HDFC Bank · HDFC Reward Points
Peak offer 12,500 Reward Points + 1-year Club Marriott membership ₹12,500
On fee realisation and card activation; fee ₹12,500, waiver at ₹10L
Club Marriott rides on top of the points and isn't counted in the ₹ figure.
10,000 Reward Points ₹10,000
On realisation of the ₹10,000 fee (also paid on every renewal); many plastic Infinias went LTF and got nothing
The plastic era: fee ₹10,000, points equal to the fee, waiver at ₹8L.
Our take — One of the few welcome bonuses that went UP — 10,000 → 12,500 points with the Oct-2021 metal relaunch. The catch: the fee rose the same ₹2,500 and the waiver hurdle jumped ₹8L → ₹10L. HDFC gives with the hand you're watching. The richest this welcome has ever been. If you want the card, this is the era.
Axis Bank · Axis EDGE Miles
All-time low 2,500 EDGE Miles ₹5,000
First transaction within 37 days of card issuance
Halved in the 20-Apr-2024 devaluation, buried under the milestone cuts.
5,000 EDGE Miles ₹10,000
First transaction within 30 days of card issuance
Same 5,000 miles, easier gate — one swipe instead of three.
5,000 EDGE Miles ₹10,000
3 transactions within 60 days of card issuance
The launch construct. Axis's own T&C archive dates this era to 19 Dec 2022.
Our take — The cleanest welcome devaluation on record: same card, half the miles. Today's 2,500 EDGE Miles is the worst Atlas sign-up there has ever been. The worst this welcome has ever been. Apply for the card, not the bonus.
Axis Bank · Axis EDGE Reward Points
Steady ₹5,000 voucher — Yatra flight, Luxe or Postcard Hotels (new applications only) ₹5,000
First spend within 30 days of issuance; joining fee ₹30,000 for applications after 31 Jan 2024; upgrades from Magnus get nothing; avail within 6 months
Same voucher, new ₹30,000 entry price — the welcome stayed flat while the door got expensive.
₹5,000 voucher — Yatra, Luxe or Postcard Hotels (card fee-free for Burgundy customers) ₹5,000
Qualifying Axis Burgundy relationship; limited-period zero-joining-fee window through 31 Jan 2024
The launch construct from the Sep-2023 Magnus reset — ₹5,000 for the Burgundy variant against ₹12,500 on the regular Magnus it replaced at the top.
Our take — Born with the welcome already cut: Burgundy signups got ₹5,000 where legacy Magnus applicants got ₹12,500. Then the fee went ₹0 → ₹30,000 on 1 Feb 2024 and the voucher didn't move a rupee. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · ICICI Reward Points
Steady 12,500 Reward Points + Taj Epicure + EazyDiner Prime memberships ₹12,500
On payment of the ₹12,499 joining fee (invite-led); points and memberships recur on every renewal
Unchanged since launch. Memberships ride on top of the ₹ figure.
Our take — The rare welcome that has never been touched — 12,500 points plus Taj Epicure since day one, and it recurs on every renewal. ICICI devalued everything around this card in 2024–26 except the front door. The number has never moved. Read the conditions — that is where issuers hide the knife.
HDFC Bank · HDFC Reward Points
No ₹ number Annual memberships: Club Marriott, MakeMyTrip Black, Swiggy One, Amazon Prime, Times Prime, Forbes Digital
₹1.5L spend within the first 90 days, or joining-fee realisation
The current official construct (T&C revision of 26 Jun 2025). Memberships resist an honest ₹ number — most holders activate two or three.
Welcome membership bundle sweetened — Amazon Prime, Zomato Gold, MakeMyTrip Double Black and Times Prime added
On joining-fee realisation (₹10,000)
The buff that made DCB's welcome famous. The bundle's composition has been reshuffled since (Zomato Gold died; Swiggy One and Club Marriott arrived) and HDFC never dated the reshuffles — hence no end date.
Our take — Never a points bonus — DCB's welcome has always been a membership stack. The 2019 sweetening was real; the quiet arrival of a ₹1.5L/90-day spend gate on today's bundle is how HDFC claws it back without a headline. A membership bundle resists honest arithmetic — judge the conditions, not a fake valuation.
Axis Bank · Axis EDGE Reward Points
Peak offer ₹12,500 voucher — Luxe Gift Card, The Postcard Hotel or Yatra ₹12,500
On payment of the joining fee, now ₹12,500; Tata CLiQ discontinued; not for first-year-free cards
Announced alongside the Sep-2023 gutting: milestone axed, transfers halved, fee up ₹2,500.
Flight ticket OR ₹10,000 Tata CLiQ voucher — your pick ₹10,000
On payment of the ₹10,000 joining fee
The CLiQ option (added 15 Oct 2020) made the welcome liquid — gold coins were the community's favourite conversion.
One complimentary domestic flight ticket, up to ₹10,000 (via concierge/Yatra) ₹10,000
On payment of the ₹10,000 joining fee; booked through the Axis concierge
The original construct — a flight ticket, usable only if you flew. Era start = card launch.
Our take — The voucher face value actually ROSE ₹10,000 → ₹12,500 — but so did the fee, by the same ₹2,500, on the day the rest of the card was gutted. A wash dressed up as generosity. The richest this welcome has ever been. If you want the card, this is the era.
BOBCARD (Bank of Baroda) · Etihad Guest
Peak offer 15,000 Guest miles — 10,000 on ₹25k in 60 days + fee payment, 5,000 more at ₹50k (doubled window; standard is 7,500) ₹15,000
Cards onboarded 1 Jul – 31 Aug 2026; both tranches gated on the first 60 days; bonus miles credited after 60 days from issuance and the following statement cycle
The doubling re-ran from May 2026 and was extended through 31 Aug (official offer T&C v1.1 pins the 1 Jul – 31 Aug window). When the window closes the 7,500 standard resumes — unless BOBCARD, on form, doubles again.
