Amex Membership Rewards Credit Card Review | Is it Worth It?

Amex recently came out with an exciting offer where they’re giving their Amex MR Credit Card free for lifetime, this is rather strange as Amex charges a high fee for their card. Amex MR Credit card use to command a fee of Rs 4500 annually but now if you spend 1.5 Lacs on this card you’ll get the annual fee waived off

Stats of this card:

• Pros:
  • A good way to get into amazing Amex Ecosystem
  • The status symbol of owning an Amex card, I never recommend to get a card just to show off, but this is important to some people
  • Having an Amex card and not paying a Fee
  • Good customer service with the ability to dispute the charges if you’re not satisfied with your purchases
• Cons:
  • Difficult to get approved
  • Spending based annual fee waiver
  • Low starting credit limit
• Super Power:
  • Amex gives you 1000 Membership Rewards points if you do 4 transactions of Rs 1000 and above.
  • Big deal as Amex is giving you 12000 MR points by only spending Rs. 48,000 without this offer you’ll have to spend Rs 6 Lac to accumulate as many points.
  • MR points are worth anywhere between 40 Paisa to 80 Paisa depending upon how you redeem them.
    • 80 Paisa value if easily achievable if you transfer MR points to Airline partners if you don’t know how airline partners work, stay tuned for more articles on how to maximize points for travel, believe me, you’ll stop redeeming your points for cash.
    • You can redeem these points for a free luxury hotel stay to get the best value from MR points. Transferring points to SPG will yield you a value of  Rs. 1.40, which is whopping!
  • If you just do a minimum spend of 1.5 Lacs & do 4 transactions a month, you’ll end up earning 15000 MR points just in a year.

• Sign Up Bonus:  6000 MR rewards point with this link, else 4000 MR reward points. This is worth ~ Rs.3000
• Approval Requirements:
  • Personal Annual Income of Rs. 6 Lacs and above
  • CIBIL Score of 750+
  • No late payments

Verdict:

Return of Spend (4 / 5)  : 4-8% till Rs. 1.5 Lacs, after that 0.8% to 1.6%

Benefits (4 / 5) : Amex runs a lot of schemes regularly and I rate them really high.

Wallet Rating  (2 / 5) : There are a lot of cards which will give you far better return after 1.5 Lacs

PCF rating (4 / 5): This card is a no brainer to accumulate free MR points and boost your credit profile by having an Amex card. Totally Worth It!

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