Earn up to 2.5 Velocity Points per $1 spent and 100 Velocity Frequent Flyer Status Credits. Plus fly to Los Angeles or Singapore with 50,000 bonus Velocity Points.
The American Express Velocity Platinum Card is a premium frequent flyer card with a tiered reward point structure that allows you to earn up to 2.5 Velocity Points per $1 spent. It also offers a range of other frequent flyer perks, including one complimentary Virgin Australia return domestic flight per year, Virgin Australia lounge invitations, complimentary domestic and international travel insurance and a host of other platinum services. When you spend $50,000 over the course of the membership year, you will earn 100 Velocity Frequent Flyer Status Credits.
This card currently offers 50,000 bonus Velocity Points if you apply online, are approved and spend $1,500 within the first 3 months of card membership. You can also save money on interest with 0% p.a. on balance transfers for 12 months. A one-time 1% balance transfer fee applies for this offer.
|Product Name||American Express Velocity Platinum 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||$375 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.
|Max credit limit|
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
|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||Yes|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$375 p.a.|
|Minimum Monthly Repayment||2.5% or $30, whichever is greater|
|Late Payment Fee||$30|
|Cash Advance Fee||$2.50 or 2% of the cash advance amount (whichever is greater)|
|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.
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||4|
- Receive 50,000 bonus Velocity Points when you apply online, get approved and spend $1,500 within the first 3 months of card membership.
- Earn up to 1.5 points per $1 spent and an additional 1 Velocity Point when you use the card to purchase a Virgin Australia product, uncapped.
- Maximise the amount of points with an additional cardholder at $0 p.a.
- Receive 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 within the membership year.
- Enjoy a complimentary Virgin Australia return Economy domestic flight each anniversary year.
- This card has a relatively high annual fee of $375, so you would need to make sure that the frequent flyer points you’ll earn will outweigh this cost.
- A high interest rate of 20.74% p.a. applies if you do not repay your balance in full.
|Rewards Program||Velocity Frequent Flyer|
|Bonus Points||50,000 bonus points|
|Rewards Points per $ spent (AMEX)||1.5|
|Rewards Points per $ (AMEX) Cap||Uncapped|
American Express Velocity Platinum Card review
The American Express Velocity Platinum Card is designed to maximise your frequent flyer points and travel benefits. It has a tiered points structure that allows you to earn up to 2.5 Velocity Points per $1 spent. It is also one of a select number of cards that allow you to earn rewards for utilities and government charges (including ATO payments), and has no points cap. When you spend at least $50,000 on eligible purchases over the course of your membership year, you are entitled to receive 100 Velocity Frequent Flyer Status Credits.
In addition to earning Velocity Points for account spending, this card includes complimentary travel insurance, purchase protection cover, two Virgin Australia Lounge invitations per year and a yearly complimentary domestic return flight with Virgin Australia after your first card spend each year. In terms of costs, it has an annual fee of $375 and a standard variable purchase rate of 20.74% p.a. that need to be considered before choosing this card.
Benefits of using American Express Velocity Platinum Card
Some of the most popular features of the American Express Velocity Platinum Card include:
- 50,000 bonus Velocity Points. This card offers a bonus 50,000 Velocity Points if you apply online, are approved and spend $1,500 within the first 3 months of card membership. This offer is available to new card members, as well as bank-issued American Express companion cardholders.
- Balance transfer offer. Take advantage of 0% p.a. on balance transfers for 12 months. There is a one-time balance transfer fee of 1% with this offer.
- Velocity Frequent Flyer Status Credits. Receive 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 on eligible purchases within the membership year.
- Rewards program. This card earns 1.5 Velocity Points per $1 spent on everyday purchases and an additional Velocity Point per $1 spent on selected Virgin Australia purchases made within Australia.
- Complimentary domestic return flight. After your first card spend each year, the card offers a complimentary domestic return flight between select cities with Virgin Australia.
- Complimentary Virgin Australia Lounge access. This card also offers two single entry passes to Virgin Australia lounges each year that can be used at selected domestic airports. You'll also receive two complimentary entries to the American Express Lounge at Sydney International airport per year.
- Complimentary travel insurance. If you pay for eligible travel on your card, you can take advantage of complimentary domestic and international travel insurance for your trip.
- Purchase insurances. This card offers complimentary Refund Protection if you're refused a refund on an unused eligible item within 90 days of purchase and Purchase Protection for eligible items if they are accidentally broken or stolen within 90 days of purchase.
- Mobile payments. This card allows you to make contactless payments from your mobile phone through Apple Pay, Google Pay or Samsung Pay.
Features of the American Express Velocity Platinum Card
Make sure you also take into account the following features when comparing the American Express Velocity Platinum Card to other options:
- Annual fee. This card charges an annual fee of $375.
- Interest rate. This card has a standard variable interest rate of 20.74% p.a. Note that if you get a balance transfer, any debt remaining at the end of the introductory period will accrue interest at this rate.
- Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 55 days interest-free on purchases.
- Additional cards. You can request a supplementary card for a partner or family member with a $0 annual fee for them. This allows you to share your account and maximise rewards. Note that you will still be responsible for keeping the account in good standing.
- Reward point expiry. Velocity Points don't expire as long as you earn or redeem points at least once every 24 months.
- Maximum credit limit. This card has a generous credit limit of up to $50,000.
- Card security. The American Express Online Fraud Protection Guarantee protects you against any unauthorised purchases online. Amex also offers emergency card replacement and 24/7 global support services to help keep your account safe.
How to apply for the American Express Velocity Platinum Card
If you've compared cards and decided the American Express Velocity Platinum Card suits your needs, you can apply online in around 10 minutes via a secure application form. You'll get a response from American Express within 60 seconds of filling out and submitting your application. To save time, make sure that you meet the following eligibility requirements and have your supporting documentation on hand.
- You must be at least 18 years of age.
- You must be an Australian citizen, a permanent resident or hold a Business Long Stay Visa (subclass 457).
- You must have a minimum pre-tax income of $65,000 p.a.
- You must not have a history of bad debt or payment default.
- Personal details. This includes your full name, date of birth, residential address and contact information. You'll also need to provide your Australian driver's licence number or passport for identification.
- Employment details. This includes your current position, length of employment, salary and employer contact information. You may also be required to submit recent payslips or tax statements.
- Financial information. The application requires you to provide details of income and assets, including any shares, investments or savings. You'll also need to outline any existing debts from cards, loans or mortgages, as well as regular household expenses such as rent or groceries.
The American Express Velocity Platinum Card is a premium credit card that offers points for all kinds of payments, as well as a suite of other travel benefits. However, the high annual fee and standard variable purchase rate could offset the value of these perks, so make sure you compare a range of other frequent flyer cards to find one that suits your needs.