Lending MITC English
Lending MITC English
Lending MITC English
The MITC updated as on 31 July 2023 and circulated by American Express Banking Corp. as
a part of all Credit Card applications in compliance to Master Circular on Credit
Card Operations of Banks issued by Reserve Bank of India for Credit Card
Operation of Banks. Cardmember/ Cardholder shall mean any person holding
any of the American Express Credit Card defined herein. Specific reference is given
if any Terms and Conditions are applicable only to a particular American Express
Credit Card. This MITC is to be read along with the application form,
Cardmember Agreement, Cardmember T&Cs and any other Agreement signed and/or
accepted by the Cardmember for the full and comprehensive knowledge and information
about the Card products and all the associated Charges/Fee, services, benefits and privileges
as applicable/ available on such Card products. Please refer to the American Express website
(www.americanexpress.com/in/) for most updated Terms and Conditions.
Finance
Membership Fee
Standard Membership Charges Per
(Subject to
Product Supplementary Rewards Month
change basis
Card Fee* Tier** for Goods &
offer)
Services,
Cash &
Balance
Transfer
American Express ₹50,000(Lifetime
Platinum Foundation Fee)
ReserveSM Credit ₹10,000 ₹1,500 FTO 3.5% p.m.
Card- Option 1*** (Annual
Maintenance Fee)
1
American Express ₹5,000 (1st
Year) and ₹1,500
Platinum ReserveSM FTO 3.5% p.m.
Credit Card-Option2 ₹10,000 (2nd
Year onwards)
*Up to 4 Supplementary Cards for American Express® Platinum ReserveSM Credit Card, 1 Card
for American Express PAYBACK® Credit Card/American Express® Gold Credit Card/ American
Express SmartEarn™ Credit Card, and up to 2 Supplementary Cards for all other Credit
Cards are complimentary with the Basic Credit Card, post which the Standard Supplementary
Card Fee will be applicable.
**FTO: Frequent Traveler Option; PBCO: PAYBACK Co-brand Option. Membership Rewards
Points on the FTO tier never expire.
#On full fee American Express® Membership Credit Card product i.e. where first year fee is
₹1,000 and annual renewal fees of ₹4,500, the subsequent Annual Membership Renewal fee of
₹4,500 will be 100% waived off if total spends on American Express® Credit Card in the immediately
preceding membership year is ₹1,50,000 and above; if total spends on American Express Credit Card
in the immediately preceding membership year is between ₹90,000 to ₹1,49,999, only 50% will be
waived off.
***The Lifetime Foundation Membership Fee is payable at the start of the Cardmembership and is Charged
only once during the membership period and is valid until the Card is cancelled. The Lifetime Foundation
Membership Fee may be paid by the member in full or in five equal monthly installments. Once the Cardmember
accepts the membership by usage of the Card,the Cardmember is liable to pay the full Lifetime Foundation
Membership Fee. This Membership Fee is neither refundable nor transferable for any other products or facilities
that may be available from American Express to the Cardmember. It is reiterated out of abundant caution that
Cardmember is liable to pay the full Lifetime Foundation Membership Fee, when he avails the membership
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and chooses to pay through installments, even if the Cardmember cancels the membership, prior to the
full payment of the Lifetime Foundation Membership Fees. Upon payment of the full Membership Fee,
the Basic Cardmember becomes eligible for the Membership Welcome gifts, if applicable. An Annual
Maintenance Fee of ₹10,000 p.a. will be Charged on the American Express Platinum Reserve Credit
Card on renewal and the same will be waived if your spending in the normal course is above
₹1,90,000 on the American Express Platinum Reserve Credit Card in the twelve months
immediately preceding the date of renewal. This Annual Maintenance Fee covers the Basic Card,
one Additional Card for the Basic Cardmember and four Supplementary Cards issued on the Basic
Card Account. ##Annual fee of INR 495 will be 100% waived off if total spends on American Express
SmartEarn™Credit Card in the immediately preceding card membership year is INR 40,000 or
more.
Description of Service/
Transaction Service/Transaction Charges
Duplicate Statement Fee ₹100 per statement for statements older than 3 months
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Applicable Taxes: Any applicable tax levied by the competent authorities will be levied
as per prevailing rate on Fee, interest and any other Service Charges, or as applicable.
(vi)Finance (Interest) Charges for both Revolving credit and Cash Advances
Interest is payable at the monthly percentage rate on all Charges from the date the
Cardmember incurs the transaction until they are fully repaid, except where an interest free period
applies.
