American Express Velocity Platinum Card

Information verified correct on December 10th, 2016
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Earn up to 3 Velocity Points per $1 spent with the American Express Velocity Platinum. Plus fly to London, Los Angeles or Singapore with 50,000 bonus Velocity Points.

The American Express Velocity Platinum is a premium frequent flyer card with a tiered reward point structure that allows you to up to 3 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.

This card currently offers 50,000 bonus Velocity Points if your application is approved and you 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-off balance transfer fee applies for this offer.

Product NameAmerican Express Velocity Platinum 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$349 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 44 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.
$3,000
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.
$100,000
Minimum Monthly Repayment2.5% or $30
Minimum Income$65,000
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 InsuranceYes
Complimentary Travel Insurance Cover2 months
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Income$65,000
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.
$3,000
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.
$100,000
Annual Fee$349 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
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Cardholders can earn up to 3 points per dollar spent when they use the card to purchase a Virgin Australian product. There is no limit to the amount of points you can earn in a year too.
  • Card holders can also maximise the amount of points with an additional cardholder at $0 p.a.

Cons

  • This card has an incredibly high annual fee of $349, so unless you are an incredibly frequent flyer the fee you will be hit with isn't worth it.
  • An incredibly high interest rate of 20.74% p.a.
Rewards ProgramVelocity Rewards
Bonus Points on Sign-up50,000
Rewards Points per $ (VISA/MC)0
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) CapN/A
Rewards Points per $ (AMEX) CapUncapped
Points Expiry36 months

American Express Velocity Platinum Card review

The American Express Velocity Platinum Credit 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 3 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.

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 complimentary domestic return flight with Virgin Australia every year after your first card spend each year. In terms of costs, it has an annual fee of $349 and a standard variable purchase rate of 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 include:

  • 50,000 bonus Velocity Points. This card offers a bonus 50,000 Velocity Points if you are approved and spend $1,500 within the first 3 months of card membership.
  • Balance transfer offer. Take advantage of 0% p.a. on balance transfers for 12 months. There is a one-off balance transfer fee of with this offer.
  • Rewards program. This card has a tiered earn rate for purchases. It offers 3 points per $1 spent with Virgin Australia and partner restaurants in Australia; 2 points per $1 on airlines, accommodation, major cruise and tour operators and for spending in foreign currency; 0.5 points per $1 on utilities, telecommunications companies, non American Express provided insurance and government bodies and 1 point per $1 on everything else.
  • Complimentary domestic return flight. The card offers a complimentary domestic return flight with Virgin Australia every year you have the card. This flight is only available between selected Australian cities and is available for booking by American Express Velocity Platinum Card Members after your first card spend in the first year, and then after your first card spend each year after the anniversary of your Membership. Note that this complimentary flight is not eligible for Velocity Points and/or Status Credits.
  • Complimentary Virgin Australia Lounge access. This card also offerstwo single entry passes to Virgin Australia lounges each year that can be used at selected domestic airports.
  • Discount business class companion fares. You can get access to discount Business Class Companion Fares when you and a guest travel Business Class to selected Virgin Australia international long haul destinations (including codeshare Etihad or Delta flights to Europe and the US).
  • 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, Android Pay or Samsung Pay.

Features of the American Express Velocity Platinum Card

Make sure you also include the following features when comparing the American Express Velocity Platinum Card to other options:

  • Annual fee. This card charges an annual fee of .
  • Interest rate. This card has a standard variable interest rate of 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 44 days interest-free on purchases.
  • Additional cards. You can request a supplementary card for a partner or family member with a 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 $100,000.
  • 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 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 sue that you meet the following eligibility requirements and have your supporting documentation on hand.

Eligibility criteria

  • 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

Required documents

  • 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 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.

Frequently asked questions

How soon will the bonus points be added to my account?

Once the card is approved and you have made at least $1,500 of purchases on the card within 3 months of approval you will get 50,000 bonus Velocity Points. These points are generally added within 8 to 10 weeks after the $1,500 spending benchmark is reached.

If I get a supplementary card for my wife, will she be able to collect reward points on the purchases in the same way as the main account holder?

Yes. The supplementary card can be used to make purchases which are linked to the main account. These cards also earn same reward point rates as the main account.

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86 Responses to American Express Velocity Platinum Card

  1. Default Gravatar
    dennis | August 8, 2016

    Hi,

    I am looking at getting the Amex platinum card, with regard
    to the complimentary international Amex lounge access, is that from as soon as you get accepted for the card or after 1 year of having the card ?

    • Staff
      May | August 9, 2016

      Hi Dennis,

      Thanks for your question.

      As stated on the AMEX website under T&Cs, AMEX Velocity Platinum Card Members are entitled to two (2) entries into The American Express Lounge per calendar year (1st January to 31st December) for each American Express Card account.

      Furthermore, you may also want to note the following:
      1. Complimentary access is available for the Card Member’s children between the ages of 2-17.
      2. Card Members wishing to bring additional guests may be subject to a charge that is to be processed on the Card Member’s American Express Card.
      3. From time to time, American Express Card Members may be issued with a One-Day Pass for entry into The American Express Lounge at the discretion of American Express.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    Nathan | June 15, 2016

    Hi,

    Can I transfer balance from a Visa Virgin Australia card?

    Thanks,

    • Staff
      May | June 16, 2016

      Hi Nathan,

      Thanks for your inquiry.

