MOST IMPORTANT TERMS AND CONDITIONS

FOR AMERICAN EXPRESS® CREDIT CARDS

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.

(a) FEE AND CHARGES

(i) Joining Fees for Primary Cardmember and for Supplementary Cardmember – not
applicable; Such fees and charges may be levied to new Cardmembers in future.
(ii) Membership Fee for Primary Cardmember and Supplementary Cardmember Membership
Fee is payable for use of the Credit Card and for each Supplementary Credit Card issued at
the request of the Basic Credit Cardmember. Annual Fee is levied every year at the
start of membership year.
The Membership Fees for all Credit Cards are as detailed below. Annual Fee reductions or
waivers may be offered by American Express Banking Corp. (“American Express”) at its sole
discretion. Applicable Tax: Any Charges mentioned anywhere in this MITC are exclusive of the
applicable tax which is billed along with the fee that appears on the billing statement and is
levied as per applicable taxes.
Important Note: Finance Charges per month will change for certain products effective
5 August 2019. Please refer below table for the latest Finance Charges.

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)

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 American Express ₹5,000 (1st
Year) and ₹1,500
Platinum ReserveSM FTO 3.5% p.m.
Credit Card-Option2 ₹10,000 (2nd
Year onwards)

American Express ₹3,500 (1st Year)

Platinum Travel Credit and ₹5,000 (2nd ₹1,500 FTO 3.5% p.m.
Card Year onwards)

American Express ₹1,000 (1st year)

Membership Rewards® ₹4,500 (2nd ₹1,500 FTO 3.5% p.m.
Credit Card year onwards)

American Express Gold ₹2,000 (1sYear)

Credit Card and ₹2,000 (2nd ₹1,000 3.5% p.m.
FTO
Year onwards)

American Express ₹750 (1st year)

PAYBACK Credit Card ₹1,500 (2nd year ₹750 3.5% p.m.
PBCO
onwards)

American Express Smart ₹495 (1st Year)

Earn™ Credit Card and ₹495##(2nd ₹250 FTO 3.5% p.m.
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.

(iii) Cash Advance Fee

The transaction fee of 3.5% of the Cash Advance Amount, subject to a minimum of ₹250 is
levied every time a Cardmember withdraws cash on his Card.
(iv) Service Charge Levied for Certain Transaction

Description of Service/
Transaction Service/Transaction Charges

Duplicate Statement Fee ₹100 per statement for statements older than 3 months

Cheque/ECS/NACH ₹250 per Returned Instrument

Return Fee
₹500 per instance. Effective 1 October 2022, Overlimit transactions
Over Limit Charge on your American Express Card have been temporarily disabled.
However, the overlimit fee will be applicable on any issuer initiated
debit of fee and charges which may take the account over the
assigned credit limit.
Record of Charge/Summary ₹100 per Retrieval
of Charge Retrieval Fee
1.8% of the transaction value if booked on the internet (IRCTC)
Convenience Fee on subject to a minimum of ₹10 and applicable payment gateway
Purchase of Railway Ticket charges+GST

• 0% for HPCL transaction less than ₹5,000

• 1% fee per transaction is applicable for all
HPCL transactions on and above ₹5,000
Convenience Fee on • 1% of the transaction value subject to a minimum of ₹10
Fuel Purchase + applicable taxes, will be Charged as Convenience Fee at fuel
stations operated by the Public Sector Oil Marketing
Companies BPCL and IOCL
• 2.5% of the transaction value subject to a minimum of ₹10
+ applicable taxes, will be Charged as Convenience Fee at fuel
stations of all other Oil Marketing Companies (except HPCL,
BPCL and IOCL)

Foreign Currency Currency Conversion Factor Assessment: 3.50%

Transactions

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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.

