American Express to discontinue Reward Multiplier portal from 30 September
American Express will end its Reward Multiplier programme after six years, removing accelerated Membership Rewards earnings at partner brands including Nykaa, Myntra and Tanishq. Eligible transactions must be completed by 29 September; ShopWise vouchers and base rewards continue.
What happened
American Express will discontinue its Reward Multiplier portal on 30 September 2026, ending accelerated points on purchases from brands including Nykaa, Myntra
Key facts
- Reward Multiplier ends effective 30 September 2026
- Transactions must be completed by 11:59 PM on 29 September 2026
- Programme operated for six years
- Up to 5X Membership Rewards points on Platinum cards
- Up to 10X points on Centurion cards
- ShopWise offers e-vouchers from 200+ brands
- ShopWise continues offering 5X points on eligible purchases
Why this matters
The programme’s closure creates an opening for retailers, banks and card networks to secure exclusive accelerated-reward partnerships targeting affluent Amex cardholders.
What to watch
- Whether ShopWise expands partner coverage, increases voucher multipliers, or adds higher-value denominations after the portal closes.
- New Amex Offers, statement credits or replacement accelerated-reward programmes announced before or during the festive season.
- Changes in Amex transaction share, average order value and repeat purchase rates at Nykaa, Myntra and Tanishq after 30 September.
- Merchant-funded promotions from HDFC Bank, ICICI Bank, Axis Bank, SBI Card or premium Visa/Mastercard products in the affected categories.
- Customer-service and social-media feedback from Platinum and Centurion members indicating churn risk or dissatisfaction with reward erosion.
- Increase ShopWise voucher inventory, denomination flexibility and in-app merchandising ahead of the 29 September deadline and festive-shopping period.
- Launch targeted retention offers for Platinum and Centurion members in fashion, beauty and jewellery to offset perceived reward devaluation.
- Partner brands may increase bank-card instant-discount campaigns or co-fund Amex Offers to protect conversion from affluent Amex shoppers.
- Nykaa, Myntra and Tanishq should monitor whether direct Amex tender share declines while voucher redemption and alternative-card mix increase.
- Competitor issuers may target Amex premium customers with accelerated fashion, beauty, travel or jewellery reward campaigns.