How airline credit cards in India work: BluChips, Maharaja Points and Etihad miles, flight vouchers, what is still live after the Vistara merger, and who should get one.
Quick Verdict
An airline co-branded credit card pays its rewards in one airline's own currency, such as IndiGo BluChips, Air India Maharaja Points or Etihad Guest Miles, instead of bank reward points. You get airline vouchers when you join and renew, a higher earn rate on that airline's tickets, and milestone vouchers for yearly spend, but you can only spend the rewards with that airline or its partners.
That is the trade-off with an airline credit card in India: more value if you fly one airline, less flexibility than a bank-points travel card. As of November 2026, HDFC's IndiGo cards are closed and the Vistara cards are winding down.
Question | Short answer |
|---|---|
What do you earn? | Airline currency (BluChips, Maharaja Points, Etihad Guest Miles, Miles & More miles) |
Where can you redeem? | Only with that airline or its partners |
Biggest perk | Welcome and renewal flight vouchers, plus a higher earn rate on the airline's own tickets |
Biggest catch | Vouchers can expire in 6 months; rupee value of a point is not fixed |
Who should get one? | People who fly one airline several times a year |
Who should skip? | Occasional flyers who book whichever fare is cheapest |
Apply with Axis: Check Axis credit cards
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Apply with SBI: Check SBI credit cards
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Apply with Federal/Scapia: Check Federal/Scapia credit cards
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How Do Airline Co-Branded Credit Cards Work?
A bank issues the card. The airline supplies the loyalty programme. Every eligible spend earns the airline's currency, which lands in your frequent-flyer account rather than in a bank rewards account.
Most cards have four layers of value:
Base earn: a fixed number of airline points per ₹100 or ₹200 on everyday spends.
Airline earn: a higher rate when you book that airline's tickets on its own website or app.
Welcome and renewal vouchers: points or flight vouchers credited once you pay the joining or annual fee.
Milestones: extra vouchers when your yearly spend crosses set levels.
Fine print matters. Kotak's IndiGo terms say there is no welcome voucher if the joining fee is waived.
Direct credit vs conversion
Not every "airline card" credits airline points directly. There are two models:
Direct credit: IndiGo Axis and IndiGo Kotak cards credit BluChips to your IndiGo account. BOBCARD Etihad cards move miles to Etihad Guest automatically.
Earn bank points, then convert: the Air India SBI cards earn SBI Reward Points, which you convert into Maharaja Points. Air India's partner page lists the ratio as 1 SBI Reward Point = 1 Maharaja Point.
SBI's Air India terms add rules: accelerated points apply only to the base fare, and the ticket must carry your Maharaja Club number and an exactly matching name.
Airline Credit Card India: What Is Live in November 2026
The list below covers cards and programmes confirmed on official bank or airline pages. Fees are plus GST.
Card | Airline currency | Joining / annual fee | Welcome / renewal benefit | Status |
|---|---|---|---|---|
IndiGo Axis Bank | IndiGo BluChips | ₹799 | 1,200-BluChip voucher | Open |
IndiGo Axis Bank Premium | IndiGo BluChips | ₹5,000 | 5,000-BluChip voucher | Open |
IndiGo Kotak | IndiGo BluChips | ₹1,500 | 2,500-BluChip voucher | Open |
IndiGo Kotak Premium | IndiGo BluChips | ₹3,000 | 4,000 BluChips + 6E Eats voucher | Open |
Miles & More Axis Bank World | Miles & More miles | ₹3,500 | 5,000 welcome, 3,000 renewal miles | Open |
BOBCARD Etihad Guest | Etihad Guest Miles | ₹2,500 (waived at ₹3 lakh a year) | 7,500 miles on ₹50,000 spend in 60 days | Open |
BOBCARD Etihad Guest Premium | Etihad Guest Miles | ₹5,000 (waived at ₹5 lakh a year) | Welcome miles on ₹50,000 spend in 65 days | Open |
Air India SBI Platinum / Signature | SBI points → Maharaja Points | Check SBI's current terms | Check SBI's current terms | New issuance stopped 10 Oct 2024 |
Axis Bank Vistara cards | Maharaja Points | Check Axis's current terms | Check Axis's current terms | Closed for spends after 15 Dec 2026 |
HDFC 6E Rewards / 6E Rewards XL | 6E Rewards (now BluChips) | — | — | Discontinued |
What changed in the last two years
HDFC IndiGo cards: HDFC says it is no longer accepting applications for the 6E Rewards cards. Unused 6E Rewards were converted to IndiGo BluChips at 1:1 on 1 November 2025.
