If you apply through our link, we may earn a commission from the issuer at no extra cost to you. It never affects our ratings — how we make money.
American Express
American Express Membership Rewards Credit Card
4.2
- Joining fee
- ₹1,000
- Annual fee
- ₹4,500
- Welcome bonus
- ₹1,000
- Forex markup
- 3.5%
- Interest p.a.
- 42%
- Min income
- ₹4,50,000/mo
How this card earns
Reward rates by category, with caps and an estimated yearly value.
| Spend category | Reward rate | Monthly cap | Est. value/yr |
|---|---|---|---|
| All other spends | 0.5% | — | ₹600 |
Estimated yearly value assumes ₹10,000/month spend in each category, capped where the card caps rewards.
Fees & charges
Joining fee₹1,000
Annual fee₹4,500
Annual fee waiver100% renewal fee waived on annual spend of Rs 1,50,000 or more; 50% waived on annual spend of Rs 90,000 to Rs 1,49,999
Foreign currency markup3.5%
Finance charge (p.a.)42%
Spend milestones
| Annual spend | Benefit | Value |
|---|---|---|
| ₹1 | 5,000 bonus Membership Rewards points on first card renewal (on payment of annual fee) | ₹1,250 |
| ₹72,000 | 1,000 bonus Membership Rewards points each month on 4 or more transactions of Rs 1,500+ (approx Rs 250 value at Rs 0.25/point) | ₹3,000 |
Key benefits
- 1 Membership Rewards point per Rs 50 spent (approx 0.5% value-back at Rs 0.25/point; excludes fuel, insurance, utilities and cash transactions)
- Additional 1,000 bonus points on monthly spend of Rs 20,000+ (enrollment required)
- Up to 5X bonus points via Reward Multiplier on select online partners
- Membership Rewards points never expire and transfer to multiple airline/hotel partners
- 24x7 card assistance
What we like
- +Stackable monthly bonuses (1,000 points x2) materially lift effective returns for steady spenders
- +Generous fee-waiver thresholds and a first-renewal 5,000-point bonus
- +Membership Rewards points never expire and transfer to airline/hotel partners
What to watch
- −Low base earn of only ~0.5% value-back outside bonus mechanics
- −Fuel, utilities and insurance excluded from earning
- −Limited merchant acceptance in India versus Visa/Mastercard
- −3.5% forex markup on international spends
Compare with similar cards
- Top reward
- 1.875%
- Annual fee
- ₹66,000
- Welcome bonus
- ₹35,000 value
- Top reward
- 0.5%
- Annual fee
- ₹5,000
- Welcome bonus
- ₹2,500 value
- Top reward
- 0.5%
- Annual fee
- ₹4,500
- Welcome bonus
- ₹1,000 value