American Express Payback Credit Card Review

Review Summary

The American Express Payback Credit Card offers you a decent reward program. The card offers an opportunity to earn 3 Payback Points for every Rs. 100 spent except for categories Fuel, Utilities, Insurance and Cash Transactions. You can redeem your accumulated points in three ways, with partner brands, online partner, and Infinity Rewards e-Catalogue. In addition, you get offers on dining, movies, and a lot more along with fuel surcharge waiver. After considering the benefits of the card, you should definitely apply for this card if you don’t mind paying an annual fee of only Rs. 1500 (plus applicable taxes) which can be waived easily if your spends exceed Rs. 150000 in the previous year.

In this article

Card Rating
What’s Good, What’s Bad
At a Glance
American Express Payback Credit Card: Benefits
How to earn payback points
How to use payback points
Where American Express Payback Credit Card falls short!
Other Fees and Charges
American Express Payback Credit Card: Eligibility
Why should you sign-up for this card?
Is this the right card for you?
Similar cards: In case American Express Payback Credit Card doesn’t impress you!
Final Word
American Express Payback Credit Card: Apply Online

Card Rating

MeasuresRating (Out of 5)
Annual Fees3.5
Rewards3
Features2
Interest Rate2
Joining Bonus2

What’s Good, What’s Bad

ProsCons
Discounts on DiningHigh Annual Fees
Decent reward programHigh Interest Rate
Fuel Surcharge waiverLess Features
Annual Fees can be waived on spends of Rs. 150000 in previous year

American Express Payback Credit Card Features & Details

Annual FeesRs. 750 (1 year)
Rs. 1500 (2 year onwards)
*Plus applicable taxes
Rewards 3 Payback Points for every Rs. 100 spent except for categories Fuel, Utilities, Insurance and Cash Transactions.
RedemptionRedeem your accumulated points with partner brands, online partner, and Infinity Rewards e-Catalogue.
Default Payment Charges3.75% per month
Over-limit penalty Rs. 500
Foreign Currency Transaction 3.5%
Cash Advance Fees 3.50% of the cash withdrawal or minimum of Rs. 250

American Express Payback Credit Card: Benefits

How to earn payback points

With The American Express PAYBACK Credit Card, you can earn 3 Payback Points for every Rs. 100 spent. However, If you are using your card for spending at Fuel (diesel, petrol, CNG from Oil Marketing Companies), Utilities (electricity, water and gas bills), Insurance and Cash Transactions then you won’t get any points. In addition, you can also get multiple Payback points across more than 50 Payback Partner brands which include Big Bazaar, MakeMyTrip.com and a lot more. However, these points will vary from partner to partner.

Also, you get a chance to earn 900 Payback Points when you spend Rs. 15000 within 60 days of approval of the card.

How to use Payback points

You can redeem your accumulated points in three ways:

  1. From the PAYBACK Infinity Rewards e-Catalogue. You can choose from a wide range be it Home & Kitchen Appliances, Gift Cards to Instant Vouchers and a lot more.
  2. You can redeem your accumulated points across more than 50 Payback Partner brands which include Big Bazaar, MakeMyTrip.com and a lot more.
  3. You can shop online at PAYBACK Online Partners by Simply selecting PAYBACK Points as your payment option, entering your PAYBACK details and you can directly purchase with Points.

American Express Payback Credit Card: Offers

Everyone likes additional benefits, and American Express Payback Credit Card offers you a lot of offers. You can enjoy discounts and save a lot with this card at their offer center.

American Express Payback Credit Card: Dining offers

Are you amongst those who live for food? If yes then American Express Payback Credit Card is going to be the best fit for you as it offers up to 20% discounts at selected restaurants across Delhi, Mumbai, Chennai and Bangalore.

Fuel Surcharge Waiver

With American Express Payback Credit Card you can plan more road trips as you get fuel surcharge waiver every time you purchase fuel at HPCL Petrol Pumps. However, 0.3% surcharge plus applicable taxes is charged on transactions above Rs. 25000. If you’re someone who drives daily so this additional benefit of this credit card can be one of the advantages on the list.

