Am I eligible?
To get this card, you must also:
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...
- Barry Choi, Money We HaveThe 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.
- Jordann Brown, Ratehub.caThe 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.
- Barry Choi, Ratehub.caWhen 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...
- Jordann Brown, Ratehub.caIf 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...
- creditcardGeniusYou 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.
Details
| Interest Rates | |
|---|---|
| Regular APR Interest Rate | 12.99% |
| Balance Transfer Interest Rate | 12.99% (1.99% for the first 6 months) |
| Cash Advance Interest Rate | 12.99% |
| 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 |
| Suggest a correction |
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.
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Critic Reviews
If you want to reduce the amount of interest you’re paying
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.
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.
A great credit card for anyone getting serious about paying off their credit card debt
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.
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.
Offers the most benefits amongst the best balance transfer credit cards
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.
Best no fee low interest card
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.
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.
Get the lowest permanent no-fee interest rate on the market
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.
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.
Offers a low fixed rate as opposed to the limited-time offers
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.
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.
Comes with low 8.99% fixed interest rate on purchases & cash advances
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.
Good cash back travel rewards credit card
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 reviewIf 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
Aimed at giving cardholders a bit of a break on long-term balances
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.
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.