Reward Points Credit Cards: How to Value a Point in Rupees

My honest take on reward points credit cards

If you have redeemed thousands of points for a voucher that felt small, you already know the problem: the number looked big, the value did not. Points are a currency the bank prints and prices. So ignore "10X" and run one formula: point value × points per ₹ spent = your real return.

• IDFC FIRST Millennia: 10 points per ₹200 on dining and travel, at ₹0.25 a point. That "10X" is 1.25%.
• ICICI Coral: 2 points per ₹100 at about ₹0.25 in our data, so roughly 0.5%.
• Axis REWARDS: 2 points per ₹125 at ₹0.20, about 0.32%.
• HDFC Infinia Metal: 5 points per ₹150, redeemed on SmartBuy flights and hotels at ₹1 a point, so 3.33%.

Watch the spend unit. ₹100, ₹125, ₹150 and ₹200 all appear above, and quoting Infinia "per ₹100" overstates its return by half.

Reward point redemption: value and fees

The same point can be worth very different amounts. On HDFC Regalia Gold, per our records, flight and hotel redemptions are worth about ₹0.50 a point and statement credit about ₹0.15 (check HDFC's current catalogue). A ₹6 lakh year earns 15,000 base points: about ₹7,500 the first way, about ₹2,250 the second. Same card, same spend.

Then the fee. On SBI SimplyCLICK, users report Amazon vouchers at ₹0.20 a point and a ₹99 + GST fee per redemption, so 2,500 points come to about ₹383. IDFC FIRST Millennia also charges ₹99 + GST each time. Limits matter too: IndusInd Tiger values a point at ₹0.40 as cash credit, but you can redeem at most 5,000 points a month that way, worth ₹2,000. Let points build and redeem a few times a year.

Credit card reward points devaluation

Banks change point maths more often than fees. Axis Magnus now earns 12 points per ₹200 up to ₹1.5 lakh a month and 35 only on spend above that, up to your credit limit plus ₹1.5 lakh. At our ₹0.20 working value, that is 1.2% on the first ₹1.5 lakh and 3.5% beyond it. Regalia Gold now states 5 points per ₹200, where older articles still quote 4 per ₹150. Our 2026 devaluation roundup and HDFC reward points devaluation note track the changes. A big balance saved for one dream redemption is exposed to the next cut, so redeem steadily.

Reward points vs cashback

Points win only when you redeem well. At Infinia's 3.33% on travel redemptions, points beat most cashback. At Axis REWARDS' 0.32% base, a plain 1% cashback card does three times better with no catalogue to study. If you will never open a rewards catalogue, start with cashback credit cards; if travel is the goal, compare air miles credit cards. Our reward points vs cashback guide runs the comparison in full.

Frequently asked questions

What is the ICICI credit card reward points value?

On ICICI Coral, about ₹0.25 a point in our data, which ICICI has not confirmed. At 2 points per ₹100, that is around 0.5% back.

How do I calculate my credit card reward points value?

Multiply the rupee value of one point by the points you earn per rupee. 10 points per ₹200 at ₹0.25 is 1.25%; then subtract any redemption fee.

Is 1,000 reward points worth ₹1,000?

Rarely. At ₹0.25 a point, 1,000 points are worth ₹250, and at Tiger's ₹0.40 cash value, ₹400. Only a ₹1 redemption, like Infinia on SmartBuy travel, gets you ₹1,000.

Are reward points better than cashback?

Only if you redeem for travel at a high value. For everyday spending, cashback is simpler and often worth more.

This is my honest read, not formal financial advice. Point values and catalogues change, so check your card's current redemption rates before you spend for points.

Credit Card Information Compiled by: Abhijeet Kumar | Reviewed by: Anmol Ratan Sachdeva