Interest rates and annual fees add to the cost of your Credit Card. Premium cards have higher fees in return for more features or rewards. How much you spend on your Credit Card in an average month will help you decide whether a premium Card, or a standard low fee or low rate Card is right for you: what is more important, premium rewards and benefits, or low fees?
Credit Card Annual Fee
Most American Express Credit Cards charge an annual fee in return for more rewards or features. The amount will vary depending on the Card you apply for. Typically, the more rewards or features a Card has, the higher the annual fee.
Other Credit Cards might charge a low annual fee or no annual fee at all. If your Credit Card habit is more conservative; if you only use your Card in an emergency, or to make larger purchases; if you find you are not making full use of its features or rewards, then you may consider a Credit Card with fewer features or a low or no annual fee.
Interest Rate applied to Credit Card
By paying your balance in full by the payment due date, no interest will be applied to purchases made on your Credit Card. Interest is charged if you have not paid your balance in full. Interest rates vary depending on the features your Credit Card offers.
Interest is charged on a daily basis on any unpaid balance remaining from the closing balance on the statement for the previous month. Interest is also charged on balance transfers at a lower rate than our typical purchases rate.
If you only make the minimum repayment each month you will pay more interest and it will take longer to pay off your balance. Your statement gives information about how long it will take to repay your entire balance by making the minimum monthly repayment.
Missed Payment Fee
If you do not pay the minimum monthly amount shown on your Credit Card statement by the due date you will be charged a Missed Payment Fee. If you pay the minimum monthly payment by the due date on your statement you will not be charged this fee.
Set up automatic SMS or email alerts that let you know when your payment is due and make certain you pay the minimum monthly amount on time. Or be sure not to miss a payment or be charged a Credit Card fee by setting up a direct debit from a nominated account. You can choose to pay the minimum amount, a fixed amount, or the full amount each month.
Foreign Transaction Fees
Credit Cards offer a safe, convenient way to spend when you are travelling. Whether you are travelling abroad yourself, or spending on your Credit Card at home, transactions in a currency other than Australian dollars are liable to incur a foreign transaction fee.
A foreign currency conversion fee is calculated based on 3% of the converted amount. Make sure you know what currency you are paying with, and remember to factor the fees into your travel budget.
Duplicate Statement Fee
If you or an additional Card Member requests a copy of a Credit Card statement that has already been issued a fee may be charged. This Credit Card statement fee is easy to avoid by using online account management to access your statements online, or to download your Credit Card statements as they are issued.