Double sign-up miles — launch window (+7,500, lifting the total to 15,000) ₹7,500
Cards onboarded 5 Jan – 28 Feb 2026; the standard spend gates, doubled payouts
The launch acquisition push — both welcome tranches doubled for cards issued inside the window.
7,500 Guest miles — 5,000 on ₹25k in 60 days + fee payment, 2,500 more at ₹50k ₹7,500
₹25,000 spend within 60 days of issuance plus payment of the ₹5,000 joining fee for the first tranche; ₹50,000 cumulative within the same 60 days for the second
The standard construct since the January-2026 launch (the first-sale day was never pinned). It runs whenever no doubling window is live — the promo eras below are this construct, ×2.
Our take — Six months old and the dial only turns UP: a 7,500-mile standard construct that BOBCARD keeps doubling — at launch, and again through 31 Aug 2026 — to hoover up Etihad loyalists now that the Axis pipe is shut. Sign inside a window or wait for the next one. The richest this welcome has ever been. If you want the card, this is the era.
HSBC · HSBC Reward Points
No ₹ number Taj Epicure + EazyDiner Prime memberships
On card activation; joining fee ₹12,000, renewal ₹20,000 — effectively waived for qualifying Premier relationships
The standing membership welcome, always on. HSBC layers rotating sweeteners on top — CardExpert's review era records a never-dated ₹12,000 Taj Experiences gift card; the 20,000-point offer above, by contrast, is a dated introductory window.
20,000 reward points (introductory offer) + Taj Epicure & EazyDiner Prime memberships ₹20,000
First transaction within 30 days of card issuance; new primary cardholders with updated KYC; cannot be combined with other welcome offers
The offer T&C pins the window: 9 Oct 2025 – 31 Dec 2026. ₹20,000 is 20,000 points at our ₹1 house value, which needs the 1:1 transfers to Avios/KrisFlyer/Maharaja; redeemed on the HSBC portal these points collapse to ~cashback rates. The memberships ride on top and resist an honest ₹ number.
Our take — A membership welcome that finally got a number: Taj Epicure and EazyDiner Prime on activation, now layered with a dated 20,000-point introductory offer (9 Oct 2025 – 31 Dec 2026) worth ₹20,000 at the ₹1 anchor. The still-undated ₹12,000 Taj gift-card sweetener drifts in and out on top. A membership bundle resists honest arithmetic — judge the conditions, not a fake valuation.
HDFC Bank · Marriott Bonvoy
Steady 1 Free Night Award, up to 15,000 Bonvoy points — joining and every renewal ₹8,250
On ₹500 spend within 90 days or joining-fee levy (₹3,000); the award expires after 12 months
Unchanged since India's first hotel co-brand launched on 24 Aug 2023. ₹8,250 is 15,000 points at our ₹0.55 house value — what a 15k-point night actually books keeps shrinking as Bonvoy reprices upward.
Our take — The number has never moved — one Free Night Award up to 15,000 points since day one, on joining and every renewal. Marriott's dynamic pricing does the devaluing instead, one repriced property at a time. The number has never moved. Read the conditions — that is where issuers hide the knife.
HDFC Bank · HDFC Reward Points
Steady ₹2,500 gift voucher (+ MMT Black & tier memberships on ₹1L spend in 90 days) ₹2,500
On realisation of the ₹2,500 joining fee; the membership side-car needs ₹1L spend within 90 days
The voucher construct is unchanged since the 23-Mar-2023 launch. The spend-gated memberships riding on top were quietly reshuffled after the Vistara merger killed Club Vistara Silver — undated swaps don't get eras.
Our take — The ₹2,500 voucher has matched the ₹2,500 fee since day one — a self-refunding welcome. The side-car memberships did the moving: Club Vistara Silver died with the airline, and HDFC never dated the reshuffle. The number has never moved. Read the conditions — that is where issuers hide the knife.
IDFC FIRST Bank · IDFC FIRST Reward Points
Peak offer 12,000 reward points — 4,000 on fee payment + 4,000 each on ₹20k in statement cycles 2 and 3 ₹6,000
Joining-fee payment (the fee-payment tranche is once per customer) plus ₹20,000 spends in the 2nd and 3rd cycles
Effective 1 Sep 2025. ₹6,000 assumes the ₹0.50 app-travel redemption; cash the points as statement credit and it's ₹3,000.
Additional 10,000 reward points (launch-window promo) ₹5,000
Apply by 30 Sep 2024 — stacked on the ₹4,000 cashback
₹5,000 at the ₹0.50 house value, which needs app travel bookings — cashed as statement credit these points paid ₹2,500. Paisabazaar records the window running on to 30 Nov 2024; the start was never published.
₹4,000 cashback — ₹1,000 each on 4 transactions of ₹1,000+ ₹4,000
Transactions within 60 days of card generation, on payment of the ₹5,999 joining fee
The construct at the August-2024 launch — effectively a fee refund for four deliberate swipes.
Our take — Three welcomes in two years: launched with ₹4,000 cashback plus a 10,000-point sweetener, now 12,000 points you earn in instalments. The chip says peak; in practice the launch stack was easier money — four swipes, no ₹20k gates. The richest this welcome has ever been. If you want the card, this is the era.
IndusInd Bank · IndusInd Reward Points
Steady None — lifetime free, no joining bonus ₹0
Nothing to trigger — no joining fee, no first-spend bonus, no voucher
Verified absence, not missing research: coverage from launch through 2026 lists no welcome construct at all — the lounge access and 1.5% forex are the standing offer.
Our take — The straightest line on this page: zero, forever. Tiger has never paid a joining bonus — lifetime free WAS the pitch — and the June-2026 Maharaja Club transfers arrived as an earn-side buff, not a sign-up gift. The number has never moved. Read the conditions — that is where issuers hide the knife.
