Equitas SFB has entered the premium credit card space with their premium flagship—the Equitas PowerMiles Credit Card. On paper, this card looks like a travel monster, especially for international spenders. But as with most things in the credit card world, the devil is in the details—and the tiers. In this review, I will deep-dive into the features and whether this metal card deserves a spot in your wallet.
Equitas PowerMiles
Fees and Eligibility
- Joining/Annual Fee: ₹5,000 + GST.
- Fee Waiver: Annual fee waived on spends of ₹4.8 Lakhs in a year.
- Welcome Offer: Joining fee is waived if you spend ₹1.2 Lakhs within 90 days of card issuance.
- Eligibility: Minimum annual income of ₹18 Lakhs.
Rewards and Benefit
Joining Benefits
- New cardholders can choose between a 1-year Club Marriott membership or a 1-year EazyDiner membership.
Recurring Benefits
- Forex surcharge of 0-2% depending on your Tier.
- Up to 3 movie vouchers worth 250 each every quarter, depending on your Tier.
- Up to 3 Amazon vouchers worth 500 each every quarter, depending on your Tier.
- 1 one-way flight ticket and 1 night of hotel stay, depending on your Tier.
Reward Points
- For statement credit, the Equitas Powermiles offers 1RP = 50p conversion.
- Equitas Powermiles is planning to launch the Miles transfer program by 1st July 2026 at a conversion ratio of 1:1.
- 3 reward points for every 100 spent. 1 reward point = 50p, i.e. 1.5% reward rate.
- Accelerated reward points:
- On all international POS and online transactions, you earn 3x reward points. i.e. 9 reward points for every 100 spent. Translating into 4.5% reward rate.
- Exclusions: Rental, Government, EMI, Wallet and Fuel spends don’t earn any reward points.
- Reward Points earned on Grocery and Utility transactions will be capped at 2000 reward points per month for each category. Insurance transactions will be capped at 2000 reward points per day.
Thoughts on the Equitas PowerMiles Credit Card
Before getting into the positives and negatives of the Equitas PowerMiles credit card, it’s important to understand the Privilege Tier program for this credit card
Equitas Privilege Tier Diamond status
The “Tiers” depend upon your spending each month in the previous calendar quarter. The revised Tier is then applicable in the subsequent calendar quarter. Simply put, if you spend 100k every month in Quarter 1 (Jan–Mar), you “unlock” Diamond status for Quarter 2 (Apr–Jun).
Thus, to have a miles conversion ratio of 1:1 or a cash statement credit of 50p, you need to have spent 1lk each month in the previous calendar quarter. Similarly, 0% forex is applicable only if you are in the Diamond Tier. In conclusion, to get the maximum benefit from the Equitas PowerMiles, you need to spend 1lk each month like clockwork without fail.
Positives of the Equitas PowerMiles credit card
Potential 9% reward rate on foreign spends
If you achieve and maintain Diamond Tier with the Equitas PowerMiles, you potentially earn a massive 9% reward rate on foreign spends (9% reward points earnings and 0% forex surcharge). Similarly, for domestic spending, you would potentially earn 3% reward rate. Not bad at all.
Do note that this reward rate is assuming that the miles transfer program kicks in and you are able to redeem your miles at 1 rupee or better value.
If going for statement credit, the reward rate for foreign spends will be at 4.5% and domestic at 1.5%. 4.5% reward rate for foreign spends is still very good, but 1.5% for domestic spends is not very exciting.
Amazon vouchers worth up to 6k per year and movie vouchers worth 3k every year
Again, on achieving and maintaining Diamond Tier, you would earn 3*500 Amazon vouchers every quarter. Thus, resulting in 6k worth of Amazon vouchers in a year. This would result in an additional 0.5% reward rate.
Similarly, you will earn 3*250 movie vouchers every quarter when remaining in the Diamond Tier. Resulting in an additional 0.25% reward rate.
