Winner of the 2023 Finder Awards for both Best No Annual Fee Credit Card and Best Low Rate Credit Card, the American Express Low Rate gives you a way to keep account costs down with minimal extras, modest perks and a $0 p.a. annual fee. It also includes complimentary card purchase and refund insurance covers.
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🏆 Finder award
American Express Low Rate Credit Card
Terms and conditions apply
- Purchase rate
- 10.99% p.a.
- Annual fee
- $0 p.a.
- Interest-free on purchases
- Up to 55 days
Our verdict
A no-frills card with a $0 annual fee and a low interest rate of 10.99% p.a. on purchases.
Finder Awards winner
Pros
-
Low 10.99% p.a. interest rate for purchases
-
Ongoing $0 annual fee
-
Up to 4 additional cardholders
-
Complimentary card purchase cover and card refund cover
Cons
-
$30 late payment fee if you miss your minimum repayment
-
3% foreign currency conversion fee
-
No rewards program
Details
Product details
| Product Name | American Express Low Rate Credit Card |
| Purchase rate p.a. | 10.99% |
| Interest-free period | Up to 55 days on purchases |
| Min credit limit | $2,000 |
| Card type | American Express |
Eligibility
| Available to temporary residents | Yes - Conditions apply |
| Joint application | No |
Rewards
| Bonus points | N/A |
Fees
| Annual fee | $0 |
| Minimum monthly repayment | 2.5% of the closing balance or $30, whichever is greater |
| Late payment fee | $30 |
| Foreign currency conversion fee | 3% |
| Additional cardholder fee | $0 |
| Number of additional cardholders | 4 |
Congratulations, American Express!
The American Express Low Rate Credit Card has won the 2024 Finder Award for Best No Annual Fee Credit Card again. It has won this award every year since 2020, scoring highly for its $0 annual fee, low interest rate for purchases and interest-free days. It also offers $0 additional cardholder fees and access to Amex Offers.
Full list of 2024 winnersHow to apply
You can apply for the American Express Low Rate credit card online in around 10 minutes and could get a response within 60 seconds of submitting your completed application. Get started by making sure you meet the eligibility requirements and have all the following documents and details on hand.
Eligibility criteria
- 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.
Your reviews
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Amy Finder
Editor
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Sarah Megginson Finder
April 23, 2024
Hi Stu,
Yes, Amex is widely accepted, although note that fees can often be higher for Amex transactions. Credit cards can be an expensive way to pay when travelling, as you generally pay both currency conversion fees and credit card fees. You can review some other options here.
Hope this helps!
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Alica
January 01, 2024
Hi,
What is the minimum income required to apply for this credit card?
Thanks,
Alica.
Amy Bradney-George Finder
January 15, 2024
Hi Alicia,
American Express does not list a specific minimum income amount for this card. You would need to meet the other eligibility requirements listed and provide recent payslips or other supporting documentation as proof of income though. As a general guide, credit card issuers must consider your ability to repay the credit limit over a 3-year period, with interest as part of their responsible lending requirements. So this card’s minimum credit limit may be helpful to consider before you apply. Finder also has a guide on credit card minimum income requirements with further details and insights. I hope this helps.
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Wajee Gakunju
October 29, 2023
Hello,
I see there is a minimum card amount, but no maximum has been indicated.
Does this mean i can get up to $15,000.00 limit on the card at 10.99%pa?
Thanks
Amy Bradney-George Finder
October 29, 2023
Hi Wajee,
While no maximum credit limit has been listed, the credit card issuer will consider your income, employment, credit score and other factors to determine a reasonable and responsible credit limit. So you may be able to request a specific credit limit when you apply, but there is no guarantee it will be approved. Finder has a guide on calculating credit limits that offers more details and insights. I hope this helps.
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Warren
November 03, 2015
Hi there, I am waiting a card approval, I sent your Valerie the contact details of my accountant and am surprised I have not heard back from AMEX. My intention was to use it for XMAS holiday to Europe but the delay will make it very difficult for ticketing.
Sally McMullen Finder
November 03, 2015
Hi Warren,
Thanks for your question.
Just to confirm, you have come through to finder.com.au, not American Express. As such, we’re unable to confirm your card approval.
You’ll need to get in touch with American Express directly to confirm the status of your application.
I’ve emailed you a link to AMEX’s contact details for your convenience. I hope this has helped.
Cheers,
Sally
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Mark
April 03, 2015
will the low rate credit card continue with the offers of 11.99, no annual fee and 55 days interest free continue for the life of the card (obviously interest rates can change) or is it a special offer that will expire after the first 6 or 12 months?
Jonathan Finder
April 07, 2015
Hi Mark, thanks for getting in touch with us!
The purchase rate for the life of the card is 11.99% p.a. with no annual fee for the entire time the card is held. The balance transfer rate is at a promotional rate of 0.99% p.a. for 6 months, reverting to the purchase rate of 11.99% p.a.
Cheers.
Jonathan
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stu
April 12, 2024
heading to America at the end of the year looking at the American express low rate credit card is it widely expected or should I go with Visa or mastercard thanks