● Interest, if payable, is calculated by multiplying:
● The daily balance of Charges on which interest is payable; by
● The daily percentage rate (monthly rate multiplied by twelve divided by 365); and then
adding up the daily interest Charges for the applicable period.
Daily Interest Calculation
(The Daily Balance of Charges on which interest is payable) * (The Daily Percentage
Rate) Daily Percentage Rate Calculation: (Monthly Rate * 12) / 365
100
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In case the payment made towards the monthly statement of account for any particular month is
less than the total interest and Applicable Taxes billed in that particular statement, the remaining
interest amount will get added to subsequent month’s outstanding and such shortfall in
interest will attract interest on interest.
The interest rate charged on Credit Cards issued by AEBC for both Line of Credit Lending
(LoCL) and Installment Lending (IL) categories is decided basis the following factors:
● Expected Cost of Funds
● Expected range of Revolve Rate on LoCL and IL categories
● Desired business margins on LoCL and IL categories
● Expected range of delinquency on LoCL and IL categories
● The rates charged by relevant competitors in the Industry.
Basis the above rationale, the charged by the Bank for both LoCL and IL category of loans
should be above the MCLR and Base Rate published by the Bank. The current charged by the
Bank, as mentioned in the Schedule of Fee and Charges is above the MCLR and Base Rate
published by the Bank.
Sample Illustration 1
Assume that you have American Express Membership Rewards® Credit Card, have paid previous
dues in full and do not have any amount outstanding in your Card Account. Your statement date
is 1st of every month. Below illustration will explain how the interest is calculated.
Transactions:
Statement Date: 1 May, 2018 Due Date: 22 May, 2018
Illustrative Interest Rate: 3.5% p.m. (for American Express Membership Rewards Credit Card)
Interest on the amount due will be charged in the statement generated on 1 June 2018 as below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
Interest Calculation:
Amount Interest Chargeable Period No. of Days Interest Amount
₹10,000 2 April to 4 April 2018 3 ₹34.52
₹15,000 5 April to 1 May 2018 27 ₹466.03
₹15,000 2 May to 20 May 2018 19 ₹327.95
₹14,250 21 May to 28 May 2018 8 ₹131.18
₹16,250 29 May to 1 June 2018 4 ₹74.79
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Transactions:
Statement Date: 1 June 2018 Due Date: 22 June 2018
Illustrative Interest Rate: 3.5% p.m. (American Express Membership Rewards Credit Card)
Thus the total interest charged will be ₹1,080.74 (exclusive of GST). As the Cardmember has not paid
the previous month’s outstanding balance in full so all future transactions will bear interest from the
day of the transaction. The unpaid interest amount will get billed in subsequent month’s outstanding
and will attract interest. The calculation of Applicable Taxes in the above sample illustration is at
Applicable Taxes rate of 18% and is for illustrative purpose only. The Applicable Taxes or other
applicable taxes will be levied at the prevailing rate on the interest amount.
Sample Illustration 2
Assume that you have American Express® Gold Credit Card, have paid previous dues in full and do
not have any amount outstanding in your Card Account. Your statement date is 1st of every month.
Below illustration will explain how the interest is calculated.
Transactions:
Statement Date: 1 August 2018 Due Date: 22 August 2018 Illustrative
Interest Rate:3.5%p.m. (for American Express® Gold Credit Card)
Date Transaction Amount
15 July 2018 Purchase of ₹20,000
Electronics
19 July 2018 Purchase of Apparels ₹7,000
online
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1 August 2018 Total Payment Due: ₹27,000 / Min
Statement Date Payment Due: ₹1,350
22 August 2018 Payment Credit ₹1,350
28 August 2018 Purchase of Groceries ₹4,000
Interest on the amount due will be charged in the statement generated on 1 September, 2018 as below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
Interest Calculation:
Amount Interest Chargeable No. of Days Interest Amount
Period
₹20,000 15 July to 18 July 2018 4 ₹92.05
₹27,000 19 July to 1 August 2018 14 ₹434.96
₹27,000 2 August to 21 August 2018 20 ₹621.37
₹25,650 22 August to 27 August 2018 6 ₹177.09
₹29,650 28 August to 1 September 2018 5 ₹170.59
Thus the total interest charged will be ₹1,496.06 plus applicable taxes.
As the Cardmember has not paid the previous month’s outstanding balance in full so all future
transactions will bear interest from the day of transaction. Applicable Taxes will be levied at the
applicable rate on the interest amount.
