The devaluation will happen is happening. Now instead of all at one go... it will be death by a thousand cuts.

A few weeks later we'll see more MCCs excluded, then lower transfer ratios - perhaps first for Accor then for the rest etc.

However, I've not seen a more idiotic way this has been done. Nor do I understand how Axis thinks it's OK to offer a 1.2% rewards on a 60k card.

It's a real clown show out there.