American Express Low Rate Credit Card Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Purchase rate
10.99%
p.a. ongoing
Annual fee
$0
no annual fee
Interest-free
55 days
on purchases
About the Amex Low Rate Card
The American Express Low Rate Credit Card combines two features rarely found together: a genuinely low ongoing purchase rate (10.99% p.a.) and no annual fee. Most low-rate cards in Australia charge $49–$99/year in annual fees, making this card stand out for cost-conscious borrowers.
The main limitation is Amex acceptance. While most major supermarkets, petrol stations, and retailers accept American Express, smaller merchants may not. If you need a card accepted everywhere, consider the Heritage Bank Gold Low Rate (11.8% p.a., $0 fee, Visa/Mastercard network) as an alternative.
Key Rates and Features
| Feature | Detail |
|---|---|
| Purchase rate | 10.99% p.a. |
| Annual fee | $0 |
| Interest-free days | Up to 55 days |
| Balance transfer | Not available |
| Rewards | No rewards program |
| Network | American Express |
Rates as at 18 May 2026. Check American Express's website for the latest.
Pros and Cons
Pros
- ✓ Lowest purchase rate of any $0 annual fee card on this page
- ✓ No annual fee — zero fixed cost to hold
- ✓ Up to 55 interest-free days
- ✓ American Express fraud protection and customer support
Cons
- ✗ Amex not accepted at all merchants (check before applying)
- ✗ No balance transfer offer
- ✗ No rewards program
How It Compares
- Amex Low Rate: 10.99% p.a., $0 annual fee, no BT — lowest rate, no fee
- Heritage Bank Gold: 11.8% p.a., $0 annual fee, 0% BT 12m — Visa, BT included
- CommBank Low Rate: 10.99–15.99% p.a., $72/year — personalised rate, Visa
- Bankwest Breeze: 12.99% p.a., $49/year — low rate + 24m BT
→ Compare all no annual fee cards · → Compare all low rate cards
FAQs
What is the Amex Low Rate purchase rate?
10.99% p.a. — one of the lowest purchase rates available on any credit card in Australia, let alone one with no annual fee.
Is there a balance transfer offer?
No — the Amex Low Rate card does not include a balance transfer offer. For a no-fee BT card, consider the Heritage Bank Gold Low Rate (0% for 12 months, 0% BT fee).
Does Amex work everywhere in Australia?
At most major retailers, supermarkets, and online stores — yes. Smaller venues and some hospitality businesses may not accept Amex. Check with your most-used merchants before applying.
Information verified 18 May 2026. Rates and fees subject to change. Confirm current terms on American Express's website before applying. This is not financial advice.