Annual Fees can be Waived

If you think that the spends of your credit card can go up to Rs. 150000 in the previous year you can save your annual fee which is Rs. 1500 Plus taxes. So you have another reason to sign up for American Express Payback Credit Card.

Where American Express Payback Credit Card falls short!

High-Interest Rate

American Express Payback Credit Card charges a slightly higher rate as compared to its peers. The interest rate charged is 3.50 per month (42.00% per annum). If you usually roll over the balance from month to month by making minimum payments, then this could be a problem for you. You could be paying higher payments over time with this slightly higher interest rate. If this is not the case and you make full payments each month, then you can consider this card.

High Annual Fees

American Express Payback Credit Card charges a high annual fee of Rs. 1500 plus applicable taxes. However, the fees charged in the first year is Rs. 750 plus applicable taxes. Since you are getting a lot of benefits and features with the card, you have to pay a high annual fee. If you don’t want to pay a high annual fee, you can consider other cards. Although the high annual fee is justified. However, there are other cards which charge a lower annual fee which you can see in similar cards section.

No cashback, only Rewards

American Express Payback Credit Card offers you a decent reward program in which you can earn 3 reward points for every Rs. 100 spent except for fuel, utilities, insurance and cash transactions. However, there are other cards which offer better rewards program which you can see in the similar cards section. Also, this card does not offer any opportunity to earn cash back. If you like cards that offer the immediate benefit of cash backs, the Platinum times card might not be a good fit for you.

Other Fees and Charges

Default payment charges

If you default on your payments. i.e., if you don’t pay the minimum amount due as per the last credit card statement by the payment due date, the interest charged can increase up to 3.75% per month, i.e. (45.00% annually). This will be very costly for you if you are someone who defaults on payments regularly. It is a good habit to pay your bills before the due date. This will help in maintaining a good credit score which will, in turn, help you in getting better credit card deals and loans in the future.

Cash Advance charges

The cash advance charge is 3.50% of the amount withdrawn (Minimum Rs. 250). Taking cash advance from your credit card should be your last resort as interest starts accruing on the cash advance from the date of the transaction.

Over Limit Penalty

If by any chance you have spent more than your card limit then you will be charged Rs. 500. For example, your card limit is Rs. 30000 and your spends are 35000 then you are supposed to pay Rs. 500 for exceeding your card limit.

Foreign Currency transactions

You have the option of using your card for foreign transactions. However, you will be charged a foreign transaction fee for the same. For international transactions in US Dollars, you will be charged 3.5% of the INR equivalent of the US Dollar amount. If the transaction takes place in some other currency than US Dollars, then the transaction would be converted to US Dollars first, and then 3.5% charge would be levied on the INR equivalent of the US Dollars.

One major problem with this is that the transaction fees is billed in Indian Rupees using exchange rates on the date of settlement of transaction and not on the date of the transaction. This means that you may end paying more if the US Dollar appreciates against the Indian Rupee on the date of settlement. Exchange rates keep changing every day so you should think twice before using your card for foreign currency transaction. You should use it only if you have no other option left.

American Express Payback Credit Card: Eligibility

To be eligible to sign up for this card your age should be above 18 years. However, some of the Payback partners are enrolling people below 18 years as well. You should be a resident of India.

Why should you Sign-up for this card?

  1. A Decent rewards program where you get 3 Reward Points on every Rs. 100 spent except for fuel, utility, insurance and cash transactions.
  2. Benefits on Dining and Movies
  3. Waiver of annual fees on spends of Rs. 150000
  4. 900 payback points if you spend Rs. 15000 within 60 days of card approval
  5. Fuel Surcharge Waiver

Is this the right card for you?

