All Major Credit Card Devaluations in 2026

From SBI Card and HDFC Bank to Axis Bank, ICICI Bank and American Express, issuers have revised benefits across several popular cards. The changes vary by card, so it’s worth checking the details to understand what has changed and whether it affects the benefits you use.

Quick Summary

ICICI Bank Credit Card Devaluations

ICICI Bank revised several credit card rewards, fees and benefits during 2026. The major changes include:

• Accelerated rewards removed from selected iShop vouchers including Amazon Pay, Swiggy, Kalyan Jewellers, Tanishq and Reliance Jewels

• 3.5% + GST fee introduced on selected iShop vouchers

• Jewellery voucher payments restricted to NetBanking

• Rewards revised or capped on selected transport and insurance transactions

• Some cards lost their BookMyShow benefit, while several others now require ₹25,000 spending in the previous quarter to unlock the benefit 

• 2% fee introduced on certain gaming and skill-based transactions

• 1% wallet loading fee on transactions of ₹5,000 or more

• 1% fee on transport spending above ₹50,000

For the MakeMyTrip ICICI Bank Credit Card, complimentary domestic lounge access now requires ₹75,000 spending in the preceding quarter.

Read the detailed update: ICICI Bank Credit Card Devaluations 2026 

Scapia Credit Card Devaluation

Scapia increased the spending requirement for complimentary airport lounge access from ₹10,000 to ₹20,000 per month from 27 February 2026.

The main changes include:

• Lounge access now requires ₹20,000 monthly spending, up from ₹10,000

• The spend can be combined across the Visa and RuPay cards 

Read the detailed update: Scapia Credit Card Updates 2026

American Express Platinum Travel Devaluation

American Express made several changes to the Platinum Travel Credit Card's milestone structure during 2026.

Key changes include:

• The ₹1.9 lakh milestone was reduced from 15,000 to 7,500 bonus Membership Rewards points in March. From 10 September 2026, the bonus points were removed

• The ₹4 lakh milestone continues to offer 10,000 bonus Membership Rewards points

• The ₹7 lakh milestone previously offered 22,500 bonus Membership Rewards points and a ₹10,000 Taj Experiences e-Gift Card. From 10 September 2026, the bonus points were removed and the voucher increased to ₹20,000

• Etihad Guest transfers were removed from 1 July 2026

• Domestic lounge access becomes spend-linked from October 2026

From 1 October 2026, cardholders will need ₹1 lakh in eligible spending during the previous calendar quarter to receive up to two complimentary domestic lounge visits in the following quarter. 

Read the detailed update: Amex Platinum Travel Devaluation 

SBI Credit Card Devaluations

SBI Card made several changes during 2026, affecting cashback, reward point redemption and rewards on select cards. 

SBI Cashback Credit Card

The card continues to offer 5% cashback on eligible online spending but cashback is now capped at ₹2,000 online and ₹2,000 offline per statement cycle.

Other changes include:

• Total cashback capped at ₹4,000 per statement cycle across online and offline spending

• Cashback removed on digital gaming transactions under specified MCCs

• Toll transactions under MCC 4784 excluded from cashback

• Cashback removed on Income Tax and GST transactions 

Read the detailed update: SBI Cashback Credit Card Devaluation 

SBI Reward Redemption

SBI also changed statement-credit redemption on several credit cards:

• Statement-credit redemption capped at 60,000 reward points per month, with redemptions allowed in multiples of 4,000 points

• Select cards are exempt from the revised limit

Read the detailed update: SBI Credit Card Reward Redemption Changes 

PhonePe SBI Select Black

From 1 July 2026, SBI Card revised the reward structure for the PhonePe SBI Select Black:

• PhonePe spends are now capped at 500 Reward Points on insurance and 1,500 Reward Points on other spends, down from the earlier 2,000-point monthly cap.

• Eligible online spends are now capped at 1,000 Reward Points per month, down from 2,000.

• Reward points are no longer earned on tolls and bridges, gifts and souvenirs, jewellery, educational institutions, utilities outside the PhonePe app, insurance outside the app and UPI spends outside the PhonePe app.

Axis Bank Credit Card Devaluations

Axis Bank made several changes during 2026, affecting cashback, travel rewards, lounge access, fees and reward eligibility.

