Quite often on my site, I focus on the best travel credit cards in Canada, but if you’re constantly carrying a balance on your credit cards, it doesn’t make any sense to use a credit card that charges you 19.99%+ interest.
Fortunately, there are low interest credit cards available that can help you reduce the amount of interest you pay. Read my American Express Essential credit card review now to find out why this card is a winner.
American Express Essential Credit Card Benefits
- No annual fee
- Interest rate of 12.99% on purchases and cash advances
- Access to American Express Invites
- Buyer’s assurance
- Purchase protection
- Travel accident insurance
If you want to reduce the amount of interest you’re paying, then you need to seriously consider the American Express Essential credit card since it has an interest rate of 12.99%. That’s significantly lower than the standard 19.99% that other credit cards charge.
In an ideal world, you’ll never be carrying a balance, but that may not be possible for everyone. By using a low interest credit card, you’re paying less fees in the long run.
The benefits include with the card are limited, but since it’s an American Express card, you get access to American Express Invites which includes things such as special seating at concerts, advance film screenings, and exclusive dining experiences.
Purchase protection covers you from loss, theft, and damage for the first 90 days while buyer’s assurance doubles your manufacturer warranty up to one additional year.
Finally, travel accident insurance is also included and gives you a payout of $100,000. Not that you would ever want to claim that.
How the American Express Essential compares to other cards
The most comparable card to the American Express Essential credit card is the MBNA True Line Mastercard which also has an interest rate of 12.99% and no annual fee.
MBNA also offers an MBNA True Line Gold Mastercard that has an annual fee of $39, but the interest rate is just 8.99%.
Keep in that the interest rate on the American Express Essential credit card can increase to 23.99% and/or 26.99% if you miss paying your bills multiple times.
My American Express Essential credit card review is positive. The card is aimed at people who typically carry a balance and want to have a lower interest rate. The included American Express Invites is a perk that is often overlooked, but cardholders will love it.