If you hold the American Express Membership Rewards Credit Card, you’ll want to pay close attention to this one. Amex has announced changes effective from 11 October 2026, and the biggest headline is that the annual fee waiver is being removed along with updated points rules.
That combination is important because it changes both the cost side and the earning side of the card. A fee waiver can be a major part of the value equation for many cardholders, especially those who use the card selectively. Once that waiver goes away, the card becomes harder to justify unless the rewards structure still works strongly for your spending pattern.
The updated points rules also matter because Membership Rewards cards are often used as a flexible points-earning tool. When a bank changes how points work, it can affect how quickly you accumulate value for travel redemptions, vouchers, or partner transfers. Even without every granular detail in front of us, the direction of travel is clear: this is a meaningful product change, not a cosmetic tweak.
For existing cardholders, the timing is the key issue. 11 October 2026 is the date to mark, because that’s when the new rules kick in. If you’ve been relying on the fee waiver to keep the card in your wallet, this is the moment to reassess whether the annual cost still makes sense for your spend.
This is especially relevant for people who use Amex mainly for milestone spending or as part of a wider points strategy. Once a fee waiver disappears, the card has to earn its place more honestly. That means you should compare it against other rewards cards in your portfolio and see whether the transfer partners or redemption options still justify the cost.
The broader takeaway is simple: Amex is tightening the economics of this card, and that usually means cardholders need to be more deliberate about usage. If you’re not extracting strong value from the rewards program, the card may no longer be a casual keep.
What You Should Do: If you have this Amex card, review your annual fee value before 11 October 2026 and decide whether the updated points rules still fit your spending. If the fee waiver was the main reason you kept it, compare alternatives now so you’re not forced into a rushed decision later.