American Express Velocity Platinum Credit Card

Could you be looking for an instant way to turn an already attractive credit card into one that’s almost irresistible? Then take a long, hard look at the American Express Velocity Platinum Credit Card. 100,000 first-purchase Velocity bonus points could be yours, for a flying getaway.

Don’t forget that this offer is complemented by a superior ongoing points earning rate, as well as a free domestic return flight annually, both Virgin Australia and American Express lounge access, and free travel insurance. Throw in all the extra flights you could score with those 100,000 points, and the coming year might see you spending more time in the skies than ever before.

100,000 bonus points gives you heaps of redemption options

Those 100,000 bonus points will be yours for spending just $3,000 in the first three months of holding the card. That’s only $1,000 per month, and is likely to be easily reached with everyday purchases. And 100,000 points earns you a whole lot of rewards, such as a Business Class return flight between Sydney or Melbourne and Perth (71,000 points), with 29,000 points left over, easily covering a one-way Premium Economy flight on the same route (26,700 points).

(Note that you’ll need to be a new Amex cardmember to qualify for the bonus points. The bonus points are not available to anyone who has held any American Express card in the previous 18 months.)

Ongoing earning rate will keep your points balance healthy

Even when you’ve spent the bonus points, you’re still likely to make regular redemptions, given the healthy points earning rate for all your eligible credit card spending. You’ll get:

• 1.25 points per dollar for all card purchases, except
• 0.5 points per dollar for spending with government bodies (e.g. ATO. Australia Post, vehicle registration, local government rates)
• 2.25 points per dollar for spending with Virgin Australia

There’s no points threshold or cap, so you’ll continue to earn points at this rate even in months where you make major purchases.

Heaps of points redemption options

There are plenty of redemption options for points earned in the Velocity Frequent Flyer program, including:

• Flights and upgrades with Virgin and its worldwide airline partners
• Retail gift cards
• Priority Pass airport lounge membership
• Virgin Australia single-entry lounge passes
• Other merchandise from the Velocity Rewards online store

Enjoy a complimentary return flight every year

Each year, after your first card spend following the anniversary of your account opening, you’ll be entitled to a return flight between your choice of Virgin Australia’s main domestic destinations.

Travel in style with free airport lounge access

Again, each year, on your card anniversary, you’ll receive two single-entry passes to not one, but two airport lounge groups: Virgin Australia domestic lounges and the Sydney or Melbourne international airport American Express lounges. That’s four lounge passes in total, a great accessory to your free flight and all the award flights you’ll earn with your bonus and regular Velocity points.

Complimentary insurance to complement your travelling lifestyle

Still with the traveller in mind, Amex will give you complimentary multi-trip annual overseas and domestic travel insurance, covering overseas emergency medical expenses, personal effects and trip cancellation or delay cover, and more. Simply pay for your travel with your card, and you’re covered.

Shoppers are not forgotten

Bearing in mind that credit cards are used for retail therapy as well as travel, Amex will cover your purchases against theft, loss or accidental damage for 90 days. And if a retailer refuses return of an unused item, Amex will step in instead and give you a refund.

Velocity Status Credit available

Frequent flyers appreciate the extra benefits that come with airline status credits, and there are 100 Velocity Frequent Flyer status credit up for grabs in any year where you spend $50,000 using your card.

A zero interest balance transfer if you need it

Since this is a premium rewards card, a 12 months balance transfer at 0% (with a 1% upfront fee) may not be high on your priority list. Having an unpaid balance transfer on your account will prevent you from taking advantage of interest-free purchases, since the 55 interest-free days will be suspended until your balance transfer is repaid. No purchases mean no points (including no bonus points), no free flights and no complimentary insurance.

However, if you can make good use of the balance transfer to ease temporary liquidity problems, all those benefits (with the exception of the bonus points) will still be waiting for you when the balance has been repaid. Tip: In fact, you could still spend just the first $3,000 to earn the 100,000 bonus points, transferring cash into your card account as you make each purchase in order to avoid interest charges.

Nothing special about the interest rate

Once again, prospective cardholders are unlikely to be choosing this card for its 20.74% p.a. interest rate for purchases. Premium rewards cards like this are not aimed at anyone who expects to make regular use of credit beyond the normal 55 days allowed each statement period.

Cash advances are not available with this card.

Digital wallet enabled

If you’d like to pay with your smartphone or other mobile device, and access other digital wallet features, Amex have all bases covered. The card is eligible for Apple Pay, Samsung Pay and Google Pay.

Annual fee quickly recouped

It’s been all good news so far, but the annual fee of $375 (with no charge for a supplementary card) brings things down to earth to some extent. However, you’ll recover the fee immediately in the first year, even if you only use the bonus points for $520 worth of retail gift cards. In subsequent years, the $375 is swallowed up by the very comprehensive insurance cover (worth about $1,000 in any year where you use it to its full extent), free domestic return flight (at least $300) and lounge passes (an estimated $240). And all this is without counting the value of any ongoing rewards points you will earn.

Not too much competition

Competing Velocity Rewards cards are issued by Amex itself (the American Express Velocity Escape Card, with no annual fee but much lower benefits), Westpac, and Virgin Money. You can compare them on our Velocity page.

A card for the regular Virgin traveller

You’ll need to be a regular Virgin Australia traveller to make the most of this deal, but if you aren’t one already you soon will be, after receiving the annual free flight and earning bonus and ongoing Velocity points. Add these to the points you’ll earn for any Virgin Australia flights you actually have to pay for, take advantage of the airport lounge access and free insurance, and you may find yourself wondering how you ever managed before you had this card.

You can't balance transfer to the American Express Velocity Platinum Credit Card at the promotional balance transfer rate from:

• American Express