AMEX introduces new $0 annual fee Essential Credit Card

Rebeccah Elley

Wednesday 18 November 2015

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.

American Express Essential Credit Card

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.

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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.

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