A credit card that uses bonus points is the American Express SmartEarn card. You can earn Membership Bonus Points while using your credit card to make in-store payments, and you can gain accelerated Membership Reward Points while accessing certain websites. American Express launched SmartEarnTM in September 2019 with youngsters in India in mind. Thanks to the American Express Reward Points program, it is one of the most practical cards we have seen in India. It functions flawlessly when used in well-established enterprises or while shopping online.
Reward point benefits:
Subscription Bonus: One Membership Rewards Point is awarded for every 50 Indian Rupees spent, with the exception of purchases of fuel, utilities, health coverage, cash transactions, and EMI conversion at the point of sale.For each 50 INR spent on transactions on Uber, Flipkart and Amazon, users receive 10X incentives. 5X Member Bonus: Users receive 5X bonus for every INR 50 spend on Swiggy, BookMyShow, Paytm Wallet, Jabong, Grofers, Myntra and Big Bazaar transactions. Travelling benefit: 10X Bonus Points for Uber Spending (max cap of 500 Points).
Retrieving Reward Points:
Customers could use INSTA Rewards to shop and exchange their reward points for eVouchers (an online rewards program). Purchase things from Amex’s Gift Card partners or use points to pay for transactions made through their online statement. Additionally, credits can be exchanged to frequent guests or frequent flier partner programs.
Fuel is available from oil marketing corporations and comprises gasoline, diesel, and compressed natural gas (OMCs). For purchases of fuel, utility, and insurance, there wouldn’t be any Membership Rewards points awarded. The worth of 1 Membership Reward Point varies from business to business because some of our partners may value each point at 1, 0.75, or 0.25 Indian Rupees.
Gas, water, and household/domestic power are examples of utility services. Various government agencies and departments, such as regional, state, and provincial organizations, housing projects organizations, and apartment associations, can serve as these sponsors. The term “telecommunications” refers to industries that offer calling cards, internet services, cable television, landline phones, and mobile phones.
Insurance perks + Additional benefits:
No cost liability upon notifying the theft or loss of the credit card in three working days, after which the cardholder’s maximum liability is restricted to Rs. 1,000. Urgent Card Replacement: Contact the American Express helpdesk to request a new card. Amex features a professional call center for card-related assistance that is available 24 hours a day.
When you accomplish the spending benchmarks of INR 1.20 lakh, INR 1.80 lakh, and INR 2.40 lakh in a card membership year, you’ll receive Amazon gift cards worth Rs 500. EMI: You can transfer your purchases into EMIs with a 14% annual interest rate and no default penalties.
Flaws/Limitations of the card:
This card has only been offered to clients in a limited number of cities. EDC device used by the majority of businesses supports VISA or Mastercard and has a 16-digit card number, on the other hand, an Amex card has 15 digits due to which a separate machine is needed for making payments. Small local stores don’t allow Amex cards for payments. Expenditure on insurance, fuel, and utility purchases does not earn Membership Rewards Points.
Charges:
Rs. 495 for membership (plus applicable taxes). Rs. 495 for renewal fees (plus applicable taxes). Budget-based Waiver: On expenditures of Rs. 40,000 in the prior year, the annual renewal cost is refunded. 3.5% foreign exchange premium on overseas transactions. 3.5% monthly interest rates. Surcharge for Fuel: 1% of the fuel levy at HPCL gas stations would be waived for purchases over Rs. 5,000. 3.5% Cash Advance Charge, with a minimum payment of Rs. 250. 1 free add-on card; after that, Rs. 250 per card.
Application process:
The application for the credit card is available in both offline and online methods. Check out the official American Express Page to apply online. The SmartEarn Credit Card can be found in the credit card category. Hit the send button after adding the necessary documents. To apply for a credit card in offline mode, go to the closest bank branch, fill out the application in person, and bring the required paperwork.
Eligibility criteria for the Credit Card:
You must meet the following requirements: In India, the individual must have a current or savings account. You ought to have an excellent credit history. You must be at least 18 years old. All of the following cities require applicants to be residents: Mumbai, Chennai, Bangalore, Delhi/NCR, Hyderabad, Indore, Pune, Jaipur, Coimbatore, Ahmedabad, Chandigarh, Surat, Ludhiana, Vadodra, Lucknow, Nagpur, Nasik, Mysuru, and Trivandrum.
If you work as a contract worker, your yearly income must be at least Rs. 4.5 lakh. If you are self-employed, your business needs to have been in operation for at least a year and you must have submitted an income tax return totaling at least Rs. 6 lakh the following year.
Conclusion:
The American Express SmartEarn credit card, that is currently being provided by a company like American Express, which is well-known internationally for its premium credit cards, can be regarded as one of the best entry-level cards on the market at present because it provides you a relatively good prize rate and 10X and 5X rates on several famous brands.
The entry-level card performs exceptionally for expedited rewards, but one can quickly reach the caps. The second point is that cashback cards dominate this market. The maximal Rewards Points per month cap is the sole drawback because it is so low. Even so, the minimum income criteria for this credit card is among the lowest.
