As of 29 July 2026: 33 confirmed devaluations across 11 issuers in 2026, 2 of them announced and not yet in effect. Each row records what changed, from when, and what it costs you, verified against issuer documents before it lands here.
33 changes tracked
Finance charges on revolving balances of 3.25% a month.
Finance charges on revolving balances of 3.75% a month.
Revolving a balance costs 0.5 percentage points more each month, at 3.75% instead of 3.25%.
Affected: BOB Eterna Credit Card
Unlimited domestic lounge access needed ₹40,000 of spend in the preceding calendar quarter.
Unlimited domestic lounge access needs ₹75,000 of spend in the preceding calendar quarter.
Cardholders must spend ₹35,000 more a quarter, an 87.5 percent higher bar, to keep unlimited domestic lounge access.
Affected: BOB Eterna Credit Card, BOB Eterna FD Credit Card, BOB Tiara Credit Card, BOB Varunah Premium Credit Card
Regalia Gold gave 12 unconditional domestic lounge visits a year, Diners Club Privilege unconditional visits, BizPower 16 visits a year and Tata Neu Infinity unlimited swipe access.
Regalia Gold gives 3 domestic visits a quarter behind ₹60,000 of prior-quarter spend, Diners Club Privilege 2 domestic and 1 international a quarter on the same ₹60,000 test, BizPower 2 a quarter, and Tata Neu Infinity a voucher needing ₹50,000 of prior-quarter spend.
A Regalia Gold holder who took eight to ten free domestic lounge visits a year must now engineer ₹2.4 lakh of annual spend to keep them.
Affected: HDFC Regalia Gold Credit Card, HDFC Bank Diners Club Privilege Credit Card, Tata Neu Infinity HDFC Credit Card, HDFC Regalia Gold, HDFC Diners Club Privilege, HDFC BizPower, Tata Neu Infinity HDFC
Voucher purchases counted toward the card's overall monthly SmartBuy accelerated cap: 15,000 points on Infinia and Infinia Metal, 10,000 on Diners Black Metal, 7,500 on Diners Club Black and BizBlack Metal and 4,000 on Regalia Gold.
Accelerated points from GyFTR and Woohoo brand vouchers are limited to a separate 3,000 reward points a month, with the overall monthly caps unchanged.
Infinia holders lose 80 percent of their voucher-route accelerated earning, from 15,000 points a month to 3,000.
Affected: HDFC Regalia Gold Credit Card, HDFC Infinia, HDFC Infinia Metal, HDFC Diners Black Metal, HDFC Diners Club Black, HDFC BizBlack Metal, HDFC Regalia Gold
MakeMyTrip ICICI cards carried domestic airport lounge access with no previous-quarter spend requirement.
Domestic lounge access requires ₹75,000 of spend in the previous quarter, about ₹25,000 a month, with the threshold resetting every quarter.
A cardholder who spends under ₹75,000 in a quarter loses domestic lounge access for the following three months.
Affected: MakeMyTrip ICICI Bank Credit Cards
Etihad Guest was a Membership Rewards airline transfer partner, a useful route for certain Gulf and onward award redemptions.
Etihad Guest is off the Membership Rewards transfer-partner list worldwide; 30 June 2026 was the last confirmed day to transfer.
MR holders whose redemption strategy pointed at Etihad awards lose that route entirely and fall back to the next-best transfer value.
Affected: American Express Membership Rewards cards
Dynamic Currency Conversion cost 1% plus GST on standard cards, and transport spending carried no fee.
Dynamic Currency Conversion costs 2% plus GST on standard cards, and cumulative transport spends above ₹40,000 a cycle carry 1% plus GST.
An international transaction billed in rupees now costs 2% plus GST instead of 1%, doubling the conversion fee.
Affected: IndusInd Legend Credit Card, IndusInd Bank Platinum Visa Credit Card, IndusInd Bank Platinum RuPay Credit Card
The 1% plus GST fuel fee applied only once cumulative fuel spends crossed ₹50,000 in a statement cycle.
The 1% plus GST fuel fee applies once cumulative fuel spends cross ₹30,000 in a statement cycle on standard cards.
Fuel spend between ₹30,000 and ₹50,000 a cycle now carries a 1% plus GST fee, up to ₹200 plus GST that was free before.
Affected: IndusInd Legend Credit Card, IndusInd Bank Platinum Visa Credit Card, IndusInd Bank Platinum RuPay Credit Card
Clearing a bill in full after a partial payment restored the interest-free period on the very next cycle.
The interest-free period returns only after two consecutive billing cycles are paid in full and on time.
A single partial payment now costs an extra billing cycle of interest on the outstanding balance and new purchases.
