American Express Essential Credit Card review

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Advertiser Disclosure

Interest Rate: Purchases
8.99
Balance Transfer
8.99 (1.99% for the first 6 months)
Rewards
-
Signup Bonus
-


10/10
Informr score
The American Express Essential Credit Card currently has an Informr score of 10 out of 10. This score is based on our evaluation of 9 sources including reviews from users and the web's most trusted critics.

Am I eligible?


American Express Essential Credit Card is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be at least 18 years of age (AB, MB, ON, PE, QA, SK). 19 in all other provinces.
Yes Be a permanent or temporary resident of Canada
Yes Have a minimum personal income of $15000.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Money We Have

The card is perfect for those who are looking to reduce their debt or the amount of interest they pay every month. The included American Express Invites is a perk that is often overlooked, but cardholders will love it.

- Barry Choi, Money We Have
Ratehub.ca

The American Express Essential Credit Card is a great place to start if you’re looking for a credit card with a low interest rate. With this credit card, you’ll pay just 8.99% on any purchases that aren’t paid off after the 21 days grace period.

- Jordann Brown, Ratehub.ca
Ratehub.ca

When it comes to the best balance transfer credit cards, you could argue that the American Express Essential Credit Card offers the most benefits. The 1.99% promotional rate for the first six months is higher the rest of the cards, but it’s still incredibly low. Oh, and the 8.99% interest rate after...

- Barry Choi, Ratehub.ca
Ratehub.ca

If you’re looking for a low-interest credit card to round out your financial products, the American Express Essential Credit Card is a great option. While this card may be no-frills, it still offers some insurance coverage in the form of travel accident insurance, purchase assurance, and extended wa...

- Jordann Brown, Ratehub.ca
creditcardGenius

You max your savings with a 8.99% interest rate, the lowest permanent no-fee rate on the market that doesn't depend on your credit score. You either qualify or you don't - no bait and switch with low teaser rates here. That means you can start paying down your balance faster.

- creditcardGenius

Details


Interest Rates
Regular APR Interest Rate 8.99%
Balance Transfer Interest Rate 8.99% (1.99% for the first 6 months)
Cash Advance Interest Rate 8.99%
Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

Maximum

Cash Advance Fee $2.75
Foreign Transaction Fee 2.5%

Transactions made in a foreign currency will be converted and posted to your account in Canadian currency.

Over Limit Fee $29.00
Late Payment Fee $0.00
Promotions
Sign up bonus No
Rewards
All Purchases No
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance Yes
Car Rental Insurance No
Car Rental Discount No
Extended Warranty Yes
Purchase Protection Yes
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance No
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments Apple Pay
Eligibility
Minimum Security Deposit $0
Minimum Age

18 years in AB, MB, ON, PE, QA, SK. 19 years in all other provinces.

Minimum Personal Income $15,000 per year
Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
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Critic Reviews


Money We Have

If you want to reduce the amount of interest you’re paying

from Money We Have

The card is perfect for those who are looking to reduce their debt or the amount of interest they pay every month. The included American Express Invites is a perk that is often overlooked, but cardholders will love it.

Read full review

The card is perfect for those who are looking to reduce their debt or the amount of interest they pay every month. The included American Express Invites is a perk that is often overlooked, but cardholders will love it.

Read full review

Less

Ratehub.ca

A great credit card for anyone getting serious about paying off their credit card debt

from Ratehub.ca

The American Express Essential Credit Card is a great place to start if you’re looking for a credit card with a low interest rate. With this credit card, you’ll pay just 8.99% on any purchases that aren’t paid off after the 21 days grace period.

Read full review

The American Express Essential Credit Card is a great place to start if you’re looking for a credit card with a low interest rate. With this credit card, you’ll pay just 8.99% on any purchases that aren’t paid off after the 21 days grace period.

