American Express Velocity Platinum Card

Information verified correct on May 27th, 2016
American Express Velocity Platinum Card Find out more Go to site

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  • Once approved, you will typically receive your credit card within 1-2 weeks
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Get rewards faster with 3 Velocity Points for every dollar spent and fly to London, Los Angeles or Singapore with 50,000 bonus Velocity Points.

American Express Velocity Platinum card provides the opportunity to earn reward points on all kinds of purchases; from airlines, accommodation, overseas purchases, and insurance to utilities bill payment. This card has a tiered reward point structure with an earn rate of up to 3 points for every dollar spent on Virgin Australia purchases and other tens of thousands of partner restaurants.

Earn 50,000 bonus Velocity Points if your application is approved before and you spend $500 within the first 3 months. Besides the reward points this card also provides complimentary travel insurance, a complimentary domestic return flight, purchase protection and a host of other platinum services.

Also take advantage of a promotional balance transfer offer of for 12 months.

Product NameAmerican Express Velocity Platinum Card
Rewards ProgramVelocity Rewards
Balance transfer rate (p.a.)0% p.a. for 12 months with 1% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (20.74% p.a.)
Purchase rate (p.a.)20.74% p.a.
Annual fee$349 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you dont have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 44 days on purchases
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
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$100,000
Minimum Monthly Repayment2.5% or $30
Minimum Income$65,000
Card TypeAmerican Express
Late Payment Fee$30
Foreign Currency Conversion Fee (AMEX)3% of transaction value
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover2 months
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Income$65,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
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
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$100,000
Annual Fee$349 p.a.
Minimum Repayment2.5% or $30
Late Payment Fee$30
Over Limit Fee$15
Foreign Currency Conversion Fee (AMEX)3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • Card holders can earn up to 3 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 cardholder at $0 p.a.
Cons
  • An incredibly high annual fee of $349 p.a., 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% p.a.
Rewards ProgramVelocity Rewards
Bonus Points on Sign-up50,000
Rewards Points per $ (VISA/MC)0
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) CapN/A
Rewards Points per $ (AMEX) CapUncapped
Points Expiry36 months

American Express Velocity Platinum Card Review

This card should be considered if you are looking to maximise your points earning potential. It provides the option to earn up to 3 points for every dollar spent. In addition to this, customers can earn points on the most general day-to-day expenses like bills payment on utilities like gas, water and electricity as well as insurance payment. This aspect is a big advantage over other reward cards. It also provides comprehensive travel and purchase cover. This should reduce any out of pocket expenses during travel and protects against bad purchases or fraudulent use of card.

However, this card comes with a steep annual fee of $349 and a lower interest-free period on purchases of 44 days. Applicants must look at their monthly expenses to make sure they can earn adequate reward points to justify the fee on the card.

Benefits of using American Express Velocity Platinum Card

This card is customised to provide a maximum earn rate to cardholders. Besides the reward points it also comes with a host of other useful benefits. Some of them are:

  • Reward program. This is the biggest strength of the card. It provides a tiered earn rate on purchases ranging from 0.5 point to 3 points on every dollar spent. Cardholders earn 3 points on Virgin Australia purchases in Australia and other partner restaurants. They can earn 2 points on every dollar spent when purchases are made at airlines, accommodation and foreign currency purchases when overseas. 1 point is earned for other purchases and insurance offered by AMEX. 0.5 point is earned for purchases like bill payment on utilities, insurance, Australian Taxation office and more.
  • Bonus points. Applicants will receive 50,000 velocity bonus points if they get approved before  and spend $500 within the first 3 months.
  • Complimentary domestic return flight & lounge access. The card offers a complimentary domestic return flight with Virgin Australia. However, note that this complimentary flight is not eligible for Velocity Points and/or Status Credits earn. Cardholders also receive two single entry passes to Virgin Australia lounges every year.
  • Complimentary travel insurance. Domestic and International travel insurance is provided when purchases are made on the card. It also provides Travel Inconvenience Insurance for flight delays, missed connections or delayed luggage.
  • Insurance for purchases. There are a host of covers which ensure cardholders can make their purchases without any difficulties. These include Refund Protection, Purchase Protection, Online Fraud Protection Guarantee, instant alerts and Emergency Card replacement.
  • Easy payments with Apple Pay. While taking advantage of the fast, secured and convenient payments, this feature also lets you enjoy all the benefits and rewards of being an American Express member. Learn more here.