Affected: IndusInd Legend Credit Card, IndusInd Bank Platinum Visa Credit Card, IndusInd Bank Platinum RuPay Credit Card, IndusInd Tiger Credit Card
One Jewel redeemed at ₹0.20, worth 10 percent on listed shopping brands and 1 percent on UPI and offline base spend.
One Jewel redeems at ₹0.14, worth about 7 percent on listed shopping brands and about 0.7 percent on base spend.
A 10,000-Jewel balance now converts to ₹1,400 instead of ₹2,000, a 30 percent cut.
Affected: Jupiter Edge+ CSB Bank RuPay Credit Card
Dynamic currency conversion markup on the Regalia Gold and Diners Club Privilege was 1.00 percent and card reissuance cost ₹100.
The dynamic currency conversion markup is 1.75 percent, card reissuance costs ₹199, and replacing a premium metal card costs ₹3,500.
The 1.00 to 1.75 percent DCC markup rise adds ₹750 of cost on every ₹1 lakh of foreign-merchant spend settled in rupees.
Affected: HDFC Regalia Gold Credit Card, HDFC Bank Diners Club Privilege Credit Card, HDFC Regalia Gold, HDFC Diners Club Privilege
4 reward points per ₹150 spent, which works out to 2.67 points per ₹100.
5 reward points per ₹200 spent, which works out to 2.5 points per ₹100.
Base earn drops from 2.67 to 2.5 points per ₹100, leaving the floor return on regular spend near 1.25 percent at the ₹0.50 SmartBuy point value.
Affected: HDFC Regalia Gold Credit Card, HDFC Regalia Gold
Tata Neu app spends earned 5 percent back in NeuCoins no matter which card actually paid, including a rival card routed through UPI.
The 5 percent NeuCoins reward applies only when the Tata Neu HDFC card itself makes the payment.
Cardholders lose the 5 percent NeuCoins earn on every Tata Neu app payment made with any card other than the Tata Neu HDFC card.
Affected: Tata Neu Infinity HDFC Credit Card, Tata Neu Infinity HDFC
Fuel surcharge waivers on the Tata Neu cards carried no stated monthly cap and plain mobile recharges carried no convenience fee.
Fuel surcharge waivers are capped at ₹250 a month on the Tata Neu Plus variant and ₹500 on the Tata Neu Infinity, and convenience fees now apply to plain mobile recharges.
Fuel surcharge waiver value is capped at ₹250 a month on Tata Neu Plus and ₹500 a month on Tata Neu Infinity.
Affected: Tata Neu Infinity HDFC Credit Card, Tata Neu Plus HDFC Credit Card, Tata Neu Infinity HDFC, Tata Neu Plus HDFC
Travel Edge partners were not split into tiers and carried no stated annual transfer limit or airline sub-limit.
Atlas holders can move 1,50,000 EDGE Miles a year with only 30,000 into Group A airlines; Magnus holders get 5,00,000 points with a 1,00,000 Group A sub-limit, and caps do not pool across cards.
Group A transfers are limited to 30,000 EDGE Miles a year on Atlas and 1,00,000 points on Magnus, capping the miles available for long-haul business-class awards.
Affected: Axis Bank Magnus Credit Card, Axis Atlas, Axis Magnus
Travel Edge transfer partners included Accor Live Limitless, Marriott Bonvoy and Qatar Airways Privilege Club, with 2,000 Accor ALL points fixed at exactly €40 of hotel credit.
Accor, Marriott Bonvoy and Qatar Airways are off the Travel Edge list, replaced by British Airways Executive Club, Finnair Plus and Vietnam Airlines Lotusmiles.
An Axis Atlas holder spending ₹10 lakh a year goes from around ₹85,000 of Accor hotel value to closer to ₹10,000 in airline miles, an 88 percent cut to best-case value.
Affected: Axis Bank Magnus Credit Card, Axis Horizon Credit Card, Axis Atlas, Axis Magnus, Axis Olympus, Axis Horizon
Atlas transferred at 1 EDGE Mile : 2 points, Magnus at 5 EDGE points : 4, Olympus at 1 EDGE Mile : 4 points and Horizon at 1 EDGE Mile : 1 point.
Atlas transfers at 2 EDGE Miles : 1 point (~75% drop), Magnus at 5 EDGE points : 2, Olympus at 1 EDGE Mile : 2 points and Horizon at 2 EDGE Miles : 1 point (~50% each); only Burgundy Private keeps 5:4.
Magnus base-spend return falls from 8.6 to 10.1 percent down to 1.9 to 2.4 percent, a 75 to 78 percent cut.
Affected: Axis Bank Magnus Credit Card, Axis Horizon Credit Card, Axis Atlas, Axis Magnus, Axis Olympus, Axis Horizon
A single ₹5,000 monthly cashback ceiling covered all spend, so 5% online earning ran to ₹1,00,000 of eligible online spend a month.
