American Express Low Rate Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question about this card.

The American Express Low Rate Credit Card

With a low rate of interest and no annual fee, the American Express Low Rate Credit Card is designed to help cardholders save money, while still enjoying access to credit. Cardholders can benefit from up to 55 days interest free on purchases, 0% p.a. on balance transfers for 12 months, and retail protection in the form of purchase protection, refund protection and fraud guarantee.

What we love...

Designated a low rate card, the American Express Low Rate Credit Card offers an ongoing low rate on purchases, helping cardholders who may carry a balance to save on interest. An extremely competitive option, rates this low are typically only seen on credit cards offered by smaller banks and member-owned financial providers, such as credit unions.

Obviously, the best way to save money on interest is to clear your balance each month by the due date. But, if that’s not possible, a low rate card may be a better option than a rewards card or feature-packed card that charges a much higher rate of interest. Plus, if you do clear your balance month-to-month on this card, you can enjoy up to 55 days interest free on purchases.

When it comes to credit cards, you often find low rate options charge higher annual fees. Why? Even if features are lacking, low rate cards generally charge more in annual fees, as the provider is likely to get less back in interest. Not so, the American Express Low Rate Credit Card. With this low rate card, you pay no annual fee for the life of the card.

Another handy feature on this card is its balance transfer offer. If you have an existing credit card balance, you could transfer it to the American Express Low Rate Credit Card to benefit from 0% p.a. on balance transfers for the first 12 months, with a one-off credit plan establishment fee of 1%. Any balance left unpaid after the intro period ends reverts to the card’s purchase rate.

What’s not so great...

The American Express Low Rate Credit Card is a basic low rate card with no annual fee. While it offers a few nice extras, it generally keeps things simple. This works well for those who want simple, but for those who don’t – for those who want to earn rewards and bask in fancy features – this may not be the card for them.

Why should you choose this card?

If you want to save on interest while paying zip in annual fees, the American Express Low Rate Credit Card may just be the card for you. Designed to be a money-saver, it could help you save on interest should you happen to carry a balance, while you take advantage of the various features the card has to offer.

While these features might not blow your socks off, remember, you are not paying an annual fee, and the card’s purchase rate is super low. So, what are those features exactly? First up, you can add up to four additional cardholders at no extra cost, and you can benefit from Amex service with emergency card replacement worldwide, backed by 24/7 Global Card Support.

The American Express Low Rate Credit Card is compatible with Apple Pay, Samsung Pay and Google Pay, and also offers a range of cover on purchases. With purchase protection, your purchases are protected for up to 90 days if they break or are stolen. You can also enjoy refund protection and an online fraud protection guarantee.

To be eligible for the American Express Low Rate Credit Card, you must be an Australian citizen, a permanent resident, or a current Business Long Stay Visa holder, and you must be aged 18 or over. You must have no history of bad debt or payment default, and you must have an annual income of $50,000 or more.

Overall Rating

Offering cardholders the opportunity to save on interest and annual fees, the American Express Low Rate Credit Card has a super low purchase rate, no annual fee, retail cover and 0% p.a. on balance transfers for 12 months.