American Express Velocity Platinum Card
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.
Per $ spent (American Express)
- 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
- 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
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.
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.
Keep in mind that while this card offers a return domestic Virgin Australia flight every year, there are other cards that offer Virgin Australia travel vouchers as well. However, this is one of the few cards that rewards cardholders with Velocity Status Credits.
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.
- 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.
- Residency. You must be an Australian citizen, permanent resident or hold a current Business Long Stay Visa (subclass 457).
- Credit history. Applicants are required to have a good credit score, with no history of bad debt or payment default.
- Age. You must be at least 18 years of age.
- 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.
- Proof of income. You'll be asked to provide proof of income and employment (such as recent pay slips).
- 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.
- Rewards program. This card earns 1.25 Velocity Points per $1 spent on everyday purchases, except on transactions with government bodies in Australia, where you earn 0.5 points per $1 spent. 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, the card offers 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 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've 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.
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.
- Purchase interest rate. Purchases attract a 20.74% p.a. interest rate. If you conduct 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 55 days interest-free on purchases.
- Maximum credit limit. This card has a generous credit limit of up to $50,000.
- 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.