ICICI Bank rolled out updates effective Jan 15 adjusting rewards and fees across add-on cards, dynamic currency conversion, wallet spends, gaming transactions, and select transport categories. None of these made headlines. But together, they materially reshape how everyday spend is priced. At the same time, SBI Card expanded domestic airport lounge access, while HDFC Bank tightened debit card lounge eligibility through spend-based gating and vouchers. The message is consistent: Travel still matters—but access is no longer automatic.
The Infinia moment
HDFC Bank quietly updated terms on its flagship Infinia card—reducing accelerated rewards on SmartBuy voucher purchases from 5X to 3X points. For cardholders who'd optimized their spend around this feature, the math changed overnight: effective returns dropped from ~16.5% to ~10%.
Within 72 hours, the bank reversed course. Customer feedback was swift and vocal.But here's what matters: the rollback isn't the story. The attempt is. For years, Infinia has been the gold standard of Indian premium cards, a product so well-structured that it became a "set-and-forget" favorite among high spenders. The kind of card people didn't just use, but planned their spending around. That HDFC Bank tested a change of this magnitude signals something fundamental: no card, however iconic, is exempt from profitability re-evaluation.
What the attempt reveals , was this misstep or a probe to test. We think it is only a matter of time when few categories are excluded in a phased manner.
FLIP's POV
Stop chasing headline perks. Start auditing reality. Re-check your:
Reward rate changes
Fees & charges
Lounge eligibility rules
Alignment between card benefits and how you actually spend
January's micro-changes don't stay micro. They compound over 12 months.
That's where value is now hiding.
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