Credit Card Devaluations: What’s Changing in 2026

Individually, some of these changes may look small. But when you look at them together, there’s a clear trend-cards are becoming more conditional, less flexible, and slightly harder to extract maximum value from.

Here’s a simple, clear breakdown of all the major credit card devaluations and updates you should know.

SBI Cashback Credit Card Devaluation: Lower Earning Potential for High Spenders

The SBI Cashback Credit Card has introduced new cashback limits effective 1 April 2026.

What has changed:

• 5% cashback on online spends is now capped at ₹2,000 per month

• 1% cashback on offline spends is capped at ₹2,000 per month

• Total cashback per statement cycle is capped at ₹4,000

This means even if your spending generates more cashback, you won’t earn beyond these limits.

Additional changes:

Cashback will no longer apply on Gaming platforms, Toll transactions, Government-related payments

This reduces the number of transactions that qualify for credit card rewards.

If your monthly online spend is around ₹30,000–₹40,000, you may not feel a major difference. But if you were spending ₹70,000–₹1 lakh or more, your effective cashback will now be limited. The card is still good, but it’s no longer as rewarding for heavy spenders.

More information here - SBI Cashback Credit Card Devaluation

SBI Credit Cards Devaluation: Redemption Now Comes with Limits

Alongside cashback changes, SBI Bank has also revised how much reward points can be redeemed across most cards effective from April 1,2026.

Until now, redemption was flexible — you could convert credit card points into statement credit in almost any amount. That flexibility has now been reduced.

From April 1,2026:

• You can redeem a maximum of 60,000 points per month

• Redemptions can only be done in multiples of 4,000 points

This means:

• Smaller balances (like 1,000 or 2,000 points) cannot be redeemed

• Large point balances will need to be redeemed over multiple months

• You lose the ability to redeem exactly the amount you want

While the earning side remains unchanged, flexibility on the redemption side has been reduced.

There are some credit cards on which these cappings are not applicable.

More information here - SBI Credit Card Devaluation on Reward Redemption Rules

HDFC Infinia Credit Card Devaluation: Higher Requirements to Continue

The HDFC Infinia Credit Card has not changed its reward structure, but it has introduced stricter conditions to continue holding the card.

From April 1,2026, to continue holding the card, you must meet at least one of the following condition:

• ₹18 lakh annual spending on the card, or

• ₹50 lakh total relationship value with HDFC Bank

If these conditions are not met, the card may be downgraded or discontinued.

This is not a direct devaluation in rewards, but it increases the cost of holding the card. You now need to actively justify keeping it, either through high spending or a strong banking relationship.

More information here - HDFC Infinia Credit Card Devaluation

IndusInd Credit Cards Devaluation for Airport Lounge Access

Effective: 1 April 2026

IndusInd Bank has revised lounge access benefits across multiple cards.

Earlier, lounge access was a fixed benefit. You received a set number of complimentary visits every quarter, and you could use them without worrying about how much you spent on the card.

From April 2026, this benefit becomes spend-linked.

• Lounge access will depend on your spend in the previous quarter

• Spend tracking starts from April–June 2026

• The new benefit system applies from July 2026 onwards

For example, if you want lounge access in July–September, you must meet the required spend between April–June.

The spend requirement is quite high:

• Premium cards (Indulge, Solitaire, Crest): ₹5 lakh per quarter

• Other variants (Legacy, Pinnacle, Celesta): ₹1.5 lakh per quarter

If you don’t meet this, you won’t get lounge access in the next quarter.

More information here - IndusInd Credit Cards Domestic Lounge Access Devaluation

Bank of Baroda Credit Cards Devaluation: New Charges Introduced

From 1 April 2026, Bank of Baroda introduced new charges on certain types of transactions.

Key updates:

• 1% fee on education payments made via third-party apps

• 1% fee on toll/bus transactions above ₹5,000

• 1% fee on railway bookings above ₹30,000

• Corporate cards: cash withdrawal limit reduced from 40% to 20%

Some cards like BOBCARD One, Uni, and Scapia are excluded from these changes.

