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 Cards. 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 effective 8 June 2023.
American Express Personal Credit Cards
If your current Purchases Interest Rate is: | Your new rate is: |
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19.95% p.a. | 22.95% p.a. |
Cash Advances*
If your current Cash Advance Rate is | Your new rate is: |
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21.95% p.a. | 22.95% p.a. |
The Cash Advance feature is subject to eligibility.
There is no change to the interest rate on the American Express Low Rate Credit Card which remains at 12.69% p.a.
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 19.95% to 22.95%, this would cost you $0.25 extra each month for every $100 borrowed that remains unpaid on your account.
Find more information about how interest is calculated on your account here.
Example Interest Calculations:
Interest rate of 19.95% p.a. | Interest rate of 22.95% p.a. |
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If a Card Member is revolving a daily closing balance of $1,500 at 19.95% for 30 days. |
If a Card Member is revolving a daily closing balance of $1,500 at 22.95% for 30 days. |
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The minimum payment calculation will remain as $10 or 3% of the Closing 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.
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 0800 472 355.
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. In 2022 American Express was recognised by Canstar as having the Most Satisfied Customers for Rewards Credit Cards in New Zealand for the fourth consecutive year.