American Express Velocity Platinum Card
Posted June 15th, 2011
and last modified April 24th, 2013
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The American Express Velocity Platinum Card offers excellent value for both domestic and international travellers.
To celebrate the launch of this brand new credit card, you can take advantage of the limited time offer they are giving to new applicants.
This card has a series of benefits which make it a class leading co-brand platinum credit card. Receive 50000 bonus Velocity Points, when you apply, are approved by 31 July 2013 and spend $500 on your Card in the first 3 months of Card membership.
Overview of the AMEX Express Velocity Platinum Card
| Product Name | American Express Velocity Platinum Card | |
|---|---|---|
| Interest Rate on Purchases | 20.74% p.a. | |
| Offer end date | 31 July 2013 | |
| Annual Fee | $349 p.a. | |
| 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 | $100,000 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | American Express | |
| Late Payment Fee | $30 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Platinum 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 1.5 Velocity Points per $1 spent until 22 July 2013 after which you will earn:
- 3 Velocity Points4 per dollar spent on eligible Card purchases at:- Virgin Australia4 and Tens of thousands of restaurants in Australia4
- 2 Points per dollar 4 on eligible Card purchases at:
- Airlines, accommodation, major cruise and tour operators paid directly or through travel agencies4
- Spend in foreign currency when overseas and online
- 1 Point per dollar spent4 on eligible Card purchases at:All other providers, excluding those below and Insurances offered by American Express
- 0.5 Point per dollar spent4 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.
- Complimentary and automatic Velocity Rewards Program membership.
Platinum Travel Bonuses
- Complimentary Return Domestic Flight on Virgin Australia
Each year, you receive a complimentary return domestic economy flight on Virgin Australia to a wide range of destinations in Australia. This perk becomes available after you make the first spend on your card each year. - 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 Platinum 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 $65,000 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 Platinum 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 Platinum Card terms and conditions.
| Minimum Income | $65,000 | |
|---|---|---|
| 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 | $100,000 |
| Annual Fee | $349 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $30 | |
| Over Limit Fee | $15 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- Card holders can earn up to 1.50 points per dollar spent when they use the card to purchase a Virgin Australian product. There is no limit to the amount of points you can earn in a year too.
- Card holders can also maximise the amount of points with an additional card holder at $0.
Cons
- An incredibly high annual fee of $349, so unless you are an incredibly frequent flyer the fee you will be hit with isn't worth it.
- An incredibly high interest rate of 20.74%
Read the American Express Velocity Platinum Card terms and conditions.
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26 Responses to American Express Velocity Platinum Card
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Do I need to clear the amount on the card monthly or do I have the option to pay a minimum monthly amount?
Hi Nathan
Thanks for your comment
It is a wise idea to always repay your balance in full and on-time to avoid interest charges.
The minimum monthly repayment amount for the American Express Velocity Platinum card is 2.5% of your outstanding balance.
Cheers
Jeremy
Hi
Does the flexi business fare offer can that include flights to europe on other airlines? and is it one off offer.
Thanks steve
Hi Stephen. Thanks for your question, sorry about the late response. According to the terms and conditions, ‘The complimentary domestic economy Virgin Australia return flight is only available between selected Australian cities and is available for booking by American Express Velocity Platinum Card members after your first Card spend in the first year, and then after your first Card spend each year after the anniversary of your membership.’ Jacob.
Could you please tell me if this card will pay 1 or more points on money spent with the ATO or local utilities.
Hello Nahida,
thanks for the question.
This card will earn 1.5 points per dollar when spending money with the ATO or on utilities.
Cheers,
Marc.
What type of discounts apply when booking 2 business class airfares for long haul to Europe?
Hi Mick. Thanks for your question. If you book your flights with Virgin, you receive 1 free domestic airfare and 2 Virgin lounge entries. Anytime you book travel on this card you receive domestic and international travel insurance with included inconvenience insurance. If booking with Virgin you will receive 3 Velocity points per dollar spent. If booking you choose to fly with another carrier you with get the standard 1.5 points per dollar spent on the fare.
Thanks,
Adrian
Hi,
A couple of quick questions regarding the 0% interest for 6 months.
I presume that you would still have to pay the minimum monthly payment?
If I pay the entire remaining balance before the 6 months, I pay no interest at all?
Thanks.
