credit cards

Credit Card Devaluation Tracker India 2025-2026 — All Changes in One Place (Updated Monthly)

Complete tracker of every credit card devaluation in India in 2025 and 2026. Axis Atlas, HDFC Infinia, SBI Cashback, Yes Bank, IDFC FIRST — all benefit cuts ...

🔄 EVERGREEN UPDATE NOTE: This article is designed as an evergreen page updated monthly. Every time a new devaluation is announced, add it to the top of the relevant card section with the date and details. This page should rank for 'credit card devaluation 2026' and related queries. Update the meta title to reflect the most recent month when publishing.

Credit Card Devaluation Tracker India 2025-2026 — Every Change, Every Card

Indian credit card issuers have been systematically reducing benefits over the past 18 months. Reward rates have been cut, lounge access has been gated behind spend conditions, transfer partners have been removed, and monthly caps have been tightened. Banks are not required to publicise these changes prominently — and most cardholders discover the cuts only when they try to use a benefit that no longer exists.

This tracker documents every significant credit card devaluation in India from January 2025 to May 2026, with dates, what changed, and what it means for cardholders. Bookmark this page — it is updated monthly.

How to use this page: Press Ctrl+F (or search on mobile) and type your card name to jump to its specific devaluation history. If your card is not listed, it has had no significant documented benefit cuts in this period.

HDFC Bank Credit Cards

HDFC Infinia Metal — February 2026

Related reading: HDFC Infinia Rs 18 Lakh Rule.

Change	Detail
New requirement announced	Rs 18 lakh annual card spend OR Rs 50 lakh Relationship Value (RLV) required to retain full Infinia benefits
Measurement period	FY 2026-27 (April 2026 to March 2027)
Enforcement	Retention review starting April 2027 — potential downgrade for non-qualifying holders
Impact	Medium-to-high. Many salaried cardholders will not reach Rs 1.5 lakh/month spend. RLV route more accessible for wealth customers.

HDFC Swiggy Credit Card — February 10, 2026

Change	Detail
New applications stopped	HDFC stopped accepting new Swiggy credit card applications on February 10, 2026
Existing holders	Retain all benefits — the card continues to work normally
Alternative	HSBC Live+ is the recommended alternative for new applicants wanting Swiggy cashback

HDFC Regalia Gold — May 2026 / July 2026

Change	Detail
Lounge access gated (July 1, 2026)	Domestic lounge access now requires Rs 60,000 spend in previous calendar quarter
Re-issuance fee added	Rs 199 re-issuance fee for card replacement or renewal
DCC charge added	1.75% charge on Dynamic Currency Conversion transactions abroad

Axis Bank Credit Cards

Axis Atlas — April 2, 2026

Related reading: Axis Atlas Devaluation 2026.

Change	Detail
Transfer partners removed	Accor ALL, Marriott Bonvoy, Qatar Airways Privilege Club — all removed with zero advance notice
New partners added (at worse ratios)	British Airways Avios (2:1), Finnair Plus (2:1), Vietnam Lotusmiles
Annual transfer caps	Group A and Group B caps introduced for remaining partners
Applications stopped	New Atlas applications effectively halted in early 2026 (informal, no announcement)
Industry response	Widely criticised as MITC violation — 30 days advance notice not given

Axis Bank (Multiple Cards) — 2024 Carryover

Change	Detail
Government MCC excluded	Tax payments, utility bills, government fees — stopped earning rewards from late 2024
Education MCC excluded	School/college fee payments — stopped earning rewards

SBI Credit Cards

SBI Cashback Credit Card — April 1, 2026

Change	Detail
Monthly cap reduced	Total monthly cashback cap reduced from Rs 5,000 to Rs 4,000
Cap structure changed	Split into Rs 2,000 maximum online (5% rate) + Rs 2,000 maximum offline (1% rate)
Earn rates unchanged	5% online and 1% offline rates remain the same — only the cap changed
Impact	High-spend users (Rs 80,000+/month online) are most affected

Yes Bank Credit Cards

Yes Bank Marquee — Multiple Rounds 2024-2026

Change (newest first)	Date
Transaction fees on utilities/fuel: 1% on excess amounts above thresholds	January 2026
Government, marketing, advertising spends: No reward points	May 2025
Domestic lounge: Rs 1 lakh previous quarter spend required	April 2025
Reward redemption: 70% cap on flight/hotel invoice value	December 2024
Voucher redemption value: Rate reduced for Amazon/Flipkart gift cards	2025

IDFC FIRST Bank Credit Cards

IDFC FIRST Wealth — January 2026 + April 2026

Change	Detail
Base earn rate reduced	1 RP per Rs 150 → 1 RP per Rs 200 (25% reduction) — January 2026
FASTag and rail earn reduced	Now earns only 1X (base rate) regardless of monthly spend slab
Lounge visits reduced	From 2 domestic + 2 international per quarter to 1+1 per quarter — April 2026
Lounge spend condition	Rs 20,000 previous month spend required for quarterly lounge access — April 2026
Railway lounge same condition	4 railway lounge visits per quarter also subject to Rs 20,000 monthly spend

American Express India

Amex Platinum Travel — March 9, 2026

Change	Detail
Milestone restructured	Rs 1.9L milestone: reduced from 15,000 MR to 7,500 MR
Taj Voucher tier moved	Rs 10,000 Taj voucher moved from Rs 4L milestone to new Rs 7L milestone (75% more spend required)
Rs 4L milestone	Now gives only 10,000 MR — no Taj voucher
New Rs 7L milestone	22,500 MR + Rs 10,000 Taj voucher
Applications paused	New Amex Platinum Travel applications paused in India as of early 2026

What to Do When Your Card Is Devalued

Document the old and new benefits in writing — for your reference and for any complaints

Check if the devaluation required advance notice per MITC — if not, file a complaint with the bank and escalate to Banking Ombudsman

Redeem any accumulated points or miles that may be affected — do not hoard during uncertainty

Evaluate whether the card still earns its keep after the devaluation — run the annual maths

Research alternatives — devaluation is often a signal to switch, not to stay out of loyalty

Related reading: Yes Bank Marquee Review 2026.

Frequently Asked Questions

Q: Are banks allowed to devalue credit card benefits without notice?

Banks must follow their MITC (Most Important Terms and Conditions), which typically requires 30 days advance notice for material benefit changes. Many of the devaluations listed here were implemented with inadequate notice. Cardholders can file complaints with the Banking Ombudsman.

Q: Why are so many Indian credit cards being devalued in 2025-2026?

Rising cost of operating reward programs, RBI tightening on certain transaction categories, and post-COVID recalibration of card economics. Banks over-promised during the competition for premium customers and are now pulling back.

Q: Which card has been devalued the most in this period?

Yes Bank Marquee has seen the most rounds of devaluation in 2024-2026 — at least 4 separate rounds of benefit cuts. Axis Atlas's April 2026 partner removal was the most dramatic single-event devaluation.

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