The bank has decided to discontinue the zero annual fee variant of the American Express Gold Credit Card.
Those holding the American Express Gold Credit Card need to be aware of an important change in the fee structure of the card. The bank has decided to discontinue the zero annual fee variant of the American Express Gold Credit Card. The American Express Gold Credit Card would start getting billed with an annual fee of Rs. 2000 (plus applicable taxes). Since this is a significant change in the fee, and in light of the current pandemic where cardmembers would require a digital instrument for payments, the bank is offering an American Express SmartEarn Credit Card, complimentary for the first year.
Also Read: List of 10 Best Credit Cards in India in 2020
If one wants to continue with their existing American Express Gold Credit Card at the revised fee, they need to let the bank know about it. Else, a new first-year free SmartEarnCredit Card would be processed automatically and the Gold Credit Card would be cancelled within 30 days of the issuance of this new SmartEarnTM Credit Card.
It is not mandatory for one to accept the American Express SmartEarn Credit Card. One can proceed to maintain their existing American Express Gold Credit Card, however, this Card would be billed with an annual fee of Rs. 2000 (plus applicable taxes) and the consent to continue has to be provided to the Bank.
The American Express SmartEarn Credit Card that comes as a replacement is at no fee for the first year. One can continue with this Cardmembership for the subsequent years at an annual fee of Rs 495 plus applicable taxes. However, this renewal fee shall be waived off every subsequent year on eligible spends of Rs 40,000 and above in the previous year of your Cardmembership.
Existing Membership Rewards Points would auto transfer to the new American Express SmartEarn Credit Card if the American Express Gold Credit Card is enrolled on the Frequent Traveler Option of Membership Rewards Program. In case your American Express Gold Credit Card is enrolled on the Non-Frequent Traveler Option of Membership Rewards Program, one will need to redeem their existing Points within 30 days of approval of your new American Express SmartEarn Credit Card. Subsequent accumulation of Membership Rewards Points would be on your new American Express SmartEarn Credit Card.
Compared to the benefit of 1 Reward Point for every Rs 50 spent on your Gold Credit Card, the SmartEarn Credit Card offers accelerated rewards on everyday spend. The American Express SmartEarn Credit Card offers 10X Membership Rewards Points for spending on Flipkart and Uber and 5X Membership Rewards Points for spending on Amazon, Swiggy, BookMyShow and more.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
