American Express has devalued the Platinum Travel credit card twice in 2026. The first change in March 2026 raised the spend threshold needed to unlock the best milestone rewards. The second, announced in August 2026 and effective September 10, completely removes the Rs. 1.9 lakh milestone bonus and strips 22,500 Membership Rewards points from the Rs. 7 lakh milestone, replacing them with a Rs. 20,000 Taj voucher. From October 1, 2026, lounge access requires Rs. 1 lakh in quarterly eligible spending. A card that once delivered 40,000 MR points plus a Rs. 10,000 Taj voucher at Rs. 4 lakh in annual spending now requires Rs. 7 lakh to unlock a Rs. 20,000 Taj voucher and just 10,000 MR points. For most Amex Platinum Travel cardholders spending between Rs. 4 lakh and Rs. 7 lakh annually, this is a meaningful loss. This guide compares the four best milestone-focused alternatives available in India right now.
What Exactly Changed on the Amex Platinum Travel Card
The Amex Platinum Travel was once one of India’s cleanest milestone propositions. Here is what it looked like before, what changed in March 2026, and what it looks like from September 10, 2026 — so you can see exactly what has been taken away.
| Spend Threshold | Before March 2026 | March 9 to Sept 9, 2026 | From Sept 10, 2026 |
|---|---|---|---|
| Rs. 1.9 lakh | 15,000 MR points | 7,500 MR points | Milestone removed entirely |
| Rs. 4 lakh | +25,000 MR points + Rs. 10,000 Taj voucher | +10,000 MR points only | +10,000 MR points only (unchanged from March) |
| Rs. 7 lakh | Did not exist | +22,500 MR points + Rs. 10,000 Taj voucher | Rs. 20,000 Taj voucher only — 22,500 MR points removed |
| Total at Rs. 7L | 40,000 MR + Rs. 10,000 Taj at just Rs. 4L spend | 40,000 MR + Rs. 10,000 Taj at Rs. 7L spend | 10,000 MR + Rs. 20,000 Taj at Rs. 7L spend |
| Lounge Access | Complimentary, no spend condition | Complimentary, no spend condition | Requires Rs. 1 lakh quarterly spend from Oct 1, 2026 |
The bottom line in one sentence: What used to deliver 40,000 MR points plus a Rs. 10,000 Taj voucher on Rs. 4 lakh annual spending now requires Rs. 7 lakh to deliver 10,000 MR points plus a Rs. 20,000 Taj voucher — and lounge access is no longer guaranteed without a quarterly spend condition. For Rs. 4-5 lakh annual spenders, the card has effectively been repositioned out of their value bracket.
The 4 Best Milestone Credit Cards in India Right Now
These are the strongest true milestone cards — cards with explicit bonus points triggered at defined spend thresholds — compared on annual fee, milestone in points, lounge access, and who each card suits best.
| Card | Annual Fee | Fee Waiver | Milestone in Points | Best For | Apply |
|---|---|---|---|---|---|
| SBI Card Elite | Rs. 4,999 | Rs. 10L annual spend | 10,000 pts at Rs. 3L + 10,000 pts at Rs. 4L + 10,000 pts at Rs. 5L = 30,000 bonus pts on Rs. 5L spend | Consistent mid-high spenders wanting quarterly milestones | Apply |
| HDFC Regalia Gold | Rs. 2,500 | Rs. 5L annual spend | 1,500 pts on Rs. 1.5L quarterly spend + 5,000 pts at Rs. 5L annual + 5,000 pts at Rs. 7.5L annual | All-round premium spenders wanting flight vouchers | Apply |
| BOB Eterna | Nil (LTF offer till August 31) | N/A during LTF offer | 10,000 pts on Rs. 50K spend in 60 days + 20,000 pts on Rs. 5L annual spend | Premium all-rounders, lowest fee waiver threshold | Apply |
| HSBC TravelOne | Rs. 4,999 | Rs. 8L annual spend | 10,000 pts on Rs. 12L annual. 4 pts/Rs. 100 on travel/forex. 20 airline/hotel transfer partners. 10 lounge visits/year | Frequent international travellers | Apply |
1. SBI Card Elite — Best Multi-Tier Quarterly Milestone Card
The SBI Card Elite is the strongest quarterly milestone card available in India in 2026 for mid-to-high spenders. It delivers bonus reward points at three defined annual spend thresholds — 10,000 bonus points on reaching Rs. 3 lakh in annual spend, another 10,000 bonus points at Rs. 4 lakh, and a final 10,000 bonus points at Rs. 5 lakh — giving a maximum of 30,000 bonus milestone points on Rs. 5 lakh in annual spending. The base earn rate is 2 reward points per Rs. 100 on all eligible spends, with 5X on dining, entertainment, and departmental store spending. The annual fee is Rs. 4,999, waived on annual spending of Rs. 10 lakh or more. Complimentary lounge access covers 6 domestic and 6 international visits per year.
