American Express Velocity Escape Card

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Save with a $0 annual fee for life and be rewarded with up to 1.75 Velocity Points per $1 spent with the American Express Velocity Escape.

A no-frills frequent flyer card, you can use the American Express Velocity Escape to earn uncapped Velocity Points without paying an annual fee. Whether you spend $1,000 or $10,000 per month, you’ll still earn 0.75 Velocity Points per $1 on everyday purchases or 1.75 points per $1 spent on Virgin Australia transactions.

0% p.a.

Balance transfer rate

for 12 months with 1% balance transfer fee

20.74% p.a.

Purchase rate

0.75

Reward points

Per $ spent (American Express)

$0 p.a.

Annual fee

Details

Product NameAmerican Express Velocity Escape Card
Rewards ProgramVelocity Frequent Flyer
Balance Transfer Rate0% p.a. for 12 months with 1% balance transfer fee
Balance Transfer Revert RatePurchase Rate (20.74% p.a.)
Balance Transfer Limit70% of available balance
Maximum Balance Transfer Amount$10,000
Purchase Rate20.74% p.a.
Annual Fee$0
Interest Free Period55 days
Minimum Credit Limit$2,000
Card TypeAmerican Express
Foreign Currency Conversion Fee (American Express)3% of transaction value
Complimentary Travel InsuranceNo
Minimum Income$40,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

Pros

  • Ongoing $0 annual fee
  • 0% p.a. on balance transfers for 12 months
  • Complimentary purchase and refund protection

Cons

  • Charges a 3% of transaction value foreign transaction fee
  • A 1% fee applies to any balances transferred
Rewards ProgramVelocity Frequent Flyer
Rewards Points per $ spent (American Express)0.75
Rewards Points per $ Cap (American Express)Uncapped
Annual Fee$0
Minimum Monthly Repayment2.5% of the closing balance or $30, whichever is greater
Late Payment Fee$30
Foreign Currency Conversion Fee (American Express)3% of transaction value
Additional Cardholder Fee$0
Number of Additional Cardholders4

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

The American Express Velocity Escape is the only no annual fee card that directly earns Velocity Points. The earn rate is competitive even when compared to cards that charge annual fees. However, the absence of a bonus points offer is the trade off for paying $0 annual fee.

How to apply

You can apply for the American Express Velocity Escape card via Finder in 10 minutes and receive a response within 60 seconds. Before you apply, check if you meet the eligibility criteria and have the necessary information to complete your application:

Eligibility criteria

  • Income. You must earn a pre-tax annual income of at least $40,000.
  • New cardholder. To be eligible for the balance transfer offer, you cannot hold or have held an American Express credit card in the last 60 days.

Card benefits

  • Uncapped Velocity Points. Earn 0.75 points per $1 spent on eligible transactions and an additional 1 point per $1 spent on purchases with Virgin Australia. You will also collect 0.5 points per $1 spent on government transactions (such as your ATO bill).
  • 0% balance transfer offer. Save money on existing card debt and pay it down faster with a 0% balance transfer rate for the first 12 months. This reverts to the ongoing purchase rate of 20.74% p.a. at the end of the introductory period. A one-off balance transfer fee of 1% applies to the transferred amount. You can transfer up to 70% of your approved credit limit from non-Amex credit card accounts. Please note that you won't earn Velocity Points on balance transfers.

Rates & fees

  • Purchase rate. The Velocity Escape charges a purchase rate of 20.74% p.a.
  • Interest-free days. Pay your account balance in full by the statement due date and you can get up to 55 days interest-free on purchases. Interest-free days won't apply if you're paying off a balance transfer debt.

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86 Comments

  1. Default Gravatar
    Charmaine
    September 25, 2018

    The one time 1% balance transfer fee, how does this work and why does this need to be done?

    • AvatarStaff
      John
      September 27, 2018

      Hi Charmaine,

      Thank you for leaving a question.

      The 1% credit plan establishment fee applies to the balance which you transferred. This is debited during the time of the balance transfer. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    Lyn
    December 9, 2016

    Can you please advise how to redeem reward points in Amex.

    • AvatarStaff
      Jason
      December 10, 2016

      Hi Lyn,

      Thank you for your enquiry.

      You may redeem your Velocity Reward from the American Express Velocity Escape card by logging into your Velocity Rewards account and click on the redeem tab in the top menu.
      Please click this link for a guide on how to redeem your Velocity reward points.

      I hope this helps,

      Kind regards,
      Jason

  3. Default Gravatar
    Lucie
    October 24, 2016

    How many points do you need to accumulate $100 value.
    Thank you.

    • AvatarStaff
      May
      October 28, 2016

      Hi Lucie,

      Thank you for your question.

