Program hub
Azul Fidelidade (TudoAzul)
ASSUMPTION (revenue peg): revenue-priced ~0.7¢ economy (₹0.67 at ₹96.5/USD, Jul-2026), haircut for fees + just-out-of-Chapter-11 (Feb-2026) risk. Brazil-domestic, no India utility. Way in is one hotel hop: Accor ALL 2:1 (money-losing).
Nerf risk: stable No tracker events on record for this program
Expiry: 24 months from each point's individual earn date (new points don't extend older ones)
Floor = the worst redemption you can always fall back on; ceiling = the best sweet-spot exit. The house value is what a disciplined traveller actually clears.
Every way in
Every way in (via a chain)
Chains (2–4 legs) that survive our honesty filter — shown only where no direct route exists or the chain strictly beats it. End-to-end ratio in card points per Azul Fidelidade (TudoAzul) point; priced at this program's house value.
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