Personal Finance

American Express Low Rate offer

  • Last Updated:
  • Dec 15th, 2012 12:43 am
Deal Addict
Dec 5, 2003
1456 posts
158 upvotes

American Express Low Rate offer

Hi:

I just received a letter from Amex which seems to be a pretty good deal. I was wondering if others received a simular letter or maybe if you ddin't receive a letter you could still make use of this promotion somehow.

The letter states:
1.99% for up to 12 months on your purchases May 15, 2012 to May 14, 2013.
By charging your puchases to your Card you can take advantage of a special low rate.
Link (you need a promotion code): americanexpress.ca/lowrate

It sounds like all my purchases on this card will be only subject to 1.99% and I will probably get the the 2% rebate from this card still at the end of the year.

Anyone else have a simular offer / experiences with this? I have seen cash advance promotions on other CC of 0% - 1.99% but never purchases for the whole year.
8 replies
Deal Addict
Dec 5, 2003
1456 posts
158 upvotes
gilboman wrote: I have it for 0.99% for a year

Does it work as they describe? Buy things, pay the minimum, have 1.99 (or .99 in your case) put onto your bill as a finance charge and then just have to pay the balance in full before the promotion is over?
Deal Addict
Nov 1, 2003
1275 posts
404 upvotes
I got that offer too, on my Holt Renfrew Amex, but none of my other ones. I wonder if they are targeting inactive cards as that is a card I haven't used in years.
Deal Addict
Dec 5, 2003
1456 posts
158 upvotes
GPS wrote: I got that offer too, on my Holt Renfrew Amex, but none of my other ones. I wonder if they are targeting inactive cards as that is a card I haven't used in years.

You are right... they might be targetting low use cards. I thought they sent me the offer on my Gold 2% Amex but it is on my Costco Amex. I am going to see if they can apply this promotion to my Gold Amex but I doubt it.
Deal Fanatic
User avatar
May 19, 2005
5042 posts
2739 upvotes
Earth
Got this offer, 1.99% for all purchases in 12 months. Any reason not to use this? I'm not going to change my spending in general but I may put more on this card and just not pay in full like I usually do. Use the amount I would've paid in full on higher interest loans like my mortgage.
Deal Fanatic
Mar 12, 2010
6112 posts
660 upvotes
SW Ontario
I used it last year for the same offer. Used it to finance payin off some higher rate stuff instead (paid minimum). Seemed to be no catch. Same as the usual 20%+ rate only changed to 1.99%. Purchases only can't remember if it applied to bill payments etc.
Deal Addict
Dec 31, 2009
1568 posts
154 upvotes
I've gotten this offer twice. The first was on the Gold Airmiles card a few years ago. The offer was 1.99%. I accepted but don't remember if I actually used it for anything and carried the balance.

I just go the Platinum Airmiles about a year ago and within 4 or 5 months they offered me 0.99% on purchases. I also accepted, but have yet to take advantage of it.

They offered the same thing to my girlfriend and one of my brothers at differing times. The common denominator prior to the offer was that none of us ever carried a balance, and thus never paid any interest to Amex. So we figure they're trying to entice us to carry a balance so they can at least make something off of us.
Deal Addict
Jul 21, 2004
1361 posts
107 upvotes
My 0.99% for a year just expired this week. Never did use it, but it was nice knowing I could leave a balance without much damage. It also didn't get me to use the card any more than usual though. Would have been a much better offer if it was a no fee balance transfer.

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