American Express PAYBACK Credit Card

American Express offers a rewards-oriented Credit Card known as the Payback Credit Card. It allows the cardholder to gather Payback Points and later redeem them from partner stores where special discounts are offered. Payback is one of the largest loyalty programs in India, being partnered with more than 50 offline and online stores.

The partners comprise Flipkart, Amazon, Jabong, Snapdeal, TripAdvisor, MakeMyTrip, Pantaloons, Big Bazaar, and Brand Factory. To know more about American Express Payback card interest rate at loanbaba.com.

American Express Payback Card Features
  • Earn several points from over 40 payback partners.
  • Avail welcome vouchers whose net worth is Rs 3000.
  • Enjoy the privilege payment option that allows them to pay in parts i.e. in easy instalments.
Advantages and Features of American Express Payback Card:

The advantages are many as the features are diverse:

  • The special offers include welcome vouchers of a net worth of Rs 3000, at the time of becoming a cardholder. These vouchers of varying denominations will be redeemable at various payback partners.
  • Those who spend a sum of Rs 15000 within 2 months of initiating the credit card get as many as 900 bonus points.
  • For every rupees hundred that a cardholder spends, 3 payback points are earned. There are, however, no reward points when the spending is on insurance, utilities, fuel, and cash transactions.
  • If a cardholder shops at any payback partner store, he/she can earn additional payback points over and above the standard 3 points.
  • Cardholders can also get special discounts on travel, online shopping, and dining. Over 1200 partner restaurants provide discounts up to 30% alongside an extra 5% cash-back if tables are booked via Dineout.
  • Monthly fuel transactions up to Rs 25000 are exempt from surcharge payments.
American Express Payback Card Eligibility
  • Minimum age of the cardholder needs to be 18 years.
  • His/her nationality must be Indian.
  • He/she must possess an Indian credit file that is available if the person has owned a debit or credit card from any financial or banking institution.
  • The person must not have been bankrupt over the last 7 years.
  • The individual must have a decent credit score in order to enjoy easy interest rates.
Documents Required for American Express Payback Card

The following documentation is needed in order to apply for the American Express Payback Credit Card:

Income Proof: Recent copy of Income Tax Return / Bank Statements / Form 16 / payslip.

Address Proof: Ration Card / Driving License / Passport / Landline Telephone Bill / Electricity Bill / and other permissible government documents.

Identity Proof: PAN Card / Passport / Voter ID / Aadhar / Ration Card / Driving License and other acceptable driving license.

Credit Report: American Express might ask for the applicant's credit report if and when required.

American Express Payback Card Fees:
  • The standard joining fee of this Payback Credit card is Rs. 750 and taxes.
  • The standard annual fee from the 2nd year onwards is Rs 1500 and taxes.
  • The standard add-on card initiation fee is Rs 750
  • The minimum monthly payment needs to be 5% of the outstanding amount or Rs 100, whichever is more.
  • Rate of Interest or Finance Charges are 3.25% each month or 42% per year.
  • Cash Withdrawal Fees are 2.5% of withdrawn amount or a minimum of Rs 250.
  • Late Payment Charge is 30% of the minimum amount outstanding, with a maximum of Rs 1000 and a minimum of Rs. 500 (plus taxes).

The yearly fee is waived off from the 2nd year if the cardholder spends more than Rs 1.5 lakh via the payback credit card in the previous year.

How can you redeem your Membership Reward Points?

The payback points can be redeemed in the following ways:

  • Shopping from Store Partners
  • Shopping from Online Partners
  • Shopping from the special online catalogue for Payback cardholders
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