WordsA card getting worse
Devaluation
When a bank cuts a card’s rewards or benefits after you’ve got it: a new cap, spends that stop earning, a benefit taken away. People call it a deval. It comes as a change to the card’s terms, and HDFC Bank’s MITC, for example, lists each change with the date it took effect.
RBI’s rules let a bank change a card’s terms with 30 days’ notice, so you can leave if you choose; if a change in fees works against you, you can close the card at no extra charge once your dues are paid. A bank that withdraws a benefit has to tell you at once, with its reasons, by SMS or email.
Where this comes from
- RBI, Credit Cards and Debit Cards: Issuance and Conduct Directions, 2025Paragraphs 23(7), 67 and 79, as updated 1 October 2026
- HDFC Bank, Key Fact Statement cum MITC for Credit CardsVersion 4.12, 30 September 2026: Part I, A) i. footnote on changes, and I) items l, m and n
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Capping
A ceiling on rewards
A limit on how much reward a card gives in a month or a statement cycle, however much you spend.
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Reward points
The points a card earns as you spend. What a point is worth depends on what you spend it on.
More about RPMilestone
A spend target with a reward
A bonus for spending a set amount in a month, a quarter or a year: points, a voucher or a membership.
More about milestoneLounge access
Airport lounges, on the card
Free entry to airport lounges. Many cards now ask you to spend a set amount first.
More about lounge access
What happened to members, not financial advice. Offers change, so check with the bank. Terms of use