1 IHG One Rewards point is worth ₹0.55 in India.
₹0.55a night from 10,000 points — ₹550 per 1,000 at our mark
₹0.55, down from ₹0.60 · re-marked 10 Jul
How we got this ₹ figure
₹0.55 is our HOUSE value for a point — what a disciplined traveller actually clears, not the best redemption we have ever seen (₹1.20, the ceiling) and not the worst you can always fall back on (₹0.38, the floor). It is the number every route on this page is priced with.
The mark has 2 dated points in data/valuation-history.yaml, each one pinned to a quantified event in the tracker — no interpolation. The last move was re-marked 10 Jul. How we value a point →
Which of my cards reach it? — 47 do
47 more cards feed it by transfer, ranked by what one of ITS points actually becomes here — per-card exceptions and card-specific whitelists already applied, no averages.
Axis Olympus₹2.201:4 via Axis EDGE MilesAxis Bank PRIMUS₹1.101:2 via Axis EDGE MilesAxis Atlas₹1.101:2 via Axis EDGE Miles44 more cards that get you there — same ranking, best conversion first
The full funnel — ratios, chains and ₹/mile, side by side →
Shopping by bank instead? Axis Bank → · HDFC Bank → · HSBC → · SBI Card →
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).
The 1:1 from HDFC Reward Points is HDFC Infinia Metal and HDFC Diners Club Black Metal; HDFC Regalia Gold and HDFC BizPower at 2:1. The 1:2 from Axis EDGE Miles is Axis Bank PRIMUS and Axis Atlas; Axis Olympus at 1:4; Axis Horizon at 1:1; IndianOil Axis Bank Premium at 2:1.
cheapest way in — what one point costs to mint
To Japan Airlines Mileage Bank₹0.225:1 (a month or more)best way out — what one point is worth once it lands , at the base rate before any volume bonus
IHG One Rewards gets cut — we grade its nerf risk high 2 cuts in 24 months — latest: Jul-2026 devaluation (major) How we grade it →
Expiry: lapse after 12 months of inactivity (elite members exempt)
No corridor on our board prices a seat in IHG One Rewards against a published chart — every option that reaches it is dynamic, and an estimate is not a seat. the 2,196 corridors that DO have a verified price →
This drawing wants a wide screen. Every route it draws is in the lists below, priced.
+20 more out — every route is listed below, and drawn on the map.
Every way in
Currencies that transfer in
Ratios read source points : IHG One Rewards points, cheapest mint first — the ₹ figure is what one point here costs you via that route.
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 point of IHG One Rewards; priced at this program's house value.
Every way out
Ranked by real ₹ per point at our house values — the play first, the traps last. Ratios read IHG One Rewards points : partner miles.
Ways out via partner transfer
Program-to-program corridors — IHG One Rewards moved onward without a bank card in the loop. Priced at the destination's house ₹/point (volume bonuses at the marginal block rate); destinations we refuse to fake a ₹ number for say so.
29 more partner-transfer corridors out — same ranking
Gone (2)
What a point has been worth
Derived only from quantified, dated events in the tracker — no interpolation, no vibes.
- 10 Jul 2026 ₹0.55 current house value
- 3 Jul 2024 ₹0.60 2024-07-03 — IHG One Rewards quietly repriced its best hotels upward (US +10%, Asia +15%) — Conservative +10% (US figure, the smaller) → 0.55 × 1.10 = 0.605, rounded down to 0.60
The nerf log
Full tracker →Every tracked event that touches IHG One Rewards.
- 25 Aug 2026Vietnam Airlines Lotusmiles opens a broad SkyTeam status match — up to Elite PlusNo standing public status-match route from most Indian-held airline and hotel tiers into a SkyTeam Elite Plus card → A paid Lotusmiles status match accepting ~47 airline programmes (Air India Maharaja Club included) and 18 hotel chains, granting 12 months up to Platinum
Lotusmiles will match tier status from roughly 47 airline programmes — Lufthansa, Swiss, Etihad, Emirates, BA, Qatar, Singapore, Qantas and Air India's Maharaja Club — plus 18 hotel chains (Marriott, Accor, Hilton, Hyatt, IHG, matched through Gold only), for a flat 12-month grant with no stated flying requirement. The SkyTeam translation is the point: Titanium and Gold confer SkyTeam Elite, and Platinum confers SkyTeam Elite Plus — priority everything plus a guest into SkyTeam lounges across the network. Priced USD 129–359 by tier matched. For an Indian reader sitting on an underused hotel or airline status, it is one of the cheaper routes to a year of Elite Plus; match near a renewal and treat it as a one-year sprint.