One-way flight ticket and 1-night hotel stay vouchers
On achieving the Diamond Tier, you are eligible for 1 flight voucher worth 3k and 1 night hotel voucher worth 3.5k once a year. Not sure if the flight voucher includes only the base fare or a flat 3k off; this potentially offers you another 0.5% reward rate.
Overall, a 10%+ reward rate if used exclusively for foreign spends
Overall, the Equitas PowerMiles credit card can potentially give you a 10%+ reward rate if you use the card exclusively for foreign spending and maintain the Diamond Tier throughout the year. Conservatively, too, the Equitas PowerMiles can give you a 5.5%+ reward rate if you go for statement credit in the Diamond Tier.
Negatives of the Equitas PowerMiles
You need to spend 1lk per month without fail.
The Equitas PowerMiles is trending on social media as the 9% reward rate credit card. But mind you that the reward rate is theoretical.
You get 9% reward rate only on foreign spends and not on domestic spends. Further, you need to spend 1lk every month without fail on this credit card to be eligible for 0% forex rate. If you slip even for one month, your forex surcharge shoots up to 2%+GST
This is not a true 0% forex credit card.
Even though the Diamond Tier says 0.0% Forex Mark-up, the bank doesn’t technically waive it the moment you swipe your card abroad. Instead, they refund it to you later. When you buy something in a foreign currency, the bank will still charge you the standard 2.0% fee + GST. Because you are in a higher tier, say Diamond, the bank calculates the difference between what they charged you (2.0%) and what your tier says you should pay (0.0%). They will deposit that 2.0% back into your credit card account as a statement credit. This refund happens within 90 days after the quarter ends. Also, you do not get the GST back; the tax paid on that fee is gone forever.
Here’s what the T&Cs say. Here is the link for the whole TnCs
The Miles transfer program has been delayed multiple times
The promised 1:1 miles transfer program for the Equitas PowerMiles appears impressive on paper, with partners such as British Airways, United Airlines, Finnair, Air Canada, Etihad, Thai Airways, Airasia, Air India, Japan Airlines, IHG Hotels and Resorts, and Wyndham Hotels and Resorts. However, do note that this feature was supposed to be available from early 2025. The launch has been delayed twice already and is now slated to launch on 1st July 2026. So there is a possibility that the launch might get delayed further. Do keep this in mind when applying for the Equitas PowerMiles credit card.
Comparison with other forex cards
The USP of the Equitas PowerMiles credit card is the potentially upto 9% reward rate on forex spends. Thus, it’s only fair to compare this credit card with other popular forex credit cards. Do note that the list below is not comprehensive, but I have tried to include as many cards as possible.
From the above table its very clear that none of the other credit cards that offer 0% forex surcharge has any condition tied up with that. Thus, if you are like me with only occasional forex spends, you are much better off with a Scapia credit card (Apply Now), which comes as LTF and offers 0% forex without.
Conclusion: Is it Worth It?
The Equitas Power Miles Credit Card is designed for a very specific persona: the high-spending international traveller who can consistently put 1lk on their card every single month.
Unless you have consistent spending of 1lk per month in foreign exchange or high-value domestic categories, don’t even look at this card. The complexity of the tier matrix and the uncertainty of the miles transfer program make it a “skip” for the average user. However, if you can maintain that Diamond status, the 9% value-back is currently the best in the business.
Personally, I will skip this credit card and stick to other popular 0 forex credit cards like Scapia (Apply Now) or BOB Eterna(Apply Now) that offer net reward rate for forex spends. For most of my online foreign spends I rely on my Diners Black Metal thanks to the Global Value Program, provided Diners is accepted on that portal.
What you guys think of the Equitas PowerMiles Credit Card? What is you go to forex card? Do let me know in the comments below.
The article was published/last updated on 28th March 2026.
Disclaimer
In the interest of full disclosure, Credit Cardz may earn a referral bonus for anyone that’s approved through some of the links in this post. However, opinions and views expressed here are of the author's alone and not those of the bank, credit card issuer, or anyone else and have not been reviewed, approved or otherwise endorsed by any of these entities.
