American Express Low Rate Credit Card keeps your costs to a minimum with $0 annual fee and a purchase interest rate of 8.99% p.a.
With an annual fee of $0 for life and the purchase interest rate is a mere 8.99% p.a. this card could be a valuable no-frills alternative for some cardholders. By taking advantage of up to 55 interest-free days on purchases, customers can also ensure that their total interest on purchases is reduced to an absolute minimum. This card also offers perks for families, providing up to 4 additional cards at no extra cost.
|Product Name||American Express Low Rate Credit Card|
|Balance transfer rate (p.a.)||0% p.a. for 12 months with 1% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Purchase Rate (8.99% p.a.)|
|Balance Transfer Limit||70% of available credit limit|
|Maximum Balance Transfer Amount||$10,000|
|Purchase rate (p.a.)||8.99% p.a.|
|Annual fee||$0 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|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.
|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 Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|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|
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.
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||4|
- Competitively low purchase rate of 8.99%
- $0 annual fee for life
- Up to 4 complimentary additional cardholders
- Complimentary Refund and Purchase Protection Insurance
- Online Fraud Protection Guarantee
- A 1% balance transfer fee applies to any balances transferred
- A relatively large $30 late payment fee applies if you miss your minimum repayment
American Express Low Rate Credit Card review
Offering $0 annual fee, a low purchase rate of 8.99% p.a. and 55 interest-free days, this card is designed for cardholders who desire minimum maintenance costs on their credit card. The card also offers additional features such as purchase protection cover, refund protection cover and online no fraud guarantee to provide cardholders with peace of mind while shopping. As a low rate card though, this American Express card doesn’t offer a rewards program, complimentary travel insurance or platinum benefits such as concierge services
Benefits of using an American Express Low Rate Credit Card
This card offers several benefits to suit cost-conscious customers. Some of the perks you can look forward to include:
- No annual fee. $0 annual fees mean customers can enjoy the benefits of the card without any significant costs.
- Low purchase rate. The purchase rate on this card is a competitive 8.99% p.a.
- Balance transfer. This card offers an introductory rate of 0% p.a. for the first 12 months on balance transfers. A one-time $1 balance transfer fee applies.
- Interest-free days. If cardholders pay their balance in full, they can take advantage of up to 55 interest-free days on purchases.
- Purchase protection. Shopping becomes a stress-free experience with refund protection, purchase protection and an online fraud protection guarantee.
- Customer care support. The card comes with 24/7 customer care support which allows customers to resolve any issue instantly.
Features of American Express Low Rate Credit Card
The main features of this card are:
- Additional cardholders. Up to 4 additional cards can be issued on a single account without any extra cost, allowing households to manage their expenses under one account.
- AMEX contactless technology. Customers can use contactless technology to make purchases of up to $100 without any need for signature and pin.
- Special offers. AMEX also provides a guide to special offers, hidden hot spots and more.
How to apply for the American Express Low Rate Credit Card
Complete an online application form to start the online application process. It takes about ten to fifteen minutes to complete. Once you’ve finished the application, you should have a response from American Express within a minute or two. Before you begin the application process, make sure you meet the following eligibility requirements:
- Applicants must be over 18.
- Applicants must be a permanent Australian resident, citizen or holder of a currency Business Long Stay 457 Visa.
- Earn more than $50,000 (household pre-tax annual income)
- Applicants must have a good credit rating.
To speed up the application process, make sure to have the following information handy:
- Personal details including drivers licence number if you have it
- Details of assets and liabilities
- Have recent payslips handy or most recent tax return and account’s details if you’re self-employed
The American Express Low Rate Credit Card can help customers keep their overhead credit cards costs to a bare minimum. With no annual fee, a low purchase rate and up to 55 interest-free days plus purchase protection, this card could be of benefit if used properly. As there are many low rate cards available on the market though, potential cardholders should first compare their options to find the card that works best for them.Back to top