Earn Velocity Frequent Flyer points on your business costs, enjoy interest-free days and save with complimentary insurance cover with the American Express Velocity Business Card.
The American Express Velocity Business Card is a charge card which allows you earn Velocity Points on your everyday business purchases. Because this is a charge card, you won’t be charged interest on the purchases you make. Just pay off your balance in full each month and you can enjoy the convenient spending options and features offered by the card, which include no pre-set spending limit, the ability to earn up to 2 Velocity Points per dollar spent, plus a suite of complimentary insurance covers.
|Product Name||American Express Velocity Business Card|
|Rewards Program||Velocity Frequent Flyer|
|Annual fee||$249 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 51 days on purchases|
|Card Type||American Express|
|Foreign Currency Conversion Fee (AMEX)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|3% of transaction value|
|Complimentary Travel Insurance||Yes|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Annual fee||$249 p.a.|
|Minimum Monthly Repayment||100%|
|Foreign Currency Conversion Fee|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$99|
|Number of Additional Cardholders||99|
- Cardholders have the option of downloading credit card statements to business and account management software to easily manage business spending.
- There are two complimentary single entry passes to the Virgin Australia lounge every year for the card holder to enjoy.
- There is an incredibly high annual fee of $249, so milk the rewards and spend on this card in order to make it cost effective.
- There is also a high supplementary card fee of $99.
|Rewards Program||Velocity Frequent Flyer|
|Rewards Points per $ (VISA/MC) Cap||N/A|
|Rewards Points per $ spent (AMEX)||1|
|Rewards Points per $ (AMEX) Cap||Uncapped|
American Express Velocity Business Card review
As outlined above, the Velocity Business card is not a credit card, but is a charge card that requires you to pay your balance back in full each month. While there is no pre-set spending limit, American Express will approve your purchases based on a number of different factors, including your finances, payment history and current spending patterns. This card comes with an annual fee of $249, and you can link supplementary cards to your account for $99 p.a.
Benefits of American Express Velocity Business Card
- Earn more points with the Velocity Frequent Flyer Rewards Program. The Velocity program is the travel and rewards program from Virgin. Any points earned from eligible purchases on your American Express Velocity Business Card will be transferred directly to your Velocity account. You can use your Velocity Points to redeem a range of benefits, including travel rewards, flights and upgrades, vouchers and shopping items, among others. When you spend with Virgin Australia you’ll earn 2 Velocity Points per dollar spent, and you’ll earn 1 point per dollar spent on other purchases. This excludes utilities, insurance providers and governments bodies where you’ll earn 0.5 points per dollar spent.
- Complimentary Domestic and Overseas Travel Insurance. This provides cover for both you and your supplementary cardholders when travelling.
- Travel Inconvenience Cover. This insurance covers you in the case of flight delays, missed connections or delayed luggage as long as you purchase your trip using your card.
- Transport Accident Cover. If you’re travelling for business, American Express will waive up to $20,000 of outstanding charges on your card if you’re in a serious accident.
- Interest-free days. You have up to 51 days to pay off your purchases, which gives you time to get your finances in order as your statements are monthly.
- Mobile contactless payments. Whether you use an iPhone, Android or Samsung device, you can use Apple Pay, Samsung Pay and Google Pay to make convenient contactless payments with your smartphone at the checkout.
Features of the American Express Velocity Business Card
- Additional cardholders. You can add additional cardholders onto your account for a fee of $99 p.a.
- Virgin Australia lounge passes. You’ll receive two single entry lounge passes to the Virgin Australia lounge at selected domestic airports every year.
- Card security. You can enjoy emergency card replacement within 48 hours to virtually anywhere in the world, plus the Online Fraud Protection Guarantee means you won’t be held responsible for unauthorised purchases made on your account.
- American Express Network. As well as earning rewards through Velocity, you can access benefits such as promotions, offers and competitions through the American Express Network.
- Easy tracking of business expenditure. In your monthly statements American Express will outline your GST-payable amount (where available) for transactions. Plus, you can download and keep track of statements and transactions using Quicken, MYOB or Microsoft Excel for easy business reporting.
- Payment options. As an American Express card, your charge card will be Chip, PIN and contactless-enabled, giving you more options when it comes to making a purchase.
How to apply for the American Express Velocity Business Card
If you’d like to apply for the American Express Velocity Business Card, you can start the online application process by completing the secure online application. This will only take less than ten minutes and you’ll receive a response in five to ten working days. Before you proceed with your application, ensure you meet the eligibility criteria first.
- You’re over the age of 18
- You’re an Australian citizen or permanent resident
- You have a personal gross income of $24,000 per year or more
- You have no history of bad debt or payment default
It should be noted that only sole traders and companies can apply online.Back to top