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What's an Indian credit card reward point actually worth?

A centralised paise-per-point database for Indian credit card reward currencies, with disclosed methodology and floor / realistic / max valuation bands. We track 14 major programs (HDFC, Axis EDGE, SBI, ICICI, Amex MR India, Tata NeuCoins, Marriott Bonvoy, Club Vistara, and others), updated monthly with documented redemption routes and devaluation deltas. Other Indian sources publish point-values in scattered blog posts; this is the methodology-disclosed table format.

Last reviewed: 2026-05-23 · Methodology: how we rate credit cards

How we calculate these values

For each reward currency we identify the highest documented public redemption rate (typically against flight redemptions, hotel transfer partners, or branded catalogues). We then apply a 30% friction discount to that max value. The discount covers: minimum redemption thresholds, blackout dates + capped redemption windows, partner availability gaps, point expiration risk, and the realistic likelihood that any given cardholder optimises perfectly.

Formula: realistic_value = max_documented_value × 0.70

The result is a "real-world average" closer to what most Indian cardholders actually realise — not a theoretical best that requires booking off-peak Vistara flights to Bali via Marriott Bonvoy transfer at exact 1:1 ratio. We track the theoretical max separately (column "Max") for power-users who do optimise that hard.

Current valuations (paise per point, May 2026)

Reward currencyFloorRealistic avgMax30d trend
HDFC Diners Club Reward Points
HDFC Bank
27p70p
₹0.70
100p -10.0p
HDFC Reward Points
HDFC Bank
15p35p
₹0.35
50p -3.0p
Axis Bank EDGE Miles
Axis Bank
20p30p
₹0.30
50p -15.0p
SBI Card Reward Points
SBI Card
15p25p
₹0.25
30p -2.0p
ICICI Reward Points
ICICI Bank
15p25p
₹0.25
30p -1.0p
Amex Membership Rewards India
American Express India
25p50p
₹0.50
70p -2.0p
Tata Neu NeuCoins
Tata Digital (with HDFC Bank)
65p70p
₹0.70
100p -5.0p
Club Vistara Points
Vistara (Tata/Singapore Airlines JV)
50p80p
₹0.80
120p -10.0p
Marriott Bonvoy Points (India)
Marriott International
25p42p
₹0.42
60p -3.0p
Kotak Reward Points
Kotak Mahindra Bank
15p22p
₹0.22
30p stable
AU Bank Reward Points
AU Small Finance Bank
15p22p
₹0.22
30p stable
RBL Bank Reward Points
RBL Bank
15p25p
₹0.25
35p -2.0p
Standard Chartered 360 Rewards
Standard Chartered Bank
15p25p
₹0.25
35p stable
IDFC FIRST Reward Points
IDFC FIRST Bank
15p22p
₹0.22
25p stable

1 paise = ₹0.01. To compute the rupee value of N points: (N × avg paise) ÷ 100. Example: 5,000 HDFC Diners Black Reward Points × 70 paise = ₹3,500 realistic spend value.

Detail per currency — redemption routes + trend

HDFC Diners Club Reward Points

HDFC Bank

70prealistic avg -10.0p
↑ Best redemption route

SmartBuy redemption against Apple Store / Marriott Bonvoy / Tata CLiQ Luxury bookings (1:1)

↓ Worst redemption route

Statement credit at 0.27 paise/point via card-account portal

Trend note: SmartBuy capped Apple redemptions to ₹50K/qtr in Apr 2024; flight/hotel caps tightened Jul 2024
Methodology: Max documented = SmartBuy at-par redemption pre-cap; realistic avg applies 30% friction for caps + availability
Cards earning this currency: hdfc diners club black, hdfc infinia
Sources: HDFC SmartBuy portal · Apr 2024 SmartBuy cap notice

HDFC Reward Points

HDFC Bank

35prealistic avg -3.0p
↑ Best redemption route

SmartBuy catalogue redemption for flight booking via Vistara / IndiGo (₹0.50/point peak)

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Tier-1 cards see consistent 35-50 paise; mass-market Millennia tier closer to 25-30
Methodology: Effective rate depends heavily on card tier — Regalia Gold redeems higher than Millennia. Realistic avg uses Regalia tier as anchor minus friction.
Cards earning this currency: hdfc regalia gold, hdfc millennia, hdfc moneyback plus, tata neu hdfc
Sources: HDFC Reward Points redemption catalogue