      The American Express Velocity Escape Card lets you earn 2 Velocity Points for every dollar you spend with Virgin Australia and 1 Velocity point for every dollar you spend on other eligible purchases. The points you get do not have monetary value so we may not be able to compute the equivalent of points in dollars.

      Cheers,
      May

  4. Default Gravatar
    Gail
    October 23, 2016

    Hi I was just curious as to approximately how far the bonus 7,500 points would get me. Could I fly say from Brisbane to Honolulu or would it only be enough to get me to Sydney?

    • AvatarStaff
      Dee
      October 28, 2016

      Hi Gail,

      Thanks for your question.

      The number of points needed for a particular flight depends on your cabin class and destination.

      You could refer to the Velocity points table to check how much points you will need for a particular flight.

      Cheers,
      Anndy

  5. Default Gravatar
    ayit
    September 6, 2016

    in the description it says earn 2 points for every $1 spent? but under “rewards program” it says 1 point per $1.. which one is it?

    • AvatarStaff
      Dee
      September 6, 2016

      Hi Ayit,

      Thanks for your question.

      With American Express Velocity Escape Card, you can earn up to 2 Velocity Points for every $1 spent when you use your card to pay for Virgin Australia tickets and 1 point for every $1 spent on other eligible purchases.

      Cheers,
      Anndy

  6. Default Gravatar
    Surendran`
    June 14, 2016

    I want to know how can i use that 7500 reward points

    • AvatarStaff
      Dee
      June 14, 2016

      Hi Surendran,

      Thanks for your comment.

      You can redeem your Velocity reward points for flights, flight upgrades, car hire or hotel booking, sports apparels and more. I’ve sent you an email with a link to where you can redeem your points.

      I hope this helps.

      Cheers,
      Anndy

  7. Default Gravatar
    Sam
    June 3, 2016

    I have a corporate Amex card for work. Am I eligible for the bonus 7500 points?

    • AvatarStaff
      May
      June 9, 2016

      Hi Sam,

      Thanks for your inquiry.

      The introductory offer (7,500 bonus points) is available to new American Express Card Members only. Furthermore, according to the AMEX T&Cs, it states that:

      ‘Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited in the preceding 12-month period are ineligible for this offer.’

      For your reference, I’ve emailed you the link to the American Express Velocity Escape Card.

      Hope this has answered your question.

      Cheers,
      May

    • AvatarStaff
      Sharon
      June 9, 2016

      Hi Sam, thanks for your inquiry.

      You will be eligible for the offer as long as the card account you’re holding now is not under your name or you are not the primary cardholder. As per American Express terms and conditions, “Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited in the preceding 12-month period are ineligible for this offer.”

      I hope this helps,

      Sharon

  8. Default Gravatar
    john
    April 26, 2016

    I already have an Amex Qantas Express Discovery Card. Am I still eligible for the velocity points? I really need a velocity points card.

    • AvatarStaff
      Dee
      April 26, 2016

      Hi John,

      Thanks for your inquiry

      The 7,500 bonus Velocity Points offer is only available to new American Express Card Members. Those who currently hold or who have previously held any other Card product offered by American Express Australia Limited in the preceding 12-month period are NOT eligible for this offer.

      I hope this answers your question.

      Cheers,
      Anndy

    • Default Gravatar
      John
      April 27, 2016

      That doesn’t make sense because I had an American express card in my name before I applied for the Amex discovery card but was awarded points. Are you certain this applies to all Amex cards or is it just selected card?

    • AvatarStaff
      Dee
      April 27, 2016

      Hi John,

      Thanks for getting back. Just to clarify, the points that I was referring to is the signup bonus points of 7,500. I’ve sent you an email with the relevant link to the Terms and Conditions for the American Express Velocity Escape Card where you could verify how to earn the bonus points.

      I hope this helps.

      Cheers,
      Anndy

  9. Default Gravatar
    Hank
    April 19, 2016

    I have a corporate AMEX card in my name. Am I still eligible for the bonus points?

    • AvatarStaff
      May
      April 19, 2016

      Hi Hank,

      Thanks for your inquiry.

      To be eligible for the 7,500 bonus Velocity points, you have to apply and get approved for the American Express Velocity Escape Card. Then spend $300 on your new card within the first 3 months. To apply for the card, please click on the ‘Go to site’ button and head over to American Express’ website.

      I hope this helps.

      Cheers,
      May

  10. Default Gravatar
    Nicki
    February 26, 2016

    I have an AMEX as a secondary card to an ANZ Visa credit card – does this mean I would not be eligible to the bonus Velocity points, even though I am not a direct customer of AMEX? Thank you.

    • AvatarStaff
      Jonathan
      February 26, 2016

      Hi Nicki, thanks for your inquiry!

      As long as you have not been a primary cardholder of an American Express credit card within the last 12 months, you will be eligible to apply for this card offer and receive the bonus points.

      Cheers,

      Jonathan

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