Recently I wrote about the HDFC MoneyBack card devaluation, which was significant news for MoneyBack cardholders. Soon after, the HDFC Allmiles credit card was also substantially devalued, and HDFC introduced some new premium card variants.
HDFC Allmiles Credit Card Benefits Devaluation:
Key changes to the rewards and benefits:
- Reward point value changed: 1 Reward Point = Rs. 0.25 (previously Rs. 0.75)
- New effective reward rate: 0.5%
- The Mastercard Lounge Access program has been revoked. Lounge access remains available on the Visa Signature variant.
- Priority Pass cards are reportedly still being issued, though issuance appears constrained.
Although the points earned per rupee spent remain similar, the reduced point value cuts the effective return. Where the card previously delivered around a 1.5% value on spend, the value has dropped to roughly 1%. For example, on Rs. 1,00,000 of spending you now receive reward value of about Rs. 1,000 instead of the former Rs. 1,500.
HDFC Allmiles Credit Card
It is surprising to see lounge access removed from a travel-focused card like Allmiles. Removing such benefits from a premium travel card undermines the product’s appeal. It appears HDFC identified Allmiles as one of its higher-user-volume cards after MoneyBack and adjusted the point valuation to reduce liabilities.
Several readers have reported that HDFC stopped issuing new Priority Pass cards for Allmiles since June. While HDFC’s website may still list the benefit, practical issuance seems limited, suggesting the bank is restricting access to Priority Pass for Allmiles cardholders. That said, I can confirm some cardholders still receive free Priority Pass visits: one friend used his PP card at three lounges recently and was not charged.
- Related: Ultimate Guide to Priority Pass Airport Lounges in India
New Cards: Regalia First & Doctors Regalia
HDFC has added new variants such as Regalia First and Doctors Regalia, which appear on the updated physical credit card application form. Regalia First sits between Allmiles and the full Regalia card in terms of positioning and benefits. It seems likely Regalia will remain harder to obtain, while HDFC will issue Regalia First more broadly. Regalia First offers fewer benefits than Regalia but more than Allmiles under the new structure.
If you have an Allmiles card, upgrading to Regalia First could make sense because the latter may retain stronger benefits and a higher point value. I plan to publish a detailed breakdown of Regalia First soon.
These devaluations are arguably driven by economics: HDFC has been issuing many cards as lifetime-free, reducing revenue from annual fees. To protect margins, the bank has adjusted reward rates and benefits.
What do you think about the Allmiles devaluation? Share your views in the comments below.