American Express Credit Card

American Express Credit Card

Confused which American Express credit card to pick? Each American Express credit card is tailored to meet the specific requirements of the cardholder. Compare various Amex cards and apply for the one that best suits you online right here.

Bank Name1st Year Fee Rewards Joining Perks 


Simply SAVE SBI Card
Rs 0
1 MR point /
50 spent1,000 MR bonus
points for every
transactions of 1,000 or more


Great benefits
on travel bookings on the
MakeMyTrip website
Bank Name1st Year Fee Rewards Joining Perks 


Simply SAVE SBI Card
Rs 0
1 MR point /
50 spent1,000 MR bonus
points for every
transactions of 1,000 or more


Great benefits
on travel bookings on the
MakeMyTrip website

American Express Credit Card is Rated as “Great!” by 2498 Users
State Bank of India (American Express Credit Card) is the second largest credit card provider in India with a customer base of over 6 million by Q3 2018. The bank offers a wide variety of credit cards in different categories including lifestyle, rewards, shopping, travel, fuel, and co-branded.

Each American Express Credit Card credit card is crafted to suit the needs of targeted users. The bank’s partnership with retail merchants, online retailers, airline companies, fuel dealers, etc., made the cards versatile. Now users can choose the cards based on their spending patterns and get the most benefits.

American Express Credit Card Interest Rates
Updated on 07 Jan 2019
American Express Credit Card

The practical aspects of buying, constructing or renovating a house involves immense responsibility, impeccable research and thorough planning. For most of us, getting the right Credit Card scheme (which perfectly suits our needs) and repaying it with an interest can be a mammoth task, or maybe quite impossible. Though some people settle for a mortgage, it may not be the wisest option. In this scenario, the best thing to opt for is a comprehensive Credit Card plan. Most leading banks extend financial assistance to customers in the form of Credit Cards, with the purpose of helping them to buy a house.American Express Credit CardBank is one on of India’s largest private sector banks.

 

Some of the Best Features Provided By American Express Credit Card are as follows:

  • It is a really a very quick and easy process to get a Credit Card from American Express Credit CardBank.
  • With a higher eligibility, the bank also offers lower EMIs at affordable and attractive rates of interest.
  • Keeping up evolving technology, American Express Credit Cardbank has introduced a new system by which you can go through the application process Tablet and Smart phone. This ensures faster processing and quick disbursal of theCredit Card.
  • You can avail Credit Card from American Express Credit Cardto buy your dream house (of your choice), or from American Express Credit Cardbank’s approved projects.
  • They also offers pre-approved Credit Cards to selected customers, and existing customers get to enjoy reduced documentation process.
Features and benefits of American Express Credit Card
  • Affordable interest rates and both floating and fixed options
  • The Credit Card can be sanctioned before selecting the property
  • A really smooth simplified documentation process and even faster documentation process for existing customers
  • You get the freedom of enjoying a longer tenure with lower EMIs
  • The ‘Balance Transfer’ feature allows you to transfer your existing Credit Card availed from any other bank, to American Express Credit CardBank. This is for you to enjoy long term savings.
  • With the Balance Transfer feature, you can enjoy up to additional top upCredit Card amount. This can be up to 100% of the original Credit Card.
  • The bank’s Credit Card page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the Credit Card amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards theCredit Card.
  • Selected customers can enjoy pre-approved Credit Cards.
  • Up to 30 years ofCredit Card tenure available
  • Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
American Express Credit Card eligibility criteria:
  • Applicants must be at least 21 years old when theCredit Card is sanctioned.
  • The entireCredit Card must be repaid at or before the age of 65 years.
  • Applicant must be self-employed or salaried with a regular income source.
  • The co-applicant’s age must be at least 18 years.
American Express Credit Card interest rates

Before we get into the absolute numbers, it is essential to know how the interest rates are actually calculated. Like other Credit Cards available from other banks in India, American Express Credit CardBank Credit Cards also offer an MLCR based interest rate calculation. It is essential to understand that the American Express Credit CardBank floating rate Credit Card is benchmarked to I-MCLR-1Y. Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.55%. But the interest rates are calculated differently for different groups based on demographics.

American Express Credit Card interest rate for self employed borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.15% I-MCLR-1Y + 0.50%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
American Express Credit Card interest rate for salaried borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
American Express Credit Card interest rate for women borrower- self employed (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
American Express Credit Card interest rate for women borrower- salaried (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.05% I-MCLR-1Y + 0.40%
Above 75 lacs9.20%I-MCLR-1Y + 0.45%
American Express Credit Card EMI calculator
American Express Credit offers unique and dynamic tools like EMI calculator and Eligibility calculator to help customers with choosing the right Credit Card. With the use of the eligibility calculator you can find the Credit Card amount you are eligible to avail for, by entering certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you need to make towards theCredit Card. For this you need to enter basic details like theCredit Card tenure andCredit Card amount. Make use of these tools to get the best deal. Pradhan mantri awas yojana by American Express Credit

The CLSS or Credit Linked Subsidy Scheme has been announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS under PMAY, everyone will have a house by 2022.