(v) Interest Free Credit Period

● Cardmember can enjoy up to 48 days free credit without any Interest Charges levied to the
Credit Card Account. Interest is not payable on Charges other than Cash Advances and
Balance Transfers only if:
● Cardmember has paid the full Closing Balance on the previous monthly statement by
the payment due date and
● Cardmember pays the full Closing Balance on the current monthly statement
by the payment due date and
● Cardmember has not availed of any Cash Advance or Balance Transfer.
The payment due date of a customer will be dynamic in nature and will vary from 18 days to
23 days from the statement generation date, depending on his previous month’s payment
behaviour.
Illustration: Transaction date: 2 June, Billing Cycle date: 1st of every month, Payment due
date: 18 July, Interest free period = 2 June – 18 July = 47 days.
If the Cardmember has paid total amount due as per his previous statement in full, the
Payment Due date for the current month will stand as 18 days from the statement
generation date e.g.Billing cycle date:1st of every month. If the Cardmember has paid total
amount due for June in full, then the Payment Due date for the month of July would be 18
July.
If the Cardmember has not paid total amount due as per his previous statement in full, the
Payment Due date for the current month will stand as 23 days from the statement
generation date. For example: Billing cycle date:1st of every month. If the Cardmember has
paid less than the total amount due for June, then the Payment Due date for the month of
July would be 24 July.
Interest Free Credit Period will not be applicable if any balance of the previous month’s bill is
outstanding, even if the Minimum Payment Due has been paid. The Bank shall report a
credit card account as 'past due' to credit information companies (CICs) and levy late
payment charges if the Minimum Amount Due on the card remains unpaid for more than 3
days from the Payment Due Date.

(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)

Date Transaction Amount

2 April 2018 Purchase of groceries ₹10,000
5 April 2018 Purchase of furniture ₹5,000
1 May 2018 Statement Date Total Payment Due: ₹15,000
Min./Payment Due: ₹750
21 May 2018 Payment Credit ₹750
29 May 2018 Purchase of garments ₹2,000

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

Total interest (exclusive of GST) ₹1034.47

Thus the total interest charged will b e: ₹1034.47 (exclusive of GST) .

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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)

Date Transaction Amount

Outstanding balance: ₹16,250
Interest Amount (including GST):
1 June 2018 Statement Date ₹1,220.67
Total Payment Due (inc. GST):
₹17,470.67
Min Payment Due: ₹2033
2 June 2018 Purchase of flight tickets ₹10,000
5 June 2018 Purchase of electronics ₹5,000
21 June 2018 Payment Credit ₹2,033
29 June 2018 Purchase of apparel ₹2,000
Interest on the amount due will be charged in the statement generated on 1 July, 2018 as
below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
Interest Calculation:
Amount Interest Chargeable Period No. of Days Interest Amount
₹27,284.47 2 June to 4 June 2018 3 ₹94.19
₹32,284.47 5 June to 20 June 2018 16 ₹594.39
₹30,437.50 21 June to 28 June 2018 8 ₹280.19
₹32,437.50 29 June to 1 July 2018 3 ₹111.98
Total interest (exclusive of GST) ₹1,080.74

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)

Date Transaction Amount

1 May 2018 Annual Fee ₹5,000
1 May 2018 Applicable Taxes ₹900
1 May 2018 Total Payment Due: ₹5,900
Statement Date Min Payment Due: ₹5,900
29 May 2018 Purchase of ₹2,000
garments

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 Amount Period No. of Interest

Days Amount
₹2,000 29 May to 1 June 2018 4 ₹9.21

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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:

Amount Interest Chargeable No. of Days Interest Amount

Period
₹4,000 20 July to 1 August 2018 13 ₹59.84

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)

Date Transaction Amount

19th July, 2018 ATM Cash Withdrawal ₹7,000

19th July, 2018 Cash Advance Service Fee ₹250

Total Amount Due: ₹7,362.77

1st August, 2018 Statement Date
Min Payment Due: ₹712.77

11th August, 2018 Payment Credit ₹7,362.77

Interest on the amount due will be charged in the statement generated on 1st August 2018 as
below:
Daily Interest = (Outstanding amount * 3.5%*12)/365
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.

