Every American Express card we review, ranked on effective return — a realistic blended reward rate, not the accelerated headline rate that applies only to selected categories.
American Express cards compared
| Card | Annual fee | Effective return | Forex markup |
|---|---|---|---|
| American Express Membership Rewards Credit Card | ₹4,500 | 2.5% | 3.5% |
Effective return is a realistic blended reward rate, not the accelerated headline rate that applies only to selected categories. Ranked by that figure, using a formula we publish.
How to read these figures
Annual fees are shown before the 18% GST charged on top, so the ₹4,500 fee above is ₹5,310 in practice. That matters when you work out whether the rewards clear the fee: at a 2.5% effective return, a card costing ₹5,310 a year needs a little over ₹2.1 lakh of annual spend before it breaks even. Put your own spending through the credit card reward value calculator rather than trusting a headline rate.
The 3.5% forex markup is the standard Indian rate and is itself subject to GST. On overseas spending it is usually the single largest cost of the card — the forex markup calculator shows what it adds to a trip, and cards built for travel undercut it substantially.
The rest of American Express’s products, and how the issuer is positioned, are on the American Express page.
Terms change without notice. Confirm the current figures with American Express before you act.