American Express Low Rate credit card keeps your costs to a minimum with $0 annual fees and a purchase interest rate of 11.99% p.a.
No longer offered in the marketThe American Express Low Rate Credit Card is no longer available for new applications as this credit card is no longer available to new customers. The credit card cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested.
Click here to view other American Express credit cards and our guides to their features and benefits.
With an annual fee of $0 for life and the purchase interest rate is a mere 11.99% 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.
American Express Low Rate Credit Card review
Offering $0 annual fees, a low purchase rate of 11.99% 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 11.99% p.a.
- 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 $40,000 (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.
Frequently asked questions
Are the low rates only available during a promotional period or are these rates available for lifetime usage?
Zero annual fees, purchase rate of 11.99% p.a. and 55 interest-free days are available for the life of the card.
Should I go for a platinum card or a low rate card?
Choice of card depends on your personal situation and spending pattern. Customers who have a higher expense and are regular travellers might find platinum cards more suitable due to benefits like reward points and complimentary travel insurance. On the other hand, customers looking to have a basic card and low costs may find the Low Rate card of greater benefit. In the end, the most beneficial card will depend on the individual circumstances of the user and which card best suits their needs.
I have a platinum card from AMEX attracting a much higher interest rate. Can I move to this card to reduce my interest burden?
Is there a fee to transfer a balance to the card?
Also called a credit establishment fee, this is a fee of the total transfer amount. If this isn’t paid when you’re statement comes, this fee will accrue interest at the American Express standard interest rate.