American Express Canada has launched a new no fee credit card with an interest rate of just 8.99%.
“We want our cardmembers to be able to enjoy the ease and flexibility of making purchases—big or small—and the new Essential Credit Card does just that,” says Aileen Kheraj, the company’s vice-president of marketing.
The card’s interest rate applies to both purchases and cash advances. Amex says it’s not a promotional rate and doesn’t have a predetermined expiry date.
However, the company does say it doesn’t “guarantee that the rate will not increase in the future.” And Amex “also reserves the right to offer a credit card with a lower interest rate at some point in the future.”
The Essential card comes with travel accident insurance, buyer’s assurance protection, purchase protection, and more. You can also transfer your credit card balances to the card and get a 1.99% interest rate for the first six months. The balance transfer option is only available at time of online application.