American Express Membership Rewards® Credit Card: rewards, caps and exclusions
The American Express Membership Rewards® Credit Card pays about 3.33% on Select brands, and 0.67% on everything else. Below is every rate, cap and exclusion in American Express's published terms, as we last checked them on 18 July 2026.
What it earns
≈ marks a rate paid in points, converted at ₹0.333 a point: the lowest redemption value American Express documents. Some redemptions are worth more; we price at the floor, because that is what the points are worth whichever way you spend them.
What earns nothing
Spend in these categories earns no rewards on this card, however it is paid for:
- Fuel
- Insurance premiums
- Utility bills
- EMI conversions (since 15 March 2020)
- Cash withdrawals and fees
Milestones
In American Express's own words:
- monthly usage: 4 txns of ₹1,500+ in a calendar month → 1,000 MR → 1,000 MR
- monthly spend: ₹20,000+ in a calendar month (enrollment-based) → 1,000 MR → 1,000 MR
- renewal: first-year card renewal → 5,000 MR → 5,000 MR
Fees
- Annual fee: ₹4,500, plus 18% GST
- Joining fee: ₹1,000
- 50% of the annual fee waived on ₹90,000 of spend in a card year
- Foreign-currency markup: 3.5%
Welcome benefit: 4,000 MR on paying the joining fee and spending ₹15,000 within 90 days.
Eligibility: ₹4,50,000 a year in income, aged 18+.
Where this comes from
Transcribed from American Express's own documents and checked against them on 18 July 2026:
Banks change these terms, sometimes with a month's notice. If a figure here disagrees with American Express's current document, the bank's document is right. Tell us at support@zenidhi.com and we'll fix the rule, here and in the app.
Hold this card?
We know this card's rules, but we don't read American Express's mail yet, so the audit can't check your swipes on it. Which banks we read