State of Indian Credit Card Transfer Partners 2026: What the Data Shows

The Single Most Surprising Finding

Among 28 Indian credit cards with at least one transfer partner, one card connects to 20 loyalty programs simultaneously. HSBC TravelOne is the only Indian credit card that transfers to Qatar Airways Privilege Club. It is also the only Indian credit card that transfers to Accor Live Limitless after Axis Bank removed Accor from its TravelEdge program in April 2026 with no advance notice to cardholders. No other card in this dataset reaches more than 4 programs.

This audit covered 28 cards across 22 loyalty programs, verified from primary issuer sources in July 2026. The TravelOne finding is not a close call: the next-best cards — Amex Platinum, Axis Horizon, Axis Magnus Burgundy, and HSBC Premier — each offer 4 programs. TravelOne offers 20. The structural gap between the most connected card and the rest of the Indian market is wider than in any comparable market globally.

KrisFlyer Is on 22 of 28 Cards; Not All 22 Are Equal

Singapore Airlines KrisFlyer appears on 22 of the 28 transfer-eligible Indian cards in this dataset — the most accessible airline program in the Indian credit card ecosystem by a significant margin. British Airways Avios is second at 19 cards. Air India Maharaja Club is third at 9. No other program covers more than 3 cards outside of HSBC TravelOne's extended roster.

KrisFlyer's near-universal presence masks a critical divide in transfer efficiency. The headline distinction is 1:1 versus 2:1. Amex Membership Rewards transfer to KrisFlyer at 2:1 on all three India-issued Amex cards: Amex MRCC, Amex Platinum, and Amex Platinum Travel. Two Membership Rewards points are required to produce one KrisFlyer mile.

The compounding effect matters. A cardholder with 10,000 reward points from HDFC Infinia receives 10,000 KrisFlyer miles on transfer. The same 10,000 points from Amex MRCC produce 5,000 miles. Over 12 months of consistent monthly spend, this gap can represent thousands of miles that determine whether a business-class redemption is achievable or not. HDFC Regalia Gold and HDFC Regalia also transfer to KrisFlyer at 2:1 (100 reward points = 50 KrisFlyer miles), placing them in the same reduced-value tier as the Amex cards despite being mid-tier HDFC products.

The Axis Bank KrisFlyer ratios represent a separate category of non-standard transfer that is more complex than a simple 2:1 discount. Axis Magnus and Axis Reserve transfer at 5:2: five EDGE Reward Points equal two KrisFlyer miles, an effective multiplier of 0.4x. A cardholder converting 10,000 EDGE Points from Axis Magnus receives 4,000 KrisFlyer miles, not 10,000. Axis Magnus Burgundy transfers at 5:4: five EDGE Points equal four miles, an effective multiplier of 0.8x. The same 10,000 EDGE Points from Axis Magnus Burgundy produce 8,000 KrisFlyer miles. Axis Select transfers at 10:1 — ten EDGE Points equal one KrisFlyer mile — making KrisFlyer transfers from Axis Select practically inadvisable for most redemption targets.

Cards confirmed at 1:1 to KrisFlyer: HDFC Infinia, HDFC Diners Club Metal, HDFC Diners Biz Black, Axis Horizon, HSBC TravelOne, and HSBC Premier. ICICI Emeralde variants and SBI cards appear in transfer partner lists but their KrisFlyer ratios and current partner status have not been confirmed from primary sources as of July 2026; verify with the issuer before transferring.

The Hotel Partner Gap: Best Transfer Partners India for Hotel Stays

Only 9 of 28 transfer-eligible Indian cards connect to Marriott Bonvoy, the most globally distributed hotel loyalty program. IHG One Rewards connects to 4 cards. Accor Live Limitless connects to 1. Hilton Honors connects to 1. Shangri-La Circle connects to 1. Wyndham Rewards connects to 1. The contrast with airline coverage is stark: KrisFlyer reaches 22 cards; the best-covered hotel program reaches 9.

For Indian travelers targeting hotel redemptions rather than flights, card selection is significantly more constrained. Marriott Bonvoy is the most viable hotel path, available from HDFC Infinia, Amex Platinum, HDFC Diners Club Metal, Amex Platinum Travel, HDFC Marriott Bonvoy, Amex MRCC, HSBC TravelOne, HSBC Premier, and HDFC Diners Biz Black.

