Amex Reward Multiplier Discontinued in India: What Still Earns Accelerated Points Through ShopWise?

Effective date: September 30, 2026 Updated: October 12, 2026

American Express has discontinued its Reward Multiplier programme in India, effective September 30, 2026. Cardholders can no longer earn accelerated Membership Rewards (MR) points by shopping through the programme's participating merchant links, including brands such as Apple, Myntra, Nykaa, MakeMyTrip and Tanishq.

However, American Express has not discontinued Membership Rewards, and accelerated earning has not disappeared entirely.

ShopWise, the e-voucher platform covering more than 200 brands, continues to offer accelerated Membership Rewards points on eligible purchases.

For Amex cardholders who previously used Reward Multiplier to maximise returns on shopping, travel bookings and other purchases, the distinction matters. The closure removes a convenient way to earn bonus points on direct merchant transactions, while leaving a narrower, voucher-based alternative available.

What Has Changed After September 30, 2026?

American Express's official India website confirms that Reward Multiplier was discontinued effective September 30, 2026.

The bank's notice also makes clear that eligible ShopWise purchases can continue earning accelerated Membership Rewards points.

Here is the practical difference.

The key takeaway: Reward Multiplier's closure affects a particular accelerated-earning channel. It does not mean that American Express credit cards have stopped earning rewards.

Source: American Express India's official Reward Multiplier discontinuation notice.

What Was Amex Reward Multiplier?

Reward Multiplier was an American Express shopping programme that allowed eligible cardholders to earn additional Membership Rewards points when purchasing through designated merchant links.

Instead of visiting a participating retailer directly, cardholders would start their shopping journey through the American Express Reward Multiplier platform.

They would select a participating merchant, authenticate their card where required, follow the redirected shopping journey and complete the purchase using an eligible American Express card.

The accelerated earning rate depended on the card and the applicable programme terms.

Participating merchants included:

• Apple
• Myntra
• Nykaa
• MakeMyTrip
• Tanishq
• AJIO
• Lenovo
• Forest Essentials

The programme was particularly useful for cardholders making purchases they had already planned, such as electronics, clothing, jewellery or travel bookings.

For example, a cardholder buying an eligible product through Reward Multiplier could previously earn more Membership Rewards points than they would have earned from the card's ordinary spending rate.

That additional earning opportunity through the discontinued merchant-link programme is no longer available.

Importantly, purchasing from one of these brands using an Amex card does not automatically mean the transaction earns no rewards. Ordinary card rewards and any separately applicable offers are different from the discontinued Reward Multiplier benefit.

ShopWise Continues: What Is Still Available?

ShopWise is now the main remaining option identified by American Express for earning accelerated Membership Rewards points through eligible e-voucher purchases.

American Express describes ShopWise as an independent platform offering e-vouchers from more than 200 brands across shopping, dining and travel.

The distinction between Reward Multiplier and ShopWise is straightforward.

Reward Multiplier: Cardholders could access participating merchant websites through designated links and earn accelerated points on qualifying purchases.

ShopWise: Cardholders purchase eligible brand e-vouchers and earn accelerated points according to their card's applicable ShopWise terms.

This difference changes how cardholders can use accelerated earning.

Previously, someone planning to purchase a qualifying product from a participating retailer could begin through Reward Multiplier.

Now, they need to check whether a suitable e-voucher is available through ShopWise, whether it can be used for the intended purchase and whether the additional rewards justify any associated charges or restrictions.

ShopWise is therefore an alternative, but not a direct replacement for every Reward Multiplier transaction.

How Many Membership Rewards Points Can You Earn Through ShopWise?

Accelerated ShopWise earning varies by American Express card.

The following rates are drawn from American Express's published card information and reported ShopWise programme terms. The final earning rate, exclusions and limits depend on the applicable card and voucher terms at the time of purchase.

The multiplier represents the applicable accelerated earning rate, not a guaranteed cashback percentage.