Under the housing for all by 2022 scheme, interest subsidy can be availed by the customers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for improvement, extension, construction and purchase of houses.

Features of PMAY schemes:
  • In case of MIG categories, the beneficiary family’s Aadhaar numbers are mandatory.
  • The interest subsidy benefit can be availed on the outstanding principal.
  • The subsidy can be availed for maximum tenure of 20 years or the tenure availed by the customer, whichever is lower.
  • No cap is there on the property’s cost or the amount ofCredit Card.
  • The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
  • Any additionalCredit Card above the specified cap, will come with a non-subsidized rate.
Eligibility for applying PMAY scheme:
  • In order to be eligible for this scheme, the beneficiary family must not have received any central assistance under Housing of all by 2022.
Beneficiaries under PMAY scheme:
  • This particular scheme is offered to the families comprising of wife, husband and unmarried kids. Any adult member earning for himself/herself, irrespective of his/her marital status, will be treated as separate household under the Middle Income Group category.
  • The beneficiary family should not have a pucca house in any part of India. Even the family members cannot own a pucca house anywhere in India
American Express Credit  Card balance transfer American Express Credit Card gives the privilege of lowering the EMI burden to its customers, and allows them to make savings by transferring their current Credit Card scheme from any other Bank to American Express Credit Card. The balance transfer feature is very innovative and a very thoughtful gesture on the bank’s part.
FAQs on American Express Credit Card
  1. I have opted for the floating interest rate option on my American Express Credit Credit Card. If there is a change in the rate, will it affect me? If so, then how?This depends on what your Credit Card is linked to. If yourCredit Card is linked to FRR and PLR your rate of interest will reduce by 0.05%. This will happen due to the change in the FRR/PLR on June 26, 2015. Please note that this change will also correspondingly have an impact upon your EMI orCredit Card tenor.
  2. I am a Credit Card customer with an Initial /Renewable fixed rate of interest. What happens when the fixed rate tenure expires?As per the fixed rate Credit Card, theCredit Card is fixed for a stipulated period of time. The same would have been intimidated to you in theCredit Card sanction letter. After the fixed rate period is over, your interest category of theCredit Card would convert to floating rate. The applicable floating rate is decided based on a certain factor. This is the benchmark rate which is prevailing during the completion of fixed rate period.
  3. Do I have the freedom to choose the category of interest rate (fixed or floating) on my American Express Credit Credit Card?With American Express Credit Credit Cards, borrowers can enjoy fixed interest rate for the first 10 years, and thereafter avail a choice of fixed or floating interest rates. The rate of interest varies according to certain factors like theCredit Card amount, category of borrower, period of theCredit Card and fixed or floating rate of interest.
  4. Is there any special concession on the Credit Card interest rates offered by American Express Credit , for women borrowers?Yes, for women borrowers the starting rate of interest from Credit Card is from 8.35% to 8.80%. The woman borrower needs to be the main applicant of theCredit Card, or a co-owner in the financed property to avail the following rates of interest-
    • The floating rate of interest ranges from 8.65% to 8.80%.
    • The fixed rate of interest (for 5 years, 10 years) ranges from 8.70% to 8.90%
    • The full tenor fixed interest rate ranges from 9.70% to 10.05%
  5. If I want to close my Credit Card, are there any charges on prepaying theCredit Card?If the Credit Card is availed on floating rate of interest, then there are no charges for this. If theCredit Card has been availed on fixed rate of interest, then you need to pay 2% (plus applicable taxes) on the outstanding principal.
Why You Should Choose American Express Credit Card ?

Choosing a Credit Card provider is challenging. Building a new American Express is a dream to many, choosing the right bank takes you one step closer to make your dream come true. Many leading banks offer excellent Credit Cards with attractive features. American Express Credit Card Bank is one such bank that offers Credit Cards that is specially designed keeping their customers in mind.

Excellent American Express Improvement Loans From American Express Credit Card

People often require funds and opt forCredit Cards to renovate their existing American Express. To help American Expressowners refurbish their house, American Express Credit CardBank is now offering American Express improvement Credit Cards with attractive features.

Credit Card Offered By American Express Credit Card Bank

American Express equity Credit Card is trending these days. This type of Credit Card is when a borrower uses the equity of the house as collateral. Many people opt for American Express equity Credit Cards to take care of other expenses like American Express renovations, medical expenses, or for higher education. One of the most popular American Express equity Credit Cards in India is American Express Credit Card Bank Credit Card.