HDFC SmartBuy Reduces Accelerated Rewards on Gyftr Vouchers

HDFC Bank has revised its accelerated reward structure on the SmartBuy platform, impacting users who purchase brand vouchers via Gyftr. As per the update, the reward multiplier for Infinia and Regalia Gold credit cardholders was reduced from 5X to 3X, effective from January 16, 2026.

This change directly affects cardholders who rely on voucher purchases to maximise reward points on platforms like Amazon Pay, Amazon Shopping, and other popular brands.

However, a later clarification from HDFC indicates that the 5X rewards may continue for now.

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Update From HDFC SmartBuy

HDFC has updated the banner on the SmartBuy website stating that the 5X accelerated reward offer will continue from January 16, meaning there is no devaluation at the moment. Cardholders should still remain cautious, as the bank has already indicated intent to revise the reward structure.

What Has Changed in the Reward Structure

Earlier, Infinia cardholders could earn 5X accelerated reward points on Gyftr voucher purchases via SmartBuy. This made voucher-based spending one of the most rewarding categories on the card.

Under the proposed revision, the reward rate would drop to 3X, significantly reducing the value proposition for heavy voucher users. The change applies only to Gyftr voucher purchases via SmartBuy and does not affect base reward earning on regular card transactions.

How Accelerated Rewards Are Credited

Accelerated rewards on SmartBuy are credited in two parts:

• Base reward points
• Bonus reward points

For example, on an Amazon Pay voucher transaction, a cardholder earned a total of 1,725 reward points. This included 345 base points and 1,380 bonus points under the earlier structure.

Under the revised 3X structure, the same transaction would earn only 1,035 reward points, split into 345 base points and 690 bonus points. This shows a clear reduction in reward value despite the same spend amount.

Processing Fees and Reward Impact

Gyftr voucher purchases on SmartBuy attract a processing fee of approximately 3.5 percent, along with 18 percent GST on the fee. In the example discussed, the processing fee alone was ₹413, which already reduces net returns.

With the accelerated reward rate dropping from 5X to 3X, the effective reward rate becomes even less attractive, making voucher purchases less rewarding than before.

Additionally, reward points are valid for three years but may lapse if the card remains inactive for more than 365 days.

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Comparison With Other Premium Credit Cards

While HDFC SmartBuy continues to offer accelerated rewards, competing premium cards are still more rewarding for voucher-based spending. For instance, the ICICI Emeralde Private Metal Credit Card offers up to 6X reward points, translating to nearly 18 percent value on select vouchers.

This makes alternatives more appealing for users who focus heavily on reward optimisation.

Bottom Line

Even though the 5X rewards continue for now, the announcement itself signals HDFC’s intent to reduce accelerated benefits on SmartBuy. A reduction from 5X to 3X, combined with processing fees and reward caps, would significantly lower the overall value for Infinia and Regalia Gold cardholders.

Users should monitor SmartBuy updates closely and plan their spending more strategically. For those focused on maximising rewards through vouchers, alternative premium cards may offer better long-term value.