For example, American Express's official Gold Card page continues to advertise 5X Membership Rewards points on eligible ShopWise purchases.

Similarly, its Membership Rewards Credit Card benefits calculator explicitly accounts for ShopWise purchases at 2X.

These official references support the continuation of card-specific ShopWise accelerated earning.

However, cardholders should verify their exact rate before buying vouchers, particularly because American Express's broader rewards pages still contain some older Reward Multiplier promotional material alongside the discontinuation notice.

No.

A 5X multiplier means five times the applicable base Membership Rewards earning rate. It does not mean that the cardholder receives 5% cashback.

The monetary value depends on how many points the transaction earns and how those points are redeemed.

Membership Rewards points can have different effective values depending on the redemption option.

Therefore, comparing ShopWise multipliers with straightforward cashback percentages without calculating the underlying point value can be misleading.

ShopWise Rewards: An Example

Consider a cardholder using the American Express Gold Card to purchase an eligible ₹10,000 e-voucher through ShopWise.

American Express's published Gold Card information states a base earning rate of one Membership Rewards point per ₹50 on eligible spending and advertises 5X earning through ShopWise.

Assuming the purchase qualifies for that rate:

This is an illustrative calculation, not a guaranteed transaction outcome.

Actual earning depends on the card's current terms, voucher eligibility, exclusions and any applicable bonus limits.

The important point is that the reward multiplier applies to points earned, not directly to the rupee value of the transaction.

Reported ShopWise terms include a monthly bonus-point cap of 25,000 points and separate purchase limits or convenience fees for certain voucher categories, including some Amazon vouchers.

These conditions can materially affect the value of a purchase.

Cardholders should verify the latest ShopWise terms and checkout charges before relying on any specific cap or fee. The general American Express discontinuation notice confirms that ShopWise continues, but it does not establish every voucher-specific fee or limit.

A voucher purchase is not automatically worthwhile simply because it earns accelerated points.

Can You Still Earn Bonus Points at Apple, Myntra or MakeMyTrip?

Not through the discontinued Reward Multiplier merchant-link programme.

This does not mean every transaction at those merchants has lost all potential rewards.

Three situations should be distinguished.

If you visit Apple, Myntra, Nykaa or MakeMyTrip directly and pay using an eligible American Express card, the transaction may continue earning ordinary Membership Rewards points under the card's standard terms.

However, the former Reward Multiplier accelerated earning is no longer available.

If ShopWise offers a suitable voucher for the merchant, an eligible purchase may earn accelerated points.

The voucher's availability, redemption conditions and eligible earning rate must be checked separately.

A ShopWise voucher should not be assumed to cover every product or service offered by the merchant.

American Express may offer merchant-specific promotions or card benefits outside Reward Multiplier.

Such offers are separate from the discontinued programme.

Their availability and earning conditions must be established from the relevant offer terms rather than inferred from old Reward Multiplier advertisements.

What Happens to Existing Membership Rewards Points?

The discontinuation of Reward Multiplier does not mean existing Membership Rewards balances have been cancelled.

Membership Rewards is the underlying American Express loyalty programme.

Reward Multiplier was one method of earning additional points through eligible purchases.

The closure affects that earning method, not the existence of the underlying loyalty programme.

Cardholders should continue to check their account's applicable Membership Rewards terms, including rules concerning account status, point validity and redemption eligibility.

Secondary reporting indicates that qualifying Reward Multiplier purchases completed by 11:59 PM on September 29, 2026, remain eligible for bonus points under the previous programme conditions.

If you completed a qualifying purchase before the closure and the expected bonus points have not appeared, retain the transaction details and contact American Express.

Useful records include the purchase date, merchant name, transaction amount and order confirmation.

Eligibility and crediting remain subject to the former programme's terms.

Which Amex Cards Are Most Affected?

The impact depends less on the card's name and more on how the cardholder previously earned rewards.

The Platinum Card previously offered substantial accelerated earning through Reward Multiplier.

