Balance Transfer Rate
Max Free Days
- No Annual Fee
- Free supplementary cards
- Purchase protection insurance
- Fraud protection
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Cash advance fee
Balance Transfer Rate
Balance Transfer Rate
Balance Transfer Fee
Foreign Exchange Fee
3% on Amex
Estimated ATM Cost
- FREE SUPPLEMENTARY CARDS Supplementary cardholder must be over 18 years of age
- PURCHASE PROTECTION INSURANCE Covers up to $2,500 per item and $20,000 per year with a $50 excess within 90 days of purchase
- FRAUD PROTECTION
Cash Advance not available
Compare and review credit cards with similar features
Bendigo Bank Low Rate Mastercard
for 12 months then $45
Balance Transfer0% on Balance Transfers for 6 months. $0 annual fee in Year 1 then reverts to $45. Get a $150 Woolworths Supermarket Gift Card when you spend $1k in 60 days.
American Express, commonly known as AMEX, is a multinational financial services corporation headquartered in New York.
AMEX is the world’s largest credit card issuer by purchase volume. Alongside AMEX credit cards, the company provides personal financial products such as travellers’ cheques, as well as business and corporate financial services.
American Express has a corporate office in Sydney and various currency exchanges around Australia, but no dedicated customer service branches. ATM access is available through AMEX’s network of partner ATMs.
The American Express Low Rate credit card has moderately low interest rates, a moderate number of interest-free days and no annual fee. This card allows up to four additional card holders at no extra cost. The card does not have an associated rewards scheme.
The American Express Low Rate credit card offers 0 per cent interest on balance transfers for the first 12 months for anyone who wishes to transfer an existing debt. An establishment fee of 1 per cent applies as a one-off cost.
This card provides a range of security features to keep your purchases secure and detect fraud. The American Express Low Rate card comes with purchase protection, refund protection and an online fraud protection guarantee, which means that customers are not held responsible for unauthorised charges.
- No annual fee
- Four free additional cardholders
- High level of security
- No complimentary insurances
- No rewards scheme
- No frequent flyer points
Who is it good for?
The American Express Low Rate credit card may be a sensible choice for customers who want a simple, low-rate card with no annual fee. The card offers moderately low interest rates and a moderate interest-free period for customers who struggle to pay their bill in full each month. However, the card does charge a high late payment fee.
This card may also be suitable for those who want to transfer existing credit card debt. The American Express Low Rate card provides card holders with 12 months interest-free on all transfer balances.
The American Express Low Rate credit card is not a good fit for potential card holders looking to capitalise on their spending with a rewards scheme. This card does not have an associated rewards program, which means card holders do not earn points or frequent flyer miles on eligible purchases.
What RateCity says
The American Express Low Rate credit card is an appropriate choice for potential customers who want a no-fuss card that charges no annual fee. Along with moderately low interest rates, the card permits up to four additional card holders without any extra cost. The absence of an annual fee, the reasonable interest rates and an offer for 0 per cent interest on transfer balances for 12 months make the American Express Low Rate credit card a suitable option for most budget card holders.
Though the American Express Low Rate card is well-suited to those who want to minimise unnecessary costs, the card is not a good fit for customers who want rewards. Card holders who wish to earn frequent flyer points or rewards points to be redeemed for products or vouchers would benefit from a card with a rewards scheme that suits their preferences.
Eligibility criteria for the American Express Low Rate credit card include being 18 years of age or older and having a personal or household annual income or $50,000 or more. You must also have no history of bad debt or payment default, as well as be an Australian citizen, permanent resident or hold a current business long stay visa. You can apply online in as little as 10 minutes and have a response within 60 seconds.
About American Express
American Express, sometimes referred to as AMEX, is an American financial services corporation. Founded in 1850 in Buffalo, New York, American Express is now headquartered in New York City. While American Express may be best known for their credit card offering, they also offer insurance and travel services to both consumers and businesses. Their insurance products include life, accident, business and travel insurance. American Express can be reached 24/7 online or over the phone.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.