If you like the privileges the card offers and if you think you can pay extra for the benefits you get, then this is the right card for you. This card offers a decent rewards program. Additional benefits of dining, movies, fuel surcharge waiver and a lot more with an annual fee of just Rs. 1500 plus applicable taxes.

Similar Cards: In case American Express Payback Credit Card doesn’t impress you!

Cards that offer better Welcome Gift

While American Express Payback Credit Card offers decent deals on rewards and welcome benefit. However, there are other cards which offer better welcome benefits. So if you’re looking for the additional benefit of welcome gift then you can consider other cards.

Cards like SBI Elite Card gives you a welcome e-gift voucher worth Rs. 5000 on selected brands like Yatra, Hush Puppies/ Bata, Marks and Spencer, Pantaloons, Shoppers StopSBI simply click credit card offers Amazon gift card worth Rs. 500 on joining. SBI SimplySAVE credit card offers a welcome gift of 2000 bonus reward points when you spend Rs. 2000 or more within 60 days of issuance. SBI Tata Platinum Credit Card offers you e-gift vouchers worth Rs. 3000 on selected brands. Standard Chartered Landmark Rewards Platinum Credit Card offers you vouchers worth Rs. 2700 on joining.

Cards that offer lower interest rate

While American Express Payback Credit Card charges an interest rate of 3.50% which is higher when compared to its peers. However, there are other cards which charge a lower/similar rate of interest such as SBI prime credit card which charges 3.35% per month, Citibank Rewards Credit card which charges 3.25% per month, SBI simply click credit card which charges 3.35% interest rate.

So if you default on your payments, it would lead to high-interest payments until the outstanding balance is paid in full. You will also have to incur a late payment charge. It is better to avoid paying these extra charges by making timely payments in full before the due date.

Annual Fees is on the higher end

American Express Payback Credit Card charges an annual fee of Rs. 750 plus applicable taxes (1 year) and Rs. 1500 plus applicable taxes (2 year onwards) which is on the higher end when compared it to its competitors. If you are someone who dislikes paying a high annual fee you can consider other cards that have a much lower fee. ICICI Bank HPCL card charges Rs. 199 annuallyHDFC Bharat Cashback card charges Rs. 500 annually, Standard Chartered Super Value Titanium card charges Rs. 750 annually, HDFC Bank Titanium Times Credit Card charges Rs. 500.

Cards that offer Cashback

Standard Chartered Manhattan Platinum Credit Card offers 5% cash back at supermarkets and department stores (More, Big Bazar, Reliance Fresh, Food Bazaar).

Standard Chartered Super Value Titanium Credit Card gives you 5% cashback on fuel purchases at all major petrol pumps in India. However, the minimum transaction required for cash back is Rs. 750. Also, the maximum cashback on fuel that you can get in every month is Rs. 200. Thus, the maximum amount you can earn in one year through fuel cash back is Rs. 2400.

However, American Express Payback Credit Card does not offer the benefit of cash back.

Cards That offer Better Reward Program

While American Express Payback Credit Card offers you a decent rewards program. However, there are few cards which give tough competition to it. One of them is Standard Chartered Landmark Rewards Platinum Credit Card is another great rewards card that lets you earn 9 reward points for every Rs. 200 spent at Lifestyle and Max and 2 reward points for every Rs. 200 spent on other spends. The points will be valid for one year from the date of accrual and you need a minimum of 166 reward points in order to redeem.

Now the question is where can you exactly redeem these reward points. So let’s go through how we can redeem the reward points

The reward points can be redeemed either at a point of sale or gift vouchers which can be used at any affiliated store in India. However, you cannot redeem points for cash. What interest us is how much value the points have? 1 reward point of Standard Chartered Landmark Rewards Platinum Credit Card is equal to Rs. 0.60.  Also, please note you can not modify or cancel the redemption request after the request is made.

The reward points can be changed by Standard Chartered at any time, without prior notice to the card holder.