With direct merchant-link earning discontinued, eligible ShopWise purchases remain one potential route for accelerated rewards.

However, cardholders who frequently used Reward Multiplier for expensive direct purchases should not assume that the same earning opportunities remain available.

The Gold Card continues to advertise 5X Membership Rewards earning through ShopWise.

For cardholders who already purchase eligible vouchers, this remains relevant.

However, the loss of Reward Multiplier removes a separate shopping route for accelerated points.

American Express Platinum Travel Credit Card

American Express 2026 Verified

American Express Platinum Travel Credit Card

Best For: Milestone Travel & Taj Stay Vouchers

Key Reward: 48,000 MR Points + ₹10,000 Taj Voucher on ₹4L Spends (~8% Return)

Annual Fee: ₹3,500 + GST (1st yr) / ₹5,000 (Renewal)

Apply NowView Card DetailsCheck Airport Lounges

Merchant Offers:See MakeMyTrip Vouchers →See Flipkart Milestone Rewards →See Amazon Milestone Vouchers →

Categories:Travel Cards →Airport Lounge Cards →Hotel & Stays Cards →

Compare:Compare with Axis Atlas →

Platinum Travel cardholders should distinguish ShopWise accelerated earning from the card's separate milestone benefits.

Reward Multiplier's closure affects the former merchant-link earning channel.

It should not be interpreted as automatically cancelling or changing every other card benefit.

The Membership Rewards Credit Card continues to have its own reward structure and applicable spending milestones.

American Express's current benefits calculator recognises ShopWise spending at 2X.

Cardholders who previously relied on Reward Multiplier should reassess their expected annual rewards without assuming that all accelerated shopping transactions can be replicated through vouchers.

SmartEarn cardholders should distinguish the discontinued Reward Multiplier benefit from any separate merchant-category accelerated earning offered directly under the card's own terms.

The closure of Reward Multiplier does not, by itself, establish that every other accelerated reward benefit on SmartEarn has ended.

Does ShopWise Fully Replace Reward Multiplier?

Not necessarily.

Reward Multiplier and ShopWise operate differently.

For a cardholder who already uses brand vouchers regularly, ShopWise may preserve much of the practical opportunity to earn accelerated points.

For someone who used Reward Multiplier for large direct purchases, particularly electronics or travel bookings, the replacement may be less convenient.

The actual impact depends on whether an eligible voucher can be used for the intended transaction.

What Should American Express Cardholders Do Now?

The first step is to stop using Reward Multiplier's old accelerated earning rates when estimating returns on future purchases.

Before making a large purchase, check the card's ordinary earning rate and whether any separate merchant offer is available.

If you are considering ShopWise, verify that the voucher can be used for the purchase you intend to make. Check the expiry date, restrictions, purchase limits and any convenience fee.

It is also worth reviewing outstanding Reward Multiplier transactions from September 2026. If qualifying bonus points have not been credited, contact American Express with the relevant transaction details.

Finally, cardholders who previously calculated the value of an Amex card based on frequent Reward Multiplier transactions should update those calculations.

A card's annual value can change materially when one of its major accelerated-earning channels disappears.

CardRecommend's Take: A Meaningful Loss, but Not the End of Amex Rewards

Reward Multiplier's discontinuation is a meaningful reduction in earning flexibility for American Express cardholders in India.

The programme made it possible to earn accelerated points on qualifying purchases through participating merchant links. That was particularly useful for people who preferred shopping directly rather than buying vouchers.

ShopWise preserves an accelerated-earning option, but it introduces a different set of considerations.

Voucher availability, merchant restrictions, denominations, fees and redemption conditions can all affect whether a transaction makes financial sense.

For someone who regularly shops with participating brands and can use the vouchers without difficulty, ShopWise may remain useful.

For someone who relied heavily on direct merchant purchases through Reward Multiplier, the loss is more significant.

