If you are one of the high-net-worth individuals holding HDFC Bank’s super-premium Infinia Metal Credit Card, we have some disappointing news for you. The bank has rolled out a significant devaluation to its reward structure, effective January 16, 2026. Known as the “king of credit cards” for its massive reward potential, the latest changes have dealt a heavy blow to users who relied on the SmartBuy platform to maximize their returns.
SmartBuy Rewards Take a Nosedive
For years, the HDFC Infinia card was celebrated for its incredible multiplier effect on brand vouchers purchased via the SmartBuy platform (powered by Gyftr). However, under the new rules, the reward points multiplier for these vouchers has been slashed from 5X to 3X.
To put this into perspective, previously, spending Rs 150 would earn you 25 reward points, translating to a massive effective reward rate of roughly 16.5%. With the new update, that same spend will now only yield 15 points. This brings the effective reward rate down to approximately 10%. For loyal users who strategically planned their shopping around these multipliers, this is a significant reduction in value.
Amazon Pay Vouchers and Hidden Costs
The devaluation doesn’t stop at general brand vouchers; it hits the highly popular Amazon Pay vouchers as well. Many users treated these vouchers as “near cash” for utility bills and general shopping. With the new structure, the return on Amazon Pay vouchers has dropped to a mere 5.77%, which is a far cry from the double-digit returns users were accustomed to.
Adding insult to injury is the convenience fee factor. Several brands on the platform attract a convenience fee of up to 4%. When you factor this cost into the reduced reward rate, the net reward value in some cases plummets to just about 6%. The math simply doesn’t look as attractive as it did a week ago.
Is Infinia Losing Its Edge Over Other Cards?
This move has sparked a debate on whether the Infinia still justifies its high annual fee and status. With the reward rate on vouchers dropping to around 10%, the Infinia has effectively been brought down to the same level as HDFC’s other premium offerings, such as the Biz Black and Diners Club Black cards, which already offered similar returns on vouchers.
HDFC Bank has stated that these changes are part of a broader trend in the Indian credit card market, where issuers are adjusting structures based on operational costs and market conditions. This mirrors similar recent moves by competitors like ICICI Bank. While Infinia still retains strong benefits regarding airport lounge access and base reward rates, the “super-normal” profits from voucher shopping are officially a thing of the past.
The Bottom Line: If you are an Infinia holder, it might be time to recalculate your reward strategy. The card remains a powerful tool for travel redemption, but for everyday shopping via vouchers, the golden era has ended.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are requested to consult a certified financial advisor before making any investment decisions.
Last Updated: 18 January 2026
