American Express is of the largest Financial corporation in the world.
In 2019 it was named as the 23rd Most Valuable brand in the world.
American Express is one of the largest card issuer in the united states and is trying to make a mark in India.
American Express Credit Cards are one of the best credit cards in India if used properly . They are also very rewarding along with one of the best Customer Support in India .
However, there is strong competition from Indian Banks issued credit cards . Let’s see whether American Express credit cards are worth it .
The Best thing First
The best thing about Amex (American Express) credit cards is that – ” It will not confused you” .
What we mean is that , there are only 7 type of Amex credit cards in India with very distinctive features as compared to other credit card issuer.
If you already have credit cards from other issuer then you might know that credit card customer care is very bad in India .
However, not so in case of Amex.
They’ve the best Customer support for Credit Cards.
So, you always get clear advise and good rewards.
Type of Credit Cards
Amex credit cards are of four type .
Special travel privileges, faster rewards, and extraordinary service and designed to complement and enhance your lifestyle, enable you to enjoy benefits across leading airline partners and lodging properties. Alongwith complimentary access to premium airport lounges in over 130 countries.
This actually not a credit card since in this card you don’t get any pre-defined credit limit . This card is for those who spend mostly overseas (International) since it provides 3x rewards points on international spends.
The Annual Fees is Rs. 60000 (+ 18% GST = Rs. 70800/-) which is very high for a credit card in India . However , you get amazing benefits if you travel overseas very frequently.
Basic Rewards – You get 1 reward point for spending Rs. 40 . You can get 5x points if spent through Amex Rewards Multiplier .
However, there are some amazing benefits which are also ideal for travel.
This card is for your if your travel frequently overseas and spend significantly overseas too. However, Amex time to time provide great cashbacks/rewarding offers on this card.
Though this is a premium card but benefits ( except some great special privileges ) are same as compared to other cards. If you travel in India frequently and stay at expensive hotels (Taj etc. ) then this card might be for you.
This card is for you if want to stay at expensive hotels. You also get Rs.500 worth voucher of flipkart or Book my show if you spent Rs. 25000 per month.
These cards are hidden gem of Credit Cards. The best thing about these cards are that the rewards system is not so complicated and is very easy to understand.
For these cards ( Except Smartearn) Amex have a 18K & 24K gold collection . 18K is 18000 points & 24K is 24000 points which you can use to redeem it for some specific things.
- Taj voucher worth Rs. 14,000
- Tanishq voucher worth Rs. 10,000
- Statement Credit worth Rs. 9,000
- Taj Voucher worth Rs. 9,000
- American Express Domestic Travel e-voucher worth Rs. 7,000
- Amazon e-voucher worth Rs. 7,000
- Statement Credit worth Rs. 6,000
Under Rewards Cards American express issues
Membership Rewards Credit Card (MRCC) – It’s the best rewards credit card out there.
This card require you spend just Rs. 1000 ( 4 times a month) to let you earn 1000 rewards points. And if you spend Rs. 150000 in a year annua fee of next year is waived off . If you spend Rs. 90000 then 50% annual is waived off. You can apply from here wherein first year it will be free and for second year fee will be just Rs. 1500 (if spend criteria not met) .
There are very few cards which gives you the things you seek.
This is similar to MRCC but is a charge card .i.e. with no credit limit. However, here annual fee is not waived off and you’ve to spend Rs. 1000 six times to get 1000 points.
In first year Gold card gives decent return however since fees are not waived off return fall significantly second year onwards. It is also to be noted that most recently credit card companies does not provide Fees reversal for free . You might have to forgo points equivalent to fees.
Smartearn credit card
This card is decent additions and is an entry level card. Spending on partner sites/outlet you get 10x/5x reward points however it has limit on maxium points that can be earned.
Though this card looks interesting however, you need to spend at Flipkart (Rs. 2500 per month ) , Uber (Rs. 2500 per month) & at others (Rs. 2500 per month). Annual Fee is reversed if spend cross Rs. 40000 .
Here is the summary:-
American Express® Platinum Travel Credit Card (Link will take you to MRCC however you can choose American express card if you like) is for you if you spend Rs. 400000 on credit cards.
However, since Amex don’t have great acceptance offline you’ll have to spend most of money online. It provides vouchers on reaching milestone of spending Rs. 190000 & Rs. 400000. You get flipkart vouchers (On Spending Rs. 190000 & Rs.400000) and Taj/Titan (on Spending Rs. 400000)
Equivalent Rewards are converted based benefit you’ll receive on reaching Rs. 190000 spending.
If you can spend Rs. 400000 in a year than this provide you the best reward rate across credit card industry.
You can also hold more than one credit card of amex.
This is Jet Airways American Express® Platinum Credit Card (Now Intermiles) . You earn 8 intermiles for spending Rs.150 .
However, this card is not worth rewarding.
There are three cards worth a look , MRCC , Gold Card & Travel Card. As these provide good benefits.
If you want two card then , you can choose MRCC & Travel Card.