Save with a $0 annual fee for life and earn up to 2 Velocity Points per $1 spent.
The American Express Velocity Escape Credit Card gives you a way to earn uncapped 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 Name||American Express Velocity Escape Card|
|Rewards Program||Velocity Frequent Flyer|
|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 Limit||70% 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.
|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||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Annual fee||$0 p.a.|
|Minimum Monthly Repayment||2.5% or $30, whichever is greater|
|Late Payment Fee||$30|
|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.
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||4|
- 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.
- A one-time 1% balance transfer fee applies.
|Rewards Program||Velocity Frequent Flyer|
|Rewards Points per $ spent (AMEX)||1|
|Rewards Points per $ (AMEX) Cap||Uncapped|
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 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.
- Earn Velocity Points. Earn 1 Velocity Point per $1 spent on everyday purchases and 2 Velocity Points per $1 spent on Virgin Australia purchases within Australia.
- 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 supplementary cards. You can share your account with someone and earn more Velocity Points 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 Google 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. 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.Back to top