Sample Illustration 3
Assume that you have American Express® Platinum Travel Credit Card, have paid previous dues in
full and do not have any amount outstanding in your Card Account. Your statement date is 1st of
every month. Below illustration will explain how the interest will be charged if the Annual Fee is not
paid by due date.
Transactions:
Statement Date: 1 May 2018 Due Date: 22 May 2018
Illustrative Interest Rate: 3.5% p.m. (for American Express® Platinum Travel Credit Card)
Interest on the amount due will be charged in the statement generated on 1 June, 2018 as
below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
Interest Calculation:
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Thus the total interest charged will be ₹9.21 plus applicable taxes (Late Payment Charges will
also be applicable here). As the Cardmember has not paid the previous month’s outstanding
balance in full so all future transactions will bear interest from the day of transaction. The
calculation of Applicable Taxes in the above sample illustration is at Applicable Taxes rate of
18% and is for illustrative purpose only. The Applicable Taxes will be levied at the prevailing rate
on the interest amount.
Sample Illustration 4
Assume that you have American Express Platinum ReserveSM Credit Card, have paid previous
dues in full and do not have any amount outstanding in your Card Account. Your statement date
is 1st of every month. Below illustration will explain how the interest will be charged if the Annual
Fee is not paid by due date.
Transactions:
Statement Date: 1 July 2018 Due Date: 22 July 2018
Illustrative Interest Rate: 3.5% p.m. (for American Express Platinum ReserveSM Credit Card)
Date Transaction Amount
1 July 2018 Annual Fee ₹10,000
1 July 2018 Service Taxes ₹1800
Total Payment Due: ₹11,800
1 July 2018 Statement Date Minimum Payment
Due: ₹11,800
20 July 2018 Purchase of garments ₹4,000
29 July 2018 Payment Credit ₹6,000
Interest on the amount due will be charged in the statement generated on 1 August 2018 as
below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
Interest Calculation:
Thus the total interest charged will be ₹59.84 plus applicable taxes (Late Payment Charges will
also be applicable here). As the Cardmember has not paid the previous month’s outstanding
balance in full so all future transactions will bear interest from the day of transaction. The
calculation of Applicable Taxes in the above sample illustration is at Applicable Taxes rate of
18% and is for illustrative purpose only. The Applicable Taxes will be levied at the prevailing rate
on the interest amount.
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Sample Illustration 5
Assume that you have American Express® Gold Credit Card, have paid previous dues in full
and do not have any amount outstanding in your Card Account. Your statement date is 1st of
every month. Below illustration will explain how the interest is calculated on Cash Withdrawal.
Transactions:
Statement Date: 1st August 2018 Due Date: 22nd August 2018
Illustrative Interest Rate: 3.5% p.m. (for American Express® Gold Credit Card)
Calculation of Interest levied on Cash Withdrawal of ₹7,000 done on 19th July, 2018 in
statement generated on 1st August, 2018:
Transaction
Amount Period No. of Days Interest Amount
Amount
Thus, the total interest charged will be ₹112.77 plus applicable taxes.
Interest will be charged on daily basis from the statement generation date till complete
payment is received on the Card. Assuming no transaction is done till the next statement
generation on 1st September 2018 and since the complete payment is received post
generation of statement on 1st August 2018, interest charged post 1st August 2018 would be
displayed in the next statement generated on 1st September 2018 as illustrated below.
Calculation of Interest levied on Cash Withdrawal of ₹7,000 done on 19th July 2018 in
statement generated on 1st September 2018:
Transaction
Amount Period No. of Days Interest Amount
Amount
Thus, the total interest charged in statement generated on 1st September 2018 will be ₹72.49 plus
applicable taxes.
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Sample Illustration 6
Assume that you have American Express Platinum ReserveSM Credit Card or American Express®
Platinum Travel Credit Card, have paid previous dues in full and do not have any amount
outstanding in your Card Account. Your statement date is 1st of every month. Below illustration
will explain how the interest is calculated on Cash Withdrawal.
Transactions:
Statement Date: 1st June 2018 Due Date: 22nd June 2018
Illustrative Interest Rate: 3.5% p.m. (for American Express Platinum Reserve Credit Card
and American Express® Platinum Travel Credit Card)
For illustrative purposes, the cash advance Fee of 3.5% of transaction amount, subject to
minimum of ₹250 would also be charged on the Cash Withdrawal as illustrated in the table
above. Interest on the amount due will be charged in the statement generated on 1st June
2018 as below for the Cash Withdrawal transaction:
Transaction
Amount Period No. of Days Interest Amount
Amount
Thus, the total interest charged will be ₹149.59 plus applicable taxes.