Airtel Axis Credit Card

From 12 April 2026:

• Airtel cashback capped at 2X the base cashback

• Utility cashback capped at 1X the base cashback

• Swiggy and BigBasket cashback removed

• Zomato, Blinkit and District offer 10% value-back, capped at ₹200 per partner per month

• Four complimentary domestic lounge visits discontinued

• Cashback is now credited to the respective partner wallets instead of the card statement 

Read the detailed update: Airtel Axis Credit Card Devaluation 

Axis Bank Reward Transfer Changes

Axis Bank has made several changes to its transfer partner programme during 2026. The earlier update in June added British Airways Club, Finnair Plus and Lotusmiles to Group A and IndiGo BluChip to Group B. The September update brought further changes:

• Accor Live Limitless returned as a Group A transfer partner after being unavailable for a few months, but at half its earlier transfer value for most cards.

• Cathay, Miles & More and Hilton Honors were added as new transfer partners.

• Air India, Flying Blue and Qantas Frequent Flyer moved from Group B to Group A, reducing their annual transfer limits.

• ITC Hotels was removed as a transfer partner.

• Transfer ratios were also revised across several cards and partners.

Read the detailed update: Axis Bank Transfer Partners 

Axis Bank Card Benefit Changes

Axis Bank announced further changes across its credit cards from August to November 2026, affecting lounge access, fees and reward eligibility: 

• Priority Pass no longer valid for complimentary domestic lounge access in India on several premium cards

• DCC revised to 2% on Magnus and Magnus for Burgundy, 1.8% on Olympus and 3.5% on several other affected cards

• Toll and bridge payments no longer earn rewards

• Late payment fee above ₹50,000 increased to ₹1,300

• Select lifestyle benefits now require ₹25,000 spending in the previous 3 months to unlock offers such as District Buy 1 Get 1 and the NEO BookMyShow benefit 

• Burgundy Private - The One Card annual fee increased to ₹1 lakh + GST for cardholders below the applicable relationship threshold

Affected cards include Magnus, Magnus for Burgundy, Olympus, Burgundy Private - The One Card and other select Axis Bank credit cards.

Read the detailed update: Axis Bank Credit Card Devaluations 2026 

IndusInd Credit Card Lounge Devaluation

IndusInd Bank made domestic airport lounge access spend-linked from 1 April 2026 on cards including Indulge, Solitaire, Crest, Legacy, Pinnacle and Celesta.

The spending requirement varies by card:

• Quarterly spending requirement ranges from ₹1.5 lakh to ₹5 lakh

• Complimentary lounge visits are available in the following quarter after meeting the required spending

• Cardholders who do not meet the threshold may no longer receive complimentary lounge access

Read the detailed update: IndusInd Credit Card Lounge Access Devaluation 

Bank of Baroda Credit Card Changes

Bank of Baroda introduced several new transaction charges from 1 April 2026, followed by further benefit and fee changes later in the year. 

The main changes include:

• 1% fee on education payments through third-party apps, capped at ₹5,000 per transaction

• 1% fee on certain toll and bus transactions of ₹5,000 or more

• 1% fee on railway bookings above ₹30,000, capped at ₹5,000 per transaction

• Corporate Premium cash withdrawal limit reduced from 40% to 20% of the credit limit

• Finance charges increased on selected cards

• HPCL fuel benefits restricted on selected cards

• Accidental death insurance cover removed on selected cards

• From October 2026, certain premium cards will require ₹75,000 spending in the preceding quarter for complimentary domestic lounge access

Read the detailed update: Bank of Baroda Credit Card Devaluation 

Equitas Credit Card Changes

Equitas removed several complimentary insurance benefits from its credit cards from 1 April 2026:

• Air Accident Death Cover

• Personal Accident Death Cover

• Credit Shield Insurance

The core reward structure and card fees remained unchanged as part of this revision.

Read the detailed update: Equitas Credit Card Insurance Benefits Removed

HDFC Credit Card Devaluations

HDFC Bank introduced several changes across its credit card portfolio in 2026, affecting reward rates, lounge access, milestone benefits and card retention criteria.

HDFC Regalia Gold

• Reward rate reduced from 4 points per ₹150 to 5 points per ₹200 from 15 May 2026.

• Domestic lounge access now requires ₹60,000 spending in the previous quarter.

