In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
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American Express Low Rate Credit Card

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American Express Low Rate Credit Card
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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.

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Finder Awards winner
The American Express Low Rate credit card combines a low 10.99% p.a. interest rate with a $0 annual fee, making it a serious contender among low-cost credit cards. 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.

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

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

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.

Details

Product details

Product Name American Express Low Rate Credit Card
Purchase rate p.a.
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
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
Foreign currency conversion fee
3%
Additional cardholder fee $0
Number of additional cardholders 4

Congratulations, American Express!

American Express Low Rate Credit Card won the award for 'No Annual Fee Credit Card' in the 2024 Product Awards.

Full list of 2024 winners

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

  • 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.

Card benefits

  • Low interest rate. If you have some big purchases coming up or want a credit card for future spending, the ongoing interest rate of 10.99% p.a. could help you keep interest charges down. Note that cash advance transactions are not available on the Amex Low Rate card.
  • $0 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.

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.

Your reviews

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Amy Finder

Editor

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Avatar

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


Avatar

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.


Avatar

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


Avatar

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.


Avatar

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?


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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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