American Express Essential Credit Card
- $0 annual fee
Eligibility criteria, terms and conditions, fees and charges apply
With features including a $0 annual fee, promotional balance transfer rate, rewards program and smartphone screen insurance, the Amex Essential Credit Card stands out from the pack.
The American Express Essential Credit Card is uniquely designed to suit modern-day lifestyles, with a combination of money-saving features and complimentary extras. This no annual fee credit card offers a 0% p.a. promotional balance transfer rate for the first 12 months (with a one-time 3% balance transfer fee), interest-free days, enrolment into the Membership Rewards Gateway program and complimentary insurance options.
Compare the features and costs to determine whether this card is right for you.
| Product Name | American Express Essential Credit Card |
|---|---|
| Rewards Program | Membership Rewards Gateway |
| Balance transfer rate (p.a.) | 0% p.a. for 12 months with 3% balance transfer fee |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Purchase Rate (14.99% p.a.) |
| Balance Transfer Limit | 70% of available credit limit |
| Maximum Balance Transfer Amount | $10,000 |
| Purchase rate (p.a.) | 14.99% p.a. |
| Annual fee | $0 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $2,000 |
| Max credit limit This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. | $25,000 |
| Card Type | American Express |
| Foreign Currency Conversion Fee (AMEX) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Income | $40,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available To Temporary Residents | Yes - Conditions apply |
| Annual fee | $0 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% or $30, whichever is greater |
| Late Payment Fee | $30 |
| Foreign Currency Conversion Fee (AMEX) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 4 |
Pros
- Pay no annual fee for life.
- This card comes with a balance transfer offer of 0% p.a. for the first 12 months.
- Transfer your points to a choice of 8 airline rewards partner programs.
- Add a supplementary card at no extra cost.
- Enjoy a low purchase rate of 14.99% p.a.
- Smartphone screen insurance of up to $500 per claim and up to two claims per 12-month period will be covered.
Cons
- A one-off 3% credit plan establishment fee applies for balance transfers.
| Rewards Program | Membership Rewards Gateway |
|---|---|
| Rewards Points per $ spent (AMEX) | 1 |
| Rewards Points per $ (AMEX) Cap | Uncapped |
Benefits of the American Express Essential Credit Card
Some of the perks you can expect include:
- No annual fee. You can take advantage of a $0 annual fee for the life of the card.
- Rewards. You’ll receive complimentary enrolment to the Membership Rewards Gateway. This program allows cardholders to earn 1 Membership Rewards point per $1 spent on eligible purchases (and 0.5 points for every $1 spent on bills, utilities and government payments), uncapped. These points can be redeemed for flights and merchandise. Please note that the earn and redemption rates are due to change from 15 April 2019. You can compare the upcoming changes to Membership Rewards in this detailed guide.
- Smartphone Screen Insurance. Smartphone users are all too familiar with the heartbreaking reality of a smashed phone screen. If you use your Essential card to pay for your phone (outright or on contract), smartphone screen repairs of up to $500 will be covered. Each cardholder can take advantage of up to two claims per 12-month period.
- Balance transfer. Consolidate your existing debt with a balance transfer rate of 0% p.a. for the first 12 months, with a one-time 3% balance transfer fee which applies to the entire balance transfer amount. The rate will revert to the ongoing purchase rate of 14.99% p.a. at the end of the promotional period.
- Eligible for Apple Pay. Enjoy fast, secure and convenient payments with one touch to pay using the touch ID feature. Learn more here.
- Eligible for Samsung Pay. Make easy and contactless payments with your qualifying Samsung device through the Samsung Pay application. Learn more here.
- Eligible for Google Pay. American Express Essential Credit Card is eligible to use in Google Pay, allowing its cardholders to make contactless payments by simply tapping their android device on a contactless terminal. Find out more about it here.
Features of the American Express Essential Card
- Purchase interest rate. The Essential card offers an ongoing purchase rate of 14.99% p.a.
- Retail insurance. Cardholders can shop with confidence knowing their purchases are covered by refund protection (up to $500 per claim), purchase protection (up to $2,500 per claim) and extended warranty by up to 12 months.
- Online fraud protection. All online purchases made using your Essential credit card are secured by online fraud protection.
- Up to 55 interest-free days. If you pay your balance in full, you could receive up to 55 interest-free days on purchases.
- Amex offers. American Express cardholders can benefit from exclusive American Express offers on rewards and other perks.
How to apply for the American Express Essential Credit Card
If you’ve compared your options and decided to apply for the American Express Essential Credit Card, you can do so by completing the online application. But first, make sure that you meet the requirements below.
Eligibility criteria
- You must be 18 or older.
- You must make a personal gross (pre-tax) annual income of $40,000 or more.
- You must be an Australian citizen or permanent resident or hold a current Business Long Stay Visa (subclass 457).
- You need a good credit history to apply for this card.
Required documents
If you meet the criteria for this card, you can start your application. Make sure you have the following documents and information on-hand to speed up the process.
- Personal information. This includes your full name, residential address, email address and contact number. You’ll also be required to provide proof of identification such as your birth certificate and driver’s licence.
- Employment information. You’ll need to provide information about your employment and source of income.
- Financial information. In addition to your employment information, you'll need to provide details about any other sources of income or assets, including property, shares and savings accounts. You also need to provide information about debts, liabilities or other expenses, including existing card debts, mortgages, rental payments and day-to-day expenses.
The American Express Essential credit card is a no annual fee option that also provides a wide range of valuable extras. Now that you know more about the features of this card, you can compare it with other options to help you choose the right card for you.
