Undone: HDFC Infinia reduces Smartbuy Gyftr voucher earning from 5X points to 3X points from January 16, 2026

HDFC Bank has long offered a large number of points to anyone who uses its white-label Smartbuy website to buy almost anything under the sun. Many years ago, they launched a white-label gift voucher service as well, along with Gyftr, where you could earn 10X points up to the card’s maximum bonus points limit, as prescribed by HDFC Bank. This effectively meant you could get up to 33% cash back on over 150 brands, as long as you purchased the vouchers before using them to make your purchase. I never thought the gift voucher business would be very lucrative, but it sure enough was, and American Express was also launching a similar site. From there, many others have launched similar businesses. Then, in 2021, HDFC Bank cut the 10X earnings to 5X.

HDFC Bank Infinia cuts down on Smartbuy Gyftr Earnings

Reward points are issued every time you make a purchase from Smartbuy and are primarily funded by HDFC Bank. This is why, as they have gained scale, HDFC Bank has capped earnings on its cards and readjusted earnings on its products as the situation evolves. I don’t hold it against them. After all, there needs to be a balance between giving away points and making money. As long as they don’t devalue points, that is.

As of January 16, 2026, HDFC Smartbuy Gyftr points earning has been devalued for the Infinia cardmembers. Till January 15, 2026, one can earn 5x points by purchasing gift vouchers from Gyftr via HDFC Smartbuy (1X regular earning and 4X bonus earning). However, after that, you will see only 3X points.

This means that when you buy a voucher from HDFC Smartbuy Gyftr, you will get 3X points (1X regular and 2X bonus), which translates to up to 9.9% back in value on their top-end credit card, the Infinia. This wouldn’t be good news for those who used to buy a lot of vouchers, I’d say, especially for those who have an additional charge to buy them, like the Amazon Gift Card.

This change has been put out in a new T&C update this morning on the HDFC Bank website.

This update brings Infinia in line with the Diners Club Black Card, basically. So, that is a downgrade for the Infinia holders.

Update: On January 15, 2026, HDFC Bank posted a new update on the SmartBuy website stating that the 5X points continue, but the T&Cs reflect 3X points. No explanations offered.

Bottomline

HDFC Bank’s Smartbuy Gyftr proposition remains the most attractive way to buy vouchers for any purchase, but from now on, you will only get 3X points instead of 5X points as an Infinia cardholder. This is certainly a blow to users of the haloed card from the Bank and undermines its value proposition. (Update: This was reversed to 5X again within 24 hours)

What do you make of the changes to the HDFC Bank Smartbuy Gyftr points earning ratio on the Infinia?

(H/T to Pranav)

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