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American Express Essential Credit Card

American Express Essentialâ„¢ Credit Card review

The Amex Essentialâ„¢ credit card offers a low interest rate and exclusive experiences.

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4.5

12.99% Purchase APR

12.99% Balance Transfer Rate

12.99% Cash Advance APR

$25 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

$0 Required Annual Household Income

4.5

American Express Essentialâ„¢ Credit Card review

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Quick overview

The American Express Essential card is Amex's low interest credit card that charges 12.99% annual purchase rate and on cash advances for a $25 annual fee. 

While it may not be the lowest interest rate credit card, it does come with some Amex perks like exclusive ticket access and travel accident insurance. 

Who's the Amex Essential card for?

Cardholders with high fixed expenses may need to forego paying the full credit card balance each month, and this can get expensive when purchase balance interest rates are frequently 20.00% or higher.

Fortunately, those who have had issues with this in the past can get a much-needed break on their obligations with the American Express Essentialâ„¢ Credit Card. Cardholders who make purchases or cash advances with the card will pay just 12.99% and 12.99% interest respectively on these portions of their balance, providing the peace of mind to get ahead on other debts.

Also, stay connected with American Express® Experiences. You’ll have access to experiences like in-demand concerts and other events, special offers for food lovers and retail enthusiasts, and wellness experiences.

Pros and cons

Pros

Pros

  • Low APR for purchases and cash advances

  • Low annual fee and free additional cards

  • Buyer’s purchase protections for extended warranty

  • Easy eligibility for Canadian residents

  • World-class service from American Express

  • Access to exclusive events with American Express® Experiences

Cons

Cons

  • Potential high fees for late-payments and foreign transactions

  • Interest rates may increase if payments are missed

  • Limited installment program fees may apply

American Express Essential welcome bonus

The American Express Essential does not currently offer a welcome bonus or an ultra low interest balance transfer offer. 

How to earn points with the Amex Essential card

You do not earn points with the Amex Essential card. 

How to redeem points with the Amex Essential card

There are no points to redeem with the Amex Essential. 

Amex Essential credit card benefits worth mentioning

  • Low interest rate of 12.99% on balances and cash advances
  • Low annual fee of $25
  • Free additional cards

Amex Essential insurance coverage

  • Travel accident insurance coverage: Up to $100,000 in case of accidental death and dismemberment when you charge your transportation to your American Express EssentialTM Credit Card.
  • Buyer's assurance protection plan: Extend the manufacturer's warranty up to one additional year. 
  • Purchase protection plan: Up to 90 days from date of purchase in the event of accidental physical damage or theft up to $1,000 per occurrence. 

Note: The Amex Essential card does not have trip cancellation, trip interruption, emergency medical insurance, baggage delay, lost baggage, flight delay, hotel burglary, or rental car insurance. 

Extra benefits of the American Express Essentialâ„¢ Credit Card:

  1. 1.

    Easy eligibility: Often, a low credit score or smaller household income will hold back the neediest individuals from gaining access to the tools that can help them most. But entry barriers to the American Express Essentialâ„¢ Credit Card are relatively minimal. To qualify, applicants must be Canadian residents with an existing credit file, which indicates some history of taking out a loan or using a credit card. They must also be at or above their provincial or territorial age of majority.

  2. 2.

    Amex services: Members of American Express have an added advantage wherever they happen to be in that many potentially life-saving services are at their beck and call. Emergency card replacement, 24/7 customer service, fraud protection, prevention tools, and $100,000 worth of travel accident insurance help cardholders keep their cool in urgent circumstances.

  3. 3.

    Exclusive experiences: Members can access special events and offers with American Express® Experiences. You’ll have access to exclusives such as Front of the Line® services with live and special events, entertainment experiences with advanced movie screenings and theatre packages, private shopping excursions, and special dining experiences. You’ll also be privy to wellness experiences and on-site benefits.

American Express Essentialâ„¢ Credit Card fees

Features Cost
Annual fee $25
Additional card fee $0 each
Late fee See AMEX
Penalty interest rates 25.99% - 28.99% variable
Foreign transaction fee 2.5%
Funds advanced $2.75 each
Dishonoured payment $45 each
Statement reprint $3 per statement
Overlimit $29 when you exceed your credit limit and at the end of each subsequent billing period if you remain overlimit (except for Quebec residents)
Balance transfer/Amex cheque Up to 3% of the amount of each balance transfer and Amex cheque, if offered, unless reduced for a specific offer.
Installment program A monthly fee of up to 1.2% (subject to change), calculated on each balance moved to the installment program and charged each month while the balance to which it relates, or a portion of such balance, remains in the installment program.