Since complete payment was not received by Payment Due Date, Interest on the amount due
will be charged in the statement generated on 1st July 2018 as below:
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Daily Interest = (Outstanding amount *3.5%*12)/365
Transaction
Amount Period No. of Days Interest Amount
Amount
Thus, the total interest charged will be ₹151.89 plus applicable taxes.
Interest, if payable, is debited to the Cardmember’s Account on the last date of each
statement period and is shown on the statement separately. Cardmember will pay interest on
all the Charges outstanding at the monthly average rate shown on the statement as amended
by American Express from time to time. American Express may vary the interest rates
applicable to the Account at any time at its sole discretion.
The interest payable by the borrower shall be subject to the changes in interest rates made by
the Reserve Bank from time to time.
If the Cardmember is on a revolving mode, Finance Charges are levied from day one of
incurring the Charge. Finance Charge on Cash Advance is levied from the day of the
withdrawal. For any other Charges, it is from the next cycle date, if the Cardmember is on a
non-revolving mode.
Travel Credit Card Cardmember will be charged a revised interest rate of 3.99% per
month if the Minimum Payment Due is not paid by the due date thrice in a 12-month
period.
● For all other Credit Cards, Cardmember will be charged a revised interest rate of 3.99%
per month if the Minimum Payment Due is not paid by the due date twice in a 12-month
period. The monthly statement of account will reflect the changed rate. This rate will be
applicable for a period of 12 months before it is reviewed. By pay ing the Minimum
Payment Due or more by the due date for at least 11 times in the next 12 months, the
interest rate charged will revert back to the rate applicable as per clause (a) (i) & (ii)
mentioned in the MITC.
Sample Illustration 1
Assume that you have the American Express® Platinum Travel Credit Card and the
Minimum Payment Due has not been paid by the due date thrice in last 12-month period.
Hence, your interest rate will be revised from regular 3.5% p.m.to the interest rate in case of
Default of 3.99% p.m. You have paid previous dues in full and do not have any amount
outstanding in your Card Account. Your Statement Date is 1st of every month.
Below illustration will explain how the interest is calculated.
Statement Date: 1 May 2018, Due Date: 22 May 2018
Interest Rate: 3.99% p.m. (for American Express® Platinum Travel Credit Card)
Transactions:
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Date Transaction Amount
20 April 2018 Purchase of groceries ₹5,000
25 April 2018 Purchase of furniture ₹10,000
Total Payment Due: ₹15,000
1 May 2018 Statement Date
Minimum Payment Due: ₹750
₹750
28 May 2018 Payment Credit
₹2,000
29 May, 2018 Purchase of garments
Interest on the amount due will be charged in the statement generated on 1 June 2018 as
below:
Daily Interest = (Outstanding amount *3.99%*12)/365
Interest Calculation:
Thus, the total interest charged will be ₹786.08 plus applicable taxes (Late Payment charges
will also be applicable here).
The Cardmember may refer to the statement to see his current applicable rate of interest
under various heads.
Sample Illustration 2
Assume that you have the American Express Platinum ReserveSM Credit Card and the
Minimum Payment Due has not been paid by the due date thrice in last 12-month period.
Hence, your interest rate will be revised from regular 3.5% p.m. to the interest rate in case of
Default of 3.99% p.m. You have paid previous dues in full and do not have any amount
outstanding in your Card Account. Your Statement Date is 1st of every month. Below
illustration will explain how the interest is calculated.
Statement Date: 1 May 2018, Due Date: 22 May 2018
Interest Rate: 3.99% p.m. (for American Express Platinum Reserve Credit Card)
Date Transaction Amount
25 April 2018 Purchase of furniture ₹3,000
28 April 2018 Online purchase ₹2,500
Total Payment Due: ₹5,500
1 May 2018 Statement Date
Minimum Payment Due:₹275
22 May 2018 Payment Credit ₹275
29 May 2018 Purchase of garments ₹2,000
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Interest on the amount due will be charged in the statement generated on 1 June, 2018 as
below:
Daily Interest = (Outstanding amount *3.99%*12)/365
Interest Calculation:
Thus, the total interest charged will be ₹270.85 plus applicable taxes.
The Cardmember may refer to the statement to see his current applicable rate of interest
under various heads.
