HDFC Bank has introduced a significant change to its SmartBuy platform effective July 1, 2026 by capping accelerated reward points earned from brand gift voucher purchases. Premium cardholders including Infinia, Diners Black Metal and Regalia Gold can now earn a maximum of 3,000 reward points per month from voucher spends.
This new sub‑cap fits within the monthly limit for each card. For example, Infinia cardholders have a total monthly cap of 15,000 points (see the notes), but only 3,000 of those can come from gift vouchers. Users could have earned more rewards by spending around ₹1.12 lakh on vouchers before. With the new rule the spend required to hit the voucher cap drops drastically to just ₹22,500.
The move has been termed by enthusiasts as a “silent devaluation” - especially for people who’d made many of the voucher purchases to get the most return. The voucher strategy had been a quick way to get faster points when shopping across many brands. The new restriction does away with it, and that makes premium cards like Infinia less attractive for heavy spenders.
Instead, HDFC Bank seems to be nudging customers towards travel booking like flights and hotels, where there are more reward points there too. This is in line with the bank’s broader strategy of positioning SmartBuy as a travel‑centric platform and providing more value to travel rewards rather than retail vouchers.
At the same time, industry observers say that the cap may not be welcomed by frequent voucher buyers but could help HDFC Bank manage the cost of accelerated rewards. By making redemptions based on voucher‑based redemptions less frequent and the loyalty program sustainable for the bank, it will still have a better chance of retaining its loyalty program and still have great benefits in travel areas.
The change is a reminder for cardholders of the importance of diversifying spending plans. Those who relied on vouchers would now need to shop other SmartBuy categories to get monthly rewards. Travel bookings, hotel stays and some e‑commerce spend will still be profitable under the new rules.
HDFC Bank’s decision to cap reward points from SmartBuy gift vouchers at 3,000 per month marks a turning point in its loyalty program. Although voucher‑based strategies are less effective, and the bank is still offering excellent rewards in travel categories it is a change in focus from retail spending to experiences.