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

₹7,000 19th July to 1st August, 2018 14 ₹112.77

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

₹7,000 2nd August to 11th 9 ₹72.49

August, 2018

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)

Date Transaction Amount

12th May, 2018 ATM Cash Withdrawal ₹10,000

12th May, 2018 Cash Advance Service Fee ₹350

18th May, 2018 Purchase of Groceries ₹3,000

25th May, 2018 Payment Credit ₹10,350

Statement Generation Date

1st June, 2018 Total Amount Due: ₹3,149.59

Min. Amount Due: ₹299.59

1st July, 2018 Payment Credit: ₹3,149.59

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:

Daily Interest = (Outstanding amount *3.5%*12)/365

Transaction
Amount Period No. of Days Interest Amount
Amount

₹10,000 12th May to 25th 13 ₹149.59

May, 2018

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

₹3,000 18th May to 1st 15 ₹51.78

June, 2018
2nd June to 1st 29 ₹100.11
₹3,000
July, 2018

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.

(vii) Overdue Interest Charges - to be given on monthly and annualised basis:

● For American Express Platinum ReserveSM Credit Card, American Express ® Platinum

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:

Amount Interest Chargeable Period No. of Days Interest Amount

₹5,000 20 April to 24 April 2018 5 ₹32.79

₹15,000 25 April to 1 May 2018 7 ₹137.74
₹15,000 2 May to 27 May 2018 26 ₹511.59
₹14,250 28 May 2018 to 28 May 2018 1 ₹18.69
₹16,250 29 May to 1 June 2018 4 ₹85.27
Total interest (exclusive of GST) ₹786.08

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:

Amount Interest Chargeable No. of Days Interest Amount

Period
₹3,000 25 April to 27 April 2018 3 ₹11.81
₹5,500 28 April to 1 May 2018 4 ₹28.86
₹5,500 2 May to 21 May 2018 20 ₹144.30
₹5,225 22 May to 28 May 2018 7 ₹47.98
₹7,225 29 May to 1 June 2018 4 ₹37.91
Total interest (exclusive of GST) ₹270.85

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.

(b) DRAWAL LIMITS

(i) Credit Limit and (ii) Available Credit Limit

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.

(iii) Cash Withdrawal Limit

Cardmembers may access Cash Advances every 14 days with a limit up to USD 333 or its
equivalent, or 20% of credit limit, whichever is lower. Please note that Finance
Charges on cash advances are levied from the date of withdrawal.

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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.

3. Your Daily Transaction limits will not supersede American Express

Authorizations and may be declined subject to internal checks as per policy

(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.

14
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:

• National Electronic Funds Transfer (NEFT) - Make a payment towards your

Account via NEFT mentioning the full 15-digit Card number. The NEFT details
are as follows: IFSC Code: SCBL0036020
Name of Bank & Branch: Standard Chartered Bank, Narain Manzil, 23
Barakhamba Road, New Delhi - 110001
Account Type: Current, Payee Account No.: 37XXXXXXXXXXXXX(XX represents
the last 13 digits of your Card number)
• Direct Debit - You may also enroll for direct debit each month from your Bank
Account and credit the Card Account with the total payment due in the
monthly statement through the National Automated Clearing House (NACH)
introduced by the National Payments Corporation of India (NPCI)
• By Electronic Bill Payment - Use the net banking interface of your Bank to
make payments electronically for your Card dues. Please visit
‘americanexpress.co.in’ for complete list of enabled Banks

• RUPAY/UPI/UPI QR Code - We also accept payments through following electronic

modes:
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM -UPI); and
(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR
Code).

15
 • 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)

Mode of Clearing Time Frame

Local clearing* 4/6 working days
* Subject to local clearing house timings for
presentation of outward clearing. In case of Bank Holiday, the above-
mentioned time frame may be
extended by another 2 days or more.
Cheques presented in Metro and other locations 10 working days
where American Express Banking Corp. (‘AMEX’)
Partner Bank is having their branches but drawee
bank/branch not available/ participating in local
clearing/CTS Grid clearing. Such cheques to be sent
directly to respective AMEX’s Partner Bank locations
for presentation under local clearing/CTS Grid
Clearing

Cheques payable at any other locations 12 working days

Cheques payable at all other Centers 16 working days

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.
16
 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.