(viii) Charges in case of default: If American Express does not receive the Minimum
Payment by the payment due date (as shown on the monthly Card statement), a late
payment Charge of 30% of the Minimum Payment Due as shown on the Card statement,
subject to a minimum of ₹500 and a maximum of ₹1,000, plus applicable taxes will be levied
to the Card Account. In addition to late payment Charges, interest as computed in point a (v
& vi) will also apply.
(xi) American Express does not levy processing or any other Charges for the purpose of
issuing a Card unless specified or without prior consent of the Cardmember.
The Card Carrier enclosing the Credit Card will show the initial Credit Limit applicable to
Cardmember’s Account. American Express will notify the Credit Limit and Available Credit
Limit to the Cardmember from time to time on the monthly Card statement. Any request to
increase the Credit Limit post the approval of the application will be reviewed by the
Bank only after the Bank receives a request from the customer & any documents that
may be asked for. The Bank basis an internal review reserves the right to dec line the
request.
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Please be aware that Cash withdrawal services on your American Express Card have
been temporarily suspended in India. However, you may still avail the service in
international locations.
(iv) Daily Transaction Limit for Tokens (Not mandatory for cardmembers to set
the same for Tokens)
1. Your Daily Transaction limits shall be within the overall limit on the card.
2. Your Daily Transaction limits shall be within the Enhanced card security limits
updated
on your card/ if any.
(v) BILLING
(i) Billing Statements – Periodicity and Mode of Sending
American Express will send Cardmember a statement identifying all purchases, Cash
Advances, Fee and all other Charges, payments and Credits to the Account, Credit Limit
and available Credit Limit once a month for each billing period during which there is any
activity or a balance outstanding on his Account. Non-receipt of the statement for any
reason whatsoever is not a valid reason for non-payment of the payment due. In case the
Cardmember does not receive the statement within 10 days from the date of their usual
Statement Date, the Cardmember should call American Express {refer section c(vi)} to
check the amount payable. The statement of Account will be sent to Cardmembers
through courier/regular post or through an online link on the Cardmembers’ registered
email address with American Express. Cardmembers can also register online and view
the Card statements online by logging on to americanexpress.co.in or AMEX mobile
application. If card member has not received E- statement notification due to incorrect /
incomplete email id and the email ID is not corrected/updated post notification from the
bank, Statement preference would be changed to Paper statement and subsequent
statements will be delivered to Cardmember through courier/regular post. Cardmember
can update their email id by logging in to their online account or via the mobile app.
Alternatively, cardmember can call American Express helpline to get their email ID
updated and enroll for E statement.
However, there may be no statement generated for the period in which there has been no
outstanding due and no transaction on the Account in the past month.
In order to serve you better, we may reach out to you through WhatsApp in addition to
standard modes of communication. If you do not wish to receive service updates for
your account through WhatsApp, please SMS STOP to 7075000735 from your
registered mobile number. Please ignore if you have already Opted Out. To re-enroll,
please SMS START to 7075000735 from your registered mobile number. Please be
advised that you will continue to receive updates through SMS and Email alerts.
(ii) Minimum Amount Payable
The monthly statement will show the minimum payment the Cardmember needs
to pay American Express which will be sum of all listed items as under
1. 5% of the principal amount or minimum of ₹100 whichever is greater and
2. The total sum of any Card Fees, Charges, Taxes and, Interest
3. Any installment due under any extended/deferred payment plan
that American Express may offer.
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The unpaid charges/levies/taxes are not capitalized for charging/compounding of
interest.
Cardmembers may choose to pay the full amount as shown in the Statement
of Account by the Payment Due date. However, if they fail to do so, Interest
and/or Fee shall be levied as mentioned under sections (vi), (vii) and (viii).
(iii) Payments received against your Card outstanding will be adjusted against
all taxes, Fees and other charges, interest charges, cash advances and
purchases in that order. Making only the minimum payment every month
would result in the repayment stretching over months/years with
consequential compounded interest payment on your outstanding
balance.
For e.g.: On the American Express® Platinum Travel Credit Card with
Interest Rate of 3.5% p.m., on a transaction of ₹5,000 if Minimum Payment
Due is paid every month (subject to a Minimum Payment of ₹100 every
month), it will take upto 44 months for entire outstanding amount to be
paid in full. For the exact Minimum Payment Due, this MITC should be
read in conjunction with the monthly statement.
