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 NameAmerican Express Velocity Platinum Card
Rewards ProgramVelocity Frequent Flyer
Balance Transfer Rate0% p.a. for 12 months with 1% balance transfer fee
Balance Transfer Revert RatePurchase Rate (20.74% p.a.)
Balance Transfer Limit70% of available balance
Maximum Balance Transfer Amount$10,000
Purchase Rate20.74% p.a.
Annual Fee$375
Interest Free Period55 days
Minimum Credit Limit$3,000
Maximum Credit Limit$50,000
Card TypeAmerican Express
Foreign Currency Conversion Fee (American Express)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Income$65,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

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 ProgramVelocity Frequent Flyer
Bonus Points50,000 bonus points
Rewards Points per $ spent (American Express)1.25
Rewards Points per $ Cap (American Express)Uncapped
Annual Fee$375
Minimum Monthly Repayment2.5% 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 Cardholders4

Expert review

Sally McMullen

Review by


Sally 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.

Expert review

The American Express Velocity Platinum Card is suited to Velocity Frequent Flyers who want to reward their spending with bonus points and extra perks. It currently has one of the highest bonus points offers on the market. You could use 50,000 Velocity Points to fly return in economy from Sydney to Bali with points to spare.

The number of points you’ll earn per $1 is also competitive compared to other Velocity frequent flyer cards. However, it charges a high annual fee, so you need to make sure that the value outweighs the costs. You can do this by taking advantage of the extra features like the domestic return flight, complimentary lounge access and travel insurance.

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

  • Minimum income. You must have a personal gross (pre-tax) annual income of $50,000 or more.
  • New cardholder. To be eligible for the bonus points offer, you must not hold or have held an American Express credit card in the last 18 months.

Card benefits

  • 50,000 bonus Velocity Points. You'll be rewarded with 50,000 bonus Velocity Points when you spend $3,000 or more 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. The points will be awarded to your account within 8-10 weeks after meeting the spend requirement.
  • 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. You can use Status Credits to climb the Velocity tiers to enjoy bonus points, lounge passes and travel perks like extra baggage and priority check-in.

Rates & fees

  • Annual fee. This card charges an annual fee of $375.
  • Balance transfer. Take advantage of the 0% interest rate offer on balance transfers for up to 12 months. A one-time balance transfer fee of 1% applies to the amount transferred. You can transfer balances from non-American Express cards up to 70% of the approved credit limit.

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108 Comments

  1. Default Gravatar
    robert
    August 3, 2019

    Can you get frequent Flyer points paying your tax on American express card

    • AvatarStaff
      Faye
      August 8, 2019

      Hi Robert,

      Thanks for contacting Finder.

      Yes. Most American Express credit cards offer 0.5 points per $1 for ATO payments, either through a frequent flyer program or through the Membership Rewards program.

      More information from this page.

      Kind Regards,
      Faye

  2. Default Gravatar
    Helen
    July 10, 2019

    I have a David Jones AMEX card. Is the offer of AMEX Velocity Platinum Card with 100000 bonus points available to me?

    • AvatarStaff
      Joshua
      July 11, 2019

      Hi Helen,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      That’s an interesting question, Helen. You can do a lot of things with 100,000 bonus Velocity Points and it’s great to know more about how to earn them.

      Now regarding your question, I went to Amex’s website and it says this offer, the 100K bonus points, is only available for those new customers. Since you have a card that was issued by Amex, I’m afraid you won’t be eligible for the bonus points.

      Please note that the bonus points are available for people who didn’t or haven’t held any credit card issued by American Express in the previous 18 months.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    z28
    October 29, 2018

    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

    • AvatarStaff
      Nikki
      October 29, 2018

      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

  4. Default Gravatar
    Adrian
    October 27, 2018

    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 ?

    • AvatarStaff
      Nikki
      October 27, 2018

      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

  5. Default Gravatar
    Novianti
    September 13, 2018

    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.

    • Default Gravatar
      Joel
      September 13, 2018

      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

  6. Default Gravatar
    JT
    September 10, 2018

    What’s the definition of New Card Member?

    • AvatarStaff
      Jeni
      September 10, 2018

      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

  7. Default Gravatar
    Benjamin
    March 19, 2018

    I live in Darwin. Is Darwin included in the return flight for selected cities?

    • AvatarStaff
      Nikki
      March 26, 2018

      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

  8. Default Gravatar
    Gill
    August 28, 2017

    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.

    • AvatarStaff
      Dee
      August 29, 2017

      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

  9. Default Gravatar
    Ian
    June 24, 2017

    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

    • Default Gravatar
      Jonathan
      June 25, 2017

      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

  10. Default Gravatar
    mike
    June 17, 2017

    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?

    • Default Gravatar
      Jonathan
      June 17, 2017

      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

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