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Bonus points: 100,000
Purchase rate: 23.99% p.a.
Reward points per $ spent: 1.25
Annual fee: $375 p.a.

Our verdict

Offers 100,000 bonus Velocity Points and a complimentary return domestic flight each year, with a $375 annual fee.

The American Express Velocity Platinum is suited to people who want to earn more Velocity Points and status with a credit card. Right now, you can get 100,000 bonus Velocity Points when you apply online as a new Amex card member by 15 May 2024 and spend $3,000 in the first 3 months from card approval. That's enough points for a one-way business class flight between Sydney and Los Angeles (95,500 points plus fees and taxes when flying with United Airlines or Virgin Atlantic) or $500 worth of Coles Supermarkets digital gift cards (98,030 points for five $100 gift cards).

The complimentary return domestic Virgin Australia flight is another key feature, especially when weighed against the relatively high $375 annual fee. Depending on the flight you choose, this benefit could be worth more than the annual fee. The complimentary lounge access and travel insurance also add value if you use them. Just keep in mind that the 23.99% p.a. interest rate for purchases is high if you’re not eligible for interest-free days (which you can get if you pay your total balance by each statement’s due date).

Pros

100,000 bonus Velocity Points offer
Up to 2.25 points per $1 spent, uncapped
100 Velocity Status Credits when you spend at least $50,000 in your first year
Complimentary Virgin Australia return economy domestic flight per year

Cons

Relatively high $375 annual fee
3% foreign transaction fee
The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia

The American Express Velocity Platinum has one of the highest Velocity Point earn rates on the market, giving you up to 2.25 Velocity Points per $1 spent. It's also one of the only cards that gives you bonus Status Credits when you meet an annual spend requirement. But as the $375 annual fee is at the higher end of the scale for Velocity Frequent Flyer cards, make sure you’ll get enough value from the points and perks to justify the costs.

Details

Product details

Product Name	American Express Velocity Platinum Card
Purchase rate p.a.	23.99%
Interest-free period	Up to 55 days on purchases
Min credit limit	$3,000
Card type	American Express

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	100,000
Rewards points per $ spent	1.25
Rewards points cap	Uncapped

Fees

Annual fee	$375
Minimum monthly repayment	2.5% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3%
Cash advance fee	2% or $2.50, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	4

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Congratulations, American Express!

American Express Velocity Platinum Credit Card received the highly commended award for 'Frequent Flyer Credit Card – Velocity' in the 2024 Product Awards.

Full list of 2024 winners

How to apply

If you meet the eligibility requirements and have the key documents and details on hand, you can apply for the American Express Velocity Platinum card online in around 10 minutes.

Eligibility criteria

New cardholder. To be eligible for the 100,000 bonus Velocity Points offer, you must not hold or have held an American Express credit card in the last 18 months.
Residency. You must be an Australian citizen, permanent resident or hold a current long-term visa (12 months or more). Student visas are not eligible.

Credit history. Applicants are required to have a good credit score, with no history of bad debt or payment default. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder.
Age. You must be at least 18 years of age.

Required documents

Personal details. You'll need to provide personal details such as your full name and address.
Identification. You'll need to provide proof of identity such as your driver's licence or birth certificate.

Go to American Express' site More info

Card benefits

100,000 bonus Velocity Points. You'll earn 100,000 bonus Velocity Points when you apply for the American Express Velocity Platinum Card online by 15 May 2024 and spend $3,000 on eligible purchases in the first 3 months from approval as a new Amex card member. The bonus points will be awarded to your account within 8-10 weeks of meeting the spend requirement.

Velocity Status Credits. This card offers 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 on eligible purchases within your membership year. That's 40% of the Status Credits needed to reach silver and 25% of what you need to maintain gold status. Higher status unlocks benefits including more points, lounge access, extra baggage and priority check-in.

