Quick overview of the American Express Essential™ Credit Card
The American Express Essential™ Credit Card is Amex's low interest credit card that charges 12.99% annual purchase rate and on cash advances for a $25 annual fee.
While it may not be the lowest interest rate credit card, it does come with some Amex perks like exclusive ticket access and travel accident insurance.
Who's the Amex Essential card for?
Cardholders with high fixed expenses may need to forego paying the full credit card balance each month, and this can get expensive when purchase balance interest rates are frequently 20.00% or higher.
Fortunately, those who have had issues with this in the past can get a much-needed break on their obligations with the American Express Essential™ Credit Card. Cardholders who make purchases or cash advances with the card will pay just 12.99% and 12.99% interest respectively on these portions of their balance, providing the peace of mind to get ahead on other debts.
Also, stay connected with American Express® Experiences. You’ll have access to experiences like in-demand concerts and other events, special offers for food lovers and retail enthusiasts, and wellness experiences.
Pros and cons
Pros
-
Low APR for purchases and cash advances
-
Low annual fee and free additional cards
-
Buyer’s purchase protections for extended warranty
-
Easy eligibility for Canadian residents
-
World-class service from American Express
-
Access to exclusive events with American Express® Experiences
Cons
-
Potential high fees for late-payments and foreign transactions
-
Interest rates may increase if payments are missed
-
Limited installment program fees may apply
American Express Essential welcome bonus
The American Express Essential does not currently offer a welcome bonus or an ultra low interest balance transfer offer.
How to earn points with the Amex Essential card
You do not earn points with the Amex Essential card.
How to redeem points with the Amex Essential card
There are no points to redeem with the Amex Essential.
Amex Essential card benefits worth mentioning
- Low interest rate of 12.99% on balances and cash advances
- Low annual fee of $25
- Free additional cards
Insurance coverage
- Travel accident insurance coverage: Up to $100,000 in case of accidental death and dismemberment when you charge your transportation to your American Express Essential™ Credit Card.
- Buyer's assurance protection plan: Extend the manufacturer's warranty up to one additional year.
- Purchase protection plan: Up to 90 days from date of purchase in the event of accidental physical damage or theft up to $1,000 per occurrence.
Note: The Amex Essential card does not have trip cancellation, trip interruption, emergency medical insurance, baggage delay, lost baggage, flight delay, hotel burglary, or rental car insurance.
Extra benefits of the American Express Essential™ Credit Card:
- 1.
Easy eligibility: Often, a low credit score or smaller household income will hold back the neediest individuals from gaining access to the tools that can help them most. But entry barriers to the American Express Essential™ Credit Card are relatively minimal. To qualify, applicants must be Canadian residents with an existing credit file, which indicates some history of taking out a loan or using a credit card. They must also be at or above their provincial or territorial age of majority.
- 2.
Amex services: Members of American Express have an added advantage wherever they happen to be in that many potentially life-saving services are at their beck and call. Emergency card replacement, 24/7 customer service, fraud protection, prevention tools, and $100,000 worth of travel accident insurance help cardholders keep their cool in urgent circumstances.
- 3.
Exclusive experiences: Access virtual events and special offers curated for Cardmembers with Amex ExperiencesTM. You’ll have access to exclusives such as Front of the Line® services with live and special events, entertainment experiences with advanced movie screenings and theatre packages, private shopping excursions, and special dining experiences. You’ll also be privy to wellness experiences and on-site benefits.
American Express Essential™ Credit Card fees
| Features | Cost |
|---|---|
| Annual fee | $25 |
| Additional card fee | $0 each |
| Late fee | See AMEX |
| Penalty interest rates | 25.99%-28.99% variable (see AMEX) |
| Foreign transaction fee | 2.5% |
| Overlimit | $29 when you exceed your credit limit and at the end of each subsequent billing period if you remain overlimit (except for Quebec residents) |
| Installment program | A monthly fee of up to 1.2% (subject to change), calculated on each balance moved to the installment program and charged each month while the balance to which it relates, or a portion of such balance, remains in the installment program. |
Amex Essential eligibility requirements
Eligibility for the American Express Essential™ Credit Card requires Canadian residency, a Canadian credit file, and age of majority in the province or territory where you live.