Read full review

Less

Ratehub.ca

Offers the most benefits amongst the best balance transfer credit cards

from Ratehub.ca

When it comes to the best balance transfer credit cards, you could argue that the American Express Essential Credit Card offers the most benefits. The 1.99% promotional rate for the first six months is higher the rest of the cards, but it’s still incredibly low. Oh, and the 8.99% interest rate...More

When it comes to the best balance transfer credit cards, you could argue that the American Express Essential Credit Card offers the most benefits. The 1.99% promotional rate for the first six months is higher the rest of the cards, but it’s still incredibly low. Oh, and the 8.99% interest rate after the promotional rate ends is currently the lowest fixed rate in Canada.

Read full review

Less

Ratehub.ca

Best no fee low interest card

from Ratehub.ca

If you’re looking for a low-interest credit card to round out your financial products, the American Express Essential Credit Card is a great option. While this card may be no-frills, it still offers some insurance coverage in the form of travel accident insurance, purchase assurance, and extended warranty.

Read full review

If you’re looking for a low-interest credit card to round out your financial products, the American Express Essential Credit Card is a great option. While this card may be no-frills, it still offers some insurance coverage in the form of travel accident insurance, purchase assurance, and extended warranty.

Read full review

Less

creditcardGenius

Get the lowest permanent no-fee interest rate on the market

creditcardGenius

You max your savings with a 8.99% interest rate, the lowest permanent no-fee rate on the market that doesn't depend on your credit score. You either qualify or you don't - no bait and switch with low teaser rates here. That means you can start paying down your balance faster.

Read full review

You max your savings with a 8.99% interest rate, the lowest permanent no-fee rate on the market that doesn't depend on your credit score. You either qualify or you don't - no bait and switch with low teaser rates here. That means you can start paying down your balance faster.

Read full review

Less

LowestRates.ca

Offers a low fixed rate as opposed to the limited-time offers

from LowestRates.ca

For those who want to make the most out of their everyday shopping, the lack of rewards or cash back make the American Express Essential credit card an unattractive choice as a primary card. On the other hand, it can work well as a secondary card.

Read full review

For those who want to make the most out of their everyday shopping, the lack of rewards or cash back make the American Express Essential credit card an unattractive choice as a primary card. On the other hand, it can work well as a secondary card.

Read full review

Less

GreedyRates.ca

Comes with low 8.99% fixed interest rate on purchases & cash advances

GreedyRates.ca

A low promotional APR rate of 1.99% is followed by a low regular rate of 8.99%, giving cardholders a break from the high rates that are keeping them from resolving their debts. Alongside some valuable features from American Express, like extended warranties and other purchase assurances, a lack o...More

A low promotional APR rate of 1.99% is followed by a low regular rate of 8.99%, giving cardholders a break from the high rates that are keeping them from resolving their debts. Alongside some valuable features from American Express, like extended warranties and other purchase assurances, a lack of any annual fee helps bolster the benefits for this card.

Read full review

Less

Ratehub.ca

Good cash back travel rewards credit card

from Ratehub.ca

If you’re looking for American Express benefits, this is a good entry level card and a strong contender overall among the best low interest credit cards in Canada. With no annual fee and a low interest rate, this makes a good companion card if you already have a cash back or travel rewards credit card.

Read full review

If you’re looking for American Express benefits, this is a good entry level card and a strong contender overall among the best low interest credit cards in Canada. With no annual fee and a low interest rate, this makes a good companion card if you already have a cash back or travel rewards credit card.

Read full review

Less

RateSupermarket

Aimed at giving cardholders a bit of a break on long-term balances

RateSupermarket

A solid card to add to your wallet if you tend to carry a balance and your goal is to pay off debt within a short period of time. However, it’s absolutely essential – no pun on the name intended – to keep up with all your payments, or the extra charges can have you spiraling into further debt.

Read full review

A solid card to add to your wallet if you tend to carry a balance and your goal is to pay off debt within a short period of time. However, it’s absolutely essential – no pun on the name intended – to keep up with all your payments, or the extra charges can have you spiraling into further debt.

Read full review

Less

User Reviews


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