Values checked in September 2026 against what Axis and HDFC publish themselves.
Your rewards page shows a number. Twenty four thousand points, say. It reads like money sitting there, waiting.
The catch is that the number on its own tells you nothing. Depending on which button you press next, those same points might hand you five thousand rupees or twenty five thousand. Same balance. Same afternoon.
So we went and put a rupee figure on a point, card by card. Axis EDGE reward points value sits in one column, HDFC’s in the other, and we wrote down how we got there so you can argue with the maths if you want to.
Quick Answer
HDFC still pays out best. A point on Infinia or Diners Club Black came to ₹1.28 on the flight we priced this month, against 30 paise as cashback. Axis EDGE reward points value came to 51 paise a point on the same flight, because Magnus gives 2 miles for every 5 points you send.
Cashback is your floor. HDFC pays 30 paise a point on the premium cards. Axis pays roughly 20 to 25 in its catalogue.
One flight, two answers. ₹1.28 a point on Infinia, 51 paise on Magnus.
The exit ratio beats the earn rate. HDFC moves points 1:1. Magnus gives 2 miles for 5 points, and only 1 with five of its partners.
Redemption value held steady in 2026. What changed is how fast you pile points up.
Points expire. Regalia Gold after 2 years, Infinia and Diners Black after 3.
Credit where it’s due, HDFC actually prints these numbers. Everything below comes off its own card pages and rewards terms, read in September 2026.
On Infinia and Diners Club Black, cashback against your statement gets you 30 paise a point. Products and vouchers go up to 50 paise. Transfers to an airline or hotel partner run at one mile per point, which is the interesting one and we’ll come back to it. Infinia holders also get a full rupee a point on Apple and Tanishq, though points can only cover 70% of that bill.
Regalia Gold sits lower down. Cashback is 20 paise, vouchers up to 35, and its Gold Catalogue 65. Transfers are capped at half a mile per point, so two of your points buy one mile.
Millennia breaks the pattern, and in a good way. Its cashpoints are worth a straight rupee against your bill. Anything else drops you to 30 paise. Take the cash and don’t overthink it.
Which means that on the premium cards, the worst thing you can do with a point and the best differ by roughly four times, and that’s before anyone books a flight.
Axis publishes no rupee figure the way HDFC does, so any Axis EDGE reward points value you read, including ours, is an estimate off the catalogue. Our own pricing of Magnus catalogue items puts vouchers and merchandise between 15 and 25 paise a point, with statement credit around 20 to 25.
Transfers are where it gets interesting, and where the partner you pick changes everything. Magnus reaches 24 airline and hotel programmes. Most of them, KrisFlyer included, run at 5 EDGE points for 2 partner miles. Send fifty thousand, watch twenty thousand arrive.
Five partners are worse. British Airways, Finnair, Vietnam Airlines, IndiGo BluChip and Qatar Airways all take 5 points and give back 1. On our Delhi to Singapore maths, that halves an EDGE point from 51 paise to around 26. Same balance, same trip, half the value, purely because of which logo you clicked.
In fairness, earning is fast. You get 12 EDGE points per ₹200 on normal spends up to ₹1.5 lakh a month, and 60 per ₹200 if you book through Travel EDGE, capped at ₹2 lakh. Tapping with Apple Pay earns the same EDGE Reward Points.
Which raises the thing people miss. A card can shower you in points and still lose to one that’s stingier, if the ratio on the way out is poor.
Pick the right flight and you can make any card look brilliant. So here’s exactly what we did, and you can redo it with your own trip.
Cashback and vouchers need no working out. We just use what the bank prints.
For transfers, we take the cash price of a seat and divide it by the points needed to book that same seat. One route, one date, one cabin, both checked the same day. Taxes get paid in cash whichever way you book, so they stay out of it.
We picked a route plenty of people actually fly, Delhi to Singapore, going out on 18 November, nonstop, economy, one way. KrisFlyer had it at 19,000 miles on the Saver chart. Google Flights had the cash version at ₹24,243 the morning we looked.
Infinia transfers one for one, so 19,000 points buy that seat outright. Divide the fare by the points and each one did ₹1.28 of work.
Magnus takes 47,500 EDGE points to produce the same 19,000 miles, which is the 5:2 ratio doing its thing. Identical seat, identical fare, but each point only managed 51 paise.
Fares move and award charts get revised, so do the division yourself before you transfer anything. It is the same sum we run on every route when we look at flights booked with credit card points. A cheap cash fare can quietly turn a good redemption into a poor one.
Nobody thinks in paise per point. People think in balances, so here they are.
Start small. Five thousand points on an Infinia or Diners Club Black is ₹1,500 off your bill, or ₹2,500 if you take vouchers instead. Not life changing either way.