• International lounge access remains unchanged.

HDFC Diners Club Privilege

• Reward rate reduced from 4 points per ₹150 to 4 points per ₹200 from 15 May 2026.

• Lounge access now requires ₹60,000 spending in the previous quarter from 1 July 2026.

• After meeting the spending requirement, cardholders receive 2 domestic and 1 international lounge voucher per quarter. 

HDFC Biz Power

• Reward rate reduced from 4 points per ₹150 to 5 points per ₹200 from 15 May 2026.

• The ₹25,000 spending requirement for 5X rewards now excludes Income Tax and GST payments.

• Rewards on Income Tax and GST payments are limited to the first two transactions of each type per cycle.

• Domestic lounge and travel benefits now require ₹75,000 spending in the previous quarter.

• Quarterly milestone now offers a ₹5,000 voucher on ₹2.5 lakh spending, up from the earlier ₹2,500 voucher. 

HDFC Infinia

HDFC Bank also introduced stricter retention criteria for the HDFC Infinia Credit Card from 1 April 2026. Cardholders now need to meet either:

• ₹18 lakh annual card spending, or

• ₹50 lakh Total Relationship Value with HDFC Bank

From 1 July 2026, HDFC also introduced a separate monthly cap on SmartBuy brand voucher earnings through GyFTR and Woohoo. Infinia cardholders can now earn a maximum of 3,000 Reward Points per month on these vouchers, down from the earlier 15,000 Reward Points.

The card's base reward rate and transfer ratios were not directly reduced, but the new retention criteria and SmartBuy brand voucher cap have reduced the earning potential on some transactions. 

Read the detailed updates: HDFC Credit Cards Devaluation 2026 and  HDFC Infinia Credit Card Devaluation 

Jupiter Edge+ Credit Card Devaluation

Jupiter Edge+ changed its rewards structure from 1 June 2026.

The main changes were:

• Accelerated rewards on external travel bookings through MakeMyTrip, Yatra, Cleartrip and EaseMyTrip were removed. These bookings now earn the base 5X Jewels

• The value of 1 Jewel was reduced from ₹0.20 to ₹0.14 for statement credit, bill payments and cash-equivalent redemptions. The ₹0.20 value remains for Jupiter Flights, Jupiter Store, brand vouchers and digital gold

• Jupiter Flights rewards were reduced from 35X to 25X Jewels per ₹100

• Jupiter Flights rewards are now capped at 5,000 Jewels per billing cycle, whereas they were previously uncapped

• The base reward rate effectively fell from 1% to 0.7% when Jewels are redeemed for statement credit or bill payments

Read the detailed update: Jupiter Edge+ Credit Card Devaluation 2026 

IDFC FIRST Credit Card Devaluation

IDFC FIRST introduced reward caps and other benefit restrictions across several cards during June and July 2026.

Key changes include:

• Reward earning on affected cards capped based on the assigned credit limit per billing cycle

• Prepaying the card and reusing the limit does not allow additional rewards beyond the applicable cap

• Reward points on FIRST Wealth, FIRST Millennia and FIRST WOW! expire after 24 months

• Some movie benefits now require ₹20,000 spending in the previous calendar month

• Certain IndiGo IDFC FIRST transactions now earn only 0.5 BluChips per ₹100

Read the detailed update: IDFC FIRST Credit Card Devaluation 2026 

HSBC Live+ Devaluation

HSBC Live+ underwent several changes from 26 July 2026, including: 

• 1.5% international cashback removed

• Domestic lounge visits reduced from 4 to 2 per year

• Cashback removed on certain hospital and local transport transactions

• Dining, food delivery, grocery, shopping and utility cashback continues at 10%, subject to a ₹1,200 monthly cap 

One positive change was the reduction in foreign currency markup from 3.5% to 1.99%.

Read the detailed update: HSBC Live+ Credit Card Changes 

What to Check After a Credit Card Devaluation

Before changing how you use a card, check its reward rates, spending caps, exclusions, lounge access and annual fee to see if it still fits your spending.

Credit card benefits can change throughout the year, so keeping track of these updates can help you avoid missing changes that affect your rewards. SaveSage tracks credit card devaluations, rewards, offers and travel benefits in one place, so you can stay updated and make better decisions about the cards you use.