Velocity Points. This card earns a high rate of 1.25 Velocity Points per $1 on everyday purchases and 0.5 points per $1 for transactions with government bodies in Australia. It also offers 1 additional Velocity Point per $1 spent on selected Virgin Australia purchases. Velocity Points don't expire as long as you earn or redeem points at least once every 24 months.
Complimentary domestic return flight. After your first card spend each year, you can get a complimentary domestic return flight between select cities with Virgin Australia.
Complimentary lounge access. This card 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 Centurion Lounge at Sydney International Airport or Melbourne 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 card refund cover if you've refused a refund on an unused eligible item within 90 days of purchase and card purchase cover for eligible items if they are accidentally broken or stolen within 90 days of purchase.
Mobile payment technology. Whether you have an Android, Apple or Samsung device, you can save time at the cash register and pay with the convenience of your smartphone with Google Pay, Apple Pay or Samsung Pay.

Rates & fees

Annual fee. This card charges a $375 annual fee.
Purchase interest rate. Purchases attract a 23.99% p.a. interest rate.

Interest-free days. If you pay your balance in full by the due date on each statement, you'll get up to 55 days interest-free on purchases.
Additional cards. You can request an additional card for a partner or family member at no extra cost. This allows you to share your account and maximise rewards. Note that you will still be responsible for keeping the account in good standing.
International transaction fee. A 3% fee applies for transactions made overseas or online in a foreign currency. So make sure you consider that when you're travelling or shopping online.

Go to American Express' site More info

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Amy Finder

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Mat

March 05, 2024

What are considered “eligible purchases” for the first $3000 bonus?

Sarah Megginson Finder

March 06, 2024

Everyday spending such as groceries, petrol, transport costs, shopping, concert tickets and other similar expenses. Generally excluded (ineligible) spending includes things like cash advances, online gambling, refunds, fees and interest charges.

Kaby

February 09, 2024

Hello. Do I have to spend $3000 in the first 3 months every year or is that just the first spend to be eligible for the flights and then a minimum spend of $3000 per year?

Amy Bradney-George Finder

February 11, 2024

Hi Kaby,

If you spend $3,000 in the first 3 months from card approval, you will qualify for the current bonus points offer available to new cardholders. As this is an introductory bonus points offer, you only need to meet the spend requirement once (in the first 3 months). The complimentary return domestic flight with Virgin Australia is a separate, annual benefit. It’s made available after your first card spend in the first year, and then each year after the anniversary of your Card Membership and your first spend in that membership year. I hope this helps.

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Zhirou

January 23, 2024

Can velocity points on this card be transferred to singapore airline krisflyer account?

Thanks

Sarah Megginson Finder

February 15, 2024

Hi Zhirou,

Yes, the Velocity points earned on this card will be credited to your Velocity account. You can then transfer them to your Krisflyer account – you can learn more about that process in this guide.

Note that the point exchange rate is 1.55 to 1. This means a minimum transfer of 5,000 points will give you 3,226 points with the other program (rounded to the nearest whole point).

Hope this helps!

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Poppy Conroy

January 21, 2024

I am looking to get a card for purchases on my business and personal to get frequent flyer points. I travel to Europe every year. Which would be the best card?

Sarah Megginson Finder

March 25, 2024

Hi Poppy,

Sounds like a great idea to earn points to help pay for those long-haul flights!

You can review a range of frequent flyer credit card offers here.

You can also review some business card options here.

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Muhammad

January 17, 2024

I closed my card with Amex 6 month ago, if I apply will I receive this offer?

Amy Bradney-George Finder

January 17, 2024

Hi Muhammad,

Unfortunately, one of the requirements for this offer is that you must not hold or have held an American Express credit card in the last 18 months. So you wouldn’t be eligible if you closed an Amex account 6 months ago. If you want a card to earn Velocity Points, Finder’s guide to Velocity Frequent Flyer credit cards has a comparison table that includes bonus point offers and other features that may be of interest. I hope this helps.

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American Express Velocity Platinum Card

Pros

Cons

Congratulations, American Express!

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

Sources

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