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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July 2026

6 tracker · 2 offers · 7 stories

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

On the tracker

Devaluations
Lounge changes
Partner moves

Offers desk

From the news desk

2026 6 months

June 2026 6 tracker · 2 offers · 7 stories

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

On the tracker

Devaluations
Fee changes
  • 15 Jun moderate YES's ₹100 redemption fee reaches Marquee and Reserv · YES Bank Marquee and Reserv exempt from the ₹100-per-redemption fee; card reissuance ₹100–₹200 by variant ₹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
Partner moves

Offers desk

From the news desk

May 2026 4 tracker · 1 valuation · 4 stories

1 devaluation, 2 buffs — a rare net-positive month. It won't last.

On the tracker

Devaluations
Buffs
Launches

Valuation moves

From the news desk

April 2026 6 tracker · 6 stories

2 devaluations, 1 buff — a net-negative month for Indian miles.

On the tracker

Devaluations
Buffs
Fee changes
  • 1 Apr moderate BOBCARD reprices rail, toll and app-routed education · BOBCARD (Bank of Baroda) No processing fee on railway/toll/bus bookings; telecom (MCC 4814) earned zero points 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 2 tracker · 2 stories

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

On the tracker

Devaluations

From the news desk

February 2026 3 tracker · 3 stories

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

On the tracker

Devaluations
Partner moves

From the news desk

January 2026 4 tracker · 1 offers · 4 stories

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

On the tracker

Devaluations
Lounge changes
Launches

Offers desk

From the news desk

2025 11 months

December 2025 1 tracker · 1 story

1 launch — the map moved, the money didn't.

On the tracker

Launches

From the news desk

November 2025 2 tracker · 1 valuation · 2 stories

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

On the tracker

Devaluations
Fee changes

Valuation moves

From the news desk

October 2025 1 offers

1 offer opened, 0 expired — time-boxed value, no structural change.

September 2025 1 tracker · 1 story

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

On the tracker

Buffs

From the news desk

August 2025 1 offers

1 offer opened, 0 expired — time-boxed value, no structural change.

Offers 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 Complimentary domestic lounge visits on World Safari, Icon and Platinum Maxima with no spend condition; add-on cards included ₹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 5 tracker · 5 stories

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

On the tracker

Devaluations
Fee changes
  • 1 Jun moderate Kotak's June-2025 fee wave washes over the premium deck · Kotak Mahindra Bank No transaction fees on utility/fuel/wallet spends; no DCC fee; fuel surcharge waiver on bigger fills 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

From the news desk

May 2025 2 offers

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

Offers desk

April 2025 4 tracker · 4 stories

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

On the tracker

Devaluations
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 ₹100 + GST per redemption; full points balance redeemable as statement credit; fractional points on multiplier spends ₹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 New credit-card issuance frozen since 24 Apr 2024 over IT-governance failures Kotak can onboard digital customers and issue credit cards again

From the news desk

2024 10 months

December 2024 4 tracker · 1 valuation · 4 stories

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

On the tracker

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

From the news desk

September 2024 1 tracker · 1 valuation · 1 story

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

On the tracker

Devaluations

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 3.5% markup softened by a separately-posted 1.5% cashback — until 1 June 2024, when SC killed the cashback and left the full 3.5% 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.

On the tracker

Devaluations
Partner moves

Valuation moves

From the news desk

April 2024 3 tracker · 2 valuation · 3 stories

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

On the tracker

Devaluations

Valuation moves

From the news desk

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 · 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 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 2 tracker · 1 valuation · 2 stories

1 partner move, 1 launch — 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 1 tracker · 1 story

1 launch — 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.