(iv) Method of Payment
Cardmembers are required to make the payment in Indian Rupees by the due
date. Payment to the Card Account can be sent by any of these convenient
methods:
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• By Cheque/Draft: A crossed cheque/draft payable to AEBC Card No. 37XX XXXXXX
XXXXX and mention your name and contact number at the back of the cheque by :
(A) Drop Box- For locations, please log on to ‘americanexpress.co.in’ to find the nearest
dropbox.
(B) By Mail – Please send a crossed cheque/draft with payment advise to the following
address:
American Express Banking Corp.,
Cyber City, Tower C, DLF Bldg. No.8,
Sector 25, DLF City Ph II, Gurgaon - 122002 (Haryana)
For local clearing, drop boxes are cleared on a daily basis and latest by 4 pm, the
collected cheques are deposited at the processing center of Standard Chartered Bank.
In case of couriered cheques, the timeline for clearing cheque will be post receiving the
cheque at AMEX’s above mentioned Gurgaon address.
Above time frame is not applicable for any discrepant cheques e.g. account number not
available, title differs etc. Credit limit would be refreshed upon realization of cheque
effective 1 November 2021.
Please note that RBI vide its directive DPSS(Che)/ 569 /01.02.003/2017-18
dated 21 June 2018 has reduced the frequency of the clearing sessions of
cheques that are not compliant with CTS-2010 standards. Additionally, post 31
December 2018, non CTS compliant cheques will be discontinued/not
accepted. Therefore, if payments to your card accounts are made through non
CTS compliant cheques, your Credit Card account may be levied with
appropriate penal charges and levies. We encourage you to make
payments via CTS compliant cheques to ensure timely processing of your
cheques.
In the event a cheque or an instrument accepted for collection is lost in transit or in
the clearing process or at the paying bank’s branch, AMEX shall immediately upon
learning of the loss, bring the same to the notice of the Cardmember so that the
Cardmember can inform the drawer to record stop payment and also take care of the
cheques. In line with the compensation policy of AMEX, upon receiving a written
request from the Cardmember, AMEX may compensate the Cardmember through
reversal of applicable late payment fee and finance charges for any delayed collection at
its discretion.
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Please note:
1. Payments to the Card account can only be made from a bank account in the primary
Cardmember’s name only.
2. Payments made to an American Express Card issued in India held by a non-resident of
India must be made through an NRE/NRO account in the primary Cardmember’s name
only.
3. AMEX is not obligated to process, nor provides any guarantees/warranties for any
payment made by a Cardmember through a payment aggregator that does not appear on
the AMEX website or mobile application.
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Should the Cardmember require any assistance, the 24 hours call centers of American
Express can be contacted at these numbers.
Nodal Officer
Name: Mr. Ashish Pandey
E-mail ID: [email protected]
Telephone no: 0124-4190044
(Monday to Friday 8:30 to 5:00 pm)
Address: American Express Banking Corp.
Cyber City, Tower "C", DLF Bldg. No.8, Sector - 25, DLF City Phase - II,
Gurgaon - 122002 (Haryana)
If you are not satisfied with redressal of the complaint provided by Bank or if you have
not received a response from Bank within one month i.e. 30 days of logging a complaint
with us, you may approach the Office of Banking Ombudsman for Grievance Redressal.
The complaint can be made to the Office of Banking Ombudsman with the complete
transaction and other requisite details. (The 30 day period will be reckoned after all the
necessary information sought from the customer is received) Click here for details on the
Integrated Banking Ombudsman Scheme.
Our endeavor is to ensure that all customer complaints are resolved within 30 days. The
30 day period will be reckoned after all the necessary information sought from the
customer is received.
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(viii) Complete Postal Address of the Card Issuing Bank
American Express Banking Corp., Cyber City, Tower C, DLF Bldg. No.8, Sector 25, DLF
City Ph II, Gurgaon-122002 (Haryana).
https://www.americanexpress.com/content/dam/amex/in/legal/notice-
board/General-overview-of-limits-on-Foreign-Exchange-Transactions.pdf
For the detailed policy, please refer the section “Our Codes & Policies” on the American
Express website www.americanexpress.com/in/legal/our-codes-and-policies.html
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Cardmember voluntarily submits at his/ her own discretion the physical / e-copy of the
document (including proof of possession of Aadhaar number), which contains the details of
his/ her identification and/or address and/or any other personal or sensitive personal
information, in a format as provided by the issuing authority/ies, to AEBC for the purpose of
verifying his/ her identity/address and any other information provided by Cardmember in
accordance with the extant guidelines. Cardmember voluntarily gives his/ her explicit consent
to AEBC for collection, processing, storage, verification, authentication of his/ her documents
and/or information provided by him/ her as per extant regulations under any Act or law from
time to time in force, towards issuance of a credit card / for periodic KYC updation / to process
his/ her instructions etc. for the said purpose in his/ her individual capacity or as an authorized
signatory or as a beneficial owner, as the case may be. The aforementioned shall be read
and understood in conjunction with the American Express® India Online Privacy Statement
and the Cardmember declares that all the information voluntarily furnished by him/ her is true,
correct and complete.