IDFC FIRST Bank · IDFC FIRST Reward Points
Peak offer 7,500 reward points — 2,500 on fee payment + 2,500 each on ₹20k in statement cycles 2 and 3 ₹3,750
Joining-fee payment plus ₹20,000 spends in the 2nd and 3rd statement cycles (once per customer); cards generated on or after 1 Sep 2025
Same 1-Sep-2025 switch date as Mayura's, same instalment logic. ₹3,750 at the ₹0.50 house value; at Ashva's ₹0.40 app-travel ceiling it's ₹3,000 — CardInsider's own arithmetic.
Additional 5,000 reward points (launch-window promo) ₹2,500
Apply by 30 Sep 2024 — stacked on the ₹2,000 cashback
₹2,500 at the ₹0.50 house value — but Ashva redeems the same points at a ₹0.40 app-travel ceiling (₹2,000), and ₹1,250 as statement credit. The window's start was never published.
₹2,000 cashback — ₹500 each on 4 transactions of ₹500+ ₹2,000
Transactions within 60 days of card generation, on payment of the ₹2,999 joining fee
The construct at the August-2024 launch — Mayura's fee-refund trick at half scale, ₹500 swipes instead of ₹1,000.
Our take — Mayura's welcome history at half price: a self-refunding ₹2,000 cashback plus a 5,000-point launch sweetener, swapped on 1 Sep 2025 for 7,500 instalment points. The chip reads peak; at Ashva's ₹0.40 ceiling the new welcome is ₹3,000 you spend ₹40,000 to finish collecting. The richest this welcome has ever been. If you want the card, this is the era.
HSBC · HSBC Reward Points
Below peak ₹1,000 cashback + ₹3,000 Postcard Hotel voucher + 3-month EazyDiner Prime ₹4,000
₹25,000 spend within 30 days of card opening; online applications with video KYC
The gutted construct: 2.5x the spend for the same perks, 3,000-point milestone scrapped. Existing holders untouched.
Additional ₹3,999 cashback (application-window promo) ₹3,999
Apply by 31 Dec 2025 and spend ₹25,000 within the first 30 days — stacked on the standard pack
A time-boxed acquisition sweetener on top of the launch pack; the window's start date wasn't published.
₹1,000 cashback + ₹3,000 Postcard Hotel voucher + 3-month EazyDiner Prime, plus 3,000 bonus points ₹7,000
Perks on ₹10,000 spend within 30 days (app download required); the 3,000 points on ₹1L within 90 days
The launch-window construct that made TravelOne the cheapest serious miles card to acquire.
Our take — A launch offer built to buy market share, then walked back in stages: the ₹3,999 cashback sweetener died on schedule, and from 1 Jul 2026 the spend gate is 2.5x with the 3,000-point milestone gone. Classic land-and-nerf. Worse than the best era on record — you are joining after the haircut.
Standard Chartered · StanC 360° Reward Points
All-time low 6,000 reward points (₹6,000) ₹6,000
On payment of the ₹5,000 joining fee, with a ₹100+ transaction within 30 days
The current construct: at the fixed ₹1 a point it covers the fee and its GST, and not a rupee more. Renewal pays a leaner 5,000.
Up to ₹10,000 cashback on the first MakeMyTrip transaction ₹10,000
First MMT transaction of ₹10,000+ (flights/hotels) within 90 days of card issuance
The launch-era construct from CardExpert's old review — the card arrived in 2018. StanC never announced the cut; we only know the era ended because the points construct replaced it.
Our take — From up to ₹10,000 of MakeMyTrip cashback to 6,000 points that exactly cover the fee — StanC swapped a genuinely rich welcome for tidy break-even arithmetic and never announced the switch. The worst this welcome has ever been. Apply for the card, not the bonus.
American Express · Amex Membership Rewards
All-time low 10,000 Membership Rewards points ₹5,000
₹15,000 spend within the first 90 days of cardmembership
The long-running standard construct, unchanged on Amex's own page.
10,000 MR + 4,000 bonus MR via application-link channel (limited period) ₹7,000
₹15,000 spend within 90 days; bonus tied to applying through a partner link
A stacking channel offer on top of the standard 10,000 — the documented end of the last window was 27 Feb 2025.
Our take — The steadiest welcome in the market — 10,000 MR has been the number for years. The action is in the channel: application-link boosts (last seen +4,000 MR till Feb 2025) come and go, so time your application to one. The worst this welcome has ever been. Apply for the card, not the bonus.
Axis Bank · Axis EDGE Reward Points
All-time low 15,000 EDGE Reward Points ₹6,000
On card activation — first transaction within 30 days; not for first-year-free or LTF cards
The current construct, in force through 2025–26 documentation.
50,000 EDGE Reward Points ₹20,000
On payment of the ₹50,000 joining fee
The long-running construct, attested in CardExpert's review era; a matching 50,000-point RENEWAL benefit was formally killed on 20 Apr 2024. The welcome cut itself was never announced — Axis just edited the page, so the era's end date is unverifiable.
Our take — From 50,000 points to 15,000 with no announcement, ever — a 70% welcome cut Axis never put in writing. The ₹50,000 fee didn't move an inch. The worst this welcome has ever been. Apply for the card, not the bonus.
ICICI Bank · ICICI Reward Points
Peak offer ₹12,000 Lohono Stays or ₹10,000 EaseMyTrip voucher + ₹3,000 Toni&Guy + ₹1,000 Interflora + Zomato Gold + visa services ₹16,000
On joining and fee payment; the Lohono/EaseMyTrip voucher is one-or-the-other
₹16,000 counts the face-value vouchers, taking the ₹12,000 Lohono pick. The 'worth ₹10,000' visa services (a Times Black Visa Wallet of 10,000 points for OneVasco/Atlys fee waivers) and the memberships resist honest pricing and ride on top of the figure. This construct is codified in the additional T&C v3 dated 02-May-2025 — the launch basket rotated out within the card's first five months.
