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Review

American Express Membership Rewards Credit Card (2026) Review

What the Amex Membership Rewards card costs once GST is added, what it returns, and who it suits.

Credsir Editorial Team · MBA · 14 years in fintech
Updated 6 Sep 2026

Membership Rewards points transferable to airline and hotel partners.

Our verdict

Worth holding as a second card rather than a primary one. Acceptance is the constraint, not the value — but where it is accepted, the transfer partners beat most bank point programmes. The rest of the range sits on our American Express credit cards page.

How we scored it

Rewards carry 40% of the weight, perks 25%, fees 20% and accessibility 15%. The score is computed from the fields above, not assigned. See the full method on our methodology page.

What works, what does not

What works:

  • Membership Rewards is among the most flexible point currencies in India
  • Strong milestone bonuses for consistent monthly spending
  • Excellent customer service and dispute handling

What does not:

  • Amex acceptance in India remains patchy outside metros and large merchants
  • No lounge access on this tier
  • No fuel surcharge waiver

The full cost

Charge Amount
Joining fee ₹1,000
Annual fee ₹4,500
GST on annual fee (18%) ₹810
Total annual cost ₹5,310
Fee waiver threshold No waiver offered
Forex markup 3.50% + GST on the markup
Fuel surcharge waiver No
Finance charge if you revolve Typically 3.5%/month — about 42% a year

Updated 15 Aug 2026 · americanexpress.com

The 3.50% forex markup, plus GST charged on that markup, is what a spend abroad actually costs you; our forex markup calculator converts it into rupees for a given transaction.

Is the fee worth it for you?

Put in your actual spending. The credit card reward value calculator works out the net value after the fee and its GST — the number that decides whether this card pays you or costs you.

What this means: a genuine 1.01% return. Remember the GST on the annual fee — most comparisons forget it, and it is 18% on top of the sticker fee. If a flat, no-fuss return matters to you more than transferable points, the best cashback credit cards are the fairer comparison set.

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