In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
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American Express Velocity Platinum Card

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American Express Velocity Platinum Card
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Terms and conditions apply
Bonus points
100,000
Purchase rate
23.99% p.a.
Reward points per $ spent
1.25
Annual fee
$375 p.a.

Our verdict

Offers 100,000 bonus Velocity Points and a complimentary return domestic flight each year, with a $375 annual fee.

The American Express Velocity Platinum is suited to people who want to earn more Velocity Points and status with a credit card. Right now, you can get 100,000 bonus Velocity Points when you apply online as a new Amex card member by 15 May 2024 and spend $3,000 in the first 3 months from card approval. That's enough points for a one-way business class flight between Sydney and Los Angeles (95,500 points plus fees and taxes when flying with United Airlines or Virgin Atlantic) or $500 worth of Coles Supermarkets digital gift cards (98,030 points for five $100 gift cards).

Pros

  • 100,000 bonus Velocity Points offer
  • Up to 2.25 points per $1 spent, uncapped
  • 100 Velocity Status Credits when you spend at least $50,000 in your first year
  • Complimentary Virgin Australia return economy domestic flight per year

Cons

  • Relatively high $375 annual fee
  • 3% foreign transaction fee
  • The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

The American Express Velocity Platinum has one of the highest Velocity Point earn rates on the market, giving you up to 2.25 Velocity Points per $1 spent. It's also one of the only cards that gives you bonus Status Credits when you meet an annual spend requirement. But as the $375 annual fee is at the higher end of the scale for Velocity Frequent Flyer cards, make sure you’ll get enough value from the points and perks to justify the costs.

Details

Product details

Product Name American Express Velocity Platinum Card
Purchase rate p.a. 23.99%
Interest-free period Up to 55 days on purchases
Min credit limit $3,000
Card type American Express

Eligibility

Available to temporary residents Yes - Conditions apply
Joint application No

Rewards

Rewards program Velocity Frequent Flyer
Bonus points 100,000
Rewards points per $ spent 1.25
Rewards points cap Uncapped

Fees

Annual fee $375
Minimum monthly repayment 2.5% of the closing balance or $30, whichever is greater
Late payment fee $30
Foreign currency conversion fee 3%
Cash advance fee 2% or $2.50, whichever is greater
Additional cardholder fee $0
Number of additional cardholders 4

Well done, American Express!

The American Express Velocity Platinum Credit Card has the highest Velocity Points earn rate in Australia, at 1.25 points per $1 spent. It also scored well for bonus points during the analysis period and offers up to 4 lounge passes per year. Other perks include a complimentary annual domestic flight and complimentary insurance.

Full list of 2024 winners

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

  • New cardholder. To be eligible for the 100,000 bonus Velocity 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 long-term visa (12 months or more). Student visas are not eligible.

Card benefits

  • 100,000 bonus Velocity Points. You'll earn 100,000 bonus Velocity Points when you apply for the American Express Velocity Platinum Card online by 15 May 2024 and spend $3,000 on eligible purchases in the first 3 months from approval as a new Amex card member. The bonus points will be awarded to your account within 8-10 weeks of meeting the spend requirement.
  • Velocity Status Credits. This card offers 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 on eligible purchases within your membership year. That's 40% of the Status Credits needed to reach silver and 25% of what you need to maintain gold status. Higher status unlocks benefits including more points, lounge access, extra baggage and priority check-in.

Rates & fees

  • Annual fee. This card charges a $375 annual fee.
  • Purchase interest rate. Purchases attract a 23.99% p.a. interest rate.

Your reviews

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Amy Finder

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Avatar

Mat

March 05, 2024

What are considered “eligible purchases” for the first $3000 bonus?


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Sarah Megginson Finder

March 06, 2024

Everyday spending such as groceries, petrol, transport costs, shopping, concert tickets and other similar expenses. Generally excluded (ineligible) spending includes things like cash advances, online gambling, refunds, fees and interest charges.


Avatar

Kaby

February 09, 2024

Hello. Do I have to spend $3000 in the first 3 months every year or is that just the first spend to be eligible for the flights and then a minimum spend of $3000 per year?


Avatar

Amy Bradney-George Finder

February 11, 2024

Hi Kaby,

If you spend $3,000 in the first 3 months from card approval, you will qualify for the current bonus points offer available to new cardholders. As this is an introductory bonus points offer, you only need to meet the spend requirement once (in the first 3 months). The complimentary return domestic flight with Virgin Australia is a separate, annual benefit. It’s made available after your first card spend in the first year, and then each year after the anniversary of your Card Membership and your first spend in that membership year. I hope this helps.


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Zhirou

January 23, 2024

Can velocity points on this card be transferred to singapore airline krisflyer account?

Thanks


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Sarah Megginson Finder

February 15, 2024

Hi Zhirou,


Yes, the Velocity points earned on this card will be credited to your Velocity account. You can then transfer them to your Krisflyer account – you can learn more about that process in this guide.


Note that the point exchange rate is 1.55 to 1. This means a minimum transfer of 5,000 points will give you 3,226 points with the other program (rounded to the nearest whole point).


Hope this helps!


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Poppy Conroy

January 21, 2024

I am looking to get a card for purchases on my business and personal to get frequent flyer points. I travel to Europe every year. Which would be the best card?


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Sarah Megginson Finder

March 25, 2024

Hi Poppy,


Sounds like a great idea to earn points to help pay for those long-haul flights!


You can review a range of frequent flyer credit card offers here.


You can also review some business card options here.


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Muhammad

January 17, 2024

I closed my card with Amex 6 month ago, if I apply will I receive this offer?


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Amy Bradney-George Finder

January 17, 2024

Hi Muhammad,

Unfortunately, one of the requirements for this offer is that you must not hold or have held an American Express credit card in the last 18 months. So you wouldn’t be eligible if you closed an Amex account 6 months ago. If you want a card to earn Velocity Points, Finder’s guide to Velocity Frequent Flyer credit cards has a comparison table that includes bonus point offers and other features that may be of interest. I hope this helps.


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