One-night luxury resort stay (listed at ₹20,000) + ₹10,000 e-commerce gift card ₹10,000
On joining and payment of the ₹20,000 fee (invite-led)
The 18-Dec-2024 launch construct. Only the gift card gets a ₹ number — the '₹20,000 stay' is ICICI's own valuation and we don't price marketing. ICICI never announced when this basket rotated out.
Our take — Launched with a ₹20,000 resort night; a year on the stay is gone and a pick-one voucher leads. ICICI reshuffles this welcome like a lifestyle catalogue — because that's what the card is. The richest this welcome has ever been. If you want the card, this is the era.
YES Bank · YES Rewardz (YES CC Rewardz)
Steady 40,000 YES Rewardz points (+ ET Prime subscription sweetener) ₹10,000
On payment of the ₹9,999 joining fee; 20,000 further points on every paid renewal
The construct since the card's 2023 debut — YES has never announced a change. Community chatter recalls richer figures floating around at launch, but nothing dated attests them, so one honest era. ₹10,000 needs the ₹0.25 portal-travel redemption; as statement credit it's ₹4,000.
Our take — 40,000 points against a ₹9,999 fee has been the sticker since the 2023 debut — a ₹10,000 welcome that exactly out-runs the fee, on paper. YES never touched the number; it touched everything around it: redemption fees, booking fees, portal caps. The welcome is steady, the exit keeps shrinking. The number has never moved. Read the conditions — that is where issuers hide the knife.
HDFC Bank · HDFC Reward Points
No ₹ number Swiggy One + Times Prime annual memberships
₹75,000 spend within 90 days of card issuance, on joining-fee payment (₹1,000)
The current construct. Memberships resist an honest ₹ number and ride on top; the bundle's composition has been reshuffled undated over the card's life, so one honest era.
Our take — Never a points welcome — Diners Privilege greets you with memberships (Swiggy One, Times Prime) gated behind ₹75,000 of spend. Useful if you'd buy them anyway; a shrug if not. A membership bundle resists honest arithmetic — judge the conditions, not a fake valuation.
American Express · Amex Membership Rewards
Peak offer Vouchers up to ₹60,000 — Taj Hotels, Luxe Gift Card or The Postcard Hotels ₹60,000
₹50,000 spend within the first 2 months of cardmembership, on fee payment (₹66,000 since 8 Oct 2024)
The current official construct — ₹60,000 is the catalogue's face value ceiling. Targeted upgrade offers of 115K–150K MR floated 2022–25 for existing Amex holders.
100,000 Membership Rewards points — or ₹60,000 of Taj/Luxe vouchers, cardmember's pick ₹50,000
On payment of the annual fee, then ₹60,000
The long-running standard construct attested in CardExpert's review era. Amex removed the public points option without announcing a date, so the era's end is unverifiable — the 100K swap survives only as a customer-care ask.
Our take — Amex pulled the 100K-MR option off the public page without ever announcing it, leaving a voucher catalogue. Our arithmetic calls the voucher era the richer one — ₹60,000 face beats 100K MR at ₹0.50 — but vouchers can't fly you anywhere, and the fee rose ₹6,000 the same year. The richest this welcome has ever been. If you want the card, this is the era.
American Express · Amex Membership Rewards
Steady 4,000 Membership Rewards points ₹2,000
₹15,000 spend within 90 days of card activation, on fee payment
Current official construct — the spend gate quietly tripled versus the 2020 era.
4,000 MR (+4,000 more via referral, limited period) ₹2,000
₹5,000 spend within 90 days; joining fee ₹1,000
The 2020-era construct. Amex never announced the gate hike, so the era's end date is unverifiable.
Our take — The headline never moved — 4,000 MR then, 4,000 MR now. The gate did: ₹5,000 of spend in 2020, ₹15,000 today. Same prize, three times the hoop. The number has never moved. Read the conditions — that is where issuers hide the knife.
Axis Bank · Lufthansa Miles & More
Steady 15,000 award miles ₹15,000
On the first transaction with the card
The Select's headline hook — 15,000 Miles & More award miles on one transaction, versus 5,000 on the plain World.
Our take — Three times the World card's welcome — 15,000 award miles on the first swipe, ₹15,000 at the ₹1/mile anchor, more than covering the ₹10,000 joining fee. The number has never moved. Read the conditions — that is where issuers hide the knife.
Federal Bank · Scapia Coins
Steady None — lifetime free with no joining bonus ₹0
Nothing to trigger — ₹0 joining fee; a virtual card activates instantly, and that is the whole hello
Verified absence since the June-2023 launch — Scapia's own launch PR pitched zero forex, lounge access and coins-on-spend, never a sign-up bonus. The Feb-2026 changes hit the lounge gate and earn categories; the welcome stayed what it always was: nothing.
Our take — No welcome, ever, by design — Scapia sells 0% forex and lounge access as the standing offer and has never paid you to walk in. Even the Feb-2026 nerf round found no welcome to cut. The number has never moved. Read the conditions — that is where issuers hide the knife.
American Express · Amex Membership Rewards
Steady 11,000 bonus Membership Rewards points ₹5,500
₹30,000 spend within the first 90 days of cardmembership, on fee payment
₹5,500 is 11,000 MR at our ₹0.50 house value — worth chasing the milestone vouchers and lounges over, not the points. A long-running construct Amex has never dated; referral applications periodically stack more.
Our take — A steady 11,000-MR welcome that reads richer than it spends — ₹5,500 at our house value, buried under a ₹10,000 fee. Amex tunes the gate and the referral channel, never the headline number. The number has never moved. Read the conditions — that is where issuers hide the knife.
