American Express Low Rate Credit Card
A no-frills, low rate credit card with no annual fee and a limited-time $100 statement credit offer.
Winner of the 2020 Finder Award 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. Plus, purchase and refund protection covers.
Interest free period
|Product Name||American Express Low Rate Credit Card|
|Purchase rate||8.99% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Min credit limit||$1,000|
|Card type||American Express|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- $100 Statement Credit
- Competitively low purchase rate of 8.99% p.a.
- Ongoing $0 annual fee
- Up to 4 additional cardholders
- Complimentary refund and purchase protection
- A $30 late payment fee applies if you miss your minimum repayment
|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|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
How 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.
- Minimum income. You must earn at least $50,000 per year to apply for this card.
- 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.
- New cardholder. The introductory offer on this card is only available to new American Express members who have not held an Amex card within the past 18 months.
- Personal details. This includes your full name, residential address, email address, date of birth, driver's licence number, marital status, number of dependents and contact number.
- Employment details. This includes your current job title, employer's name, contact details and your salary. You'll also need to provide documents that verify your income, such as recent payslips.
- Financial details. This includes details of any other forms of income, assets and savings accounts, as well as information about your existing debts and credit accounts. You'll also need to estimate your regular household expenses such as rent/mortgage payments, utility bills and groceries.
- $100 back. This card gives you $100 back on your account when you apply as a new Amex card member by 27 October 2021 and spend $1,000 on the card by 31 December 2021. Once you meet this minimum spend requirement, the statement credit will be added to your account by 29 January 2022.
- Low interest rate. If you have some big purchases coming up or want a credit card for future spending, the ongoing interest rate of 8.99% p.a. could help you keep interest charges down – even when you compare it to other low rate cards. Note that cash advance transactions are not available on the Amex Low Rate card.
- $0 p.a. annual fee. While credit card annual fees typically range from around $25 to $400 (or more), this card gives you a way to save on that yearly cost by offering no annual fee for the life of the card.
- Complimentary insurance. The American Express Low Rate offers 90-day purchase protection insurance to help cover the cost of theft or damage for eligible items purchased with the card. It also offers refund protection, which gives you a way to get reimbursed if you are refused a refund on an unused eligible item within 90 days of buying it with your Amex card.
- Mobile payments. Add this card to your Apple Pay, Samsung Pay or Google Pay account and you can make payments straight from your mobile phone or other compatible device.
- Amex Offers. Enjoy exclusive shopping, dining, travel and entertainment offers through Amex Offers. You'll find the latest deals via your online account, or through the Amex App.
Rates & fees
- Interest-free days on purchases. This card offers up to 55 days interest-free on purchases during each statement cycle, as long as you pay off the full amount owed by the due date on each statement.
- Additional cardholders. If you want to share your account with your partner or family members, you can request up to 4 additional cardholders at no extra cost. Note that you will still be responsible for managing the account and making repayments.
- Currency conversion fee. If you use this card to shop overseas on online with a merchant in a foreign currency, you will be charged 3% of the converted transaction amount.
- Security features. The American Express Low Rate offers 24-hour support, emergency card replacement around the world and an online fraud protection guarantee to help keep your account safe.