₹2,000 of cashback per statement cycle on online spend at 5%, ₹2,000 on offline spend at 1%, and a hard ₹4,000 aggregate, so the 5% rate maxes out at ₹40,000 of eligible online spend.
A household routing ₹70,000 a month through the card falls from ₹3,500 to ₹2,000 of monthly cashback, a difference of ₹18,000 a year.
Affected: SBI Cashback Credit Card
Digital gaming, toll and government transactions earned cashback at the card's 5% online or 1% offline rate, with exclusions limited to fuel, wallet loading, rent, utilities, insurance, jewellery, education and railways.
Digital gaming, tolls and government transactions are added to the exclusion list and earn no cashback.
Spending in those three categories now earns 0% where it previously earned the card's 5% online or 1% offline rate.
Affected: SBI Cashback Credit Card
Statement-credit redemption of reward points carried no stated monthly ceiling or redemption multiple.
Statement-credit redemption is capped at 60,000 reward points a month, in multiples of 4,000.
A points-earning SBI cardholder can convert at most 60,000 points to statement credit in any month, so larger balances take multiple months to redeem.
Affected: SBI Card points-earning credit cards
Overlimit was available, giving cardholders emergency headroom above the sanctioned credit limit.
Overlimit is disabled portfolio-wide, so any transaction that would push past the sanctioned limit is declined outright.
Every Yes Bank cardholder loses the emergency spending headroom above their sanctioned credit limit.
Affected: YES BANK POP-CLUB Credit Card, YES BANK Zagg Credit Card, Kredit.Pe Yes Bank ACE Credit Card, YES BANK Marquee, YES BANK Reserv, YES BANK Private
Utility and service spends carried no monthly fee threshold and wallet loads carried no fee.
Utility and service spends attract a fee above ₹25,000 a month on standard cards, ₹50,000 on Marquee and Reserv and ₹1,00,000 on Private, and wallet loads above ₹2,000 carry a 1 percent fee capped at ₹5,000 per transaction.
A standard-card holder now pays a fee on every rupee of utility spend above ₹25,000 a month that was free before.
Affected: YES BANK POP-CLUB Credit Card, YES BANK Zagg Credit Card, Kredit.Pe Yes Bank ACE Credit Card, YES BANK Marquee, YES BANK Reserv, YES BANK Private
Infinia and Diners Club Black could be held without any stated annual spend or relationship-balance requirement.
Selected holders must spend more than ₹18 lakh in the year to 31 March, counting add-on cards, or hold ₹50 lakh in total balances with the bank, or face a downgrade.
Selected Infinia and Diners Club Black holders must put more than ₹18 lakh a year through the card or hold ₹50 lakh in balances to keep it.
Affected: HDFC Infinia, HDFC Diners Club Black
Milestones paid 15,000 points at ₹1.9 lakh and 25,000 points plus a ₹10,000 Taj voucher at ₹4 lakh, so ₹4 lakh of spend collected 40,000 Membership Rewards points and the voucher.
Milestones pay 7,500 points at ₹1.9 lakh, 10,000 points and no voucher at ₹4 lakh, and 22,500 points plus the ₹10,000 Taj voucher only at a new ₹7 lakh tier.
The same 40,000 points and ₹10,000 Taj voucher now need ₹3 lakh more spend, cutting the plain return at the top reward from about 5.5% to about 3.4%.
Affected: American Express Platinum Travel Credit Card
Domestic airport lounge access was earned with ₹10,000 of spend in the previous month.
Domestic airport lounge access needs ₹20,000 of spend in the previous month.
Cardholders must put ₹10,000 more spend on the card every month to keep the same domestic lounge access.
Affected: Federal Bank Scapia Credit Card
Utility bills and large insurance premiums earned rewards and were the usual way to clear the ₹10,000 monthly lounge bar.
Utility bills and large insurance premiums are cut out of reward earning entirely.
Utility and insurance spend now earns zero rewards, removing the cheapest route to the ₹20,000 monthly lounge threshold.
Affected: Federal Bank Scapia Credit Card
Base earn rate of one reward point per ₹150 of spend.
Base earn rate of one reward point per ₹200 of spend.
The same reward point now needs 33 percent more spend on the card.
Affected: IDFC First Power Plus Credit Card, IDFC FIRST Mayura Credit Card, IDFC FIRST Ashva Credit Card, IDFC FIRST Wealth Credit Card
Movie-ticket discounts at their full value, and a fuel surcharge waiver on the co-branded HPCL fuel cards.
Movie-ticket discounts halved, and no fuel surcharge waiver on the co-branded HPCL fuel cards.
