I mostly travel domestically, for me most value for money was Vistara points. On the routes I travel most frequently, following is the calc:
Route 1 -
Ticket price in INR: 6100
CV Points + Taxes: 6500 + Rs. 800
Value of around Rs. 0.8 per CV point.
Route 2 -
Ticket price in INR: 4500
CV Points + Taxes: 4000 + Rs. 527
Value of around Rs 1 per CV point.
I had booked tickets worth 30k using travel edge. Got 9k RPs, converted to 7200 CV points resulting in close to a cool Rs. 7200 saving on tickets I booked for Route 2 giving me an amazing 24% reward rate. That too without hitting the milestone. Even if I remove the discount of 1500 offered by Axis on MMT every Wednesday(Though travel edge compensates this by offering 0 convenience fee), I still get Rs 5700 or 19% on my flight spend. Its crazy reward rate at least for Vistara for the above routes.