Amex Reward Multiplier Discontinued: What Happens to Your Membership Rewards Points Now?

"Amex reward program ending" has been one of the fastest-rising Amex searches in India this quarter. The answer is more specific than the headline makes it sound. American Express India hasn't ended Membership Rewards. It has ended Reward Multiplier, its portal for earning bonus points with select brands, effective 30 September 2026.

Your existing points haven't gone anywhere, and your card's regular earn rate is the same. What you've lost is one way of earning extra points. This article explains what Amex actually discontinued, what still works (ShopWise), the new limits on it, and the other Amex changes lined up for the coming weeks.

🔎 Rethinking your wallet after Amex's 2026 changes? Find the best credit card for you on Monzy, based on how you actually spend.

TL;DR

• What ended: the Reward Multiplier programme, which gave accelerated Membership Rewards (MR) points on purchases with select brands. It closed effective 30 September 2026.
• Cut-off: eligible purchases completed by 11:59 PM on 29 September 2026 still get their bonus points under the old terms.
• What didn't change: the Membership Rewards programme, your existing points balance, your card's regular earn rate and the value of your points. Amex says MR points still don't expire while your account is active and in good standing.
• What's left: ShopWise, Amex's e-voucher platform covering 200+ brands. Bonus rates run from 2X to 10X depending on your card, with a cap of 25,000 bonus points a month.
• More changes are coming: reports say Amex will stop pooling MR points across multiple basic cards and remove the MRCC's 50% fee waiver. Those changes were first set for 11 October and have reportedly been moved to 15 November 2026.

What exactly did Amex discontinue?

Reward Multiplier was Amex India's bonus-points portal. You'd start your purchase from Amex's Reward Multiplier page, shop with a partner brand or buy an e-voucher, and earn accelerated MR points on top of your card's normal rate. Media reports named brands such as Apple, Nykaa, Myntra and MakeMyTrip among the partners. Amex launched the programme about six years ago.

Amex told cardmembers about the closure by email in late August 2026. Its official notice says:

• Effective 30 September 2026, the Reward Multiplier programme is discontinued.
• Accelerated MR points on purchases with select brands are no longer available.
• Points earned on eligible purchases up to 29 September 2026, 11:59 PM will be credited under the programme's existing terms.
• There's no change to your MR earn rate or point value, and MR points don't expire while your card account is active and in good standing.

Amex's rewards page now carries a notice saying any Reward Multiplier links left on its website or in your account after 30 September should be ignored while it finishes updating them.

⚠️ Watch out: if you made a big Reward Multiplier purchase in late September and the bonus hasn't arrived, it should still be credited under the old terms. Keep the order confirmation and raise it with Amex through the app chat or the number on the back of your card.

ShopWise: what still earns bonus points

Amex says you can still earn accelerated MR points through ShopWise, which it describes as an independent e-voucher platform covering 200+ brands across shopping, dining and travel. You buy a brand's e-voucher with your Amex card, then use the voucher to shop.

Here's what each card earns, according to Amex's ShopWise terms (August 2026):

That's where the "up to 10X" in Amex's closure notice comes from. Only the Centurion gets 10X. Most cardholders get between 2X and 5X.

The rules that matter:

• Bonus cap: a maximum of 25,000 bonus MR points a month.
• Amazon vouchers: Amazon Pay Gift Cards and Amazon Shopping Vouchers are each limited to ₹20,000 a month per card account (supplementary cards included). They carry a 1.5% + GST convenience fee.
• Other fees: ShopWise says it can add a convenience fee to any brand's vouchers.
• Timing: bonus points usually arrive within 24–48 hours, but it can take up to 30 days. You must raise any missing-points query within 210 days.
• Co-brand cards excluded: co-branded and network cards don't earn ShopWise bonus points.

Is it still worth it? For a Platinum Travel cardholder, 3X on vouchers for brands you already shop with is a decent top-up. Just check the voucher's own terms and any convenience fee before you buy. For MRCC and SmartEarn holders, 2X is modest, and you might do better with a card that pays more directly on those brands.

What hasn't changed

• Membership Rewards itself continues. Transfers, vouchers, statement credit and the other redemption options stay.
• Base earn rates on your card stay the same.
• Card-specific benefits such as monthly milestones and welcome offers aren't affected by this change. Some cards are changing separately, though (see below).
• Points don't expire while your card account is active and in good standing.