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would like to try this one as I want to save points however im wondering what is the requirements for me to apply and approve? Iam in single parenting payment income from centrelink and got a child support. I’d save a lot this time and no debts. I’d pay bills ontime.
looking forward to here from you. Thanks
Hi Mama,
Thanks for reaching out.
These are the eligibility requirements for the American Express Essential credit card:
*You must be 18 or older.
*You must make a personal gross (pre-tax) annual income of $40,000 or more.
*You must be an Australian citizen or permanent resident or hold a current Business Long Stay Visa (subclass 457).
*You need a good credit history to apply for this card.
Having a good credit score and a history of paying your bills on time will be of much help, together with a proof of consistent income, whether it is from employment or government assistance.
To add to your options this is a page that compares other AMEX card side by side and another page that lists cards individuals on centrelink can look into.
Hope this helps,
Joanne
I would like to transfer my balance from David Jones AMEX card I currently hold? Is this possible?
Please note some credit cards have restrictions around which institutions you can balance transfer your debts from. This usually happens when credit card companies have financial ties to one another, or when both credit card companies are actually being financed by the same larger lending institution. You may want to check the available options here.
I hope this information has helped.
Cheers,
Harold
Hello Team,
Just wondering if you can clarify what this wording means.
“This program allows cardholders to earn 1 Membership Reward per $1 spent on eligible purchases (and half of a Membership Reward for every $1 spent on bills, utilities and government payments). These points can be redeemed for flights and merchandise.”
Does this mean that for every $1 spent on bills that you will only receive 50cents or .5 of a point?
Thanks
Hi Cassie,
Thanks for your question.
With American Express Essential Credit Card, you’ll earn 1 Membership Rewards point per dollar spent on all purchases except utilities, insurance, telecommunications providers and government bodies in Australia where you will earn 0.5 point per dollar spent.
Cheers,
Anndy
what frequent flyer programmes there are 8 of them are available on the amex essential credit card
Hi Bob,
Thanks for your question.
If you are referring to frequent flyer programs where you can transfer your American Express Membership Rewards Gateway points to, you can check our guide here.
Generally, you can transfer your points to the following frequent flyer accounts:
Air New Zealand Airpoint
Cathay Pacific Asia Miles
Emirates Skyward
Etihad Guest
Malaysia Airlines Enrich
Qantas Frequent Flyer*
Singapore Airlines KrisFlyer
Thai Royal Orchid Plus
Virgin Australia Velocity
Virgin Atlantic Flying Club
Cheers,
Anndy
Hello, I have always been hesitant about getting an American Express Credit Card, due to not everyone will accept Amex, and when they do they most likely will charge a % fee on the purchase. Also can you setup direct debits with Amex cards? Can the card be used online.? Probably silly questions but it shows my knowledge in regard to Amex. Thank you.
Hi Tony,
Thank you for your inquiry contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions.
The reason why some merchants do not accept AMEX cards because of the higher costs they pay for “payments facilitator fees”.
As for setting up a direct debit with AMEX cards, you’ll need to confirm that with your merchant if they would accept AMEX credit card. Basically, AMEX allows that arrangement and their cards can also be used online.
Cheers,
May
Can I confirm that you are able to transfer rewards to Emirate skywards? If so is there an option to select this on the application?
Hi Amanda,
Thanks for your question.
Yes, you can convert your American Express Membership Rewards to Emirates Skywards anytime at a minimum transfer points of 2,000. The conversion rate is 4 Membership Rewards points = 3 Skywards miles.
If you wish to transfer your points to Emirates Skywards, you must first register your membership number with American Express (this is normally done after the credit card application process), then login to your account to complete the transfer.
Cheers,
Anndy
Hi,
Are you able to balance transfer from a personal loan with another financial institution to this credit card?
Thanks
Hi Mel,
Thank you for your inquiry.
Citi and Virgin Money credit cards give you the ability to transfer balances from personal loans. These card issuers provide a host of cards with different balance transfer offers where you can compare here.
Hope this has helped.
Cheers,
May
What can I redeem with the reward points?
Hi Kwok,
Thank you for your inquiry.
You can redeem your reward points for a wide range of rewards including cash back, flights, gift cards, merchandise and transfers to up to 8 frequent flyer programs.
Cheers,
Jason
Hi,
Rewards program – Which airlines can I use the points to book flights?
Fees – Are there any other fees associated with Master Card other than the annual fee? I seem to remember that Master Card used to be more expensive to purchase items. Perhaps the retailers had to pay higher fees when customers used MC?
Usage – is Master Card accepted as widely as Visa?
Thanks George
Hi George,
Thanks for our inquiry.
Kindly see below:
Rewards – You can transfer your points to a choice of the ff.:
Fees – Kindly note that this is not a MasterCard, but this card’s fees include:
Usage – MasterCard is just as widely accepted as Visa, but once again, this card is not linked to either of the two.
For more information, I have sent the key fact sheet of this card to your email.
I hope this has helped.
Cheers,
Ally
Is it possible to balance transfer from Amex Essential card to any other bank credit card? If not, what is the use of having this credit card as it is not accepted at many places?
Hi Asha,
Thanks for your question.
Yes, you’ll be able to do a balance transfer as long as you are not transferring to an existing American Express credit cards.
However, please also note that your chances of approval will still depend on the institution that you will be applying for a balance transfer. Should you wish to clarify more regarding this matter, it would be best to contact American Express at 1300 366 105.
I hope this helps.
Cheers,
Ysa