IndusInd Bank · Avios (BA / Qatar / Finnair)
All-time low 20,000 bonus Avios ₹20,000
Joining benefit credited to the chosen BA Executive Club or Qatar Privilege Club track
The 20,000-Avios standard resumed once the January window closed — the live construct today.
40,000 Avios signup offer (Qatar track only) ₹40,000
₹5,000 spend within 30 days of card setup; Qatar Privilege Club variant only
Advertised through 31 Jan 2026 but paused around 8 Jan citing system issues, with credits promised for 15 Apr 2026. The 20,000-Avios standard resumed once the window closed.
20,000 bonus Avios ₹20,000
Joining benefit credited to the chosen BA Executive Club or Qatar Privilege Club track
The standing construct — same 20,000 Avios on either the Qatar or BA track. At ₹1/Avios it doubles the ₹10,000 joining fee up front.
Our take — A flat, generous joining hook: 20,000 Avios worth ₹20,000 at our anchor, double the ₹10,000 you pay to walk in. January 2026 briefly doubled it to 40,000 on the Qatar track — then IndusInd yanked the offer mid-month. The worst this welcome has ever been. Apply for the card, not the bonus.
HDFC Bank · Tata NeuCoins
Steady 1,499 NeuCoins ₹1,499
On payment of the ₹1,499 joining fee
The standard construct since the Aug-2022 co-brand launch — NeuCoins equal to the fee, a self-refund at ₹1 a coin. The exact first-sale day was never pinned, hence no start date.
Our take — A welcome that just refunds the fee — 1,499 NeuCoins against the ₹1,499 joining fee, at a flat ₹1 a coin. HDFC has never dressed this up; the value is the ecosystem, not the hello. The number has never moved. Read the conditions — that is where issuers hide the knife.
Axis Bank · Axis EDGE Miles
Steady 5,000 EDGE Miles ₹5,000
Cumulative net spends of ₹1,000+ within 30 days of card issuance; paid cards only, not lifetime-free variants
Applications went live 21 Aug 2025 — the Citi PremierMiles landing pad. Priced at ₹1 per mile because Horizon converts partners at 1:1; the house ₹2 EDGE-Mile value assumes Atlas's 1:2 ratio, which Horizon never gets.
Our take — One era, one number — 5,000 EDGE Miles since applications opened in Aug 2025. The catch is the exit ratio: at Horizon's 1:1 transfers those miles are worth ₹5,000, half what the same welcome pays on an Atlas. The number has never moved. Read the conditions — that is where issuers hide the knife.
IDFC FIRST Bank · IDFC FIRST Reward Points
Steady 50,000 reward points + Club ITC Culinaire (Select) hotel membership ₹25,000
On payment of the ₹50,000 + GST joining fee; invite-only. Renewal pays 25,000 points
₹25,000 is 50,000 points at our ₹0.50 house value. Private redeems them at ₹1 on the FIRST Travel & Shop portal (₹50,000) or ₹0.25 as cash (₹12,500); the Club ITC membership rides on top and isn't priced here. Construct dated to cards issued on/after 1 Jun 2025.
Our take — The only super-premium welcome IDFC lets almost no one collect: 50,000 points plus a Club ITC membership, refreshed on the 1-Jun-2025 relaunch and paid again as 25,000 points every renewal. Rich on paper, invitation-locked in practice. The number has never moved. Read the conditions — that is where issuers hide the knife.
SBI Card · SBI Travel Credits
Steady 3,000 Travel Credits ₹3,000
₹60,000 spend within 60 days of card issuance; credits land within 15 days of crossing the gate
Unchanged since the MILES range launched in April 2024 — the exact first-sale day was never pinned, hence no start date. ₹3,000 is 3,000 credits at our ₹1 house value.
Our take — One era, one number — 3,000 Travel Credits on ₹60,000 since the April-2024 launch. It scales the ELITE construct down cleanly: a third the fee, a bit over half the welcome credits, and SBI hasn't touched the dial yet. The number has never moved. Read the conditions — that is where issuers hide the knife.
BOBCARD (Bank of Baroda) · BOBCARD Reward Points
Steady 10,000 bonus points (₹2,500) on ₹50,000 spend in 60 days ₹2,500
₹50,000 spend within 60 days of issuance; fee ₹2,499 + GST, or nil inside a lifetime-free window
The standard construct since launch — 10,000 points at ₹0.25 statement credit, confirmed in the official rewards T&C. A separate 20,000-point milestone at ₹5L rides on top. BOBCARD keeps rolling the lifetime-free window forward (31 Dec 2025 → 31 Mar → 30 Apr → 30 Jun → 31 Jul 2026), which matters more than the points.
Our take — The welcome barely matters next to the door charge: a steady 10,000-point sign-up that refunds most of the fee — except BOBCARD keeps waiving the fee entirely in rolling lifetime-free windows, so the real 'welcome' is not paying ₹2,499 at all. The number has never moved. Read the conditions — that is where issuers hide the knife.
Axis Bank · Lufthansa Miles & More
Steady 5,000 award miles ₹5,000
On the first transaction with the card
The standing welcome on the World variant — one transaction unlocks 5,000 Miles & More award miles.
Our take — A modest, unchanged on-ramp: 5,000 award miles on your first swipe, ₹5,000 at the ₹1/mile anchor — enough to cover the joining fee, not much more. The number has never moved. Read the conditions — that is where issuers hide the knife.
Axis Bank · Axis EDGE Reward Points
Steady 10,000 EDGE Reward Points ₹2,000
First transaction within 30 days of card issuance; joining fee ₹3,000 + GST
₹2,000 at SELECT's ~₹0.20 portal redemption (not the ₹0.40 the premium Axis cards reach via transfers). The twelve international Priority Pass lounges are the real acquisition draw, not the points.
