These credit cards give you a way to get flights and other rewards faster by offering you Velocity Points per $1 spent on your everyday purchases. If it’s a new card, you could also get thousands of bonus points through an introductory offer.
But, with so many Velocity credit cards available, it can be hard to figure out which one will be right for you. To help you narrow down your options, we’ve looked at the cards that offer the highest number of points per $1 spent and competitive bonus point offers so that you can earn as many Velocity Points as possible with the credit card you choose.
Virgin Money Credit Card Offer
Earn up to 75,000 bonus Velocity Points
Offer ends 31 August 2019
Eligibility criteria, terms and conditions, fees and charges apply
Virgin Money Credit Card Offer
Receive up to 75,000 bonus Velocity Points when you meet the spend criteria and save with a reduced annual fee in the first year.
- $64 p.a. annual fee for the first year ($129 p.a. thereafter).
- 20.74% p.a. on purchases
- Cash advance rate of 20.99% p.a.
- Up to 44 days interest free
- Minimum income requirement of $35,000 p.a.
Compare Velocity Frequent Flyer credit cards
Rates last updated July 24th, 2019
How can I find the best* credit card for earning Velocity Frequent Flyer points?
If your goal is to collect as many Velocity Points as possible through a credit card, there are two main features and options you’ll need to look at to narrow down your search:
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Introductory bonus point offers. While many cards offer thousands of points when you spend a set amount in the first few months (eg, $3,000 in the first 3 months after approval), others may offer you bonus points in instalments. For example, you could collect 10,000 points per month when you spend $1,000 each month for the first 8 months after being approved – up to 80,000 points. You can click on the “Bonus points” column in the table above to filter cards based on how many points you’ll get through the offer, then check the spend requirements so you can find one that offers the most value for you.
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Ongoing earn rate. With the earn rate, make sure you check for any points cap that could apply to your spending. For example, a card could offer 1 point per $1 spent up to $3,000 per statement period and 0.5 points per $1 for any spending above that amount. Also check to see if different earn rates apply based on the type of spending, such as for shopping at major supermarkets or even flight bookings with Virgin Australia.
The best* credit cards to earn Velocity Points
Quickly compare the bonus point offers and annual fees for these Velocity frequent flyer credit cards.
The five Velocity credit cards with the highest ongoing earn rates
If you’re interested in a card that offers you ongoing opportunities to earn Velocity Points, compare the details of these credit cards that offer more than 1 Velocity Point per $1 spent on eligible purchases.
Diners Club Personal Card + World Mastercard Bundle
This two-card bundle offers you 2 Diners Club Reward points per $1 spent on the Diners Club card (uncapped), which you can transfer to Velocity Points at a 1:1 rate. That means you essentially earn 2 Velocity Points per $1 spent, after the points are converted. The World Mastercard offers a lower rate of 0.75 points per $1 spent but is handy when you’re spending with businesses that don’t accept Diners Club cards.
Beyond the earn rates, this account charges an annual fee of $299 and offers complimentary travel insurance, access to Diners Club airport and member lounges and premium Mastercard benefits, such as complimentary hotel room upgrades. Because it’s a charge card, you’ll have to pay off the balance in full by the due date on each statement to keep the account in good standing.
American Express Velocity Platinum Card
This Amex card offers 1.5 Velocity Points per $1 spent on everyday purchases and an additional Velocity Point per $1 spent with Virgin Australia, with no points cap. This means you can earn 2.5 Velocity Points per $1 for flights with Virgin Australia when you pay with this card – plus your usual points for the flight.
The American Express Velocity Platinum charges an annual fee of $375, which can be offset by a complimentary, domestic economy flight with Virgin Australia each year. It also offers single-entry lounge passes and complimentary travel insurance. In addition, it’s one of the only cards that gives you a way to earn Velocity Status Credits – offering you 100 when you spend $50,000 in a card membership year.
