American Express India, which was barred from issuing new cards starting 1 May 2021, has begun optimizing its existing credit card lineup. The changes focus on improving rewards and benefits for current cardholders while the issuance restriction remains in place.
Here are the key updates for the entry-level SmartEarn credit card:
Changes & New Benefits
- New accelerated rewards partners: 10X on Amazon and 5X on Paytm.
- New milestone benefit: Rs. 500 Amazon voucher on reaching spends of Rs. 1.2 lakh, Rs. 1.8 lakh and Rs. 2.4 lakh in an anniversary year.
In total, cardholders can earn Rs. 1,500 in Amazon vouchers if they spend Rs. 2.4 lakh or more in an anniversary year. The introduction of 10X and 5X partners increases the earning potential for routine spends, and the milestone vouchers provide an added incentive for higher annual spend. This milestone information has been communicated to existing SmartEarn cardholders via email.
For a detailed breakdown and the full terms of these changes, refer to the updated review of the Amex SmartEarn Credit Card.
My Thoughts
These enhancements make the SmartEarn card more attractive, especially for new or casual users. The higher-earning partner categories simplify reaching the maximum reward caps for those spend types, and the milestone vouchers are a useful addition for customers who can hit the specified thresholds.
That said, increasing the overall caps for the 10X and 5X categories—say to Rs. 1,000 each—would noticeably improve the card’s competitiveness and appeal.
A current limitation is that consumers cannot apply for new American Express cards, nor can existing cardholders request upgrades or downgrades, until the regulatory restriction is lifted.
We will need to wait for the Reserve Bank of India to revoke the ban on Amex. Industry signals indicate that a resolution could occur by the end of the year, though it may take longer given related actions affecting other issuers.