American Express Velocity Platinum Card
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Earn 50,000 bonus Velocity Points, up to 2.25 points per $1 spent and 100 Status Credits.
Designed with travellers in mind, the American Express Velocity Platinum Card is a premium frequent flyer product that earns up to 2.25 Velocity Points per $1 spent. You can earn 50,000 bonus Velocity Points when you spend $3,000 within the first 3 months from card approval.
50,000
Bonus points
20.74% p.a.
Purchase rate
1.25
Reward points
Per $ spent (American Express)
$375 p.a.
Annual fee
Details
| Product Name | American Express Velocity Platinum Card |
|---|---|
| Rewards Program | Velocity Frequent Flyer |
| Balance transfer rate | 0% p.a. for 12 months with 1% balance transfer fee |
| Balance Transfer Revert Rate | Purchase Rate (20.74% p.a.) |
| Balance Transfer Limit | 70% of available balance |
| Maximum Balance Transfer Amount | $10,000 |
| Purchase rate (p.a.) | 20.74% p.a. |
| Annual fee | $375 p.a. |
| Interest Free Period | 55 days |
| Minimum Credit Limit | $3,000 |
| Maximum Credit Limit | $50,000 |
| Card Type | American Express |
| Foreign Currency Conversion Fee (American Express) | 3% of transaction value |
| Complimentary Travel Insurance | Yes |
| Minimum Income | $65,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
Pros
- 50,000 bonus Velocity Points when you spend $3,000 within the first 3 months
- Up to 2.25 points per $1 spent, uncapped
- Additional cardholder at $0
- 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 within the membership year
- Complimentary Virgin Australia return Economy domestic flight each anniversary year
Cons
- Relatively high annual fee of $375
- A high interest rate of 20.74% p.a. applies if you do not repay your balance in full by the due date on each statement
| Rewards Program | Velocity Frequent Flyer |
|---|---|
| Bonus Points | 50,000 bonus points |
| Rewards Points per $ spent (American Express) | 1.25 |
| Rewards Points per $ Cap (American Express) | Uncapped |
| Annual fee | $375 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% 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 Cardholders | 4 |
Expert review
Review by
Sally McMullen
sally.mcmullen@finder.com.auSally 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.
