American Express Velocity Business Card – Rates and Fees

Information verified correct on December 11th, 2016
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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.

Imagine earning Velocity Points simply for paying your business expenses. The American Express Velocity Business Card is a charge card which allows you to do just this. 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 NameAmerican Express Velocity Business Card
Rewards ProgramVelocity Rewards
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
Minimum Monthly Repayment100%
Minimum Income$24,000
Card TypeAmerican 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 InsuranceYes
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$24,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Annual Fee$249 p.a.
Minimum Repayment100%
Over Limit Fee$0
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$99 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • 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.

Cons

  • 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 ProgramVelocity Rewards
Rewards Points per $ (VISA/MC)0
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) CapN/A
Rewards Points per $ (AMEX) CapUncapped
Points Expiry36 months

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.

Learn more about the how to join Velocity for free

  • 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 Android 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.

Eligibility criteria

  • 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.

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6 Responses to American Express Velocity Business Card – Rates and Fees

  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?

    • Staff
      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.

    • Staff
      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?

    • Staff
      Adrian | September 18, 2012

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

Credit Cards Comparison

Rates last updated December 11th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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