Velocity Global Wallet doubles overseas earn rates
Cardholders can look forward to higher international earn rates plus lower foreign exchange fees and ATM withdrawal costs.
Good news, Velocity frequent flyers. Today, Velocity announced that it would be doubling the number of points you can earn on overseas transactions with the Global Wallet travel card. You’ll now earn 2 Velocity Points per $1 spent on eligible purchases overseas.
However, earn rates have dropped for domestic purchases on the Global Wallet. Customers who have activated their card before 1 September 2017 will earn 1 Velocity Point per $2 spent in Australia, whereas new customers will collect 1 Velocity Point per $3 spent in Australia.
The foreign exchange fees have also dropped from 3% to 2.25%, which offers more savings when you spend in a foreign currency that isn’t supported or loaded on your card.
Previously, the Global Wallet charged different ATM fees depending on the currency you were withdrawing. However, all ATM withdrawals will now be priced at AUD$1.95, which means you can look forward to lower ATM fees when travelling to the UK, US and Europe.
If you’re a Velocity frequent flyer with overseas travel plans, some of these changes could help you get more value from your Global Wallet travel card.
How does it compare?
These Global Wallet changes are obvious attempts to challenge its biggest competitor in the travel card space: the Qantas Cash card.
The Qantas Cash card also recently increased its international earn rates to 1.5 Qantas Points per $1 spent on foreign transactions and lowered domestic earn rates to 1 Qantas Point per $4 spent in Australia. However, Velocity’s recent changes mean that it now has the superior earn rate of the two based on the number of points earned per dollar.
The Qantas Cash also still charges varying ATM fees depending on the currency you’re withdrawing, which could be a downside depending on where you’re travelling. However, the Qantas Cash card also doesn’t charge foreign exchange fees on purchases made in currencies that aren’t supported or loaded on the card. So, this could offer more savings than the Global Wallet if you’re spending in a foreign currency that isn’t supported by most Australian travel cards.
As you can see, there isn’t one best travel card for every Aussie traveller. Instead, you can use finder’s travel card guide to compare your options and find the right card for you.