Last week, Axis Bank, one of India’s leading private sector lenders, said it was rolling back several benefits linked to nearly all of its credit cards from 20 April. The announcement prompted a fair bit of outrage.

The changes introduced by the bank are wide-ranging. Several categories of spending—fuel payments, jewelry, insurance—will not be considered for earning reward points, lounge access to customers at major airports has been curtailed, cashbacks and discounts on movie tickets and airline bookings have also been rationalized for some cards. This has led many customers to vent their frustration online, with some calling the move …