American Express to discontinue Reward Multiplier in India after 6 years — Here’s what cardholders need to know

American Express announced the end of its six-year-old Reward Multiplier programme, effective 30 September 2026, in an email to cardholders earlier this week.

According to a CNBC TV18 report, this will directly impact Platinum, Gold, and Membership Rewards (MR) cardholders who relied on the feature to easily earn bonus points on select brands, including Apple, Nykaa, Myntra, and MakeMyTrip hotel bookings made via the Amex portal.

How did the Reward Multiplier work?

Similar to portals like HDFC’s SmartBuy, ICICI’s iShop, and Axis Bank’s Grab Deals, the programme operated on an affiliate model.

Cardholders logged into Amex, clicked through to a participating merchant, and shopped normally. The merchants paid Amex a fee for the routed sale, and Amex passed a share of that value back to the cardholder as bonus MR points.

By simply changing the route of their purchase, cardholders earned significant bonuses on top of their standard earn rate—up to 5X points on Platinum cards and 10X points on the Centurion card.

Participating brands included Apple, Forest Essentials, Nykaa, MakeMyTrip, Tanishq, and Myntra.

Final deadline

Cardholders have until 11:59 PM on 29 September 2026 to maximise the programme.

However, American Express cautioned that simply initiating a transaction—such as buying a laptop or jewellery, or booking travel—before the deadline is not enough; the purchase must be fully completed to earn bonus points under current terms and conditions.

“Effective 30 September 2026, the Reward Multiplier program will be discontinued,” American Express Banking said in the email to cardmembers. “While accelerated Membership Rewards points on purchases made with select brands will no longer be available, you can continue to earn 5X Membership Rewards points on eligible purchases through ShopWise, an independent platform offering e-Vouchers from 200+ brands across shopping, dining, and travel.”

The base Membership Rewards programme remains completely unaffected, it added. Standard earn rates and existing point balances will not change.

The email reassured users that their balances will “continue to enjoy Membership Rewards points that never expire, provided your Card Account remains active and in good standing.”

Remaining alternatives

While the direct-merchant click-through model is ending, two alternative channels remain active for now:

• ShopWise: Introduced in February 2026 to replace Gyftr, this platform offers up to 5X MR points on e-voucher purchases across over 200 shopping, dining, and travel brands.
• RewardXcelerator: This programme continues to offer accelerated points across more than 20 brands.

However, these alternatives lack the seamless experience that Reward Multiplier offers.

ShopWise relies on an e-voucher system, adding friction to the buying process and narrowing where accelerated rates apply. It is uncertain how long ShopWise and RewardXcelerator will operate in their current forms.

What should Amex users do?

Before the September 30 cutoff, Amex cardholders should consider the following:

• Complete big-ticket purchases early: Finalise any planned large transactions through Reward Multiplier by 11:59 PM on September 29 to ensure eligibility.
• Explore ShopWise: Familiarise with the e-voucher platform now, as it will be the primary Amex option for accelerated points moving forward.
• Compare issuer offers: Without Reward Multiplier, Amex might not always provide the most competitive rewards on direct purchases. Before checking out, verify if portals like HDFC SmartBuy, ICICI iShop, or Axis Grab Deals offer a better return on your spend.