Our take — One number, quietly halved by the exit: 10,000 EDGE points that Axis and every aggregator call ₹4,000, but which SELECT redeems at ₹0.20 on the portal — so the honest welcome is ₹2,000, exactly the kind of gap this desk exists to flag. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · Adani Reward Points
Steady ₹5,000 Adani One flight voucher + ₹2,000 Adani One hotel voucher ₹7,000
Flight voucher on ₹25,000 spend within 60 days of activation; on payment of the ₹5,000 joining fee
₹7,000 is the vouchers' face value, redeemable only inside the Adani One app. The first-sale day was never pinned, so one honest era.
Our take — A first-year voucher pair, not a points bonus — ₹5,000 for flights, ₹2,000 for hotels, both spendable inside the Adani One app. Face value ₹7,000; utility depends entirely on whether you fly through Adani's airports. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · Emirates Skywards
Steady 10,000 Skywards Miles + Emirates Skywards Silver tier ₹9,000
On payment of the ₹10,000 joining fee; the miles and Silver tier recur on every renewal (Gold from year two at ₹15L spend, of which ₹50k on Emirates bookings)
₹9,000 is 10,000 Skywards Miles at our ₹0.90 house value; the Silver/Gold tier rides on top and resists an honest ₹ number. One honest era — ICICI has not dated a change since the co-brand launched.
Our take — The steadiest thing about this card: 10,000 Skywards Miles plus Emirates Silver on joining, and the miles recur on every renewal — ₹9,000 that nearly refunds the ₹10,000 fee. Emirates does the devaluing instead, one surcharged award at a time. The number has never moved. Read the conditions — that is where issuers hide the knife.
YES Bank · YES Rewardz (YES CC Rewardz)
Steady None published — no first-spend sign-up bonus ₹0
Nothing to trigger on joining; an 8,000-point benefit attaches to paid renewals, and the ₹2,499 joining fee itself waives on ₹40,000 spend in 30 days (official MITC)
Verified absence, not missing research — coverage lists the lounge stack and reward rates as the pitch, with no joining bonus. YES tweaks quietly; confirm the live offer when you apply.
Our take — Nothing to trigger — RESERV has never paid a sign-up bonus. YES sells the twelve domestic and six international lounges as the standing offer and lets an 8,000-point renewal benefit (₹2,000 at the portal rate) do the only welcome-shaped work. The number has never moved. Read the conditions — that is where issuers hide the knife.
SBI Card · SBI Travel Credits
Steady 5,000 Travel Credits ₹5,000
₹1,00,000 spend within 60 days of card issuance; credits land within 15 days of crossing the gate
Unchanged since the MILES range launched in April 2024 — the exact first-sale day was never pinned, hence no start date.
Our take — Too young to have a history — 5,000 Travel Credits on ₹1 lakh has been the construct since the April-2024 launch. SBI hasn't touched the dial yet; on this issuer's record, enjoy that while it lasts. The number has never moved. Read the conditions — that is where issuers hide the knife.
RBL Bank · RBL Reward Points
Steady 20,000 bonus reward points ₹5,000
First transaction within 30 days of issuance and payment of the ₹5,000 joining fee
₹5,000 is 20,000 points at RBL's ₹0.25 — exactly the joining fee, and RBL's own '₹5,000' valuation confirms the ₹0.25 point. The first-sale day was never pinned; verify the live offer at application, as RBL tweaks quietly.
Our take — 20,000 points that exactly refund the ₹5,000 fee — a first-year wash paid in ₹0.25 closed-loop points. RBL has never dated a change, so one honest era on a card whose real welcome is the 20X weekend-and-abroad bands, not the sign-up. The number has never moved. Read the conditions — that is where issuers hide the knife.
RBL Bank · RBL Reward Points
Steady ₹3,000 MakeMyTrip voucher ₹3,000
One transaction within 30 days of issuance and the membership fee paid in the first billing cycle; voucher emailed within 60 days, valid 120 days
The construct attested on RBL's own page and terms; the bank has never announced a change since the card's 2019-era zero-forex debut, so one honest era. Verify the live offer at application — RBL tweaks quietly.
Our take — A ₹3,000 MakeMyTrip voucher against a ₹3,000 fee — the welcome has always been a first-year refund in disguise, and RBL has never dated a change to it. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · Emirates Skywards
Steady 5,000 Skywards Miles + Emirates Skywards Silver tier ₹4,500
On payment of the ₹5,000 joining fee; 5,000 more on every renewal. Silver retained by spending ₹5L a year
₹4,500 is 5,000 Skywards Miles at our ₹0.90 house value; Silver tier rides on top. One honest era — no dated change since launch.
Our take — A smaller echo of the Emeralde: 5,000 Skywards Miles and Silver on joining, 5,000 more on renewal. The number has never moved; the Silver tier now costs ₹5L a year to keep, which is the quiet nerf. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · MakeMyTrip myCash
Steady ₹1,000 MakeMyTrip voucher + complimentary MMTBLACK Gold membership (1 year); ₹1,000 voucher on every renewal ₹1,000
On joining and fee payment (₹999); the joining voucher is valid 1 year, the renewal voucher 3 months
₹1,000 is the joining voucher's face value. MMTBLACK Gold is a membership tier — discounts and support perks that resist an honest ₹ number — and rides on top, as does the recurring ₹1,000 renewal voucher from year two.
Our take — A ₹1,000 MakeMyTrip voucher plus MMTBLACK Gold on joining, and ₹1,000 more on every renewal. The real hello is still the 0.99% forex and 6% hotel myCash — the sign-up bonus was never the point. The number has never moved. Read the conditions — that is where issuers hide the knife.
Kotak Mahindra Bank · Kotak White Pass
No ₹ number Complimentary Club Marriott membership
On card activation / joining-fee payment (₹12,500)
The standing welcome since launch — Club Marriott (dining and stay discounts) rather than a points or voucher bonus. Membership value resists an honest number; the White Pass spend milestones carry the earning.
