HDFC Infinia SmartBuy Devaluation: 5x to 3x on Gift Vouchers

Update (January 27, 2026): HDFC reversed this decision on January 14, before the change went live. The 5x multiplier on SmartBuy gift vouchers is staying. Read the update.

If you have an HDFC Infinia and buy gift vouchers through SmartBuy, you probably already know about the 5x reward points on Gyftr purchases. It's been one of the best ways to stack value on the card.

That's changing tomorrow.

Starting January 16, 2026, HDFC is reducing the reward multiplier from 5x to 3x on gift voucher purchases through SmartBuy Gyftr. They've quietly updated the terms and conditions on their website.

What's changing

Infinia earns 5 points per ₹150 on regular spending. That's the base 1x rate.

On SmartBuy Gyftr, you used to get 5x, which means 25 points per ₹150. That's a 16.67% return.

From tomorrow, it's 3x. So 15 points per ₹150. That's a 10% return.

Still good. Just not as good as before.

Is this bad?

Yes. But it's not the worst.

At 3x, Infinia now matches what the Diners Club Black already offered on SmartBuy vouchers. So if you're coming from Diners Black, nothing changes. If you're on Infinia, you've lost some edge.

But let's be real: 10% back on gift card purchases is still excellent. Most cards give you 1-2% on regular spending. Even at 3x, SmartBuy vouchers remain one of the highest-earning categories for Infinia holders.

The Infinia still has plenty going for it

The card's base earn rate on regular spending is 3.3%. That hasn't changed.

And if you spend internationally, you can stack the Global Value Program on top. That's an extra 1% cashback on forex transactions for ₹199/year. Combined with base rewards, it makes the Infinia net positive on international spending even after forex fees.

What you should do

If you were planning to stock up on gift vouchers, today (January 15) is your last chance to earn 5x. After that, it's 3x.

Going forward, SmartBuy vouchers are still worth buying at 3x if you want to maximize points.

But if you're looking for a better experience, you can also buy vouchers on Magnify. You'll earn normal 1x rewards (3.3% on Infinia), plus Mag Miles on top which you can convert to airline miles. And Magnify has transfer partners that aren't even available on the HDFC portal.