American Express Velocity Gold Card
Posted June 15th, 2011
and last modified April 24th, 2013
Related Products
Start planning your next escape with the NEW American Express Velocity Gold Card.
This card has a series of benefits which make it a class leading co-brand platinum credit card. Receive 15000 Bonus Velocity Points if you spend $500 on your Card in the first 3 months of Card membership.
Overview of the AMEX Express Velocity Gold Card
| Product Name | American Express Velocity Gold Card | |
|---|---|---|
| Interest Rate on Purchases | 20.74% p.a. | |
| Offer end date | 31 July 2013 | |
| Annual Fee | $99 p.a. annual fee for the first year ($199 p.a. thereafter) | |
| Interest Free Period | up to 44 days | |
| Minimum 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 | $50,000 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | American Express | |
| Late Payment Fee | $6 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Gold Benefits, Insurance & Shopping Protection
- Complimentary Domestic Travel Insurance & International Travel Insurance for both you and any supplementary cardholders
- Travel Inconvenience Cover for any flight delays, missed connections or delayed luggage
- Emergency Card Replacement. With the American Express network of over 2,200 Travel Services offices worldwide, you will be able to get a replacement card to you virtually anywhere in the world
- 24/7 Global Customer Service - wherever you are in the world, whatever the time of day, American Express has a 24/7 global customer support hotline for you to call.
- Purchase Protection meaning we could repair or replace eligible items if they are accidentally broken or stolen within 90 days of purchase
- Refund Protection meaning your credit card account will be credited if you’re refused a refund on an unused eligible item within 90 days of purchase
- Online Fraud Protection Guarantee meaning in the event of credit card fraud, you won’t be held responsible for any unauthorised charges online as long as you notify us immediately.
Velocity Rewards
You will earn 1.25 Velocity Points per $1 spent until 22 July 2013 after which you will earn:
- 2 Velocity Points per dollar spent3 on eligible Card purchases at:- Virgin Australia , Major supermarket and petrol stations in Australia3
- 1 Point per dollar spent3 on eligible Card purchases at:- All other providers, excluding those below. Insurances offered by American Express
- 0.5 Point per dollar spent3 on eligible Card purchases at:-
- Utilities which are gas, water and electricity providers
- Insurance offered by companies other than American Express
- Telecommunication providers which includes goods and services purchased from phone, mobile and internet service providers
- Government bodies including the Australian Taxation Office, Australia Post, federal/state and local government bodies
- No points capping - meaning you can earn as many points as you can, so long as you have a current account in good standing.
- At the end of each month, your Velocity Points are automatically transferred to your Velocity Rewards account
- Complimentary and automatic Velocity Rewards Program membership.
Gold Travel Bonuses
- Get supplementary cards at no additional cost: If you want to get an additional card for your partner or family members, there are no additional costs for doing so. Any points earned will be credited to your Velocity Rewards account.
- Enjoy Two Complimentary Single Entry Passes to the Virgin Australia lounge every year: In the Virgin Australia lounge you will be able to enjoy a wide range of food and beverages, and make the most of the facilities with free wireless broadband or just use the time to chill out and relax before boarding your flight.
Redeeming points with the Velocity Rewards Program
There are a number of options available to you for points redemption with the Velocity Rewards program:
- Use your points for booking flights with ‘any seat’ and ‘any time’ redemptions. If a seat is available on a flight, you can buy that ticket using your Velocity Rewards points
- Book flights to over 500 destinations worldwide with the Virgin Australia group of airlines and partner airlines which include Etihad, Delta Airlines, Virgin Atlantic, Skywest, REX, and Malaysia Airlines.
- Use your points to book hotel accommodation, rental cars, or 700 other options available within the Velocity Rewards Store.
How many Velocity Points do you need to fly from…
- Darwin to Melbourne? 16,900 Velocity Points + $29
- Sydney to Samoa? 29,900 Velocity Points + $46
- Brisbane to Nadi (Fiji)? 17,900 Velocity Points + $111
- Sydney to Perth? 16,900 Velocity Points + $33
- Melbourne to Christchurch (New Zealand)? 16,900 Velocity Points + $55
- Perth to Brisbane? 17,900 Velocity Points + $36
- Denpasar (Bali) to Brisbane? 26,900 Velocity Points + $110
Note: the fares above are based on one-way Reward Class fares and are accurate as of 24/06/2011. Additional baggage charges may be applicable.
Application Criteria for the American Express Velocity Gold Card
The following criteria applies for new applicants:
- You are over 18 years of age
- You have a good credit history
- You are a permanent resident or citizen of Australia or hold a current Business Long Stay Visa (Subclass 457)
- You earn a personal gross (pre-tax) annual income of $40,000 or more
- If self-employed, you have been trading for at least 18 months or 12 months if you hold an existing American Express issued Card
When you apply online for the American Express Velocity Gold Card, be sure to have the following information ready and available:
- Your income details
- Your address, and if you’ve lived there less than five years we’ll also need your previous address
- Your driver’s licence number (if you have one)
- Your Velocity membership number if you are already a Velocity member
Read the American Express Velocity Gold Card terms and conditions.
| Minimum Income | $40,000 | |
|---|---|---|
| Minimum Age | 18 years of age | |
| Available to Temporary Residents | No | |
| Credit Rating Requirement | 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 | $50,000 |
| Annual Fee | $99 p.a. annual fee for the first year ($199 p.a. thereafter) | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $6 | |
| Over Limit Fee | $15 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- Card holders can earn a bonus rate of 1.25 Velocity Points per dollar spent when a Virgin product is purchased in Australia.
- Two complimentary single entry passes to the Virgin Australia lounge every year for the card holder to enjoy.
Cons
- An incredibly high annual fee of $199 after the first year.
- This card only has 44 days interest free when you make a purchase and your account is has been paid off in full. Other cards have up to 55 days interest free.
Read the American Express Velocity Gold Card terms and conditions.
Was this content helpful to you? No Yes
Ask a Question About This Card
8 Responses to American Express Velocity Gold Card
Credit Cards Comparison
* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
Travel insurance for this card sounds good but what is covered and for what $ amounts
Hi,
Please check the terms and conditions for the American Express Velocity Gold Card found here – http://www.americanexpress.com/australia/campaigns/velocity/pdfs/pds_goldbenefits.pdf – To be brief you are covered for: Transport Accident Cover, Travel Inconvenience, Medical Emergencies, loss of baggage, money and documents and travel cancellation. Thanks for the question.
Cheers
Jeremy
When is the first year annual fee charged to the account. Is it on the second statement or at the end of 12 months. Cannot find any information about this. Thanks.
Hi Michael. The annual fee is charged to the first statement, and then on the anniversary every statement after that. It will accrue at the purchase rate of interest if it’s not paid off that month. Cheers.
To apply for this I have read that I cannot hold any other Amex card. I have a Commonwealth Bank Platinum Mastercard with a linked Amex card. Will this exempt me
Thanks You can email or phone 0412 500 981
Hi Bruce. You can still apply for this card, only the terms and conditions state that new applicants are eligible for a reduced annual fee and the 15,000 bonus points offer. Thanks for your question.
What at the foreign transaction fees for purchase made eg Thailand & ATM withdrawals (including cash advance fees?)
Hi Emma. When you use your card to make a purchase you will be charged a foreign currency conversion fee. You will also be charged every time you use your card to withdraw money from an ATM – American Express do not allow cash advances, it’s something you have to register for, but if you’re using your own money loaded onto the card, there will be a local ATM operator fee, and there may also be a international ATM transaction charge from American Express. Please read the card’s product disclosure statement for a full list of applicable charges when your card is used overseas. Cheers.