What changed
American Express India’s Reward Multiplier notice says the programme closes effective 30 September 2026. Its select-brand purchase route ends, while eligible e-voucher earning continues through ShopWise as an independent platform.
Correction, 10 September 2026: our earlier article incorrectly described ShopWise as the only surviving accelerator and claimed Platinum rewards could never cover the fee. We have corrected those statements and the linked Platinum review.
What this means for Platinum Charge
RewardXcelerator is a different programme. Its currently linked India terms run through 31 January 2027, with 10X or 20X total Membership Rewards at participating merchants. The multiplier includes the base points. It depends on the merchant, payment method and offer conditions; it is not a blanket rate on all spending. The older similarly named PDF ending in January 2026 is not the currently linked version.
A qualifying ₹40,000 purchase at 10X earns 10,000 MR. At our assumed ₹0.25/MR value, that is ₹2,500 before charges. This conditional example is separate from ordinary spending and does not establish that a particular purchase will qualify.
Before moving a purchase
Check whether you were using Reward Multiplier, RewardXcelerator or an e-voucher. They have different qualification rules. Confirm the current merchant and voucher terms, including fees, restrictions and expiry, before changing the payment route. Do not assume two multipliers stack.
The updated Platinum Charge review compares ordinary and promotional earning, the ₹77,880 annual fee including GST, and conditional renewal vouchers. Whether rewards and benefits cover that fee depends on eligible spending and the redemptions actually used.