Vistara cards: SBI stopped issuing Club Vistara SBI cards on 28 September 2024. Axis's Vistara card page says the card will be discontinued for spends after 15 December 2026, following Vistara's merger with Air India. Until then it earns Maharaja Points.
Air India SBI cards: SBI stopped issuing new Air India SBI Platinum and Signature cards from 10 October 2024. From 31 March 2025, the Signature card's rate on Air India tickets was cut from 30 to 10 Reward Points per ₹100.
New Air India card: Air India's newsroom has announced a new co-branded credit card with SBI Card on Visa. As of November 2026 we found no official fees, earn rates or launch date.
Etihad Guest SBI cards: replaced by SBI's Miles cards; old cards deactivated by 31 March 2026.
The lesson: a co-brand lives and dies with the airline deal.
What Is an Airline Point Worth in Rupees?
There is no fixed answer, and the airlines say so. Axis's IndiGo terms say BluChips have no monetary value. HDFC's migration page says the value of a BluChip "may vary depending on flight route and time of booking". BOBCARD says Etihad miles have no monetary value either.
Real value depends on:
which route you redeem on, and how close to travel
whether award seats are open on the dates you need
taxes and fees you still pay in cash on an award ticket
whether a voucher's full value is used, since unused balances can be forfeited
Judge a card by the vouchers you will actually use each year. Read Reward Points 101: How to Redeem Your Points for Free Travel.
How Do Flight Vouchers on Airline Cards Work?
Vouchers are the core of most IndiGo co-brand value, and they carry strict rules. Kotak's IndiGo terms set out the clearest version:
Welcome, renewal and milestone vouchers are valid for 6 months from crediting.
A voucher can be used on one journey only, not on a return or multi-segment booking.
It applies against the base fare, and any unused balance is forfeited.
If you cancel a booking made with a voucher, the whole voucher is forfeited.
Vouchers can be redeemed only on the IndiGo website or app.
Milestones also reset every anniversary year. Kotak's IndiGo card gives 2,500-BluChip vouchers at ₹1.25 lakh, ₹2.5 lakh and ₹6 lakh of yearly spend. The IndiGo Axis card gives 1,200-BluChip vouchers at ₹1.5 lakh and ₹3 lakh. For a recent Axis offer, see IndiGo Axis Bank Credit Cards: Double Welcome Benefits.
Airline Card vs Bank-Points Travel Card: Which Fits You?
The alternative is a travel card that earns the bank's own points, usually transferable to several airlines or usable on any flight or hotel.
Factor | Airline co-brand | Bank-points travel card |
|---|---|---|
Redemption choice | One airline and its partners | Several airlines, hotels, travel portal |
Earn on the airline's own tickets | Highest (e.g. up to 19 BluChips per ₹100 on IndiGo Kotak, tier-dependent) | Usually lower |
Fee recovery | Through renewal vouchers, if you fly that airline | Through renewal points or spend waivers |
Risk from airline changes | High (merger or partner exit can end the card) | Lower, but transfer partners and ratios can change |
Forex markup | Varies widely: 0% on BOBCARD Etihad Premium, 3.5% on IndiGo Axis | Varies; some cards offer zero forex |
If you fly abroad on different carriers, a bank-currency or zero-forex travel card may be the better fit. See our Scapia card review for one example and its limits.
Who Should Get an Airline Co-Branded Card?
Loyal IndiGo flyers: the annual fee comes back as a voucher you will use.
Air India and Star Alliance flyers: watch for the new Air India SBI card's terms; Miles & More Axis suits Star Alliance redeemers. Read Maharaja Points on Air India Express flights for how Air India points can be used.
Gulf and Europe flyers on Etihad: BOBCARD's Etihad cards pair Etihad miles with low forex. See BOBCARD Etihad Guest welcome miles.
Skip it if you fly rarely or always book the cheapest airline.
Airline Co-Branded Card Benchmarksutra Scores
These are the scores we have already published for airline co-brands, on our fixed 100-point framework using official bank data. See how the Benchmarksutra Credit Card Score works.
