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American Express Velocity Escape Card – Review and Application

American Express Velocity Escape Card Find out more Go to site

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Earn up to 2 Velocity Points per $1 spent, enjoy up to 55 days interest-free on purchases and pay no annual fee for life.

The American Express Velocity Escape Credit Card gives you a way to earn more Velocity Points without paying an annual fee. It offers a maximum earn rate of 2 points per $1 on spending with Virgin Australia and 1 point per $1 spent everywhere else.

Product NameAmerican Express Velocity Escape Card
Rewards ProgramVelocity Rewards
Balance transfer rate (p.a.)0% p.a. for 12 months with 1% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (20.74% p.a.)
Balance Transfer Limit70% of available credit limit
Maximum Balance Transfer Amount$10,000
Purchase rate (p.a.)20.74% p.a.
Annual fee$0 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 55 days on purchases
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Minimum Monthly Repayment2.5% or $30
Minimum Income$40,000
Card TypeAmerican Express
Late Payment Fee$30
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 InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Income$40,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
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
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Annual Fee$0 p.a.
Minimum Repayment2.5% or $30
Late Payment Fee$30
Over Limit Fee$15
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
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • This rewards card comes with $0 annual fee.
  • Take advantage of 0% p.a. on balance transfers for 12 months.
  • Enjoy an interest-free period on your purchases of up to 55 days if you settle the outstanding balance every month.
  • There's no additional charge for a supplementary card.

Cons

  • A 1% balance transfer fee applies.
  • At the end of the balance transfer period, any remaining unpaid balances will revert to the standard purchase rate of 20.74% p.a.
  • The minimum income required to apply for this card is $40,000 p.a.
Rewards ProgramVelocity Rewards
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) CapN/A
Rewards Points per $ (AMEX) CapUncapped
Points ExpiryNever

Review of the American Express Velocity Escape

As one of the only frequent flyer credit cards with no annual fee for life, the Velocity Escape gives you a way to earn more points while saving on upfront card costs. In comparison, most frequent flyer cards have annual fees ranging from $80 to $400.

There’s also no cap on the number of Velocity Points you earn for eligible purchases made with the Velocity Escape. So whether you spend $1,000 or $10,000 per month, you’ll still earn 1 Velocity Point per $1 as a standard or 2 points per $1 spent with Virgin Australia when you're in Australia.

But if you carry a balance, the standard purchase rate of 20.74% p.a. (variable) could quickly add up. On the flipside, paying your balance in full by the due date means you could make interest-free purchases for up to 55 days per statement cycle.

Benefits and features of the American Express Velocity Escape

Compare the standard features and exclusive perks you can expect with this card:

  • 0% p.a. balance transfer offer. Save money on existing card debt and pay it down faster with a 0% p.a. balance transfer rate for the first 12 months. This reverts to the standard variable purchase rate of 20.74% p.a. at the end of the introductory period. A one-off credit plan establishment fee of 1% also applies to any balances transferred.
  • $0 annual fee and no points cap. The Velocity Escape features two ideal terms for frequent flyer credit cards: no annual fee for life and uncapped points.
  • $0 supplementary cards. You can share your account with someone by requesting a supplementary card for them at no extra cost.
  • Complimentary insurance for purchases. Eligible items bought with this card get Purchase Protection Insurance for repairs or refunds if they’re accidentally broken or stolen within 90 days. You can also take advantage of Refund Protection Insurance if you're refused a refund on an unused eligible item within 90 days of the purchase.
  • Mobile payments. If you have a compatible device, you can use the American Express Velocity Escape to make mobile payments via Android Pay, Apple Pay or Samsung Pay.
  • Security. Get 24-hour support for lost or stolen cards by calling Amex on 1300 363 687 in Australia or by contacting the nearest American Express Travel Service or office overseas. Once you have notified Amex, you are not liable for any unauthorised charges. This card also offers online fraud protection for unauthorised charges made without your knowledge while shopping online.

Rates and fees of the American Express Velocity Escape

Here are details of what you could end up paying for when you choose this credit card.

  • Interest rate. The Velocity Escape has a standard variable purchase rate of 20.74% p.a., which is on the higher end of the scale for frequent flyer cards.
  • 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.
  • Minimum repayments. You need to pay at least 2.5% of the balance (whichever is greater) by the statement due date to keep your account in good standing.
  • Late payment fees. If you don’t pay at least the minimum by the due date on each statement, a fee of $30 will apply.
  • Foreign currency conversion fee. Using this card overseas or for payments made online in a foreign currency will attract a fee worth 3% of the total transaction.

