American Express has a new type of offer on EMI conversions for those who are interested (and also for those who are not interested in EMI’s). Here are the offer details,
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Offer Details
| Offer | Get 5,000 Bonus Membership Rewards® points on EMI conversions |
| Eligible on | Purchases worth ₹25,000 or more (upto 6 times) |
| Charges | Interest at 16% p.a. + 2% processing fees |
| Offer Period | 23 March 2021 to 23 April 2021 |
| Fulfilment | on or before July 23, 2021 |
The Numbers
If you convert 25K INR to EMI for 3 months at 16% p.a., below are the numbers you should know:
- Processing Fee (2%) = 500(fee)+90(GST) = 590 INR
- Finance Charges = 671(Interest)+120(GST) = 791 INR
- Out of Pocket spend: 1381 INR
On other hand, value of 5000 Reward points is 1850 INR to 2900 INR via Gold collection or maybe even better on Marriott redemptions
So if you know how to redeem the points for better value, this offer can save you anywhere between 500 INR to 1600 INR. So for those who need more Amex MR points in kitty, it makes sense to take the EMI offer.
Note: You can do upto 6 such EMI transactions and get upto maximum of 30,000 MR points through this offer. The same has been verified with Amex support.
However, remember that a similar offer has been rolled out for EMI’s taken on Amazon, Flipkart, etc for which the limit is max. 5K during the offer period.
Update: There is another EMI Offer
There are basically two EMI offers, as below:
(a) For the 30k points offer:
- The offer is applicable for all
- EMI conversion request has to be made after purchase has been completed.
- EMI request has to be made through IFORM. Please check your email for the link.
- Max of 6 transactions can be converted to EMI at a time resulting in 6*5000 = 30K MR points
(b) For the 5k points offer on Amazon/ Flipkart:
- The offer is applicable only if it saved to card in Amex online account
- Applicable only on select merchants
- The purchase has to be completed using EMI as option, unlike the previous offer
- Only 1 purchase transaction can earn points, resulting in max. 5K MR points
Bottomline
Reward Points on EMI conversion is a pretty good idea compared to gift cards which used to be the case previously, as Amex used tos end out 250/500 Flipkart gift card for EMI conversions.
So this is the first time to see bonus points on EMI’s. Hope to see more such offers from American Express that gives the ability to earn >10K points, like this one.
What’s your thoughts on the new AmEx EMI offer? Feel free to share your thoughts in the comments below.
Is this 5k points for each EMI conversion or 5k at an overall level?
Overall.
Hi Siddharth
It’s for each EMI conversion and per card a max of 6 EMI can be done. Meaning 6*5000 points
Plz check the terms and conditions
You can have max 6 EMI’s at any point in time – is what the T&C says.
But max. points for this offer is 5K only – have confirmed it with 2 executives.
Siddharth, have a feeling Arun has a point. I had received an offer mail regarding this on my Amex MRCC. It said earn up to 30000 points. If that is the case, it has to be 5000 points per EMI… Can’t locate the mail, seemed to have deleted it from Trash as well unfortunately.
30K points email is a different one which I can see as well.
Hi Sddharth
Nope, I also confirmed with 2 executives and their managers.
I converted 6 EMIS 25k each. They confirmed I will get 30k, double checked again after your comment.
Told them Why would I waste unnecessarily in the interest? Please reject the EMI if I wont get the 30k bonus points, then again he checked with his boss and confirmed 30k will be credited. Have recorded the call. 🙂
Let me clarify you here, please read carefully from terms and conditions;
From AMEX TnC Point 4: All eligible transactions, of value Rs. 25,000 and above, converted in EMI after purchase, during the offer period through Online EMI form, will be eligible for 5,000 Bonus Membership Rewards points for each successfully converted transaction.
Note: Each successfully converted transaction.
From AMEX TnC Point 11: Bonus Membership Rewards points for all eligible transactions will be credited to customers account on or before July 23, 2021
Note again, All ELIGIBLE TRANSACTIONS
From AMEX TnC Point 17: Cardmembers can, at any point in time, avail up to six transactions for conversion into EMI, subject to availability of credit limit.
Note: Six transaction allowed per card
Now since my call was recorded, I will be happy if they dont credit 30k points.
I will sue them for 30k Points Plus additonal 30k plus waive off the Interest+GSTs+Processing fee 🙂 🙂
Yes, read the T&C but its tricky.
