American Express Essential Credit Card
Annual Fee
$0.00
Interest Rate
8.99%
Balance Transfer
1.99%*
Cash Advance
8.99%
Credit Score
Good
Rewards
-
- Very low interest rate of 8.99% on purchases, cash advances and balance transfers.
- Enjoy a special 1.99% introductory interest rate on Balance Transfers for the first 6 months. You can transfer 50% of your assigned credit limit, up to a maximum of $7,500, whichever is less. There is no balance transfer fee for this offer.
- American Express Invites including Front Of The Line opens the door to great music, theatre, dining, film, fashion and shopping experiences.
- Buyer’s Assurance Protection Plan
- Purchase Protection Plan
- $100,000 Travel Accident Insurance
- You are a Canadian resident and have a Canadian credit file
- You are the age of majority in the province or territory where you live
Summary
The American Express Essential card is a low-interest card that comes at no annual fee. Enjoy an interest rate of 8.99% on purchases, cash advances and balance transfers, as well as a welcome rate of 1.99% on balance transfers for the first 6 months of cardmembership.
Our Review
American Express Essential Credit Card
The American Express Essential Credit Card allows its holders to save on interest with a very low interest rate on purchases, balance transfers and cash advances. Enjoy rate of 8.99% on all three, as well as an introductory interest rate on balance transfers of 1.99% for the first 6 months; all this, for no annual fee. Although this card does not offer a rewards program, it does include three types of insurance as well as Front Of The Line access to music, theatre, dining, film, fashion and shopping experiences. All in all, this card is one of the best options in the low-interest category, and all for no annual fee. So, if you’re looking for a low-interest card you should definitely consider this option!
As per our rating system, this card scored 0/25 on rewards, 25/25 on interest rates and balance transfers, 11/25 on perks and insurance, and 25/25 on annual fees. Therefore, the total smart score of this card is 61/100.
Pros
- No annual fee.
- Very low interest rate of 8.99% on purchases, cash advances and balance transfers.
- Enjoy a special 1.99% introductory interest rate on Balance Transfers for the first 6 months. You can transfer 50% of your assigned credit limit, up to a maximum of $7,500, whichever is less. There is no balance transfer fee for this offer.
- American Express Invites including Front Of The Line opens the door to great music, theatre, dining, film, fashion and shopping experiences.
- Includes Buyer’s Assurance Protection Plan
- Includes Purchase Protection Plan
- Includes $100,000 Travel Accident Insurance
Cons
- This card does not offer a rewards program.
- Balance Transfer option is only available at the time of online application.