Twenty thousand is where the gap opens up. Cashback hands you ₹6,000. Vouchers, ₹10,000. Send them to KrisFlyer and you have 20,000 miles, which on our booking was worth about ₹25,500 of flying.
Fifty thousand? Either ₹15,000 comes off a statement, or you have fifty thousand miles, which covers two one-way economy seats to Southeast Asia with miles to spare. Sit with that one for a second.
Regalia Gold runs lower throughout. Five thousand points give you ₹1,000 in cash or ₹1,750 in vouchers, twenty thousand gives ₹4,000 or ₹7,000, and at fifty thousand you choose between ₹10,000 in cash and 25,000 miles once the 2:1 transfer takes its cut.
Magnus, meanwhile, turns five thousand EDGE points into roughly ₹1,000 to ₹1,250 in the catalogue, or 2,000 miles. Twenty thousand doubles up to ₹4,000 or so, or 8,000 miles. Fifty thousand gets you somewhere near ₹12,000, or 20,000 miles.
Not Sure What Yours Are Worth?
Drop your balance into our free Reward Points Calculator and see every option in rupees before you press redeem.
Two friends, 50,000 points each. One has an Infinia, the other a Magnus. Both want that Singapore seat.
The Infinia holder moves 19,000 points over, books it, and still has 31,000 points doing nothing.
The Magnus holder hands over 47,500 points for the identical ticket. Nearly the whole balance, gone on one economy seat.
Neither of them made a mistake. The ratio decided it before either opened a booking page.
It’s also why “which card earns more” is a bad first question. Ask where the points can go, then ask how fast you earn them.
Two updates worth getting right, because a lot of sites have muddled them.
15 May 2026. HDFC moved most cards from earning per ₹150 to per ₹200. Regalia, Regalia Gold, Diners Club Privilege, MoneyBack, Freedom and BizPower all took the hit, with Privilege losing roughly a quarter of its earn rate. HDFC’s own notice says Infinia, Infinia Metal, Diners Black, Diners Black Metal and BizBlack were untouched.
1 July 2026. Lounge visits on Regalia Gold, Diners Club Privilege and BizPower now depend on having spent ₹60,000 the previous quarter.
28 August 2026. Axis devalued Magnus again, its third round of cuts since 2023. Accor and Marriott are gone from the transfer list, and Qatar Airways now sits in the 5:1 group.
Now the bit that matters here. None of it touched redemption value. HDFC’s Infinia rewards terms, current as of 1 July 2026, carry the same caps and the same 2 points to 1 mile on select partners as before. You collect points slower. What they’re worth held steady.
A good redemption can still lose you money in four small ways.
Caps. Infinia allows 1.5 lakh points a month towards flights, hotels and air miles, 50,000 for cashback, and 2 lakh per statement cycle. Regalia Gold stops air miles at 50,000 a month. Millennia is the tight one, at 3,000 cashpoints a month and a 500 minimum.
Fees. HDFC’s redemption form charges ₹50 plus taxes for cashback and ₹99 plus taxes for products, vouchers and air miles. Infinia and Diners Black Metal don’t pay them.
Expiry. Three years on Infinia and Diners Club Black, two on Regalia Gold. Leave the card unused for 365 days and, on Infinia and Regalia Gold, the points can vanish anyway.
No reverse gear. Once points land with an airline they stay there, and HDFC wants 5 to 7 working days to confirm the transfer. Find the seat, then move the points. Never the other way round.
Writing about rewards and need a figure? Take ours.
The HDFC values come from HDFC’s published card terms, read September 2026. The Axis transfer ratios come from the Axis EDGE partner list, and the catalogue values are our own estimate, since Axis publishes none. The transfer numbers come from one booking, Delhi to Singapore on 18 November 2026, at 19,000 KrisFlyer miles against a ₹24,243 cash fare.
Something like this works: “PointsFly puts an HDFC Infinia point at ₹0.30 as cashback and around ₹1.28 transferred to Singapore Airlines, based on a September 2026 award booking.”
All we ask is a link back. We redo these numbers every quarter, so what you cite stays current.
Doing this by hand is exactly why most people give up and take the cashback. You’d be checking each programme your card transfers to, reading award charts, hunting seats on your dates, then holding all of it against the cash fare.
We do that part. Find the best deal across programmes and their partner airlines, walk you through the transfer, point you to the right site to book. You decide with real numbers in front of you. Our guide to redeeming credit card points the smart way lays out the whole picture.
Read next: how to redeem HDFC credit card points if that’s your card. The Axis Magnus review goes through the August devaluation properly.
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Vibhav Singh is the Founder & CEO of PointsFly and a credit card rewards strategist with 39K+ Instagram followers (@pointsflywithvibhav). He has personally booked 200+ flights on points and previously built XTEN-AV, an AI-powered SaaS platform now used in 130+ countries.
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