American Express to end Reward Multiplier in India from September 30, 2026
American Express will discontinue its Reward Multiplier programme in India, ending accelerated rewards on direct merchant spends at partners such as Apple, Nykaa, Tanishq and Myntra. Base Membership Rewards, ShopWise and RewardXcelerator will continue.
What happened
American Express will discontinue its India Reward Multiplier programme on 30 September 2026, ending accelerated direct-merchant rewards at brands including
Key facts
- 30 September 2026
- 11:59 PM on 29 September 2026
- 6 years
- up to 5X points on Platinum cards
- up to 10X points on Centurion cards
- ShopWise offers 5X Membership Rewards points
- 200+ brands
- RewardXcelerator covers more than 20 brands
Why this matters
Retail partners such as Apple, Nykaa, Tanishq and Myntra may lose a conversion lever, creating an opening to negotiate replacement Amex offers or pursue competing card-network partnerships.
What to watch
- Announcement of replacement AmEx partner offers, revised Membership Rewards earn rates or changes to redemption value.
- Merchant communications from Apple, Nykaa, Tanishq and Myntra on alternative card promotions after the program ends.
- Changes in AmEx India card renewal incentives, acquisition offers, spending thresholds or fee-waiver criteria.
- Post-cutoff transaction-share trends at affected merchants and evidence of higher premium-card attrition.
- Competitor promotions from HDFC Bank, ICICI Bank, Axis Bank, SBI Card and co-branded payment programs targeting the same categories.
- Reallocate rewards marketing toward targeted AmEx Offers, travel redemptions and retained ShopWise/RewardXcelerator benefits.
- Negotiate replacement merchant-funded campaigns with major former Reward Multiplier partners before the September 2026 cutoff.
- Use transaction data to identify multiplier-dependent customers and deploy retention offers or spend-based bonuses ahead of renewal dates.
- Competitor issuers may launch Apple, beauty, jewellery and fashion-specific cashback or multiplier campaigns to capture displaced spend.