I’ve already placed the 3rd request to check with the marketing team. Should hear soon. But yes, your case is sorted. 😀
Will update this ASAP – 30K is quite good to grab. Thank you very much for sharing, Arun.
Yes Siddharth
30k Points is very good, can stay @Le Meridian Kochi/Chennai or any other categor1 for 7 nights ( 5-1 + 2 Nights) worth 30,000-40,000Rs for standard room and with free upgrades + free breakfast Plus free Unlimited drinks +snack in the Bar/Lounges, the value is more than Rs 90k (For Platinum Elite members) – All for, just 8286rs damage.
After my dad statement gets generated will do another 6 EMIs 🙂
Cool.
The same has been verified and yes you’re right. Can take home 30K points max. with this offer, got the confirmation from Amex after checking the same with the marketing team. Updated the article, thanks.
And do check your email. 🙂
How long does the EMI conversion usually take, I had placed 4 of these on the 11th and still waiting for any confirmation from AMEX
Gold collection is not there for platinum travel card right?
Yes, its only for gold cards and the linked accounts.
what do you mean by linked accounts?
I think this EMI conversion offers are only for the Transactions done on Amazon, Apple and Flipkart and not on all Merchants and when the conversion is done directly on the transaction and not when converted later on.
This is based on the offer received on my Platinum Travel Card.
Hi Niju
Nope, for all transactions except Gold and Jewelry transactions, its in TnC
Cheers!
Hi Arun
I received another offer on my card for the 3 merchants specifically for emi Transactions done at AMEX payment page.
I just confirmed that these 2 are fully separate ones
Siddharth, it will be great if you can expand the article and add conditions/ steps to earn points for both the offers. Just outlining my thoughts:
(a) For the 30k points offer:
– The offer is applicable for all
– EMI conversion request has to be made post facto i.e. after purchase has been completed
– the EMI request has to be made through IFORM (even I am not sure what that is exactly so will be great if you throw more light on it)
– Max of 6 transactions can be converted at a time resulting in max 30k points
(b) For the 5k points offer on Amazon/ Flipkart purchases:
– The offer is applicable only if it saved to card in Amex online account
– The purchase has to be completed using EMI as option unlike the post facto requirement for the other offer
– only 1 purchase transaction can earn points
Changes done, thank you.
Since the all Merchants offer is open to everyone with a valid and good standing Credit card from AMEX, can we have 12 EMI Transactions of 25K or more on 2 cards to maximize the points earning capacity of 60K.
I have never gone through with EMI Transactions with AMEX and this is my first time trying to do some transactions mainly insurance spends, which usually doesn’t earn any points except for the bonus points if converted through EMI, so not really sure if the 6EMI limit is per card or per User account with AMEX.
Got same offer on both of my cards plat travel and mrcc
What about no cost emi? There’s no cost emi option on amazon for amex i think.
Hi
If this is infact for any transactions except jewellery and allows a maximum of 30k per card , this is a pretty good offer from Amex.
Should we select EMI option on the payment page of Amex to make eligible transactions or at merchant side like in case of direct EMI transactions at Amazon / Fliokart
how do you access the iforms?
How to choose emi via ifroms for transactions which have already completed?
Thanks
I received both the offers on my card. Here i am talking about the offer whoch allows multiple transactions and which we are claiming to give 30k points.
After going through the tnc in details, it allows multiple transactions to be converted into emi and gives 5000 reward points for each transaction of 25000 converted into emi
“Cardmembers can, at any point in time, avail up to six transactions for conversion into EMI, subject to availability of credit limit”
So if we are saying that each emi is a transaction and we will get 5000 points for that, then where is the question of “subject to availability of credit limit”?
This question of credit limit can only arise if we do multiple transactions of 25k on the card. So my understanding is that we can earn 5k points per transaction of 25k converted to emi upto a maximum of 6 transactions of 25k each, and not each emi
How can we take advantage of this offer ? Can we do rent payment using amex through any app ?
I’m not sure if you can do in the Cred app but top-up wallet such as Paytm & transfer to account.
Hi, Tnc says transactions within 21 days of date of transaction need to be converted to EMI thro Iform. Is that so.
Also what is the duration from applying to EMI conversion.
Hi, what are eligible transactions mean?
Tnc says transactions within 21 days of date of transaction need to be converted to EMI thro Iform. Is that so.
Also what is the duration from applying to EMI conversion.
Thanks siddharth, 30000 points credited in Amex MRCC yesterday only