Isn't Amex MRCC one of the most rewarding credit card for a medium level spender?

Disclaimer: I am writing this post not for any promotions/self benefits, just thought of sharing this to explain how I see this card and its benefits from my perspective American Express Membership Rewards Credit Card is an entry level card just above smart earn Annual Fees -- 1500 via referral, waived off on spends of 1.5 L or above and 50% waived off if spend 90k or above Main USP of this card - 1000 extra reward points for 4*1500 transactions in a month and 1000 extra rewards points for monthly spend of 20000 and above I used to load Mobikwik 3*1500 and used to buy a amazon voucher of 1500 every month and used it to recharges / pay bills like Electricity, Water, Broadband, Insurance Premium, DTH etc. At least twice in a year this card would come with a targeted offer of 10% cashback in Amazon even applicable for purchase of gift cards (have seen the same in last 3 years at least) 1 reward point for every 50 Rs spend, 1 reward point = 0.375 Rs in cash or 0.388 in Amazon voucher (Explore Amex Gold Collection to understand better) 24000 points required for 9000 cash statement, 18000 points required for 7000 Amazon voucher Below is the way in which I calculate the returns on this card (based on my average spends) 4*1500 amazon e-voucher purchase via Amex reward multiplier portal (2x on 50 spends) gives 240 points in a month or 2880 points in a year 1000 extra points every month from above spends gives 12000 points in a year 20000 amazon voucher once in a year when 10% offer is applicable gives 2000Rs as cashback the above spend would also give 400 regular points + 1000 bonus points so total 1400 points Total spends = 92000 Rs (6000*12 + 20000) , eligible for 50% fee waiver Total reward points + cashback value = 16280 points , which in cash is 6105 +2000 (cashback) = 8105 Rs 50% fee = 885 Rs (750 + 18% GST) Final Benefit = 8105 - 885 = 7220 Returns on spending 92000 = 7.85% if redeemed for amazon voucher returns would be ~ 8.08% PS:- Currently American Express is banned from sourcing new cards