For details of the American Express Privacy Policy and to know how we collect, process &
store the information, please log on to: - https://www.americanexpress.com/in/leg al-
disclosures/privacy-statement.html
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(iv) Procedure for withdrawal of default report and the period within which the default
report would be withdrawn after settlement of dues.
In the event the customer settles his/her dues after having been reported as defaulter, the
card issuer shall update the status within 30 days from the date of settlement.
(e) Recovery procedure in case of default/Account overdue
Bank uses the following follow-up and recovery channels in case of default:
(i) WhatsApp: Cardmembers may be contacted on WhatsApp for servicing alerts. To opt
out, SMSSTOP to 7075000735 from your registered mobile number. To re-enroll in future,
SMS START to7075000735 from your registered mobile number.
(ii) Letter/E-mail: Letter/E-mail may be sent at the mailing address/registered e-mail ID
provided by the Cardmember to inform him on his overdue amount, payment due dates and
the subsequent delinquency Fee levied as well as the consequences of non-payment.
(iii) Telephone: Cardmember will be contacted at office and residence telephone numbers to
check the status of his payments and to inform him of his overdue amounts.
(iv) Field visitation: Visit by an Authorised Recovery Personnel appointed by the Bank would
be done at the contact address of the Cardmember. The Recovery Personnel would politely
advise the Cardmember for regularising his overdue Account and would also address any
issue/concerns that the Cardmember may have on his Card Account.
(v) Legal recourse: Legal recourse will be resorted in exceptional situations, in the event of
advance stages of Cardmember’s default.
It is the Cardmember's responsibility to update any change in his/her contact details with
the Bank. If the Cardmember contacts the Bank from any alternate number(s) regarding
any inquiry/information/details pertaining to his/her Card account(s), the Bank reserves the
right to store his/her alternate contact number. In case of default, if the Bank is unable to
contact the Cardmember at the primary contact details provided earlier, the Bank will access
the alternate contact number(s) stored, if any, in the Bank’s repository and use it to
contact the Cardmember.
(g) Available Insurance cover for Basic Cardholder and date of activation of policy
Insurance benefits are provided by an independent insurance company under the group
policy purchased by AEBC. Insurance risk is underwritten by the insurance company and
the benefits secured under the insurance policy are provided by such insurance company
as per the terms of the insurance policy. The premium towards insurance cover is borne by
AEBC. This insurance cover is optional, and you will not be charged for availing it. You will
be required to fill the nomination form (provided with the welcome kit) and send it to the
insurance company. The Cardmember’s nominee(s) is/are requested to submit and settle
insurance claims with the insurance company directly. Air accident insurance is covered in
case of death only. Please call us in case you require a copy of the insurance form. You
will be eligible for the insurance cover only if you have used the Card for the purchase and
as long as you have fully paid the annual/ renewal fee as charged by AEBC or unless
otherwise communicated by AEBC/ insurance company at any time at its sole discretion.
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Type of Card Air Accident Insurance for tickets bought
on the Basic or Supplementary Card
American Express Platinum ReserveSM Credit ₹10,000,000 if tickets bought on the Card
Card
American Express Gold Credit Card ₹3,000,000 if tickets bought on the Card
Other Credit Cards Not Applicable
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(iii) American Express may offer a re-instatement to the Cardmember under the
following conditions
In case Cardmember had attritted voluntarily and comes back requesting for the
membership within 1 year of cancellation. If American Express has cancelled the
Card Account (due to default reasons), then an evaluation based on company’s
policies and procedures will be undertaken at customer’s request.
