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AmEx Offer 9.99% Pa for 6 Months Promotional Low Rate

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Logged in the AmEx app and checked Offers for my Explorer card, AmEx describes it as taking advantage of this great rate for your new purchases for the 'holiday season', larger purchases you've been thinking of or simply your everyday essentials.

Whether it makes sense to pay any interest at all ever (it probably doesn't), is up to you to decide.

Edited to note that waiting further may produce a new offer with a lower interest rate - there are certainly very rare cases when it might make sense, and for those cases, having knowledge of the offer may work out better than not knowing of it - hence my sharing it.

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Referee gets 200,000 MR points. Referrer gets 150,000 MR points.

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closed Comments

  • +2

    Got this about 3 months ago on my Velocity Escape card. 3.99% for 6 months.

    • i got it via a snail mail letter from Amex, not through Velocity…

  • AmEx Offer 9.99% Pa for 6 Months Promotional Low Rate

    I got just over 3% from them a few months back… You are getting ripped off

  • +2

    9.99%!!!!

    • +2

      exactly my thought, so tempted to down vote .. and say this is not how ozbargain operates!

  • +2

    don't sign up, leave it for another 6 months and they'll offer 3.99%

    • Yeah just saw that on my card

  • +11

    Never pay interest unless it’s your mortgage

    • I've stuck by this motto all my 25 years of life, and hope that it's still true in the many years to come!

  • Also have an Explorer card, no offer is showing up in the Amex app - could be a targeted promotion?

    • I signed up to this 2 months ago. I called for something else, and got offered the deal over the phone.

  • +2

    There is a even better bargain. Spend what you can and pay it on time -ZERO interest!

    This "BARGAIN" will help push people into debt!

    • I concur

    • Nah, spend what you normally would, use a 0% balance transfer or 0% purchases offer and invest the payment in a high interest/mortgage offset account until the offer ends.

      9.99% personal debt is bad but interest free debt is free money.

      • Debt isn’t free money. It’s money you still owe with the potential of owing a lot more if you can’t pay it back by a due date

  • +1

    As per comments above, never ever pay interest on a credit card. If you can’t pay it off on the next statement, don’t put it on credit.

  • Paying interest in not a bargain

  • I'm sorry for the neg but paying interest is never a bargain.

  • If you want interest free purchases for 3 months (and no sign-up fee, and 0% balance transfer for 12 months) try https://www.finder.com.au/anz-platinum-credit-card

  • +3

    Paying interest on credit cards is not a bargain.

    • For the rare case where you may obtain benefit by utilizing that feature, knowing of the offer available is presumably better than not - hence my sharing it.

      • knowing of the offer available is presumably better than not

        You can possibly justify spam the same way.

  • I got a 1.99% offer on 15k from BankSA, which I accepted and put towards a house deposit.

  • IMO anything over the home-loan floating rate (between 3.5%-4% at the moment approx) would not be a bargain unfortunately. Obviously the rate is a lot better than the "default" interest rate, but this is Ozbargain after all!

  • Paying interest on a credit card is not a bargain.

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