Amex Essential eligibility requirements

Eligibility for the American Express Essentialâ„¢ Credit Card requires Canadian residency, a Canadian credit file, and age of majority in the province or territory where you live.

American Express Essentialâ„¢ vs.

Let's compare the Amex Essential card against other popular low interest rate credit cards. 

MBNA True Line Gold Mastercard

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4.0

Good

Suggested credit score

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Pros

  • Low interest rate on purchases and balance transfers

  • 24/7 customer service

  • Proactive fraud protection

Cons

  • $39 annual fee

  • Penalty interest rate if minimum payments are missed

Eligibility

Recommended Credit Score

Good

An industry-leading lowest interest rate credit card, but a higher annual fee.

Which one wins?

It really depends on if you'll carry a balance.

We did the math if you regularly carry balances of $500 to $2,000 every month. Every single time, the MBNA card won for lower fees at the end of the year. The longer you carry the balance, the better the MBNA wins this competition.

The only reason to go with Amex is for the perks, but we think if you're in credit card debt, it's best to get the debt under control before you start looking at the perks.

Pros

  • Low interest rate on purchases and balance transfers

  • 24/7 customer service

  • Proactive fraud protection

Cons

  • $39 annual fee

  • Penalty interest rate if minimum payments are missed

Eligibility

Recommended Credit Score

Good

10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques

10.99%

This card is made from 100% recycled plastic

100%

Use available credit on your credit card to transfer funds right to your chequing account.

Funds Transfer

Purchase APR

10.99%

Balance Transfer Rate

13.99%

Cash Advance APR

24.99%

Annual Fee

$39

Foreign Transaction Fee

2.50%

Scotiabank Value Visa

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4.0

0% intro rate

Welcome offer

Fair

Suggested credit score

0% introductory interest rate on balance transfers for the first 10 months (12.99% after that; annual fee $29), plus no annual fee for the first year.¹

Expires

Oct 31, 2024

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Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

A direct competitor to the Amex Essential Card, the Scotiabank Value Visa also charges 12.99% APR, gives you free additional cards, but does charge an additional $4 in annual fees.

Maybe the reason is because it's also one of the best balance transfer credit cards. So, if you're currently carrying a balance, don't pay 12.99% interest when you can pay 0% interest for 12 months.

Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Purchase APR

12.99%

Balance Transfer Rate

12.99%

Cash Advance APR

12.99%

Annual Fee

$29

Foreign Transaction Fee

2.50%

Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

CIBC Select Visa* Card

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5.0

Good

Suggested credit score

Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a two year annual fee rebate†

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Pros

  • 0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†

  • 13.99%† Purchase Annual Interest Rate

  • A two year annual fee rebate†

  • No annual fee for additional cards (up to 3)

Cons

  • There are other low interest cards available with no annual fee whatsoever

  • Few distinguishing benefits beyond its interest rates

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000†

CIBC's version of a low interest rate card is also a great comparison to the Amex Essential. It's interest rate is 1% higher at 13.99% and it's annual fee is $29, more expensive than Amex Essential, but CIBC gives you a sweet balance transfer offer if you're carrying credit card debt and a two year annual fee rebate†.

Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first two year annual fee rebate.† Transfer up to 50% of your assigned credit limit.†

This balance transfer offer is only available at the time of your online application.† Simply tick the checkbox to select the balance transfer option when you’re filling out your application.

Once you take advantage of this offer, you will have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

Pros

  • 0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†

  • 13.99%† Purchase Annual Interest Rate

  • A two year annual fee rebate†

  • No annual fee for additional cards (up to 3)

Cons

  • There are other low interest cards available with no annual fee whatsoever

  • Few distinguishing benefits beyond its interest rates

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000†

Pay 0% interest for up to 10 months with a 1% transfer fee.†

0%

Purchase APR

13.99%†

Balance Transfer Rate

13.99%†

Cash Advance APR

13.99%†

Annual Fee

$29

†Terms and Conditions Apply

Is the American Express Essentialâ„¢ Credit Card worth it?

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 Essentialâ„¢ 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.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

FAQ

  • Does Amex Essential card cover car rental insurance

    +

    No, Amex Essential only covers travel accident up to $100,000, extends manufacturer's warranty, and gives you 90 days of purchase protection up to $1,000.

  • Will my Amex points be transferred to Amex Essential?

    +

    No, Amex Essential does not have a rewards program and does not offer Membership Points.

  • When will i get my amex essential card

    +

    If you’re an existing Amex customer (and pass an internal identity check), they’ll send you your card info and a temporary pin, allowing you to purchase items online right away before your physical card arrives.

Tyler Wade Content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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