Devaluation & terms-change tracker
Indian card issuers cut rewards quietly — a cap here, a rate there. We review official issuer pages and this page logs every verified change. No affiliate spin: a devaluation is called a devaluation.
Changes noted in our recent verification
Effective 17 Apr 2026: 10% cashback on Swiggy (Food/Instamart/Dineout) only on transactions ≥ ₹249, capped ₹1,500/month; minimum-transaction condition not modeled by the engine.
HDFC Bank Regalia Gold Credit Card
Devalued effective 15 May 2026: base rate cut from 4 RP/₹150 to 5 RP/₹200; RP valued at ₹0.50 assuming flight/hotel (SmartBuy) redemption.
Effective 1 Apr 2026: 5% online (₹2,000/cycle cap) + 1% offline (₹2,000/cycle cap), with an overall ₹4,000/cycle ceiling (down from ₹5,000).
Flipkart Axis Bank Credit Card
Complimentary domestic lounge access was discontinued effective 20 June 2025.
Effective 12 April 2026 the cashback caps became dynamic: the 25% Airtel-services cashback is capped at 2x, and the 10% utility cashback at 1x, of the base (1%) cashback earned in the same statement month. The flat ₹250 caps modeled here are an approximation and can overstate value for low-base-spend users.
Complimentary airport lounge access was discontinued effective 12 April 2026.
Effective 26 July 2026 the 10% accelerated cashback covers dining, food delivery, groceries, utilities and shopping (excluding Amazon, Flipkart & Myntra), and the monthly cap rose from ₹1,000 to ₹1,200. The 'shopping' leg is not modeled (merchant-exclusion dependent).
Reward structure was revised effective 18 June 2026; benefits like movie/lounge now require ₹20,000+ spend in the previous calendar month.
Added 2026-07-13 as the popularity-policy replacement for the discontinued Myntra Kotak card.
Reward points on utility spends are earned only up to Rs.35,000 per statement cycle (effective 1 June 2025).
Effective 15 June 2026, rewards stop on UPI, insurance, education, railways, toll, ferry and jewellery (modeled as excluded categories / no UPI earn).
Spotted a change before we did? Use the “report an inaccuracy” link on any card page, or tell us here. How verification works.