Features of the American Express Velocity Platinum Card

Some of the main features of this card are:

  • Bonus points. Receive as high as 50,000 bonus Velocity Points when you apply by  and spend a minimum amount of $500 within the first 3 months from card approval.
  • Balance transfer. Cardholders get balance transfer rate of for 12 months. It allows transfers up to $10,000 or 70% of your approved credit limit, whichever is less.
  • Free supplementary card. Additional supplementary cards are available at no extra cost. This can allow the entire household purchases to be made on a single account and help in increasing the point earning capacity.
  • Uncapped reward points. The reward points have a generous earn rate. They are uncapped which should allow cardholders to accumulate high number of points to make a big purchase or fund their dream vacation. These points expire in 36 months months.
  • Interest rate. This card has an interest rate of 20.74% p.a. on all purchases. It provides 44 interest-free days.
  • Maximum credit limit. This card has a generous credit limit of up to $100,000.
  • Card security. You can shop with confidence knowing you are protected with the Online Fraud Protection Guarantee, which protects you against any unauthorised purchases online.
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How to apply for the American Express Velocity Platinum Card

If this card suits your requirement, you can apply for it today by completing the secure online application form. You can fill the form in 10 minutes and will get a response from their team in 60 seconds.To save time, please ensure that you meet the following eligibility requirements:

  • Applicants must be at least 18 years of age.
  • They should be an Australian citizen, a permanent resident or hold a Business Long Stay Visa (subclass 457).
  • Applicants must have a minimum pre-tax income of $65,000 p.a.
  • This card requires good credit rating from applicants. Applicants must not have a history of bad debt or payment default.
  • If the applicant is self-employed, they would need to be trading for at least 18 months or 12 months if they own an existing AMEX card.

The documents required for completing the application include contact details, Driver’s license, Employment details, details of other credit card, accountant details if applicant is self-employed.

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Frequently asked questions

How soon will the bonus points be added to my account?

Once the card is approved and you have made at least $500 of purchase on the card within 3 months of approval you will get 50,000 bonus Velocity Points. These points are generally added within 8 to 10 weeks after the $500 spending benchmark is reached.

If I get a supplementary card for my wife, will she be able to collect reward points on the purchases in the same way as the main account holder?

The supplementary card can be used to make purchases which are linked to the main account. These cards also earn same reward point rates as the main account.

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82 Responses to American Express Velocity Platinum Card

  1. Default Gravatar
    Ben | April 12, 2016

    If I already have a Westpac altitude black card which has MasterCard and American Express linked to the same account. Will I still receive the 50,000 bonus points if I signed up for this card and spent the required money?

    • Staff
      May | April 13, 2016

      Hi Ben,

      Thanks for your inquiry.

      Yes, you can apply for American Express Velocity Platinum card provided that you meet the eligibility requirements mentioned above. Once you get approved and spend $500 within the first 3 months, you will receive the bonus points.

      Cheers,
      May

  2. Default Gravatar
    Sam | April 6, 2016

    Is the 50,000 bonus Velocity points offer only available to new customers?

    • Staff
      Ysa | April 7, 2016

      Hi Sam,

      Thanks for your question.

      Yes, the 50,000 bonus Velocity Points offer is only available to new American Express members who apply, are approved and spend $500 on the new card within the first 3 months of approval.

      I hope this helps.

      Cheers,
      Ysa

  3. Default Gravatar
    Sofia | March 21, 2016

    Hi there,

    The policy states that the spouses of the primary cardholders are covered with the travel insurance. I just bought tickets using my velocity points for myself and my spouse – will he be covered by the insurance??

    Thank you

    • Staff
      Arra | March 21, 2016

      Hi Sofia,

      Thanks for your inquiry.

      According to the PDS which I’ve sent through your email, your spouse can be considered a Primary Card member as long as you have been living together for a period of 6 months or more. Therefore, if that’s the case then he should also be covered under the same travel insurance policy.

      I hope this has helped.

      Cheers,
      Arra

  4. Default Gravatar
    OJ | January 13, 2016

    Hi,

    I am already a member with velocity, if I sign up for this, will the points be added to my existing account or will they be segregated?

    • Staff
      Ally | January 14, 2016

      Hi OJ,

      Thanks for reaching out.

