American Express Membership Rewards Credit Card Review

American Express Membership Rewards Credit Card Review

American Express Membership Rewards Credit Card is the best credit card in India for online shopping because you can earn tons of reward points using this credit card, when compared to any other shopping credit cards in India.

Reward Points

You can earn 1 reward point for every Rs 50 you spend with American Express Membership Rewards Credit Card.  Most other credit cards I have seen, gives 1X reward points for every Rs.150 spent on all categories.

So effectively, you can earn 3 times more reward points using theAmerican Express Membership Rewards Credit Card, compared to any other credit cards in India.

Bonus Reward Points

Just use this credit card to pay Rs.1,000 or more 4 times a month and you’ll earn 1000 Bonus Points(equivalent to Rs.420 in cashback).

American Express Membership Rewards Credit Card provides the best rewards conversion ratio when you convert reward points to cash or Amazon gift card.

1 American Express Reward Point = 42 paise in cashback or 46 paise in Amazon Money.

 

American Express Membership Rewards Credit Card Review

 

How to Redeem Rewards

After you earn 18,000 reward points, you can redeem the reward points for Rs.7500 in cashback or buy any gift items online.  After you earn 24,000 reward points, you can redeem the rewards points for Rs. 10,000 in cashback or Rs, 11,000 in Amazon Money or buy any gift items online.

Comparison with other Credit Cards in India

Most rewards credit cards offer very low conversion ratio when you convert reward points to real money.  Even Standard Chartered Platinum Rewards Credit Card gives just 30 paise for each reward point earned.

Also Read:  Standard Chartered Manhattan Credit Card Review

Most Indian bank credit cards(SBI, HDFC, ICICI) fool the customers by giving  them a lot of rewarid points, say 5 reward points or 10 reward points for each Rs.150 spent.  When you actually try to convert the reward points to real cash or amazon gift card, they’ll provide 1 paise for each reward point, which is peanuts.

For Example:

To put this in perspective, let’s say for example, you spend Rs.150 using SBI Simply Click Credit Card, you’ll earn 10 reward points.  1 SBI Credit Card Reward Point equals to 1 paise.  So, 10 reward points are worth 10 paise.

Now if you shop for Rs. 150 using the American Express Membership Rewards Credit Card, you’ll earn 1 reward points for every Rs.50 spent.  So you’ll earn 3 American Express Membership Reward Points.  The 3 Amex reward points are worth 126 paise ( 3 X 42 paise).

Is 10 paise better or 126 paise better ?  See how the Indian credit card companies confuse and cheat us.

Best Credit Card in India For Online Shopping:

American Express credit card is usually not accepted in most shops in India.  However, American Express Membership Rewards Credit Card is ideal when you shop online, because almost all online shopping websites accept American Express Credit Cards

Don’t share these 2 Amex credit card hacks with anyone: 

Hack #1:  I load my PayTM Wallet using American Express Credit Card and then use the PayTM Wallet for shopping in any local shops.  PayTM Wallet payment is accept everywhere in India, even in small kirana shops.

Hack #2: I load the PayTM wallet with Rs.1000 each time(not more than that), so that I can make four Rs.1000 transaction to get the 1000 bonus reward point every month.  The reality is: I load my PayTM Wallet 5 or 6 times in a month, with Rs.1000 each time using the American Express Credit Card.

Moreover, most hotels, restaurants and branded shops in malls in India accept American Express Credit Cards.

Eligibility:

All salaried and self-employed are eligible to apply for this credit card.  Easily approved, if you already have some other credit card.

Check Your Eligibility

Key Benefits:

  • Earn 1 Membership Rewards Point for every Rs. 50 spent, except for spend at Fuel, Insurance, Utilities and Cash Withdrawal Transactions.
  • Each reward point is worth 42 paise in cashback. or 46 paise of Amazon Money.  This is much better than any other credit card I have reviewed so far.
  • Earn 1,000 Bonus Membership Rewards Points for simply using your Card 4 times on transactions of Rs. 1,000 and above every month

Annual Fee:

Yes there is an annual fee that can be easily waived off.  Read the details.

  • First Year fee : Rs. 1,000 plus applicable taxes.  Second Year onwards : Rs. 4,500 plus applicable taxes.  If you are not happy with the credit card for any reason, you can cancel the credit card the 2nd year.
  • Annual Fee is waived:  If you spend Rs. 1,50,000 annual (Rs. 12,000 monthly); else 50% of the annual fee waived off, if total spends on American Express Credit Card in the preceding membership year is INR 90,000.
  • Even otherwise, Call the customer care and request them.  Your annual fee will be usually waived off completely.  This method works for me 100% of the time.

Just ask yourselves these two questions.  If you are convinced, go apply for the credit card.

  • Would you be able to spend Rs.12,000 every month using your credit card.   For example, I use the credit card to pay expenses like Grocery, Petrol, TelephoneBills, MedicalBills, Hotel, Restaurants, Travel, Movie etc., for roughly Rs. 25,000 or more every month.
  • Do you want to give up the opportunity to easily earn Rs.10,000 in cashback annually ?  Even if you were to pay the annual fees, you’ll have the balance Rs. 6500 in cashback every year.

Again, if you are not happy with the credit card entirely, you can always cancel it, after a year.

When I applied I had the same doubt and hesitation.  Now I’m glad that I’m earning extra money using this credit card, more than any other credit card I have.

But, I know that most common people will not apply for American Express credit card because it belongs to the premium, elite category, and is a prestigious credit card.  It is more of a status symbol for many elite crowd.

Direct Link to the Online Application

 

Also Read:  Best Citibank Credit Cards In India

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