Amex Low Interest Credit Cards – Review Amex Low Rate Credit Cards

We’ve researched and compiled below all the Amex low rate credit cards currently available in New Zealand to help you choose the best credit card to suit you. For more low interest credit cards visit our low interest rate credit cards page, and for all Amex credit cards please visit the American express credit cards page.

The Amex Airpoints Platinum Card is the FASTEST Air NZ Airpoints Dollar^TM earning Platinum credit card. Every $70 spend earns you 1 Airpoints Dollar. This card also includes complimentary Travel Insurance, VIP Lounge access and more. CURRENT OFFER: Receive 300 bonus Airpoints Dollars™ when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

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*Terms and conditions apply

Updated: 27 Jan, 2025

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Amex Low Interest Credit Cards

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Card	Description	Purchase Rate (p.a.)	Balance Transfer	Cash Rate (p.a.)	Annual Fee	Interest Free Days
Amex Low Rate Credit Card Gold Award	A low interest card from Amex with up to 4 supplementary cards with no-annual fee	2.99% p.a. for 6 months then 12.69% p.a.	N/A	21.95% p.a.	$59.00	55 days More Info » Apply Now »
The American Express Airpoints Credit Card Platinum Award	Interest Free (0% P.A.) on purchases for the first 6 months, plus NO ANNUAL FEE and earn 1 Air New Zealand Airpoints Dollar for every $100 you spend. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only. Reward Points Cash Equivalent: $100 spend earns $1.00 cash equivalent^.	0% p.a. for 6 months then 22.95% p.a.	N/A	22.95% p.a.	$0.00	55 days More Info » Apply Now » No documents required to apply1

^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.

The Amex Airpoints Platinum Card is the FASTEST Air NZ Airpoints Dollar^TM earning Platinum credit card. Every $70 spend earns you 1 Airpoints Dollar. This card also includes complimentary Travel Insurance, VIP Lounge access and more. CURRENT OFFER: Receive 300 bonus Airpoints Dollars™ when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

More Info »

*Terms and conditions apply

Understanding Low Rate Credit Cards

What Defines a Low Rate Credit Card?

A low rate credit card typically offers a lower interest rate compared to standard credit cards. This means you pay less interest on any outstanding balance. However, these cards can come with higher annual fees although there are some low rate credit card with no annual fee.

Pros and Cons of Low Rate Credit Cards

Pros:

• Lower interest rates can save you money if you carry a balance.
• Ideal for large purchases or emergencies where you might need more time to pay off the debt.

Cons:

• Higher annual fees compared to standard rate cards (in general).
• Often lack rewards programs, which might be a downside if you pay off your balance regularly.

Who Should Consider a Low Rate Credit Card?

Low rate credit cards are best suited for individuals who tend to carry a balance on their credit card. If you find it challenging to pay off your credit card debt in full each month, a low rate card can help you save on interest. However, if you consistently pay off your balance, a rewards card might offer more benefits.

Comparing Low Rate Credit Cards

Annual Fees

When comparing low rate credit cards, one of the first things to consider is the annual fee. It’s important to weigh this cost against the potential savings from the lower interest rate.

Interest Rates and Balance Transfers

Interest rates are an important factor when choosing a low rate credit card. These cards often offer lower purchase rates, sometimes starting from around 13% per annum or lower. Additionally, many low rate credit cards come with balance transfer offers, allowing you to transfer existing debt at a lower interest rate. This can be a great way to manage and reduce your debt more effectively.

Rewards and Benefits

While low rate credit cards focus on providing lower interest rates, they may also offer various rewards and benefits. These can include cashback offers, reward points, and other perks. However, it’s essential to compare these benefits against the card’s fees and interest rates to ensure you’re getting the best deal for your financial situation.

How to Choose the Best Low Rate Credit Card

Assessing Your Financial Situation

Before selecting a low rate credit card, it’s important to evaluate your financial status. Determine if you have existing credit card debt and whether you can pay off your balance each month. If you struggle with debt, a card with a low interest rate and a good balance transfer offer might be ideal.

