Credit card rewards move away from travel and towards retail benefits
The covid-19 pandemic has forced card issuers to rethink their rewards strategy. This is especially true for premium credit cards such as Amex because their value proposition relied heavily on travel benefits like air miles and lounge access.
American Express India has launched a reward multiplier platform, which allows cardholders to earn accelerated membership reward points when they make retail purchases, including those on major e-commerce portals. This marks a shift from Amex's usual offering of travel-based rewards. But why the shift to retail rewards?