      A balance transfer from Virgin Australia Visa card to AMEX credit card is possible, provided you have met the eligibility requirements when you apply for the AMEX card. If you’re approved, please also note that the total amount you can transfer should not exceed the credit limit you’re approved for.

      Cheers,
      May

  3. Default Gravatar
    Ben | April 12, 2016

    If I already have a Westpac altitude black card which has MasterCard and American Express linked to the same account. Will I still receive the 50,000 bonus points if I signed up for this card and spent the required money?

    • Staff
      May | April 13, 2016

      Hi Ben,

      Thanks for your inquiry.

      Yes, you can apply for American Express Velocity Platinum card provided that you meet the eligibility requirements mentioned above. Once you get approved and spend $500 within the first 3 months, you will receive the bonus points.

      Cheers,
      May

  4. Default Gravatar
    Sam | April 6, 2016

    Is the 50,000 bonus Velocity points offer only available to new customers?

    • Staff
      Ysa | April 7, 2016

      Hi Sam,

      Thanks for your question.

      Yes, the 50,000 bonus Velocity Points offer is only available to new American Express members who apply, are approved and spend $500 on the new card within the first 3 months of approval.

      I hope this helps.

      Cheers,
      Ysa

  5. Default Gravatar
    Sofia | March 21, 2016

    Hi there,

    The policy states that the spouses of the primary cardholders are covered with the travel insurance. I just bought tickets using my velocity points for myself and my spouse – will he be covered by the insurance??

    Thank you

    • Staff
      Arra | March 21, 2016

      Hi Sofia,

      Thanks for your inquiry.

      According to the PDS which I’ve sent through your email, your spouse can be considered a Primary Card member as long as you have been living together for a period of 6 months or more. Therefore, if that’s the case then he should also be covered under the same travel insurance policy.

      I hope this has helped.

      Cheers,
      Arra

  6. Default Gravatar
    OJ | January 13, 2016

    Hi,

    I am already a member with velocity, if I sign up for this, will the points be added to my existing account or will they be segregated?

    • Staff
      Ally | January 14, 2016

      Hi OJ,

      Thanks for reaching out.

      Kindly note that finder.com.au is an online comparison service that does not represent any credit card issuer such as AMEX.

      Nonetheless, accrued points will be automatically transferred to the cardholder’s Velocity Account on a monthly basis. The monthly card account statement will specify the number of accrued points accumulated during that month and the number of points transferred to the Velocity Account.

      Unfortunately, this offer is only available to new card members who apply by February 2, 2016 and meet basic spending criteria.

      For more information, kindly click on the ‘Go to site’ button on the upper right part of this page and then click on the ‘terms and conditions’ link at the bottom of the new page.

      I hope this has helped.

      Cheers,
      Ally

  7. Staff
    Jonathan | December 2, 2015

    Hi Chris, thanks for your inquiry!

    Primary cardholders and their legally dependent children (including stepchildren or legally adopted children) who are twenty-two (22) years of age or less and wholly dependent on them for financial support. As a result your 3 month old son will be covered.

    Cheers,

    Jonathan

  8. Staff
    Sally | December 2, 2015

    Hello Chris,

    Thanks for your question.

    As long as you and your son are travelling together for the entire duration of the journey and you both meet the eligibility requirements (e.g. no pre-existing medical conditions etc), then you should both be covered under the complimentary insurance.

    I’ve emailed a copy of the American Express complimentary insurance policy to you so you can see exactly what you and your son are covered under.

    I hope this has helped.

    Cheers,

    Sally

  9. Default Gravatar
    Darren | October 2, 2015

    Hi there,

    I have applied and been approved for the American Express Velocity Platinum Card. I am the primary card holder and my wife is the supplementary card holder.

    I have read the policy document thoroughly but cannot find anything that answers my questions directly so I am hoping you can help to clear things up. I have a few questions regarding the complimentary travel insurance policy and would be great if you can help me with it.

    1) The policy states that supplementary cardholders are not eligible for the travel insurance cover but the spouses of the primary cardholders are covered. In my case where my wife is the supplementary cardholder, are we both covered for the travel insurance?

    2) Is there a minimum spend on the travel expenses to qualify for the travel insurance?

    3) The policy states that in order to activate the Travel insurance: “Cover is effective when You pay the full fare for a Trip on the American Express Velocity Platinum Card Account or with Velocity Points. “. What is the “full fare for the trip” here referring to? Just 100% of the air ticket(s) or other accommodation and/or travel expenses as well?

    Thanks for your help

    Darren

    • Staff
      Jonathan | October 6, 2015

      Hi Darren, thanks for your inquiry!

      This complimentary insurance is effective when you pay the full fare for a trip on the American Express Velocity Platinum Card Account or with Velocity Points. Unfortunately spouse’s or supplementary cardholders are not covered under this policy. The full fare for the trip is the return flight ticket for your destination.

      Cheers,

      Jonathan

  10. Default Gravatar
    Sam | October 1, 2015

    If I applied for the Amex cc on the 30th is the 100k offer still valid or is it only till the 30th?

    • Staff
      Jonathan | October 1, 2015

      Hi Sam, thanks for your inquiry!

      The offer is valid providing you applied on the 30th before American Express updated their offer/ website (before 11:59pm AEST).

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated December 10th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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