Points & Rewards
How reward points actually work
Not all points are equal. Understand earning, redemption value, and where each program shines — before you burn them on the wrong thing.
Why redemption value matters more than earn rate
A card that earns “10 points per ₹100” sounds great — until you learn each point is worth ₹0.25. The number that matters is your effective reward rate: points earned × value per point. A 2% effective rate beats a flashy 10-points headline every time.
Indian reward programs at a glance
Illustrative values — actual worth depends on the card and redemption route. Always check the latest catalogue.
| Program | Typical earn | Value / point | Best redemption |
|---|---|---|---|
| HDFC Reward Points | Varies by card (up to 3.3%) | ₹0.25 – ₹1.00 | SmartBuy flights/hotels, transfer partners |
| Axis EDGE Rewards | Up to 5% on select spends | ₹0.20 – ₹0.40 | EDGE catalogue, airline/hotel transfers |
| Amex Membership Rewards | 1 MR / ₹50 (base) | ₹0.30 – ₹1.00+ | Airline transfers, Amex Travel |
| ICICI Reward Points | Varies by card | ₹0.25 | iShop, statement credit |
| SBI Reward Points | Up to 10x on select | ₹0.25 | Rewardz catalogue, flights |
The redemption value ladder (worst → best)
- Statement credit / cashback conversion — usually the floor (~₹0.25).
- Product catalogue — convenient, rarely the best value.
- Flight & hotel bookings via the bank portal (SmartBuy, EDGE, iShop).
- Transfer to airline/hotel partners — often the highest value, especially for premium-cabin flights. See our points transfer guide.
Three rules to live by
- Never let points expire — most Indian programs expire in 2–3 years.
- Redeem for travel, not merchandise, when you can.
- Watch for transfer bonuses — a 30% bonus instantly boosts your value.
Ready to go deeper?
Learn how to move points to airline and hotel partners — and when it's worth it.
Read the points transfer guide →