(v) Billing Disputes Resolution

Any clarifications or queries on the monthly statement of the Card Account
must be informed to American Express by Calling into the 24-hour Customer
Services Helpline numbers (refer to c(vi)) or submitted to American Express in
writing (refer to c(viii)) within 60 days of the statement date. American Express would take
reasonable steps to assist the Cardmember by providing information in relation to their
queries on the Card Account. American Express may charge a reasonable
administrative fee for statement reprints or Record of Charge forms. In case of
Cardmember billing disputes/transaction disputes including unauthorized transaction
notified by the customer, American Express follows its dispute resolution policy
whereby a credit as per American Express’s internal policy, is applied on the
disputed transaction and the case is investigated for the dispute, which is closed
within 30 days. On being notified by the customer, American Express shall credit the
amount involved in the fraudulent transaction to the customer’s card account
within 10 working days from the date of such notification by the customer. As a
result of the above mentioned credit , the disputed transaction amount is not
included in the balance for the purposes of reporting to Central Repository of
Information on Large Credits (CRILC) constituted by the Reserve Bank of India
(RBI), Credit Information Companies (CICs) established under the Credit
Information Companies (Regulation) Act, 2005 and to the Information Utilities (IUs)
established under the Insolvency and Bankruptcy Code, 2016, till such time that
dispute is settled. In case the dispute is not settled in favor of the customer, the
disputed amount gets debited on the card account, which is followed by sending a
written communication to the card member and subsequent release of
necessary information to the above mentioned regulatory authorities.

(vi) Contact Particulars of 24 hours call centres of Card issuer

Product Name 24 hours Call Centre Numbers

1800 180 1030 (Toll Free), 1800 419 1030
American Express Platinum ReserveSMCredit
(Toll Free), 0124-280 1030
Card
American Express® Platinum Travel Credit Card 1800 419 2122 (Toll Free), 0124-280 1122
American Express Membership Rewards®
1800 419 0167 (Toll Free), 0124-280 1418
Credit Card
American Express® Gold Credit Card 1800 419 2122 (Toll Free), 0124-280 1122
1800 419 0726 (Toll Free), 0124-674
American Express PAYBACK® Credit Card
4144,
0124-280 1093
American Express SmartEarn™ Credit Card 1800 180 1249 (Toll Free), 0124-280 1101

17
 Should the Cardmember require any assistance, the 24 hours call centers of American
Express can be contacted at these numbers.

(vii) Grievances Redressal Escalation – contact particulars of Officers to be contacted.

In the event that you are not satisfied with our services, you may register your grievance to:

First Level Escalation Second Level Escalation

Manager -Executive Correspondence Unit Ms. Priyameet Kaur
American Express Banking Corp. Head of Customer Service
Cyber City, Tower C, DLF Bldg No.8 Sector 25, DLF American Express Banking Corp. Cyber
City Ph II Gurgaon – 122002 (Haryana) City,Tower C, DLF Bldg No.8 Sector 25, DLF City
Telephone No. 0124-3362172 (Monday to Friday8:30 Ph II Gurgaon – 122002 (Haryana)
am to 5:00 pm) Telephone No. 0124-3362044 (Monday to Friday
Email: 8:30 am to 5:00 pm)
[email protected] Email:
[email protected]

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.

Integrated Banking Ombudsman Contact Details

Link to log a complaint: https://cms.rbi.org.in

E-mail ID: [email protected]
Address: Centralised receipt and Processing Center (CRPC), Reserve Bank of India, 4th
Floor, Sector 17, Chandigarh 160017
Toll Free Number : 14448 (9:30 am to 5:15 pm)

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.