Hi Dale. Thanks for the question. The minimum monthly repayment will have to be made each month but you will not be charged any interest for the first six months when you use your card for purchases.
What is the number of points p.a. capped with this card?
Hi Mike. There is No points capping – meaning you can earn as many points as you can, so long as you have a current account in good standing. Cheers.
Is velocity membership automatically setup for me with this card?
Hi Lisa
Thanks for your question
If you are not already a Velocity Rewards member, during the application process select ‘No’ in response to the question “Are you an existing Velocity Rewards member?”. Doing this will mean that American Express will instruct Velocity Rewards to create a new Velocity Rewards Membership for you automatically on your behalf, and link this to your new American Express Velocity Platinum Credit Card account once approved.
I hope you found my response helpful :)
Cheers,
Jeremy
No there. For overseas purchases on Amex side is there any currency conversion fees? Some cards charge 3%. I want to pay my monthly google account and they are in Singapore . Many thanks
Hi Mark. American Express charge a currency conversion fee of 3% each time an overseas transaction is made. Thanks. Jacob.
Hi again, I have one more Q, it stated that flights can be booked using
‘any seat’ and ‘any time’ redemptions. Does this mean ‘Reward Seat’ option is excluded from being used on the ‘Velocity Frequent Flyer redemption page’ ??? You have the option of reward seat & Any seat. I think the ‘Any Seat’ is much more expensive?
Thanks again
Hi Mark. Thanks for your question. You must book your flights through American Express. According to the American Express Velocity Platinum Card terms and conditions (I have sent the document to your email): ‘To book: You agree to follow booking procedures for Flights as advised by American Express from time to time. To redeem the Flight, American Express can be contacted between 0900–1800 Monday to Friday by calling 1300 366 105 from within Australia or +61 2 9271 8655 from overseas. Once your eligibility has been confirmed, American Express Membership Travel Services will process your booking.’ Hope this helps. Jacob.
Hi Jacob,
hmmm. I pay Google (Singapore) with my Platinum Amex and there are no conversion fees. Maybe the platinum card has this benefit. Also, I think you got mixed up. I understand how the free flight works for this card, but I was referring to future flight redemption using points. Does this card offer ‘Reward Seats’ or only ‘Any Seat’ The free flight with the card I understand. Its the subsequent flights later Im concerned with. No point using ‘Any Seat’ option as 1mil points gets you a domestic from Bris to LA one way.
Hi Jacob, This is what I was referring to:
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 . This is not telling me I can use points for a ‘Reward Seat’. They are 2 different types of redemption. Is this a fine print catch or am I just getting mixed up. There is a clear difference between the two when redeeming. Cheers and thanks .
Hi Mark. So when you book using points plus pay you’re eligible to redeem a rewards seat or Any Seat fare. When you search for flights on the Virgin Australia website, it gives you the option of selecting your travel class – you can search for Rewards Seats, Any Seat Economy & Any Seat Premium / Business using points plus pay. I’m not sure about the pricing structure with these travel class types, but the points you accrue with this card can be used for a variety of fare options. Jacob.
Hi Jacob, in Soloman Islands scuba diving. Yes thanks for your answer . I understand now. Here’s a thing, since I last got on line the points have been reduced to 1 for 1 after July 13. Apart from accommodation and airline tickets etc. that what got my interest to 2 for 1 option that was on offer last week. Wow things change quickly. Thanks again
Sorry Jacob, I meant that this card reverts to 1 for 1 after July 22nd for general purchases. The only thing that interested me was the 1.5 points for 1$ spend, but that’s now changes. May as well stick with the ANZ platinum which has 1.5 for 1$ uncapped on qantas. I did want to swap to velocity but not for $340 annual and only 1 – 1. Cheers
What interest rate do you charge for accepting the card? I have had problems using my existing AMex Platinum Card, but no longer wish to accumulate Qantas FF points.
Hi Jack. Thanks for your question. I’m not sure I understand. So, the annual fee is charged once you activate the card and is charged at the purchase rate of interest if it’s not paid within the first statement period. The purchase rate of interest is displayed in the product table. Jacob.
Hi Jacob, tell me if you can, which program gives a better bang for your buck. Qantas or Virgin. I have a monthly spend of 30k . I have a truck load of Amex platinum points which can be converted to velocity . I am debating to move to the Anz qantas card and start collecting there, or get this card. What’s your thoughts. Thanks again