American Express Low Rate Card

The below webpage provides a calculator to determine savings from opening a American Express Low Rate Credit Card.

It calculates a saving of $471.97 after 6 months based on a 'Transfer Balance' of $6,083 on your existing credit card/s @ 0.99% p.a. if your current interest rate is 17% p.a.

The maximum 'Balance Transfer' that you can be approved is $7,500 or 50% of your approved Credit Limit whichever is less.

A credit plan establishment fee of 1% of the approved 'Balance Transfer' amount is charged (eg. a 'Transfer Balance' of $6,083 incurs a credit plan establishment fee of $60.83).

After the 6 months, any o/s 'Balance Transfer' amount is charged @ 11.99% p.a, as are Purchases.

(i) afore-mentioned $471.97 savings after 6 months is predicated upon not making any Purchases during the initial 6 months. Hidden in the fine print under CALCULATOR ASSUMPTIONS is:
You don't make any purchases on your card until the promotional period ends or the balance transfer is paid in full, which is the fundamental purpose of applying for a Credit Card.

(ii) Interest free days do not apply if you do not pay your Closing Balance (which includes any outstanding balance transfers, cash advances, purchases and fees) in full by the due date each month.

Below is the above 'fine print' in large print with vital information highlighted in yellow background

CALCULATOR ASSUMPTIONS

A credit plan establishment fee (1% of approved balance transfer amount) is charged on the American Express Card.
You don’t make any other purchases or incur any other fees for the duration of the promotional period.
Any annual Card fee is excluded from this calculation.
The interest rate applying to your non-American Express credit card (from which your balance is transferring) will not change.
You pay the minimum repayment of 2.5% of the outstanding balance or $30 (whichever is higher) at the end of each month.
‘Your savings’ is based on interest saved on the balance transfer only. Interest is calculated assuming there are 30 days in each month.
The payment due date is assumed to be 30 days after the statement issue date.
When there is no interest savings or a negative interest saving after the six month period the calculator will display $0.00.

Learn more about other American Express cards

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Eligibility

To save time before you apply for your American Express Card, it's best to make sure you can say yes to the following:

I am aged over 18
I am an Australian citizen or permanent resident or hold a current Business Long Stay Visa (Subclass 457)
I have a personal gross (pre-tax) annual income of $40,000 or more
I have no history of bad debt or payment default
And if self employed, I have been trading for at least 18 months or 12 months if I hold an existing American Express issued Card

If you can say yes, go ahead. Your application takes less than 10 minutes and we may be able to give you a response in less than 60 seconds - so apply now.

Terms and conditions

*Balance transfers are only available to new applicants who apply online or by phone by 31 March 2015 and are approved. A one off 1% credit plan establishment fee applies. The maximum balance transfer that you can be approved for is $7,500 or 50% of your approved credit limit whichever is less. Existing Card Members are not eligible for this offer. Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited are ineligible for this offer. The balance transferred will be eligible for the promotional interest rate for a six-month period from approval, at which point any remaining balance transfer balance will revert to the standard rate of interest at that time. The credit plan establishment fee attracts the standard rate of interest. Interest free days do not apply if you do not pay your Closing Balance (which includes any outstanding balance transfers, cash advances, purchases and fees) in full by the due date each month. We reserve the right to withdraw this offer if your account is not in good standing or we become aware of any adverse credit information. Click here for full Balance Transfer terms and conditions.

Interest rates, fees and charges apply. All interest rates are quoted as an Annual Percentage Rate. All information, including fees, charges and interest rates are correct as at 17 December 2014 and are subject to change. This interest rate does not apply for Cash Advances and fees relating to Cash Advance.
Offer only available to new American Express Card Members who apply by 31 March 2015, and are approved. Card Members who wish to convert their existing American Express account to the Low Rate Credit Card from American Express will not be eligible for the offer. There is no annual fee for up to 4 Supplementary Cards. This offer excludes existing or previous Card Members who have held any American Express Card in the last 12 months.
Supplementary Credit Card Members must be over 18 years of age. You will be liable for all Supplementary Credit Card spending.

TERMS AND CONDITIONS

Please click here to read the Key Facts Sheet for this Credit Card.

American Express credit approval criteria apply. Subject to Terms and Conditions. Fees and charges apply. All Interest Rates are quoted as an Annual Percentage Rate. All information is correct as at 1 January 2015 and is subject to change. This offer is only available to those who reside in Australia. Cards are offered, issued and administered by American Express Australia Limited (ABN 92 108 952 085), Australian Credit Licence No. 291313.

1. Interest rates, fees and charges apply. All interest rates are quoted as an Annual Percentage Rate. All information, including fees, charges and interest rates are correct as at 1 January 2015 and are subject to change. This interest rate does not apply for Cash Advances and fees relating to Cash Advance.

2. Balance transfers are only available to new applicants who apply online or by phone by 31 March 2015 and are approved. A one off 1% credit plan establishment fee applies. The maximum balance transfer that you can be approved for is $7,500 or 50% of your approved credit limit whichever is less. This offer is available to new customers. Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited in the preceding 60 day period are ineligible for this offer. Balances may not be transferred from another American Express Credit Card or American Express Business Credit card. The balance transferred will be eligible for the promotional interest rate for a six-month period from approval, at which point any remaining balance transfer balance will revert to the standard rate of interest at that time. The credit plan establishment fee attracts the standard rate of interest. Interest free days do not apply if you do not pay your Closing Balance (which includes any outstanding balance transfers, cash advances, purchases and fees) in full by the due date each month. We reserve the right to withdraw this offer if your account is not in good standing or we become aware of any adverse credit information. Click here for full Balance Transfer terms and conditions.

3. The Credit Card gives you up to 55 days interest free on purchases, depending on when you make a purchase, when your statement is issued, whether you have obtained a balance transfer and whether or not you are carrying forward a balance on your account from the previous statement period. This interest free period is not applicable where you are carrying forward a balance on your account from the previous statement period.

4. Offer only available to new American Express Card Members who apply by 31 March 2015, and are approved. Card Members who wish to convert their existing American Express account to the Low Rate Credit Card from American Express will not be eligible for the offer. There is no annual fee for up to 4 Supplementary Cards. This offer excludes existing or previous Card Members who have held any American Express Card in the last 12 months.

5. Supplementary Credit Card Members must be over 18 years of age. You will be liable for all Supplementary Credit Card spending.

6. The Low Rate Credit Card from American Express Insurances are underwritten by ACE Insurance Limited (ABN 23 001 642 020, AFSL No. 239687) (ACE) and are subject to the terms, conditions and exclusions contained in the Low Rate Credit Card from American Express Insurances policy of insurance between American Express Australia Limited (ABN 92 108 952 085, AFSL No. 291313) and ACE. This website does not take into account your objectives, financial situation or needs. It is important for you to read the Product Disclosure Statement available here and consider the appropriateness of that insurance in relation to your individual requirements.

7. Provided that you notify us immediately upon discovery of any fraudulent transactions and you have complied with your Card Conditions, you will not be held liable for any unauthorised charges.

8. If your Credit Card is lost or stolen, you must report it immediately. You can call American Express 24 hours a day. In Australia, call us on 1300 363 687. If you are overseas, report your lost or stolen Card to the nearest American Express Travel Service or Representative Office. Once you have notified us, you are not liable for any unauthorised charges.