For more details, please visit

https://www.americanexpress.com/in/legal/customer-complaint-grievance-redressal-
policy.html

18
(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).

(ix) Toll Free Number for Customer Care Services

Listed above in section c (vi).

(x) Charges in Foreign Currency

If the Cardmember makes a Charge in a currency other than Indian Rupees, that Charge
will be converted into Indian Rupees. The conversion will take place on the date the Charge
is processed by overseas American Express, which may not be the same date on which
the Charge was made as it depends on when the Charge was submitted to American
Express .If the Charge is not in U.S. Dollars, the conversion will be made through U.S.
Dollars, by converting the Charge amount into U.S. Dollars and then by converting the U.S.
Dollar amount into Indian Rupees. If the Charge is in U.S. Dollars, it will be converted
directly into Indian Rupees. Unless a specific rate is required by applicable law, the
overseas American Express treasury system will use conversion rates based on interbank
rate that it selects from customary industry source on the business day prior to the
processing date, increased by a foreign currency conversion mark up of 3.5%. If Charges
are converted by third parties prior to being submitted to American Express, any
conversions made by those third parties will beat rates selected by them. Please note that
if the Charge is made in Nepal and Bhutan, currency conversion markup factor is not
applicable as such Charge will be denominated in Indian Rupees to the Cardmembers. For
more details, please refer the link

https://www.americanexpress.com/content/dam/amex/in/legal/notice-
board/General-overview-of-limits-on-Foreign-Exchange-Transactions.pdf

(xi) Customer Compensation Policy

As a Bank, we have a Customer Compensation Policy, the objective of which is, to establish a
system whereby the Bank compensates the customer for any financial loss he/she might incur
due to deficiency in service by the Bank or any act of omission or commission directly
attributable to the Bank. The policy includes the following aspects:

1. Erroneous Debits arising out of fraudulent or other transactions

2. Payment of interest for delayed credit to account
3. Issue of unsolicited cards
4. Violation of Bank’s Code by its agents
5. Other unauthorized actions of the bank leading to a financial loss to customer.

