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Purchase rate: 23.99% p.a.
Reward points per $ spent: 0.75
Annual fee: $0 p.a.
Interest-free on purchases: Up to 55 days

Our verdict

Offers a $0 annual fee and up to 1.75 Velocity Points per $1 spent, but doesn’t have a lot of other frequent flyer perks.

The American Express Velocity Escape gives you the rare combination of no annual fee and points per $1 spent. It earns 0.75 Velocity Points per $1 on most eligible purchases, which is competitive even among cards with annual fees. And the bonus 1 point per $1 for eligible Virgin Australia spending is great if you regularly fly with the airline. But the lack of a bonus points offer and perks like lounge passes could be a trade-off, especially compared to frequent flyer cards that charge an annual fee.

As some frequent flyer credit cards charge annual fees of $450 or more, this card is suited to people who want to save on that cost and still earn points. You can also get value from the complimentary insurance for purchases and up to 55 days interest-free if you pay off the total balance by the due date on each statement.

Pros

$0 annual fee
0.5 to 1.75 Velocity Points per $1
Complimentary card purchase cover and card refund cover

Cons

3% foreign transaction fee
Doesn’t offer travel perks like lounge passes or complimentary travel insurance

The American Express Velocity Escape Credit Card is one of the few cards to offer frequent flyer points on your spending and no annual fee. It has a relatively high earn rate of 1.75 Velocity Points per $1 for eligible spending with Virgin Australia, but you'll earn 0.75 points per $1 on most everyday spending (and 0.5 points per $1 spent with government bodies). It also has a 23.99% p.a. interest rate for purchases that is at the higher end of the scale, but still similar to other frequent flyer cards.

Details

Product details

Product Name	American Express Velocity Escape Card
Purchase rate p.a.	23.99%
Interest-free period	Up to 55 days on purchases
Min credit limit	$2,000
Card type	American Express

Eligibility

Available to temporary residents	Yes - Conditions apply
Minimum income	$40,000
Joint application	No

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	N/A
Rewards points per $ spent	0.75
Rewards points cap	Uncapped

Fees

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

How to apply

You can apply for the American Express Velocity Escape card online in 10 minutes and receive a response within 60 seconds. Before you apply, check if you meet the eligibility criteria and have the necessary information to complete your application:

Eligibility criteria

Residency. You must be an Australian citizen, permanent resident or holder of a current long term visa (12 months or more, not including student visas) to be eligible to apply.
Credit history. You must have a good credit history with no history of bad debt or payment defaults. 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 old to apply.

Required documents

Personal information. This covers your full name, email address, date of birth, driver's licence number, marital status, number of dependents and contact number.
Velocity Frequent Flyer details. If you're already a Velocity Frequent Flyer, you'll need to provide your membership number and status tier. If not, you can create a free Velocity account so you can start earning points.
Residential details. This includes your residential address, residential status (for example if you're renting or a homeowner) and length of time at that address. If you've recently moved, you may also need to provide details of your previous address.
Employment. You'll need to confirm your role as well as your employer's name and contact details. If you're self-employed, provide details of your accountant. You may also be asked to provide several recent payslips, PAYG summaries or Tax Assessment Notices to help verify this information.
Financial details. Such as any assets (such as savings or shares), debts from existing loans or credit cards and an estimate of your everyday expenses such as bills, fuel, transport and supermarket shopping.

Go to American Express's site More info

Card benefits

Uncapped Velocity Points. This card earns 0.75 points per $1 on most eligible spending, and 0.5 points per $1 for government transactions (such as on your ATO bill). You'll also earn 1 additional point per $1 spent on purchases with Virgin Australia, giving you a maximum earn rate of 1.75 points per $1 spent.
No annual fee. Save on standard credit card costs with $0 annual fee.

Free additional card. You can earn more points and manage expenses under one account by requesting up to 4 additional cardholders at no additional cost.
Complimentary insurance for purchases. Eligible items bought with this card get card purchase cover for repairs or refunds if they're accidentally broken or stolen within 90 days. You can also take advantage of card refund cover if you're refused a refund on an unused eligible item within 90 days of the purchase.
Mobile payments. If you have a compatible smartphone device, you can use the American Express Velocity Escape to make contactless payments with Google Pay, Apple Pay or Samsung Pay.
Security. If your card is lost, stolen or damaged, you can contact the American Express 24-hour global card support team and request an emergency card replacement. Your purchases are also secured by an online fraud protection guarantee.

Rates & fees

Purchase rate. The Velocity Escape has a 23.99% p.a. interest rate for purchases.
Interest-free days. If you pay your account balance in full by the statement due date, you'll get up to 55 days interest-free on purchases.

Foreign currency conversion fee. Using this card overseas or for payments made online in a foreign currency will attract a fee worth 3% of the total transaction amount.
No cash advances. You can't use the American Express Velocity Escape to pay for gambling services, to get cash out or for any other cash advance transactions.

Go to American Express's site More info

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Amy Finder

Editor

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Phark

July 13, 2023

Does This Card Allow Cash Advance Please? Thanks Very Much x

Sarah Megginson Finder

July 14, 2023

Hi Phark, The American Express Velocity Escape Credit Card does not offer cash advances.

Maleeha

June 26, 2023

I am interested in applying for the credit card but before I do that need clarification on the below 2 questions:

1. If I pay the amount within 55 days will there be any monthly fee?

2. Moreover, is there any card holding fee?

Amy Bradney-George Finder

June 28, 2023

Hi Maleeha,

There is no monthly fee on this card. You’ll get up to 55 days interest-free on purchases in each statement period if you repay the total amount listed on each statement by the due date. You can learn more about how interest-free days work in Finder’s guide to avoid interest charges on your purchases.

This card has no annual fee and no “card holding fee” (not a common term in Australia). The other fees and charges that may apply in different situations are listed on this guide and on the American Express website. I hope this helps.

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Charmaine

September 25, 2018

The one time 1% balance transfer fee, how does this work and why does this need to be done?

John Basanes Finder

September 27, 2018

Hi Charmaine,

Thank you for leaving a question.

The 1% credit plan establishment fee applies to the balance which you transferred. This is debited during the time of the balance transfer. Hope this helps!

Cheers,

Reggie

Lyn

December 09, 2016

Can you please advise how to redeem reward points in Amex.

Jason Finder

December 09, 2016

Hi Lyn,

Thank you for your enquiry.

You may redeem your Velocity Reward from the American Express Velocity Escape Card by logging into your Velocity Rewards account and click on the redeem tab in the top menu.

Please read through our Velocity Frequent Flyer Program guide to know more about how to redeem your Velocity reward points.

I hope this helps,

Kind regards,

Jason

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Lucie

October 24, 2016

How many points do you need to accumulate $100 value.

Thank you.

May Finder

October 28, 2016

Hi Lucie,

Thank you for your question.

The American Express Velocity Escape Card lets you earn 2 Velocity Points for every dollar you spend with Virgin Australia and 1 Velocity point for every dollar you spend on other eligible purchases. The points you get do not have monetary value so we may not be able to compute the equivalent of points in dollars.

Cheers,

May

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American Express Velocity Escape Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

Sources

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