Amex India Membership Rewards devaluation February 2026: what the new transfer ratios actually mean for your points
By Kabir Malhotra (Kabir Malhotra writes about how Indian travel buyers actually pay — UPI vs credit card vs forex card surcharges, reward-point math on the top travel credit cards, RBI tokenisation, EMI-on-flights and the small fees that compound across a year of bookings.) · Published · 11 min read
American Express India cut its Membership Rewards transfer ratios in February 2026, roughly a 22–25% devaluation across most airline partners. The old 500 MR = 1 InterMile or 500 KrisFlyer mile is gone. Here is the updated math and how Amex now stacks up against HDFC Infinia and Axis Atlas.
TL;DR — the short answer
American Express India reduced its Membership Rewards (MR) transfer ratios in February 2026. Across most airline partners, you now get roughly 250 miles for every 500 MR points — a cut of around 22–25% from the previous 1:1 ratio. The devaluation affects transfers to IndiGo's BluChip, Maharaja Club (Air India), Singapore Airlines KrisFlyer, and InterMiles, among others. For casual earners who collect MR points slowly, the math has changed enough that you may want to reconsider whether holding points in Amex or transferring quickly makes more sense. Verify the exact ratio for each partner on the Amex India website before initiating a transfer — ratios have changed once already and could change again.
What changed in February 2026?
American Express has quietly tweaked its Indian MR programme a few times over the years, but the February 2026 update was the most significant in recent memory. Previously, many partners sat at a flat 500 MR = 500 miles (a 1:1 ratio). Post-devaluation, the effective ratio on most mainstream partners sits closer to 500 MR = 250 miles — meaning the cost-per-mile from your spend has roughly doubled.
The exact ratios vary by partner and transfer increment. Some partners round to batches of 250 or 500 miles, which means you may not get a clean number if your MR balance is uneven. A few premium transfer options reportedly held up slightly better than others, but nothing quite preserved the old 1:1 economics. If you had been stockpiling MR for a big redemption, the value of your stash just dropped significantly.
One important nuance: transfer bonuses. Amex India periodically runs 25–40% transfer bonuses on specific airline partners for short windows. If you are patient and wait for one of those promotions, you can partially offset the base-rate devaluation. I have personally caught a 30% bonus window on KrisFlyer twice in the last 18 months — that timing made the overall value competitive again. Sign up for Amex's marketing emails and watch the app notifications; they do not always publicise these prominently.
How does Amex MR now compare to HDFC Infinia and Axis Atlas?
Before the devaluation, a strong case could be made for Amex MR over HDFC Infinia points or Axis Atlas miles for certain high-value redemptions. That case has gotten harder to make at the base transfer rate. Here is a rough comparative picture — note these are indicative ranges, not precise guaranteed figures, and all three programmes have tweaked terms in 2025–26:
- HDFC Infinia (SmartBuy rewards): HDFC Bank's top-tier card still earns around 3.3 reward points per ₹150 spent on the Infinia, and points can be transferred to Maharaja Club, Singapore KrisFlyer, and a handful of hotel programmes at ratios that have generally held steadier than Amex's. The Infinia's real advantage is the 10X accelerators on SmartBuy (HDFC's travel portal) — if you book flights and hotels through SmartBuy and then shift to a loyalty programme, the effective earn rate can be meaningfully higher than on most Amex cards.
- Axis Atlas: Arguably the most miles-friendly card for straightforward airline redemptions in India right now. It earns EDGE Miles directly (no secondary currency conversion) and transfers 5 EDGE Miles = 2 air miles on most airline partners, with some partners sitting at closer to 1:1. The Axis Atlas also has quarterly milestone bonuses that boost effective earn rates for moderate-to-heavy spenders. If your goal is Singapore Airlines KrisFlyer or Air India Maharaja Club miles without programme-hop complexity, Atlas is worth a hard look. Visit the Axis Bank website for the current transfer table.
- Amex MR (post-devaluation): The earning rate on Amex's Platinum Travel and Gold cards is competitive on large spends and category bonuses (dining, travel). But the back-end transfer ratio cut means you are now working harder to extract the same number of miles. Amex's strength today is largely the Marriott Bonvoy transfer (if you care about hotel points) and the Taj InnerCircle earn, not the airline side.
The honest verdict: for pure airline mile accumulation in 2026, HDFC Infinia and Axis Atlas have pulled ahead of Amex MR at base rates. Amex remains viable if you (a) spend heavily in Amex bonus categories, (b) actively hunt transfer bonus windows, or (c) value the Amex card's travel insurance, lounge access and concierge perks separately from the points.
Which airline partners still justify using Amex MR points?
Even post-devaluation, some transfers hold up better than others — either because the partner's award chart is generous, or because Amex is one of the few Indian card programmes that transfers there at all.
- Singapore Airlines KrisFlyer: KrisFlyer's long-haul business class awards (especially on Singapore Airlines metal) remain among the best value redemptions for Indians flying to Europe or the US. Even at the new ratio, accumulating MR and transferring during a bonus window to book a business class redemption can beat buying the same seat outright. The sweet spot is Southeast Asia or Australia routes in economy — relatively low mile costs and frequent availability on Singapore Airlines.
- Maharaja Club (Air India): Air India's Maharaja Club is the obvious choice for domestic upgrades and short-haul international redemptions from India. See our Maharaja Club two-currency guide for how the programme's award miles and tier miles work separately. Amex MR transfers to Maharaja Club are usable but at a lower ratio now — weigh this against earning Maharaja Club miles directly via flying or the Air India co-branded credit cards.