Movie-ticket discounts are worth half what they were and HPCL cardholders lose the fuel surcharge waiver entirely.
Affected: IDFC First Power Plus Credit Card, IDFC FIRST Mayura Credit Card, IDFC FIRST Ashva Credit Card, IDFC FIRST Wealth Credit Card, IDFC First co-branded HPCL fuel credit cards
Lounge access needed ₹5,000 of monthly spend.
Lounge access needs ₹20,000 of monthly spend.
Cardholders need ₹15,000 more spend a month, a fivefold rise in the bar, to keep lounge access.
Affected: IDFC First Power Plus Credit Card, IDFC FIRST Mayura Credit Card, IDFC FIRST Ashva Credit Card, IDFC FIRST Wealth Credit Card
Missing the minimum amount due did not cancel the reward points earned in that billing cycle.
Missing the minimum amount due by the payment date reverses every reward point earned in that billing cycle, cancelled outright rather than paused.
One missed minimum payment wipes out a full month of reward points.
Affected: IDFC First Power Plus Credit Card, IDFC FIRST Mayura Credit Card, IDFC FIRST Ashva Credit Card, IDFC FIRST Wealth Credit Card
No surcharge on utility spends and no charge on rent or property-management payments.
Utility spend above ₹20,000 in a month carries a 1 percent fee and rent or property-management payments attract a flat ₹249.
Each rent payment now costs a flat ₹249 and every ₹10,000 of utility spend above ₹20,000 a month costs ₹100.
Affected: IDFC First Power Plus Credit Card, IDFC FIRST Mayura Credit Card, IDFC FIRST Ashva Credit Card, IDFC FIRST Wealth Credit Card
Skill-gaming spends, wallet loads and commercial transport spends carried no transaction fee on ICICI credit cards.
2% on skill-gaming spends, 1% on wallet loads above ₹5,000 a month, 1% on commercial transport spends above ₹50,000, and a dynamic currency conversion markup from 1.99% on Amazon Pay variants up to 3.5% across the standard portfolio.
Every ₹100 of skill-gaming spend now costs ₹2 and every ₹100 of wallet loading above the ₹5,000 monthly threshold costs ₹1, where both were previously free.
Affected: ICICI Coral Credit Card, ICICI Bank credit cards (portfolio-wide)
iShop vouchers returned close to 18% on the Emeralde Private Metal and about 12% on the Times Black.
The same iShop voucher route returns roughly 3% on the Emeralde Private Metal and about 2% on the Times Black.
A holder funnelling ₹1,00,000 of value through iShop vouchers on the Emeralde now pulls out about ₹3,000 instead of about ₹18,000.
Affected: ICICI Emeralde Private Metal, ICICI Times Black
A row on this tracker is a dated, adverse, issuer-confirmed change to a card’s terms: reward earn rates, transfer partners and ratios, lounge access, fees, caps, milestones or benefits. Every entry names the cards affected, the date it takes effect, and the state before and after the change.
A promotional offer ending is not a devaluation, and a rumour is not a row. Changes reach the ledger after verification against the issuer’s own terms, MITC or amendment documents, which PickMyCard monitors through the week. Where the issuer publishes the notice, the row links to it.
For the year’s arc, the 2026 devaluations roundup tells the story behind the synchronised cuts, and the why banks are cutting rewards explainer covers the economics. Every deep dive lives in the devaluations archive.
Axis Bank, HDFC Bank, American Express, SBI Card and ICICI Bank all cut rewards in the first half of 2026. Scapia, IDFC First, Yes Bank, Jupiter Edge+, IndusInd and Bank of Baroda followed with fee, lounge and threshold changes. Every confirmed change is a dated row on this tracker.
From 1 July 2026, HDFC Bank capped SmartBuy voucher points at 3,000 a month and put lounge access across its range behind prior-quarter spend, while MakeMyTrip ICICI cards gained a ₹75,000 quarterly lounge gate. The tracker's newest row is always the most recent confirmed cut.
Bank of Baroda is the next confirmed change. From 1 October 2026 the BOB Eterna's unlimited domestic lounge access needs ₹75,000 of spend a quarter, up from ₹40,000, and its finance charge rises from 3.25 to 3.75 percent a month. Both sit in the upcoming section above the ledger.
A dated, adverse, issuer-confirmed change to a card's terms: reward rates, transfer partners, lounge access, fees, caps or milestones. A promotional offer ending is not a devaluation, and rumours stay off the ledger until the change is verified against issuer documentation.
Rows land within days of an issuer confirming a change. PickMyCard watches issuer terms and MITC documents through the week, verifies each signal against the source document, and only then adds the row. The updated date moves when a real change lands, never for cosmetic freshness.