HDFC reward point devaluation rumors - Should we redeem now?

by riya.choudhury · 1 Jan 2026, 12:36 am · 209 views · 20 replies

1 Jan 2026, 12:36 am

There are rumors floating around on multiple credit card forums and WhatsApp groups that HDFC is planning a reward point devaluation, potentially affecting Infinia, Diners Black, and Regalia cards.

What I've heard (all unconfirmed):

SmartBuy airline transfer ratios might be reduced from 1:1 to 1:0.8 for some programs
General redemption value might drop from ₹0.50/point to ₹0.40/point
Some people claiming their RMs mentioned 'upcoming changes' in reward structure
Timeline: Supposedly happening in Q2 2025 (April-June)

Historical context:

HDFC already devalued Regalia rewards in 2023 (reduced accelerated earn rates)
Diners ClubMiles was merged into regular rewards in 2022 (net devaluation for many)
SmartBuy rates have been tweaked multiple times

My situation:
I have 2.8 lakh HDFC reward points (Infinia accumulation over 2 years). Current value is around ₹1.4 lakh if transferred to partner airlines at 1:1. If devaluation happens and ratio drops to 1:0.8, I'd lose ₹28,000 in value!

Should I:

Redeem immediately to lock in current value (transfer to Singapore Airlines KrisFlyer)
Wait and watch since these are just rumors
Diversify - redeem 50% now, keep 50% for future needs

Has anyone heard anything official from HDFC? Any insider info from RMs? This is a significant amount of value at stake and I don't want to panic redeem if it's just FUD (fear, uncertainty, doubt).

Also, historically, do banks give notice before devaluations or do they just implement overnight?

19 Comments

shreya.kulkarni · 1 Jan 2026, 02:20 pm

Every year someone spreads these rumors. I've been hearing 'Infinia devaluation coming' since 2020. Still hasn't happened at that scale.

sneha.nair · 2 Jan 2026, 01:23 pm

I transferred all my 1.5 lakh points to Singapore Airlines just to be safe. Even if it's a rumor, I was planning to redeem for a Europe trip anyway. Better safe than sorry.

rahul.joshi · 4 Jan 2026, 12:00 am

The SmartBuy rate reduction last year was real devaluation - they removed 10X from certain categories quietly. So these rumors aren't baseless.

priya.sharma · 4 Jan 2026, 07:18 pm

Hold if you have a redemption plan within 6 months. Panic redemption usually gives you bad value because you're forced to use points suboptimally.

kavya.krishnan · 8 Jan 2026, 12:27 am

Banking insider here (not HDFC): Banks usually give 30-60 days notice for reward program changes as per RBI guidelines. Overnight changes are rare for major programs. You'll likely get advance notice.

ananya.reddy · 5 Jan 2026, 11:13 pm

I asked my RM directly. He said 'no official communication about devaluation' but also added 'can't predict what head office decides'. Basically he knows nothing

neha.gupta · 6 Jan 2026, 12:37 pm

HDFC devalued Regalia in 2023 - the online/smartbuy earn rate dropped from 4X to 2X for many categories. Existing users were grandfathered for 6 months only. So yes, devaluations happen.

harsh.agarwal · 8 Jan 2026, 06:13 pm

The problem with hoarding points is exactly this - devaluation risk. I redeem points quarterly now instead of accumulating for years.

karthik.sundaram · 11 Jan 2026, 10:54 pm

I maintain a 'redemption ready' mindset. I always have a redemption plan for my points (specific flights/hotels). If devaluation rumor comes, I execute immediately. No hoarding for hypothetical future use.

ishita.sen · 9 Jan 2026, 06:32 pm

Transferred my points to Accor Live Limitless last month (1:1 ratio). Hotel points are easier to use than airline miles for me, and Accor has decent properties in India.

neha.gupta · 11 Jan 2026, 07:19 am

These rumors surface before every major announcement. Last time it was before the Regalia Gold launch. Nothing happened to Infinia. Classic FUD.

rahul.joshi · 11 Jan 2026, 07:35 pm

Check the T&C change notices on HDFC website and app. Banks are required to publish changes there. If something's coming, you'll see 'Terms & Conditions updated on DD/MM/YYYY' notification.

sneha.nair · 12 Jan 2026, 12:24 am

The real devaluation was when they discontinued Diners ClubMiles conversion. That was a 40% value loss for people who used that route. Infinia holders got hit hard.

tanmay.deshpande · 12 Jan 2026, 08:54 pm

My RM told me (off the record): Focus is currently on new card launches (Regalia Gold, rumored new premium card). Existing program changes unlikely in next 2 quarters. Take it with a grain of salt though.

rahul.joshi · 13 Jan 2026, 10:04 pm

Diversify your point redemption strategy. Don't keep all points in one bank. I have HDFC Infinia, Amex Plat Travel, and Axis Magnus. Points spread across 3 ecosystems.

nikhil.rao · 14 Jan 2026, 02:42 am

Has anyone considered the 'Amazon Pay redemption' route? You get ₹0.30 per point which is lower than airline transfer but it's instant liquidity. Better than losing value to devaluation?

ishita.sen · 15 Jan 2026, 01:44 am

I did a detailed analysis: If you redeem for SmartBuy cashback (₹0.50/point), you get guaranteed value. Airline transfers (1:1) theoretically give you ₹1-1.5/point but only if you actually use the miles well. Most people get poor value.

ishita.sen · 16 Jan 2026, 08:21 am

Class action possibility? If they devalue without proper notice, can we collectively challenge it? Anyone with legal expertise here?

harsh.agarwal · 17 Jan 2026, 05:29 pm

This is why you should redeem points fast, never hoard them for years. Points are a depreciating asset. I learned this the hard way with Jet Airways JPMiles (remember that disaster?).

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