For former Amex Platinum Travel users, the SBI Card Elite replicates the experience of hitting a milestone and receiving a defined bonus in points — the same psychology that made Amex Platinum Travel compelling at its peak. The milestone structure is straightforward, achievable at realistic spend levels, and does not require routing spending through a specific ecosystem or booking portal.
2. HDFC Regalia Gold — Best for Flight Vouchers and Quarterly Milestones
The HDFC Bank Regalia Gold credit card delivers 1,500 bonus reward points each quarter on spending Rs. 1.5 lakh or more in eligible transactions, an annual milestone of 5,000 bonus points on Rs. 5 lakh in annual spend, and a second annual milestone of 5,000 bonus points on Rs. 7.5 lakh annual spend. The base earn rate is 4 reward points per Rs. 150 on all retail spends. The annual fee is Rs. 2,500, waived on annual spending of Rs. 5 lakh or more. Lounge access covers 12 domestic visits per year.
The Regalia Gold delivers one of the market’s best combinations of a low fee waiver threshold (Rs. 5 lakh), quarterly milestone rewards in points, and premium lounge access — all at a Rs. 2,500 annual fee that is lower than SBI Card Elite and HSBC TravelOne.
3. BOB Eterna — Best for Early-Spend Milestone and Fee Reversal
The BOBCARD ETERNA is currently available as a lifetime free card with zero joining and annual fee as part of a limited-period promotional offer — making it the only card in this comparison with no fee to justify at entry. It is also the closest structural equivalent to what the Amex Platinum Travel used to be: a card with a clear early-spend milestone, an annual spend milestone, and a genuinely attractive reward rate on premium categories. Spend Rs. 25,000 in the first 60 days to get the Rs. 2,499 joining fee reversed. Spend Rs. 50,000 in the first 60 days to earn 10,000 bonus reward points. Spend Rs. 5 lakh in a card anniversary year to earn 20,000 bonus reward points. The base earn rate is 15 reward points per Rs. 100 on dining, travel, and international spends (capped at 5,000 points per statement cycle), and 3 points per Rs. 100 on everything else. Each point redeems at Rs. 0.25 as cashback, making the effective rate 3.75% on accelerated categories. Unlimited domestic lounge access is confirmed on the official BOBCARD page, with network-specific terms applying.
BOB Eterna’s rewards are not locked to a single ecosystem. The 3.75% effective rate on dining, travel, and international spending is competitive with what the Amex Platinum Travel used to deliver, at a lower annual fee and with a more achievable fee waiver threshold. The 2% forex markup is also one of the lowest in this fee bracket.
4. HSBC TravelOne — Best for Air Miles and Transfer Partners
For cardholders who valued the Amex Platinum Travel specifically because MR points transferred to Marriott Bonvoy, Taj Hotels, or partner airline programmes, the HSBC TravelOne is the strongest like-for-like replacement currently available in India. It transfers to 20 airline and hotel loyalty programmes at mostly 1:1 ratios — more partners than the Amex Platinum Travel ever had, and at better ratios for most of them. The milestone structure (10,000 bonus points on Rs. 12 lakh annual spend) is set at a very high threshold and suits dedicated high spenders. For moderate spenders, the TravelOne’s primary value is its 4 reward points per Rs. 100 on flights, travel aggregators, and forex spends, with 10 complimentary lounge visits per year (6 domestic, 4 international). Annual fee of Rs. 4,999 is waived on Rs. 8 lakh annual spend.
Which Card Should You Pick After the Amex Platinum Travel Devaluation?
| If You Were Using Amex Platinum Travel For… | Switch To |
|---|---|
| Clean milestone bonus points at Rs. 3-5L annual spend | SBI Card Elite — 10,000 pts at Rs. 3L + 10,000 pts at Rs. 4L + 10,000 pts at Rs. 5L = 30,000 bonus pts |
| Quarterly milestones + flight voucher redemptions at lower fee | HDFC Regalia Gold — 1,500 pts per quarter + 5,000 pts at Rs. 5L + 5,000 pts at Rs. 7.5L |
| Early-spend milestone + lowest fee waiver threshold | BOB Eterna — 10,000 pts on Rs. 50K in 60 days; 20,000 pts on Rs. 5L annual; currently lifetime free (limited-period offer till August 31) |
| Marriott/Taj hotel stays and airline miles via point transfers | HSBC TravelOne — 20 partners including Marriott Bonvoy and IHG at 1:1; 10,000 pts on Rs. 12L spend |
The Editorial View — What This Devaluation Really Means
American Express has not killed the Platinum Travel card. At Rs. 7 lakh annual spend, a Rs. 20,000 Taj voucher plus 10,000 MR points is still a reasonable return from a card that accepts insurance, utility, education, and government payments in its milestone spend calculation — categories that most competing cards explicitly exclude. For a specific class of high spender who routes non-standard payment categories through a credit card, Amex Platinum Travel may still deliver more milestone value than the alternatives. But this is now a card for Rs. 7 lakh-plus annual spenders who value Taj vouchers over flexible MR points — a much smaller audience than it served before March 2026.