Axis Bank EDGE Miles

Axis Bank

30prealistic avg -15.0p
↑ Best redemption route

Air Vistara / Marriott Bonvoy 1:1 transfer (pre-devaluation peak ₹1.00/point)

↓ Worst redemption route

Cash redemption via Axis Travel Edge at ₹0.20/point

Trend note: Magnus EDGE Miles cut 60% in Aug 2023 — earn rate fell from 12 to 5 per ₹200 spend. Realistic value 30 paise vs 50 paise pre-devaluation.
Methodology: Aug 2023 Magnus devaluation is the largest single Indian CC reward-program change in the last 3 years. Atlas + Vistara cards still earn at original 1:1 transfer ratio but partner network shrunk.
Cards earning this currency: axis magnus credit card, axis atlas credit card, axis vistara credit card
Sources: Axis Bank EDGE Miles changes Aug 2023 · CardCurator Magnus devaluation analysis

SBI Card Reward Points

SBI Card

25prealistic avg -2.0p
↑ Best redemption route

SBI Card rewards catalogue — flight/hotel vouchers via Yatra / MakeMyTrip integration at ₹0.30/point peak

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Online-spend reward bonuses capped in 2024 (e.g. SBI Cashback online cashback capped ₹5,000/mo)
Methodology: SBI rewards are conservative-by-design — no high-end transfer-partner alchemy. Realistic value = catalogue rate × 0.85 (lower friction than HDFC/Axis since catalogue items are commodity).
Cards earning this currency: sbi card elite, sbi card prime, sbi aurum credit card, sbi card pulse
Sources: SBI Card Rewards Catalogue

ICICI Reward Points

ICICI Bank

25prealistic avg -1.0p
↑ Best redemption route

iMobile Pay catalogue redemption — Amazon vouchers, flight bookings (peak ₹0.30/point)

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Stable. ICICI does not run premium transfer-partner programs (no Vistara/Marriott direct partnership at 1:1).
Methodology: ICICI Reward Points realistically max at ₹0.30 because the bank lacks an Amex-style transfer-partner network. Even Emeralde Private Metal tops out near catalogue rate.
Cards earning this currency: icici coral credit card, icici sapphiro credit card, icici emeralde credit card
Sources: ICICI iMobile Rewards portal

Amex Membership Rewards India

American Express India

50prealistic avg -2.0p
↑ Best redemption route

Transfer to Marriott Bonvoy at 3:1 (peak realistic ₹0.70/point); Hilton at 1:1 secondary

↓ Worst redemption route

Pay-with-points statement credit at ₹0.25/point

Trend note: MRCC milestone bonus reduced in Feb 2024 (₹5K voucher → ₹2.5K voucher on ₹6L spend)
Methodology: Amex MR has the best transfer-partner network in India (Marriott Bonvoy, Hilton, ITC Green Points, Vistara). Realistic value 50 paise reflects partner availability + transfer ratio variability.
Cards earning this currency: amex platinum card, amex gold card, amex mrcc, amex smartearn
Sources: Amex India MR Catalogue · Amex Marriott Bonvoy transfer terms

Tata Neu NeuCoins

Tata Digital (with HDFC Bank)

70prealistic avg -5.0p
↑ Best redemption route

Spend at Tata properties (Tata CLiQ, BigBasket, AirAsia India, IHCL hotels, Croma) at 1:1

↓ Worst redemption route

Tata CLiQ generic discount when no other promo active (~₹0.65/coin)

Trend note: Tata Neu earn cap reduced in 2024: 5% earn on Tata properties down from 10%
Methodology: NeuCoins have face value ₹1 within the Tata ecosystem but real-world value depends on whether you actually shop at Tata properties. Realistic avg = 1 × 0.7 reflects ecosystem-lock-in friction.
Cards earning this currency: hdfc tata neu infinity, tata neu hdfc
Sources: Tata Neu T&C · HDFC Tata Neu Infinity card

Club Vistara Points

Vistara (Tata/Singapore Airlines JV)

80prealistic avg -10.0p
↑ Best redemption route

Reward flight redemption on Vistara network during off-peak windows (₹1.00-1.20/point realized)

