AMEX slash its low rate credit card to 8.99% - Is it the budget-friendly, high end card you need?

By Ceyda Erem · · 2 min read
Fact Checked
Advertiser disclosure

If you’ve always thought that owning an AMEX credit card may be just out of reach, think again.

AMEX have slashed the rate on its Low Rate Credit Card from 11.99% to 8.99%, the lowest Aussies may ever see across AMEX’s product range.

In addition to a budget-friendly rate, the card also offers no annual fees, a 0% rate on balance transfers for the first 12 months and even won a 2017 Mozo Experts Choice Award for Best No Annual Fee Credit Card.

“AMEX has always had a high end feel to it, so it’s surprising to see a rate that low,” said Mozo Product Data Manager, Peter Marshall.

RELATED How to pay no interest on your credit card for 2 years

“For the average Aussie, this is a more accessible card not just in terms of the rate, but the minimal fees as well.”

So how does the AMEX Low Rate card compare?

Peeking into the Mozo database revealed a number of low rate credit cards, which included:

And while the AMEX Low Rate card certainly has a competitive rate that sits among the lowest in the Mozo database, Marshall believes that it’s also now given frugal Aussies more choice when it comes to their plastic.

“Owning a credit card under the 9% rate has never been impossible. In this case, it’s about now having the option to own a card that has the big brand name.”

RELATED: CommBank launches new Essentials Credit Card - how does it stack up?

And for the Aussies considering the AMEX Low Rate card, Marshall encouraged cardholders to carefully weigh up the benefits before signing up.

“While the idea of owning an AMEX credit card may be appealing, you’ll still need to make sure you’ll be able to pay off your balance each month and be aware that some merchants may charge a transaction fee,” Marshall said.

However, it’s also worth mentioning that since this is still a lite card, it doesn’t come with access to a rewards program, so Aussies after this plastic feature may need to consider other options.

Want more plastic options? Head over to our credit card comparison tool to compare some of the latest deals on credit cards today.