American Express® Credit Card EMI

American Express® Charge Cards are not eligible for EMI Conversion. This facility is available only on select credit cards, which include:

• American Express SmartEarn™ Credit Card
• American Express Membership Rewards® Credit Card
• American Express® Platinum ReserveSM Credit Card
• American Express® Platinum Travel Credit Card

The eligibility criteria for the American Express® EMI option are given below:

• The transaction amount must be Rs. 5,000 or above.
• Purchases equal to or above Rs. 3,000 on Amazon can also be converted to EMIs.
• The EMI conversion can only be opted before the payment due date of the card statement which includes the particular transaction.
• Transaction categories like gold and jewellery are not eligible for EMI conversion.
• The eligible cardmembers can avail EMI conversion for up to 6 transactions at any point within their credit limit.

You can choose the American Express® EMI conversion either pre or post purchase. The details about this conversion are as follows:

Pre-purchase EMI: Cardholders can opt for the EMI option at the time of purchase at the Point of Sale (POS) during both online and offline shopping. For in-store purchases, ask for the EMI option before the purchase and for online shopping, choose this option on the SafeKey OTP screen during the checkout.

Post Purchase EMI: You can also choose to convert your American Express® credit card bill into EMIs post purchase through SMS, online, or by email. To convert through SMS from your registered mobile number, send EMINOW <Amount> Transaction Date <DDMMYY> Merchant Name <XXXX> EMI Tenure <3/6/9/12/18/24> to 5616166. You can also fill the online form on the official website or email at emi@aexp.com.

The points to remember regarding the conversion of the American Express® Credit Card purchase into EMI are described below:

• The request for EMI conversion  is usually completed within 7 to 10 days of request placement. Once completed, the payable EMI is reflected on the first credit card statement generated post the EMI conversion.
• The EMI tenure can not be changed, once chosen.
• On choosing the EMI option, the American Express® Card’s credit limit is going to be reduced by the combined principal and total interest amount.
• The existing outstanding balances from EMI transactions can not be converted into EMIs. Moreover, one EMI Plan can not be transferred to another plan.
• No American Express Membership Rewards® (MR) points are awarded on the Pre-purchase EMI option chosen at any POS, including the merchant terminals and online websites. They can only be earned on EMI transactions done via American Express® SafeKey and on choosing EMIs post purchase.
• The EMI amount has to be paid in full every month and is always included in the minimum due payment in the monthly credit statement. (3.4)
• Contact the American Express® customer care on 1800 419 2122 for EMI cancellation, in case of full refund from the seller.
• If your American Express® Membership is cancelled, you are required to foreclose all EMI Plans within 24 hours by calling the customer service.
• If you wish to opt out of the EMI option, the request for the same must be made before its payment due date. After cancellation, the remaining principal amount is added to the revolving balance with credit interest rates applied.

The fees and charges associated with the American Express® Credit Card EMIs are mentioned below:

Note: EMIs and the American Express® credit card EMI interest rates are subject to change. Check the latest EMI Plan for your card account before every EMI transaction.

To calculate the American Express® Credit Card EMI, you need to choose a suitable tenure for the EMI Plan. The tenure can be selected from the 3, 6, 9, 12, or 24 months. Now, for instance, if you choose a Post Purchase EMI option for a purchase of Rs. 10,000, then –

Transaction Amount converted to EMI: Rs. 10,000

Processing Fee: Rs. 200 (2% of Rs. 10,000)

Interest Rate: 16% p.a. (1.33% p.m.)

EMI Tenure: 6 months

So, EMI will be Rs. 1,745 per month, with additional transaction and service charges as applicable.

Q. Why is my EMI request for American Express® Card bill declined?

A. The request to convert your American Express® card bill to EMIs can be declined for a variety of reasons, such as, if you already have any active EMIs on your card, if your outstanding balance which you want to convert is unbilled, or your transaction category is not eligible for the EMI Plan.

Q. When can I apply for the EMI conversion of my American Express® Credit Card bill?

A. You can either request for EMIs on credit card bill at the time of purchase at the POS, or post purchase. The American Express® cardholders are advised to apply for EMI payment option within 14 days from credit card statement generation date to avoid paying additional charges like late payment fee, overlimit fee, etc.

Q. How can I foreclose the American Express® EMI facility?

A. You can pre-pay the total unbilled principal amounts by calling the American Express® customer service. During EMI foreclosure, you are required to pay in full, but not a part of the total amount. No foreclosure charges are going to be applied on the American Express® card EMI facility.

Q. Are all American Express® credit cards eligible for EMI ?

A. Not all American Express® Credit Cards are eligible for the EMI facility. Click here to check the list of eligible cards on which you can avail the EMI facility.