- 20 Aug 2026IHG Hotels & Resorts becomes a Maharaja Club earning and conversion partnerMaharaja Club had no IHG relationship: no earning on IHG stays, and IHG One Rewards points had no door into Maharaja Points. → 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.
Air India's programme picks up a second global hotel chain, and the conversion leg is the interesting half. 5:1 is IHG's standard airline grid — the same rate its 34 published airline partners get — and at our house values it is brutal: 5 IHG points worth ₹2.75 buy 1 Maharaja Point worth ₹0.80, so the corridor retains 29% and torches 71%. Nobody should route into Maharaja this way: SBI, HDFC and Axis all reach Maharaja Club directly at 1:1 or 2:1. It is a stranded-IHG-balance exit, not a strategy. The earning leg is the cleaner offer — 2 points per US$1 at full-service IHG brands is worth more to an Air India flyer than IHG's own base earn is to a casual IHG member. Two cautions the marketing copy skips: the conversion is phone-only, and 60 business days is three months of float. This desk has NOT wired the corridor into the optimizer — IHG has not published its side of it, and every IHG route we price is sourced to IHG's own page.
- 28 Jul 2026TAP's own-metal award table stops being a chart — every cell is now a floorA fixed one-way price per zone pair on TAP metal; this desk carried 63,000 miles for Lisbon → US East Coast business → '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
Eleven weeks after repricing its Star Alliance chart, TAP devalued again — and this time it changed the kind of document it publishes. The table covering TAP's own metal, effective 28 July 2026, is titled 'Award Ticket Values From' and every cabin column is headed 'from', so each of its 71 cells is a floor TAP may price above rather than a number you can hold it to. The marquee burn is the casualty: Mainland Portugal → North America in business reads from 135,000 miles one-way, against the 63,000 this desk carried through July and the roughly 100,000 the community documented on the prior chart — the new FLOOR alone sits above every fixed price anyone can evidence. Two things soften it slightly. Economy floors are low and even quirky: 29,000 across the Atlantic from Portugal, but only 19,000 if you start in Germany, France, the UK, Spain or Scandinavia and connect over Lisbon, so a positioning segment takes 10,000 miles off — a discount that reverses in business. And short-haul is cheap on paper: 1,990 domestic, 3,000 to Madeira or the Azores, 5,990 to 'Europe 1'. TAP also began the same day giving Gold and Navigator members special award rates it does not publish, which is a second reason no printed cell is a price. For an Indian wallet the sting is doubled: no card feeds Miles&Go, so every mile arrived through a Bonvoy 3:1, Accor 2:1 or IHG 5:1 hotel hop and starts a 3-year fuse the moment it lands. Note the board itself is unaffected — all 1,626 TAP options we price are Star Alliance partner awards off the separate May table, and no corridor we cover starts or ends in Lisbon or Porto.