Card | Score | Tier | Best for |
|---|---|---|---|
BOBCARD Etihad Guest Premium | 76/100 | B Tier | Etihad flyers who spend abroad (0% forex) |
BOBCARD Etihad Guest | 71/100 | B Tier | Entry route into Etihad Guest miles |
IndiGo Axis Bank Premium | 66/100 | C Tier | Frequent IndiGo flyers who hit milestones |
IndiGo Axis Bank | 62/100 | C Tier | Occasional IndiGo flyers on a low fee |
Miles & More Axis Bank World | 61/100 | C Tier | Star Alliance redeemers |
No airline co-brand we have scored reaches A Tier: rewards are locked to one airline. Scores reflect official terms as of 4 November 2026.
Checklist
Which airline have you flown most in the last 12 months?
Do you book on the airline's own website or app? Third-party bookings may not earn the accelerated rate.
Will you use the welcome and renewal vouchers within 6 months?
Does the voucher value match a fare you actually pay?
Is the card still open to new applicants, and is it tied to a merging or exiting airline?
Does the name on your card, frequent-flyer profile and ticket match exactly?
What is the forex markup if you fly abroad?
Common Mistakes to Avoid
Mistake 1: Valuing every point at ₹1
Airlines do not fix a rupee value. Value depends on route, timing and taxes.
Mistake 2: Letting vouchers expire
Welcome, renewal and milestone vouchers on IndiGo co-brands last 6 months. Plan a trip before applying.
Mistake 3: Using a voucher on a cheap fare
Unused voucher balance is forfeited. Use it where the base fare is close to the voucher value.
Mistake 4: Booking through travel apps
Kotak's IndiGo terms say bookings on third-party sites do not earn BluChips. Book on the airline's site or app.
Mistake 5: Name mismatches
SBI's Air India terms reject accelerated points if names do not match exactly or use initials.
FAQs
What is an airline co-branded credit card?
It is a bank credit card that earns one airline's loyalty currency, such as IndiGo BluChips or Etihad Guest Miles, instead of bank reward points.
Which IndiGo credit cards are available in India?
As of November 2026, Axis Bank and Kotak Mahindra Bank issue IndiGo cards in standard and premium versions. HDFC's 6E Rewards cards are discontinued.
Can I still get an Air India SBI credit card?
SBI stopped issuing the Air India SBI Platinum and Signature cards from 10 October 2024. Air India has announced a new co-branded card with SBI Card, but fees and launch details are not yet published.
What happens to Axis Vistara credit cards?
Axis says its Vistara card will be discontinued for spends after 15 December 2026, following the merger with Air India. Until then it earns Maharaja Points.
How long are IndiGo BluChip vouchers valid?
Welcome, renewal and milestone vouchers on IndiGo co-brand cards are valid for 6 months. BluChips in your account follow IndiGo's BluChip programme terms.
Is an airline card better than a general travel card?
Only if you fly one airline often. Otherwise, transferable bank points are more flexible.
Official Sources and Editorial Note
Data checked as of: 4 November 2026
IndiGo Axis Bank Credit Card product page and terms
Official page
IndiGo Axis T&Cs (PDF)
IndiGo Axis Bank Premium Credit Card product page
Official page
IndiGo Kotak Credit Card product page, fees and terms
Official page
IndiGo Kotak fees and charges
IndiGo Kotak Premium fees and charges
IndiGo Kotak T&Cs (PDF)
HDFC Bank 6E Rewards XL IndiGo Credit Card page (discontinuation and BluChip conversion)
Official page
SBI Card customer notices (Air India SBI, Club Vistara SBI and Etihad Guest SBI changes)
Official page
SBI Card terms on Maharaja Points for the Air India SBI Signature Card
Air India SBI Signature T&Cs (PDF)
Air India Maharaja Club SBI partner page and newsroom
Official page
Air India and SBI Card co-branded card announcement
Axis Bank Vistara Credit Card page (discontinuation for spends after 15 December 2026)
Official page
Miles & More Axis Bank Credit Card page
Official page
BOBCARD Etihad Guest and Etihad Guest Premium card pages
Official page
Official page
IndiGo BluChip programme terms
Official page
This article is written from official sources and does not rely on third-party wording.
Editorial note:
Earn rates, fees, voucher rules and card availability can change, especially when airlines merge or change partners. Always confirm the latest terms with the bank and the airline before applying.
