Credit card perks being cut by banks: Check If your card is affected
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India's biggest banks are rolling back credit card perks
Banks across India from state-owned SBI to private giants like HDFC, ICICI, and Axis have been trimming credit card benefits over the past year. Airport lounge access is being capped, movie ticket perks are disappearing, reward points are getting harder to earn, and minimum spend thresholds are rising sharply. Even Amex, known for premium offerings, has joined the wave.
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These major banks have made credit card reward cuts
* Amex: Overhauling platinum travel card from 9 March, Rs 4 lakh spend now earns only 10,000 points (down from 25,000) and the Rs 10,000 Taj voucher is gone; to get it back, spend Rs 7 lakh annually
* SBI Card: Free domestic lounge visits cut from 8 to 4 per year on 5 popular cards
* ICICI Bank: Removed complimentary movie tickets from Platinum cards; reward points now capped at Rs 20,000 in monthly transactions
* Axis Bank: Switched reward systems; points expire 30 days after card closure
* Scapia (Federal Bank): Monthly spend for free lounge access doubled from Rs 10,000–15,000 to Rs 20,000
* SBI Card: Free domestic lounge visits cut from 8 to 4 per year on 5 popular cards
* ICICI Bank: Removed complimentary movie tickets from Platinum cards; reward points now capped at Rs 20,000 in monthly transactions
* Axis Bank: Switched reward systems; points expire 30 days after card closure
* Scapia (Federal Bank): Monthly spend for free lounge access doubled from Rs 10,000–15,000 to Rs 20,000
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HDFC announced Infinia rewards cut but customers pushed back
HDFC Bank announced a major reduction in reward multipliers on its flagship Infinia card, effectively cutting SmartBuy voucher points from 25x to 15x per Rs 150 spent. The online backlash was fierce and the bank reversed the move entirely.
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Why are banks cutting rewards?
Credit card perks were always designed to attract big spenders but they're expensive to maintain. As loan defaults rise and banks lose money on heavily used perks like airport lounges, the math no longer works in your favour. Unlike home loans or personal loans, credit cards don't generate as much revenue for banks. Perks that were once a marketing tool are now being treated as costly leakages that need plugging.
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5 Smart moves to protect yourself from reward devaluations
* Review your card's benefits page every 3–6 months banks send quiet email notices before changes kick in
* Choose a card based on your actual spending habits, not the flashiest reward list
* Redeem points regularly, don't let them pile up, as devaluations can slash their real value overnight
* Spread spends across 2 cards to reduce dependence on any single issuer's perks
* If a card no longer fits your lifestyle, exit before the next annual fee but claim all points first
* Choose a card based on your actual spending habits, not the flashiest reward list
* Redeem points regularly, don't let them pile up, as devaluations can slash their real value overnight
* Spread spends across 2 cards to reduce dependence on any single issuer's perks
* If a card no longer fits your lifestyle, exit before the next annual fee but claim all points first