American Express Essential™ Credit Card Compared
Let's compare the Amex Essential card against other popular low interest rate credit cards.
American Express Essential™ Credit Card vs. MBNA True Line® Gold Mastercard®
MBNA True Line® Gold Mastercard®
2.6
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
10.99%
This card is made from 100% recycled plastic
100%
Use available credit on your credit card to transfer funds right to your chequing account.
Funds Transfer
10.99%
Purchase APR
13.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$39
Annual Fee $39
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
10.99%
Balance Transfer Rate
13.99%
Cash Advance APR
24.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques
10.99%
This card is made from 100% recycled plastic
100%
Use available credit on your credit card to transfer funds right to your chequing account.
Funds Transfer
10.99%
Purchase APR
13.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$39
Annual Fee $39
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
10.99%
Balance Transfer Rate
13.99%
Cash Advance APR
24.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
An industry-leading lowest interest rate credit card, but a higher annual fee.
Which one wins?
It really depends on if you'll carry a balance.
We did the math if you regularly carry balances of $500 to $2,000 every month. Every single time, the MBNA card won for lower fees at the end of the year. The longer you carry the balance, the better the MBNA wins this competition.
The only reason to go with Amex is for the perks, but we think if you're in credit card debt, it's best to get the debt under control before you start looking at the perks.
American Express Essential™ Credit Card vs. Scotiabank Value® Visa* Card
Scotiabank Value® Visa* Card
3.0
0% intro rate
Welcome offerFair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Eligibility
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
13.99%
Annual Fee
$29
Foreign Transaction Fee
2.5%
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Eligibility
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
13.99%
Annual Fee
$29
Foreign Transaction Fee
2.5%
A direct competitor to the Amex Essential Card, the Scotiabank Value® Visa* Card charges 13.99% APR, gives you free additional cards, and charges an annual fee of $29.
Maybe the reason is because it's also one of the best balance transfer credit cards. It also comes with this welcome offer: 0% introductory interest rate on balance transfers for the first 10 months (13.99% after that; annual fee $29). Plus no annual fee in the first year.
American Express Essential™ Credit Card vs. CIBC Select Visa* Card
CIBC Select Visa* Card
2.7
0% interest
Welcome offerGood
Suggested credit scoreTransfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate†
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
0%
Pay 0% interest for up to 10 months with a 1% transfer fee.†
Pay 0% interest for up to 10 months with a 1% transfer fee.†
0%
13.99%†
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
$29
Annual Fee First year annual fee rebate† $0 for up to 3 additional cards.†.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
13.99%†
Annual Fee
$29
Foreign Transaction Fee
2.5%
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
0%
Pay 0% interest for up to 10 months with a 1% transfer fee.†
Pay 0% interest for up to 10 months with a 1% transfer fee.†
0%
13.99%†
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
$29
Annual Fee First year annual fee rebate† $0 for up to 3 additional cards.†.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
13.99%†
Annual Fee
$29
Foreign Transaction Fee
2.5%
CIBC's version of a low interest rate card is also a great comparison to the Amex Essential. It's interest rate is 13.99% and it's annual fee is $29, slightly more expensive than Amex Essential, but CIBC gives you a sweet balance transfer offer if you're carrying credit card debt: Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate†.
†Terms and Conditions Apply. This offer is not available for residents of Quebec.
“The information for the CIBC Select Visa has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.”
Is the American Express Essential™ Credit Card worth it?
For those who are having difficulty paying off their purchase balance and want a tool that doesn’t make it so painful, there are few better options than the one offered by American Express with their American Express Essential™ Credit Card. A low regular rate gives cardholders a break from the high-interest charges that amass on purchases and cash advances. Alongside some valuable features from American Express, like extended warranties and other purchase assurances, a low annual fee helps bolster the benefits of this card and make it an effective savings tool for cardholders of all varieties.
Contact American Express for the most up-to-date referral bonus figures. American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
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Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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†Terms and Conditions apply.