Key takeaways

  • 2026 brought caps, spend-gated lounges and transfer-partner cuts across HDFC, Axis, SBI Card and IDFC FIRST.
  • Not everything got worse: IDFC FIRST went zero-forex and HSBC Live+ was upgraded.
  • A devalued card can still be your best card. Recalculate before switching.
  • Track every change on our changes log and sign up for alerts.

2026 has been a tough year for Indian credit card users. Banks have added monthly caps, raised the spend needed for lounge access, and cut reward rates and transfer partners. Here are the biggest changes, most recent first, and what they mean for you.

September 2026

  • Axis Bank EDGE Miles (23 Sep): Air India, Flying Blue and Qantas moved to a transfer group with a much lower annual transfer cap. This matters for Axis Bank Atlas holders who transfer miles to airlines.
  • IDFC FIRST (9 Sep): good news for a change. Zero forex markup on all cards, and the bank has confirmed that international spends keep earning rewards.
  • Bank of Baroda (1 Sep): several BOBCARD variants lost lifetime-free status and now carry fees.

July–August 2026

  • Axis Bank (28 Aug): Priority Pass no longer works at domestic lounges (you need the physical card), dynamic currency conversion charges went up, and gift card purchases no longer earn rewards.
  • HSBC Live+ (Jul): an upgrade. The card moved to Visa Infinite, and the 10% cashback now also covers shopping and utilities, with the cap raised from ₹1,000 to ₹1,200 a month. See HSBC Live+.
  • HDFC Regalia Gold (Jul): domestic lounge access now needs ₹60,000 of spend in the previous quarter.

April–May 2026

  • SBI Card Cashback (Apr): the 5% online cashback is now capped at ₹2,000 a month (from ₹5,000), with more excluded categories. Heavy online spenders should compare SBI Card Cashback with HSBC Live+ and Swiggy BLCK HDFC Bank.
  • Airtel Axis Bank (12 Apr): lounge access removed, 10% on Swiggy and BigBasket replaced by capped partner-wallet credits, and bill-payment caps now scale with your base spend. Full analysis here.
  • HDFC Regalia Gold (Apr–May): rewards changed from 4 points per ₹150 to 5 per ₹200, a small cut.
  • Axis Bank EDGE (2 Apr): Accor, Marriott Bonvoy and Qatar Airways removed as transfer partners.
  • Tata Neu HDFC (1 May): the 5% NeuCoins now require paying with the card on Tata Neu.
  • BPCL SBI Card OCTANE (May): accelerated fuel rewards now apply to about ₹7,000 of fuel a month.

January–March 2026

  • Swiggy HDFC Bank (Mar): replaced by the Swiggy BLCK (₹1,000) and ORNGE (₹500) cards.
  • Scapia Federal (Feb): lounge spend requirement doubled to ₹20,000 a month, and utilities and insurance no longer earn rewards.
  • HDFC Infinia (Feb): redemption caps introduced, and retention criteria announced from 2027.
  • IDFC FIRST (18 Jan): lifetime free cards now earn points per ₹200 instead of ₹150, and lounge access needs ₹20,000 monthly spend.
  • ICICI Bank (15 Jan): 1% fee on wallet loads above ₹5,000 and 2% on gaming transactions.

What should you do?

  1. Recalculate, don't panic. A cut card may still be your best option. Enter your spends in the credit card finder, which already uses the updated rates.
  2. Check lounge conditions before you fly. Most cards now need a minimum spend in the previous month or quarter.
  3. Redeem points before changes take effect if a transfer partner or redemption rate is being cut.
  4. Keep lifetime free cards open. They cost nothing to hold if a paid card stops being worth its fee.

Cards that got better in 2026

  • HSBC Live+: upgraded to Visa Infinite in July, with 10% cashback extended to shopping and utilities and the cap raised to ₹1,200 a month.
  • IDFC FIRST Bank: zero forex markup on all credit cards from 9 September. Details.

Is your card still worth it?

Run your spending through the credit card finder, which already uses post-devaluation terms. Some examples for a typical ₹33,000-a-month "balanced" spender:

How to protect yourself from the next round

  1. Redeem points regularly instead of stockpiling them.
  2. Don't transfer points to airlines "just in case".
  3. Keep a lifetime free card as a fallback.
  4. Follow our devaluation alerts guide and the changes log.

FAQs

What is a credit card devaluation?

A devaluation is when a bank reduces a card's benefits: lower reward rates, new caps, higher spend requirements for perks like lounge access, or worse redemption options.

Should I close a card after a devaluation?

Not automatically. Recalculate its value for your spending first. If it is no longer worth the fee, ask the bank for a downgrade to a lifetime free variant. That keeps your credit history intact.

Which credit cards were not devalued in 2026?

Axis ACE's core cashback rates were reported unchanged, and HSBC Live+ and IDFC FIRST cards gained new benefits. Check our changes log for the latest.

Where do banks announce devaluations?

Usually by email and SMS to cardholders, on their "important notices" pages, and in updated MITC documents. We log each change with its source.

Can a bank change my card's rewards without my consent?

Banks can revise reward terms with advance notice under the cardholder agreement. If you don't accept the change, you can close the card without extra charges.

Sources

About the author

Deepak

Founder & Editor, CardPicker

Deepak founded CardPicker and writes and fact-checks its credit card guides, comparisons and news.

✓ Fact-checked 26 September 2026Prices, dates and card terms in this article were checked against issuer websites, official pages and news reports listed under Sources. Card figures come from our database, which is re-verified regularly. Offers change often, so confirm on the issuer's site before you buy or apply. Spotted an error? Tell us.