- 25 Jul 2026HDFC switches on 22 transfer partners for BizPowerAirmiles conversion via NetBanking only — no partner ever named by HDFC → 22 SmartBuy transfer partners — 14 at 2:1, 8 at 3:1
HDFC's ₹2,500 business card just got a redemption game. BizPower Reward Points — 5 RP per ₹200 since 15 May 2026, 5X on income tax, GST, PayZapp bills, Google and Meta Ads — could previously only leave the account as cashback at ₹0.20, catalogue goods at ₹0.35, SmartBuy travel at ₹0.50, or a nameless 'Airmiles conversion' via NetBanking. From 25 July they transfer on SmartBuy to the same 22 airline and hotel programmes Infinia and Diners Black see, one notch worse across the board: 2:1 to KrisFlyer, Flying Blue, Avianca LifeMiles, Turkish, United, Accor ALL, IHG, Club ITC, AirAsia, Finnair, Radisson, Wyndham, Lotusmiles and SpiceClub; 3:1 to Qatar and BA Avios, Air India Maharaja Club, Marriott Bonvoy, Aeroplan, Cathay Asia Miles, Etihad Guest and Thai Royal Orchid Plus. HDFC announced nothing and still names no partner in any document it publishes — the grid comes from four independent sightings that agree partner-for-partner, and the 2:1 base matches HDFC's own FAQ line, '1 Reward Points = Rs.0.5 airmiles'. Accor ALL at 2:1 is the standout: at our ₹2.15 house value that is the only one of the 22 doors worth more than a rupee a point (₹1.07), and it beats every cash-out HDFC offers this card. Sister card BizBlack, on Infinia-grade earn, still reaches exactly one programme.
- 10 Jun 2026China Southern returns to India: Guangzhou–Delhi daily from 21 September 2026No China Southern metal to or from India since 2020 — and because Sky Pearl left SkyTeam the same year, no partner metal either, so an Indian Sky Pearl award had nothing to fly on → CZ359/CZ360 Guangzhou–Delhi daily from 21 Sep 2026 on a Boeing 737-8; Delhi is the only Indian station on the map
China Southern files a daily Guangzhou–Delhi nonstop from 21 September 2026 — CZ359 out of Guangzhou at 15:35 landing 19:00, CZ360 back from Delhi at 20:00 — its first India flying in six years, and the third mainland Chinese carrier to return after China Eastern's Shanghai–Delhi and Air China's Beijing–Delhi. For points, the gap mattered more than most: Sky Pearl walked out of SkyTeam on 1 January 2020 and joined no alliance, so a Sky Pearl award IS a China Southern metal award — no partner, no alliance chart, no fallback. From 2020 until this launch there was therefore no such thing as a Sky Pearl redemption out of India, however many miles you had hopped over from IHG One (5:1) or Marriott Bonvoy (3:1). Our own board said otherwise for months: 112 Sky Pearl options priced China Southern out of eight Indian cities via Guangzhou. Eighty-four of them were deleted on 1 August 2026 when the carrier's real network was mapped, and the 46 that survive are the Delhi corridors that come alive on 21 September plus two genuine Guangzhou nonstops from Dhaka and Kathmandu. Treat every Sky Pearl price on this site as bookable from Delhi and nowhere else in India.
5 earlier events on this program
- 4 May 2026TAP Miles&Go repriced every India award — the Gulf left AsiaIndia→Asia (Gulf included) 40k/60k · Europe 70k/115k · North America 70k/115k · Oceania 60k/105k · one flat sub-Saharan Africa cell 90k/160k → India→Asia 50k/70k · a new Middle East zone at 60k/80k · Europe and North America 80k/125k · Oceania 70k/115k · Southern Africa 80k/110k, East Africa 110k/250k
TAP raised the price of every single cell an Indian traveller can reach, with no announcement and no fanfare — the new table simply took effect for tickets issued after 4 May 2026. India sits in TAP's 'Asia' zone, and intra-Asia went 40k/60k → 50k/70k. Two structural changes hurt more than the headline: the Gulf was carved out of the Asia zone into a Middle East band of its own, so Dubai jumped 40k/60k → 60k/80k (+50% economy) and now costs more than Bangkok; and the single flat sub-Saharan Africa cell split in two, sending Nairobi and Addis to 110k/250k (business +56%) while Johannesburg fell to 80k/110k — the one corridor that got cheaper. Europe and North America both went 70k/115k → 80k/125k. TAP also spells out that any itinerary spanning more than two of its regions is billed segment by segment and summed, so an India–Europe–US connection now costs 145k/245k rather than the 80k/125k cell. No Indian card feeds Miles&Go directly; you get here through a Bonvoy, Accor or IHG hop, which makes a 25% chart rise on miles you paid a hotel haircut for sting twice.
