Checked in October 2026 against Amex’s closure notice and the ShopWise terms.
If you used Amex Reward Multiplier to earn extra points on Myntra, MakeMyTrip or Apple, you’ve probably had the email by now. The programme closed on 30 September 2026.
Here’s the part that got a little lost in the headlines, though. The bonus points didn’t go away. They moved to ShopWise, the e-voucher platform Amex switched to back in February, and on some cards they’re as good as they ever were.
Below, we’ve put together what changed, what ShopWise pays on your card, the limits you’ll run into, and when a voucher actually leaves you better off.
Quick Answer
No, Amex shut Reward Multiplier down on 30 September 2026. But you haven’t lost the bonus points. Buy e-vouchers on ShopWise and you earn anywhere from 2X to 10X, depending on which card you hold (it’s 5X on the Platinum Card). The bonus tops out at 25,000 points a month.
The last day was 29 September 2026. Anything you bought by 11:59 PM that night still gets the old Reward Multiplier points.
ShopWise is still running. Platinum Card and Gold Card holders get 5X there, Platinum Travel and Platinum Reserve get 3X, and the Membership Rewards Credit Card gets 2X.
There’s a 25,000 bonus-point ceiling every month. On a Platinum Card, you’d need ₹2.5 lakh of vouchers to reach it.
Amazon vouchers are capped at ₹20,000 a month each (Amazon Pay and Amazon Shopping), with a 1.5% + GST fee.
Your regular earn rate and point value haven’t changed. Points still don’t expire while your card is active and in good standing.
Amex made two changes in 2026. In February, its e-voucher partner switched from Gyftr to ShopWise. In September, the Reward Multiplier brand links closed, and ShopWise stayed.
| When | What happened |
|---|---|
| Before 2026 | Reward Multiplier had two parts: bonus points at partner brands, and e-vouchers sold through Gyftr |
| 1 February 2026 | ShopWise replaced Gyftr as the e-voucher partner |
| 26 August 2026 | Amex told cardholders Reward Multiplier would close |
| 29 September 2026, 11:59 PM | Last eligible Reward Multiplier purchase |
| 30 September 2026 | Reward Multiplier discontinued |
| Now | ShopWise e-vouchers, plus RewardXcelerator on Platinum and Centurion cards |
American Express Reward Multiplier was a shopping portal. You clicked through to a partner brand like Apple, Myntra, MakeMyTrip, Nykaa or Tanishq and paid with your Amex card. On a Platinum card, that earned up to 5X. On a Centurion, up to 10X. Amex earned a commission on those sales and passed part of it back to you as points.
That click-through part is what closed. The voucher part is still here.
Amex’s closure notice was clear about this, and it’s good news for anyone holding a pile of points:
Amex stopped using Gyftr on 1 February 2026 and moved its e-vouchers to ShopWise. Gyftr’s own Amex page now points you to ShopWise.
If you bought vouchers on Gyftr up to 31 January 2026, they still work until the expiry date printed on them. You don’t need to do anything with them.
What you can’t do anymore is earn Amex bonus points on Gyftr. Old bookmarks and links to the Amex Gyftr page won’t give you anything extra, so if you’re still landing there out of habit, switch to ShopWise.
Amex ShopWise is an independent e-voucher platform that Amex uses for bonus points. Think of it as a gift card shop: pay for a brand voucher with your Amex card and the bonus lands on top of the points you’d get anyway.
You’ll find 200+ brands on it. Amazon, Flipkart, Swiggy, Zomato, Blinkit and MakeMyTrip are all there. Brands do drop off and come back, though, so have a look before you count on one for a big purchase. It’s run by Giftstacc, which is why you’ll see shopwise.giftstacc.com in your browser.
ShopWise works with almost every Amex card issued in India. Cobrand cards are the one exception.
Tip to make your PointsFly: buying for the first time? Try a small voucher first, check it arrives, and then go for the bigger ones.
ShopWise pays 10X on the Centurion, 5X on the Platinum Card and Gold Card, 3X on Platinum Travel and Platinum Reserve, and 2X on the Membership Rewards Credit Card and most other Amex cards. These numbers come straight from Amex’s ShopWise terms.
| ShopWise rate | Cards | Regular points | Bonus points | Total you earn |
|---|---|---|---|---|
| 10X | Centurion | 6 per ₹200 | 54 per ₹200 | 60 per ₹200 |
| 5X | Platinum Card, Platinum Corporate | 1 per ₹40 | 4 per ₹40 | 5 per ₹40 |
| 5X | Gold Card | 1 per ₹50 | 4 per ₹50 | 5 per ₹50 |
| 3X | Platinum Reserve, Platinum Travel, Gold Corporate | 1 per ₹50 | 2 per ₹50 | 3 per ₹50 |
| 2X | Membership Rewards Credit Card, SmartEarn, Green Corporate and other Amex cards | 1 per ₹50 | 1 per ₹50 | 2 per ₹50 |
In plain numbers: every ₹100 on ShopWise gets a Platinum Card 12.5 points. Pay the same ₹100 straight to the shop and you’d get 2.5. On Platinum Travel it’s 6 points per ₹100, and on the Membership Rewards Credit Card it’s 4.
