miles · ₹1.00/pt

Etihad business to AUH and Europe; TPG holds 1.2¢ but pricing keeps drifting dynamic — the anchor ₹1 is the honest middle.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 4 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00

Emirates Skywards

· ₹0.90 house trend down · cheapest way in → Amex Membership Rewards · ₹1.00/pt

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.

  • 2:1 cheapest in Amex Membership Rewards ₹1.00 (+11%)
All 1 way in priced
  • 2:1 SBI Travel Credits ₹2.00

Turkish Airlines Miles&Smiles

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 4 ways in priced
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00
  • 2:1 HSBC Reward Points ₹2.00
  • 2:1 SBI Travel Credits ₹2.00

United MileagePlus

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

Dynamic but surcharge-free with the widest Star Alliance reach; TPG holds 1.3¢. ₹1/mile anchor.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 4 ways in priced
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00
  • 2:1 HSBC Reward Points ₹2.00
  • 2:1 SBI Travel Credits ₹2.00

Qantas Frequent Flyer

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 3 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

Virgin Atlantic Flying Club

· ₹1.00 house trend flat · cheapest way in → Amex Membership Rewards · ₹1.00/pt

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.

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

Japan Airlines Mileage Bank

· ₹1.10 house trend down · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (-9%)
All 3 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 SBI Travel Credits ₹2.00

EVA Air Infinity MileageLands

· ₹1.00 house trend flat · cheapest way in → HSBC Reward Points · ₹1.00/pt

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

  • 1:1 cheapest in HSBC Reward Points ₹1.00 (+0%)

Thai Royal Orchid Plus

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 4 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00

Vietnam Airlines LotusSmiles

· ₹1.00 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

The community has no India-relevant valuation for LotusSmiles, so this is the ₹1/mile anchor with honest error bars. SkyTeam short-haul across SE Asia is the use case.

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+0%)
All 4 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:1 Axis EDGE Reward Points ₹2.00
  • 2:1 Axis EDGE Miles ₹4.00

Hainan Airlines Fortune Wings

· ₹1.00 house trend flat · cheapest way in → HSBC Reward Points · ₹2.00/pt

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

  • 2:1 cheapest in HSBC Reward Points ₹2.00 (+100%)

Ethiopian ShebaMiles

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 2 ways in priced
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 2:1 SBI Travel Credits ₹2.00

Saudia Alfursan

· ₹1.00 house trend flat · cheapest way in → SBI Travel Credits · ₹2.00/pt

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

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

IndiGo BluChip

· ₹0.50 house trend flat · cheapest way in → Axis EDGE Reward Points · ₹2.00/pt

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.

  • 5:1 cheapest in Axis EDGE Reward Points ₹2.00 (+300%)
All 1 way in priced
  • 2:1 Axis EDGE Miles ₹4.00

AirAsia Rewards

· ₹0.23 house trend up · cheapest way in → HSBC Reward Points · ₹0.33/pt

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.

  • 1:3 cheapest in HSBC Reward Points ₹0.33 (+45%)
All 4 ways in priced
  • 1:1 HDFC Reward Points ₹1.00
  • 1:2 Axis EDGE Miles ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

SpiceJet SpiceClub

· ₹0.50 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

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.

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+100%)
All 3 ways in priced
  • 1:2 Axis EDGE Miles ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

Air Arabia AirRewards

· ₹0.95 house trend up · cheapest way in → SBI Travel Credits · ₹2.00/pt

Fixed value — 100 points = US$1 against fares and baggage per the official FAQ, ≈₹0.95/point at USD/INR ≈95 (Jul 2026). Min 3,000 points; Gulf low-cost only.

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

Marriott Bonvoy

· ₹0.65 house trend down · cheapest way in → Amex Membership Rewards · ₹0.50/pt

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.

  • 1:1 cheapest in Amex Membership Rewards ₹0.50 (-23%)
All 2 ways in priced
  • 1:1 HSBC Reward Points ₹1.00
  • 2:1 HDFC Reward Points ₹2.00

Accor Live Limitless (ALL)

· ₹2.15 house trend up · cheapest way in → HSBC Reward Points · ₹1.00/pt

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.

