American Express Essential™ Credit Card
The American Express Essential is a no-frills card focused on a low interest rate rather than rewards. It charges a low 12.99% annual interest rate on both purchases and cash advances for a modest $25 annual fee, which can reduce interest costs if you occasionally carry a balance. It earns no points or cash back and charges the standard 2.5% foreign transaction fee, so it is best suited to keeping interest costs down rather than earning rewards.
Welcome bonus
-
Earn rates
Key facts
Annual fee
$25
Purchase APR
12.99%
Cash advance APR
12.99%
Foreign transaction fee
2.5%
Income required
No minimum income requirement disclosed
Credit score
660+
Perks & benefits
Low 12.99% annual interest rate on purchases and funds advances.
Low $25 annual fee.
No rewards program — designed to reduce interest costs.
The American Express Essential is a no-frills card focused on a low interest rate rather than rewards. It charges a low 12.99% annual interest rate on both purchases and cash advances for a modest $25 annual fee, which can reduce interest costs if you occasionally carry a balance. It earns no points or cash back and charges the standard 2.5% foreign transaction fee, so it is best suited to keeping interest costs down rather than earning rewards.
Pros & cons
Pros
- Low 12.99% interest rate on purchases and cash advances
- Low $25 annual fee
- No minimum income requirement
Cons
- Earns no points or cash back
- 2.5% foreign transaction fee
- American Express acceptance is lower than Visa or Mastercard
Eligibility requirements
- Canadian resident, age of majority in your province or territory.
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American Express Essential™ Credit Card
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