American Express India will discontinue its 'Reward Multiplier' program on September 30, 2026. While the core credit card reward structure remains unchanged, the shift forces users toward voucher-based platforms, potentially reducing convenience. This move reflects a broader industry trend where banks are shifting toward proprietary models to manage transaction costs and data.
American Express India is set to discontinue its 'Reward Multiplier' program on September 30, 2026. This service, which allowed cardholders to earn accelerated 'Membership Rewards' points by using specific affiliate links for online shopping, will be fully phased out by the end of next month. The change does not affect the underlying rewards structure, base earn rates, or the core benefits of the cards themselves.
For many premium cardholders, the Reward Multiplier was a preferred method for accumulating points on daily spending at major retailers and travel partners. By routing purchases through these links, users could earn bonus points without extra steps. With the program closing, the bank is encouraging customers to use its remaining proprietary platforms, specifically 'ShopWise' and 'RewardXcelerator'.
Unlike the outgoing model, these remaining platforms operate primarily on a voucher-based system. This transition adds a layer of 'friction' for the consumer. Where the Reward Multiplier allowed for a seamless click-and-shop experience, the voucher model requires users to purchase digital gift cards before completing their transactions. This operational shift represents a wider move within the banking sector, as institutions look to retain tighter control over customer data and manage the costs associated with traditional affiliate-led reward partnerships.
While the Reward Multiplier is exiting, the competitive landscape for card rewards remains active. Other major issuers, such as HDFC Bank with its 'SmartBuy' portal and Axis Bank with 'Grab Deals', continue to offer accelerated point structures through similar affiliate-based models. For American Express users, the loss of this specific channel may impact the overall value proposition of their cards, especially for those who relied on high-volume affiliate spending to maximize rewards.
Investors and cardholders should note that this is an operational adjustment and not a material financial event for the parent company. As the industry evolves, the key monitorable for customers will be the ease of use and the breadth of brands available on the alternative 'ShopWise' platform. Customers looking to capture final benefits under the outgoing system must ensure all qualifying transactions are fully processed by 11:59 PM on September 29, 2026. Simply initiating a purchase before this deadline will not qualify for the bonus points, as the transaction must be cleared within the system by the cutoff time.