If Infinia falters, what's the next premium card?

After the recent #HDFCInfinia reward churn, many readers asked me:
“If Infinia falters, what’s the next best premium #CreditCard?”
My answer was #ICICIEmeralde Private Metal (EPM), but the reality is more nuanced: the alternative has already started losing value faster than expected.

What’s Going On With ICICI EPM & iShop
ICICI Bank launched its #iShop rewards portal in 2025 to replicate HDFC #SmartBuy style accelerated rewards for cardholders.

Originally, reward rates looked strong:
Up to 12X on hotel bookings
Up to 6X on vouchers and flights
Accelerated points are redeemable effectively at higher values via iShop (all subject to monthly caps).
But the premium experience has degraded rapidly:
- Accelerated rewards removed on common vouchers (Amazon, Swiggy, etc.)
- Processing fees introduced
- In many cases, you actually lose money buying vouchers
We might see many existing cardholders surrender their cards due to the reduced value!

So, Where Does That Leave the Premium Credit Card Landscape?
HDFC Infinia remains the undisputed leader for now, thanks to the rewards devaluation rolled back and competitors busy shooting themselves!

The Broader Lesson for Card Enthusiasts
1️⃣ Rewards are not permanent assets
Banks can and will change multipliers, caps, and categories if economics shift or arbitrage becomes mainstream.
2️⃣ “Perfect card” doesn’t exist
Even cards pitched as best-in-class can get tightened, replaced, or quietly value-eroded. What matters more is fit for your core spends, lifestyle, and financial habits, not the headline reward rate.