Quick overview of the American Express Essential™ Credit Card
The American Express Essential™ Credit 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?
- For cardholders with high balances: Carrying a balance can be costly with high-interest rates (typically 20.00% or more). With lower interest rates, the American Express Essential™ Credit Card helps by offering 12.99% interest on purchases and 12.99% on cash advances, making it easier to manage your balance.
- Those who want access to exclusive perks: Enjoy exclusive American Express® Experiences, including access to in-demand concerts, special dining and shopping offers, and wellness experiences.
Pros and cons
- 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
- 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 card benefits worth mentioning
- Low interest rate of 12.99% on balances and cash advances
- Low annual fee of No annual fee for additional card holders
- Free additional cards
- Travel accident insurance coverage: Up to $100,000 in case of accidental death and dismemberment when you charge your transportation to your American Express Essential™ 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.
- 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 Essential™ 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. 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. Exclusive experiences: Access virtual events and special offers curated for Cardmembers with Amex 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 Essential™ 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 (see AMEX) |
| Foreign transaction fee | 2.5% |
| 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) |
| 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 Essential™ Credit Card requires Canadian residency, a Canadian credit file, and age of majority in the province or territory where you live.
American Express Essential™ Credit Card compared
Let's compare the Amex Essential card against other popular low interest rate credit cards.
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.
Disclosures:
†, ✪, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
$0
First Year Value
$0
Annual Value
Get this card if you...
-
want a low-interest rate on purchases and balance transfers
-
want to lower existing credit card debt
-
value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$39
Annual Fee
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
A direct competitor to the Amex Essential Card, the Scotiabank Value® Visa* Card charges 13.99% APR, gives you free additional cards, and charges an annual fee of $29.
Maybe the reason is because it's also one of the best balance transfer credit cards. It also comes with this welcome offer: 0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that), plus no annual fee for the first year ($29 value)..
Disclosures:
0.99% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: 0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that), plus no annual fee for the first year ($29 value). Expires Oct 31, 2025
Get this card if you...
-
want to pay down credit card debt
-
want both low interest and a low annual fee
-
appreciate a good welcome offer
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
Our Take
The Scotiabank Value® Visa* Card is a low-interest credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$12,000
Required Annual Personal Income
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
Annual Interest Rates
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that). Plus no annual fee for the first year (after that annual fee $29). |
Our Take
The Scotiabank Value® Visa* Card is a low-interest credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$12,000
Required Annual Personal Income
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
Annual Interest Rates
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that). Plus no annual fee for the first year (after that annual fee $29). |
CIBC's version of a low interest rate card is also a great comparison to the Amex Essential. It's interest rate is 13.99% and it's annual fee is $29, slightly more expensive than Amex Essential, but CIBC gives you a sweet balance transfer offer if you're carrying credit card debt: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡.
Disclosures:
†Terms and Conditions Apply. This offer is not available for residents of Quebec.
The information for the CIBC Select Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
0% interest
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
Get this card if you...
-
want a low-interest rate on purchases and balance transfers
-
want a modest annual fee
-
don't need comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first 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
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
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'll 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.
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first 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
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
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'll 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.
Is the American Express Essential™ 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 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.
Disclosures:
Contact American Express for the most up-to-date referral bonus figures. 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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
