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Earn up to 2.5 Velocity Points per $1 spent with the American Express Velocity Platinum Card. Plus fly to Los Angeles or Singapore with 100,000 bonus Velocity Points.
The American Express Velocity Platinum Card is a premium frequent flyer card with a tiered reward point structure that allows you to earn up to 2.5 Velocity 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 100,000 bonus Velocity Points if you apply online by 31 July 2017, are approved and 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-time 1% balance transfer fee applies for this offer.
| Product Name | American Express Velocity Platinum Card |
|---|---|
| Rewards Program | Velocity 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 Limit | 70% of available credit limit |
| Maximum Balance Transfer Amount | $10,000 |
| Purchase rate (p.a.) | 20.74% p.a. |
| Offer end date | 31 July 2017 |
| Annual fee | $375 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 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 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. | $50,000 |
| Minimum Monthly Repayment | 2.5% or $30 |
| Minimum Income | $65,000 |
| Card Type | American 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 Insurance | Yes |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Income | $65,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | Yes - 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. | $50,000 |
| Annual Fee | $375 p.a. |
|---|---|
| Minimum Repayment | 2.5% or $30 |
| 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 p.a. |
| Number of Additional Cardholders | 4 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Internet Banking Transfers | Yes |
Pros
- New card members can receive 100,000 bonus Velocity Points when they apply online by 31 July 2017, get approved and spend $1,500 within the first 3 months of card membership.
- Enjoy a 0% p.a. for 12 months balance transfer offer.
- Earn up to 1.5 points per $1 spent and an additional 1 Velocity Point when they use the card to purchase a Virgin Australia product.
- There is no limit to the amount of points you can earn in a year too.
- Cardholders can also maximise the amount of points with an additional cardholder at $0 p.a.
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 one-off 1% balance transfer fee applies.
- The card also has a high interest rate of 20.74% p.a. which will cause your debt to grow if you don’t repay your balance in full.
| Rewards Program | Velocity Rewards |
|---|---|
| Bonus Points on Sign-up | 100,000 |
| Rewards Points per $ (VISA/MC) | 0 |
| Rewards Points per $ (AMEX) | 1.5 |
| Rewards Points per $ (VISA/MC) Cap | N/A |
| Rewards Points per $ (AMEX) Cap | Uncapped |
| Points Expiry | 36 months |
American Express Velocity Platinum Card review
The American Express Velocity Platinum 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 2.5 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 yearly complimentary domestic return flight with Virgin Australia after your first card spend each year. In terms of costs, it has an annual fee of $375 and a standard variable purchase rate of 20.74% p.a. 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 Card include:
- 100,000 bonus Velocity Points. This card offers a bonus 100,000 Velocity Points if you apply online by 31 July 2017, are approved and spend $1,500 within the first 3 months of card membership. This offer is available to new card members, as well as bank-issued American Express companion cardholders.
- Balance transfer offer. Take advantage of 0% p.a. on balance transfers for 12 months. There is a one-time balance transfer fee of 1% with this offer.
- Rewards program. This card earns 1.5 Velocity Points per $1 spent on everyday purchases and an additional Velocity Point per $1 spent on selected Virgin Australia purchases made within Australia.
- 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 Virgin Australia Lounge access. This card also offers two single entry passes to Virgin Australia lounges each year that can be used at selected domestic airports.
- 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 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 a standard variable 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.
- 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.
- Additional cards. You can request a supplementary card for a partner or family member with a $0 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 $50,000.
- 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 Card 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 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 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 100,000 bonus Velocity Points.
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.
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
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
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?
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
Is the 50,000 bonus Velocity points offer only available to new customers?
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
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
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
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?
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
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
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