Complete List of Credit Card Devaluations During the COVID-19 Pandemic

Many credit card issuers have reduced rewards and benefits across their programs. This summary explains the current devaluations, what changed for each issuer, and practical steps you can take to protect the value of your points.

Below is a consolidated list of devaluations that are currently in effect and recommended actions to minimize their impact.

HDFC Bank Credit Cards

Changes

• HDFC introduced a 70% restriction on reward redemptions for some premium travel bookings.
• 2x reward points on dining for select premium cards have been capped.

What to do?

If you hold large balances on HDFC premium cards such as Infinia or Diners Black, consider partial redemptions to non-travel options. Redeeming via the SmartBuy portal for Amazon Pay gift cards or similar vouchers can preserve value—Infinia/Diners Black redemptions through SmartBuy typically yield around Rs.0.50 per point.

To redeem: HDFC SmartBuy > Infinia/Diners Black > Rewards. For users with lower-value cards, check your card-specific redemption rates before proceeding.

This approach makes sense if you hold very large point balances (for example, above ~200,000 points) and cannot realistically use them for travel in the near term.

Estimate travel normalization timelines conservatively; while travel may begin recovering, it could take months before redemptions return to pre-crisis ease.

SBI & Axis Credit Cards

Changes

• SBICard: Reward points for loading wallets have been discontinued.
• Axis Bank: As of 14 April 2020, EDGE reward points are no longer credited for wallet spends and reloads using Axis credit cards.

What to do?

If you rely on wallet-loading strategies to accumulate points, consider using alternatives that still reward these transactions. For example, certain American Express cards continue to credit points for wallet loads and may still qualify for monthly bonuses. Review your card’s terms before using it for wallet-related spending.

IndusInd Credit Cards

Changes

• IndusInd briefly displayed a lower cash redemption rate of Rs.0.75 per point on some premium cards (previously Rs.1 per point). The website change appeared after a redesign.
• Customer care was still accepting redemption requests at Rs.1 per point, suggesting the published change may have been an error or not fully rolled out.
• Update: The Rs.1 per point value was restored for Iconia, Pinnacle and Legend cards.

What to do?

Use the IndusMoments portal to redeem points at Rs.1 per point where possible. If you maintain a sizable balance, prioritize instant voucher redemptions that deliver promptly and preserve the best available value.

High-value redemptions in apparel and other categories occasionally maintain Rs.1 per point; act quickly when such options appear.

YesBank Credit Cards

Changes

• Yes Bank reduced the non-travel redemption value from Rs.0.25 per point to Rs.0.15 per point.

What to do?

YesRewardz now emphasizes e-voucher redemptions. If your preferred voucher is available at a reasonable rate, redeem promptly—electronic vouchers have been delivered within a day in recent cases.

RBL Credit Cards

Changes

• RBL Bank’s reward valuations have fallen from roughly Rs.0.25 per point to as low as Rs.0.16 per point for some redemption options.

What to do?

If you don’t have a significant credit line with RBL and the points no longer offer fair value, consider redeeming available points and closing the card. Otherwise, prioritize the best-value redemption options currently offered.

AmEx discontinues SpiceJet Vouchers

Changes

American Express India stopped issuing SpiceJet vouchers for Platinum Travel Card holders effective 1 August 2020. Cardholders were notified by email in late June 2020.

What to do?

This change is narrower in scope and does not significantly reduce the overall value of the AmEx Platinum Travel Card, which still offers a strong reward rate on travel spend. If you don’t already hold a similar travel-focused AmEx card and travel rewards matter, evaluate the current offers for these premium cards.

What about other Amex cards?

While many banks are devaluing points, American Express has continued to run attractive promotions—double rewards, cashbacks and limited-time bonus offers—that add value for cardholders, particularly on premium products.

However, no issuer is immune to future adjustments. Expect targeted changes, for example around monthly bonus eligibility or specific earning categories, especially where easy point accumulation methods (like wallet loads) are common.

What Banks could have done better?

Credit card transaction volumes fell sharply during the pandemic while redemptions have continued. That mismatch is prompting issuers to protect margins through devaluations. A more customer-friendly approach could have reduced panic and preserved goodwill. Reasonable measures might have included:

• Temporarily extending points validity through December 2021.
• Temporarily limiting certain redemptions (for example, to 75%) with clear end dates.

Communication that framed changes as temporary and tied to objective milestones would have given customers clarity and reduced the pressure to rush redemptions.

Final thoughts

Point devaluations during a global crisis are common. You don’t need to redeem everything immediately, but if you hold a large balance and travel options are limited or risky, consider redeeming for fair-value non-travel options. Reward points are best treated as short-term benefits: earn and burn quickly rather than holding them indefinitely.

I will keep this page updated to reflect any future changes. If you notice other significant devaluations I missed, let me know and I will update this summary so it remains a useful, consolidated reference.

Stay cautious and make redemptions that protect value until programs stabilize.