American Express Essential Credit Card
Enjoy Membership Rewards points without an annual fee, plus complimentary smartphone screen insurance and access to Amex offers and experiences.
The American Express Essential is a no annual fee credit card designed to suit modest spenders, with a combination of money-saving features and complimentary extras. This card offers a 0% p.a. introductory balance transfer rate for the first 12 months (with a one-time 3% balance transfer fee), a low ongoing purchase rate and complimentary insurance covers.
0% p.a.
Balance transfer rate
for 12 months with 3% balance transfer fee
14.99% p.a.
Purchase rate
1.25
Reward points
Per $ spent (American Express)
$0 p.a.
Annual fee
Details
| Product Name | American Express Essential Credit Card |
|---|---|
| Rewards Program | Membership Rewards |
| Balance transfer rate | 0% p.a. for 12 months with 3% balance transfer fee |
| Balance Transfer Revert Rate | Purchase Rate (14.99% p.a.) |
| Balance Transfer Limit | 70% of available balance |
| Maximum Balance Transfer Amount | $10,000 |
| Purchase rate (p.a.) | 14.99% p.a. |
| Annual fee | $0 p.a. |
| Interest Free Period | 55 days |
| Min credit limit | $2,000 |
| Max credit limit | $25,000 |
| Card Type | American Express |
| Foreign Currency Conversion Fee (American Express) | 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 |
| Joint Application | No |
Pros
- $0 annual fee
- Balance transfer offer of 0% p.a. for the first 12 months.
- Transfer points to a choice of 8 airline rewards partner programs.
- Competitive 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 |
|---|---|
| Rewards Points per $ spent (AMEX) | 1.25 |
| Rewards Points per $ Cap (American Express) | Uncapped |
| Annual fee | $0 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% of the closing balance or $30, whichever is greater |
| Late Payment Fee | $30 |
| Foreign Currency Conversion Fee (American Express) | 3% of transaction value |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 4 |
Expert review
Review by
Amy Bradney-George
amy.bradney-george@finder.comAmy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.