Once a card is cancelled or blocked (including but not limited to cases where
the card product is being migrated to a new product), it shall not be valid for
further use with immediate effect, and any transaction including but not
limited to recurring transactions/standing instruction on the card will be
declined. If the card is cancelled or blocked, kindly cut the card in your possession
into two halves and return them to American Express at the following address:
American Express Banking Corp., Cyber City, Tower C, DLF Bldg. No. 8, Sector
25, DLF City Phase II, Gurgaon-122002. Additionally, please take appropriate
steps to cancel any standing instructions that you may have opted for on such
card.
a) Every time there is a change in the Card number or Card credentials (like expiry date/cvv
etc.) due to Card renewal, Card replacement or any other reason; the cardmembers are
required to register again and set fresh standing instructions at the Merchant's website/
platform/ portal etc.
c) Minimal amount of INR 1 or 2 will be debited from your card to verify the card details at the
time of Standing Instructions registration, at the time of modification or cancellation of the
Standing Instructions at the Merchant’s website/ platform/ portal etc.. Please be assured,
this amount will not be billed to the Cardmember.
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(ii) Liability of Cardmember in case of (i) above
Provided that the Cardmember has acted in good faith, his liability to American Express
arising out of any unauthorised use of the Credit Card shall be nil if American Express
receives the report within 3 working days of the fraud. If the fraud is reported beyond 3
working days then the maximum liability of the customer will be limited to ₹1000. A
Cardmember’s entitlement to zero liability shall arise where the unauthorized transaction
occurs in the event of contributory fraud/ negligence/ deficiency on the part of American
Express (irrespective of whether or not the transaction is reported by the Cardmember).
The security features adopted and implemented by American Express are of international
standards robust enough to protect and safeguard Cardmember data from unauthorised
access, and are currently a substitute to PCI DSS Certification mandated by RBI. American
Express shall however bear the fraud losses for any suffered by the Cardmembers arising
out of American Express not obtaining the PCI DSS Certification.
“The security features adopted and implemented by American Express with respect to its
Mobile Application are of international standards which are robust enough to protect and
safeguard card members from frauds/unauthorized access. American Express shall
however bear fraud losses suffered by the Cardmembers arising out of any established
lapses in the security features around mobile application, provided the card member has
acted in good faith”.
(iii) For enhanced customer protection, American Express does not allow transactions on
fallback/ magstripe mode in India.
(iv) Cardmembers can call the 24-hour Helpline phone numbers [refer to c(vi)] to inform about
this loss or theft. Cardmembers can also block the Card by logging in to MYCA or Mobile
App using the “Replace or Track your Card” option. To directly access My Card
Account/website, please login https://www.americanexpress.com/en-in/account/login
*Please be advised that few of our merchant terminals are still undergoing the upgrade
process, to support Contactless Transactions upto INR 5000, without PIN authentication. We
regret inconvenience, caused, if any, during this transition period.
as special mention accounts (SMA) and Non-performing Assets (NPA) if the overdue is not
paid on the due date fixed by the bank as per the categories mentioned in the below table:
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Categories Basis for classification – Principal or interest payment or
any other amount wholly or partly overdue
SMA-0 Up to 30 days
SMA-1 More than 30 days and up to 60 days
SMA-2 More than 60 days and up to 90 days
NPA More than 90 days
The borrower accounts are flagged as overdue as part of day-end processes for the due
date. Similarly, classification of borrower accounts as SMA as well as NPA is done as part
of day-end process for the relevant date and the SMA or NPA classification date is the
calendar date for which the day end process is run.
Example: If due date of a loan account is 31 March 2021, and full dues are not
received before the lending institution runs the day-end process for this date, the date
of overdue shall be 31 March 2021. If it continues to remain overdue, then this account
shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon
completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1
classification for that account shall be 30 April 2021.
Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2
upon running day-end process on 30 May 2021 and if continues to remain overdue
further, it shall get classified as NPA upon running day-end process on 29 June 2021.
Further, the borrower account classified as NPAs are upgraded as ‘standard’ asset only
if entire arrears of interest and principal are paid by the borrower.
In case of restructuring:
b. For all other accounts that are not MSME: An account will be upgraded only when all the
outstanding loan/facilities in the account demonstrate ‘satisfactory performance’ during
the period from the date of implementation of Resolution Plan (RP) up to the date by
which at least 10 per cent of the sum of outstanding principal debt as per the RP and
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interest capitalization sanctioned as part of the restructuring, if any, is repaid.
c. Other regulatory guidelines with regard to upgrade of an account may also apply on
certain accounts as per applicable laws.
These instructions on SMA / NPA classification of borrower accounts are applicable to all
loans, including retail loans, irrespective of size of exposure of the lending institution.
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MITC-1/07/2023
americanexpress.co.in