↓ Worst redemption route

Tier upgrade vouchers — modest value when redeemed individually

Trend note: Air India-Vistara merger announced Nov 2024 — Vistara operations winding down by 2026 cutover. Points to migrate to Air India FlyingReturns; conversion ratio TBD.
Methodology: High realized value but high uncertainty — Vistara CC partnerships likely transition to Air India by Q4 2026. Card-holders should burn points before migration. Realistic value reflects discount for transition risk.
Cards earning this currency: hdfc tata neu infinity, axis vistara credit card, sbi vistara prime, idfc vistara
Sources: Vistara-Air India Merger Update · Air India FlyingReturns

Marriott Bonvoy Points (India)

Marriott International

42prealistic avg -3.0p
↑ Best redemption route

Free-night certificate redemption at Indian Marriott properties (₹3-5K typical value per 5K-15K points)

↓ Worst redemption route

Cash redemption — ~₹0.25/point

Trend note: Marriott dynamic award pricing since 2022 — peak Indian hotel nights now cost 30-40% more in points than fixed-category days
Methodology: Marriott Bonvoy realistic value 42 paise reflects average free-night-certificate ROI on Indian properties, adjusted for dynamic-pricing variability since 2022.
Cards earning this currency: hdfc infinia, amex platinum card
Sources: Marriott Bonvoy Dynamic Pricing

Kotak Reward Points

Kotak Mahindra Bank

22prealistic avg stable
↑ Best redemption route

Kotak catalogue redemption at ₹0.25-0.30/point on standard catalogue items

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Stable. Kotak lacks premium transfer-partner program.
Methodology: Kotak Reward Points trade in a narrow band — straight catalogue redemption, no airline/hotel transfer-partner alchemy.
Cards earning this currency: kotak zen signature, kotak league platinum, kotak mojo platinum, kotak 811 dream different
Sources: Kotak Bank Reward Points FAQ

AU Bank Reward Points

AU Small Finance Bank

22prealistic avg stable
↑ Best redemption route

AU catalogue (Amazon / Flipkart vouchers) at ₹0.25-0.30/point

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Stable.
Methodology: AU Bank rewards comparable to Kotak/SBI — straight catalogue redemption.
Cards earning this currency: au bank altura plus, au bank lit credit card, au bank zenith plus
Sources: AU Bank Reward Programme

RBL Bank Reward Points

RBL Bank

25prealistic avg -2.0p
↑ Best redemption route

RBL catalogue + Yatra/MMT travel-voucher redemption (~₹0.35/point peak on World Safari)

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Steady. RBL World Safari retains 4x reward category on dining/travel.
Methodology: RBL realistic value 25 paise reflects narrow catalogue + modest travel-voucher integration.
Cards earning this currency: rbl bank world safari credit card, rbl icon credit card, rbl bank platinum maxima credit card
Sources: RBL Rewards Program

Standard Chartered 360 Rewards

Standard Chartered Bank

25prealistic avg stable
↑ Best redemption route

SCB 360 Rewards catalogue + Marriott Bonvoy redemption (~₹0.35/point on Ultimate)

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Stable.
Methodology: Ultimate Credit Card retains strong reward earning + redemption flex; 360 Rewards catalogue narrower than HDFC SmartBuy.
Cards earning this currency: standard chartered ultimate, standard chartered rewards plus
Sources: SCB 360 Rewards

IDFC FIRST Reward Points

IDFC FIRST Bank

22prealistic avg stable
↑ Best redemption route

IDFC catalogue redemption — Amazon/Flipkart vouchers (~₹0.25/point)

↓ Worst redemption route

Statement credit at ₹0.15/point

Trend note: Stable. IDFC focuses on flat reward earn vs partner-program alchemy.
Methodology: IDFC Reward Points are simple catalogue-based — small spread between best and worst redemption rates.
Cards earning this currency: idfc first bank, idfc first select, idfc first wealth, idfc first classic
Sources: IDFC FIRST Rewards FAQ

Why trust these values

  • ✓ Published methodology — see exact formula above, no proprietary black-box scoring
  • ✓ Sourced individually — every currency cites the bank's public documentation
  • ✓ Monthly refresh cycle — next review due 2026-06-22
  • ✓ Devaluations flagged — we track when banks cut earn/redeem rates (Axis Magnus Aug 2023, HDFC SmartBuy Apr 2024)
  • ✓ No affiliate weighting — these values do not change based on whether we earn commission. See our editorial standards.
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