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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

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.

Unlike most Amex cards, this one doesn’t come with a rewards program. But, as far as no-frills cards go, it adds a bit of value through card refund cover and card purchase cover – along with exclusive shopping offers and promotions through the Amex network. It also gives you access to 24/7 account security, an online fraud protection guarantee and mobile payments through Apple Pay, Google Pay or Samsung Pay.

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

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.	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

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.

Age. You must be at least 18 years old to apply.

Required documents

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.
Financial details. This includes details of any other forms of 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.

Go to American Express's site More info

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.

Complimentary insurance. The American Express Low Rate offers 90-day card purchase cover to help cover the cost of theft or damage for eligible items purchased with the card. It also offers card refund cover, 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.

Go to American Express's site More info

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Amy Finder

Editor

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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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Alfonso

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.

Alfonso

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Jonathan Finder

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.

Cheers,

Jonathan

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American Express Low Rate Credit Card

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Eligibility criteria

Required documents

Card benefits

Rates & fees

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