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American Express Membership Rewards Credit Card

Product Details
Credit Card Name : 

American Express Membership Rewards Credit Card

Bank Name :

American Express

Type :

Rewards Credit Card

Interest Rate : 

3.50% per month, 42.00% p.a.

Eligibility :

The applicant must be a Resident Indian.
The applicant must have an Annual Personal Income of Rs 6 Lakhs and above (in case of Self Employed or Salaried).
The applicant’s minimum age should be 18 years.
The applicant should have an Indian or multinational bank’s savings or current account in India.

American Express Membership Rewards Credit Card
Pros
  • Customers can earn 1,000 Bonus Membership Rewards Points for simply using their card 4 times on transactions of Rs. 1,500 or above in a calendar month.

  • Customers can also earn an additional 1,000 Membership Rewards points simply by spending INR 20,000 or more in a calendar month.

  • Customers can also earn 5,000 Membership Rewards Points upon First Year Card Renewal, on payment of the annual membership fee.

  • Additional Rewards on Card Renewal 

  • EMI Conversion is available. 

  • Customers earn 1 Membership Rewards Point for every Rs. 50 spent except for spend on Fuel, Insurance, Utilities, Cash Transactions, and EMI conversion

Cons
  • The American Express Membership Rewards Credit Card comes with a fee of ₹4,500 which might discourage some individuals from considering it.

  • It is worth noting that American Express cards are not as widely accepted as Visa or Mastercard. Therefore you might come across merchants who do not accept Amex cards.

  • Although there are bonus points offered on spending categories by cards the base earn rate of 1 point, per ₹50 spent is not the most competitive option available.

  • While there are no foreign transaction fees associated with using your card keep in mind that you may still be subject, to currency conversion fees.

  • It's important to consider that not all airlines and hotels participate in the Membership Rewards program offered by American Express. Additionally, redemption rates can vary depending on the participating partners.

Pros & Cons
Welcome Benefits

None 

Rewards System
  • Earn 1 Membership Rewards Point for every Rs. 50 spent except for spending on Fuel, Insurance, Utilities, Cash Transactions, and EMI conversion at the Point of Sale. 

  • Effective Cashback Rate: 1%. 

  • 1RP=Rs.1

International Forex Markup

Up to: 2.5%

Welcome Benefits and Reward System
Special Features

0% Convenience fee on fueling up at HPCL. 

Eligibility Criteria

The applicant must be a Resident Indian.
The applicant must have an Annual Personal Income of Rs 6 Lakhs and above (in case of Self Employed or Salaried).
The applicant’s minimum age should be 18 years.
The applicant should have an Indian or multinational bank’s savings or current account in India.

Benefits
  • 24X7 Card Related Assistance

  • Dispute Resolution

  • Zero lost Card liability

  • Emergency Card Replacement


Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
  1. Visit the American Express website: Choose the specific Membership Rewards card you're interested in.

  2. Click on "Apply Now": Fill out the online application form with your personal and financial information.

  3. Review and submit: Review your application thoroughly before submitting it.

  4. Decision: American Express will review your application and let you know their decision within a few days.

  5. Card receipt: If approved, you'll receive your card within a few weeks.

Contact Details

1-800-419-2122 (Toll Free)

Account Opening and Procedure
American Express Membership Rewards Credit Card

Without a question, the American Express Membership Rewards credit card is a fantastic way to start using credit cards or for anyone who wants a simple credit card. This credit card has a low joining fee but a large renewal price that consumers must pay. However, you can avoid the renewal fee if you spend Rs. 1,50,000 or more in the year prior. It's a very lucrative card that offers users fascinating bonuses and privileges in addition to a respectable reward rate. Those who travel frequently or are avid shoppers should use American Express's premium credit cards.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

Product Review
Fees & Charges
  • Annual fee First Year fee: Rs. 1,000 plus applicable taxes.

  • Second Year onwards: Rs. 4,500 plus applicable taxes.

  • Foreign Transaction Fee: 2.5% of the transaction amount is charged for purchases made in a foreign currency.

  • Cash Advance Fee: 3.5% of the transaction amount, with a minimum fee of ₹250, is charged for each cash advance.

  • Late Payment Fee: Up to ₹500 (plus applicable taxes) for each late payment.

  • Returned Payment Fee: Up to ₹500 (plus applicable taxes) for each returned payment.

Fuel Surcharge

0% Convenience fee on fuel purchase at HPCL for transactions less than Rs. 5,000 and 1% Convenience fee on fuel purchases per transaction is applicable for all transactions of Rs. 5,000 and above. 

Billing Cycle

30 Days

Fees & Charges
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