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

(d) DEFAULT AND CIRCUMSTANCES

(i) Disclosure
Being a Scheduled Commercial Bank, American Express Banking Corp., India (AEBC) /
(Bank) is legally obligated to (i) disclose/report/share/receive Credit Information/Financial
Information pertaining to cardmembers to Central Repository of Information on Large
Credits (CRILC) constituted by the Reserve Bank of India (RBI), Credit Information
Companies (CICs) established under the Credit Information Companies (Regulation) Act,
19
2005 and to the Information Utilities (IUs) established under the Insolvency and Bankruptcy
Code, 2016. AEBC hereby informs the cardmembers that the Bank shall be reporting Credit
Information/ Financial Information (positive and / or negative) pertaining to the account from
time to time to the aforesaid institutions to disseminate Credit Information/Financial
Information as stipulated under the aforesaid laws / regulations. Adverse reporting to the
aforesaid institutions can adversely affect cardmembers’ credit score / credit rating and
further impact servicing of their existing financial facilities and / or the prospect of securing
financial facilities from other Banks / Financial Institutions; (ii) disclose/report/share/receive
Credit Information/Financial Information and other information including "Personal
information" and/or “Sensitive personal data or information” as provided under the
Information Technology (Reasonable Security Practices and Procedures and Sensitive
Personal Data or Information) Rules 2011 (the “Indian Privacy Rules”), to / from the RBI,
other regulators, courts, tribunals, arbitral tribunals, judicial and quasi-judicial
bodies, governmental agencies, law enforcement agencies /instrumentalities of State and
Central Government such as, but not limited to, the Financial Intelligence Unit – India,
Directorate of Enforcement, the Central Bureau of Investigation (CBI), the police
and other departments/agencies and any other institutions / authorities established
under the legal framework and / or in order to comply with the requirements stipulated
under any of the applicable laws / regulations to facilitate discharge of AEBC’s / their
obligations under the relevant laws / regulations; (iii) receive / upload Information and other
information including Know Your Customer (KYC) documents / information to / from / with,
Central Registry of Securitisation Asset Reconstruction and Security Interest of India
(CERSAI). Further, as per extant regulations and business practices, AEBC is required
and obligated (on a need basis) to disclose/report/share Credit Information/Financial
Information and other information including "Personal information" and/or “Sensitive
personal data or information” as mentioned above to (a) its outsourcing service partners; (b)
its group /associate/ affiliate/ subsidiary entities or companies wherein AEBC has tie-up
arrangements, for providing various offers, benefits, features and other services/products
to its cardmembers and/or to maintain and service the cardmembers/card operations/back-
end operations pertaining to the card business of AEBC; (c) to its parent entity i.e.,
American Express Banking Corp., New York (as AEBC operates in India as a branch of
American Express Banking Corp., New York); (d) to marketing agencies and/or for
marketing purposes provided Cardmembers have explicitly authorised/permitted AEBC
in this regard; (e) to industry associations (excluding PII) for the purposes of
analyzing trends in relation to various aspects related to the industry. In all the above
cases (except in case of reporting to the CIC’s as mentioned above, the Bank will provide
an advance notice to the cardmembers as required under the extant guidelines/
regulations), AEBC shall disclose/report/share/receive Credit Information/Financial
Information and other information including "Personal information" and/or “Sensitive
personal data or information” as mentioned above without any additional notice/intimation to
the Cardmembers and in all other instances of disclosure/sharing AEBC shall seek approval
from Cardmembers. The privacy of information providers is of utmost importance to
American Express. We are committed to adhering to the Information Technology
(Reasonable Security Practices and Procedures and Sensitive Personal Data or Information)
Rules 2011 (the “Indian Privacy Rules”). Our Data Privacy Principles explains the way
American Express and its employees, partners and vendors will collect, use, store, share,
transmit, delete or otherwise process (collectively “process”) Personal Information in India in
accordance with its Data Protection & Privacy Principles.

20
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

(ii) Procedure (including notice period) for reporting a Cardholder as defaulter

A Card Account would be overdue or in default due to one or more of the following
circumstances:
● Cheque/Online payments or ECS/NACH/NEFT payments that are not honoured
● Failure to pay the minimum due/full amount (based on the product) by the
Due Date(as per the Card Account Statement)
● If any statement made by the Cardmember to American Express in connection with his
Card was false or misleading
● For failure to comply with the Terms and Conditions of the Card
● If a petition for Cardmember’s Bankruptcy is issued or if any attempt is made by
any other creditor to seize any of his property.

(iii) If American Express Credit Cardmember’s Account is in default, American Express

requires him to pay immediately all sums outstanding on his Account and American Express
reserves the right to cancel his Card.

Notification to Cardmember of Credit Information Companies (CICs) as authorised

by Reserve Bank of India reporting at the time of overdue status.
In case a Cardmember’s Account is overdue for 60 days or more, American Express will
send a written communication to the Cardmember informing the overdue status and its
intention to further report his/her overdue status to the Credit Information Companies (CICs)
as authorised by Reserve Bank of India.

21
 (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.

(f) Recovery of dues in case of death/permanent incapacitance of Cardholder

American Express offers a waiver of outstanding up to ₹50,000 on the Card in case of death
of the Basic Cardmember. If the outstanding amount is more than ₹50,000, letter and
telephone follow up will be done with the next of the deceased, informing them about the
deceased Cardmember’s outstanding amount and advising them to regularise the Account.

(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.

22
 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

Date of Activation of Policy

This policy, by default, gets activated on the day your Card application is approved by
AEBC. Once the duly filled nomination form is submitted to the insurance company, the
Cardmember’s nominee(s) becomes eligible to file the claim for the insurance benefits,
subject to the terms & conditions of cover. Applicable only for the Basic Cardmember for
tickets purchased on the Basic or Supplementary Card Account.

