American Express launches new low interest credit card offer

American Express have launched a new low rate credit card with a very competitive purchase rate.

Last updated:

AMEX Low Rate

The Low Rate Credit Card from American Express features a low 2.99% p.a. for 6 months introductory rate on purchases, and a low ongoing purchase rate of 12.69% p.a..

To see how the new card from AMEX compares we prepared an analysis of low rate credit cards in the New Zealand market, we covered the majority of low rate credit cards (those with a purchase rate below 14% p.a.) currently available in the country.

Our analysis found that out of all eight low rate credit cards monitored, the American Express Low Rate Card offers the lowest ongoing purchase rate of 12.69% p.a. as well as the lowest annual fee at $59. It’s also currently the only low rate card with an introductory purchase rate of 2.99% p.a..

We prepared a scenario of a revolving credit card debt of $5,000 each month for our analysis and found that the American Express card charged the least interest after a 12 month period, shown in the comparison table below:

Low Rate Credit Card Analysis

Issuer Intro APR Intro mths APR Interest free on purchases Annual fee Balance transfer BT months Revert rate Total interest charged after 6 months Total interest charged after 12 months
AMEX 2.99% 6 12.69% 55 $59 n/a n/a n/a $74.75 $392.00
ASB n/a n/a 12.70% 55 $60 n/a n/a n/a $317.50 $635.00
BankDirect n/a n/a 12.70% 55 $60 n/a n/a n/a $317.50 $635.00
Kiwibank n/a n/a 12.90% 55 $50 2.99 6 12.90% $322.50 $645.00
Westpac n/a n/a 12.95% 55 $65 5.95 until repaid n/a $323.75 $647.50
The Warehouse n/a n/a 12.99% 55 $65 5.99 6 12.99% $324.75 $649.50
BNZ n/a n/a 13.25% 55 $60 5.99 6 13.25% $331.25 $662.50
ANZ n/a n/a 13.90% 55 $58 2.99 12 13.90% $347.50 $695.00

Source:, ranked by lowest purchase rates, correct as at November 21, 2013.

What does this new low rate card launch mean for consumers?

This is the first time we’ve seen AMEX make such a bold move into the low interest credit card space. It’s crucial that you perform a credit card comparison using the data we have provided above to identify whether or not you could save money by applying for or switching to the new The Low Rate Card from American Express.

We’re expecting more exciting offers from American Express so it’s important to keep monitoring your credit card to see how well it compares to the latest offers in the market.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site