American Express Essential Credit Card

Last updated: 25 March 2020

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 low ongoing purchase rate and complimentary insurance covers.

This card earns 1.25 Membership Rewards point per eligible $1 spent ( point per $1 with government bodies), which you can transfer to 9 airline partners – including Virgin Australia Velocity and Emirates Skywards – or redeem them for purchases at David Jones, gift cards and other items available through the Membership Rewards store.

14.99% p.a.

Purchase rate

1.25

Reward points

Per $ spent (American Express)

$0 p.a.

Annual fee

55 days

Interest free period

Details

Product Name	American Express Essential Credit Card
Rewards program	Membership Rewards
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%
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
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

Charges a 3% transaction fee when used overseas or for making online payments in a foreign currency

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%
Additional cardholder fee	$0
Number of Additional Cardholders	4

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy 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.

Expert review

The American Express Essential has the rare combination of rewards and an ongoing $0 annual fee. Its competitive purchase rate of 14.99% p.a. also stands out when compared to the typically high interest rates seen on other rewards credit cards. Plus you can use this card through Apple Pay, Google Pay and Samsung Pay, with the added benefit of complimentary smartphone screen insurance.

Your everyday spending on this card will earn you 1.25 Membership Rewards points per $1 on most eligible purchases, including at supermarkets, petrol stations and restaurants. You’ll also earn point per $1 spent with government bodies in Australia. As well as points, the Amex Essential offers a range of purchase insurance covers.

How to apply

If you've checked out a few credit cards and want to get the Amex Essential, you can apply online in around 10 minutes and may get a response within 60 seconds of completing the application. Get started by making sure you meet the eligibility criteria and that you have all the documents and details needed for the application.

Eligibility criteria

Minimum income. You must earn a minimum annual income of $40,000.
Residency. You must be an Australian citizen, permanent resident or hold a current long term visa (12 months or more). Student visas are not eligible.

Credit history. You must not have a history of bad debt or payment defaults. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, email address, date of birth, driver's licence number, marital status, number of dependents and contact number.
Employment details. This covers your salary, current job title and your employer's contact information. You may also need to provide recent payslips, your latest tax return or your accountant's information.
Financial information. Beyond your salary, you'll need to share details of any other assets, such as savings or shares. You'll also need to provide estimates of your essential expenses – such as rent, mortgage payments, groceries and utility bills – as well as any other loans or lines of credit.

Card benefits

Membership Rewards Points. The Amex Essential earns 1.25 Membership Rewards points per $1 spent on eligible purchases, and 1 point per $1 spent with government bodies in Australia. Points can be redeemed for gift cards, Select + Pay with Points and more, or transferred to 9 airline partner programs, including Velocity Frequent Flyer.
Complimentary purchase insurance covers. Use the American Express Essential to pay for eligible purchases and get peace of mind with purchase protection insurance, refund protection insurance and extended warranty cover (known as "Buyer's Advantage").

Mobile payment compatibility. You can conveniently tap and pay with your smartphone when you add this card to your Apple Pay, Google Pay or Samsung Pay account.
Smartphone Screen Insurance. It's all too easy to end up with a smashed smartphone screen. But if you use your Essential card to pay for your phone (outright or on contract), you can get cover for smartphone screen repairs of up to $500. Cardholders can take advantage of up to two claims per 12-month period.
Amex perks. Enjoy exclusive shopping deals and benefits through Amex Offers, plus pre-sale events and ticket promotions through American Express Invites.

Rates & fees

$0 annual fee. There is no annual fee for the American Express Essential.
Interest rate. The Amex Essential has an ongoing purchase rate of 14.99% p.a. Note that you cannot make cash advance transactions with the Amex Essential.

Up to 55 interest-free days. If you pay your balance in full, you will receive up to 55 interest-free days on purchases.
Foreign currency conversion fee. If you use this card overseas or make online payments in a foreign currency, you'll pay a fee worth 3% of the total transaction amount.
Emergency card replacement. If your card is lost or stolen, you could get it replaced within 48 hours, from almost anywhere in the world.

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American Express Essential Credit Card