For holders of Amex Platinum, Gold or Membership Rewards cards, the change is likely to be felt directly. Reward Multiplier had been a straightforward way to earn extra points on purchases made with brands such as Apple, Nykaa and Myntra, as well as on MakeMyTrip hotel bookings made through the Amex portal.
What the programme offered
Reward Multiplier functioned much like similar offerings from other banks — HDFC’s SmartBuy, ICICI’s iShop or Axis Bank’s Grab Deals, for instance. Cardholders would log in via Amex, click through to a participating merchant, and shop as usual; Amex would then credit bonus MR points on top of the card’s standard earn rate.
Depending on the card and the merchant, the bonus could be considerable — up to 5X on Platinum cards and as much as 10X on the Centurion card. Brands under the programme included Apple, Forest Essentials, Nykaa, MakeMyTrip, Tanishq and Myntra.
The mechanism worked as an affiliate arrangement: merchants paid Amex a fee for sales routed through the portal, a share of which was passed on to cardholders as bonus points. In effect, cardholders weren’t changing what they bought — only the route through which they bought it, which translated into a larger points haul for the same spend.
Deadline for cardholders
Cardholders looking to make the most of the programme before it shuts have until September 29, 2026, 11:59 PM to complete eligible purchases. According to the email sent by American Express Banking Corp., India, MR points earned on eligible purchases up to that date and time will be credited in line with the programme’s existing terms and conditions.
The company’s email, accessed by this publication, states: “Effective 30 September 2026, the Reward Multiplier program will be discontinued. While accelerated Membership Rewards points on purchases made with select brands will no longer be available, you can continue to earn 5X Membership Rewards points on eligible purchases through ShopWise, an independent platform offering e-Vouchers from 200+ brands across shopping, dining, and travel.”
Importantly, Amex has clarified that the base Membership Rewards programme itself remains unaffected — cardholders’ existing point balances and standard earn rates on eligible purchases will not change, and, as per the email, points will “continue to enjoy Membership Rewards points that never expire, provided your Card Account remains active and in good standing.”
For anyone planning a large purchase — a laptop, jewellery or a sizeable travel booking — before the cutoff, the company has cautioned that simply beginning a transaction ahead of the deadline will not suffice; the purchase itself must be completed and meet existing eligibility conditions within the window.
Alternatives that remain
Two other channels will continue to operate for now:
- ShopWise, which replaced the earlier Gyftr platform in February 2026, will keep offering up to 5X MR points on eligible e-voucher purchases across more than 200 brands spanning shopping, dining and travel.
- RewardXcelerator will also remain active, offering accelerated points across more than 20 brands.
However, both operate differently from the direct-merchant model that Reward Multiplier offered. ShopWise routes purchases through e-vouchers rather than allowing a straightforward click-through to a merchant, which adds a layer of friction and narrows where the accelerated rate can be applied. For cardholders who valued Reward Multiplier specifically for its ease of use on large, direct purchases, this represents a step down dressed up as a replacement.
What cardholders may want to do before the deadline
A few steps are worth considering ahead of September 30:
- Complete planned big-ticket purchases early. Any large purchase intended for the near future should ideally be made through Reward Multiplier before September 29, 11:59 PM, ensuring the transaction is fully completed and eligible.
- Explore ShopWise in advance. As the primary surviving option for accelerated points, it may be worth getting familiar with the platform before October rather than after Reward Multiplier ends.
- Compare offers across issuers. With this benefit gone, Amex may no longer offer the best accelerated-rewards deal on every purchase — cardholders may want to check comparable offers from HDFC SmartBuy, ICICI iShop or Axis Grab Deals before paying.
While ShopWise and RewardXcelerator remain operational for now, how long they will continue in their current form remains uncertain.