  • 1:1 cheapest in HSBC Reward Points via ALL - Accor Live Limitless ₹1.00 (-53%)
All 2 ways in priced
  • 2:1 HDFC Reward Points via ALL - Accor Live Limitless ₹2.00
  • 2:1 SBI Travel Credits via ALL - Accor Live Limitless ₹2.00

Hilton Honors

· ₹0.40 house trend down · cheapest way in → Amex Membership Rewards · ₹0.56/pt

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.

  • 10:9 cheapest in Amex Membership Rewards ₹0.56 (+39%)

IHG One Rewards

· ₹0.55 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

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).

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+82%)
All 4 ways in priced
  • 1:2 Axis EDGE Miles ₹1.00
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

Club ITC

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

Official fixed rate — 1 Green Point = ₹1 at ITC properties; periodic 50%-off redemption promos are the ceiling. Luxury nights and dining, no games.

  • 1:2 cheapest in Axis EDGE Miles via ITC Hotels ₹1.00 (+0%)
All 3 ways in priced
  • 5:2 Axis EDGE Reward Points via ITC Hotels ₹1.00
  • 2:1 HDFC Reward Points ₹2.00
  • 2:1 SBI Travel Credits ₹2.00

Shangri-La Circle

· ₹6.35 house trend up · cheapest way in → HSBC Reward Points · ₹5.00/pt

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.

  • 5:1 cheapest in HSBC Reward Points ₹5.00 (-21%)
All 1 way in priced
  • 6:1 SBI Travel Credits via Shangri-La Golden Circle ₹6.00

Jumeirah One

· ₹1.00 house trend flat · cheapest way in → SBI Travel Credits · ₹2.00/pt

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.

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

Radisson Rewards

· ₹0.22 house trend down · cheapest way in → HDFC Reward Points · ₹1.00/pt

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.

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+355%)
All 3 ways in priced
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00
  • 1:1 Axis EDGE Miles ₹2.00

Wyndham Rewards

· ₹0.65 house trend flat · cheapest way in → HDFC Reward Points · ₹1.00/pt

Flat go-free awards keep it predictable — TPG holds 0.7¢ ≈ ₹0.65. Vacation-rental redemptions are the quiet ceiling; India footprint is thin.

  • 1:1 cheapest in HDFC Reward Points ₹1.00 (+54%)
All 4 ways in priced
  • 1:2 Axis EDGE Miles ₹1.00
  • 1:1 HSBC Reward Points ₹1.00
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

The Postcard Sunshine Club

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

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.

  • 1:2 cheapest in Axis EDGE Miles via The Postcard Hotel ₹1.00 (+0%)
All 1 way in priced
  • 5:2 Axis EDGE Reward Points via The Postcard Hotel ₹1.00

Orchid Rewards

· ₹1.00 house trend flat · cheapest way in → Axis EDGE Miles · ₹1.00/pt

No published community valuation exists for this domestic program — we hold it at the ₹1 anchor its boutique peers (Club ITC, Postcard) trade at, and the floor is honest about the guesswork.

  • 1:2 cheapest in Axis EDGE Miles ₹1.00 (+0%)
All 2 ways in priced
  • 1:1 SBI Travel Credits ₹1.00
  • 5:2 Axis EDGE Reward Points ₹1.00

How this is priced

Each route's ratio is parsed as our-points : partner-miles, then multiplied by the target program's house ₹/point from the valuation index . That gives a real ₹-per-source-point number, not a marketing rate. Every destination program here carries its own house value — classic airline miles at the community-standard ₹1/mile anchor, fixed-value programs (Accor, Shangri-La, Club ITC) at their published rates; where the community has no consensus, the currency's note says so and the floor carries the honesty. Routes issuers have pulled are kept, struck through, under "Gone" — so you can see exactly what got worse and when. The destination sections run the same arithmetic backwards: source house ₹/point ÷ partner-miles-per-point = the ₹ it costs to mint one program point, ranked cheapest first.

The 2-hop chains multiply both legs and price the result at the TERMINAL program's house value — the middle program is a pipe, its own valuation never enters the arithmetic. Marriott Bonvoy's 5,000-per-60,000 transfer bonus is modeled at the 60k marginal rate (60,000 points → 25,000 miles, effective 2.4:1; United's doubled bonus → 2:1) — feed it less than a full 60k block and you pay flat 3:1. Elite-gated hops (United and Aeroplan into Bonvoy) are skipped, terminals with no honest ₹ valuation (LATAM, Korean, TAP, Frontier…) are never priced, and any chain a direct route matches or beats is suppressed. What renders is everything that survives.