Our take — No sign-up cash, no bonus points — the White Reserve says hello with a Club Marriott membership and leaves the earning to the spend milestones. A benefits welcome for a benefits card. A membership bundle resists honest arithmetic — judge the conditions, not a fake valuation.
AU Small Finance Bank · AU Reward Points
Steady 8,000 Reward Points ₹2,000
On card activation and first transaction (coverage cites 30 days of issuance); joining fee ₹2,000
The only construct the card has ever had — Ananta topped AU's four-card portfolio launch announced 6 May 2026, and the first-sale day was never pinned. ₹2,000 exactly offsets the joining fee, before the catalogue's ₹99-per-redemption fee starts clawing.
Our take — One era, one number — 8,000 points on activation since the May-2026 launch, worth ₹2,000 at AU's ₹0.25 catalogue value. A welcome that refunds the fee and not a rupee more, paid in a currency with a ₹99 toll on every exit. The number has never moved. Read the conditions — that is where issuers hide the knife.
IndusInd Bank · IndusInd Reward Points
No ₹ number None — no sign-up bonus
₹5,000 one-time joining fee, no annual renewal fee (frequently issued lifetime-free)
Legend has never carried a welcome bonus; its value was the now-discontinued complimentary lounge access. A 3,000-point spend milestone at ₹5L is the only first-year sweetener, and it's an earn milestone, not a welcome.
Our take — Never a sign-up card: Legend's whole draw was complimentary lounge access, not a welcome bonus — and that draw was discontinued on 7 March 2025. A membership bundle resists honest arithmetic — judge the conditions, not a fake valuation.
AU Small Finance Bank · AU Reward Points
Steady ₹1,000 voucher on first POS spend + 10,000 reward points on ₹1L in 60 days ₹3,500
₹1,000 voucher on the first POS transaction; the 10,000 points need ₹1L retail spend within 60 days of card setup
₹3,500 = the ₹1,000 voucher face + 10,000 points at AU's ₹0.25 catalogue value (₹2,500). AU markets the points at ₹1; we don't. The first-sale day was never pinned, so one honest era.
Our take — A two-part welcome that reads bigger than it banks: ₹1,000 up front and 10,000 points on ₹1 lakh of spend — ₹3,500 all-in at the honest ₹0.25, against a ₹7,999 fee that no welcome here comes close to covering. The number has never moved. Read the conditions — that is where issuers hide the knife.
American Express · Amex Membership Rewards
Steady 4,000 Membership Rewards points ₹2,000
₹10,000 spend within 90 days of cardmembership, on payment of the ₹1,000 first-year fee (₹4,500 from year two)
A long-running construct whose gate tweaks Amex has never dated — so one honest era. Referral applications stack a further 4,000 MR on ₹5,000 spend; the channel matters more than the calendar.
Our take — One headline forever: 4,000 MR. Amex tunes the gates and the channel — referral links stack another 4,000 — but the first-year ₹1,000 fee keeps this the cheapest ticket into the MR ecosystem. The number has never moved. Read the conditions — that is where issuers hide the knife.
Kotak Mahindra Bank · Kotak Reward Points
Steady None — no joining bonus ₹0
Nothing to trigger; free for Privy League / Black relationships, ₹2,500 otherwise
Verified absence — coverage lists no welcome construct. The card is now closed to new applicants (existing holders only); the standing value is the lounge access and Priority Pass, not a sign-up gift.
Our take — Nothing to unwrap — the Privy League Signature pays no joining bonus. It's a relationship card: the lounges and Priority Pass are the standing offer, not a one-time hello. The number has never moved. Read the conditions — that is where issuers hide the knife.
IDFC FIRST Bank · IDFC FIRST Reward Points
Steady ₹500 voucher (Uber / Amazon / BigBasket) + 5% cashback up to ₹1,000 on the first EMI transaction ₹500
₹5,000 spend within 30 days of card setup; the EMI cashback needs a first EMI txn
₹500 counts the voucher face; the 5% EMI cashback (max ₹1,000) rides on top only if you convert a purchase to EMI. On a lifetime-free card the welcome was never the point — the never-expiring points and 1.5% forex are.
Our take — A welcome that has never mattered — Wealth sells itself on being free for life and 1.5% abroad, so the sign-up has always been a token voucher, not a bribe. The only real "gift" is the never-expiring points on everything after. The number has never moved. Read the conditions — that is where issuers hide the knife.
SBI Card · SBI Travel Credits
Steady 1,500 Travel Credits ₹1,500
₹30,000 spend within 60 days of card issuance; credits land within 15 days of crossing the gate
Unchanged since the MILES range launched in April 2024. ₹1,500 is 1,500 credits at our ₹1 house value — precisely the joining fee back.
Our take — The smallest welcome of the MILES range and the steadiest — 1,500 Travel Credits on ₹30,000 since launch, a self-refunding offer that exactly covers the ₹1,499 fee and not a credit more. The number has never moved. Read the conditions — that is where issuers hide the knife.
SBI Card · IRCTC SBI Reward Points
Steady 1,500 Reward Points ₹1,500
On payment of the ₹1,499 first annual fee
₹1,500 assumes the 1 RP = ₹1 IRCTC train-ticket redemption — the only way these points carry value. Cashed any other way they are worth nothing. A long-running construct SBI has never dated; the official T&C words it as "1500 Reward Points on payment of first annual fee".
Our take — A welcome you can only spend on the rails: 1,500 Reward Points on fee payment, worth ₹1,500 against a train ticket and ₹0 anywhere else. It refunds the ₹1,499 fee if — and only if — you book AC-class travel on irctc.co.in. The number has never moved. Read the conditions — that is where issuers hide the knife.