No cash advances

You can’t use the American Express Velocity Escape to pay for gambling services, to get cash out or for any other cash advance transactions.

How to apply

You can apply for the American Express Velocity Escape in around 10 minutes online, which will also help you meet the requirements for the bonus point offer. Here’s what you’ll need to tick off before you apply:

Eligibility criteria checklist

  • Are you 18 or older? You must be at least 18 years old to apply.
  • Do you earn at least $40,000 a year? This is minimum income for the Velocity Escape and applies to your personal or household pre-tax annual income.
  • Do you meet the citizen or residency requirements? To apply for the American Express Velocity Escape, you must be an Australian citizen or permanent resident or hold a current Business Long Stay Visa (subclass 457).

Information and documents you’ll need

If you meet the eligibility requirements, you can start your application. To speed up the process, make sure you have the following details on hand:

  • Personal information. This covers your full name, email address, date of birth, driver’s licence number, marital status, number of dependents and contact number.
  • Velocity Frequent Flyer details. During the second step of the application you’ll be asked if you’re a current Velocity member. If you are, you’ll need to provide your membership number and status tier. If not, American Express will instruct Velocity Frequent Flyer to create an account so you can start earning points.
  • Residential details. This includes your residential address, residential status (i.e. renting, homeowner) and length of time at that address. If you’ve recently moved, you may also need to provide details of your previous address.
  • Employment details. You’ll need to provide information regarding your salary and role as well as your employer’s name and contact details. If you’re self-employed, provide details of your accountant. You may also be asked to provide several recent payslips, PAYG summaries or Tax Assessment Notices to help verify this information.
  • Financial details. As well as your income, outline details of any assets you have, such as savings or shares, or debts from existing loans and cards. You’ll also need to estimate your everyday spending on essentials such as bills, fuel/transport and supermarket shopping.
When will I hear about my application?

If you apply for the American Express Velocity Escape online, you could get a response within 60 seconds of submitting your completed form. Amex will also send a formal response in the mail within 5-10 working days.

The American Express Velocity Escape sets itself apart from most frequent flyer cards thanks to the $0 p.a. annual fee. It also has no points cap and a solid rewards earn rate. While it does have fewer complimentary extras than some other frequent flyer cards, overall, the Velocity Escape is a competitive option when you want to earn rewards and keep your upfront costs to a minimum.

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84 Responses

  1. Default Gravatar
    LynDecember 9, 2016

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

    • Staff
      JasonDecember 10, 2016Staff

      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

  2. Default Gravatar
    October 24, 2016

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

    • Staff
      MayOctober 28, 2016Staff

      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

  3. Default Gravatar
    GailOctober 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?

    • Staff
      AnndyOctober 28, 2016Staff

      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

  4. Default Gravatar
    ayitSeptember 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?

    • Staff
      AnndySeptember 6, 2016Staff

      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

  5. Default Gravatar
    Surendran`June 14, 2016

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

    • Staff
      AnndyJune 14, 2016Staff

      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

  6. Default Gravatar
    SamJune 3, 2016

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

    • Staff
      MayJune 9, 2016Staff

      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

    • Staff
      SharonJune 9, 2016Staff

      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

  7. Default Gravatar
    johnApril 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.

    • Staff
      AnndyApril 26, 2016Staff

      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
      JohnApril 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?

    • Staff
      AnndyApril 27, 2016Staff

      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

  8. Default Gravatar
    HankApril 19, 2016

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

    • Staff
      MayApril 19, 2016Staff

      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

  9. Default Gravatar
    NickiFebruary 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.

    • Staff
      JonathanFebruary 26, 2016Staff

      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

  10. Default Gravatar
    edward.fearis@gmail.comFebruary 20, 2016

    How do you “apply online through finder.com.au” such that you are potentially eligible for 15,000 introductory points (instead of 7,500 introductory points)?

    • Staff
      JonathanFebruary 22, 2016Staff

      Hi Edward, thanks for your inquiry!

      You can apply for this card offer by pressing the ‘Go to Site’ button where you will be redirected to the secure American Express web form to apply for the 15,000 introductory points offer.

      Cheers,

      Jonathan

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