At the same time, telecom spends will now earn reward points, which is a small positive.

Overall, while there is a minor improvement in rewards, the addition of new charges impacts overall value.

More information here - Bank of Baroda Credit Cards Devaluation

Equitas Credit Cards Devaluation: Insurance Benefits Removed

Effective 1 April, Equitas Bank has discontinued the following complimentary insurance covers:

• Air accident cover

• Personal accident cover

• Credit shield insurance

While this may sound like a major removal, these benefits were rarely used and often difficult to claim in real situations.

For most users, the practical impact is limited.

More information here - Equitas Credit Card Insurance Benefits Removed

Airtel Axis Credit Card Devaluation: Cashback Now Linked to Usage

The Airtel Axis Bank Credit Card has undergone one of the most noticeable changes.

Earlier, the card was extremely simple to use:

• 25% cashback on Airtel spends (capped at ₹250)

• 10% cashback on utility payments (capped at ₹250)

• 1% base cashback (no capping)

• No dependency on other spending

You could use the card only for these categories and still maximise its value.

From April 12, 2026, this changes completely.

Cashback caps are now linked to your base spending (1% category):

• Airtel cashback cap = 2× base cashback earned

• Utility cashback cap = 1× base cashback earned

In practical terms:

• To unlock ₹250 Airtel cashback → you need ₹125 base cashback → ₹12,500 spend

• To unlock ₹250 utility cashback → you need ₹250 base cashback → ₹25,000 spend

If you don’t spend enough on regular categories, your cashback in Airtel and utilities will reduce.

There are additional changes as well:

• Cashback on Swiggy & BigBasket has been removed

• Replaced with 10% value-back on:

  • Zomato

  • Blinkit

  • District

• Rewards will now be credited to partner wallets, not your card statement

• 4 domestic lounge visits per year have been discontinued

Earlier, this credit card was simple and easy to maximise. Now, it requires more consistent usage across categories.

More information here - Axis Airtel Credit Card Devaluation

DBS Credit Cards Devaluation: New Fees on Travel and Wallet Transactions

DBS Bank has introduced additional charges effective 1 April 2026.

Key changes:

• 1% fee on select travel transactions if cumulative spends exceed ₹10,000 in a statement cycle for the following MCCs:
    4111 – Local / suburban passenger transport (including ferries)
    4131 – Bus lines
  4784 – Tolls and bridge fees
  
  

• 1% fee on railway transactions if cumulative spends exceed ₹20,000 in a statement cycle:
  4112 – Passenger railways
  
  

• 1% fee on wallet loading:
    Applicable on wallet-load transactions of ₹5,000 or more
  MCC 6540 

Users who frequently use their card for these categories may see an increase in overall costs.

AU Fi MagniFi Credit Card: Discontinued

The AU Fi MagniFi Credit Card will be discontinued from 2 April 2026 due to the end of its co-branded partnership.

What happens next:

• Existing users will be migrated to the AU Vetta Credit Card

• The replacement card will be issued as lifetime free

While there is no disruption in usage, the benefits and reward structure will change based on the new card.

So, What’s the Bigger Picture?

April 2026 is not about one big devaluation. It’s about multiple small changes happening together across banks.

• Rewards are not disappearing, but they are becoming more controlled

• Flexibility is reducing across earning and redemption

• Fees are being introduced in more categories

For users, this means one thing:

You can still get good value from credit cards, but you need to be more mindful of how you use them.

How the SaveSage App Can Help You

With so many changes happening at once in the world of credit cards, keeping track manually is difficult.

The SaveSage App can help you:

• Understand where you are earning the most value

• Identify the best card for each spend

• Adjust your spending based on latest updates

• Avoid missing out due to new caps and rules

• Maximise returns without guesswork

You can also try our Credit Card Reward Points Calculator for the card you are using right now.

The difference between average and high reward users is no longer about the credit card they hold, but how they use it, how they turn every credit card transaction into points and how they utilize their credit card rewards.