Credit Card Reviews

Amex Pays You Cash Back With its Payback Credit Card ( REVIEW )

Amex Pays You Cash Back With its Payback Credit Card ( REVIEW )

Review of the Amex India Payback Card

American Express is the 3rd Largest Credit Card issuer in the world. It has now joined hands with the Payback Network to launch the Amex India Payback Card. Featuring numerous benefits, it’s tailored for the Savvy and Smart Shoppers. Of great importance to note is that the card is a credit card and not a charge card like the Amex Gold Card or Amex Platinum Card.

So what are Charge Cards? These are cards where one has to pay back the bills when every billing cycle ends. Such cards are ideal for consumers that organize and shop their every month  payments by using credit cards. Just as the card’s title indicates, Payback, the card pays you three points for each 100 Rs. you spend. You can shop from a network of over forty partners including affiliate brands. Some of the brands include the following:

  • Food Bazaar
  • Big Bazaar
  • UniverCell
  • HPCL
  • Vodafone
  • ICICI Bank
  • MakeMyTrip.com

 

As a card member, you’re at liberty to redeem Payback points for rewards with an immediate redemption at more than 1,500 point of sale locations across various cities in India.

Overview

The Payback card features an annual fee of 750 Rs. during the first year and 1,500 Rs. in the second year and beyond. While the one Add-On card is free, you’re required to pay for all dues and charges on the same. To appreciate your services, the company provides discount vouchers worth 3,000 Rs. You also enjoy 1350 Payback points once you spend 15,000 Rs. within the maiden 60 days. Additionally, AMEX India Payback Card offers card members very low interest rates (1.25%) monthly for the first six months. You also enjoy the same low interest rate as long as the APR on your card is 3.25% monthly.

Highlights
  • Enjoy multiple points from over forty Payback partners and three Payback points from the American Express Payback card for each 100 Rs. spent
  • Enjoy 900 Bonus points on spending 15,000 Rs. within sixty days of your card approval.
  • Enjoy exciting discounts on online shopping, travel and dining
Rewards Programme

This card offers you payback points from both the American Payback and Express – this is the country’s biggest loyalty programme. Here’s what to expect:

  • Obtain three Payback points from the company on every 100 Rs. spent with the exception of spends of cash transactions, insurance, utilities and fuel.
  • Boost your Payback points whenever you shop at more than fifty Payback partner brands that include MakeMyTrip.com, Big Bazaar and more. Note that the Payback points vary from one partner to another.
  • Earn 900 payback points (bonus) on spending 15,000 Rs. within sixty days of  your card approval
How to redeem your rewards

Accumulated points normally bring you nearer to incredible rewards with each purchase. The following are three effortless ways on how you can redeem them:

  • Payback Online Partners
  • Payback Partner Outlets
  • Payback Online Catalogue
Finer details

The Interest-free period for this card stands at 52 days. You can always redeem your payback reward points online, over the counter at any Payback partner outlets or at any of the contact centers. You can do point of sale redemption at the 25 Future group stores as well as over 700 HPCL outlets. Dissimilar to the other American Express cards, this card normally features an expiry date for purposes of reward points redemption. The period is three years. As much as the card attracts a late payment fee of 30% of the lowest amount due as indicated on your statement, it is also subject to a minimum of 500 Rs. coupled with a maximum of 1,000 Rs. together with applicable service tax.

Word of Caution

Consumers are highly advised to avoid the temptation of offers or freebies but apply for this card as it’ll be allotted only after your credit behavior is established from the credit bureaus.

The second word of caution to consumers is that you need to only apply for this card if you’re of the opinion that it’ll add immense value to your spending habits. Moreover, ensure that if you’re planning to apply for a huge ticket-housing loan or any other business loan, that you avoid acting credit hungry. Doing so will affect your credit score negatively.

Conclusion

American Express, unlike other cards that cater for the super premium and premium market segments, targets the middle-income consumers. Therefore, if you fall under this category of consumers, the Amex India Payment Card is your best choice when it comes to cards.

Jay Kaul

About Jay Kaul

Jay is a financial and credit expert and freelance contributor to CreditSmart. He's always keeping his eyes open for the latest credit card trends in India and provides a sharp insight on new entries into the market.

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