New Delhi, March 2 -- It's raining devaluations for credit card users. Major issuers such as HDFC Bank, American Express, SBI Card and ICICI Bank have reworked their credit card reward structures over the past two months, cutting back benefits on some of their most sought-after premium cards.

Last week, HDFC Bank said that starting in the next financial year, Infinia cardholders must spend at least Rs.18 lakh annually or maintain a total relationship value-the cumulative worth of all accounts, investments and loans with the bank-of Rs.50 lakh to retain the card.

This change came on the heels of American Express devaluing milestone-based rewards on one of its popular cards, Amex Platinum Travel. Around the same time, ICICI Bank removed a...