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Mr. Loonie
American Express Essential™ Credit Card

American Express Essential™ Credit Card

7.6
Good
Expert Score · 7 reviews How we score

Best for: People who carry a balance and want a lower interest rate for a small fee

The balance you carry
Less interest than a typical card, each year
$240
About $390 a year here, instead of $630 at 20.99%

Ranked #6 of 176 for low interest. See the list

See how we worked it out
Purchase rate
12.99%
Annual fee
$25 a year
Apply now on American Express’ site (opens in a new tab)
Needs $15,000 personal income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from American Express’ site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? Interest Can I get it? Perks Fees Similar cards
3 quick questions

Is it for me?

Do you carry a balance from month to month?

Is your personal income $15,000 or more?

Do you want to earn rewards on your spending?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 12.99% on purchases The usual rate is 20.99%.

Watch for

  • Watch for: Earns no rewards If you pay in full each month, a no fee cash back card gives you more.
  • Watch for: $25 a year
  • Watch for: 2.5% on foreign purchases Use a no foreign fee card when you travel.

Worked out from the card’s rates and fees.

Show your work

What you’d pay in interest

On a balance of $3,000 that you carry for a year.

  • This card $390
    12.99% $3,000 carried all year
  • A typical card $630
    20.99% $3,000 carried all year

A late payment can end a promotional rate early. Simple yearly interest on a balance that stays the same. Banks charge interest monthly, so the real cost comes out a little higher.

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $15,000 or more Issuer says
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip A balance transfer only helps if the balance shrinks. Set up an automatic payment so it goes down every month.

What critics say

Other reviewers on this card

7.6
Good
Expert Score How we score
  • Money.ca (opens in a new tab) May 2025
    6

    “For those who are having difficulty paying off their purchase balance and want a tool that doesn’t make it so painful, there are few better options than the one offered by American Express with their American Express Essential™ Credit Card. A low regular rate gives cardholders a break from the high-interest charges that amass on purchases and cash advances. Alongside some valuable features from American Express, like extended warranties and other purchase assurances, a low annual fee helps bolster the benefits of this card and make it an effective savings tool for cardholders of all varieties.”

  • GreedyRates.ca (opens in a new tab) Jul 2023
    9

    “For those who are having difficulty paying off their purchase balance and want a tool that doesn’t make it so painful, there are few better options than the one offered by American Express with their American Express EssentialTM Credit Card. A low regular rate gives cardholders a break from the high-interest charges that amass on purchases and cash advances. Alongside some valuable features from American Express, like extended warranties and other purchase assurances, a low annual fee helps bolster the benefits of this card and make it an effective savings tool for cardholders of all varieties.”

  • Money We Have (opens in a new tab) Jan 2022

    “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.”

  • creditcardGenius (opens in a new tab) Sep 2020
    8

    “Getting on top of credit card debt is difficult, but hopefully, with cards like the American Express Essential, it can be a little easier. You max your savings with a 12.99% interest rate 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. Also, that low 12.99% is on everything: purchases and cash advances. And it’s 7% lower than most cards (the typical interest rate for a credit card is 19.99%). However it has no balance transfer rate. There is no annual fee for this card, but that doesn’t keep American Express from giving you access to different perks and benefits, like American Express Invites and access to the hottest events, just for being a cardholder.”

  • LowestRates.ca (opens in a new tab) Oct 2017

    “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.”

  • Ratehub.ca (opens in a new tab) Apr 2017

    “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.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Extended warranty Included
  • Purchase protection Included
  • Travel accident Included
  • Mobile wallets Apple Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read American Express’ insurance certificate before you count on any coverage.

Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental damage and mobile device.

Fees and interest

What it costs

Annual fee
$25 a year
Purchase interest
12.99%
Cash advance interest
12.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
None
Cash advance fee
$2.75
Balance transfer fee
3%, Maximum
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
12.99%
Source
Issuer page

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards

Purchase interest on each card. This card: 12.99%.

See all cards ranked by interest

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the American Express Essential™ Credit Card?

$25 a year.

What income do I need?

American Express asks for $15,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

12.99% on purchases. Cash advances are 12.99%.

Does it include insurance?

It lists extended warranty and purchase protection. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$240
less interest a year
Apply now on American Express’ site (opens in a new tab)
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