American Express Low Rate Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this 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 and retail protection in the form of Card Purchase Cover, Card Refund Cover, and Fraud Protection 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. It’s not the case with American Express Low Rate Credit Card though. With this low rate card, you pay no annual fee for the life of the card.

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 points 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 and are looking for a card that will reward you for your spending 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.

One money-saving feature that's also worth mentioning is the Plan It™ Instalments. It provides new cardholders with a flexible way to pay off their credit card balance in equal monthly instalments, with 0% p.a. interest. As long as your account is in good standing, you can set up the Instalment Plan. It is important to note, however, that this comes with a fixed monthly plan fee and the amount that can be transferred to an Instalment Plan may be limited. Make sure that you thoroughly review the terms and conditions to see if this is something that could work out for you.

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 Card Purchase Cover, your purchases are protected for up to 90 days if they break or are stolen. You can also enjoy Card Refund Cover 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 hold a long term visa. Long term means at least 12 months and does not include student visas. You must be aged 18 or over, and you must have no history of bad debt or payment default.

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 and retail cover.