Finder Award

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.

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8.99% p.a.

Purchase rate

$0 p.a.

Annual fee

55 days

Interest free period

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Product NameAmerican Express Low Rate Credit Card
Purchase rate8.99% p.a.
Annual fee$0
Interest-free periodUp to 55 days on purchases
Min credit limit$1,000
Card typeAmerican Express
Foreign currency conversion fee3%
Minimum income$50,000
Available to temporary residentsYes - Conditions apply
Joint applicationNo


  • $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
Bonus pointsN/A
Annual fee$0
Minimum monthly repayment2.5% of the closing balance or $30, whichever is greater
Late payment fee$30
Foreign currency conversion fee3%
Additional cardholder fee$0
Number of additional cardholders4

Review by

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.

Expert review

The American Express Low Rate credit card has one of the most competitive ongoing interest rates on the market, at 8.99% p.a. Combined with the $0 annual fee, this makes it a serious contender among low-cost credit cards. Its introductory $100 back offer also adds extra value when you first get the card. While American Express isn’t as widely accepted as Visa or Mastercard, a growing number of retailers offer Amex – including major supermarkets, department stores and restaurants.

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.

Eligibility criteria

  • 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.

Card benefits

  • $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.

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.

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    Default Gravatar
    November 3, 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.

      Avatarfinder Customer Care
      November 4, 2015

      Hi Warren,

      Thanks for your question.

      Just to confirm, you have come through to, 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.



    Default Gravatar
    April 4, 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?

      Avatarfinder Customer Care
      April 7, 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.



    Default Gravatar
    January 21, 2015

    Hi Guys,

    I hope all is well.

    I am currently studying a Masters degree and also have a part time job. I have an annual income of around $75k. However, I am not an Australian resident or citizen or on a working visa. Am I still eligible?

    I look forward to your response.


      Avatarfinder Customer Care
      January 22, 2015

      Hi Alfonso,

      Thanks for your inquiry,

      Unfortunately to be eligible the American Express application requirements need the applicant to be either a permanent Australian resident, citizen or holder of a currency Business Long Stay 457 Visa.

      I hope this has helped.



    Default Gravatar
    December 13, 2014

    How do I sign up for the 1.99% interest rate on my existing card? I have the RSVP code etc.?

      Avatarfinder Customer Care
      December 15, 2014

      Hi M. Wallace,

      Thanks for your question.

      As this offer applies to existing cardholders you may need to activate the offer via your online account or directly through the American Express website. We don’t have any details of the offer, so you might want to check the details outlined in the offer letter or get in contact with American Express directly.

      I hope this has helped.



    Default Gravatar
    October 30, 2014

    hello , my name is Gemma and I recently applied for your low rate CREDIT CARD… I am thinking off with drawing my application but I am struggling to find the correct information to do this,,, could I please get some advice on this… regards, Gemma

      Avatarfinder Customer Care
      October 30, 2014

      Hi Gemma,

      Thanks for your question.

      You’ll need to get in contact with American Express directly in order to discuss your application. I’ve emailed you a link with their contact details.

      I hope this has helped.



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