An iPhone bought through Amex, at five times the points: that route closed on 30 September 2026. American Express India has discontinued the Amex Reward Multiplier, the portal that paid accelerated Membership Rewards points when a cardmember clicked through to brands such as Apple, Nykaa, Myntra, Tanishq and MakeMyTrip.
What the Amex Reward Multiplier discontinuation removed
Amex's notice was short. Effective 30 September 2026, the Reward Multiplier programme was discontinued, and accelerated points on purchases made with select brands stopped. The programme's terms ran until 29 September 2026, so a partner-brand purchase had to be completed by the end of that day to earn at the old rate.
Nothing in the notice touched Membership Rewards itself or the base rate each card earns. Points already credited stayed credited.
One route survived, and it still matters. Amex says cardmembers can keep earning accelerated points on eligible purchases through ShopWise, an independent platform selling e-vouchers for more than 200 brands across shopping, dining and travel. The Platinum Card's own page lists 5X on ShopWise e-vouchers. Buying from the brand through the portal no longer earns accelerated points; buying a voucher and paying the brand with it still does.
What each Amex card earned on partner brands
Amex's terms listed the multipliers card by card. The Centurion Card topped the list at 10X. The Platinum Card and the Gold Card earned 5X, the Platinum Reserve and Platinum Travel credit cards 3X, and the Membership Rewards Credit Card and SmartEarn 2X. Across all cards, bonus points were capped at 25,000 a month. Since 30 September, a purchase at any of those brands earns 1X, which is the base rate.
In rupees, at the ₹0.35 a point we use for Membership Rewards across our Amex pages, the American Express Platinum Charge Card drops from about 4.4% back at partner brands to under 0.9%. The American Express Platinum Reserve Credit Card goes from 2.1% to 0.7%. Both percentages are our own calculation from each card's base and portal earn rates.
Who feels this, and by how much
Take a household that routes ₹1.5 lakh a year through the portal: a phone upgrade, one MakeMyTrip holiday, a festive round of Myntra and Nykaa orders. On the Platinum Charge Card that spend earned 18,750 points and will now earn 3,750. The missing 15,000 points are worth about ₹5,250 at a plain redemption value, and considerably more to anyone who transfers to airline partners.
The same ₹1.5 lakh on the Platinum Reserve earned 9,000 points and will earn 3,000, a loss of 6,000 points or roughly ₹2,100. Smaller in rupees, but the portal was one of two things lifting the Reserve's otherwise modest 1 point per ₹50 base rate. The monthly ₹1,000 voucher on ₹50,000 of spend is now the only one left.
Platinum Charge holders lose more points, though less of the card's reason to exist. At ₹66,000 plus GST, the card is bought for unlimited lounge access, hotel elite memberships and Fine Hotels & Resorts benefits, and the portal was its main accelerator for online shopping. Our Platinum Charge vs Platinum Reserve comparison now prices partner brands at the base rate for both cards.
Reward Multiplier is one of four Amex India rewards changes landing between 10 September and 11 October: the Platinum Travel milestone cut on 10 September, this on 30 September, the Platinum Travel lounge spend gate on 1 October, and the end of Membership Rewards pooling on 11 October.
What to do now that the portal is gone
Check ShopWise before paying any partner brand directly. Where the brand sells e-vouchers there, the voucher route is the one place left that still pays an accelerated rate; the brand's own checkout page does not.
Membership Rewards points also stopped pooling across cards from 11 October 2026, so a holder of more than one Amex card redeeming or transferring from what used to be a combined balance should check each card's points separately now.
If a partner-brand purchase is large enough to matter, our Platinum Charge vs Platinum Reserve comparison prices both cards at their current (post-devaluation) base rate, and is the better page to plan against than this one.
For the running list of what has changed across every issuer this year, the PickMyCard devaluation tracker carries this entry.
Sources
- American Express India: Reward Multiplier, americanexpress.com, official, checked 24 September 2026. The 30 September 2026 discontinuation, the end of accelerated earn on purchases with select brands, ShopWise continuing with accelerated earn on e-vouchers from 200+ brands, and the partner brand list.
- American Express India: Reward Multiplier terms and conditions, americanexpress.com, official, checked 24 September 2026. Programme validity to 29 September 2026, card-wise multipliers (Centurion 10X; Platinum and Gold 5X; Platinum Reserve and Platinum Travel 3X; Membership Rewards and SmartEarn 2X) and the 25,000 bonus points monthly cap.
- American Express India: Platinum Card, americanexpress.com, official, checked 24 September 2026. 5X on ShopWise e-vouchers.
Card fees, base earn rates and point values for the Platinum Charge Card and the Platinum Reserve come from our card catalogue. Percentages and the ₹1.5 lakh example are PickMyCard calculations at ₹0.35 a point.
Changelog
- 2026-11-10: Retitled and past-tensed the piece. The original title and lede announced a 30 September 2026 end date as upcoming news; by November the change was six weeks old and the brand-intent search query ("amex reward multiplier") was being read by people checking the current state, not a countdown, so the page read as expired news against evergreen demand. Past-tensed the lede and the "What each Amex card earned" section, rewrote the hero copy, and replaced the dated "What to buy by 29 September" section (actively stale advice to buy before a deadline five weeks gone) with a present-tense "what to do now" section. Re-verified the Platinum Charge Card's base rate (2.5 points/₹100) and point value (₹0.35) against the card catalogue; unchanged since publication. No fee, rate or figure in the body changed.
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Frequently asked
When does the Amex Reward Multiplier end in India?
On 30 September 2026. American Express India discontinues the Reward Multiplier programme from that date, and its terms run to 29 September 2026, so an eligible purchase needs to be completed by the end of that day to earn the accelerated rate. Anything later earns only the card's base rate.
Does Amex ShopWise still earn accelerated Membership Rewards points?
Yes. American Express says cardmembers can continue to earn accelerated Membership Rewards points on eligible purchases through ShopWise, an independent e-voucher platform covering more than 200 brands. The Platinum Card page lists 5X on ShopWise e-vouchers. What ends is accelerated earning on purchases made with partner brands such as Apple, Nykaa and Myntra.
Will I lose Membership Rewards points already earned through Reward Multiplier?
Nothing in the Reward Multiplier notice removes points already credited. The notice ends the accelerated rate at partner brands, not the Membership Rewards programme. Separately, from 11 October 2026 Amex India holds each card's points as its own balance instead of pooling them, which affects cardmembers with more than one Amex card.
How much does the Amex Platinum Charge Card lose without Reward Multiplier?
On partner-brand spends, earn falls from 12.5 to 2.5 Membership Rewards points per ₹100, the card's base rate. At about ₹0.35 a point that is roughly 4.4% back falling to under 0.9%. On ₹1.5 lakh a year of such spending, 15,000 points worth about ₹5,250 disappear, by our calculation.
Card devaluations, reward maths, and rate changes the day they land.
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