Our assessment: Amex cards have not become unrewarding simply because Reward Multiplier has closed. However, the expected returns from an Amex card should now be calculated using the benefits that remain available, rather than accelerated earning rates from a discontinued programme.

The relevant question is no longer how much Reward Multiplier could earn. It is how much value the cardholder can realistically obtain from ordinary spending, eligible ShopWise purchases and other current card benefits.

Frequently Asked Questions

Yes. American Express officially discontinued Reward Multiplier effective September 30, 2026. Accelerated Membership Rewards earning through the former participating merchant links is no longer available.

No. Membership Rewards continues. Reward Multiplier was a separate accelerated-earning programme within the broader rewards ecosystem.

Yes. American Express confirms that eligible ShopWise e-voucher purchases can continue earning accelerated Membership Rewards points. Other card-specific benefits may also continue under their respective terms.

ShopWise is an independent e-voucher platform offering access to more than 200 brands across shopping, dining and travel. Eligible American Express cardholders can earn accelerated Membership Rewards points on qualifying purchases.

The multiplier depends on the card. Published and reported rates include 2X for Membership Rewards Credit Card and SmartEarn, 3X for Platinum Travel and Platinum Reserve, 5X for Gold and Platinum, and 10X for Centurion. Check the latest applicable terms before purchasing.

Not through the discontinued Reward Multiplier merchant-link programme. Accelerated earning may still be possible through an eligible ShopWise voucher or a separate qualifying offer, depending on the applicable terms.

No. Reward Multiplier's closure does not itself cancel existing Membership Rewards balances. Account-specific rules governing points and redemption continue to apply.

Qualifying purchases made before the programme's closure may remain eligible under the previous terms. Secondary reporting identifies September 29, 2026, at 11:59 PM as the cutoff. Contact American Express if an expected bonus has not been credited.

No. Reward Multiplier supported accelerated earning through participating merchant shopping links. ShopWise focuses on eligible e-voucher purchases.

That depends on the card's fees, ordinary earning rate, milestone benefits, redemption options and how frequently the cardholder can use eligible ShopWise vouchers. Reward Multiplier's closure reduces one earning opportunity but does not determine the overall value of every Amex card.

Final Verdict

American Express's decision to discontinue Reward Multiplier removes a popular accelerated-earning route for Indian cardholders.

The change is particularly relevant for people who regularly used the programme for shopping, electronics and travel purchases.

However, the broader Membership Rewards programme continues, and eligible ShopWise e-voucher purchases can still earn accelerated points.

The practical response is to reassess expected rewards using current benefits, check voucher restrictions carefully and avoid relying on Reward Multiplier rates that no longer apply.

For existing cardholders, the most important change is not that Amex rewards have ended, but that the way to maximise them has become more restrictive.

Sources and References

1. American Express India — Official Reward Multiplier Programme Page

Primary source confirming the September 30, 2026 discontinuation and the continuation of accelerated earning through ShopWise.

2. American Express India — Membership Rewards Programme

Official information about the underlying Membership Rewards programme and card benefits.

3. American Express India — Gold Card Benefits

Official card information confirming accelerated Membership Rewards earning through ShopWise.

4. American Express India — Membership Rewards Credit Card Benefits Calculator

Official calculator recognising ShopWise purchases at 2X.

5. Monzy — Amex Reward Multiplier Discontinued: What Happens to Your Membership Rewards Points Now?

Published October 10, 2026. Secondary reporting on the programme closure, ShopWise rates, limits and other American Express changes.

Editorial note: American Express's public rewards pages continue to display some historical Reward Multiplier promotional content alongside the closure notice. The explicit discontinuation notice takes precedence when determining whether the former merchant-link programme remains available. ShopWise rates, fees and limits should be checked against the latest applicable terms before purchase.

Disclaimer: This article is for informational purposes only. Credit-card rewards, eligibility conditions, fees and programme benefits may change. Cardholders should consult the latest American Express terms before making financial decisions.