Credit card companies are undergoing significant changes in their rewards structures, transitioning from broad benefits to more restrictive, usage-linked models. According to data from fintech BankBazaar.com, this trend indicates a steady devaluation of credit card rewards. Adhil Shetty, CEO of BankBazaar, noted that issuers are moving away from flat cashback models towards those that depend on spending behavior. For instance, SBI Card has announced multiple changes effective in 2025 and 2026, including restricted domestic lounge access and the withdrawal of air accident insurance worth ₹1 crore on premium cards. Similarly, American Express has excluded fuel transactions from earning Membership Rewards points, which is notable given the frequency of fuel spending among users. Other banks like HDFC, Axis, and ICICI are also implementing changes without clear consolidated notices, making it challenging for users to keep track. As the credit card landscape shifts from benefit-led to behavior-led cards, consumers must be more mindful of their spending and optimize their card usage across categories. Despite the tightening of benefits, opportunities still exist for users to maximize value through low-complexity cashback cards and a limited multi-card strategy. Regularly reviewing credit card terms and issuer communications is now more crucial than ever for cardholders to ensure they are getting the most out of their credit cards.