HDFC Infinia Credit Card rewards cut: Effective return on vouchers falls sharply as 5X points drops to 3X

Rewards devaluations are not isolated to this move

• HDFC Infinia's SmartBuy voucher rewards drop from 5X to 3X from Jan 16, 2026
• ICICI Bank revises credit card rewards and fees, changes effective Jan-Feb 2026
• HDFC debit card lounge access now requires vouchers and higher minimum spends

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HDFC Bank’s flagship Infinia credit card will see the reward points multiplier on SmartBuy voucher purchases reduced from 5X to 3X, effective January 16, 2026, according to updated terms shared on its website.

The revision effectively lowers the potential reward on such spends from roughly 16.67 percent to about 10 percent before fees,  a shift that alters how cardholders have traditionally maximised value.

For Infinia cardholders, this reduction in the accelerated rewards component doesn’t affect the base earn rate of 5 points per Rs 150 on everyday spends, which continues as before, but it does change how lucrative voucher purchases feel in comparison.

In broad terms, instead of earning 5 points per Rs 150 and then multiplying that with a 5X bonus on vouchers (effectively 25 points per Rs 150 before accelerators), the new regime would yield 15 points per Rs 150 for similar transactions under the 3X multiplier.

Rewards devaluations are not isolated to this move. Across issuers, banks have been tightening reward categories and recalibrating perks to manage costs, including limiting reward accruals on specific spend types or increasing conditions on privileges.

ICICI Bank recently announced a series of changes to credit card charges, rewards, and benefits effective from January 2026. Among the key revisions, the popular BookMyShow Buy-One-Get-One offer will now come with conditions, while a 1 percent fee is levied on wallet-loading transactions of Rs 5,000 or more. These changes will be rolled out in phases between January and February 2026 applicable across all retail credit card customers.

HDFC Bank debit card lounge access also got revised recently. It has tightened complimentary airport lounge access norms for debit cardholders by shifting from physical swipes to a voucher-based access system with higher minimum spends, underscoring a broader trend of refining benefit structures across card and banking products.

Infinia still carries a suite of premium benefits, including travel perks, concierge services and robust base earns on everyday spends but the reduced voucher acceleration marks a clear shift in how much value users can extract from one of its most talked-about reward avenues.