A few rules decide how much you can earn on ShopWise and what it costs you.
This is roughly how much you’d have to put through ShopWise in a month before the bonus stops.
| Card | Bonus rate | Voucher spend to hit the cap |
|---|---|---|
| Centurion | 54 per ₹200 | About ₹92,600 a month |
| Platinum Card | 4 per ₹40 | ₹2.5 lakh a month |
| Gold Card | 4 per ₹50 | ₹3.125 lakh a month |
| Platinum Travel, Platinum Reserve | 2 per ₹50 | ₹6.25 lakh a month |
| Membership Rewards Credit Card | 1 per ₹50 | ₹12.5 lakh a month |
Unless you’re a Centurion holder, you’re very unlikely to get anywhere near it. Spend past the cap still earns your card’s regular points, just no bonus.
ShopWise is worth it on the Platinum Card and Gold Card for almost any voucher you’d buy anyway. On 2X and 3X cards, it depends on the fee and on how you redeem your points.
We’ve valued points two ways: ₹0.50 each (Taj gift cards on the current Amex promo) and ₹1 each (a good airline transfer). Both come from our Amex Platinum card guide.
Take a ₹20,000 Amazon Pay voucher. The fee is ₹354 (1.5% plus GST).
| Card | Points via ShopWise | Points paying directly | Extra points | Net gain at ₹0.50 | Net gain at ₹1 |
|---|---|---|---|---|---|
| Platinum Card | 2,500 | 500 | 2,000 | ₹646 | ₹1,646 |
| Gold Card | 2,000 | 400 | 1,600 | ₹446 | ₹1,246 |
| Platinum Travel, Platinum Reserve | 1,200 | 400 | 800 | ₹46 | ₹446 |
| Membership Rewards Credit Card | 800 | 400 | 400 | Minus ₹154 | ₹46 |
So on the Platinum Card, a ₹20,000 Amazon voucher you were going to buy anyway is worth up to ₹1,646 more. On the Membership Rewards Credit Card, the bonus barely covers the fee. That changes when the brand has no fee, or when the voucher helps you hit your monthly milestone (more on that below).
Two Platinum Card holders. Both spend ₹50,000 a month, and ₹40,000 of it is on Amazon.
Person A pays Amazon directly with the card. That earns 1,250 points a month.
Person B buys a ₹20,000 Amazon Pay gift card and a ₹20,000 Amazon Shopping voucher on ShopWise every month, then pays the other ₹10,000 directly. That earns 5,250 points a month, for ₹708 in fees.
That’s 4,000 extra points every month, or 48,000 a year. Sent to an airline at ₹1 a point, it’s about ₹39,500 a year after fees. Same spend. Same card. Person B just took a two-minute detour first.
Try out our free Reward Points Calculator and see what your Membership Rewards points are really worth before you redeem them.
ShopWise isn’t the only way to earn extra points now that Reward Multiplier is gone.
Writing about the end of Amex Reward Multiplier or about ShopWise? Use our numbers.
The rates and limits come from Amex’s ShopWise terms (August 2026) and its Reward Multiplier closure notice, read in October 2026. Point values use ₹0.50 (Taj gift cards on the current promo) and ₹1 (airline transfers). Fees use 1.5% + 18% GST.
Something like this works: “PointsFly estimates that a Platinum Card holder buying ₹40,000 of Amazon vouchers a month on ShopWise earns 48,000 extra Membership Rewards points a year.”
All we ask is a link back. We update these numbers whenever Amex changes ShopWise.
Remembering which card earns 5X, which voucher has a fee, and how close you are to a cap is a lot of tracking. Most people just pay and hope for the best.
That’s where we come in. PointsFly shows you which card and which route earns the most on each purchase. Then it finds the best way to use the points you’ve built up, whether that’s an airline transfer or a hotel stay.
Read next: our Amex Platinum card guide for fees, transfer partners and what a point is worth, how to transfer credit card points to airlines and hotels, and how to redeem credit card points.
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Vibhav Singh is the Founder & CEO of PointsFly and a credit card rewards strategist with 39K+ Instagram followers (@pointsflywithvibhav). He has personally booked 200+ flights on points and previously built XTEN-AV, an AI-powered SaaS platform now used in 130+ countries.
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