Status: checked against official sources; automated independent review
COMPARISON
HDFC vs Axis vs ICICI: India card points compared
India credit card points programs compared is a card-by-card framework for reading HDFC Bank, Axis Bank and ICICI Bank points on earning, redemption, conversion and practical restrictions. It compares the terms published for the specific card, not a bank-wide promise, and it does not carry one card's rules across to another product.
Facts checked: 18 October 2026
Key takeaways
- A like-for-like comparison of HDFC Bank, Axis Bank and ICICI Bank card points starts with four fields: the earn rate, the redemption route, the conversion route and the restrictions on each card. The card's own terms decide those fields.
- One India-issued card programme, American Express Membership Rewards, publishes base earn, accelerated merchant earn, monthly caps and a transfer route to airline and hotel programmes. [8]
- Airline and hotel currencies have their own rules: Maharaja Points are redeemed for Air India award flights and cabin upgrades [11], while Marriott Bonvoy points can be used for hotel nights, flights and car rentals, Moments, and shopping [12].
How do you compare earning rules?
Read the base earn rate first, then the accelerated categories, then the cap. American Express India's SmartEarn card shows why the order matters: its page lists 10X Membership Rewards points on Zomato, Ajio, Nykaa, BookMyShow, Uber and other merchants, and 5X Membership Rewards points on Amazon, for every Rs. 50 spent. [8]
The same page caps the 10X earn at 500 points per month per card account for Flipkart, Uber, BookMyShow and other merchants together, at 500 points per month per card account for Zomato, and the 5X earn at 250 points per month per card account for Amazon. [8] It also says eligible merchant partners may change from time to time. [8]
| Published earn category | Rate on a Rs. 50 spend | Monthly cap per card account |
|---|---|---|
| Zomato | 10X Membership Rewards points [8] | 500 points [8] |
| Flipkart, Uber, BookMyShow and other 10X merchants together | 10X Membership Rewards points [8] | 500 points [8] |
| Amazon | 5X Membership Rewards points [8] | 250 points [8] |
The Membership Rewards Credit Card publishes a different structure: 1,000 bonus points for using the card four times on transactions of Rs. 1,500 or more every month, and an additional 1,000 points for spending INR 20,000 or more in a calendar month, with the second benefit enrollment-based. [8]
Those are American Express India terms. [8] For an HDFC Bank, Axis Bank or ICICI Bank card, the equivalent check is the base rate, the accelerated categories, the caps and the definition of eligible spend in that card's terms.
How do redemption and conversion differ?
A card currency and a partner currency are separate ledgers. American Express India says Membership Rewards points can be redeemed across a catalogue with 500+ options, from travel and accommodation to electronics and luxury retail. [8]
Membership Rewards points can also be transferred to a participating frequent flyer programme or frequent guest programme. [8] The cardmember must first register the frequent flyer number by calling the 24x7 Membership Services Helpline, and American Express says to allow up to 14 days to verify the account; accounts can be linked at any time and there is no limit to the number of partners. [8] Once linked, points can be transferred online. [8]
Air India's Maharaja Club lets members earn Maharaja Points when they fly Air India, Air India Express or 25 Star Alliance partner airlines, or spend with partners. [11] The programme says those points can be redeemed for award flights and cabin upgrades. [11]
Marriott Bonvoy lists earning through hotel stays, credit card spending, tours and activities, and travel partners, and redemption through hotel nights, flights and car rentals, Moments, and shopping or gift cards. [12]
| Programme | Programme type | Published earn routes | Published redemption routes |
|---|---|---|---|
| American Express Membership Rewards (India) | Card points | Card spend [8] | Catalogue; transfers to airline and hotel programmes [8] |
| Air India Maharaja Club | Airline | Air India, Air India Express, 25 Star Alliance partners, partners [11] | Award flights, cabin upgrades [11] |
| Marriott Bonvoy | Hotel | Hotel stays, credit card spending, tours and activities, travel partners [12] | Hotel nights, flights and car rentals, Moments, shopping and gift cards [12] |
The table separates the three programme types. A card comparison for HDFC Bank, Axis Bank or ICICI Bank should establish whether the card's points stay in the card currency, convert into an airline or hotel currency, or both.
What practical restrictions should you check?
Check expiry, eligible spend, caps and foreign-currency costs. American Express India says Membership Rewards points have no limit on how many can be earned and never expire until the card is closed. [8]
The published SmartEarn welcome-gift offer terms exclude cash advances, express cash transactions, drafts made from the account, balance transfers and fees from eligible spends. [8] American Express India also states a 3.5% markup fee on foreign currency transactions. [8]
Accelerated earn can be capped by merchant and by month, as the SmartEarn table shows. [8] The card page also says the eligible merchant partners may change. [8]
These are American Express India terms, not terms for HDFC Bank, Axis Bank or ICICI Bank cards. [8] For those cards, read the card's own expiry rule, eligible-spend definition, monthly cap and foreign-currency charge.
Exceptions and limits
- A rule published for one card does not establish the rule for another card, even from the same issuer: the American Express India cards page lists SmartEarn, Membership Rewards, Platinum Reserve and Platinum Travel cards with different fees, welcome gifts and earn structures. [8]
- The 3.5% foreign currency markup is stated on the American Express India cards page; it is not a general India card rule. [8]
- Maharaja Points and Bonvoy points are airline and hotel currencies, not bank card points. [11] [12]
- Build the comparison card by card: one row for each HDFC Bank, Axis Bank or ICICI Bank card, and one column each for earning, redemption, conversion and restrictions. Fill each cell from that card's own terms, and leave a cell blank where the term is not published.
- This comparison does not rank HDFC Bank, Axis Bank or ICICI Bank cards, and it does not treat an unpublished feature as equivalent to a published one.
Frequently asked questions
What should I compare first on a bank card's points?
Start with the base earn rate, the accelerated categories and the monthly cap. American Express India's SmartEarn page shows the pattern with a 10X rate on selected merchants, a 5X rate on Amazon and separate monthly caps for each group. [8]
Do American Express Membership Rewards points expire?
The India cards page says Membership Rewards points never expire until the card is closed. [8]
Can card points be converted into airline or hotel points?
American Express India says Membership Rewards points can be transferred to participating frequent flyer and frequent guest programmes after the member registers the frequent flyer number; verification can take up to 14 days. [8]
What can Air India Maharaja Points be redeemed for?
Maharaja Points can be redeemed for award flights and cabin upgrades. [11]
Are Marriott Bonvoy points the same as card points?
Bonvoy is a hotel programme: points are earned on hotel stays, credit card spending, tours and activities and travel partners, and redeemed for hotel nights, flights and car rentals, Moments, and shopping or gift cards. [12]
Sources
Sources accessed on 18 October 2026. The comparison subject is HDFC Bank, Axis Bank and ICICI Bank card points; the cited examples come from American Express Membership Rewards, Air India Maharaja Club and Marriott Bonvoy.
- American Express India credit cards and Membership Rewards, checked 18 October 2026
- Air India Maharaja Club, checked 18 October 2026
- Marriott Bonvoy programme overview, checked 18 October 2026