(h) TERMINATION/REVOCATION OF CARDMEMBERSHIP

(i) Procedure for surrender of Card by Cardmember - Due notice
By Cardmember: Cardmember can terminate their Credit Card at any time by
returning to American Express all Credit Cards issued for use on the Account cut in
half with a written request to terminate, all your outstanding amounts will
immediately become due. Termination will only be effective when American
Express receives all such Credit Cards and payment of all amounts outstanding in
respect of the Account. Customer is at liberty to surrender the Card as per his
discretion. The Cardmember may call at Bank’s 24-hour helpline number in
section C (vi) above and can have his facility blocked post compliance of certain
mandatory security checks.
Cardmember can cancel the use of a Credit Card by Supplementary Credit
Cardmember by notifying American Express in writing but he will remain liable for
all Charges incurred by the Supplementary Credit Cardmember up to the date of
receipt of notice by American Express.

(ii) By American Express: American Express can terminate the Cardmember

Agreement and cancel your Credit Card at any time on immediate notice or at any
time to restrict the use of the Credit Card without giving reason or cause. Where
American Express terminates the Agreement, all monies outstanding on the
Account (including Charges or Cash Advances not yet debited) will become due
and payable immediately. American Express may inform Establishments of
cancelled Credit Cards. If the Credit Card is cancelled, the Cardmember must cut it
in half and return both halves to American Express at once. The Cardmember
agrees not to use the Credit Card after it has been cancelled. All your outstanding
amounts will immediately become due.

23
(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.

(i) Recurring transactions on 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.

b) International recurring transactions will not be processed effective 1 October 2021.

Cardmember should make the payment to the International Merchants directly whenever
due to avoid disruption of services.

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.

(ii) LOSS/THEFT/MISUSE OF CARD

(i) Procedure to be followed in case of loss/theft/misuse of Card–mode of intimation to

Card issuer
The Cardmember must notify American Express immediately if the Credit Card is lost, stolen,
mutilated, not received when due or if he suspects that the Credit Card is being used without his
permission/ consent. In the case of any fraudulent transaction due to misuse of the Card, the
Cardmember must immediately file a First Information Report (FIR) with the police station
nearest to the place of occurrence and file a detailed report with American Express enclosing a
copy of the FIR. If the lost Credit Card is subsequently received, it must not be used. The
Replacement Credit Card and subsequent renewals of it must be used instead. The retrieval of
the original Credit Card must immediately be reported to American Express and kindly cut the
card in your possession into two halves and dispose of it judiciously.

24
(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

(v) OUTSOURCING OF FINANCIAL SERVICES

The Bank may outsource/assign activities (including the sales, marketing, servicing etc. of
its products) to any service provider, whether located in India or overseas and whether to
any of the Banks’ affiliates or a third party, at its sole discretion, in accordance with the
applicable guidelines of the Reserve Bank of India (RBI). The Bank reserves the right to
provide details of Cardmember’s Account to such service providers for the purpose of
availing outsourced services of any nature by the Bank, in accordance with its data privacy
policy.

(vi) SAFE CUSTODY OF CARD AND PERSONAL IDENTIFICATION NUMBER (PIN)

Cardmember shall not record the PIN in any form so as to facilitate the PIN coming to the
knowledge of any third party or share or reveal the PIN with anyone, including family
members, friends or relatives or with American Express customer service representatives,
officials or merchants. American Express will never ask you for your PIN. Additionally, you
should not write down the PIN anywhere and should not keep the Card and PIN in the same
place, such as a wallet or a purse. Please shield your PIN while entering it at an ATM or POS
machines. Cardmember shall at all times take all the appropriate measures to keep the card
safe and secure including those as mentioned herein, to maintain safe custody of the card
and the security of the PIN. If the Cardmember fails to observe the security requirements,
he/she may incur liability. Cardmember will not hold American Express liable in case of any
improper/fraudulent/unauthorized use of the Card and/or the PIN and American Express will
not be liable for any consequences arising out of or associated with such
improper/fraudulent/unauthorized use/ misuse of the Card by any third party due to access of
25
 the Card/Card details to any such third party or due to sharing of PIN or the PIN coming to
the knowledge of any third party, with or without the knowledge of the Cardmember. If any
third parties gain access to the services, the Card Account or incur charges on the Card, the
Card Member will be solely liable and responsible for the same and shall indemnify American
Express against any liability, claims, demands, costs or damages arising out of such
misuse/use by third parties and shall be compensated subject to the extant guidelines as
issued from time to time