Evaluating Card Features

When comparing cards, look at the interest rates, annual fees, and any interest-free periods for new purchases. A card with a low interest rate but high fees might not be the best choice. Consider cards that offer a balance transfer option if you have existing debt.

Reading the Fine Print

Always read the terms and conditions carefully. Look for any hidden fees or charges that might apply. Understanding the fine print can help you avoid unexpected costs and make a more informed decision.

Balance Transfer Offers on Low Rate Credit Cards

What is a Balance Transfer?

A balance transfer allows you to move debt from one credit card to another, usually to take advantage of a lower interest rate. This can help you save money on interest and pay off your debt faster. However, it’s important to understand the terms and conditions before proceeding.

How Balance Transfer Offers Work

Balance transfer offers typically come with a low or even 0% interest rate for a set period, usually between 6 to 12 months. During this time, you can focus on paying down the principal without accruing much interest. However, once the promotional period ends, the interest rate will revert to the standard rate, which can be significantly higher.

Finding the Best Balance Transfer Deals

To find the best balance transfer deals, you should:

• Compare different credit card offers to see which ones provide the lowest interest rates and the longest promotional periods.
• Read the fine print to understand any fees associated with the balance transfer, such as transfer fees or annual fees.
• Check if the low rate applies only to the transferred balance or if it also covers new purchases.

By carefully reviewing these factors, you can choose a balance transfer offer that best suits your financial needs.

Common Misconceptions About Low Rate Credit Cards

Hidden Costs and Fees

A common misconception is that low rate credit cards have no hidden costs. While they do offer lower interest rates, they can still come with fees such as annual fees, late payment fees, and balance transfer fees. Always read the terms and conditions to be fully aware of any potential charges.

Impact on Credit Score

Some believe that applying for a low rate credit card will not affect their credit score. However, every time you apply for a new credit card, it can result in a hard inquiry on your credit report, which may lower your score temporarily. Additionally, how you manage the card can also impact your credit score, so it’s crucial to use it responsibly.

Maximising the Benefits of Low Rate Credit Cards

Using a low rate credit card can be a smart way to manage and pay off debt. Start by prioritising your payments. Focus on paying more than the minimum amount each month to reduce your balance faster. This will save you money on interest in the long run. Additionally, consider setting up automatic payments to ensure you never miss a due date.

Low rate credit cards are ideal for making large purchases. The lower interest rate means you will pay less in interest over time. However, it is crucial to have a repayment plan in place. Break down the total amount into manageable monthly payments and stick to your plan to avoid accumulating more debt.

While low rate credit cards offer many benefits, there are common pitfalls to avoid. First, be aware of any fees associated with the card, such as annual fees or balance transfer fees. Second, do not use the card as an excuse to overspend. Stick to your budget and use the card responsibly. Lastly, keep an eye on your credit score. Regularly check your credit report to ensure there are no errors and that your credit utilisation rate remains low.

Frequently Asked Questions

What is a low rate credit card?

A low rate credit card has a lower interest rate compared to standard credit cards. This means you pay less interest on your balance if you don’t pay it off in full each month.

Are there any fees associated with low rate credit cards?

Yes, low rate credit cards often have higher annual fees compared to standard rate cards.

Do low rate credit cards offer rewards?

Generally, low rate credit cards do not come with rewards programs. They focus on providing lower interest rates instead of perks like cashback or points.

Can I transfer my existing credit card balance to a low rate credit card?

Yes, many low rate credit cards offer balance transfer deals. These deals often come with even lower rates for the transferred balance for a fixed period, usually between 6 to 12 months.

Who should consider getting a low rate credit card?

A low rate credit card is ideal for someone who carries a balance on their credit card and wants to reduce the amount of interest they pay. However, if you pay off your balance in full each month, a rewards card might be more beneficial.

What should I look for when choosing a low rate credit card?

When choosing a low rate credit card, consider the interest rate, annual fees, balance transfer offers, and any other features that might be important to you. Make sure to read the fine print to understand all the terms and conditions.