IHG One Rewards — covering InterContinental, Crowne Plaza, Holiday Inn, and Voco — is available only from Axis Horizon, Axis Magnus Burgundy, HSBC TravelOne, and HSBC Premier. No HDFC, ICICI, or SBI card transfers to IHG. Accor Live Limitless is available only from HSBC TravelOne as of July 2026. Hilton Honors is available only from Amex Platinum at a non-standard 0.9:1 ratio. Indian cardholders who prefer Hilton or Accor properties have exactly one card each.

Five Non-Standard Ratios That Quietly Reduce Point Value

Five transfer relationships in the Indian credit card market carry ratios that reduce effective point value below 1:1. All five are in the transfer partner database; this section names them with the specific cost.

Amex Membership Rewards to KrisFlyer: 2:1. Both Amex MRCC and Amex Platinum transfer at 2 MR = 1 KrisFlyer mile. A cardholder transferring 20,000 MR points receives 10,000 miles. The same point count from any standard HDFC or ICICI card produces 20,000 miles. Effective value loss versus a 1:1 card: 50 percent.

Amex Membership Rewards to Avios: 2:1. Same structure. Both Amex MRCC and Amex Platinum require 2 MR per Avios. The 20,000 MR produces 10,000 Avios instead of 20,000. Amex MRCC's 1:1 transfer to Marriott Bonvoy makes Marriott the more efficient Amex redemption path for hotel stays.

Axis Horizon to Avios: 2:1. Two EDGE Miles equal one Avios. Axis Horizon's KrisFlyer and Air India transfers are at 1:1; Avios is the specific program where value is halved. Cardholders targeting Avios should factor this in versus a 1:1 card like HDFC Infinia or HSBC TravelOne.

SBI Aurum to Avios: 5:1. Five SBI Reward Points equal one Avios. This is the worst-value transfer in the Indian credit card market. A cardholder needs five times more spend to accumulate the same Avios count compared to any 1:1 card. A cardholder with 50,000 SBI Aurum points receives 10,000 Avios. The same 50,000 points from HDFC Infinia would produce 50,000 Avios. SBI Aurum's KrisFlyer and Air India transfers are at standard rates and represent the better use of SBI points from this card.

Amex Platinum to Hilton Honors: 0.9:1. One Membership Rewards point equals 0.90 Hilton Honors points — the only transfer ratio in the Indian market that falls below 1:1. Verified at 1,000 MR = 900 Hilton Honors points. The equivalent Amex ratio in the US market is 1:2 (favorable). Indian Amex Platinum holders receive a materially worse Hilton deal than their US counterparts, and it is the only card in India with Hilton access.

Transfer Flexibility: How the Card Landscape Splits

Sorting the 28 transfer-eligible cards by partner count reveals a sharp segmentation. HSBC TravelOne leads with 20 programs. Five cards offer 4 programs each: Amex Platinum, Axis Horizon, Axis Magnus Burgundy, and HSBC Premier. Twelve cards offer 2 to 3 programs. Eight cards offer only 1 program.

If transfer flexibility is a selection criterion — the ability to redirect points toward whichever program has better availability or pricing at booking time — the choice narrows to fewer than ten Indian cards. Only cards with 4 or more programs give genuine routing optionality: HSBC TravelOne, Amex Platinum, Axis Horizon, Axis Magnus Burgundy, and HSBC Premier.

Cards with 1 to 2 programs lock you into a specific airline or hotel family. This is not necessarily a disadvantage if you fly that airline regularly; a co-branded card earning direct Air India Maharaja Club miles from the Air India Axis Bank card, or direct Etihad Guest miles from BOB Etihad, is efficient for cardholders whose travel pattern matches. The flexibility trade-off matters most for travelers who book across multiple airlines or hotel brands.

Methodology Note

All transfer partner data in this article and in the Transfer Partners India database was verified from primary issuer sources — official bank websites and reward portal pages — in July 2026. Transfer partner relationships change with little or no advance notice, as demonstrated by Axis Bank removing Accor in April 2026. Ratios can change at any time.

The Transfer Partners India database is the living reference document for this data and will be updated when verified changes occur. Verify the current transfer ratio directly with your card issuer before initiating any large transfer. Transfers are generally irreversible once processed.

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