The other Amex India changes in 2026

Reward Multiplier is one of several Amex India changes this year, which is probably why so many people think "the reward program is ending":

• Platinum Travel devaluation (10 September 2026): the ₹1.9 lakh milestone bonus was removed, the ₹7 lakh milestone lost its 22,500 bonus points, and lounge access now depends on spending. Details are in our Amex Platinum Travel devaluation breakdown.
• Services withdrawn: Business Standard reported that Amex would end the "Check Your Spending Power" facility on 16 September and Emergency Card Replacement on 8 October 2026.
• MR points pooling and MRCC changes (coming): Live From A Lounge, CardInsider and CNBC-TV18 report that Amex emailed cardmembers about more changes. The main ones: MR points will be kept separately for each basic card (no more combining balances across cards), the MRCC's 50% annual fee waiver on ₹90,000 spend will go away, milestones will be counted by posting date, and you'll stop earning and redeeming points while a payment is overdue. These were first set for 11 October 2026. Live From A Lounge reports that Amex has moved them to 15 November 2026. We couldn't find this notice on Amex's public website, so check your own Amex emails for the exact date.

💡 Hold more than one Amex card? If balances really will be split by card, plan any big transfer or redemption that relies on combined points before the change. Then find the best credit card for you if your current Amex setup no longer makes sense.

What should Amex cardholders do now?

1. Check for late Reward Multiplier credits. Purchases made by 29 September should still earn their bonus. Chase anything missing.
2. Switch your bonus shopping to ShopWise, but only for brands you'd buy anyway, and only after checking the convenience fee and voucher terms.
3. Hold several Amex cards? Watch for Amex's email on point pooling. If the split goes ahead, plan redemptions that need a combined balance before the effective date.
4. MRCC holders: if you usually spend between ₹90,000 and ₹1.5 lakh a year to get the 50% waiver, work out whether you can reach ₹1.5 lakh for the full waiver, or whether the card is still worth its fee.
5. Review your wallet. Read our American Express in India guide, or compare reward points vs cashback cards if you're thinking of moving to simpler rewards. Monzy's card pages for the Amex Platinum Travel, Amex SmartEarn and Amex Platinum Card have the current details.

FAQs about the Amex Reward Multiplier closure

Is the American Express reward program ending in India?

No. Membership Rewards continues. Amex has discontinued Reward Multiplier, its programme for earning bonus points with select brands, effective 30 September 2026. Your points and regular earn rate are unchanged.

What happens to my Membership Rewards points after Reward Multiplier ends?

Nothing. Your existing points stay in your account, and Amex says they don't expire while your card account is active and in good standing. Bonus points from eligible Reward Multiplier purchases made by 29 September 2026, 11:59 PM, will still be credited.

Can I still earn bonus points on Amex in India?

Yes, through ShopWise, Amex's e-voucher platform. Rates range from 2X (MRCC, SmartEarn) and 3X (Platinum Travel, Platinum Reserve) to 5X (Platinum, Gold) and 10X (Centurion), with a cap of 25,000 bonus points a month.

What is the ShopWise bonus cap?

Amex's ShopWise terms cap bonus points at 25,000 a month. Amazon Pay Gift Cards and Amazon Shopping Vouchers are also each limited to ₹20,000 a month per card account and carry a 1.5% + GST convenience fee.

Why did Amex end Reward Multiplier?

Amex hasn't given a public reason. The closure came alongside other 2026 changes, including the Platinum Travel devaluation and planned updates to its account systems and Membership Rewards.

Will Amex stop pooling Membership Rewards points across cards?

Reports say Amex has told cardmembers that MR points will be kept separately for each basic card. It was first planned for 11 October 2026 and has reportedly been moved to 15 November 2026. We couldn't find a public Amex page for it, so check your own Amex emails.

Is an Amex card still worth it in India?

For many people, yes, especially if you redeem through airline and hotel transfers. But the 2026 changes have weakened the case for some cards. Find the best credit card for you on Monzy to compare your options.

Conclusion

Amex India's "reward program ending" is really Reward Multiplier ending. It's a real loss for people who used the bonus-points portal, but your points balance and your card's regular earn rate haven't changed. ShopWise remains for accelerated points on e-vouchers, now with a 25,000-point monthly cap. The bigger change may be the one still coming, if Amex goes ahead with splitting MR balances by card in November.

If these changes have you reconsidering your Amex card, find the best credit card for you on Monzy.

Disclaimer

This article is for informational purposes only and doesn't constitute financial advice. Details are based on American Express India's rewards-programme page, its Reward Multiplier closure notice and its ShopWise terms (August 2026), plus reporting by CNBC-TV18, Mint, Business Standard and Live From A Lounge, as of 10 October 2026. American Express can change its programmes at any time, so check your Amex communications and the latest terms on americanexpress.com/in.