Amex Low Rate Credit Card

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The Low Rate Credit Card from American Express is a low interest rate credit card with one of the lowest interest rates on purchases in New Zealand of 2.99% p.a. for the first 6 months then 12.69% p.a. thereafter. It charges an annual fee of $59 and offers no rewards points.

The Amex Low Rate Credit Card might be suitable for you if you expect to carry a debt on your credit card so you can take advantage of the low interest rate on purchases. If you do not expect to carry a debt on your credit card, you might be better off with the Amex Airpoints Credit Card which charges no annual fees, offers 0% p.a. on purchases for the first 6 months and allows you to earn Airpoints rewards.

Key Features

Purchase Rate: 2.99% p.a. for 6 months then 12.69% p.a.
Cash Advance Rate: 21.95% p.a.
Balance Transfer: Not offered
Annual Fee: $59
Interest Free Days: 55 days
Minimum Repayment: $10.00 or 3% of the closing balance, whichever is greater.
Card Reward Details: Not Applicable
Credit Limit: Available on application
Other Fees: Late payment fee: $25, Payment dishonour fee (if payment fails): $25

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

Amex Low Rate Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the Amex Low Rate Credit Card to help you decide.

Pros

Very low interest rate on purchases
2.99% p.a. interest for the first 6 months
Enjoy access to offers, pre-sale concert tickets, invites and Card Member only experiences.

Cons

$59 annual fee
No reward points

What We Like About the Amex Low Rate Credit Card

Competitive Interest Rates

One of the standout features of the Amex Low Rate Credit Card is its competitive interest rates. This can be particularly beneficial if you tend to carry a balance from month to month. Lower interest rates mean you will accrue less interest over time, making it easier to manage your debt.

2.99% p.a. Interest for 6 months

The Amex Low Rate Credit Card also offers 2.99% p.a. purchase rate for the first 6 months which is great if you do not plan to pay off your balance each month.

Additional Perks

Beyond the basics, this card allows you to enjoy access to offers, pre-sale concert tickets, invites and Card Member only experiences.

What is Not So Great About the Amex Low Rate Credit Card

Annual Fees

One of the main drawbacks of the Amex Low Rate Credit Card is its annual fee.

Foreign Transaction Fees

If you travel frequently or make purchases from international retailers, the foreign transaction fees on the Amex Low Rate Credit Card can add up quickly. These fees can make your overseas spending more expensive, reducing the overall value you get from the card.

Is the Amex Low Rate Credit Card Right for me?

When considering the Amex Low Rate Credit Card, it's essential to reflect on your spending habits. Do you usually pay off your credit card balance in full each month? If not, you will incur interest on your balance, which can be costly over time. .

Before making a decision, it's wise to compare the Amex Low Rate Credit Card with other low rate credit cards available. Look at factors such as interest rates, annual fees, and rewards programs. Of course if it not a low interest rate credit card that you are after you can also compare all credit cards on our website to help you find the right card.

By doing so, you can ensure that you are choosing the card that best fits your needs and financial situation.

Eligibility Requirements:

Check the provider's website for Eligibility details but in general you need to be:

Be aged 18 or over
Have no history of bad debt or payment default
Have the right to work in New Zealand, and

Documents and information to have ready:

NZ Driver’s Licence number (if you have one)
Details of your income, expenses and debts
Proof of your annual income and employment details (e.g. Inland Revenue Department (IRD) Statement, payslips)

Interest in an Amex Credit Card? You can compare all Amex Credit Cards on our website to help you find the best Amex credit card for you.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.