American Express Velocity Business Card

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Earn Velocity Points, enjoy interest-free days and save with complimentary insurance covers with the Amex Velocity Business Card.

Enjoy features including no pre-set spending limit, convenient expenditure tracking and complimentary insurance covers while earning Velocity points for your business spending.

1

Reward point

Per $ spent (American Express)

$249 p.a.

Annual fee

51 days

Interest free period


Details

Product NameAmerican Express Velocity Business Card
Rewards ProgramVelocity Frequent Flyer
Purchase RateN/A
Annual Fee$249
Interest Free Period51 days
Card TypeAmerican Express
Foreign Currency Conversion Fee (American Express)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available to Temporary ResidentsNo
Joint ApplicationNo

Pros

  • Download credit card statements to business and account management software to easily manage business spending.
  • Two complimentary single entry passes to the Virgin Australia lounge every year.
  • Up to 2 Velocity Points per $1 spent

Cons

  • There is a relatively high annual fee of $249.
Rewards ProgramVelocity Frequent Flyer
Rewards Points per $ spent (American Express)1
Rewards Points per $ Cap (American Express)Uncapped
Annual Fee$249
Minimum Monthly Repayment100% of the closing balance outstanding
Foreign Currency Conversion Fee (American Express)3% of transaction value
Additional Cardholder Fee$0
Number of Additional Cardholders99

Expert review

Sally McMullen

Review by


Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.

Expert review

This is one of the few business cards that is directly linked with the Velocity Frequent Flyer program. If you regularly travel with Virgin Australia for business, you could earn more Velocity Points per $1 and travel in style thanks to the complimentary Virgin Australia lounge passes.

How to apply

You can apply for the American Express Velocity Business Card online in minutes and Amex will review your application in as little as 30 seconds. Before you get started, check that you meet the eligibility criteria and have the necessary information to complete the application.

Eligibility criteria

  • Business revenue. Your business must have an annual revenue of 75,000 or more.
  • Residency. You're an Australian citizen or permanent resident.

Card benefits

  • Earn Velocity Points. You'll earn 1 Velocity Point per $1 spent on eligible purchases with this card. When you use the card to make valid Virgin Australia purchases, you'll earn 2 Velocity Points per $1 spent and you can also earn 0.5 points per $1 spent on government transactions. Your Velocity Points are automatically transferred to your frequent flyer account each month and you can redeem them for flights with Virgin Australia and its partners, accommodation, products from the Velocity Store and much more.
  • Virgin Australia lounge passes. Travel in style with two complimentary single entry lounge passes to the Virgin Australia lounge at selected domestic airports every year. The perks will vary between lounges, but you can usually look forward to complimentary snacks, buffet meals and a full-stocked bar as well as work stations, desktop computers and high-speed Wi-Fi.

Rates & fees

  • Annual fee. This card charges a $249 p.a. annual fee.
  • Additional cardholders. You can request additional cardholders onto your account for a fee of $0 p.a.

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6 Comments

  1. Default Gravatar
    Dirk
    June 29, 2013

    This card sounds great but nearly all places still charge a 3% surcharge when using AMEX which defeats the whole purpose of trying to gather points. You end up paying for your flights with the surcharge anyway!

    What is the best card to gain as many points as possible for a yearly spend of 150 to 200k in a small business?

    Personnel or business card?

    • AvatarStaff
      Jacob
      June 29, 2013

      Hi Dirk.
      If you’re looking for the best earn rate, and best rewards card, it really depends on how you plan to use your rewards, where you spend (some cards offer bonus points when you spend at certain merchants) and how much you spend (the net value of the rewards must be greater than the card’s annual fee in order for it to be a cost effective product).

      Have a look at out business credit card comparison page, there are business rewards cards that are offered by Visa on this page.

      If you’re interested in rewarding your personal spending, have a look at our comparison of rewards credit cards. You can earn frequent flyer points direct (Qantas, Velocity, Krisflyer etc.), or you can go for a card that lets you earn rewards with the bank or lender (ANZ Rewards, Amplify Rewards, Q-Rewards etc.). You can transfer points from a lender’s reward scheme, for example ANZ Rewards can currently be transferred to the Velocity Frequent Flyer Program at the rate of 2.25 ANZ Rewards to 1 Velocity Point, but you’ll end up earning less than if you would have choose to go with a card that earns Velocity points directly.

      I hope this helps.

      Jacob.

  2. Default Gravatar
    Daniel
    June 14, 2013

    Hello. Does this card come with a netbank function or can I use this card as bpay payment. Thanks.

    • AvatarStaff
      Jacob
      June 14, 2013

      Hi Daniel. Thanks for your question. You can mange your American Express Credit Card online through American Express’s ‘My Account’ online credit card portal. You should be able to make BPAY payments as well as monitor your account balances and transfer funds between accounts using this service. Let us know if there’s anything else we can help you with. Jacob.

  3. Default Gravatar
    Ryan
    September 18, 2012

    Hi. The card looks great. Just wondering when the annual card fee is due?

    • AvatarStaff
      Adrian
      September 18, 2012

      Thanks for your question Ryan.
      The annual card fee is due with your first statement.
      Hope this helps

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