American Express Velocity Platinum Card
- Receive 50,000 bonus Velocity points
Eligibility criteria, terms and conditions, fees and charges apply
Receive 50,000 bonus Velocity Points. Plus, earn up to 2.25 Velocity Points per $1 spent and 100 Velocity Frequent Flyer Status Credits.
Designed with travellers in mind, the American Express Velocity Platinum Card is a premium frequent flyer card that earns up to 2.25 Velocity Points per $1 spent. It offers a range of 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 services. When you spend $50,000 over the course of the membership year, you will earn 100 Velocity Frequent Flyer Status Credits.
The American Express Velocity Platinum Card offers you 50,000 bonus Velocity Points when you apply, are approved and spend $3,000 within the first 3 months from card approval.
| 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 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 is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | 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. | $3,000 |
| Max credit limit This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. | $50,000 |
| 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 Income | $65,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Annual fee | $375 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% or $30, whichever is greater |
| 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 |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 4 |
Pros
- Receive 50,000 bonus Velocity Points when you apply, are approved and spend $3,000 within the first 3 months from card approval.
- Earn up to 1.25 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.
Cons
- 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 by the due date on each statement.
| Rewards Program | Velocity Frequent Flyer |
|---|---|
| Bonus Points | 50,000 bonus points |
| Rewards Points per $ spent (AMEX) | 1.25 |
| Rewards Points per $ (AMEX) Cap | Uncapped |
Benefits of using the 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 when you apply, are approved and spend $3,000 on eligible purchases within the first 3 months from card approval. This offer is available to new card members, as well as bank-issued American Express companion cardholders.
- 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 1.25 Velocity Points per $1 spent on everyday purchases and an additional Velocity Point per $1 spent on selected Virgin Australia purchases. Until 14 April 2019, earn 0.25 additional Velocity Points per $1 spent, except on transactions with government bodies in Australia where you continue to earn 0.5 points per $1 spent. Please see our detailed guide for more information on the earn rates you can expect from 15 April 2019. 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, the card offers a complimentary domestic return flight between select cities with Virgin Australia.
- Complimentary 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 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 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.
- 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.
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 an ongoing 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.
- Balance transfer. Take advantage of 0% p.a. interest on balance transfers for up to 12 months. A one-time balance transfer fee of 1% applies to the amount transferred and you cannot transfer debt from another American Express card.
- 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.
- Maximum credit limit. This card has a generous credit limit of up to $50,000.
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 the secure application form. You'll get a response from American Express within 60 seconds of submitting your application. To save time, make sure 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 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 ongoing 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.
I currently hold the Westpac Altitude Black Bundle (Westpac MC and Amex). Two questions:
1-Will I be eligible for bonus point from Amex ?
2-Will I earn Status Credit from the complimentary flight with Virgin ?
Thank
Hi z28,
Thanks for reaching out!
1-Will I be eligible for bonus point from Amex?
Yes, previous and existing Amex companion cardholders are eligible for this offer.
2-Will I earn Status Credit from the complimentary flight with Virgin?
Status credits are earned only on purchased flights and not on complimentary flights.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki
I presently have a commonwealth bank issued Amex/ MasterCard combo. If I sign up for the Amex express Velocity Platnum card will I be eligible to earn the 90,000 velocity points ?
Hi Adrian,
Thanks for getting in touch.
As it says on the American Express Velocity page, all existing AMEX members of partner banks are eligible for the 90k bonus offer.
For more information, you may visit their website. As a friendly reminder, review the eligibility criteria of the card before applying. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the card.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki
My husband previously held AMEX issued card but canceled it on 22 Feb 2017. He is now a secondary cardholder on my AMEX card. If he apply for the AMEX Velocity Platinum by 17 Sept , will he qualify for the 70k Velocity Bpnus points offer?
Regards.
Hi Novie,
Thanks for leaving a question on finder.
Your husband will not be eligible for this offer. Unfortunately, card members who currently hold or who have previously held any card product issued by American Express Australia Limited in the preceding 18-month period are ineligible for this card’s offer.
Cheers,
Joel
What’s the definition of New Card Member?
Hi JT,
Thank you for getting in touch with finder.
New card member is a credit cardholder who has recently approved for this card. Previous and existing bank-issued American Express companion cardholders are eligible for this 70,000 bonus Velocity Points offer (cards issued by ANZ, CommBank, NAB and Westpac) therefore they are also considered new card members if they are approved for this card. Card members who currently hold or who have previously held any card product issued by American Express Australia Limited in the preceding 18-month period are ineligible for this card’s offer.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I live in Darwin. Is Darwin included in the return flight for selected cities?
Hi Benjamin!
Thanks for your message and for contacting finder.
Darwin is not included in the list of return flights. You may check with the airline provider for more details.
Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product/service that is rightfully fit for you.
Should there be anything else you need help with, feel free to message us anytime.
Thanks and best regards,
Nikki
I applied for an Amex Platinum card by 31/7/17. I have been charged the annual $375 and I believe that for this card the annual charge for the first year was waived? IS this not true.
Hi Gill,
Thanks for your question.
The annual fee for this card is $375 and it is not waived in the first year. This means that you’ll be charged with this amount on your first billing statement after card approval.
Cheers,
Anndy
Hi,
You mentioned that the AMEX card rewards 1.5 points for each dollar on everyday purchases. However, AMEX website states that 0.5 Velocity points is earned for each dollar spent. Can you please advise?
Ian
Hi Ian!
As per AMEX website:
Earn 1.5 Velocity Points per $1 spent, except government bodies in Australia where you will earn 0.5 Velocity Points per $1 spent
Hope this clarifies,
Cheers,
Jonathan
I have a AMEX card issued by the Institute of Chartered Accountants (Platinum Edge Card). If I apply for this card, will I still be eligible for the 100,000 points?
Hi Mike!
Thanks for the comment.
Eligibility for 100,000 is when you apply online by 31 July 2017, are approved and spend $1,500 on your new Card within the first 3 months. This offer is available to new Card Members, as well as Bank- issued American Express companion cardholders.
Hope this clarifies,
Cheers,
Jonathan
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 ?
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
As for “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. ” this is only refer to one (1) airport which is Sydney. I went to Hong Kong last week and The American Express Lounge only offer to the AMEX charge card holder, not for AMEX Velocity Platinum Card Members.
Hi Nadia,
Thank you for reaching out to us.
For the American Express Velocity Platinum Card, your complimentary Virgin Lounge Access only applies to selected domestic airports. While the complimentary access to American Express Lounge is only applicable in the Sydney International airport.
I hope this clarifies the confusion.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Hi,
Can I transfer balance from a Visa Virgin Australia card?
Thanks,
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