- IndiGo BluChip: Transferring MR to BluChip is one of the weakest uses of MR points at current ratios. BluChip miles are earnable pretty easily through IndiGo bookings and the co-branded 6E Rewards credit card (HDFC/Kotak). Unless you have a very specific BluChip redemption in mind, I would avoid this transfer path.
- InterMiles: The post-devaluation ratio hit InterMiles hard. InterMiles redemptions are most useful for Etihad awards and some hotel transfers, but the programme has had its own structural changes. Check the current Amex-to-InterMiles ratio and the InterMiles award chart before committing.
Should you transfer Amex MR points now or wait?
This is the question I keep getting from friends who have been sitting on 80,000–1,50,000 MR. My take: do not transfer speculatively into an airline account without a specific redemption in mind — miles in airline programmes also devalue, and they expire (KrisFlyer miles expire after 3 years of account inactivity, for instance). Hold MR in your Amex account unless you have a concrete redemption target in the next 6–12 months.
What you should do right now: log into your Amex India account, check your MR expiry date (points typically expire after a certain number of years of programme membership or card inactivity — verify on the Amex site), and calculate how many miles a transfer would yield at current ratios. Then check what the same number of miles would cost to buy at the mileage purchase price on your target airline's website. If the transfer value significantly exceeds the purchase price, it's worth it. If it's roughly equivalent, you are better off just buying miles when the airline runs a purchase bonus.
Also keep an eye out: Amex India does run periodic retention offers where heavy spenders get accelerated MR earn or a ratio bonus as an incentive to keep the card active. If you have a good spend history, calling the Amex customer service line has been known to yield one-time transfer bonuses or statement credits. Worth trying before you decide to downgrade or cancel.
Practical steps if you have a large MR balance right now
Here is what I would do if I woke up today with, say, 1,00,000 Amex MR sitting in my account:
- Check the current transfer ratios on the Amex India site — do not rely on numbers from this article, a Reddit post, or your memory of what the ratio used to be. Ratios change and Amex does not always send a notification.
- Identify a specific redemption first. Where do you actually want to fly, and when? Use FlightGPT to check what cash fares look like on your target route. Then look up the award chart for your airline programme to see what the same trip costs in miles. This gives you a benchmark.
- Wait for a transfer bonus. If your target redemption is a few months away and your MR balance is not about to expire, wait for a transfer promotion. Amex India typically runs at least two or three of these per year on major partners.
- Consider a partial transfer. You do not have to move all your MR at once. Transfer the minimum needed for your redemption, then reassess the programme for the rest.
- If MR are about to expire: transfer to whichever partner gives you the best current ratio, preferably one with a 3-year expiry window. KrisFlyer is a reasonable holding place if you do not have a specific plan yet.
Related reading: Travel cards for freelancers in India 2026 if you are evaluating your overall card stack, and Maharaja Club's two-currency system explained.
Bottom line
The February 2026 Amex MR devaluation was a genuine hit, not a trivial rounding change. At the new ratios, Amex MR no longer sits at the top of the Indian travel card points hierarchy for pure airline miles. HDFC Infinia and Axis Atlas have edged ahead for straightforward mile accumulation. Amex still earns a place in a diversified card stack for its spending category bonuses, transfer bonus opportunities, and non-airline perks — but it should probably no longer be your single card for travel miles. Verify all transfer ratios on the Amex India official website before acting.
Frequently asked questions
What is the new Amex MR to miles transfer ratio after February 2026?
On most airline partners, the effective ratio after the February 2026 change is approximately 500 MR = 250 miles, compared to the previous 500 MR = 500 miles on many partners. The exact ratio varies by airline and transfer batch size. Always check the current ratio on the American Express India website before transferring, as it can change again.
Which Amex MR airline transfer partner offers the best value in 2026?
Singapore Airlines KrisFlyer typically offers the strongest redemption value for long-haul business class from India, and Amex is one of the few Indian card programmes that transfers there. Maharaja Club (Air India) is useful for domestic upgrades and short regional international hops. IndiGo BluChip and InterMiles are generally weaker options at current transfer ratios.
How does Amex MR compare to HDFC Infinia or Axis Atlas for airline miles in 2026?
Post-devaluation, HDFC Infinia and Axis Atlas have pulled ahead for straightforward airline mile accumulation at base rates. Infinia's SmartBuy 10X accelerator and Atlas's direct EDGE Miles-to-airline transfers offer competitive effective earn rates. Amex MR remains viable if you actively chase transfer bonus windows or spend heavily in Amex's bonus categories.
Do Amex MR points expire?
Amex India Membership Rewards points do have an expiry policy — points can expire based on programme membership terms and card inactivity. The exact expiry rules have changed over time; verify the current policy on the Amex India site or by calling Amex customer service, especially if you have a large balance you plan to hold.
Should I cancel my Amex card because of the devaluation?
Not necessarily. Amex's value proposition extends beyond points — the travel insurance, Priority Pass lounge access (on premium variants), concierge service, and merchant offers can independently justify the fee for frequent travellers. Run the numbers on your own spend pattern and perks usage before cancelling. Retention offers from Amex customer service are also worth asking about before making a final decision.
Can I wait for a transfer bonus to offset the devaluation?
Yes, and this is the most practical mitigation. Amex India has historically offered 25–40% transfer bonuses on specific airline partners for short promotional windows — typically a few times per year. If your MR are not expiring soon and you have a specific redemption in mind 3–6 months out, waiting for a bonus window can partially restore the old economics. Enable Amex app notifications and email marketing to catch these.