Our picks of the top Amex credit cards
Our experts have picked their favourite Amex card in different categories, based on card features, perks and costs. These picks are our expert opinions only – consider your own needs, preferences and spending habits before deciding if a card is suitable for you.
Best Amex rewards card – American Express Explorer Credit Card
In our view, the American Express Explorer Credit Card strikes the best balance between rewards and costs in the rewards category. It’s not quite at the level of the Amex Platinum Card in terms of perks, but the annual card fee is much lower. For overall value for money, the Explorer Credit Card is hard to beat, both among the Amex fleet of cards, and arguably in the market more broadly. The highlights are high point-earning capacity (Membership Rewards Points), an annual $400 travel credit and two complimentary entries per year to The Centurion® Lounge at Sydney International Airport or Melbourne International Airport. Check with Amex for T&Cs relating to these perks.
Best Amex frequent flyer card – American Express Platinum Card
For frequent flyers, you will need to travel a long way to find a more perk-rich option than the American Express Platinum Card. For us, the additional travel benefits make it the standout Amex option in this category, even with the higher annual card fee. To offer a couple of examples, the lounge access on offer is more extensive and you can transfer points to more Airline Rewards Partner Programs, including Qantas Frequent Flyer. The obvious caveat is that the card is expensive, so you need to be making the most of the perks. Note this is a charge card, not a credit card so it works a bit differently.
Best Amex card with no annual fee – American Express Qantas Discovery Card
The American Express Qantas Discovery Card is one of only two Amex cards with no annual card fee (the other being The Low Rate Credit Card from American Express®). Naturally the level of perks and point earning is lower versus the more premium Qantas-branded cards offered by Amex. But this card still offers decent benefits and with no annual card fee, it’s hard to argue with the value for money. To put it into perspective, based on our analysis, there are only two credit cards in Australia that allow you to earn Qantas points with no ongoing annual card fee, and in our view, this is the better of the two.
Best Amex business card – American Express® Business Gold Plus Card
Overall, the American Express® Business Gold Plus Card stood out as offering the best balance between cost and business-focussed perks. It’s not just a business version of a personal card — the perks appear to have been carefully selected specifically with business users in mind. As an example, you can earn points at an accelerated rate at selected B2B suppliers, with flexible options for cashflow management. It also offers most of the premium perks you would expect from an Amex rewards card.
Overview of Amex credit card perks
Depending on the Amex card you choose, you may get…
- Rewards points (with welcome bonus offers regularly available for eligible new customers on selected cards)
- Complimentary travel insurance (on eligible cards only)
- Lounge passes (again eligible cards only)
- Vouchers and credits (generally restricted to the more premium cards)
- Consumer protection features (such as card purchase cover, card refund cover and fraud protection on eligible cards)
- Plan It™ Instalments which is a feature that means you can pay off transactions or a portion of your card balance in equal monthly instalments, with no interest but a fixed monthly fee instead.
Note: Eligibility criteria, limits and exclusions may apply to these benefits. Check the details with American Express before deciding whether to proceed.
How Amex cards compare
We did the sums to see how Amex rewards credit cards as a group (consumer cards only) compared to the rest of the market.
| Amex rewards cards | All other rewards cards | |
|---|---|---|
Average annualised card fee | $376 | $236 |
Average purchase rate | 23.99% p.a. | 20.62% p.a. |
Average rewards points per $1 (everyday spend) | 1.27* | 0.99* |
Average international transaction fee | 3% of transaction value | 2.66% of transaction value |
Uncapped points | 78% of cards | 29% of cards |
Complimentary travel insurance included | 78% of cards | 67% of cards |
Lounge access/passes included | 56% of cards | 26% of cards |
Are Amex credit cards worth it?
Whether an Amex credit card will be worth it for you effectively boils down to whether your priority is maximising rewards and perks or minimising costs.
If you’re willing to spend a bit more as an annual card fee, Amex credit cards typically offer a lot in return. The range of perks and inclusions is arguably better than what’s available anywhere else, spanning travel, shopping, dining, entertainment and more.
The number of perks and the level you get varies from one Amex card to the next, so you need to look at the details for each card. But even the lower-cost Amex cards offer at least some perks to cardholders.
The trade off is typically cost. Based on our analysis, American Express credit cards are more expensive than other cards on average, in terms of the annual card fee.
If you regularly carry a balance on your credit card, remember the interest rates on most Amex cards are also pretty high (with the exception of The Low Rate Credit Card from American Express®).
You may also pay a higher card surcharge when you tap your Amex card versus a Visa or Mastercard. And while Amex is accepted at most retailers and merchants in Australia, it’s not accepted everywhere.
Here are some other questions to ask yourself when deciding whether an American Express Credit Card will be worth it for you:
- Will I use the perks and inclusions that come with the card?
- How many rewards points am I likely to earn based on my normal spending habits?
- Will I be able to use those points for something that’s valuable to me?
- Is the annual fee good value relative to what I’m getting in return in perks and points?
- Will I meet the card eligibility criteria?
- Will the card minimum and maximum card limit be appropriate for me?
To summarise…pros and cons of Amex credit cards
Pros
- A high level of perks, rewards and inclusions with most cards
- Good selection of both consumer and business cards to choose from
- The Amex Membership Rewards Program offers a very broad selection of ways to use the points you earn
- You can transfer points to a wide range of partner airline programs
Cons
- Generally more expensive than other credit cards in Australia
- Higher merchant surcharges may apply
- Amex is not accepted everywhere
- No card options offering 0% international credit card fees