      Kindly note that finder.com.au is an online comparison service that does not represent any credit card issuer such as AMEX.

      Nonetheless, accrued points will be automatically transferred to the cardholder’s Velocity Account on a monthly basis. The monthly card account statement will specify the number of accrued points accumulated during that month and the number of points transferred to the Velocity Account.

      Unfortunately, this offer is only available to new card members who apply by February 2, 2016 and meet basic spending criteria.

      For more information, kindly click on the ‘Go to site’ button on the upper right part of this page and then click on the ‘terms and conditions’ link at the bottom of the new page.

      I hope this has helped.

      Cheers,
      Ally

  5. Staff
    Jonathan | December 2, 2015

    Hi Chris, thanks for your inquiry!

    Primary cardholders and their legally dependent children (including stepchildren or legally adopted children) who are twenty-two (22) years of age or less and wholly dependent on them for financial support. As a result your 3 month old son will be covered.

    Cheers,

    Jonathan

  6. Default Gravatar
    Darren | October 2, 2015

    Hi there,

    I have applied and been approved for the American Express Velocity Platinum Card. I am the primary card holder and my wife is the supplementary card holder.

    I have read the policy document thoroughly but cannot find anything that answers my questions directly so I am hoping you can help to clear things up. I have a few questions regarding the complimentary travel insurance policy and would be great if you can help me with it.

    1) The policy states that supplementary cardholders are not eligible for the travel insurance cover but the spouses of the primary cardholders are covered. In my case where my wife is the supplementary cardholder, are we both covered for the travel insurance?

    2) Is there a minimum spend on the travel expenses to qualify for the travel insurance?

    3) The policy states that in order to activate the Travel insurance: “Cover is effective when You pay the full fare for a Trip on the American Express Velocity Platinum Card Account or with Velocity Points. “. What is the “full fare for the trip” here referring to? Just 100% of the air ticket(s) or other accommodation and/or travel expenses as well?

    Thanks for your help

    Darren

    • Staff
      Jonathan | October 6, 2015

      Hi Darren, thanks for your inquiry!

      This complimentary insurance is effective when you pay the full fare for a trip on the American Express Velocity Platinum Card Account or with Velocity Points. Unfortunately spouse’s or supplementary cardholders are not covered under this policy. The full fare for the trip is the return flight ticket for your destination.

      Cheers,

      Jonathan

  7. Default Gravatar
    Sam | October 1, 2015

    If I applied for the Amex cc on the 30th is the 100k offer still valid or is it only till the 30th?

    • Staff
      Jonathan | October 1, 2015

      Hi Sam, thanks for your inquiry!

      The offer is valid providing you applied on the 30th before American Express updated their offer/ website (before 11:59pm AEST).

      Cheers,

      Jonathan

  8. Default Gravatar
    AB | September 30, 2015

    How long before you can cancel the card? Are there any cancellation fees

    • Staff
      Jonathan | October 1, 2015

      Hi AB, thanks for your inquiry!

      There are no cancellation fees for this card. The only requirement is that you clear/repay your entire balance owing before cancelling.

      Cheers,

      Jonathan

    • Staff
      Jonathan | October 1, 2015

      Hi AB, thanks for your inquiry!

      There are no cancellation fees for this card. The only requirement is that you clear/repay your entire balance owing before cancelling.

      Cheers,

      Jonathan

  9. Default Gravatar
    Geoff | September 10, 2015

    How much does a supplementary card cost on the Velocity Platinum

    • Staff
      Jonathan | September 10, 2015

      Hi Geoff, thanks for your inquiry!

      You can apply for an additional cardholder for no extra cost with the American Express Velocity Platinum.

      Cheers,

      Jonathan

  10. Default Gravatar
    Glenn | August 30, 2015

    Hi, I am thinking of applying for the card and its current offer, but would I qualify as it is already the 30th of september.. how quick is the approval

    • Staff
      Sally | August 31, 2015

      Hi Glenn,

      Thanks for your inquiry.

      Once your American Express Velocity Platinum Card application gets approved, it will usually 7 to 14 days for you to receive your card.

      If you already have decided to apply for this credit card, you must first check that you meet the eligibility criteria and then complete the secure online application. please refer to the link I have sent to your email for the application page.

      I hope this has helped.

      Cheers,

      Sally

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