A no-frills card with a $0 annual fee and a low interest rate of 10.99% p.a. on purchases.
The American Express Low Rate credit card offers a low 10.99% p.a. interest rate and a $0 annual fee, making it a strong choice among cost-effective credit cards. Although American Express is not as widely accepted as Visa or Mastercard, more retailers are starting to accept it, including major supermarkets, department stores, and restaurants.
This card doesn’t feature a rewards program, but it provides value through card refund cover, card purchase cover, and exclusive shopping deals via the Amex network. It also includes 24/7 account security, an online fraud protection guarantee, and supports mobile payments through Apple Pay, Google Pay, and Samsung Pay.
Pros | Cons |
|---|---|
Low 10.99% p.a. interest rate for purchases | $30 late payment fee if you miss your minimum repaymen |
Ongoing $0 annual fee | 3% foreign currency conversion fee |
Up to 4 additional cardholder | No rewards program |
Complimentary card purchase cover and card refund cover |
Details of American Express Low Rate Credit Card
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 |
Fee
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 |
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 need to be an Australian citizen, permanent resident, or hold a current long-term visa with at least 12 months remaining. Student visas are not eligible.
Credit history. You should have a clean credit history with no record of bad debt or payment defaults.
Age. You must be at least 18 years old to apply.
Required Documents
Personal details. Provide your full name, residential address, email address, date of birth, driver's licence number, marital status, number of dependents, and contact number.
Employment details. Include your current job title, employer's name, contact information, and salary.
Financial details. List details of any assets and savings accounts, along with information about existing debts and credit accounts. Additionally, estimate your regular household expenses, such as rent or mortgage payments, utility bills, and groceries.
This straightforward application process is designed to accommodate Australians searching for an effective credit card solution that manages existing debt efficiently while offering new purchasing power.
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