- 3 Jul 2024IHG One Rewards quietly repriced its best hotels upwardInterContinental London Park Lane: ~120K pts/night cap → Same hotel: up to 160,000 points on peak nights
IHG runs dynamic pricing with no published chart, so it can move prices with zero notice — and in the first week of July 2024, it did exactly that. Asia properties got 15% pricier and US hotels 10% pricier in points terms overnight, with marquee InterContinentals blowing past their old unofficial caps. Anyone building an IHG stash via SmartBuy or a transfer partner just watched its purchasing power shrink without a memo.
- 29 Mar 2022Marriott Bonvoy scraps award charts for dynamic pricingFixed off-peak/standard/peak award-chart pricing → Revenue-linked rates (peak/off-peak bands thru 2022)
Marriott tore up its published award chart and moved toward Hilton/IHG-style dynamic pricing, though it kept min/max bands through the end of 2022 as a mercy period. Anyone hoarding Bonvoy points transferred from HDFC's Marriott Bonvoy card for that one aspirational Category 8 redemption just watched the goalposts start moving.
- 17 Mar 2022IHG One Rewards overhauls tiers, doubles Gold night requirementGold at 10 nights/10,000 points; old Spire top tier → Gold needs 20 nights/40,000 pts; Spire renamed Diamond
IHG relaunched as 'IHG One Rewards' with a new Silver rung and a rebranded Diamond top tier, but the fine print doubled what it takes to earn Gold. Existing Spire members got auto-upgraded to Diamond for free, a rare olive branch buried inside an otherwise harder ladder.
- 25 Jan 2019IHG quietly reprices 700 hotels; the US bears the bruntStable award chart carried over largely unchanged from 2018 → 700+ properties reprice, ~79% of changes push points required upward
IHG dropped a list of roughly 700 hotels facing new, pricier award categories, originally slated for January 14, 2019 but delayed a stub to January 25. Nearly four in five changes went the wrong way for members, and US properties took an outsized hit with 387 of 448 changes increasing in cost. It was the first shot in a devaluation pattern IHG would repeat later that same year with a fresh 75,000/100,000-point top tier.
Straight answers
The questions people actually type about IHG One Rewards — answered from the same data as everything above, with the same numbers.
What is 1 IHG One Rewards point worth in INR?
Our desk marks IHG One Rewards at ₹0.55 a point — so 1,000 points are worth ₹550 and 10,000 are worth ₹5,500. That is the number every route on this page is priced with. The ₹0.38 floor is the redemption you can always fall back on; the ₹1.20 ceiling is the best sweet spot we have actually verified. The mark is holding flat, last reviewed 9 Jul 2026. The valuation index prices it against every other program we cover.
Which Indian cards earn IHG One Rewards?
None — no Indian card earns IHG One Rewards directly, so it is a transfer-only balance here. 47 cards feed it instead, and the hardest converters are Axis Olympus, Axis Bank PRIMUS and Axis Atlas. The ratio you are offered is therefore the whole decision. The card list above names each of them with its rank, its ratio and what one of its points becomes here.
Can I transfer Axis Bank points to IHG One Rewards?
Yes — Axis Olympus earns Axis EDGE Miles and moves them here at 1:4, which makes one of its points 4.0 points and ₹2.20 of value at our house mark. 47 cards feed IHG One Rewards; it is the best of them. Everything that bank's points can reach — caps by card tier included — is on its transfer page.
When did IHG One Rewards last devalue?
28 Jul 2026 — TAP's own-metal award table stops being a chart — every cell is now a floor. That is the newest cut on our record. The nerf log below carries 10 tracked events touching IHG One Rewards, and the program grades high on nerf risk.
Verified against IHG's own documents on · our house ₹/point, ₹0.55 today
Not published , and we will not invent it: how long posting takes · its award terms — surcharges and the booking window.
Every document behind this page — 3 of them, each with the day we read it
- official IHG's own redemption page — Reward Nights at 7,000+ destinations "starting at just 10,000 points", with the count flexing off the room's cash rate. A floor, not a chart.
- official IHG's own AAdvantage conversion page prints the standard its whole grid runs on — 10,000 IHG points for 2,000 airline miles. That 5:1 is the only rate IHG publishes for a point.
- official IHG One Rewards — what a night costs in points