HDFC Bank has capped accelerated rewards on brand voucher purchases through SmartBuy at 3,000 points a month from 1 July 2026, which cuts the voucher route by about 80% on cards such as the Infinia. Many cardholders who used these vouchers regularly are now checking their statements and this is one of the clearest examples of credit card devaluation in India in 2026.
Devaluation means a cut in the returns of what you spend or what each point can buy. On the HDFC Regalia Gold, the earn rate changed from 4 points per Rs 150 to 5 points per Rs 200 starting 15 May 2026, which is about 6% lower accrual, says CardMasters.
Point value matters just as much as the earning rate. PointsMax estimates that SBI Card points are worth about Rs 0.25 each when redeemed as e‑vouchers, though this is a third‑party estimate and not an issuer figure.
Where issuers trimmed rewards in 2026
Caps were the most common change. From 1 April 2026, SBI Card's SimplyCLICK statement credit redemptions have to be made in fixed blocks of 4,000 points. In April, the per statement cashback limit on the SBI Cashback Card was lowered from Rs 5,000 to Rs 4,000. IDFC FIRST Club Vistara cardholders earn Maharaja Points only up to their credit limit in each billing cycle, from 18 June 2026.
Jupiter Edge+ has cut the redemption value of Jewels from Rs 0.20 to Rs 0.14 effective 1 June and has also withdrawn MakeMyTrip and Yatra from its accelerated earning plan.
Amex Platinum Travel replaced its 22,500 bonus points on the Rs 7 lakh milestone with a Taj e-gift card from 10 September. Amex India closed its Reward Multiplier portal on 30 September.
The Federal Bank and Fi card programme ended on 18 February and Paytm SBI Card stopped points on education payments from 9 March.
An earlier precedent is Axis Magnus, where 50,000 points fell from 40,000 miles to 20,000 miles after the transfer ratio was changed in September 2023.
Not every change stuck and the record is patchy
Some of the planned changes did not go through.
Adhil Shetty, chief executive officer of BankBazaar, told Business Standard in April, "The recent wave of credit card revisions signals a reset in the rewards system."