IndusInd Bank · IndusInd Reward Points
Steady Up to ₹15,000 Gyftr e-voucher ₹15,000
On the standard ₹15,000-joining variant; Grandé/Legacy customers join at ₹5,000 (levied only if ₹50k spend isn't met in 90 days)
The welcome voucher matches the standard joining fee, so year-1 entry nets near zero; there is no recurring annual fee. The Grandé ₹5,000 variant is the cheaper way in.
Our take — A voucher that used to fully offset the fee — ₹15,000 in Gyftr e-vouchers against a ₹15,000 joining charge. Grandé customers join for ₹5,000, a cleaner deal. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · ICICI Reward Points
Steady ₹13,500 of brand vouchers — Da Milano ₹5,000, EaseMyTrip ₹4,000, Tata CLiQ ₹3,000, Croma ₹1,500 (+3-month EazyDiner Prime) ₹13,500
On payment of the ₹6,500 joining fee; vouchers land within 45 days. Renewal ₹3,500, waived at ₹6L annual spend
The basket's composition has been reshuffled over the years — older holders report Uber and Zomato Pro in the mix — with no dated announcements, so one honest era rather than invented ones.
Our take — ₹13,500 of brand vouchers against a ₹6,500 joining fee — the welcome IS the first-year case for Sapphiro. ICICI reshuffles the basket's brands without ever dating the swaps, so the trajectory is a shrug, not a chart. The number has never moved. Read the conditions — that is where issuers hide the knife.
ICICI Bank · ICICI Reward Points
Steady ₹18,000 of brand vouchers — Elivaas ₹10,000, EaseMyTrip ₹2,000 flights + ₹3,000 holidays, TataCliQ ₹2,000, Croma ₹1,000 (+ 3-month EazyDiner Prime) ₹18,000
On payment of the ₹3,000 joining fee; vouchers land by e-mail within 45 days. Renewal ₹2,000, waived at ₹3L annual spend
₹18,000 sums the itemised face values behind ICICI's own 'worth over ₹15,000' headline. The ₹10,000 Elivaas voucher redeems only against Elivaas villa stays and the ₹3,000 EaseMyTrip voucher only against holiday packages — face value, not cash. One honest era — the basket has been reshuffled (older mix was ₹5,000 across TataCliQ/EaseMyTrip/Croma) without dated notices.
Our take — An ₹18,000-face voucher basket against a ₹3,000 joining fee — a ₹10,000 Elivaas villa voucher now anchors it. ICICI reshuffles the brands without dating the swaps, so the trajectory is one honest shrug. The number has never moved. Read the conditions — that is where issuers hide the knife.
AU Small Finance Bank · AU Reward Points
Steady None — the first-year fee is waived on ₹40,000 of spend, in place of a sign-up bonus ₹0
Nothing to trigger a bonus; first-year ₹2,999 fee waived at ₹40k spend within 90 days
Verified absence, not missing research — AU's Vetta launch and every aggregator list a fee-waiver hook, never a welcome bonus. The renewal fee waives again at ₹1.5L of annual spend.
Our take — No welcome, by design — Vetta's hello is a waived first-year fee, not a bonus. Spend ₹40,000 in 90 days and the ₹2,999 disappears; that's the entire offer. The number has never moved. Read the conditions — that is where issuers hide the knife.
Standard Chartered · Standard Chartered Rewards (EaseMyTrip)
Steady None published — EaseMyTrip booking discounts stand in for a sign-up bonus ₹0
Nothing to trigger; the ₹350 fee reverses at ₹50,000 annual spend
The card's value is the EaseMyTrip discount stack (up to 20% off hotels, 10% off flights, capped) and two domestic lounge visits, not a joining bonus. Application-window coupons come and go — verify at signup.
Our take — No sign-up points, by design — the welcome is a booking-discount coupon book. Standard Chartered sells the EaseMyTrip hotel and flight discounts as the reason to hold it, and never pays you to walk in. The number has never moved. Read the conditions — that is where issuers hide the knife.
OneCard (issued via partner banks) · OneCard Reward Points
Steady None — lifetime free with no joining bonus ₹0
Nothing to trigger — no joining fee, no first-spend bonus, no voucher
Verified absence — OneCard's pitch is the 1% forex, the Visa Signature metal card and instant app cashback, never a sign-up gift. Issued via partner banks, so any occasional issuer-run offer is the exception, not the construct.
Our take — The flattest line on the page after Tiger: zero, forever. OneCard Metal is lifetime free and has never paid a joining bonus — the 1% forex and the metal slab are the whole hello. The number has never moved. Read the conditions — that is where issuers hide the knife.
Federal Bank · Federal Bank Reward Points
Steady ₹600 Amazon Pay gift voucher ₹600
₹10,000 spend within 30 days of card issuance; card is lifetime free
The construct attested in Celesta's coverage — a ₹600 Amazon Pay voucher for ₹10,000 of early spend. On a lifetime-free card it is pure upside; the two free international lounge visits a year are the real reason to hold it.
Our take — A single modest voucher that exactly refunds a fee the card doesn't charge: ₹600 of Amazon Pay against a ₹0 lifetime-free card. Small, steady, and the closest thing a free card has to a welcome. The number has never moved. Read the conditions — that is where issuers hide the knife.
AU Small Finance Bank · AU Reward Points
Steady Luxury gift vouchers or reward points worth ₹5,000 ₹5,000
On card activation and first transaction; joining fee ₹4,999
₹5,000 is the voucher face value AU quotes; taken as reward points it's 20,000 RP at the catalogue's ₹0.25, the same ₹5,000. Either way it offsets the fee and no more. AU never pinned the first-sale day, so one honest era.
Our take — One number since launch — ₹5,000 of vouchers or points that exactly refunds the ₹4,999 fee. A self-cancelling welcome on a card you buy for lounges and 0.99% forex, not for the hello. The number has never moved. Read the conditions — that is where issuers hide the knife.