American Express Credit Cards known for their premium service and support has one of the highly rewarding entry-level credit card in the country for a while and that’s the Membership Rewards Credit Card (MRCC).
Even though its a very basic credit card, when used right, you get return on spend as good as any other super premium credit card. Let’s see how,
The American Express Membership Rewards Credit Card is currently issued as First Year Free – a limited period offer if applied via referral link only.
While renewal fee may look very high, I’ve hardly seen any pay that fee, as spend required for waiver is lot easier to reach and even if not, Amex gives you some offer or other to keep you in the system.
1 MR Point for every Rs. 50 spent (except for spend at Fuel, Insurance, Utilities Transactions)
Reward Rate: 0.8% – 1% (upto 10% with monthly rewards)
Apart from the regular offers, American Express also offers you customised Health Insurance & Car Insurance plans among others. I’ve availed both of these and saved a lot in past few years.
However note that this may not work for everyone as there are many factors involved in.
Do check out the Health insurance link above for more in detail. Reg. Car insurance, Amex Car insurance still betters all as long as you don’t have access to Acko.
Monthly Bonus rewards is what you need to consider to earn points and Gold collection for redemption.
If you spend Rs.4000 every month as mentioned above, you get 1000 points which is equivalent to Rs.410 when you redeem even for statement credit (via gold collection).
This means you get whooping 10% return on your spend!
However, remember that you could spend only about ~50K to get this 10% return, beyond that you need to rely on other offers like spend based offers & more to reach the 1.5L spend to be eligible for the 100% renewal waiver.
Either way, you’ll end up in at-least 5% return on spend which is HUGE for an entry-level credit card that usually gives you 1.5% or under.
Note: If spending 1k*4 is tough for you, you may also load your wallets or simply split your >2K spends into multiples of 1K to get there faster.
How to apply?
You may apply online/offline or at airport outlets, whichever is convenient for you. Sometimes you get good offers at airport and the offers keeps changing.
Currently, the best offer you could get is a First Year Free Limited period offer when you apply using a referral link.
To sweeten this, you can also get another 4K Bonus Points by spending Rs.25K within 90 days of membership. Checkout the link for detailed info.
CardExpert Rating: 4/5
If you’re new to American Express, MRCC is the best card to begin your journey with Amex.