American Express Westpac Altitude Black Bundle
This account comes with an American Express-issued Amex card and a Westpac-issued Mastercard. With the Amex card, you can earn 5 Altitude Points per $1 on international purchases, 3 points per $1 on most everyday spending in Australia and 1 point per $1 on government transactions. This rewards program offers a conversion rate of 2 Altitude Points for 1 Velocity point if you opt to transfer your points automatically to Velocity each month. This means you can earn up to 2.5 Velocity Points per $1 spent.
The earn rate with the Mastercard is set at 1.25 Altitude points per $1 spent on eligible purchases, which is equivalent to 0.625 Velocity Points per $1. However, it’s worth noting that points are awarded in full, rather than in halves or fractions. Beyond points, the American Express Westpac Altitude Black Bundle offers complimentary lounge passes and international travel insurance. The Amex card charges an annual fee of $199 and the Mastercard has an annual fee of $250, meaning you’d pay a total of $449 per year for this bundle if you kept both cards.
American Express Explorer Credit Card
This credit card earns 2 points per $1 spent on everyday purchases as part of the Membership Rewards Gateway program. With this program, a minimum transfer of 2,000 points gives you 1,500 Velocity Points. The result is that you earn the equivalent of 1.5 Velocity Points per $1 spent with the card. Occasionally, Velocity also offers bonus points when you transfer rewards from a credit card partner, which could boost the conversion by around 10-15%.
Another standout detail of the Amex Explorer is that its $395 annual fee is completely offset by a yearly $400 Travel Credit you can put towards flights, hotels, car hire or experiences booked through American Express Travel. It also offers two complimentary entries per year to the American Express Lounge at Sydney or Melbourne airport, complimentary travel insurance and purchase insurance – including for smartphone screen covers.
American Express Platinum Edge Credit Card
This Amex card earns Membership Rewards points through the Ascent program, which offers a transfer rate of 1:1 to Velocity. This means you can earn the equivalent of 1 Velocity Point per $1 spent on most purchases, with higher rates of 3 points per $1 spent on purchases at major supermarkets (including Coles and Woolworths) and 2 points per $1 spent at major petrol stations. If you want to use a credit card to pay the Australian Taxation Office (ATO) or other government bodies, you’ll get a reduced rate of 0.5 points per $1 spent.
Similar to the American Express Explorer, this card’s $195 annual fee is completely offset by a $200 Travel Credit. It also offers complimentary international travel insurance, purchase protection insurance for eligible stolen or broken items, refund protection insurance and extended warranty coverage.
How to transfer your credit card reward points to Velocity
What other features should I consider?
When you’re comparing Velocity Frequent Flyer credit cards, looking at the following details will help you find one that works for you:
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Annual fees. Almost all Velocity credit cards have an annual fee, which could be upwards of $300 in some cases. In fact, the American Express Velocity Escape Card is the only card directly linked to Velocity that has a $0 annual fee for life.
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Interest rates. These cards typically have interest rates above 17% p.a., which could quickly outweigh the value of points if you carry a balance from month to month.
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International transaction fees. This fee is particularly important if you get a Velocity credit card that offers a higher earn rate for spending overseas. International transaction fees are typically worth around 3% of each transaction you make online or overseas with an international retailer. While the fee could be more or less than this amount, it’s always going to offset the value of the points you’re earning to some extent.
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Complimentary extras. If you want other travel perks, such as lounge passes, free flights or travel credit, keep in mind that they may not always be on the card with the highest earn rate or bonus point offer. These perks could still be worth it, but it ultimately depends on what features you value the most.
If you want one of the best credit cards for earning Velocity Points, you’ll generally need to decide whether you’d prefer loads of points in one go through a bonus point offer, or more points per $1 spent on a card with one of the highest earn rates. If you want to get a card that has both a competitive bonus points offer and a high earn rate, make sure you compare Velocity credit cards regularly so you can jump on an offer that fits your goals.
Images: Shutterstock
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Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.
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Rates last updated July 24th, 2019
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