American Express Essential Rewards Credit Card

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Terms and conditions apply

Bonus points: 40,000
Purchase rate: 23.99% p.a.
Reward point per $ spent: 1
Annual fee: $108 p.a.

Our verdict

Get 40,000 Bonus Membership Rewards Points and complimentary smartphone screen insurance, with a $9 monthly fee.

The American Express Essential Rewards Credit Card lets you earn up to 5 Membership Rewards points per $1 on eligible spending, depending on what you use the card for. Right now, you’ll also receive 40,000 Bonus Membership Rewards Points when you apply online as a new card member by 28 January 2025 and spend $3,000 on eligible purchases within the first 3 months. If you earned the full 40,000 bonus points on offer, you could redeem $200 worth of shopping at Myer, or 20,000 Velocity Points.

Its other perks include complimentary Card Protection Cover and smartphone screen insurance (terms and conditions apply) and access to exclusive offers from American Express Experiences. This card charges a $9 monthly fee, which adds up to $108 over a year. This is still considered low compared to other rewards credit cards that charge annual fees in Australia.

Pros

40,000 Bonus Membership Rewards Points
Up to 5 points per $1 spent on eligible purchases
Point transfers to 11 airline rewards partner programs
Complimentary smartphone screen insurance cover and purchase insurance cover

Cons

3% foreign currency conversion fee
No complimentary travel insurance

The American Express Essential Rewards Credit Card lets you earn 5 Membership Rewards points per $1 spent at restaurants and eligible food delivery services, 3 points per $1 on selected streaming subscriptions, 2 points per $1 at selected in-store and online major retailers, and 1 point per $1 everywhere else. It also offers up to 55 days interest-free on new purchases when you pay the balance in full by the due date on each statement. Otherwise, a purchase interest rate of 23.99% p.a. applies.

Image: Finder
Finder Verifies that The American Express Essential® Rewards Credit Card is Australia’s most rewarding card for eats and drinks*

Methodology

Based on the Finder Consumer Sentiment Tracker average spend on ‘eats and drinks’ per week. “Eats and Drinks” is defined as spend at restaurants, cafés, fast-food locations, bars/pubs and major food delivery brands; Menulog and UberEats. This does not include supermarket spend. Finder’s Consumer Sentiment Tracker is a live, nationally represented study of the Australian public. Finder has analysed 95 cards affiliated with a rewards program and converted the points earned based on the average spend each month, into a dollar value, by redeeming the points earned for a $100 grocery store card. Excludes ongoing fees. Verification as of 1 July 2024.

Details

Product details

Product Name	American Express Essential Rewards Credit Card
Purchase rate p.a.	Purchase rate p.a. 23.99%
Interest-free period	Up to 55 days on purchases
Min credit limit	$2,000
Card type	American Express

Rewards

Rewards program	Membership Rewards
Bonus points	40,000
Rewards points per $ spent	1

Fees

Annual fee	Annual fee $108
Minimum monthly repayment	2.5% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	Foreign currency conversion fee 3%
Additional cardholder fee	$0
Number of additional cardholders	4

How to apply

If you've checked out a few credit cards and want to get the Amex Essential Rewards, you can apply online in around 10 minutes and may get a response within 60 seconds of completing the application. Get started by making sure you meet the eligibility criteria and that you have all the documents and details needed for the application.

Eligibility criteria

Bonus points offer. To take advantage of the bonus points offer, you must not currently hold or have held an American Express credit card in the last 18 months.
Residence. You must be an Australian citizen, a permanent resident or hold a current long-term visa (12 months or more). Student visas are not eligible.

Credit history. You must not have a history of bad debt or payment defaults. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder .
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, email address, date of birth, driver's license number, marital status, number of dependents and contact number.
Employment details. This covers your current job title and your employer's contact information. You may also need to provide recent payslips, your latest tax return or your accountant's information.
Financial information. You'll need to share details of any other assets, such as savings or shares. You'll also need to provide estimates of your essential expenses – such as rent, mortgage payments, groceries and utility bills – as well as any other loans or lines of credit.

Go to American Express' site More info

Card benefits

40,000 Bonus Membership Rewards Points. Apply for a new American Express Essential Rewards Credit Card online by 28 January 2025 and you'll earn 40,000 Bonus Membership Rewards Points when you spend at least $3,000 on eligible purchases in the first 3 months from card approval. The bonus points will be credited to your account within 8 to 10 weeks of meeting the spend requirement. New card members only, terms and conditions apply.
Membership Rewards Points. This card has an accelerated earn rate. You will earn 5 Membership Rewards points per $1 on eligible spending at restaurants and food delivery services up to 10,000 points per month, then 1 point per $1 spent thereafter. You'll also earn 3 points per $1 on selected streaming subscriptions, 2 points per $1 at selected in-store and online major retailers, and 1 point per $1 on everywhere else. Points can be redeemed for gift cards, Cover Charges with Points and more through the Membership Rewards program. You can also transfer points to 11 airline partner programs including Velocity Frequent Flyer and Singapore Airlines Krisflyer.

Complimentary Retail Insurance coverages. Use the American Express Essential Rewards Card to pay for eligible purchases and get access to Card Purchase Cover, Card Refund Cover and Buyer's Advantage cover (for extended manufacturer's warranty of up to 12 months for eligible purchases made on your card). Terms, conditions and exclusions apply.
Smartphone screen insurance . If you use your Essential Rewards card to pay for your phone (outright or on contract), you can get cover for smartphone screen repairs of up to $500. A 10% excess applies per claim with a maximum of two claims per 12-month period. Waiting periods, terms, conditions and exclusions apply.
Plan It Instalments. American Express gives you a way to pay off eligible credit card transactions over $100 (or your unpaid balance) in equal monthly instalments, with a 0% interest and a fixed monthly payment fee. Currently, eligible card members who apply by 31 January 2025 can pay no interest and get a $0 monthly fee on all eligible 3-month plans they create online or via the Amex app.
Amex perks. Enjoy exclusive shopping deals and benefits through Amex Offers, plus pre-sale events and ticket promotions through American Express Experiences.
Mobile payment compatibility. You can conveniently tap and pay with your smartphone when you add this card to your Apple Pay , Google Pay or Samsung Pay account.

Rates & fees

Monthly fee. The Amex Essential Rewards Credit Card charges a monthly fee of $9, which adds up to a total of $108 per year.
Interest rate. This card has an ongoing purchase rate of Note that you cannot make cash advance transactions with the Amex Essential Rewards Card.

Up to 55 interest-free days . Get up to 55 interest-free days on purchases if you pay your balance in full by the due date on each statement.
Foreign currency conversion fee. If you use this card overseas or make online payments in a foreign currency, you'll pay a fee worth 3% of the total transaction amount.
Additional cardholders. You can request up to 4 additional card members at no extra cost.

Go to American Express' site More info

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American Express Essential Rewards Credit Card

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