Interest Rate Changes
We periodically review and adjust our rates to ensure they are commensurate with the value we provide. Following a recent review, we are making changes to the annual percentage rate (interest rate) applied to purchases, account balances, cash advances and cash advance balances on our Personal and Business Cards, as well as on the Flexible Payment Option facility. These changes are effective 8 June 2023.
American Express will increase the annual percentage rate (interest rate) applied to purchases, account balances (on amounts where interest applies), cash advances and cash advance balances on Card products, as well as on purchases and balances on the Flexible Payment Option facility, effective 8 June 2023. This excludes existing American Express Low Rate Credit Card Members whose current rate of 8.99% will change to 10.99% p.a. effective 8 November 2023.
American Express Personal & Business Credit Cards
| If your current Purchases Interest Rate is: | Your new rate is: |
|---|---|
| 21.99% p.a. | 23.99% p.a. |
| 18.99% p.a. | 20.99% p.a. |
| 16.99% p.a. | 18.99% p.a. |
| 8.99% p.a. | 10.99% p.a. |
Flexible Payment Option
| If your current Purchases Interest Rate is: | Your new rate is: |
|---|---|
| 21.99% p.a. | 22.99% p.a. |
| 17.74% p.a. | 18.74% p.a. |
Cash Advances*
| If your current Cash Advance Rate is: | Your new rate is: |
|---|---|
| 20.99% p.a. | 23.99% p.a. |
*Cash Advance is a legacy product feature that is only available to Card Members who were enrolled and approved prior to 2008. This product feature is unavailable to new Card Members.
These increases will not affect promotional rates. However, the new rate will apply once your promotional rate period expires.
As an example, for accounts where the interest rate will change from 21.99% to 23.99%, this would cost you $0.17 extra each month for every $100 borrowed that remains unpaid on your account. If your rate has changed from 8.99% p.a. to 10.99% p.a., this would cost you $0.17 extra each month for every $100 borrowed that remains unpaid on your account.
Visit here to learn more about how interest is calculated on your account.
Example Interest Calculations:
| Interest rate of 21.99% p.a. | Interest rate of 23.99% p.a. |
|---|---|
If a Card Member is revolving a daily closing balance of $1,500 at 21.99% for 30 days. |
If a Card Member is revolving a daily closing balance of $1,500 at 23.99% for 30 days. |
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The minimum payment calculation will remain as $30 or 2.5% of your outstanding balance, whichever is greater.
Any introductory or promotional rates will continue for the duration of the promotion. Once the promotion period ends, the new interest rate will be applicable to new purchases and to your outstanding balance.
There is no change to your existing Plan It plans. The Plan It fee is calculated at the time you create your Plan It instalment plan and is based on the amount you choose to move to the Instalment Plan and the number of monthly instalments. Fees will be charged each month and are disclosed when you create the Instalment Plan.
If you are on the American Express CARE Program, the agreed interest rate will continue for the duration of its term. Once the Program ends, the new interest rate will be applicable to new purchases and to your outstanding balance.
All American Express customers experiencing financial hardship have access to the American Express CARE Program. If you are experiencing financial hardship and are unable to make your Card repayments, please contact the American Express CARE Team on 1300 660 562 (8:00 am- 6:30 pm AEST).
You will find more information on what support is available here.
When determining the rates applied to our Card products, we look at a range of factors including the costs associated with delivering the benefits and services of each product, the cost of funds and the external landscape.
We are committed to delivering unmatched premium products and price in-line with the value we provide. American Express is recognised by Canstar for its outstanding value across our Reward and Frequent Flyer Credit Cards.