American Express PAYBACK Credit Card
| American Express PAYBACK Credit Card Details Updated | |
|---|---|
| Annual Fee |
Rs. 750 + taxes for the first year Rs. 1,500 + taxes from the second year |
| Payback Points | 2 Payback points per Rs. 100 spent |
| Milestone Benefits | Flipkart vouchers of up to Rs. 7,000 |
American Express PAYBACK Credit Card offers 2 Payback points for every Rs. 100 you spend. You can redeem these points at partner outlets in the country as well as online partners. You can also use the points to clear dues. You get the chance to win lucrative Flipkart vouchers on completing milestones. Benefits are available on fuel, contactless payments, dining, online shopping, bill payments, etc. There is a facility for replacement if you lose your credit card. You can make a contactless payment. The line of lending is affordable compared to several other credit cards in the market.
In this post, we will discuss American Express PAYBACK Credit Card features, privileges, fees, and charges, and frequently asked questions.
Features of American Express PAYBACK Credit Card
1. Welcome Gift
The Company offers its customers a Flipkart voucher of Rs. 750 after making 3 successful transactions from the new American Express PAYBACK Credit Card within 60 days of getting one issued.
2. Reward Points
You can earn as much as 2 Payback points per Rs. 100 spent through your American Express PAYBACK Credit Card. The company also offers multiple points from more than 50 partners. The reward points credited in your account can be redeemed in the following easy ways:
- Payback partner outlets: Payback has partnered with retail outlets in cities throughout the country. You can redeem the accumulated reward points by just showing your credit card in the outlet and providing the reward points details.
- Payback online catalog: You can visit the reward e-catalog website of the company, choose the product of your choice and purchase the desired item.
- Payback online partners: You can shop the desired partner brand product listed on the website and pay the dues directly with your reward points.
3. Milestone Benefits
Following milestone benefits can be earned through your American Express PAYBACK Credit Card if you pay the required annual fee:
- Spending more than Rs. 2.5 lakh a year can reward you with Flipkart vouchers worth Rs. 7000.
- Spending more than Rs. 1.25 lakh a year can reward you with Flipkart vouchers worth Rs. 2000.
- Additional offer- Spending more than Rs. 2.5 lakh a year can reward you with Flipkart vouchers worth Rs. 5000.
4. Privileges
Apart from the reward points, the company offers you a lot more offers and privileges and offers which are available on fuel, contactless payments, dining, online shopping, bill payments, etc. Some of the offers are listed below:
- Fuel: The Company offers you NIL convenience fees at HPCL outlets for transactions up to Rs. 25 thousand beyond which a convenience fee of Rs. 0.3% per transaction shall be charged by the company.
- Contactless Payments: The majority of American Express PAYBACK Credit Cards are enabled with the facility of contactless payments. To know if your card is enabled for this facility, you need to look for the contactless symbol on both sides of the card. For making transactions via contactless mode, you need to place the card near the contactless reader of the POS machine. The facility is available for transactions below Rs. 5 thousand, beyond which entering PIN shall be mandatory.
- Dining: Company offers you up to 20% discount in select restaurants in Kolkata, Mumbai, Chennai, and Bangalore.
- Limited Liability for Card Loss: The Company offers a facility of covering the loss in case of a misplaced or stolen card. If your card is stolen or misplaced, you need to report the same to the card issuer and your loss will be covered by the issuer. In case you fail to report the same, a loss of up to Rs. 1000 shall only be insured.
American Express PAYBACK Credit Card Fees and Charges
Here are the fees and charges applicable on this credit card:
1. Fees and charges applicable on various types of loans:
- LoCL (Line of Credit Lending): For details on such charges, you need to visit the MITC section on the official website of the card issuer.
- IL (Installment Lending):
- Processing fee of Rs. 2% per annum shall be applicable.
- The interest rate shall vary from 1% per annum to 1.4% per annum.
- NIL Foreclosure charges shall be applicable.
- No other charges shall be applicable.
2. Range of ROI (Rate of Interest) on advances for quarter June 2019
- LoCL category (Line of Credit Lending)
- Minimum interest rate per month: 1.99% per month
- Mean interest rate per month: 3.52% per month
- Maximum Interest rate per month: 3.99% per month
- b. IL Category (Installment Lending)
- Minimum interest rate per month: 1.00% per month
- Mean interest rate per month: 1.10% per month
- Maximum Interest rate per month: 1.40 % per month
3. Fees and charges for American Express PAYBACK Credit Card
- Rs. 750 along with the applicable taxes shall be applicable for the first year
- From the second year onwards, a fee of Rs. 1500 plus applicable taxes shall be charged by the company for your American Express PAYBACK Credit Card.
American Express PAYBACK Credit Card FAQs
Here are the frequently asked questions:
1. What Are the Milestone Benefits?
You can get a reward of Rs. 7,000 worth Flipkart voucher on spending over Rs. 2.5 lakhs in a year. Similarly, you can earn a Flipkart voucher of Rs. 5,000 and Rs. 2,000 on spending over Rs. 2.5 lakhs and Rs. 1.25 lakhs in a year, respectively.
2. What is the Norm about the Payback Loyalty Program?
Payback points earned at Payback partner brands are a part of the PAYBACK Loyalty Program. Any change in the PAYBACK loyalty program may change/ affect the Payback partner brands and Payback points earned by you at such brands.
3. On Which Spending You Will Not Earn Payback Points?
Now all your spending on insurance, fuel, and utility bills such as water, electricity, and gas, shall not fetch you PAYBACK points in your American Express PAYBACK Credit Card. Utility services mean providers of domestic gas, water, and electricity. Fuel includes CNG, petrol, and diesel from Oil Marketing Companies.
From 15th March 2020, no PAYBACK points shall be rewarded to the cardholders for the EMI option selected with the merchant terminal (Retail Pantaloons store) as well as the merchant website (Flipkart, Amazon, etc.). However, the same shall continue to be credited in case of EMIs made through American Express SafeKey and any post-purchase conversion of single transactions to EMIs.
4. What is the Annual Fee?
For the first year, you will have to pay Rs. 750 + taxes as the annual fee. Rs. 1,500 + taxes are the fee from the second year.
5. Is There a Foreclosure Charge?
There is no penalty for foreclosure on your credit card.