Credit card devaluation trends are on the rise as both Axis Bank and HDFC Bank make adjustments to popular cards. Axis Bank’s Magnus Credit Card lost its monthly milestone benefit and increased its annual fee, while HDFC Bank linked lounge benefits to higher spending on Regalia Cards. These changes follow a broader industry trend influenced by economic conditions post-pandemic, particularly inflation. Nitin Purswani, CEO at Medius AI, notes that credit card issuers are recalibrating rewards structures to balance consumer attraction with profitability, resulting in fewer rewards, increased redemption thresholds, or the reduction of ancillary benefits.
Credit Card Devaluation: HDFC Regalia and Axis Magnus Face Benefits Reduction
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