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What Are Your Reward Points Worth?

Per-point value ranges from ₹0.15 to ₹1.00+ depending on how you redeem. Select your card and find out.

📊 239 cards compared 🏦 Data from official bank documents 🚫 No affiliate commissions 🔄 Updated April 2026

Step 1 — Which card?

Understanding Credit Card Reward Points in India

The average Indian credit card earns 1.1% back in rewards. But the headline earn rate is only half the story. A card earning 1% in points where each point is worth Rs 0.50 via airline transfers is actually earning you more than a card earning 1.5% where points are worth Rs 0.20 in a merchandise catalogue.

This calculator factors in redemption multipliers — the real-world value difference between redeeming as statement credit, transferring to airline/hotel partners, or wasting on catalogue items. Select your card, estimate your points (or enter your exact balance), choose how you redeem, and see the true value.

Don't know your exact point balance? Use the "Estimate for me" path — tell us how long you've had the card and your typical monthly spend, and we'll estimate how much reward value you've accumulated.

Redemption Tips by Bank

HDFC Bank

HDFC reward points are worth Rs 0.20 as statement credit, but jump to Rs 0.50/point when transferred to airline partners via SmartBuy. That is a 2.5x difference.

  • Best: Transfer to Singapore Airlines KrisFlyer or Air India FFP via SmartBuy
  • Good: Transfer to Marriott Bonvoy for hotel stays (Rs 0.40/point)
  • Avoid: Catalogue/merchandise redemption (Rs 0.12/point — destroys value)

Axis Bank

Axis EDGE Rewards are worth Rs 0.25 as statement credit. EDGE Miles on premium cards are worth Rs 0.40-0.50 when transferred to airline partners.

  • Best: Transfer to Singapore Airlines KrisFlyer or Air India (Rs 0.40-0.50/point)
  • Good: Statement credit (Rs 0.25/point)
  • Avoid: Low-value catalogue items

American Express

Amex Membership Rewards points are among the most valuable in India. Worth Rs 0.30 as statement credit, but Rs 0.50+ when transferred to airline and hotel partners.

  • Best: Transfer to Marriott Bonvoy, Singapore Airlines, or Cathay Pacific (Rs 0.50+/point)
  • Good: Partner vouchers — Flipkart, Amazon (Rs 0.40-0.45/point)
  • Avoid: Statement credit (you lose 40%+ of the value)

ICICI Bank

ICICI reward points are worth Rs 0.25 as statement credit. Amazon and Flipkart voucher redemption gives slightly better value.

  • Best: Amazon/Flipkart vouchers (Rs 0.30-0.35/point)
  • Good: Airline miles on Emeralde cards (Rs 0.35/point)
  • OK: Statement credit (Rs 0.25/point)

SBI Card

SBI reward points are worth Rs 0.25 as statement credit. The SBI travel portal gives better value at Rs 0.40/point.

  • Best: SBI travel portal redemption (Rs 0.40/point)
  • OK: Statement credit (Rs 0.25/point)
  • Avoid: Catalogue redemption (Rs 0.12/point — worst value)

Standard Chartered

Most Standard Chartered cards in India offer direct cashback rather than reward points. No redemption decision needed — the cashback is auto-credited to your statement.

Frequently Asked Questions

Are credit card reward points taxable in India?

Generally, no. The Income Tax Act doesn't specifically tax credit card rewards. However, rewards on business credit cards may need reporting. Consult a CA for large amounts.

Do credit card reward points expire?

Depends on the bank. HDFC points expire after 2 years. Amex Membership Rewards don't expire while the card is active. SBI points typically expire after 2 years. Always check your bank's policy.

What is the best way to redeem credit card reward points?

Transferring points to airline frequent flyer programs (like Singapore Airlines KrisFlyer or Air India) typically gives 2-3x the value compared to statement credit. Avoid catalogue or merchandise redemption.

How much is 1 HDFC reward point worth?

An HDFC reward point is worth approximately Rs 0.20 as statement credit. When transferred to airline miles via SmartBuy, you can get up to Rs 0.50 per point.

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