Amex Ends Reward Multiplier: Your Points Plan Changes

American Express is shutting down its Reward Multiplier programme in India by end of September 2025. If you earn extra points on direct brand purchases, that benefit stops. Other reward programmes like ShopWise stay active, so you need to rethink how you earn points going forward.

Here's what happened: American Express will discontinue its Reward Multiplier programme in India effective 30 September 2025, ending accelerated bonus points on direct purchases with select brands.. Other Amex reward programmes — ShopWise and RewardXcelerator — will continue operating, keeping some routes to earning accelerated points intact.. Cardholders who relied on Reward Multiplier for boosted earn rates on everyday brand spends will revert to base reward rates on those transactions after the cutoff..

What you should do: Audit your last 3 months of Amex statements now — identify which spends were earning Reward Multiplier bonus points and calculate your monthly loss after 30 September.. Explore ShopWise and RewardXcelerator routes for your top spending categories before October to ensure you are still earning at an accelerated rate where possible.. Compare alternative premium credit cards (HDFC Infinia, Axis Magnus, SBI Cashback) in case a competitor card now offers a better earn rate on your primary spending categories..

Amex points transferred to airline miles or hotel programmes (like British Airways or Marriott) often deliver 3–5x more value than cash or voucher redemptions — prioritise using existing points there before any devaluation risk creeps in.