Citibank Rewards Card is another card that lets you earn 10 reward points for every Rs. 125 spent at apparel and department stores and select partners. For all other categories, you earn 1 reward point for every Rs. 125 spent. You also have the option of earning 300 bonus rewards when you spend at least Rs. 30000 in a month.  You can redeem these points for various products, gifts, and vouchers. Another advantage is these reward points will never expire. Yes, you read that right they won’t expire.

The reward points can be redeemed as follows:

  1. Fuel Redemption: Redeem points at over 1200 participating IndianOil partners at the rate of 1 reward point = Rs. 0.25. Minimum points required to be redeemed is 250.
  2. In-store shopping: Redeem points at select partner brands at the rate of 1 reward point = Rs. 0.30. Minimum points required to be redeemed is 250.
  3. Online shopping: Redeem points against movie tickets, travel bookings, mega-stores, etc at the rate of 1 reward point = Rs. 0.25. Minimum points required to be redeemed is 250.
  4.  Air Miles: Redeem points for frequent flyer membership miles at the rate of 1 reward point = 0.75 miles. Minimum points required to be redeemed is 100.
  5. Cashback: Redeem points against your outstanding statement balance at the rate of 1 reward point = Rs. 0.35. Minimum points required to be redeemed is 5000.
  6. Gift vouchers: You can redeem the points for a wide variety of goods from the rewards catalog.

SBI Prime Credit Card offers one of the best reward programs as the more you’ll spend, the more you’ll earn. You can earn 20 reward points for every Rs. 100 spent on utility bill payments and earn 15 reward points for every Rs. 100 spent on Reliance Fresh, Big Basket, Reliance Footprint, Reliance Trends, and Sahakari Bhandar stores, earn 10 reward points for every Rs. 100 spent on dining, movies, groceries, and department stores. Also, earn 2 reward points for every Rs. 100 spent on retail spends and 20 reward points for every Rs. 100 spent on your birthday. You can use your accumulated reward points to pay your outstanding balance where you get Rs. 1 for every 4 points.

Worried about expenditure? and love to spend? If you sign up for this card you don’t need to worry about you expenditure anymore. Cause you can earn more while you spend more! Let us see how we can earn more by spending more

  1. On spending Rs. 50000 in a calendar quarter, you get a Pizza Hut e-voucher worth Rs. 1000.
  2. The renewal fee is waived off on spending Rs. 3 lacs or more
  3. On annual spends of Rs. 5 lacs, you earn an e-gift voucher of Rs. 7000

Standard Chartered Platinum Rewards Card is another competitor that offers one of the best rewards program. With this card, you earn points as follows:

  1. Earn 5 reward points for every Rs. 150 spent at fine-dining restaurants
  2. Earn 5 reward points for every Rs. 150 spent on fuel
  3. Earn 5 reward points for every Rs. 150 at hotels
  4. Earn 1 reward point for every Rs. 150 spent on all other categories

One of the best parts is that you get all these benefits without paying any joining or annual fee if you apply online for the card.

Final Word

This review must have helped you in understanding the benefits and drawbacks of American Express Payback Credit Card. Based on its annual fee and the benefits provided, it is a good credit card. You can earn 3 reward points fro every Rs. 100 spent except for fuel, utility, insurance and cash transaction. The annual fees can be waived if you spend more than Rs. 150000 in the previous year.

Also, you get additional benefits on dining and movies along with a waiver of fuel surcharge. However, one disadvantage can be that the interest rate is on the higher end. So if your search is still on then, you can read the reviews of other cards as well and decide which card fits your checklist of requirements. If you want to know about some other card and that card is not covered yet, then please let us know in the comments section below so that we can provide our review and help you make an informed decision.

American Express Payback Credit Card: Apply Online

It will take just 10 minutes to apply for the credit card. You need to fill details like address, bank and income details after which they will confirm the receipt of application. Then you need to send documents to prove your identity and legal status.

Usually, the process takes up to 3 weeks from submission after which you will be notified upon approval or denial of your application.