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, balance transfer credit cards available that can help you reduce your debt and 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
- 1.99% interest rate on balance transfers for the first 6 months
- 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 (referral link).
During your online application, you have the option to do a balance transfer that comes with an interest rate of 1.99% for the first six months. After the promotional period ends, your interest rate goes up to 12.99% which is incredible since most credit cards charge much higher rates.
In other words, if you’re currently carrying a balance on a different card with a higher interest rate, you should apply for the American Express Essential credit card and take advantage of the balance transfer option.
Other benefits 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. With the MBNA card, the balance transfer interest rate is 0% for the first 6 months, but then it increases to 11.99% after the promotional period ends. Like the Amex Essential card, there is 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% after the promotional rate ends.
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 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.