American Express has been on a mission to dismantle the product proposition it built over time, and it is no surprise that they are no longer in invest mode in India for now. Now they have taken another step in this direction.
After six years of offering it, American Express is removing one of the most lucrative ways for Indian cardmembers to earn accelerated Membership Rewards points. Reward Multiplier will be discontinued on September 30, 2026, although Amex says its ShopWise e-voucher platform will continue to offer up to 5X rewards.
American Express is set to discontinue its Reward Multiplier programme in India from September 30, 2026, removing one of the most valuable avenues for cardmembers to earn accelerated Membership Rewards points on purchases from participating merchants.
While American Express is positioning the change as a programme update rather than a change to the Membership Rewards programme itself, there is little doubt that it represents a reduction in the ways cardmembers can earn bonus points.
Reward Multiplier is being discontinued
Over time, Reward Multiplier has been an important component of the American Express rewards ecosystem in India. Through the programme, cardmembers could access participating merchants and earn accelerated Membership Rewards points on eligible purchases. Depending on the card and merchant, the earning rate could be substantially higher than the card’s regular rate. At the back of it was an affiliate programme, which would pay Amex for the sales generated, and these would land up as MR in our balances.
American Express’ own website currently advertises Reward Multiplier with up to 5X rewards on Platinum cards and up to 10X on Centurion cards, with participating merchants including Apple, Forest Essentials, Nykaa, MakeMyTrip, Tanishq, and Myntra. Here is the notice.
What happens to ShopWise?
American Express is not removing accelerated rewards altogether. ShopWise, its e-voucher platform, stays. ShopWise will continue to offer 5X Membership Rewards points on eligible purchases from more than 200 brands across shopping, dining, and travel. Perhaps the voucher business is less complicated, while the affiliate part is more troublesome with tracking. I’ve never used it, but this feedback has come in from readers.
Cardmembers have until September 29
There is also an important cutoff buried in the communication. American Express says Membership Rewards points earned on eligible purchases up to September 29, 2026, at 11:59 PM will be credited in accordance with the Reward Multiplier programme’s existing terms and conditions.
However, as always with American Express rewards, cardmembers should pay attention to the programme’s terms and the actual transaction eligibility rather than simply assuming that a transaction initiated before the deadline will qualify.
For anyone planning a large purchase through Reward Multiplier, the safest approach is to ensure the transaction meets the existing programme requirements and is completed before the cutoff.
This comes after several Amex changes in 2026
The timing of the Reward Multiplier shutdown is difficult to ignore. American Express has already made several significant changes to its Indian card proposition in 2026. The Platinum Travel Credit Card is undergoing another substantial revision from September 10.
Bottomline
American Express is calling this a change to the Reward Multiplier programme, but for frequent Amex users it is effectively another devaluation. From September 30, cardmembers will no longer be able to earn accelerated Membership Rewards points through the direct-purchase Reward Multiplier mechanism at participating merchants. For anyone planning a large Reward Multiplier purchase, September 29, 2026 is now a date worth putting on the calendar. Rewards Accelerator and Shopwise are safe for now.
What do you think of this latest move from American Express in India?
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