Credit card benefits in India are experiencing significant cuts, particularly for mid-to-premium cards, as banks reduce cashbacks and tighten perks. Harsh Vira, a financial planner, notes that these changes have accelerated since 2023, with issuers moving from minor adjustments to a structured reset in 2026. This reset links rewards more closely to meaningful spending, requiring users to actively manage their credit card usage to extract value. Premium cards, which historically offered generous benefits, are now seeing the sharpest reductions in travel perks and lounge access, while mid-tier cards face tighter cashback caps and exclusions. Experts suggest that users should reassess their spending mix and consider using multiple cards to maximize rewards. For high spenders, upgrading to premium cards may provide better perks, but these cards come with high fees and strict eligibility criteria. Regular reviews of card benefits and spending habits are crucial to ensure that users are getting the most value from their credit cards.