The broader signal is that Indian premium credit cards are uniformly moving toward spend-based access to benefits — lounge access, milestone rewards, and fee waivers are all increasingly conditioned on quarterly or annual spending thresholds. The era of receiving premium card benefits simply by paying the joining fee and holding the card is effectively over across the industry. Amex is the latest and most visible example, but it is not the exception.
Earn by Selling Credit Cards on PickMyWork
The Amex devaluation creates a real conversation opportunity for PickMyWork partners. Anyone who currently holds an Amex Platinum Travel card and is spending Rs. 4-5 lakh annually is actively looking for alternatives right now. SBI Card Elite, HDFC Regalia Gold, BOB Eterna, and HSBC TravelOne are all active tasks on PickMyWork. Pitch them directly: same milestone premise, better value at the spend levels most cardholders actually hit. The devaluation news cycle is doing the awareness work — your job is to be in front of the right person with the right alternative.
Related Reads
- BOB Eterna Credit Card Review 2026
- HSBC TravelOne Credit Card Review 2026
- Best Travel Credit Cards in India 2026
- Credit Card Reward Points Explained — Earn, Redeem and Maximise Value
- Best UPI Credit Cards in India 2026
- All Credit Cards Available on PickMyWork
Frequently Asked Questions
- What changed on the Amex Platinum Travel credit card in 2026?
Amex Platinum Travel was devalued twice in 2026. In March, the Rs. 1.9 lakh milestone was cut from 15,000 to 7,500 MR points, the Rs. 4 lakh milestone was reduced to 10,000 MR points (from 25,000 + Rs. 10,000 Taj), and a new Rs. 7 lakh milestone was introduced with 22,500 MR + Rs. 10,000 Taj. In August, effective September 10, the Rs. 1.9 lakh milestone was removed entirely, and the Rs. 7 lakh milestone was changed to a Rs. 20,000 Taj voucher only, with the 22,500 MR points removed. From October 1, 2026, lounge access requires Rs. 1 lakh in quarterly eligible spending. - What is the best alternative to Amex Platinum Travel for Rs. 4-5 lakh annual spenders?
For Rs. 4-5 lakh annual spenders who want a true milestone structure in points, SBI Card Elite delivers 10,000 bonus reward points at each of three spend thresholds — Rs. 3L, Rs. 4L, and Rs. 5L — totalling 30,000 milestone points on Rs. 5 lakh annual spend. HDFC Regalia Gold is a strong alternative at Rs. 2,500 annual fee with quarterly and annual milestone points, waived on Rs. 5 lakh spend. BOB Eterna offers the earliest milestone at 10,000 bonus points on Rs. 50,000 spend in the first 60 days, with the lowest fee waiver threshold at Rs. 2.5 lakh. - Is the Amex Platinum Travel card still worth keeping after the 2026 devaluation?
The card retains value specifically for cardholders spending Rs. 7 lakh or more annually who value Taj Experiences vouchers over flexible MR points, and whose spending includes categories like insurance, education, utilities, and government payments that most other premium cards exclude from milestone calculations. For Rs. 4-6 lakh annual spenders who were attracted by the original milestone structure, the value proposition has materially weakened and alternatives deserve evaluation. - Which is the best milestone credit card in India in 2026?
SBI Card Elite and HDFC Regalia Gold are the two strongest true milestone cards currently available in India. SBI Card Elite delivers 30,000 bonus points across three milestones on Rs. 5 lakh annual spend with 6 domestic and 6 international lounge visits. HDFC Regalia Gold delivers quarterly milestone points plus annual bonus points at Rs. 2,500 annual fee, waived on Rs. 5 lakh spend. BOB Eterna suits those who want the fastest early-spend milestone and lowest fee waiver threshold. HSBC TravelOne suits those who want bonus points to convert to airline miles. - Does the Amex Platinum Travel devaluation affect existing cardholders?
Yes, but with a transition provision. Eligible spends posted on or before September 9, 2026 qualify under the current milestone structure. Spends posted from September 10, 2026 onwards fall under the new structure. For lounge access, the quarterly spend condition applies from October 1, 2026. Cardholders who complete the Rs. 1.9 lakh milestone before September 9 will still receive the 7,500 MR points for that milestone.
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