AMEX introduces new $0 annual fee Essential Credit Card

It’s common knowledge that many rewards credit cards, come with high annual fees attached. Now American Express is going against the grain launching its new $0 annual fee Essential Credit Card this week.

The rewards credit card will earn users 1 membership rewards point for every $1 spent, which can be redeemed through 8 different airline rewards programs. Cardholders will also receive a $50 credit when they sign up and make purchases of at least $500 within the first 2 months.

RELATED: Woolworths replaces Qantas Frequent Flyer program with $10 off your shop scheme

The Essential Credit Card comes with a purchase rate of 14.99%, which is fairly low compared to the average rate in Mozo’s database of 17.40%. And AMEX is also targeting Aussies trying to pay off debt, offering a 0% balance transfer rate for the first 12 months.

In a statement American Express revealed it conducted extensive research and found that to tap into the older millennial audience, who are largely value seekers it needed to provide a card with flexible rewards and no fee.

Users of AMEX’s new credit card will also have access to Apply Pay when it launches in Australia later this year, which allows them to pay with their smartphone. To top things off, the AMEX Essential Credit Card comes with smart phone screen insurance, which means the card member can claim up to $500 in repairs two times a year if they crack their phone screen. But keep in mind, there is a 10% excess to pay per claim.

Are you looking for some new plastic for your pocket? Head on over to our rewards credit card section to compare deals today.

Credit card comparisons on Mozo - last updated February 27, 2021

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
  • Apply By May 31, 2021
    Bendigo Bank Low Rate Credit Card

    0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    11.99% p.a.
    0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
    -
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  • Bankwest Zero Mastercard

    No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    17.99% p.a.
    2.99% p.a. for 9 months and then 17.99% p.a.
    $0
    -
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    Details
  • Hot DealLimited time cashback offer
    Westpac Low Rate

    Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.74% p.a.
    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59
    -
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  • ME frank Credit Card

    Meet Frank, a low rate credit card with up to 55 interest free days and no annual fee. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    11.99% p.a.
    No current offer
    $0
    -
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  • Apply By February 28, 2021
    NAB Qantas Rewards Signature Card

    NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.99% p.a.
    0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
    $395 $295 in the first year
    Qantas Frequent Flyer
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    Details

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