(vii) CONTACTLESS PAYMENT

Cards issued by AEBC are equipped to enable Contactless Payments. Payment through the
Contactless mode is allowed for a maximum of INR 5,000* for a single transaction without
entering a PIN. Any transaction for an amount more than INR 5,000* should be authenticated
using a PIN, either by Tap + PIN or Chip + PIN. However, it is not a mandated requirement to
use the contactless mode for payments. If preferred, customers have the option to make all
card present payments as contact transactions using Chip + PIN, irrespective of the
transaction value. Please refer to americanexpress.co.in/contactless for further details.
I understand that the American Express Card issued to me will be enabled for Contactless
Payment, and understand the technology, its use and the risks associated with making
payments through Contactless mode.

*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.

(viii) TRANSACTION ALERTS

Cardmembers understand that the transaction alert SMS sent to them might have a truncated
name (first 12 characters only) of the Merchant establishment. They may refer to the
corresponding email (if registered) / statement of account for the complete merchant name.

(ix) PROCESS FOR CLOSURE OF INACTIVE CARDS

In case of non-use i.e. no activity / transaction on the Card during the preceding one year,
AEBC will close the concerned Card(s) and linked Supplementary Card(s). The Cardmember
will be sent an intimation and may provide his/her consent to AEBC to continue his/her
Cardmembership. If the Cardmember does not provide such consent within 30 calendar days
of first intimation, via the channel of communication that AEBC may choose, then AEBC will
close such Cards. AEBC will notify such Cardmembers in writing after the Card has been
closed.

(k) SMA AND NPA CLASSIFICATION AND UPGRADATION

As per the Prudential Framework for Resolution of Stressed Assets and Prudential norms on
Income Recognition, Asset Classification and Provisioning pertaining to Advances issued by
RBI and amendments thereto from time to time, banks are required to classify the borrowers

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:

26
 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 Cardmember billing disputes/transaction disputes, American Express follows

its dispute resolution policy/procedures whereby a temporary suspension is applied
on the disputed transaction and case is investigated for the dispute and the dispute is
closed. As a result of temporary suspension, the disputed transaction amount is not
included in the overdue balance for the purposes of reporting to Central Repository of
Information on Large Credits (CRILC) constituted by the Reserve Bank of India
(RBI), Credit Information Companies (CICs) established under the Credit Information
Companies (Regulation) Act, 2005, Information Utilities (IUs) established under the
Insolvency and Bankruptcy Code, 2016, debt collection agencies and classification of
borrower accounts as SMA as well as NPA, till such time that dispute is settled.

In case of restructuring:

1. The accounts classified as standard are immediately downgraded as non-performing assets

(NPAs) and NPAs would continue to have the same asset classification as prior to
restructuring, unless otherwise specified by RBI.

2. Conditions for Upgrade

a. For MSME accounts where aggregate exposure of the lenders is less than ₹25 crores:
An account may be considered for upgradation to ‘standard’ only if it demonstrates
satisfactory performance during the specified period.

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

27
 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.

For more details, please refer to guidelines published on RBI website:

http://www.rbi.org.in

For FAQ’s on IRACP norms, please visit,

www.americanexpress.com/content/dam/amex/in/legal/IRAC_faq_MITC.pdf

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 MITC-1/07/2023

American Express Banking Corp.,

Cyber City Tower C, DLF Bldg. No. 8, Sector - 25, DLF City Ph II, Gurgaon –
122002

americanexpress.co.in